MIRA INFORM REPORT

Report No. :	329270
Report Date :	26.06.2015

IDENTIFICATION DETAILS

Name :	RAJASTHAN CABLES AND CONDUCTORS PRIVATE LIMITED

Registered Office :	A-190/C, Road No. 1D, Vishwakarma Industrial Area, Jaipur – 302013, Rajasthan
Tel. No.:	91-141-4006002

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	10.05.1979

Com. Reg. No.:	17-001883

Capital Investment / Paid-up Capital :	Rs. 10.000 Million

CIN No.: [Company Identification No.]	U31300RJ1979PTC001883

IEC No.:	Not Available

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	Not Available

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturing of Cable Conductor.

No. of Employees :	35 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Status :	Satisfactory

Payment Behaviour :	Usually correct

Litigation :	Clear

Comments :	Subject is established company incorporated on 10^th may 1979 and it is having satisfactory track record. The rating drive strength from the vast experience of the promoter of Rajasthan cables and conductors private limited, its established market position backed by company above an average operational performance. The rating assigned are constrained by company’s low profitability margins, moderate debt coverage metrics and high leverage balance sheet profile. However, trade relations are fair. Business is active. Payments terms are reported usually correct. In view of established track record as well as its experienced promoter, the company can be considered 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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

EXTERNAL AGENCY RATING

Not Available

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2013.

INFORMATION PARTED BY

Name :	Mr. Abhijeet Jethalia
Designation :	Executive Director
Contact No.:	91-9024563757
Date :	26.06.2015

LOCATIONS

Registered Office / Factory :	A-190/C, Road No. 1D, Vishwakarma Industrial Area, Jaipur – 302013, Rajasthan, India
Tel. No.:	91-141-4006002
Mobile No.:	91-9024563757 (Mr. Abhijeet Jethalia)
Fax No.:	Not Available
E-Mail :	raj_cables@yahoo.com
Location :	Owned
Locality :	Commercial

DIRECTORS

As on 30.09.2014

Name :

Mr. Anil Kumar Jethalia

Designation :

Director

Address :

C-81, Shastri Nagar, Jaipur – 302001, Rajasthan, India

Date of Birth/Age :

05.07.1963

Date of Appointment :

15.05.1987

DIN No. :

00603027

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	U51101RJ1985PTC003417	ANIL ENTERPRISES PRIVATE LIMITED	Director	01/05/1987	01/05/1987	-	Active	NO
2	U31300RJ1979PTC001883	RAJASTHAN CABLES AND CONDUCTORS PVT LTD	Director	15/05/1987	15/05/1987	-	Active	NO
3	U17100RJ1994PTC009171	SILVERLINE SYNTHETICS PVT. LTD.	Director	15/12/1994	15/12/1994	-	Active	NO
4	U70101RJ2003PTC018101	SUPREME TOWNSHIP PRIVATE LIMITED	Director	18/02/2003	18/02/2003	31/03/2015	Active	NO
5	U36911RJ2009PTC028567	Raj Safe Cables Private Limited	Director	30/03/2009	30/03/2009	-	Active	NO
6	U74140RJ2009NPL028759	ELECTRICAL TECHNOLOGY PARK OF INDIA	Director	28/04/2009	28/04/2009	-	Active	NO
7	U17124RJ1986PLC003784	SUZUKI TEXTILES LIMITED	Director	29/09/2012	30/12/2011	-	Active	NO

Name :

Mr. Narbada Kumari Jethalia

Designation :

Director

Address :

C-81, Shastri Nagar, Jaipur – 302001, Rajasthan, India

Date of Birth/Age :

17.06.1940

Date of Appointment :

17.05.2001

DIN No. :

00688430

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	U31300RJ1979PTC001883	RAJASTHAN CABLES AND CONDUCTORS PVT LTD	Director	17/05/2001	17/05/2001	-	Active	NO
2	U70101RJ2003PTC018101	SUPREME TOWNSHIP PRIVATE LIMITED	Additional director	31/03/2015	31/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Abhijeet Jethalia
Designation :	Executive Director

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Shareholders Filed Attached

As on 30.09.2014

Category	Percentage
Bodies corporate	13.25
Directors or relatives of Directors	83.80
Other top fifty shareholders	2.95
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturing of Cable Conductor.

Products :	Cable Conductor

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :
Countries :	Malaysia Oman

Terms :
Selling :	Cash, Cheque and Credit (60 and 90 Days)

Purchasing :	Cash, Cheque and Credit (60 and 90 Days)

PRODUCTION STATUS : Not Available

GENERAL INFORMATION

Suppliers :

Reference :	KLJ polymers and Chemical Limited
Name of the Person :	Sunil Tanwar (Assistant Manager (Marketing) )
Contact No.:	91-8800600466
Since How Long Known :	7 Years
Experience :	Good
Maximum Limit Dealt :	0.030 Million Per Month
Remark :	We had a word with Mr. Sunil tanwar (Asst. Manager Marketing) the subject company payment behavior is good

Customers :

Reference :	Rajasthan Vidyut Prasaran Nigam Limited
Name of the Person :	Mr. FC Gupta (Asst. Engineer)
Contact No.:	91-9413393582
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Remark :	We had a word with Mr. FC Gupta (Asst. Engineer) he declined to provide any feedback the subject company

No. of Employees :

35 (Approximately)

Bankers :

Banker Name	ICICI Bank Limited
Branch Address	JLN Marg, Jaipur – 302017, Rajasthan India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
From ICICI
In cash credit account secured by equitable mortgage of land and building and hypothecation of other moveable fixed assets and stock of raw material, work in process, finished goods, books debts and also personally guaranted by directors and corporate guarantee (Repayable on demand)	49.585	51.216
Total	49.585	51.216


Auditors :
Name :	Jain Sharma and Company Chartered Accountant
Address :	303, Shyam Anukampa O-11 Ashok Marg, C-Scheme, Jaipur – 302001, Rajasthan, India
PAN No.:	AAAFJ7542A

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

100000	Equity Shares	Rs. 100/- each	Rs. 10.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012

I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000	10.000
(b) Reserves & Surplus	18.859	18.190	17.604
(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)	28.859	28.190	27.604

(3) Non-Current Liabilities
(a) long-term borrowings	25.345	29.123	39.505
(b) Deferred tax liabilities (Net)	1.905	1.664	1.630
(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)	27.250	30.787	41.135

(4) Current Liabilities
(a) Short term borrowings	88.201	81.840	65.618
(b) Trade payables	94.645	85.104	46.552
(c) Other current liabilities	1.573	0.763	0.437
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	184.419	167.707	112.607

TOTAL	240.528	226.684	181.346

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	11.197	11.754	11.953
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	4.915	4.187	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.389	0.798	3.569
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	17.501	16.739	15.522

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	42.479	19.406	19.719
(c) Trade receivables	134.909	151.353	113.767
(d) Cash and cash equivalents	22.162	24.850	12.724
(e) Short-term loans and advances	23.477	14.336	19.614
(f) Other current assets	0.000	0.000
Total Current Assets	223.027	209.945	165.824

TOTAL	240.528	226.684	181.346

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income			369.021
	Other Income			6.418
	TOTAL			375.439

Less	EXPENSES
	Cost of Materials Consumed			334.841
	Purchases of Stock-in-Trade			0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	NA	NA	(0.758)
	Employees benefits expense			2.295
	Other expenses			20.023
	TOTAL			356.401

Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION			19.038

Less	FINANCIAL EXPENSES			17.511

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	2.470	1.825	1.527

Less/ Add	DEPRECIATION/ AMORTISATION	0.991	0.973	0.981

	PROFIT/ (LOSS) BEFORE TAX	1.479	0.852	0.546

Less	TAX	0.810	0.267	0.175

	PROFIT/ (LOSS) AFTER TAX	0.669	0.585	0.371

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	17.829	17.244	16.873

	Balance Carried to the B/S	18.498	17.829	17.244

	Earnings / (Loss) Per Share (Rs.)	6.69	5.85	3.72

Particulars

31.03.2015

Sales Turnover

560.000

Expected Sales (2015-2016) : Rs. 600.000 Million

The above information has been parted by Mr. Abhijeet Jethalia

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

Cash generated from operations

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	NA	NA	0.10

Operating Profit Margin (PBIDT/Sales)	(%)	NA	NA	5.16

Return on Total Assets (PBT/Total Assets}	(%)	0.63	0.38	0.30

Return on Investment (ROI) (PBT/Networth)		0.05	0.03	0.02

Debt Equity Ratio (Total Liability/Networth)		3.93	3.94	3.81

Current Ratio (Current Asset/Current Liability)		1.21	1.25	1.47

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	10.000	10.000	10.000
Reserves & Surplus	17.604	18.190	18.859
Share Application money pending allotment	0.000	0.000	0.000
Net worth	27.604	28.190	28.859

long-term borrowings	39.505	29.123	25.345
Short term borrowings	65.618	81.840	88.201
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	105.123	110.963	113.546
Debt/Equity ratio	3.808	3.936	3.935

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	No
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last one year	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10435281	18/06/2013	15,000,000.00	ICICI BANK LIMITED	FOURTH FLOOR, JSEL BUILDING, JLN MARG, JAIPUR, RAJASTHAN - 302017, INDIA	B78942851
2	10433137	29/05/2013	18,000,000.00	ICICI BANK LIMITED	FOURTH FLOOR, JSEL BUILDING, JLN MARG, JAIPUR, RAJASTHAN - 302017, INDIA	B78005154
3	10251739	22/10/2010	4,700,000.00	THE BANK OF RAJASTHAN LTD.	V K I AREA BRANCH, ROAD NO.5, JAIPUR, RAJASTHAN - 302012, INDIA	A99982795
4	10144656	14/02/2011 *	30,000,000.00	ICICI BANK LIMITED	JYOTI HOSPITAL BUILDING, VKI AREA, ROAD NO. 4, JAIPUR, RAJASTHAN - 302013, INDIA	B07326788
5	10058673	07/06/2007	2,000,000.00	THE BANK OF RAJASTHAN LIMITED	V K I AREA BRANCH, ROAD NO.5, JAIPUR, RAJASTHAN - 302013, INDIA	A18279760
6	10002517	12/09/2008 *	15,000,000.00	THE BANK OF RAJASTHAN LIMITED	V K I AREA BRANCH, ROAD NO.5, JAIPUR, RAJASTHAN - 302013, INDIA	A48217061
7	90067939	27/07/2013 *	205,700,000.00	ICICI BANK LIMITED	FOURTH FLOOR, JSEL BUILDING, JLN MARG, JAIPUR, RAJASTHAN - 302017, INDIA	B82405853

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
From related parties
From Directors and relatives	4.632	7.082
From Others
From Companies	0.200	0.366
From Shareholders	20.513	21.674

SHORT TERM BORROWINGS
From banks and NBFC (Personally Guaranteed by directors)	38.616	30.625
Total	63.961	59.747

FIXED ASSETS

Leasehold land
Building
Electric Installation
Water Fittings
Vehicle
Gas Connection
Furniture and Fixture
Office Equipment
Plant and Machinery

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 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. 63.61
UK Pound	1	Rs. 99.79
Euro	1	Rs. 71.17

INFORMATION DETAILS

Information Gathered by :	MNJ

Analysis Done by :	KSH

Report Prepared by :	TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.

MIRA INFORM REPORT

Unit