MIRA INFORM REPORT

Report Date :

21.03.2013

IDENTIFICATION DETAILS

Name :	B M J CABLES LIMITED (w.e.f. 18.01.2007)
Formerly Known As :	TEJ-US INFOTECH LIMITED
Registered Office :	Plot No. 562, GIDC Estate, Khatwada, Ahmedabad – 382 460, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	23.03.2000
Com. Reg. No.:	04-037622
Capital Investment / Paid-up Capital :	Rs.4.421 Millions
CIN No.: [Company Identification No.]	U72200GJ2000PLC037622
TAN No.: [Tax Deduction & Collection Account No.]	AHMB04002F
Legal Form :	A closely held public limited liability company.
Line of Business :	Manufacturer and Exporter of Aluminium Wire Rods.
No. of Employees :	40 (Approximately) (In Office + In Factory)

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 270000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. The company has achieved better growth in its sales turnover during 2012. Trade relations are reported as decent. Business is active. Payments are reported to be usually 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

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

Name :	Mr. Mahendra Bhanwarsing Purohit
Designation :	Director
Contact No.:	91-9426059111
Date :	20.03.2013

LOCATIONS

Registered Office / Factory:	Plot No. 562, GIDC Estate, Khatwada, Ahmedabad – 382 460, Gujarat, India
Tel. No.:	91-79-22901814 / 1815
Mobile No.:	91-9426059111 [Mr. Mahendra Bhanwarsing Purohit]
Fax No.:	91-79-2291816
E-Mail :	info@bmj.co.in ssdasaniandco@yahoo.co.in
Website :	http://www.bmj.co.in
Area :	10000 Sq. Ft.
Location:	Owned

DIRECTORS

AS ON 29.09.2012

Name :	Mr. Mahendra Bhanwarlal Purohit
Designation :	Director
Address :	3 Subhash Society, Jain Upashray Lane, Commerce Six Roads, Navrangpura, Ahmedabad – 380 009, Gujarat, India
Date of Birth/Age :	19.07.1973
Date of Appointment :	04.11.2003
DIN No.:	00042543
Name :	Mr. Kailash Babuprasad Shah
Designation :	Director
Address :	13, Bhimnath Society, Circuit House, Shahi Baug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	11.05.1966
Date of Appointment :	05.09.2006
DIN No.:	00722503
Name :	Mr. Ghanshyam Babuprasad Shah
Designation :	Director
Address :	13, Bhimnath Society, Circuit House, Shahi Baug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	13.11.1969
Date of Appointment :	05.09.2006
DIN No.:	00722472
Name :	Mr. Radheshyam Roshanlal Maheshwari
Designation :	Director
Address :	10A, Navinchandra Park, Near Nalkunj Camp Road, Shahi Baug, Ahmedabad – 380 004, Guujarat, India
Date of Birth/Age :	30.12.1961
Qualification :	Engineer
Date of Appointment :	05.09.2006
DIN No.:	00722478
Name :	Mr. Jagdishprasad Bansilal Kalya
Designation :	Director
Address :	A 1, Shyam Tenaments, Odhav, Ahmedabad – 382410, Gujarat, India
Date of Birth/Age :	01.08.1972
Date of Appointment :	05.09.2006
DIN No.:	00939084
Name :	Mr. Babuprasad Ramdayal Shah
Designation :	Director
Address :	13, Bhimnath Society, Circuit House, Shahi Baug, Ahmedabad – 380 004, Gujarat, India
Date of Birth/Age :	30.03.1942
Date of Appointment :	10.02.2007
DIN No.:	00762219

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.09.2012

Names of Shareholders	No. of Shares
Babulal Ramdyal Shah	35000
Bhanwarsigh Shivathsingh Purohit HUF	100
Chandradevi Nitinkumar Purohit	100
Chandrankant Vrajlal Solanki	115000
Ghanshyam Babulal Shah	30000
Hitendra Vrajlal Purohit	90000
Indudevi Kartikey Purohit	100
Kailashchandra Babulal Shah	35000
Laxmiben Bhanwarlal Purohit	100
Mahendra Bhanwarsingh Purohit	131480
Panidevi Bhanwarlal Purohit	100
Preeti Mahendra Purohit	100
Radheshyam Roshanlal Maheshwari	5000
Total	442080

AS ON 29.09.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Aluminium Wire Rods.

Products :

Product Description	ITC Code No.
Aluminium Wire Rods	76011040
Ingots	76011010
Scrape / Waste	26201110

Exports :

Products :

Aluminium Wire Rod.

Countries :

Saudi Arabia

Imports :

Products :

Raw Material

Countries :

• Europe
• Middle East Countries

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Suppliers :

• Vinita Enterprises Private Limited
• Aashvi Engineering Work
• Alluminium Association of India
• Associated Road Carriers Limited
• Ceraflux India Private Limited
• Doshion Limited
• P-Met High Tech Co. Private Limited
• B.R. Metal and Alloys (Gujarat) Private Limited
• Mahavir Refratech (Gujarat) Private Limited
• Shree Saibaba Petroleum

Customers :

End users

• Essar Steel Limited
• Akshata Mercantile Private Limited
• Chamunda Metals
• Jagdish Wire Industires
• Jayaswal Neco Industries Limited
• JSW Ispat Steel Limited
• JSW Steel Limited
• Liovds Steel Industries Limited
• Riya International
• Sampat Heavy Eng Limited

No. of Employees :

40 (Approximately) (In Office + In Factory)

Bankers :

• Standard Chartered Bank, Ground Floor, Abhijeet – II, Mithakhali 6^th Road, Navrangpura, Ahmedabad-380006, Gujarat, India
• Oriental Bank of Commerce, Ahmedabad, Gujarat, India
• Axis Bank, Ahmedabad, Gujarat, India

Facilities :

Cash credit : Rs.135.000 Millions (From Standard Chartered Bank)

Secured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
From Banks:
Standard Chartered Bank -
Bank Overdraft A/C	63.393	84.612
Buyers Credit	29.892	12.228
[Secured against hypothecation of entire current assets of the company comprising of stocks of raw materials, work in progress, finished goods, book debts and other current assets]
From Others:	6.702	0.000
Total	99.987	96.840

Banking Relations :	--
Auditors :
Name :	Jitendra Shah and Associates Chartered Accountants
Address :	B/302, Atma House, Near Times of India, Ashram Road, Ahmedabad- 380009, Gujarat, India
Pan No.:	AJHPS2576F
Associates :	Veenita Enterprise Private Limited J J. All,uminium Private Limited B. R. Metals and Alloys Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
442080	Equity Shares	Rs.10/- each	Rs. 4.421 Millions

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		4.421	4.421	4.421
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		62.059	55.491	49.485
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		66.480	59.912	53.906
LOAN FUNDS
1] Secured Loans		99.987	96.840	79.194
2] Unsecured Loans		0.000	0.000	14.200
TOTAL BORROWING		99.987	96.840	93.394
DEFERRED TAX LIABILITIES		0.256	0.283	0.389
TOTAL		166.723	157.035	147.689
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.865	12.777	17.631
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	47.090	48.910	8.365
	Sundry Debtors	69.152	65.682	97.795
	Cash & Bank Balances	1.702	2.053	5.928
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	46.703	32.613	43.780
Total Current Assets		164.647	149.258	155.868
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6.762	4.242	23.396
	Other Current Liabilities	1.027	0.340	0.128
	Provisions	3.000	0.418	2.286
Total Current Liabilities		10.789	5.000	25.810
Net Current Assets		153.858	144.258	130.058
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		166.723	157.035	147.689

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011
	SALES
		Income	650.091	399.627
		Other Income	0.414	0.172
		TOTAL (A)	650.505	399.799
Less	EXPENSES
		Cost of Materials Consumed	588.188	373.488
		Changes in Inventories	(4.704)	(11.600)
		Employee Benefits Expenses	1.382	1.101
		Other Expenses	42.017	16.877
		TOTAL (B)	626.883	379.866
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.622	19.933
Less	FINANCIAL EXPENSES (D)		12.684	9.145
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.938	10.788
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.309	1.666
	PROFIT BEFORE TAX (E-F) (G)		9.629	9.122
Less	TAX (H)		3.061	3.116
	PROFIT AFTER TAX (G-H) (I)		6.568	6.006
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		20.203	14.197
	BALANCE CARRIED TO THE B/S		26.771	20.203
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	18.230	10.023
	TOTAL EARNINGS		18.230	10.023
	IMPORTS
		Raw Materials	211.808	176.089
	TOTAL IMPORTS		211.808	176.089
	Earnings Per Share (Rs.)		14.86	13.59

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010
	SALES
		Income	432.397
		Other Income	0.634
		TOTAL (A)	433.031
Less	EXPENSES
		Material Consumed and Purchase of Goods	402.574
		Production and Direct Expenses	4.817
		Operating and Administrative Expenses	3.232
		Selling and Distribution Expenses	4.201
		Increase / (Decrease) in Stock	(1.247)
		TOTAL (B)	413.577
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.454
Less	FINANCIAL EXPENSES (D)		6.397
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.057
Less/ Add	DEPRECIATION/ AMORTISATION (F)		2.073
	PROFIT BEFORE TAX (E-F) (G)		10.984
Less	TAX (H)		3.616
	PROFIT AFTER TAX (G-H) (I)		7.368
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6.829
	BALANCE CARRIED TO THE B/S		14.197
	EXPORT VALUE		1.558
	Earnings Per Share (Rs.)		16.67

Expected Sales (2012-2013) : Rs.700.000 Millions

The above information has been parted by Mr. Mahendra Bhanwarsing Purohit.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.32	1.50	1.70
Net Profit Margin (PBT/Sales)	(%)	1.48	2.28	2.54
Return on Total Assets (PBT/Total Assets}	(%)	5.42	5.63	6.33
Return on Investment (ROI) (PBT/Networth)		0.14	0.15	0.20
Debt Equity Ratio (Total Debt/Networth)		1.50	1.62	1.73
Current Ratio (Current Asset/Current Liability)		15.26	29.85	6.04

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. in Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	6.762	4.242	23.396
Total	6.762	4.242	23.396

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	No

NOTE:

The Registered Office of the company has been shifted from “24 Dhanlaxmi Market, Near Ravdi Bazar, Kalupur, Ahmedabad – 380 002, Gujarat, India” to the present address w.e.f. 08.09.2006.

FINANCIAL RESULTS:

During the period the company is in the business of manufacturing of Aluminum wire, rods, ingot, ash and residues. The company has achieved turnover of Rs.650.091 Millions and earned profit after depreciation to the tune of Rs.9.629 Millions.

FORM 8:

Corporate identity number of the company	U72200GJ2000PLC037622
Name of the company	B M J CABLES LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 562, GIDC Estate, Khatwada, Ahmedabad – 382 460, Gujarat, India E-mail Id : info@bmj.co.in
This form is for	Modification of charge
	10185776
Type of charge	Immovable property
Particular of charge holder	Standard Chartered Bank, Ground Floor, Abhijeet – II, Mithakhali 6^th Road, Navrangpura, Ahmedabad, Gujarat, India E-mail Id : sme.form8@sc.com
Nature of instrument creating charge	Supplement memorandum of entry dated 15.02.2013
Date of instrument Creating the charge	15.02.2013
Amount secured by the charge	Rs.175.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest As Agreed by & with the bank from time to time Terms of repayment As Agreed by & with the bank from time to time Margin As per bank's sanction Extent and operation of the charge First Exclusive Charge on Securities for Rs.175.000 Millions
Particulars of the property charged	Property bearing Plot No.562 admeasuring 4120 Sq. Meter at Kathwada Industrial Area consisting of leasehold land bearing revenue Survey No.814/PADN 51(A)P Village - Kathwada Taluka - Dascroi, District - Ahmedabad

TRADE REFERENCES:

• Vinita Enterprises Private Limited
• Essar Steel Limited

FIXED ASSETS:

• Land
• Plant and Machinery
• Computer
• Factory Building
• Furniture and Fixtures
• Vehicle
• Electric Installation
• Office Equipments

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 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.54.38
UK Pound	1	Rs.82.07
Euro	1	Rs.70.04

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

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