MIRA INFORM REPORT

Report Date :

13.07.2012

IDENTIFICATION DETAILS

Name :	MODISON COPPER PRIVATE LIMITED
Registered Office :	33, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	09.03.2006
Com. Reg. No.:	11-160394
Capital Investment / Paid-up Capital :	Rs.4.758 millions
CIN No.: [Company Identification No.]	U27201MH2006PTC160394
TAN No.: [Tax Deduction & Collection Account No.]	MUMM31820F
PAN No.: [Permanent Account No.]	AAECM5906C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Copper and Copper Alloy Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 534000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. The company has recorded a better increase in its sales turnover and profitability during the year. 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.

INFORMATION DECLINED

Management non-cooperative

(Contact No.: 91-22-22026437)

LOCATIONS

Registered Office/ Factory :	33, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22026437
Fax No.:	91-22-22408009
E-Mail :	rkothari@modison.com info@modison.com purchase@modison.com sales@modison.com
Website :	www.modison.com
Location :	Owned

DIRECTORS

As on 30.09.2011

Name :	Mr. Girdharilal Madanlal Modi
Designation :	Director
Address :	14-A, Shanaz, 90, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	04.06.1941
Date of Appointment :	09.03.2006
DIN No.:	00027373
Name :	Mr. Prakashchandra Mohanlal Modi
Designation :	Director
Address :	76, Dariya Mahal ‘A’, 80, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	30.06.1963
Date of Appointment :	09.03.2006
DIN No.:	00027190
Name :	Mr. Rajkumar Mohanlal Modi
Designation :	Director
Address :	76, Dariya Mahal ‘A’, 80, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	08.03.1965
Date of Appointment :	09.03.2006
DIN No.:	00027449
Name :	Mr. Kumar Jay Girdharilal Modi
Designation :	Director
Address :	14-A, Shanaz, 90, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	05.12.1978
Date of Appointment :	02.06.2006
DIN No.:	00059396

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Girdharilal M. Modi	2800
Prakashchandra M. Modi	2200
Girdharilal M. Modi (Jointly with Sarla G. Modi)	254660
Kashiprasad M. Modi	7500
Prakashchandra M. Modi ((Jointly with Chandramanidevi Modi)	102740
Kumar Jay G. Modi (Jointly with Sarla G. Modi)	1000
Rajkumar M. Modi (Jointly with Rashmi Raj Modi)	104940
Total	475840

As on 30.09.2011

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Copper and Copper Alloy Products.

Products :

Item Code No. (ITC Code)	74071059, 74071020, 74072990, 74031300, 74071030, 74072120
Product Description	Copper Billets, Copper Chromium Billets, Cast Copper Wire Bar. Copper Chromium Profile, Copper Chromium Rod, Copper Flat, ETP Copper Rod, Aluminium Bronze Rod, Brass Rod.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity#
1. Copper and Copper Alloy Contacts Parts	Metric Tonne	Not Applicable	30
2. Copper and Copper Alloy Extrusion	Metric Tonne	Not Applicable	2000

i) Licensed capacity is not applicable as the industry has been delicenced.

ii) # installed capacity is as certified by management and relied upon the Auditors.

Particulars	Unit	Actual Production QTY
Copper and Copper Chromium Billet, Rods, Strips, Profile and Wire Bar *	KGS	503254.50

Note:

1) Production quantity excludes production done on job work basis.

	2010-2011
A. Copper and Copper Chromium, Billets, Rods, Strips, Profile and Wire Bar. (KGS)	5792.370
	5792.370

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Bank of India, Nariman Point Branch, Air India Building, 216, Backbay Reclamation, Nariman Point, Mumbai – 400 021, Maharashtra, India

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Buyers Credit from Bank of India for Raw Material [Secured by the Hypothecation of stock and further secured by collateral security by way of equitable mortgage if company's fixed assets (property at Silvassa)]	7.127	0.000
Total	7.127	0.000

Unsecured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
From Directors and Relative	24.063	0.050
Total	24.063	0.050

Banking Relations :	--
Auditors :
Name :	M.L. Bhuwania and Company Chartered Accountants
Address :	F-11, 3^rd Floor, Manek Mahal, 90, Veer Nariman Road, Churchgate, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22061869 (3 Lines)
Income-tax PAN of auditor or auditor's firm :	AAAFM1380R
Parties Where Control Exist:	v Anujay Corporation v Global Pace v Modison v Modison Chemtech Private Limited v Modison Contacts Private Limited v Modicon Private Limited v Modison International v Modison Investments v Modison Metal Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
475840	Equity Shares	Rs.10/- each	Rs.4.758 millions

Note:

Out of the above, 465840 Equity Shares of Rs.10 each issued pursuant to Scheme of Arrangement (Demerger)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		4.758	4.758	4.758
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		128.634	109.838	99.081
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		133.392	114.596	103.839
LOAN FUNDS
1] Secured Loans		7.127	0.000	0.000
2] Unsecured Loans		24.063	0.050	0.068
TOTAL BORROWING		31.190	0.050	0.068
DEFERRED TAX LIABILITIES		4.567	5.161	5.872
TOTAL		169.149	119.807	109.779
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		61.950	62.727	69.635
Capital work-in-progress		5.443	0.658	1.995
INVESTMENT		0.000	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	75.752	38.127	18.443
	Sundry Debtors	11.937	6.883	7.452
	Cash & Bank Balances	10.307	6.105	49.638
	Other Current Assets	0.175	0.148	0.916
	Loans & Advances	34.016	20.260	12.907
Total Current Assets		132.187	71.523	89.356
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.553	0.292	0.406
	Other Current Liabilities	2.196	1.446	1.008
	Provisions	27.682	13.363	49.793
Total Current Liabilities		30.431	15.101	51.207
Net Current Assets		101.756	56.422	38.149
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		169.149	119.807	109.779

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	255.297	169.356	200.505
		Labour Charges			0.616
		Other Income			2.934
		TOTAL (A)	255.297	169.356	204.055
Less	EXPENSES
		Cost of Material	218.503	146.879	165.430
		Salaries, Wages and Other Benefits			2.333
		Manufacturing & Other Expenses			14.304
		Sales, Administration & Other Expenses			3.875
		TOTAL (B)	218.503 (including interest and depreciation)	146.879 (including interest and depreciation)	185.942
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)				18.113
Less	INTEREST (NET) (D)				0.671
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)				17.442
Less/ Add	DEPRECIATION/ AMORTISATION (F)				8.647
	PROFIT BEFORE TAX (E-F) (G)		36.795	22.477	8.795
Less	TAX (H)		12.392	7.460	2.968
	PROFIT AFTER TAX (G-H) (I)		24.403	15.017	5.827
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	19.836	56.345
Less	APPROPRIATIONS
		Proposed Dividend	NA	NA	35.688
		Dividend Tax on Proposed Dividend	NA	NA	6.065
		Transferred to General Reserve	NA	NA	0.583
	BALANCE CARRIED TO THE B/S		NA	NA	19.836
	IMPORTS
		Raw Materials	75.735	25.707	54.299
	TOTAL IMPORTS		75.735	25.707	54.299
	Earnings Per Share (Rs.)		51.28	31.56	12.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	9.56	8.87	2.86
Net Profit Margin (PBT/Sales)	(%)	NA	NA	4.39
Return on Total Assets (PBT/Total Assets}	(%)	18.95	16.74	5.53
Return on Investment (ROI) (PBT/Networth)		0.28	0.20	0.08
Debt Equity Ratio (Total Liability/Networth)		0.46	0.13	0.49
Current Ratio (Current Asset/Current Liability)		4.34	4.74	1.74

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors
- For Purchase of Goods	0.099	0.072	0.243
- For Expenses	0.454	0.220	0.163
Total	0.553	0.292	0.406

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	Yes
8) No. of employees	No
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	Yes

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)
Disputed Income Tax Liability	2.580

Note: Tax is already paid but rectification to give credit is pending with Authority.

Bankers Charges Report as per Registry

Corporate identity number of the company	U27201MH2006PTC160394
Name of the company	MODISON COPPER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	33, Nariman Bhavan, 227, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: rkothari@modison.com
This form is for	Modification of charge
Charge identification number of the modified	10062540
Type of charge	Book Debts Movable Property (not being pledge) Floating Charge
Particular of charge holder	Bank of India, Nariman Point Branch, Air India Building, 216, Backbay Reclamation, Nariman Point, Mumbai – 400 021, Maharashtra, India E-Mail: vlaxman@vsnl.com
Nature of description of the instrument creating or modifying the charge	a) Second Supplemental Deed of Hypothecation. b) Term Loan Agreement. (Collectively constitute a single charge for Rs.155.500 millions).
Date of instrument Creating the charge	03.11.2011
Amount secured by the charge	Rs.155.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Term Loan: 1.75% above Base Rate Plus tenor 0.50% presently 13.00%. Cash Credit: 2.25% above Base Rate presently 13.00%. Terms of Repayment: Working Capital facility shall be repayable on Demand. Term Loan shall be repayable in 20 quarterly installments of Rs.2.000 millions, starting from June 2012 and ending on March, 2017 Margin: Margin as may be stipulated by the bank from time to time. Extent and Operation of the charge: Hypothecation by way of first charge on Machinery and Plant, Stocks and Book debts etc., for the due payment of Rs.155.500 millions, including the interest/commission, costs charges and expenses and all other moneys, whatsoever due owing and payable by the Company to the Bank. Others: Nil
Short particulars of the property charged	All tangible movable machineries and plant, both present and future whether installed or not and whether lying loose or in cases at site or in transit more particularly All tangible movable properties and assets of whatsoever nature (other than movable and unistalled machines) of the Borrower (both present and future) All the present and future book-debts, outstanding, money receivables, claims, bills which are not due and owing or which may at any time
Date of latest modification prior to the present modification	12.09.2011
Particulars of the present modification	The charge shall now stand increased from Rs.74.500 millions to Rs.155.500 millions in favour of the bank, against the security of stocks, book debts, Plant and Machinery of the Company.

FIXED ASSETS:

Tangible Assets

v Leasehold Land

v Factory Building

v Staff Quarters

v Furniture and Fixture

v Plant and Machinery

v Electrical Installation

v Tools ands Moulds

v Air Conditioner

v Vehicle

v Water Coolers

v Office and Lab Equipments

v Computer

Intangible Assets

v Computer Software

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.55.70
UK Pound	1	Rs.86.28
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		43

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.