MIRA INFORM REPORT

Report Date :

17.03.2012

IDENTIFICATION DETAILS

Name :	PASONDIA CABLES PRIVATE LIMITED
Registered Office :	Mezz – Gopala Tower, 25 Rajendra Place, New Delhi – 110008
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.07.1999
Com. Reg. No.:	55-100877
Capital Investment / Paid-up Capital :	Rs.10.105 Millions
CIN No.: [Company Identification No.]	U31300DL1999PTC100877
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Sale of PVC Insulted Wire and Cables.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 299000
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 :	Mezz – Gopala Tower, 25 Rajendra Place, New Delhi – 110008
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	pkagarwalassociates@yahoo.co.in pcpl@pasondiacables.com
Website :	www.pasondiacables.com
Factory/ Branch Office :	28 Km Stone, Delhi Mirrut Road, Vill Dubai P O Sainkill, Ghaziabad, Uttar Pradesh, India
Tel. No.:	91-120-2730281
Fax No.:	91-120-2730281

DIRECTORS

As on 30.09.2011

Name :

Mr. Smita Goel

Designation :

Director

Address :

23, Naya Ganj, Ghaziabad – 201001, Uttar Pradesh, India

Date of Birth/Age :

17.04.1961

Date of Appointment :

20.09.2002

DIN No.:

000840770

Other Directorship:

S.No.	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
1	U31300DL1999PTC100877	PASONDIA CABLES PRIVATE LIMITED	Director	20-09-02	20-09-02	-	Active	NO
2	U27102UP1970PLC003366	MANNOHAR LAL HIRA LAL LIMITED	Director	10-06-03	10-06-03	-	Active	NO
3	U00361DL2005PTC140269	M H WIRES PRIVATE LIMITED	Director	01-09-05	01-09-05	-	Active	NO

Name :

Mr. Raghavendra Goel

Designation :

Director

Address :

23, Naya Ganj, Ghaziabad – 201001, Uttar Pradesh, India

Date of Birth/Age :

17.01.1982

Date of Appointment :

24.06.2005

DIN No.:

00840784

Other Directorship:

S.No.	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
1	U31300DL2004PTC128042	SMITA CABLES PRIVATE LIMITED	Director	03-08-04	03-08-04	-	Active	NO
2	U31300DL1999PTC100877	PASONDIA CABLES PRIVATE LIMITED	Director	24-06-05	24-06-05	-	Active	NO
3	U00361DL2005PTC140269	M H WIRES PRIVATE LIMITED	Director	01-09-05	01-09-05	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Smita Goel	343865
Raghavendra Goel	242600
Madhu Singhal	35000
Stuti Goel	15100
Chitra Agarwal	4000
Sudha Rani	4000
Sushma Agarwal	2000
Saurabh Agarwal	2000
Prabhat Kumar Agarwal	2000
Charu Agarwal	2000
Jprk Trading Private Limited , India	10000
Singhchander Parketing Private Limited, India	5000
Ram Sant Yadav	2000
Rahul Verma	5000
Rekha Bansal	4000
Sarita Maheshwari	5000
Ankur Goel	2000
Neha Goel	2000
M.H. Wires Private Limited, India	250000
Saroj Garg	5000
P.K. Agarwal HUF	6900
Shakuntala Agarwal	3300
Manvendra Goyal	3000
Manvendra Goyal HUF	3900
Akshay Softech Private Limited, India	5000
Leo Sales Company Private Limited, India	5000
Raj Rani Bansal	5000
Mehul Verma	3000
Arun Kumar	5000
Guru Udyog Private Limited, India	18000
Hari Om Agarwal	7800
Neeraj Goel	2000
TOTAL	1010465

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Bodies corporate	2.00
Directors or relatives of Directors	70.00
Other top fifty shareholders	28.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electronics Electrical.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi – 110002, India
• Kotak Mahindra Bank Limited
• The Royal Bank of Scotland N.V.(formerly known as ABN Amro Bank N.V.)
• Chinatrust Commercial Bank
• ICICI Bank Limited
• State Bank of Patiala
• Centurian Bank of Punjab Limited
• Chinatrust Commercial Bank

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
The Royal Bank of Scotland N.V.(formerly known as ABN Amro Bank N.V.)
-- Working Capital Demand Loan	0.000	10.000
--Term Loan	0.000	0.179
--Term Loan	0.000	0.677
--Cash Credit Account	0.000	3.139
Axis Bank Limited
--Cash Credit Account	76.375	0.000
--Letter of credit (All the above credit facilities are secured by the first charge by way of hypothecation on entire present and future current assets and fixed assets of the company. Further equitable mortgage of certain immovable properties in the name of directors and their associate persons and also guaranteed by them).	26.471	0.000
Chinatrust Commercial Bank (Secured by subsequent charges on the entire present & future current assets & fixed assets of the company and equitable mortgage of certain land in the name of directors and their associate persons and also guaranteed by them)	0.000	35.000
Bajaj Finance Limited
--Term Loan (Secured by personal gurantee of the directors)	1.301	0.000
Kotak Mahendra Bank
--Term Loan (Secured by personal guarantee of the directors)	1.398	0.000
Magma finance Limited
--Term Loan Secured by personal guarantee of the directors)	2.145	0.000
Tata Capital Limited
--Term Loan Secured by personal guarantee of the directors)	1.958	0.000
Centurian Bank of Punjab Limited (Secured by specific plant and machinery)	0.000	0.102
Reliance Capital Services Limited (Secured by personal gurantee of the directors)	0.000	1.000
State Bank of Patiala (Secured by hypothecation charge on motor car and personal guarantees of the directors)	2.064	2.716
ICICI Bank Limited (Secured by hypothecation charge on motor car and personal guarantees of the directors)	1.593	0.000
Total	113.305	52.813
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
From Bank	0.000	0.000
From Others	37.841	22.037
Total	37.841	22.037

Banking Relations :	--
Auditors :
Name :	Praveen K Agarwal and Associates Chartered Accountant
Address :	113/11, Navyug Market, Ghazibad – 201001, Uttar Pradesh, India
Tel. No.:	91-120-2791887
PAN.:	ACHPA0101F

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1010465	Equity Shares	Rs.10/- each	Rs.10.105 Millions

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		10.105	9.105	6.455
2] Share Application Money		7.500	0.000	0.300
3] Reserves & Surplus		57.195	40.991	29.329
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		74.800	50.096	36.084
LOAN FUNDS
1] Secured Loans		113.305	52.813	57.389
2] Unsecured Loans		37.841	22.037	22.030
TOTAL BORROWING		151.146	74.850	79.419
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		225.946	124.946	115.503
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		38.832	30.188	28.511
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	58.617	29.465	38.003
	Sundry Debtors	171.526	121.380	99.900
	Cash & Bank Balances	22.664	17.770	10.685
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	32.997	44.698	35.086
Total Current Assets		285.804	213.313	183.674
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	85.584	87.775	89.244
	Other Current Liabilities	9.754	25.735	4.347
	Provisions	3.404	5.058	3.146
Total Current Liabilities		98.742	118.568	96.737
Net Current Assets		187.062	94.745	86.937
MISCELLANEOUS EXPENSES		0.052	0.013	0.055
TOTAL		225.946	124.946	115.503

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	349.986	302.457	273.997
		Other Income	3.264	3.975	0.243
		TOTAL (A)	353.250	306.432	274.240
Less	EXPENSES
		Cost of Goods Sold	342.708	184.812	181.964
		Indirect Tax and Excise Duty		26.694	34.478
		Manufacturing Expenses		34.658	16.264
		Administration Expenses		18.516	14.920
		Selling and Distribution Expenses		9.514	3.885
		Preliminary Expenses Written Off		0.042	0.042
		TOTAL (B)	342.708 (Including Financial Expenses and Depreciation)	274.236	251.553
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			32.196	22.687
Less	FINANCIAL EXPENSES (D)			16.474	10.672
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			15.722	12.015
Less/ Add	DEPRECIATION/ AMORTISATION (F)			1.724	1.050
	PROFIT BEFORE TAX (E-F) (G)		10.542	13.998	10.965
Less	TAX (H)		3.336	4.986	3.651
	PROFIT AFTER TAX (G-H) (I)		7.204	9.012	7.314
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		32.405	23.393	16.079
	BALANCE CARRIED TO THE B/S		39.609	32.405	23.393
	Earnings Per Share (Rs.)		7.13	9.90	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.04	2.94	2.68
Net Profit Margin (PBT/Sales)	(%)	3.01	4.62	4.00
Return on Total Assets (PBT/Total Assets}	(%)	3.25	5.75	5.15
Return on Investment (ROI) (PBT/Networth)		0.14	0.28	0.30
Debt Equity Ratio (Total Liability/Networth)		3.34	3.86	4.88
Current Ratio (Current Asset/Current Liability)		2.89	1.80	1.90

LOCAL AGENCY FURTHER INFORMATION

CONTINGENT LIABILITY NOT PROVIDED FOR

Particulars	31.03.2011	31.03.2010
	Rs. in Million
i) Claims not acknowledged as debts:
Sales tax matters (covered by 100% security deposit)	0.217	0.217
Entry Tax matters 11.50 11.50 (covered by bank gurantee with 100% margin)	1.150	1.150
ii) Bank Guarantees outstanding in favour Government authorities (excluding bank guarantees given above in entry tax matters)	17.187	20.810
iii) Capital Commitments -as advance payments	20.450	27.260
TOTAL	39.004	49.437

FORM 8

Corporate identity number of the company	U31300DL1999PTC100877
Name of the company	PASONDIA CABLES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Mezz – Gopala Tower, 25 Rajendra Place, New Delhi – 110008, India Email: mhwire@mhwire.com
This form is for	Creation of charge Modification of charge
Charge identification (ID) number of the charge to be modified	10270664
Type of charge	Book Debts Movable Property Immovable Property
Particular of charge holder	Axis Bank Limited, 4/10, OPG House, Asaf Ali Road, New Delhi – 110002, India Email : form8.axisbank@gmail.com
Nature of instrument creating charge	Supplemental deed of hypothecation Memorandum of entry evidencing extension of equitable mortgage.
Date of instrument Creating the charge	20.08.2011
Amount secured by the charge	Rs.170.310 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction Letter No. Axis /SME /delhi2 /Cr /2011-12/ 6495 Dated 19.08.2011 to be amended from time to time. Terms of Repayment As per sanction Letter No. Axis /SME /delhi2 /Cr /2011-12/ 6495 Dated 19.08.2011 to be amended from time to time. Margin As per sanction Letter No. Axis /SME /delhi2 /Cr /2011-12/ 6495 Dated 19.08.2011 to be amended from time to time. Extent and Operation of the charge Extent and Operation - 100% Others The Above Is To Secure The Following Credit Facilities :- Cash Credit / Wcdl = 70.000 millions LCBD (sub limit of CC) = (25.000 millions) Bank Guarantee = 80.000 millions LC (sub limit of BG) = (40.000 millions) Adhoc BG = 20.310 millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation by way of first and exclusive charge over all present and future current assets and movable fixed assets (other than vehicles) of the company stored or to be stored at the company's Godowns or premises or wherever else the same may be.
Date of instrument modifying the charge	30.03.2011
Particulars of the present modification	Bank's first and exclusive charge over all present and future current assets and movable fixed assets (other than vehicles) of the company and extension of equitable mortgage by way of first charge over company’s immovable property i.e. Plot admeasuring 1520 sq. Mtrs, comprised in khasra no. 665 min, village Duhai, Pargana Jalalabad, Tehsil and District. Ghaziabad together with all buildings and structures thereon or to be thereon, already registered. For Rs.150.000 millions shall stand enhanced to Rs.170.310 millions

FIXED ASSETS

• Land
• Plant and Machinery
• Building
• Office Equipment
• Computer
• Air Conditioner
• Motor Cycle
• Motor Car
• Furniture and Fixture

.MT 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.50.31
UK Pound	1	Rs.79.05
Euro	1	Rs.65.83

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	4
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		44

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.