MIRA INFORM REPORT

Report Date :

02.06.2011

IDENTIFICATION DETAILS

Name :	CENTRAL CABLES LIMITED
Formerly Known As :	CENTRAL CABLES PRIVATE LIMITED
Registered Office :	5, Temple Road, Civil Lines, Nagpur – 440001, Maharashtra
Country :	India
Financials (as on) :	31.03.2011 [Provisional]
Date of Incorporation :	29.01.1981
Com. Reg. No.:	11-023772
Capital Investment / Paid-up Capital :	Rs.16.250 Millions
CIN No.: [Company Identification No.]	L31300MH1981PLC023772
TAN No.: [Tax Deduction & Collection Account No.]	NGPC00177C
PAN No.: [Permanent Account No.]	AAACC7036R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Power Cables.
No. of Employees :	100 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 1640000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability of the company appears to be low. However trade relations are reported as 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.

INFORMATION PARTED BY

Name :	Mr. Shashikant Lad
Designation :	Director
Contact No.:	91-9822698468
Date :	30.05.2011

LOCATIONS

Registered Office :	5, Temple Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Tel. No.:	91-712-2523054 / 2546468 / 2524359
Mobile No.:	91-9822698468 [Mr. Shashikant Lad]
Fax No.:	91-712-2536149
E-Mail :	s.m.lad@hotmail.com ccl@bom3.vsnl.net.in
Location :	Owned
Factory :	Plot No.EL-12, Electronic Zone, MIDC, Hingna Industrial Estate, Nagpur, Maharashtra, India
Tel. No.:	91-7104-237564 / 235374 / 235365
Fax No.:	91-7104-236819

DIRECTORS

Name :	Mr. Govind Das Daga
Designation :	Director
Date of Birth/Age :	56 Years
Name :	Ms. Suvarna Govinddas Daga
Designation :	Whole-time Director
Address :	Daga House, 5, Temple Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Date of Birth/Age :	05.12.1980
Date of Appointment :	01.10.2009
DIN :	01186819
Name :	Mr. Kishor Daga
Designation :	Director
Name :	Mr. Mohan B Agrawal
Designation :	Director
Name :	Mr. Vimalkishore G Kacholia
Designation :	Director
Name :	Mr. Shashikant Lad
Designation :	Executive Director
Date of Birth/Age :	51 Years

BUSINESS DETAILS

Line of Business :

Manufacturer of Power Cables.

Products :

· XLPE Cables

· PVC Cables

· Mining Cables

· Aerial Bunched Cables

· FRLS Cables

· Control Cables

· Instrumentation cables

Products Description	ITC Code No.
Electric Wires and Cable	8544

Terms :

Selling :

Depend

Purchasing :

Depend

PRODUCTION STATUS As on 31.03.2009

Production : 355.802 KM

GENERAL INFORMATION

Customers :

• Others - NTPC and Corporate
• National Thermal Power Corporation Limited
• Coal India Limited
• Bharat Heavy Electricals Limited
• Maharashtra State Electricity Board
• Power Grid Corporation of India
• Indian Oil Corporation
• Tata Iron and Steel Company Limited
• Hindustan Petroleum
• Airport Authority of India Limited
• Steel Authority of India Limited
• Oil and Natural Gas Company
• Bhilai Steel Plant
• Rourkela Steel Plant
• Tamil Nadu Electricity Board

No. of Employees :

100 [Approximately]

Bankers :

• State Bank of India, Industrial Finance Branch, Amravati Road, Bharat Nagar, Nagpur - 440033, Maharashtra, India
• ICICI Bank Limited

Facilities :

Secured Loan [Rs. in million]	31.03.2009
CASH CREDIT LIMIT From State Bank of India. IF8 Branch, Nagpur (Secured by hypothecation of Stock, book Debts and all other movable assets)	61.117
TERM LOAN From State Bank of India, IFB Branch, Nagpur (Secured by mortgage on the entire Fixed Assets of the Company)	0.000
I.C.I. CI Bank Limited -(Car Loan)	0.426
Total	61.543
Unsecured Loan [Rs. in million]	31.03.2009
From Promoters (Interest Free)	1.051
Sales Tax Reserve	57.445
D C V L Nagpur	0.030
Others Loan	73.183
Total	131.709

Banking Relations :	--
Auditors :
Name :	R G Nagarwala and Company Chartered Accountant
Address :	2^nd Floor, Maratha Mandir, Sitabuldi, Jhansi Rani Square, Nagpur – 440012, India
Tel. No. :	91-712-2538605 / 2539690

CAPITAL STRUCTURE

As on 16.08.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
4,000,000	Equity Shares	Rs.10/- each	Rs.40.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,625,000	Equity Shares	Rs.10/- each	Rs.16.250 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011 [Provisional]	31.03.2010 [Provisional]	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		16.250	16.250	16.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		395.695	402.109	407.036
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		411.945	418.359	423.286
LOAN FUNDS
1] Secured Loans		31.811	22.876	61.543
2] Unsecured Loans		120.687	97.275	131.709
TOTAL BORROWING		152.498	120.151	193.252
DEFERRED TAX LIABILITIES		21.103	21.103	22.886
TOTAL		585.546	559.613	639.424
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		255.993	260.658	264.619
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.177	0.177	0.177
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	74.759	55.211	85.755
	Sundry Debtors	105.882	45.562	139.145
	Cash & Bank Balances	9.721	17.167	17.710
	Other Current Assets	20.667	20.470	20.417
	Loans & Advances	175.840	179.361	171.372
Total Current Assets		386.869	317.771	434.399
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	54.597	15.026	2.562
	Sundry Creditors	--	-	50.704
	Provisions	2.896	3.967	6.505
Total Current Liabilities		57.493	18.993	59.771
Net Current Assets		329.376	298.778	374.628
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		585.546	559.613	639.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011 [Provisional]	31.03.2010 [Provisional]	31.03.2009
	SALES
		Sales and Other Income	309.859	155.999	327.396
		TOTAL (A)	309.859	155.999	327.396
Less	EXPENSES
		Raw Material Consumed	247.261	79.684	230.201
		Manufacturing Expenses	9.851	6.251	10.397
		Excise Duty	17.837	10.642	34.905
		Employee Cost	14.098	13.153	13.204
		Administrative Expenses	4.473	4.476	5.610
		Selling and other Expenses	8.507	6.242	17.046
		Net Increase / Decrease in Stock	(11.923)	19.924	(2.756)
		TOTAL (B)	290.104	140.372	308.607
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		19.755	15.627	18.789
Less	FINANCIAL EXPENSES (D)		11.780	7.790	10.711
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.975	7.837	8.078
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.647	7.537	6.875
	PROFIT BEFORE TAX (E-F) (G)		0.328	0.300	1.203
Less	TAX (I)		0.000	(1.663)	0.478
	PROFIT AFTER TAX (G-I) (J)		0.328	1.963	0.725
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		91.079	89.981	93.272
+/-	Prior Year’s Adjustments		0.000	0.185	(1.965)
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.100	0.150
		Proposed Dividend	0.000	0.812	1.625
		Corporate Dividend tax	0.000	0.138	0.276
	BALANCE CARRIED TO THE B/S		91.407	91.079	89.981
	Earnings Per Share (Rs.)		0.20	1.21	0.45

Expected Sales ( 2011-2012 ) : Rs.500.000 millions

The above information has been parted by Mr. Shashikant Lad [Director]

KEY RATIOS

PARTICULARS		31.03.2011 [Provisional]	31.03.2010 [Provisional]	31.03.2009
PAT / Total Income	(%)	0.10	1.26	0.22
Return on Total Assets (PBT/Total Assets}	(%)	0.05	0.05	0.17
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.51	0.33	0.60
Current Ratio (Current Asset/Current Liability)		6.73	16.73	7.27

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCE:

• NTPC

COMPANY PERFORMANCE [As on 31.03.2009] :

The Company has achieved a turnover of Rs. 327.396 million during the financial year 2008-09 as compared to Rs. 383.401 million in the financial year 2007-08. Profit before tax during the financial year 2008-09 is Rs. 1.203 million as compared to Rs. 22.502 millions during the financial year 2007-08. The reduction in PBT margin is due to various reasons including increased cost of raw material and low selling price as the market conditions are very competitive.

SUNDRY CREDITORS DETAILS

Rs.in millions

PARTICULARS	31.03.2011 [Provisional]	31.03.2010 [Provisional]	31.03.2009
Sundry Creditors for Raw Materials	--	--	40.561
Sundry Creditors for Expenses	--	--	10.143
Total	NA	NA	50.704

CONTINGENT LIABILITIES :

Contingent Liabilities Not Provided For Are In Respect Of

PARTICULARS	31.03.2011 [Provisional]
Bank Guarantees issued by bankers Guarantees to banks against credit facilities extended to third parties Central Collieries Company Limited ;	91.320 0.000
Excise Duty Claims towards higher notional Credit of CENVAT are pending before the Customs Excise Appellate Tribunal. Mumbai and Comm {A) Nagpur (Against which amounts Pre-deposited with appropriate authority)	2.428 (1.214)
Demand for the for the period July 2000-Nov 2002 by Central Excise Department. Case decided in company's favour by Commissioner AppeaFs against which Department has preferred an appeal before CEAT	0.950

Bankers Charges Report as per Registry

This form is for	Modification of charge
Charge identification number of the modified	80009580
Corporate identity number of the company	L31300MH1981PLC023772
Name of the company	CENTRAL CABLES LIMITED
Address of the registered office or of the principal place of business in India of the company	5 Temple Road, Civil Lines, Nagpur – 440001, Maharashtra, India
Type of charge	Immovable Property
Particular of charge holder	State Bank of India, Industrial Finance Branch, Amravati Road, Bharat Nagar, Nagpur - 440033, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Memorandum For Recording Extension Of Mortgage By Deposit Of Title Deeds
Date of instrument Creating the charge	23.10.2007
Amount secured by the charge	Rs.384.700 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest – Cash Credit: At Sbar I.E.12.75% P.A. With Monthly Rests Terms of Repayment – Cash Credit : On Demand Term Loan : As Per Repayment Schedule Margin – Raw Material: 25% Finished Goods: 33.33% Stock In Process: 40% Book Debts: 40% L.C/ Bg: 10% Extent and Operation of the charge - The Charge Operate As Security On The Property Of The Company
Short particulars of the property charged	Equitable Mortgage F Plot No G-11, A-13 and El -12 Situated At Nagpur Industrial Area Within The Village Limits Of Sonegaon (Seem) Nagpur. The Details Of Properties Are As Per Annexure.
Particulars of the present modification	Extension Of Equitable Mortgage To Cover Additional Credit Facilities Of Rs. 73.400 millions. Thus Total Credit Facilities Stand At 384.700 millions. The Bifurcation Of Credit Facilities Are As Under: A) Cash Credit Rs. 150.000 Millions B) Term Loan Rs. 14.700 Millions C) L/C Rs. 100.000 Millions D) B/S Rs. 120.000 Millions Total Rs. 384.700 Millions

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

· 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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.89
UK Pound	1	Rs.73.84
Euro	1	Rs.64.76

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.