MIRA INFORM REPORT

Report Date :

18.01.2012

IDENTIFICATION DETAILS

Name :	BALAJI EXTRUSIONS AND CABLES PRIVATE LIMITED
Registered Office :	1-A/2, Vaibhav Industrial Estate, Sion-Trombay Road, Mumbai – 400088, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	12.02.1998
Com. Reg. No.:	11-113537
Capital Investment / Paid-up Capital :	Rs.25.000 Millions
CIN No.: [Company Identification No.]	U31300MH1998PTC113537
TAN No.: [Tax Deduction & Collection Account No.]	MUMB07690E MUMB09923E
PAN No.: [Permanent Account No.]	AABCB6376Q
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of PVC Insulated Cables and Copper Conductors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 230000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	1-A/2, Vaibhav Industrial Estate, Sion-Trombay Road, Mumbai – 400088, Maharashtra, India
Tel. No.:	91-22-25514340
Fax No.:	91-22-25575307
E-Mail :	becpl_bom@yahoo.co.in murlidharan@balajiextrusions.com
Website :	http://www.balajiextrusions.com
Factory :	Plot No. 51 and 52, Bharat Industrial Estate, Bhimpore, Daman – 396210 (U.T.), India
Tel. No.:	91-260-2220506/1733/1007

DIRECTORS

As on 18.09.2010

Name :

Mr. Vijaya Murlidharan

Designation :

Director

Address :

15/63, Srilaxmi, Pestom Sagar, Road No. 1, Chembur, Mumbai – 400089, Maharashtra, India

Date of Birth/Age :

12.04.1957

Date of Appointment :

12.02.2007

DIN No.:

01189327

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31300MH1998PTC113537	Balaji Extrusions and Cables Private Limited	Managing director	12/02/1998	12/02/1998	-	Active	NO

Name :

Ms. Aparna Murlidharan

Designation :

Additional director

Address :

15/63, Srilaxmi, Pestom Sagar, Road No. 1, Chembur, Mumbai – 400089, Maharashtra, India

Date of Birth/Age :

21.09.1985

Date of Appointment :

04.03.2009

DIN No.:

02253256

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31300MH1998PTC113537	Balaji Extrusions and Cables Private Limited	Whole-time director	30/09/2009	4/03/2009	-	Active	NO

Name :

Mr. Murlidharan Santhanam

Designation :

Managing director

Address :

15/63, Srilaxmi, Pestom Sagar, Road No. 1, Chembur, Mumbai – 400089, Maharashtra, India

Date of Birth/Age :

30.11.1955

Date of Appointment :

12.02.1998

Date of Ceasing :

30.09.2010

DIN No.:

00572614

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U31300MH1998PTC113537	Balaji Extrusions and Cables Private Limited	Managing director	12/02/1998	12/02/1998	30/09/2010	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 18.09.2010

Names of Shareholders	No. of Shares
Murlidharan Santhanam	1150000
Murlidharan Santhanam	1150000
Aparna Murlidharan	200000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on 18.09.2010

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PVC Insulated Cables and Copper Conductors.

GENERAL INFORMATION

Suppliers :

· Dhara Interior Decorators

· Hindustan Copper Limited

· Yash Industries

· Sudhir Gensets Limited

· KLJ Polymers

· K.M. Gandhi and Sons

· Om Sai Painting Decorator

· Radha Madha Corporation Limited

· Jaisingh Wires Private Limited

Customers :

· Autocop India Private Limited

· Chheda Electricals and Electronics Private Limited

· Viney Auto Private Limited

· Swastik Power Electronics

· Met India

· Keystone Appliances Private Limited

· RPG Cables Limited

· Harness Cable Connectors Private Limited

· Chandra Industries

· Flash Electronics (India) Private Limited

· Ready Systems

No. of Employees :

Not Available

Bankers :

· ABN Amro Bank

· HDFC Bank Limited

· State Bank of India, Diamond Garden Branch, Sion Trombay Road, Hotel Bahri Residency, Chembur, Mumbai – 400071, Maharashtra, India

· CitiBank N.A

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
SBI, Commercial, Chembur – OCC A/c (against Hypothecation of Stocks and Bills)	23.109	11.574
SBI, Commercial, Chembur – Term Loan (against Mortgage of Fixed Assets)	11.740	16.987
Total	34.849	28.561
Unsecured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Clean Loan – ABN Amro Bank	0.531	0.938
Clean Loan – Bajaj Auto Finance Limited	0.904	0.000
Clean Loan-Barclays	1.145	2.332
Clean Loan-Cholamandalam DBS	0.517	1.226
Clean Loan-Citi Bank NA	1.045	1.005
Cieao Loan-HDFC Bank Limited	2.024	1.476
Clean Loan Magma Fincorp Limited	0.844	0.000
Clean Loan Reliance Capital Limited	2.366	0.000
Deposit for Share Capital	0.200	11.200
Total	9.576	18.177

Financial Institute :	· Magma Fincorp Limited · Reliance Capital Limited · Bajaj Auto Finance Limited
Banking Relations :	--
Auditors :
Name :	Lax and Pat Chartered Accountants
Address :	Shop No. 7, Assisi Nagar, P.L. Lokhande Marg, Chembur, Mumbai – 400043, Maharashtra, India
Tel. No.:	91-22-25552161
PAN.:	AACPT1531H

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 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		25.000	20.000	15.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		33.355	29.902	27.727
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		58.355	49.902	42.727
LOAN FUNDS
1] Secured Loans		34.849	28.561	37.502
2] Unsecured Loans		9.576	18.177	14.246
TOTAL BORROWING		44.425	46.738	51.748
DEFERRED TAX LIABILITIES		1.349	1.279	0.629
TOTAL		104.129	97.919	95.104
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		72.034	76.246	71.667
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.500	0.500	0.500
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.011	19.725	19.467
	Sundry Debtors	9.978	17.295	9.639
	Cash & Bank Balances	5.687	5.255	3.977
	Other Current Assets	4.266	0.124	1.497
	Loans & Advances	4.711	6.814	11.217
Total Current Assets		47.653	49.213	45.797
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	5.281	1.066
	Other Current Liabilities	10.921	19.054	13.863
	Provisions	5.137	3.705	7.931
Total Current Liabilities		16.058	28.040	22.860
Net Current Assets		31.595	21.173	22.937
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		104.129	97.919	95.104

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	385.909	202.355	235.887
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses	NA	NA	NA
		Advertising Expenses
		Financial Expenses
		Depreciation
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		5.284	3.227	5.801
Less	TAX		1.760	0.437	0.454
	PROFIT AFTER TAX		3.524	2.790	5.347
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		29.639	27.465	22.430
Less	APPROPRIATIONS
		Deferred Tax Liability	0.069	0.650	0.312
		IT Assessment Dues	0.000	(0.034)	0.000
	BALANCE CARRIED TO THE B/S		33.094	29.639	27.465
	Earnings Per Share (Rs.)		1.41	1.40	3.56

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
Net Profit Margin (PBT/Sales)	(%)	1.37	1.59	2.46
Return on Total Assets (PBT/Total Assets}	(%)	4.41	2.57	4.94
Return on Investment (ROI) (PBT/Networth)		0.09	0.06	0.13
Debt Equity Ratio (Total Liability/Networth)		1.04	1.49	1.75
Current Ratio (Current Asset/Current Liability)		2.97	1.76	2.00

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS

The turnover of the Company at Rs.385.909 Millions has shown an increase of 90.17% as compared to the previous year. The Gross Profit at Rs.33.474 Millions has increased by 57.81% as compared to Rs.21.211 Millions for the previous year. The reason for increase Sales is because of increase in the Market Products of the Company during the F.Y. 2009-10.

FUTURE PROSPECTS

The company products have found ready acceptance with customers and hence the prospects for coming year seem bright subject however to maintaining high quality and efficiency levels.

FORM 8

Corporate identity number of the company	U31300MH1998PTC113537
Name of the company	BALAJI EXTRUSIONS AND CABLES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	1-A/2 Vaibhav Industrial Estate Sion-Trombay Road, Mumbai – 400088, Maharashtra, India Email Id : becpl_bom@yahoo.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90145939
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Diamond Garden Branch, Sion Trombay Road, Hotel Bahri Residency, Chembur, Mumbai – 400071, Maharashtra, India Email Id : kamalax_saraf@hotmail.com
Nature of instrument creating charge	Memorandum for recording extension of mortgage by deposit of title deed covering enhanced limits and/or creation of equitable mortgage on additional properties for existing limits and enhanced limits and additional facilities. SME-7
Date of instrument Creating the charge	25.03.2011
Amount secured by the charge	Rs.107.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the sanction terms Terms of repayment As per the sanction terms Margin Raw materials Imported 25% Indigenous 25% Semi finished goods 40% Finished goods 33% Domestic Receivables 40% Term Loan 26.74% Letters of Credit 25% Bank Guarantees 25% Extent and operation of the charge Cash credit 40.000 Millions Term loan I (outstanding 7.900 Millions Term loan II 40.000 Millions Letter of Credit 20.000 Millions Bank Guarantee (20.000) Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All present and future goods, book debts movables and other assets of the company including documents of title to goods and other assets such as outstanding moneys, receivables, claims, bills, invoices and rights and all machinery belonging to or in the possession or under the control of the company
Date of instrument modifying the charge	25.03.2011
Particulars of the present modification	Now by this modification the company offered its immovable property as a security to secure its enhanced credit facilities to the extent of Rs107.900 Millions

FIXED ASSETS

· Building

· Furniture and Fittings

· Land

· Machinery

· Vehicles

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.51.07
UK Pound	1	Rs.78.48
Euro	1	Rs.64.99

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.