MIRA INFORM REPORT

Report Date :

22.05.2012

IDENTIFICATION DETAILS

Name :	EVEREST CABLES AND CONNECTORS PRIVATE LIMITED (w.e.f.09.04.2012)
Formerly Known As :	UNIVERSAL SPARES INDIA PRIVATE LIMITED
Registered Office :	28/15/4, Village Primary School, Babli, New Delhi-110042
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.10.1997
Com. Reg. No.:	55-090096
Capital Investment / Paid-up Capital :	Rs. 7.500 Millions
CIN No.: [Company Identification No.]	U31909DL1997PTC090096
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Supplier of Wires and Cables, Moulded power cords and harness assemblies
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (33)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 130000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The profitability of the company is deteriorating. 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 caution.

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

INFORMATION PARTED BY

Name :	Mr. Brijesh
Designation :	Director
Contact No.:	91-98102277175
Date :	05.05.2012

LOCATIONS

Registered Office :	28/15/4, Village Primary School, Babli, New Delhi-110042, India
Tel. No.:	91-11-47050461
Mobile No.:	91-98102277175 (Mr. Brijesh)
Fax No.:	91-130-2219590
E-Mail :	brijeshbajaj@everstcables.com
Website :	www.everestcables.com
Location :	Owned
Marketing Office :	507, Ring Road Mall, Manglam Place, Sector-3, Behind Kali Mata Mandir, Rohini, Delhi-110085, India
Tel. No.:	91-11-47050451/ 47050461 / 4705052
Fax No.:	91-130-4705052
Factory 1 :	85/113, Village Nathupur Road, Rai Block Near Kundli, G. T. Road, Karnal Road, Sonipat, Haryana, India
Location :	Owned

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Rakesh Bajaj
Designation :	Whole Time Director
Address :	456, Sainik Vihar, Pitampura, Delhi-110034, India
Date of Appointment :	08.10.1997
DIN No.:	00958843
Name :	Mr. Brijesh Bajaj
Designation :	Whole Time Director
Address :	456, Sainik Vihar, Pitampura, Delhi-110034, India
Date of Appointment :	08.10.1997
DIN No.:	00953458

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Rakesh Bajaj	375000
Brijesh Bajaj	375000
Total	750000

AS ON 30.09.2011

Equity Shares Break Up	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Wires and Cables, Moulded power cords and harness assemblies
Products :	Wires and Cables
Exports :
Countries :	· South East Asia · UAE
Imports :
Products :	Raw Material
Countries :	· Taiwan · China · Dubai
Terms :
Selling :	Credit (30 Days), T.T.
Purchasing :	Cash, Credit (30 Days)

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Actual Production
Wires and Cables	Mtrs.	8144381.00
	Pcs.	1401273.00

GENERAL INFORMATION

Suppliers :

· Lucky Polyplast

· Oswal Cable Products

· Plast Alloys (India) Limited

· Advance Chemicals

· Bihani Manufacturing Company Private Limited

· Komax Automation India Private Limited

· Rayban Insulation (Private) Limited

· S. P. Associates

· V. K. Traders

· Vayu Seva Courier

· Vinayak Enterprises

Customers :

OEM’s

· A and A Corporation

· Abhinav Printing and Packaging’s

· Anushka Air-conditioning Private Limited

· Arise India Limited

· Bharti Electrical

· Bhavana Enterprises

· Bindra Electronics

· Camel Welfare Society

· Cynergy3 Auro Technologies Private Limited

· Duggar Power Products Private Limited

· Everest Electricals

· Kudos Chemie Limited

· Micro Precission Private Limited

· Millennium Electronic

No. of Employees :

100 (Approximately)

Bankers :

State Bank of India, Netaji Subhash Place, Pitampura, Delhi-110034, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Loan for Car / Van	1.196	1.142
State Bank of India (C/C A/C)	8.027	3.934
State Bank of India (C/C A/C) (secured against the raw materials, work in progress and finished goods)	16.042	17.701
State Bank of India (SME A/C) (Secured against Sundry Debtors)	0.000	2.520
State Bank of India (Car Loan)	0.239	0.331
State Bank of India Term Loan A/c -I	4.541	0.000
State Bank of India Term Loan A/c –II (Secured against Machinery)	3.646	0.227
KSIC Limited (Secured against bank guarantee)	2.437	0.000
Total	36.128	25.855
Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
From Share Holders and Directors and Relatives	3.482	3.096
Total	3.482	3.096

Banking Relations :	--
Auditors :
Name :	Sushil Kumar Khurna Chartered Accountant
Address :	J-112, 2^nd Floor, West Patel Nagar, New Delhi-110008, India
Tel. No.:	91-11-25880926
Mobile No.:	91-9312249120
Pan No.:	AAMPK6904H

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750000	Equity Shares	Rs.10/- each	Rs. 7.500 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		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		27.463	27.316	26.134
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		34.963	34.816	33.634
LOAN FUNDS
1] Secured Loans		36.128	25.855	22.812
2] Unsecured Loans		3.482	3.096	2.951
TOTAL BORROWING		39.610	28.951	25.763
DEFERRED TAX LIABILITIES		0.497	0.346	0.320
TOTAL		75.070	64.113	59.717
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19.918	15.825	15.658
Capital work-in-progress		3.660	1.396	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	17.989	17.137	12.291
	Sundry Debtors	39.096	34.374	43.862
	Cash & Bank Balances	1.600	0.574	0.434
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7.103	5.507	6.439
Total Current Assets		65.788	57.592	63.026
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.497	6.268	7.602
	Other Current Liabilities	6.601	2.988	5.022
	Provisions	1.198	1.444	6.343
Total Current Liabilities		14.296	10.700	18.967
Net Current Assets		51.492	46.892	44.059
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		75.070	64.113	59.717

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	TURNOVER		84.818	73.261	110.008
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		8.587	8.224	29.805
Less	FINANCIAL EXPENSES		5.183	3.496
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		3.404	4.728	5.905
Less/ Add	DEPRECIATION/ AMORTISATION		2.737	2.814
	PROFIT BEFORE TAX		0.667	1.914	23.900
Less	TAX		0.516	0.729	5.918
	PROFIT AFTER TAX		0.151	1.185	17.982
	Adjustment relating to earlier year		0.004	0.003	6.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		27.316	26.134	14.152
	BALANCE CARRIED TO THE B/S		27.463	27.316	26.134
	IMPORTS
		Raw Materials	0.610	1.800	NA
		Stores & Spares	0.000	0.041	NA
	TOTAL IMPORTS		0.610	1.841	NA
	Earnings Per Share (Rs.)		0.20	--	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	0.79	2.61	21.73
Return on Total Assets (PBT/Total Assets}	(%)	0.78	2.61	30.37
Return on Investment (ROI) (PBT/Networth)		0.02	0.05	0.71
Debt Equity Ratio (Total Liability/Networth)		1.56	1.15	1.34
Current Ratio (Current Asset/Current Liability)		4.60	5.38	3.32

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions 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	Yes
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	No
17. Major suppliers	Yes
18. Major customers	Yes
19. Payments terms	Yes
20. Export / Import details	Yes
21. Market information	------
22. Litigations that the firm / promoter involved	------
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

OPERATIONS

The company achieved turnover of Rs. 84.818 Millions during the year as compared to Rs. 73.261 Millions during the preceding financial year.

FORM 8

Corporate identity number of the company	U31909DL1997PTC090096
Name of the company	UNIVERSAL SPARES INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	28/15/4, Village Primary School, Babli, New Delhi-110042, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	State Bank of India, Netaji Subhash Place, Pitampura, Delhi-110034, India
Nature of instrument creating charge	(i) Letter of confirmation for creation of mortgage by deposit of title deeds (ii) Letter of confirmation for extension of mortgage by deposit of title deeds
Date of instrument Creating the charge	22.09.2010
Amount secured by the charge	Rs. 38.800 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As per agreement Terms of repayment As per agreement Margin As per agreement Extent and operation of the charge 100% Other The above is to secure the Credit facilities of Rs 38.800 Millions i.e. Cash Credit ( Hypothecation Stocks and Book Debts)@ Rs250.00Lacs, SLC of Rs 4.500 Millions, Term Loan * (outstanding) -Rs.0.300 Million, Term Loan (Fresh) Rs 4.000 Millions, LC # of Rs 3.000 Millions and BG # of Rs 5.000 Millions granted by the Bank to the company. @ Sub limit of CC stocks Rs 6.000 Millions and CC (Book Debts) Rs 19.000 Millions * present Outstanding # 100% interchangeability between LC and BG limits.
Short particulars of the property charged (Including location of the property)	Equitable Mortgage of factory land and building situated at Khasra No 85/113, Village Nathupur, Rai Block, G.T. Karnal Road, District Sonepat Haryana adm. 3031 sq. yards in name of company. (ii) Equitable Mortgage of RRM no 21, Mangalam Palace, Sector-3, Rohini, Delhi adm. 740.31 sq. ft. in name of Company.
Charge identification number of the charge to be modified	10129926
Date of instrument modifying the charge	21.09.2010
Particulars of the present modification	The Credit facilities of Rs 38.800 Millions is further collaterally secured by EM of all that piece and parcel of factory L and B situated at Khasra No 85/113, Vill. Nathupur, Rai Block, G.T. Karnal Road, District Sonepat (Hr.) and RRM no 21,Mangalam Palace,Sec-3,Rohini,Delhi existing and /or to be constructed thereon and shown under attachment together with easementary and appurtenants thereto including all structures and machinery items standing/installed thereon and to be put up in future .

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Fire Extinguisher

· Transformer

· Telephone Systems

· Generator

· Lab Equipment

· Dies and Moulds

· Air Conditioner

· Camera

· Calculator

· Books

· Fax and EPBAX

· Computer

· Furniture and Fixture

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. 54.68
UK Pound	1	Rs. 86.52
Euro	1	Rs. 69.85

INFORMATION DETAILS

Information Gathered by :	SBA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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		33

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.