MIRA INFORM REPORT

Report Date :

08.09.2012

IDENTIFICATION DETAILS

Name :	CABCON INDIA PRIVATE LIMITED
Registered Office :	4-A, Pollock Street, Sawaika Centre, Ground Floor, Room # 21, Kolkata – 700001, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.02.1991
Com. Reg. No.:	21-050809
Capital Investment / Paid-up Capital :	Rs.23.396 Millions
CIN No.: [Company Identification No.]	U31200WB1991PTC050809
IEC No.:	0200014811
TAN No.: [Tax Deduction & Collection Account No.]	CALC02131D
PAN No.: [Permanent Account No.]	AABCC2164P
Legal Form :	Private Limited Liability Company
Line of Business :	Supplier and Manufacturer of Aluminium Cable, Aluminium Conductors and Aluminium Wire Rods.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 640000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Busyness is active. Payment 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	A4+ (Short Term)
Rating Explanation	This rating re considered to have minimal degree of safety. Such instrument carry very high credit risk and are susceptible to default.
Date	January, 2012

Rating Agency Name	CRISIL
Rating	BB- (Long Term)
Rating Explanation	This rating are considered to have moderate risk of default regarding timely servicing of financial obligation.
Date	January, 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	4-A, Pollock Street, Sawaika Centre, Ground Floor, Room # 21, Kolkata – 700001, West Bengal, India
Tel. No.:	91-33-22355657/ 22356798
Fax No.:	91-33-22158065
E-Mail :	info@cabconindia.com

DIRECTORS

(AS ON 30.09.2011)

Name :

Mr. Shree Ballabh Fomra

Designation :

Director

Address :

FE – 515, Salt Lake, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

14.03.1943

Date of Appointment :

14.02.2005

DIN No.:

00633436

Name :

Mr. Madan Mohan Fomra

Designation :

Director

Address :

FE – 515, Salt Lake, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

16.10.1966

Date of Appointment :

01.02.1991

DIN No.:

00633292

Other Directorship :

S.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	U31200WB1991PTC050809	CABCON INDIA PRIVATE LIMITED	Director	01-02-91	01-02-91	Active	NO
2	U27203WB2007PTC116231	SHREYASH ALUMINIUM AND ALLOYS PRIVATE LIMITED	Director	28-11-07	28-11-07	Active	NO

Name :

Mr. Vijay Kumar Fomra

Designation :

Director

Address :

FE – 515, Salt Lake, Kolkata – 700106, West Bengal, India

Date of Birth/Age :

02.10.1968

Date of Appointment :

25.11.1993

DIN No.:

00633315

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	U31200WB1991PTC050809	CABCON INDIA PRIVATE LIMITED	Director	25-11-93	25-11-93	-	Active	NO
2	U28999WB2004PTC098635	RADHIKA TRANSMISSION PRIVATE LIMITED	Director	19-05-04	19-05-04	-	Active	NO
3	U27203WB2007PTC116231	SHREYASH ALUMINIUM AND ALLOYS PRIVATE LIMITED	Director	30-05-07	30-05-07	27-03-09	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Names of Shareholders	No. of Shares
Madan Mohan Fomra	11340
Rashmi Fomra	34200
Raj Kumar Fomra	83000
Shanti Prasad Fomra	303200
Vijay Kumar Fomra	13380
Pana Bai Fomra	200200
Sanjeev Kumar Binani	20120
Mukund Lal Rathi	20
Sashikala Fomra	21000
Manish Kumar Fomra	106000
S B Fomra HUF	28000
Panabai Fomra and Madan Mohan Fomra	25000
Panabai Fomra and Vijay Kumar Fomra	40000
Chandra Kanta Lakhotia	20
Jayhree Gandhi	20
Priyanka Gandhi	20
Swati Gandhi	20
Radhika Fomra	4000
Siddharth Fomra	4000
Saroj Rathi	40020
Renu Kothari	20
M M Fomra (HUF)	140020
V K Fomra HUF	140020
Rashmi Binani	12000
Priti Fomra	16000
Ram Prakash Dujari	60000
Amit Mohta	68300
Sarala Devi Mohta	30000
Shree Ballabh Fomra	6400
Manro Finance and Traders (Private) Limited, India	383300
Balgopal Commodeal Private Limited, India	150000
Bhavsagar Commodities Private Limited, India	400000
Total	2339620

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Bodies corporate	39.89
Directors or relatives of directors	56.18
Other top fifty shareholders	3.93
Total	100.00

BUSINESS DETAILS

Line of Business :

Supplier and Manufacturer of Aluminium Cable, Aluminium Conductors and
Aluminium Wire Rods.

Products :

Products Description	Item Code No.
AAC and AAAC Conductor	76149000
ACSR Conductor	76141000
Aluminium, and Alloy Wires	76151900

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Canara Bank

L C Road Branch, 9 Lala lajpat Rai Sarani, Kolkata – 700020, West Bengal, India

· Canara Bank

Prime Corporate Branch, 21 CAMAC Street, Ground Floor, Kolkata – 700017, West Bengal, India

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working Capital Loans Bank Secured	152.069	86.494
Working Capital Loans Other Secured	39.999	0.000
Loans Taken for Vehicles Secured	1.589	1.807
Loans taken for Other Fixed Assets Secured	6.259	4.813
Total	199.916	93.114
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Working Capital Loans other Unsecured	86.200	95.779
Loans Directors Unsecured	2.327	1.119
Total	88.527	96.898

Banking Relations :	--
Auditors :
Name :	Jai Pandya and Associates Chartered Accountant
Address :	36, Strand Road, 3rd Floor, Kolkata – 700001, West Bengal, India
PAN No.:	AFHPP8788C
Associates :	· Radhika Transmission Private Limited · Shreyash Aluminium and Alloys Private Limited

CAPITAL STRUCTURE

(AS ON 30.09.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2339620	Equity Share	Rs.10/- each	Rs.23.396 Millions

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Share	Rs.10/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2139620	Equity Share	Rs.10/- each	Rs.21.396 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		21.396	21.396	7.198
2] Share Application Money		20.000	0.000	0.000
3] Reserves & Surplus		118.681	105.979	41.465
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		160.077	127.375	48.663
LOAN FUNDS
1] Secured Loans		199.916	93.114	78.377
2] Unsecured Loans		88.527	96.898	31.383
TOTAL BORROWING		288.443	190.012	109.760
DEFERRED TAX LIABILITIES		2.290	1.965	1.514
TOTAL		450.810	319.352	159.937
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		53.928	45.673	34.396
Capital work-in-progress		0.000	3.770	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	128.306	30.867	39.626
	Sundry Debtors	438.766	384.572	266.427
	Cash & Bank Balances	145.672	43.944	25.674
	Other Current Assets	13.755	3.284	1.961
	Loans & Advances	97.465	26.251	39.039
Total Current Assets		823.964	488.918	372.727
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	216.847	193.917	227.796
	Other Current Liabilities	197.388	18.298	16.439
	Provisions	12.968	6.965	2.998
Total Current Liabilities		427.203	219.180	247.233
Net Current Assets		396.761	269.738	125.494
MISCELLANEOUS EXPENSES		0.121	0.171	0.047
TOTAL		450.810	319.352	159.937

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2011	31.03.2010	31.03.2009
	SALES	1796.900	1421.500	1120.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION	NA	18.226	14.701
Less/ Add	DEPRECIATION/ AMORTISATION	NA	5.096	3.851
	PROFIT BEFORE TAX	NA	13.130	10.850
Less	TAX	NA	4.418	3.545
	PROFIT AFTER TAX	12.700	8.712	7.305
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	32.300	23.565	16.260
	BALANCE CARRIED TO THE B/S	45.000	32.277	23.565
	Earnings Per Share (Rs.)	5.94	4.07	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Return on Total Assets (PBT/Total Assets}	(%)	NA	2.46	2.67
Return on Investment (ROI) (PBT/Networth)		NA	0.10	0.22
Debt Equity Ratio (Total Liability/Networth)		4.47	3.21	7.34
Current Ratio (Current Asset/Current Liability)		1.93	2.23	1.51

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
10]	Designation of contact person	No
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

FINANCIAL RESULTS

The Company has earned a total profit of Rs.12.700 Millions this year and after considering previous year balance of Rs.32.300 Millions making a total balance of Rs.45.000 Millions.

BUSINESS ACTIVITIES

During the year there has been substantial increase in sales to Rs.1796.900 Millions in comparision to Rs.1421.500 Millions of last year.

Contingent Liabilities not provided for in the books of accounts in respect of:

a) Bank Guarantees - Rs 362.300 Millions (Prev. Year Rs. 177.200 Millions)

b) Bills discounted with Canara Bank, Prime Corporate Branch, outstanding as on 31st March, 2011 is Rs 28.300 Millions (Prev. Year Rs.42.900 Millions).

c) Letters of Credit opened in favour of suppliers, outstanding as on 31st March, 2011- Rs.140.100 Millions. (Prev. Year 49.500 Millions)

FORM 8:

Corporate identity number of the company	U31200WB1991PTC050809
Name of the company	CABCON INDIA PVT LTD
Address of the registered office or of the principal place of business in India of the company	4A, Pollock Street, Kolkata- 700001, West Bengal, India info@cabconindia.com
This form is for	Modification of charge
Charge identification number of the modified	90254956
Type of charge	Immovable property
Particular of charge holder	Canara Bank Prime Corporate Branch, 21 CAMAC Street, Ground Floor, Kolkata – 700017, West Bengal, India managercb2560@canarabank.com
Nature of description of the instrument creating or modifying the charge	a) Letter evidencing deposit of title deeds with Schedules A and B (NF-461 and 462) b) Canara Bank Sanction memo dated 22/12/2011 c) Board Resolution dated 24/12/2011
Date of instrument Creating the charge	30/12/2011
Amount secured by the charge	Rs.750.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest As stipulated by Bank Terms of Repayment Repayable on demand Margin As stipulated by Bank Extent and Operation of the charge Equitable mortgage by deposit of title deeds of new property of the company at New Town Rajarhat Kolkata favouring Canara Bank, Prime corporate Branch. towards overall credit limits of Rs.750.000 Millions (comprising of OCC/ODBD- Rs.190.000 Millions ILC/FLC- Rs.150.000 Millions, BG-Rs.380.000 Millions, BULC-Rs.30.000 Millions) Others Other terms and conditions remain as per Original charge dated 01/01/1997 and subsequent modifications thereto.
Short particulars of the property charged	COLLATERAL SECURITY: Equitable mortgage in favour of Canara Bank, Prime Corporate Branch by deposit of Registered Title Deed No.11828 dt. 09/09/2011 and the Borrower relating All that piece and parcel of land and buildings existing and or to be constructed thereon relating to commercial property at 1st Floor, Unit-3 B and C, New Town, Rajarhat, Kolkata premises No.BG/12,sub CBD Area Aa-1 action Area 1B, P.S. Rajarhat adjacent to DLF Building, jointly comprising super built up area of 4687 sq. ft. along with 5 Nos. Car parking spaces out of which 1 in upper basement and 4 in lower basement out of total land of 4 acres in two mouzas amalgamated thereof being Mouza - Thakdari, JL No.10,R.S.Dag No.1101 and 1102 (part), and Mouza-Jatragachia, J/ L/ No. 24, R.S. Dag No.1808,1822 and 1863 bounded on the North-By Street No.97, On the South-By Service Road, On the East-By Street No.144 and On the West-By Plot No,BG-11 (valued at Rs.33.400 Millions) in lieu of release of term deposit of Rs.33.400 Millions.
Date of latest modification prior to the present modification	18.02.2011
Particulars of the present modification	By this modification the Term loan-Rs.10.000 Millions has been repaid by the Borrower and a fresh Equitable mortgage by deposit of Title deeds of immovable property of the Borrower at New Town, Rajarhat, Kolkata was created (in lieu of release of Term deposit of Rs.33.400 Millions) as additional collateral security towards Overall revised working capital limit of Rs.750.000 Millions (comprising of OCC/ODBD-Rs.190.000 Millions ILC/FLC-Rs.150.000 Millions, BG-Rs.380.000 Millions, BULC-Rs.30.000 Millions) Other terms and conditions remain unchanged.

FIXED ASSETS:

· Land – Freehold

· Land – Leasehold

· Building

· Plant and Machinery

· Other Equipment

· Computers

· Furniture and Fixture

· 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.55.97
UK Pound	1	Rs.89.02
Euro	1	Rs.70.61

INFORMATION DETAILS

Report Prepared by :

NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.