MIRA INFORM REPORT

Report Date :

14.11.2011

IDENTIFICATION DETAILS

Name :	POLYCAB CABLES PRIVATE LIMITED
Registered Office :	Hico House, 1^st Floor, 771, Pandit Satwalekar Marg, Mahim (West), Mumbai – 400 016, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	24.04.1996
Com. Reg. No.:	11-099083
Capital Investment / Paid-up Capital :	Rs.70.000 millions
CIN No.: [Company Identification No.]	U31300MH1996PTC099083
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15166E
PAN No.: [Permanent Account No.]	AAACP6476G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Wires, Cables and PE/ PVC Compound.
No. of Employees :	4000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (60)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 3075000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company is sound. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. 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.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	Hico House, 1^st Floor, 771, Pandit Satwalekar Marg, Mahim (West), Mumbai – 400 016, Maharashtra, India
Tel. No.:	91-22-24327070-74, 24329118, 24362199
Fax No.:	91-22-24327075
E-Mail :	info@polycab.com exports@polycab.com dtpatel@polycab.com sainithya@indiatimes.com
Website :	http://www.polycab.com
Factory :	Plot No.74/7-11 Daman Industrial Estate, Airport Dalwafa Road, Village Kadaiya, Daman – 396 210, India
Tel. No.:	91-260-3291031/ 3291070/ 2220422/ 25/ 28
Fax No.:	91-260-2221009
E-Mail :	polycab@egujarat.net
Branch Office :	Located at: New Delhi Gujarat Karnataka  Tamilnadu Kolkata Andhra Pradesh

DIRECTORS

As on 30.09.2010

Name :

Mr. Inder Thakurdas Jaisinghani

Designation :

Chairman

Address :

17/6, Khiaram Bhavan, R. A. Kidwai Road, Wadala, Mumbai – 400031, Maharashtra, India

Date of Birth/Age :

29.03.1952

Date of Appointment :

24.04.1996

DIN No.:

00309108

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31300MH1995PTC094751	Jaisingh Wires Private Limited	Director	24-11-95	24-11-95	-	Active	NO
2	U31300MH1996PTC099083	Polycab Cables Private Limited	Director	24-04-96	24-04-96	-	Active	NO
3	U31300MH1996PTC096105	Polycab Wires Private Limited	Managing director	20-12-97	20-12-97	-	Active	NO
4	U31300MH1998PTC114308	Polycab Industries Private Limited	Director	01-04-98	01-04-98	-	Active	NO
5	U31300MH2005PTC154740	Polycab Wires and Cables Private Limited	Director	13-07-05	13-07-05	-	Strike off	NO
6	U27200MH2005PTC153631	Siddhant Ispat Private Limited	Director	28-04-06	28-04-06	07-02-08	Active	NO
7	U31401MH2007PTC175153	Polycab Wires Industries Private Limited	Director	18-10-07	18-10-07	-	Active	NO
8	U67190MH2008PTC182121	Jaisingh Finance Private Limited	Director	12-05-08	12-05-08	-	Active	NO
9	U74999MH2008PTC187471	Polycab Cables Industries Private Limited	Director	13-10-08	13-10-08	-	Active	NO
10	U25200MH2008PTC187875	BNK Plastics Private Limited	Director	31-10-08	31-10-08	-	Active	NO
11	U74999MH2008PTC188260	Polycab Industries Daman Private Limited	Director	17-11-08	17-11-08	-	Active	NO
12	U45400TN2009PTC073358	Ikta Constructions Private Limited	Director	29-10-09	29-10-09	-	Active	NO

Name :

Mr. Bharat Ajay Jaisinghani

Designation :

Additional Director

Address :

17/6, Khiram Bhavan, R.A. Kidwai Road, Wadala, Mumbai – 400 031, Maharashtra, India

Date of Birth/Age :

21.04.1984

Date of Appointment :

30.07.2010

DIN No.:

00742995

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31300MH1996PTC096105	Polycab Wires Private Limited	Whole-time director	02-04-07	02-04-07	30-07-10	Active	NO
2	U31300GJ2010PTC059612	Nexans Polycab Private Limited	Director	10-08-11	05-07-10	-	Active	NO
3	U31300MH1996PTC099083	Polycab Cables Private Limited	Director	30-09-10	30-07-10	-	Active	NO

Name :

Mr. Nikhil Ramesh Jaisinghani

Designation :

Additional Director

Address :

701/2,Salisbury Park, Palimala Road, Pali Hill, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

04.12.1985

Date of Appointment :

30.07.2010

DIN No.:

00742771

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U31300MH1996PTC096105	Polycab Wires Private Limited	Whole-time director	02-04-07	02-04-07	30-07-10	Active	NO
2	U31300MH1996PTC099083	Polycab Cables Private Limited	Additional director	30-07-10	30-07-10	31-03-11	Active	NO

Name :

Mr. Anil Hariram Hariani

Designation :

Additional Director

Address :

601 Sea Hill 31 32 Union Park, Amjad Khan Chowk, Bandra (West), Mumbai – 400 050, Maharashtra, India

Date of Birth/Age :

23.12.1966

Date of Appointment :

30.07.2010

DIN No.:

01986485

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U27200MH2005PTC153631	Siddhant Ispat Private Limited	Director	30-09-08	08-03-08	-	Active	NO
2	U31300MH1996PTC099083	Polycab Cables Private Limited	Director	30-09-10	30-07-10	-	Active	NO

KEY EXECUTIVES

Name :	Narayana Sai Subramaniam
Designation :	Secretary
Address :	B-101, New Jasmine, Off 90 Feet Road, Indraprasth Park, Mulund (East), Mumbai – 400 081, Maharashtra, India
Date of Birth/Age :	06.07.1956
Date of Appointment :	08.12.2010

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Names of Shareholders	No. of Shares
Inder T. Jaisinghani	2500
Ramesh T. Jaisinghani	2500
Ajay T. Jaisinghani	7500
Girdhari T. Jaisinghani	2500

As on 30.09.2010

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Wires, Cables and PE/ PVC Compound.

Products :

ITC Code No.	Product Description
85444100	Jelly Filled Telephone Cable
8544 and 3915	Cables and Wires
39042290	PVC Compound

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Jelly Filled Telephone Cables	LCKM	70	1.22757
Cables and Wires	KM	250000	(*) 14514
Cable Core	MT	N.A.	--
P.E. Compound	K.G.	--	31475
PVC Compound	K.G.	--	2750575

(*) Excludes production quantity in respect of job work carried out by the company.

GENERAL INFORMATION

No. of Employees :

4000 (Approximately)

Bankers :

State Bank of India, Industrial Finance Branch, Lekhraj Bhavan, Saki Vihar Road, Saki Naka, Mumbai – 400 072, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Banks
Cash Credit Account Above are secured by hypothecation of stocks of inventories, book debts and all other current assets and further secured by mortgage of factory land and building and other assets of the company, and personal guarantees of three directors of the company.	31.447	62.646
Total	31.447	62.646

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
From Directors	0.529	27.691
From Relatives of Directors	11.126	9.659
Jaisingh Finance Private Limited	0.000	20.766
Total	11.655	58.116

Banking Relations :	--
Auditors :
Name :	Kailash Chand Jain and Company Chartered Accountants
Address :	“Edena”, 1^st Floor, 97, Maharshe Karve Road, Near Income Tax Office, Mumbai – 400 020, Maharashtra, India
Tel. No.:	91-22-22009131/ 22065373
Fax No.:	91-22-22089978
E-Mail :	mail@kcjainco.com
Income-tax PAN of auditor or auditor's firm :	AAAFK3998D
Holding Company :	Polycab Wires Private Limited CIN No.: U31300MH1996PTC096105
Other Related Parties :	Jaisingh Wires Private Limited Polycab Industries Private Limited (No Transaction during the year) BNK Plastics Private Limited Polycab Industries Daman Private Limited Polycab Cables Industries Private Limited Polycab Wire Industries Private Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7000000	Equity Shares	Rs.10/- each	Rs.70.000 millions

Note: The entire share capital of the company is held by Polycab Wires Private Limited, the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		70.000	70.000	70.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		698.642	688.802	667.007
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		768.642	758.802	737.007
LOAN FUNDS
1] Secured Loans		31.447	62.646	122.331
2] Unsecured Loans		11.655	58.116	35.196
TOTAL BORROWING		43.102	120.762	157.527
DEFERRED TAX LIABILITIES		19.799	28.310	30.752
TOTAL		831.543	907.874	925.286
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		221.778	256.060	290.090
Capital work-in-progress		0.278	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	176.280	152.783	330.630
	Sundry Debtors	439.981	354.056	375.154
	Cash & Bank Balances	32.825	24.069	32.315
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	230.004	221.798	220.454
Total Current Assets		879.090	752.706	958.553
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	203.908	37.501	213.937
	Other Current Liabilities	10.328	7.691	16.223
	Provisions	55.367	55.700	93.197
Total Current Liabilities		269.603	100.892	323.357
Net Current Assets		609.487	651.814	635.196
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		831.543	907.874	925.286

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Net Sales	552.757	1019.842	1454.086
		Job Work Charges	30.552	27.358	72.579
		Other Income	46.810	41.697	24.371
		TOTAL (A)	630.119	1088.897	1551.036
Less	EXPENSES
		Cost of Goods Consumed	456.125	853.321	1184.564
		Manufacturing Expenses	65.585	56.724	105.531
		Employee’s Remuneration and benefits	28.842	22.956	16.429
		Administrative and Other Expenses	27.730	69.286	61.361
		TOTAL (B)	578.282	1002.287	1367.885
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		51.837	86.610	183.151
Less	FINANCIAL EXPENSES (D)		8.237	11.541	6.184
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		43.600	75.069	176.967
Less/ Add	DEPRECIATION/ AMORTISATION (F)		42.015	41.511	39.813
	PROFIT BEFORE TAX (E-F) (G)		1.585	33.558	137.154
Less	TAX (H)		(8.255)	11.764	34.998
	PROFIT AFTER TAX (G-H) (I)		9.840	21.794	102.156
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		628.802	607.008	504.852
	BALANCE CARRIED TO THE B/S		638.642	628.802	607.008
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	213.700	447.500	597.400
		Other Income Freight and Insurance	10.200	23.700	39.300
	TOTAL EARNINGS		223.900	471.200	636.700
	IMPORTS
		Raw Materials	199.193	93.258	565.817
		Capital Goods	1.692	1.937	0.096
		Stores & Spares	0.000	0.000	0.007
	TOTAL IMPORTS		200.885	95.195	565.920
	Earnings Per Share (Rs.)		1.41	3.11	14.59

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.56	2.00	6.59
Net Profit Margin (PBT/Sales)	(%)	0.29	3.29	9.43
Return on Total Assets (PBT/Total Assets}	(%)	0.14	3.33	10.98
Return on Investment (ROI) (PBT/Networth)		0.00	0.04	0.19
Debt Equity Ratio (Total Liability/Networth)		0.41	0.29	0.65
Current Ratio (Current Asset/Current Liability)		3.26	7.46	2.96

LOCAL AGENCY FURTHER INFORMATION

FORM 8:

This form is for	Modification of charge
Charge identification number of the charge to be modified	80029682
Corporate identity number of the company	U31300MH1996PTC099083
Name of the company	POLYCAB CABLES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	HICO House,1^st Floor, 771, Pandit Satwalekar Marg, Mahim (West), Mumbai - 400 016, Maharashtra, India
Type of charge	Book debts Movable Property
Particular of charge holder	State Bank of India Industrial Finance Branch, Lekhraj Bhavan, Saki Vihar Road, Saki Naka, Mumbai – 400 072, Maharashtra, India kamalax_saraf@hotmail.com
Nature of description of the instrument creating or modifying the charge	State Bank of India Letter SNM/735 dated 14.05.2007
Date of instrument Creating the charge	14.05.2007
Amount secured by the charge	Rs. 240.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As would be determined by the bank form time to time.
Short particulars of the property charged	The whole of the current assets of the borrower namely stocks of raw materials, stock in process semi finished goods, and finished goods, stores and spares not relating to plant and machinery bills, receivables and book dents and all other movables both present and future stored in or about the companies godowns at situate at 74/10/11 Daman Industrial Estate Village Dadale Daman in the Union Territory
Particulars of the present modification	The original charge was created on 21.12.2001 for Rs. 2.400 Millions i.e. State Bank of India Rs. 120.000 Millions and Punjab National Bank for Rs. 120.000 Millions now by this modification the company has repaid all the dues to Punjab National Bank with its full and final settlement.

CONTINGENT LIABILITY: (As on 31.03.2010)

v Show cause notice by central Excise Department levying duty facility charges of Rs.0.111 million and imposition of penalty.

FIXED ASSETS:

v Land (Freehold)

v Building

v Plant and Machinery

v Electric Installation

v Dies

v Furniture and Fixture

v Office Equipment

v Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No 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.50.27
UK Pound	1	Rs.80.07
Euro	1	Rs.68.45

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		60

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.