MIRA INFORM REPORT

Report Date :

24.03.2014

IDENTIFICATION DETAILS

Name :	KSH INTERNATIONAL PRIVATE LIMITED (w.e.f.04.07.1996)
Formerly Known As :	BHANDARY METAL EXTRUSION PRIVATE LIMITED
Registered Office :	Gat No. 11/3, 11/4 and 11/5, Village Birdewadi, Chakan, Taluka-Khed, Pune – 410501, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.07.1979
Com. Reg. No.:	11-141032
Capital Investment / Paid-up Capital :	Rs. 9.565 Millions
CIN No.: [Company Identification No.]	U28129PN1979PTC141032
PAN No.: [Permanent Account No.]	AAACB1897K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Copper and Aluminium Conductor.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1188000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Profitability of the company seems to be low during 2013. The rating also takes into consideration declining profitability margins and decline in capacity utilization. However, trade relations are 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term Bank facilities : BB+
Rating Explanation	Moderate risk of default.
Date	March 21, 2014

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. Sandeep Pradhan
Designation :	Accounts Executive
Contact No.:	91-2135-256410
Date :	22.03.2014

LOCATIONS

Registered Office :	Gat No. 11/3, 11/4 and 11/5, Village Birdewadi, Chakan, Taluka-Khed, Pune – 410501, Maharashtra, India
Tel. No.:	91-2135-256410
Fax No.:	91-2135-256411
E-Mail :	dskalera@kshinternational.com kirtida.kale@kshinternational.com vbokil@gmail.com kshintl@vsnl.com devdaswariyar@kshinternational.com accounts@kshinternational.com sandeep.pradhan@kshinternational.com
Website :	http://www.kshinternational.com
Location :	Owned
Locality :	Commercial
Head Office :	Chakan - Ambethan Road, Chakan, Pune - 410501, Maharashtra, India
Tel. No.:	91-2135-256410/ 256412
Fax No.:	91-2135-256411
E-Mail :	info@kshinternational.com
Factory :	J-25, M.I.D.C., Taloja, District Raigad - 410208, Maharashtra, India
Branch Office :	5, Madhav Nagar, Bhavani Shankar Road, Dadar (West), Mumbai - 400028, Maharashtra, India
Tel. No.:	91-22-27410367/ 27401425
Fax No.:	91-22-27412418

DIRECTORS

AS ON 12.09.2013

Name :

Mr. Kushal Subbayya Hegde

Designation :

Managing director

Address :

Buena Monte, NCL Co-operative, Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India

Date of Birth/Age :

07.11.1938

Date of Appointment :

09.09.2010

PAN No.:

AAEPH1412P

Voter ID No.:

SAO3590296

DIN No.:

00135070

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Managing director	09/09/2010	30/07/1979	Active	NO
2	U29111MH1982PTC027444	KAMAL DIESELS PRIVATE LIMITED	Managing director	15/06/1982	15/06/1982	Active	NO
3	U65910PN1984PTC148321	SHUBHKAMAL LEASING & INVESTMENTS PRIVATE LIMITED	Director	09/08/1984	09/08/1984	Active	NO
4	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Managing director	29/05/1989	29/05/1989	Active	NO
5	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Director	31/03/2012	23/05/1995	Active	NO
6	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05/02/1999	05/02/1999	Active	NO
7	U60210PN1985PTC037099	SAI SERVICE PRIVATE LIMITED	Director	13/02/2002	13/02/2002	Active	NO
8	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09/05/2002	09/05/2002	Not Available for eFiling	NO
9	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	01/06/2002	01/06/2002	Active	NO
10	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Director	17/05/2006	17/05/2006	Active	NO
11	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	Active	NO

Name :

Mr. Rajesh Kushal Hegde

Designation :

Whole-time director

Address :

Buena Monte, NCL Co-operative Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India

Date of Birth/Age :

29.08.1970

Date of Appointment :

01.09.1996

PAN No.:

AALPH1682A

DIN No.:

00114193

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	01/09/1996	01/09/1996	Active	NO
2	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05/02/1999	05/02/1999	Active	NO
3	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Whole-time director	01/04/2001	01/04/2001	Active	NO
4	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09/05/2002	09/05/2002	Active	NO
5	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09/05/2002	09/05/2002	Not Available for eFiling	NO
6	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Director	17/05/2006	17/05/2006	Active	NO
7	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	Active	NO
8	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Director	30/09/2013	01/06/2013	Active	NO

Name :

Mr. Rohit Kushal Hegde

Designation :

Whole-time director

Address :

Buena Monte, NCL Co-operative Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India

Date of Birth/Age :

09.08.1974

Date of Appointment :

01.11.2000

PAN No.:

AAEPH0614F

Voter ID No.:

MT/42/247/0054462

DIN No.:

00134926

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Director	30/09/2013	01/04/1992	Active	NO
2	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05/02/1999	05/02/1999	Active	NO
3	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	01/11/2000	01/11/2000	Active	NO
4	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Whole-time director	08/03/2013	01/04/2001	Active	NO
5	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	09/05/2002	09/05/2002	Active	NO
6	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09/05/2002	09/05/2002	Not Available for eFiling	NO
7	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Managing director	08/03/2013	17/05/2006	Active	NO
8	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	Active	NO

Name :

Mrs. Pushpa Kushal Hegde

Designation :

Whole-time director

Address :

Buena Monte, NCL Co-operative Housing Society, Off Pashan Road, Pune-411008, Maharashtra, India

Date of Birth/Age :

10.10.1948

Date of Appointment :

09.12.1983

PAN No.:

AAOPH0045G

Voter ID No.:

SAO3590783

DIN No.:

00137395

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	09/12/1983	09/12/1983	-	Active	NO
2	U65910PN1984PTC148321	SHUBHKAMAL LEASING & INVESTMENTS PRIVATE LIMITED	Director	09/02/1984	09/02/1984	-	Active	NO
3	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Managing director	29/05/1989	29/05/1989	-	Active	NO
4	U31101MH1995PTC088703	KSH LOGISTICS PRIVATE LIMITED	Whole-time director	23/05/1995	23/05/1995	30/06/2012	Active	NO
5	U31909PN1999PTC013304	WATERLOO MOTORS PRIVATE LIMITED	Director	05/02/1999	05/02/1999	-	Active	NO
6	U51909MH2002PTC135828	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	09/05/2002	09/05/2002	-	Not Available for eFiling	NO
7	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	01/06/2002	01/06/2002	-	Active	NO
8	U60210PN2006PTC132062	KSH DISTRIPARKS PRIVATE LIMITED	Director	17/05/2006	17/05/2006	30/06/2012	Active	NO
9	U45200PN2011PTC140389	KSH INFRA PRIVATE LIMITED	Director	09/08/2011	09/08/2011	-	Active	NO

Name :

Mr. Sudhakar Venkat Rao

Designation :

Whole-time director

Address :

C 401, Willows, S. No. 13/1, Balewadi, Pune – 411045, Maharashtra, India

Date of Birth/Age :

07.09.1949

Date of Appointment :

29.09.2007

DIN No.:

01627303

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	29/09/2007	06/06/2007	Active	NO

Name :

Mr. Ganesh Prasad Bheemabhat

Designation :

Whole-time director

Address :

Elkaje House, H No 1-94, Netla Mudnur Village, Nerlakatte PO, Bantwal, D.K. Nerlakatte-574253, Karnataka, India

Date of Birth/Age :

09.05.1967

Date of Appointment :

10.08.2011

DIN No.:

03274531

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	10/08/2011	13/10/2010	Active	NO

Name :

Mr. Ashok Shardaprasad Saxena

Designation :

Whole-time director

Address :

Flat No. 403, Building-C, Pride Panorama, Sr. No. 103, Bahiratwadi, Shivajinagar, Pune – 411016, Maharashtra, India

Date of Birth/Age :

19.01.1951

Date of Appointment :

21.08.2012

DIN No.:

05185106

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Whole-time director	21/08/2012	30/01/2012	Active	NO

Name :

Ms. Sangeeta Rai

Designation :

Director

Address :

8416 Halliford, TX CT Plano 75024

Date of Birth/Age :

11.06.1968

Date of Appointment :

12.09.2013

DIN No.:

03159740

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PRIVATE LIMITED	Additional director	01/10/2010	01/10/2010	Active	NO
2	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Director	30/09/2013	01/06/2013	Active	NO
3	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Director	12/09/2013	01/06/2013	Active	NO

Name :

Ms. Rakhi Girija Shetty

Designation :

Director

Address :

Pusphakamal Apartment, H. no. 759/04, M.L. No. 3, Deccan Gymkhana Cooperative Housing Society, Prabhat Road, Pune – 411004, Maharashtra, India

Date of Birth/Age :

07.03.1973

Date of Appointment :

12.09.2013

PAN No.:

AHYPS4790G

DIN No.:

03124510

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29309MH1989PTC051920	KUSHAL MOTORS AND ELECTICALS PVT LTD	Additional director	01/10/2010	01/10/2010	Active	NO
2	U51909PN2002PTC022110	WATERLOO DISTRIBUTORS PRIVATE LIMITED	Whole-time director	28/09/2012	02/07/2012	Active	NO
3	U28129PN1979PTC141032	KSH INTERNATIONAL PRIVATE LIMITED	Director	12/09/2013	01/06/2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Sandeep Pradhan
Designation :	Accounts Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 12.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Kushal Subbayya Hegde	38795	40.56
Pushpa Kushal Hegde	10099	10.56
Shubhkamal Leasing and Investment Private Limited, India	13496	14.11
Rajesh Kushal Hegde	16630	17.39
Rohit Kushal Hegde	16630	17.39
Total	95650	100.00

AS ON 14.11.2013

Names of Allotttees	No. of Shares
Kushal Subbayya Hegde	193975
Pushpa Kushal Hegde	50495
Rajesh Kushal Hegde	83150
Rohit Kushal Hegde	83150
Shubhkamal Leasing and Investment Private Limited, India	67480
Total	478250

AS ON 12.09.2013

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	14.11
Directors or relatives of directors	85.89
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Copper and Aluminium Conductor.

Products/ Services :

ITC Code No.	Product Descriptions
85446010	Paper covered Copper and Aluminium Strips/ Wires and Bunch Conductors
85446010	Enamel Covered Copper Strips/ Wires and bunch conductors
85446090	Continuously Transposed Copper Conductors

Exports :

Products :

Finished Goods

Countries :

· Japan

· Middle East

· Europe

Terms :

Selling :

L/C and Credit

Purchasing :

L/C and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed capacity per annum per shift	Actual production Qty. in MT
Copper		4360
Own Copper	MT	2802.749	142.296
Job Works	MT	5835.288	NA
Total (A)		8638.037	142.296
Aluminium
Own Aluminium	MT	0.558	1.714
Job Work	MT	14.308	0
Total (B)		14.866	1.714
TOTAL (A+B)		8652.903	144.010

Note:

No license is required for the products which company is engaged in manufacturing. Installed capacity is as certified by the management.

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

· ABB

· Alstom

· Bhel

· Siemens

· Areva

· Suzlon

· Voltamp

· ZIR

· Schneider Electric

· Wind World

· IMP Powers Limited

· Aditya

No. of Employees :

100 (Approximately)

Bankers :

· State Bank of India

Industrial Finance Branch, 2nd Floor, Tara Chambers, Near Mariaai Policechowky, Old Pune Mumbai Road, Wakdewadi, Pune - 411003, Maharashtra, India

Contact No.: 91-20-25812326 (Ringing)

· Indian Bank

SV Road, Madhav Nagar; Andheri West, Mumbai - 400058, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Working capital loans from banks [Term loan from State Bank of India are secured by mortgage /charge on the immovable properties situated at Chakan and Taloja and hypnotization of Plant and Equipments situated at Chakan and Taloja Plant.]	59.906	100.994
SHORT TERM BORROWINGS
Working capital loans from banks	356.715	173.152
Other loans and advances	4.079	5.189
Total	420.700	279.335

Banking Relations :	--
Auditors :
Name :	A S Alva and Company Chartered Accountants
Address :	Flat 1-5, Himali Housing Society, Erandavane, Pune - 411004, Maharashtra, India
Tel. No.:	91-20-25434527/ 25440143/ 25434752
Fax No.:	91-20-25440143
E-Mail :	shrinivasalva@gmail.com
Income-tax PAN of auditor or auditor's firm :	ABYPA9734A
Subsidiary Company :	· KSH Distriparks Private Limited [U60210PN2006PTC132062] · KSH Infra Private Limited [U45200PN2011PTC140389] · KSH Logistics Private Limited [U31101MH1995PTC088703]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· KSH Distriparks · Waterloo Motors · Kushal Motors and Electricals Private Limited

CAPITAL STRUCTURE

AFTER 12.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
700,000	Equity Shares	Rs. 100/- each	Rs. 70.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
573,900	Equity Shares	Rs. 100/- each	Rs. 57.390 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
200,000	Equity Shares	Rs. 100/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95,650	Equity Shares	Rs. 100/- each	Rs. 9.565 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	9.565	9.565	9.565
(b) Reserves & Surplus	287.340	284.250	266.387
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	296.905	293.815	275.952
(3) Non-Current Liabilities
(a) long-term borrowings	59.906	100.994	142.854
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	59.906	100.994	142.854
(4) Current Liabilities
(a) Short term borrowings	390.794	178.341	186.471
(b) Trade payables	73.069	44.600	100.386
(c) Other current liabilities	50.605	49.354	89.380
(d) Short-term provisions	84.631	115.138	50.742
Total Current Liabilities (4)	599.099	387.433	426.979
TOTAL	955.910	782.242	845.785
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	203.494	243.246	253.750
(ii) Intangible Assets	3.545	0.000	0.000
(iii) Capital work-in-progress	0.413	3.698	1.623
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	164.528	97.032	19.950
(c) Deferred tax assets (net)	8.836	4.994	3.940
(d) Long-term Loan and Advances	2.695	7.828	5.483
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	383.511	356.798	284.746
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	90.625	121.635	102.175
(c) Trade receivables	389.438	171.110	298.418
(d) Cash and cash equivalents	10.238	13.632	11.856
(e) Short-term loans and advances	81.452	118.213	148.308
(f) Other current assets	0.646	0.854	0.282
Total Current Assets	572.399	425.444	561.039
TOTAL	955.910	782.242	845.785

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	2019.098	1549.592	1363.819
Less	EXPENSES
		TOTAL	2014.650	1521.283	1259.878
	PROFIT BEFORE TAX		4.448	28.309	103.941
Less	TAX		1.358	10.446	35.539
	PROFIT AFTER TAX		3.090	17.863	68.402
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	974.990	886.267	707.324
	Earnings Per Share (Rs.)		32.31	186.75	715.13

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.15	1.15	5.02
Return on Total Assets (PBT/Total Assets}	(%)	0.57	4.18	12.67
Return on Investment (ROI) (PBT/Networth)		0.01	0.10	0.38
Debt Equity Ratio (Total Debt/Networth)		1.52	0.95	1.19
Current Ratio (Current Asset/Current Liability)		0.96	1.10	1.31

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	9.565	9.565	9.565
Reserves & Surplus	266.387	284.250	287.340
Net worth	275.952	293.815	296.905
long-term borrowings	142.854	100.994	59.906
Short term borrowings	186.471	178.341	390.794
Total borrowings	329.325	279.335	450.700
Debt/Equity ratio	1.193	0.951	1.518

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1363.819	1549.592	2019.098
		(23.253)	(11.989)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1363.819	1549.592	2019.098
Profit	68.402	17.863	3.090
	3.39%	1.15%	0.23%

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	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	Yes
17]	Major suppliers	No
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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	90243850	28/03/2013 *	486,500,000.00	STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH	2ND FLOOR, TARA CHAMBERS, NEAR MARIAAI POLICECHOWKY, OLD PUNE MUMBAI ROAD, WAKDEWADI, PUNE - 411003, MAHARASHTRA, INDIA	B71922702
2	90232316	10/10/2005 *	166,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, DADAR EAST, MUMBAI - 400014, MAHARASHTRA, INDIA	-
3	90219838	03/09/2004 *	10,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, DADAR EAST, MUMBAI - 400014, MAHARASHTRA, INDIA	-
4	90219824	03/09/2004 *	7,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, DADAR EAST, MUMBAI - 400014, MAHARASHTRA, INDIA	-
5	90219760	16/08/2000 *	3,750,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, DADAR EAST, MUMBAI - 400014, MAHARASHTRA, INDIA	-
6	90219694	31/03/2006 *	18,800,000.00	STATE BANK OF INDIA	MATUNGA MUMBAI BRANCH, DADAR, MUMBAI, MAHARASHTRA, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Other loans and advances	30.000	0.000
Total	30.000	0.000

CHANGE OF ADDRESS:

The Registered office of the company has been shifted from 5, Madhav Nagar, Bhavani Shankar Road, Dadar (West), Mumbai - 400028, Maharashtra, India to the present address.

REVIEW OF OPERATIONS:

During the year, the Company has earned of Rs. 2019.098 Millions from Rs. 1549.592 Millions. The net profit for the year has been Rs. 3.090 Millions as against Rs. 17.863 Millions during the previous financial year. The reason behind declined net profit is due to steady decline in operating profitability amongst intensifying competition in CTC and PICC segment from other manufacturers. Also the change in business mix has necessitated additional working capital requirement and hence higher debt level.

The Directors are continuously looking for avenues for growth of the company.

REVIEW OF BUSINESS:

During the year the demand for the Company’s products continued to be further depressed. However they could maintain the total quantity at the same level as in the previous year, as the demand for their conductors for 765 kv transformers picked up. They could supply about 1100 tonnes which constituted about 15% of their total sales. The LME prices of copper continued an upward trend, resulting in a higher Turnover. The share of their exports rose from 26% in the previous year to 29% in the year.

The Company was re-audited for their capability to manufacture conductors for Transformers with rating 765 kv by M/s Power Grid Corporation and their approval is extended and as a result they have been able to add some new customers to their list.

The depression in demand for Power transformers in the lower capacity range restricted their total sales to the same level as in the previous year. However with additional thrust on exports and continued demand for conductors in 765 kv Transformers they expect the quantities to increase by about 10 to 15% in the current year.

PLANS AND PROSPECTS

In the long run, the prospects in the Electrical Industry continue to be good, both, in the Domestic as well as in the Export sectors. In the domestic sector the shift to higher voltage Transformers in being seen in recent times. This is a positive development for us as the numbers of Conductor manufacturers who have been approved in this range are limited.

They have been able to develop some special conductors for application in the higher voltage range of Transformers. This has helped us add to their value addition. They see good prospects in this range of products, as till date, they do not have any competition in the domestic market. The demand for these products is growing and they see a major advantage for the Company.

The overall situation at present appears to be uncertain, considering the economic situation the world over, and especially in India as this is the Election Year. The hopes, however are that this situation will come to an end, and they will bounce back very soon.

FIXED ASSETS:

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Other equipments

· Leasehold improvements

· Computer software

· Copyrights

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. 61.05
UK Pound	1	Rs. 100.81
Euro	1	Rs. 84.18

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		27

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.