MIRA INFORM REPORT

Report Date :

12.09.2011

IDENTIFICATION DETAILS

Name :	VINDHYA KABELMATS (INDIA) LIMITED [w.e.f. 03.03.2011]

Formerly Known As :	VINDHYA KABELMATS (INDIA) PRIVATE LIMITED

Registered Office :	17/18/19, Udyog Vihar, Rewa-486001, Madhya Pradesh

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	10.01.1994

Com. Reg. No.:	10-8051

Capital Investment / Paid-up Capital :	Rs.3.550 Millions

CIN No.: [Company Identification No.]	U31300MP1994PTC008051

TAN No.: [Tax Deduction & Collection Account No.]	JBPV01062F

PAN No.: [Permanent Account No.]	AAACV7909A

Legal Form :	A closely held Public Limited Liability Company.

Line of Business :	Manufacturer and Exporter of Cable Making Machines.

No. of Employees :	More than 75 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING

STATUS

PROPOSED CREDIT LINE

26-40

Capability to overcome financial difficulties seems comparatively below average.

Small

Maximum Credit Limit :	USD 24000

Status :	Moderate

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Amrendra Singh Parihar
Designation :	Director
Contact No.:	91-9425184996
Date :	31.08.2011

LOCATIONS

Registered Office/ Factory :	17/18/19, Udyog Vihar, Rewa-486001, Madhya Pradesh, India
Tel. No.:	91-7662-220235 / 220207 / 309211
Mobile No.:	91-9425184996 (Mr. Amrendra Singh Parihar)
Fax No.:	91-7662-220207
E-Mail :	vinkmet_rwa@hotmail.com
Website :	http://www.vindhyakabelmats.com
Area :	1.5 acres (Leased)

DIRECTORS

As on 30.09.2010

Name :

Mrs. Sushila Singh Parihar

Designation :

Director

Address :

Vaikunth Shree NH – 7, Ram Krishna Puram, Godhar, Rewa 485001, Madhya Pradesh, India

Date of Birth/Age :

15.07.1952

Qualification :

DME

Date of Appointment :

10.01.1994

Din No.:

00677491

Other Directorship:

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31300MP1994PLC008051	Vindhya Kabelmats (India) Limited	Director	10-01-94	10-01-94	Active	No

Name :

Mr. Yogendra Pratap Singh Parihar

Designation :

Director

Address :

Vaikunth Shree NH – 7, Ram Krishna Puram, Godhar, Rewa 485001, Madhya Pradesh, India

Date of Birth/Age :

01.08.1948

Qualification :

Graduate

Date of Appointment :

10.01.1994

Din No.:

00677515

Other Directorship:

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31300MP1994PLC008051	Vindhya Kabelmats (India) Limited	Director	10-01-94	10-01-94	Active	No

Name :

Mr. Amrendra Singh Parihar

Designation :

Director

Address :

Raniganj, Near Venkat Road, Rewa-486001, Madhya Pradesh, India

Date of Birth/Age :

30.12.1970

Date of Appointment :

04.02.2011

Din No.:

03389188

Other Directorship:

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31300MP1994PLC008051	Vindhya Kabelmats (India) Limited	Director	04-02-11	05-01-11	Active	No

Name :

Mr. Deependra Singh Parihar

Designation :

Director

Address :

12, Raniganj, Near Venkat Road, Rewa-486001, Madhya Pradesh, India

Date of Birth/Age :

30.11.1977

Date of Appointment :

04.02.2011

Din No.:

03395205

Other Directorship:

No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U31300MP1994PLC008051	Vindhya Kabelmats (India) Limited	Director	04-02-11	05-01-11	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders		No. of Shares
Yogendra Pratap Singh Parihar		7550
Sushila Singh Parihar		14800
Amrendra Singh Parihar		2550
Mrigendra Singh Parihar		3350
Deependra Singh Parihar		3850
Ritu Singh		3400

Total		35500

List of Allottees

As on 05.01.2011

Names of Shareholders		No. of Shares
Amrendra Singh Parihar		291
Deependra Singh Parihar		733
Mrigendra Singh Parihar		333
Ritu Singh		266
Yogendra Pratap Singh Parihar		1666

Total		3289

As on 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Directors or relatives of directors		100.00
Total		100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Cable Making Machines.

Products :

Product Description	Item Code No. (ITC Code)
Cable Making Machine	107

Multi Wire Stranding Machines up to 90 Bobbins (Rigid Type and Sun and Planetary Type)
Armouring Machines up to 84-Bobbins (With/ Without Back Twist)
Core Laying-up Machine with Back Twist, Cradle Rotating Type (Power / Telecom)
Cable and Conductor Rewinding Machine up to 4000 MM Drum Size
Tubular Stranding Machines
Bow Stranding Machines
Steel Tape Armouring Machines for Telecom

Exports :

Products :

Cable Making Machine

Countries :

Nigeria
Bangladesh

Terms :

Purchasing :

Immediate

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

Anchor Daewoo Industries Limited
Birla Eriction Opticals Limited
Dimond Cables Limited, Baroda
Genous Electotech Limited, Kachh
Gloster Cables Limited, Medak
Gujarat Opticals Cables Limited
Hind Aluminium Limited
R.P.G. Cable Limited
Sterlite Industries Limited
Trupati Conductor Private Limited
Universal Cablies Limited, Satna

No. of Employees :

More than 75 [Approximately]

Bankers :

Canara Bank
State Bank of India
United Western Bank
Union Bank of India, Rewa Main Branch, Rewa-486001, Madhya Pradesh, India
Axis Bank
IDBI Bank

Facilities :

Secured Loan	As on 31.03.2010 [Rs. in Millions]	As on 31.03.2009 [Rs. in Millions]
UBI Rewa CC A/c	9.230	9.075
UBI Invoked Guarantee Loan A/C	0.000	0.704
NSIC Limited, Bhopal	2.363	1.488
Total	11.593	11.267


Banking Relations :	--

Auditors :
Name :	Hari Om Agrawal and Company Chartered Accountants
Address :	552/5, Laxmi Market, Rewa Road, Satna-485001, Madhya Pradesh, India
Pan No.:	ACJPA6566A

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
35500	Equity Shares	Rs.100/- each	Rs.3.550 Millions

As on 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.100/- each	Rs.4.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
38789	Equity Shares	Rs.100/- each	Rs.3.878 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		3.550	1.750	1.750
2] Share Application Money		1.800	1.284	1.284
3] Reserves & Surplus		0.821	0.500	0.500
4] (Accumulated Losses)		0.000	(0.423)	(0.671)
NETWORTH		6.171	3.111	2.863
LOAN FUNDS
1] Secured Loans		11.593	11.267	6.681
2] Unsecured Loans		2.478	5.825	5.825
TOTAL BORROWING		14.071	17.092	12.506
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		20.242	20.203	15.369

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		1.587	1.649	1.858
Capital work-in-progress		0.000	0.000	0.000

INVESTMENT		0.000	0.060	0.060
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.811	22.972	22.145
	Sundry Debtors	3.421	10.967	12.332
	Cash & Bank Balances	2.110	0.409	0.572
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	2.841	3.163	4.231
Total Current Assets		44.183	37.511	39.280
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	25.065	18.649	25.545
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.463	0.368	0.284
Total Current Liabilities		25.528	19.017	25.829
Net Current Assets		18.655	18.494	13.451

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		20.242	20.203	15.369

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income
		Other Income
		TOTAL (A)	NA	17.695	NA

Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	15.998	NA
		Advertising Expenses
		TOTAL (B)	NA	15.998	NA

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	2.111	2.115

Less	FINANCIAL EXPENSES (D)		NA	1.488	1.301

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	0.623	0.814

Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	0.209	0.248

	PROFIT BEFORE TAX (E-F) (G)		1.081	0.414	0.566

Less	TAX (H)		NA	0.166	0.095

	PROFIT AFTER TAX (G-H) (I)		NA	0.248	0.471

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	(0.671)	NA

	BALANCE CARRIED TO THE B/S		NA	(0.423)	NA

	Earnings Per Share (Rs.)		NA	23.66	NA

Particulars

31.03.2011

Sales Turnover [Approximately]

40.000

Expected Sales (2011-12) : Rs.50.000 Millions

The above information has been parted by Mr. Amrendra Singh Parihar.

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	1.40	NA

Return on Total Assets (PBT/Total Assets}	(%)	2.36	1.06	1.38

Return on Investment (ROI) (PBT/Networth)		0.18	0.13	0.20

Debt Equity Ratio (Total Liability/Networth)		6.42	11.61	13.39

Current Ratio (Current Asset/Current Liability)		1.73	1.97	1.52

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL RESULTS:

The profit and loss accounts of the company shows a net profit amounting to Rs.1.081 millions before tax (Previous year it was Rs.0.414 million)

GENERAL REVIEW:

The company’s performance was not satisfactory during the year. The company could not achieve its turnover as well it could not achieve its target of Net Profit due to One Machine was ready on 31.03.2010 but it was dispatched after 31.03.2010 and others Machines are also almost ready and it were shown as Work in Progress. In the Financial Year 2010-2011 Company has sold the Machines during the period 01.04.2010 to 30.06.2010 Rs.4.200 millions to the Indian Customers and Rs. 19.993 millions as Export Sales. The Directors are hopeful that the company shall be able to achieve its target of turnover and Net Profit in the year to come. The future of the company seems to be bright.

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	10120906
Corporate identity number of the company	U31300MP1994PTC008051
Name of the company	VINDHYA KABELMATS (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	17/18/19, Udyog Vihar, Rewa-486001, Madhya Pradesh, India
Type of charge	Book Debts Others
Particular of charge holder	Union Bank of India, Rewa Main Branch, Rewa-486001, Madhya Pradesh, India
Email	companyact1956@yahoo.com
Nature of description of the instrument creating or modifying the charge	All hypothecated goods and debts consisting of stock of cable machines, iron and allied electricals items and finished goods and book debts.
Date of instrument Creating the charge	13.08.2010
Amount secured by the charge	Rs.12.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest BPLR + 2.00% i.e. 14.25% Terms of Repayment Payable On Demand Margin 25% On Stocks, Spare Parts, Stores and Finished Goods. Extent and Operation of the charge Cash credit (hypothecation) of Rs. 9.000 millions. Bank guarantee of Rs. 3.000 millions.
Short particulars of the property charged	Factory Godowns at Udyog Vihar, Chorhata, Rewa (M.P.)
Date of latest modification prior to the present modification	10.09.2008
Particulars of the present modification	Cash credit (hypothecation) of Rs. 9.000 millions. Bank guarantee of Rs. 3.000 millions.

Trade References:

Jyoti Power Transmission Limited
Paramount Communication Limited

Fixed Assets:

Leasehold Land
Building
Furniture
Machinery

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.38
UK Pound	1	Rs.74.00
Euro	1	Rs.64.48

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	2
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

35.811

22.972

3.421

10.967

2.110

0.409

0.000

0.000

2.841

3.163

44.183

37.511

25.065

18.649

0.000

0.000

0.463

0.368

25.528

19.017

18.655

18.494

NA

1.40

2.36

1.06

0.18

0.13

6.42

11.61

1.73

1.97

Unit