MIRA INFORM REPORT

Report Date :

26.03.2013

IDENTIFICATION DETAILS

Name :	SHREE CABLES AND CONDUCTORS PRIVATE LIMITED
Registered Office :	37- Hindu Friends Co-Operative Housing Society, Road No.2, 2-Ganga Apartments, 2^nd Floor, Natwar Nagar, Jogeshwari (East), Mumbai – 400060, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	31.01.1986
Com. Reg. No.:	11-038815
Capital Investment / Paid-up Capital :	Rs.4.940 Millions
CIN No.: [Company Identification No.]	U31300MH1986PTC038815
TAN No.: [Tax Deduction & Collection Account No.]	MUMS15802D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Cables and Conductors.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 670000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears a dip in the profitability of the company during the current year. However, networth appears to satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct, 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.

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	CARE
Rating	Short Term Bank Facilities: A3
Rating Explanation	Moderate degree of safety it carry higher credit risk.
Date	23.01.2013

Rating Agency Name	CARE
Rating	Long Term Bank Facilities: BBB-
Rating Explanation	Moderate degree of safety it carry moderate credit risk.
Date	23.01.2013

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.

INFORMATION PARTED BY (General Details)

Name :	Mr. Yogesh
Designation :	Accounts Department
Contact No.:	91-22-28352063
Date :	04.03.2013

LOCATIONS

Registered Office :	37- Hindu Friends Co-Operative Housing Society, Road No.2, 2-Ganga Apartments,2^nd Floor, Natwar Nagar, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Tel. No.:	91-22-28352063/ 28352189
Fax No.:	Not Available
E-Mail :	psj@vsnl.net psjbom@mtnl.net.in shreecables@gmail.com
Website :	http://www.shreecables.com
Locations :	Owned
Corporate Office :	41/42, Hindu Friends Co-Op Housing Society, Natwar Nagar, Jogeshwari (East), Mumbai – 400060, Maharashtra, India
Factory :	7-C, 14-A and 15-A, Industrial Estate, Govindpura, Bhopal – 462023, Madhya Pradesh, India
Tel. No.:	91-755-2602405/ 2602816/
Fax No.:	91-755-3602194/ 4282482

DIRECTORS

(AS ON 28.09.2012)

Name :	Mr. Dhirajlal Jagjivandas Parekh
Designation :	Director
Address :	37- Hindu Friends Co-Op Housing Society, Road No.2, 2-Ganga Apartments,2^nd Floor, Natwar Nagar, Jogeshwari (East), Mumbai- 400060, Maharashtra, India.
Date of Birth/Age :	21.04.1938
Date of Appointment :	31.01.1986
DIN No.:	00062198
Name :	Mrs. Jyotiben Dhirajlal Parekh
Designation :	Director
Address :	37- Hindu Friends Co-Op Housing Society, Road No.2, 2-Ganga Apartments,2^nd Floor, Natwar Nagar, Jogeshwari (East), Mumbai- 400060, Maharashtra, India.
Date of Birth/Age :	19.01.1943
Date of Appointment :	31.01.1986
DIN No.:	00061467
Name :	Mr. Kalpesh Dhirajlal Parekh
Designation :	Director
Address :	37- Hindu Friends Co-Op Housing Society, Road No.2, 2-Ganga Apartments,2^nd Floor, Natwar Nagar, Jogeshwari (East), Mumbai- 400060, Maharashtra, India.
Date of Birth/Age :	16.03.1970
Date of Appointment :	01.04.1993
DIN No.:	00060883

KEY EXECUTIVES

Name :	Mr. Yogesh
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 28.09.2012)

Names of Shareholders	No. of Shares
Dhirajlal Jagjivandas Parekh	7250
Jyotiben Dhirajlal Parekh	11265
Kalpesh Dhirajlal Parekh	15470
S.D. Parekh	15410
Total	49395

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Cables and Conductors.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

300 (Approximately)

Bankers :

· State Bank of India

SME Branch, Govindpura, Industrial Estate, Bhopal – 462023, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Term Loans from Banks	34.451	71.445
Loan against LIC Policies	12.736	--
Loans repayable on demand
Cash Credit A/c	51.067	20.457
SME Loan	2.026	0.000
Loan Against FDR	38.325	59.178
Total	138.605	151.080
NOTE: Term Loans from Banks are Seemed By a first mortgage of all the Company's Immovable properties excluding Land and Building Equitable Mortgage of Lease Hold Factory Land, Building and Guest House, both present and future ranking pari passu interest and a first charge by way of hypothecation of all the company's movables subject to prior charges created in favour of Company's bankers on Inventories- book debts and other movables for securing the borrowings for working capital requirement. The Company has not defaulted in either repayment of principle or interest during the year. Working capital borrowings are secured by way of hypothecation of Inventories and book debts and further secured by way of second charge ranking pan passu over the fixed assets both present and future, subject to prior charges created by the company is favour of banks for securing term loan. Working capital borrowings are further secured by the personal guarantee of Mr. D. J. Parekh and Mr. K. D. Parekh Director.

Banking Relations :	--
Auditors :
Name :	Patel Shah and Joshi Chartered Accountant
Address :	501-503, Sheel Chambers, 10, Cawasji Patel Street, Fort, Mumbai- 400001, Maharashtra, India.
Tel No.:	91-22-22871591
Fax No.:	91-22-22825865
PAN No.:	AAAFP3713D
Email :	psjbom@mtnl.net.in jayant@capsj.com
Website :	www.capsj.com

CAPITAL STRUCTURE

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- Each	Rs.5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
49395	Equity Shares	Rs.100/- Each	Rs.4.940 Millions

Terms/ Voting Right attached to the equity Shares

The paid up capital of the company consists of only equity shades of Rs.100 each. Every equity share holder is entitled la one vole per share.

In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion of the number of the Equity shares held by the Shareholders.

Details of Share holders holding more than 5% shares in the company.

Name Of Shareholder	As at 31 March 2012
	No. of Shares Held	% of Holding
Dhirajlal Parekh	7,250	14.68%
Jyoti D. Parekh	11,265	22.81%
Kalpesh D. Parekh	15,470	31.32%
Shivali D. Parekh	15,410	31.20%

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		4.940	4.940	4.940
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		161.395	160.936	148.717
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		166.335	165.876	153.657
LOAN FUNDS
1] Secured Loans		138.605	151.080	123.611
2] Unsecured Loans		12.002	11.795	4.375
TOTAL BORROWING		150.607	162.875	127.986
DEFERRED TAX LIABILITIES		9.014	6.574	7.080
TOTAL		325.956	335.325	288.723
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		190.348	171.942	173.823
Capital work-in-progress		0.000	38.028	0.000
INVESTMENT		1.165	1.165	1.165
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	39.812	24.348	16.578
	Sundry Debtors	45.287	17.164	19.018
	Cash & Bank Balances	112.154	138.046	84.812
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	12.147	19.667	42.852
Total Current Assets		209.400	199.225	163.260
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	33.696	15.765	36.125
	Other Current Liabilities	37.911	51.420
	Provisions	3.350	7.850	13.400
Total Current Liabilities		74.957	75.035	49.525
Net Current Assets		134.443	124.190	113.735
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		325.956	335.325	288.723

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012
	SALES
		Income	332.888
		Other Income	NA
		TOTAL	NA
Less	EXPENSES
		TOTAL	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		24.537
Less/ Add	DEPRECIATION/ AMORTISATION		23.356
	PROFIT BEFORE TAX		1.181
Less	TAX		0.700
	PROFIT AFTER TAX		0.481
	Earnings Per Share (Rs.)		9.74

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	NA
Net Profit Margin (PBT/Sales)	(%)	0.35	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	0.12	NA	NA
Return on Investment (ROI) (PBT/Networth)		0.01	NA	NA
Debt Equity Ratio (Total Debt/Networth)		0.91	0.98	0.83
Current Ratio (Current Asset/Current Liability)		2.79	2.66	3.30

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Trade Payable	33.696	15.765	NA
Total	33.696	15.765	NA

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	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last one years	Yes
12]	Profitability for last one 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	No
18]	Major customers	No
19]	Payments terms	Yes
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

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Loan from Directors	9.108	8.953
Loan from Shareholders	2.894	2.842
Total	12.002	11.795
NOTE: There is no stipulation regarding repayment of unsecured Loan Hence, there is no default in repayment during the period.

FINANCIAL RESULTS

The company’s turnover is Rs.332.888 Millions. The company has earned profit of Rs.0.481 Million after providing depreciation of Rs.23.356 Millions and provision for Taxation for Rs.0.700 Million.

FORM 8

Corporate identity number of the company	U31300MH1986PTC038815
Name of the company	SHREE CABLES AND CONDUCTORS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	37- Hindu Friends Co-Op Housing Society, Road No.2, 2-Ganga Apartments,2^nd Floor, Natwar Nagar, Jogeshwari (East), Mumbai- 400060, Maharashtra, India Email: psj@vsnl.net
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90187367
Type of charge	· Immovable Property · Book Debts · Movable Property (Not being pledge)
Particular of charge holder	State Bank of India SME Branch, Govindpura, Industrial Estate, Bhopal- 462023, Madhya Pradesh, India Email: rajesh.k.verma@sbi.co.in
Nature of instrument creating charge	Supplemental arrangement letter of loan cum Hypothecation dated 20/07/2009.
Date of instrument Creating the charge	13.06.2011
Amount secured by the charge	Rs.446.200 Millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of Interest: · Cash Credit 11.75% · IUBD 9.25% · Term Loan 11.00% Terms of Repayment: All working capital facilities are payable on demand and term loan as per annexure enclosed.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the present and future stock of raw material, stock in process, finished goods, book debts, movable plant and machineries details as per arrangement letter attached. Fixed Assets, Machineries along with all the accessories etc. situated at 7C Industrial Estate, Govindpura, Bhopal- 462023
Date of instrument modifying the charge	07.01.2010
Particulars of the present modification	Total facilities have been increased from Rs.332.700 Millions to Rs. 446.200 Millions as per arrangement letter of renewal working capital credit facilities.

FIXED ASSETS:

· Land

· Office Building

· Factory Building

· Furniture and Fixtures

· Office Equipments

· Air Conditioner

· Electric Installment

· Plant and Machinery

· Tools and Equipments

· Computers

· 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 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] 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.54.65
UK Pound	1	Rs.82.66
Euro	1	Rs.71.21

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	2
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		41

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.