1. Summary Information

		Country	India
Company Name	TORRENT CABLES LIMITED	Principal Name 1	Mr. Rohit C Mehta
Status	Good	Principal Name 2	Mr. V S Parikh
		Registration #	04-015279
Street Address	Torrent House, Near Dinesh Hall, Ashram Road 9, Ahmedabad – 380 009, Gujarat, India
Established Date	22.03.1991	SIC Code	--
Telephone#	91-79-22405090/ 22527630	Business Style 1	Manufacturing
Fax #	91-79-22463484/ 22460048	Business Style 2	Marketing
Homepage	http://www.torrentpower.com http://www.torrentcables.com	Product Name 1	Power Cables
# of employees	326 (Approximately)	Product Name 2	Insulated Cables
Paid up capital	Rs.85,984,000/-	Product Name 3	--
Shareholders	--	Banking	Bank of Baroda
Public Limited Corp.	YES	Business Period	22 Years
IPO	YES	International Ins.	--
Public Enterprise	--	Rating	Ba (55)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Torrent Private Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,018,771,000	Current Liabilities	314,382,000
Inventories	306,345,000	Long-term Liabilities	72,857,000
Fixed Assets	596,351,000	Other Liabilities	68,684,000
Deferred Assets	0,000	Total Liabilities	455,923,000
Invest& other Assets	46,375,000	Retained Earnings	1,425,935,000
		Net Worth	1,511,919,000
Total Assets	1,967,842,000	Total Liab. & Equity	1,967,842,000
Total Assets (Previous Year)	1,796,736,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	3,202,782,000	Net Profit	192,919,000
Sales(Previous yr)	2,453,292,000	Net Profit(Prev.yr)	68,748,000

MIRA INFORM REPORT

Report Date :

01.06.2013

IDENTIFICATION DETAILS

Name :	TORRENT CABLES LIMITED (w.e.f. 24.11.2008)
Formerly Known As :	TORRENT GUJARAT BIOTECH LIMITED
Registered Office :	Torrent House, Near Dinesh Hall, Ashram Road 9, Ahmedabad – 380 009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.03.1991
Com. Reg. No.:	04-015279
Capital Investment / Paid-up Capital :	Rs. 85.984 Millions
CIN No.: [Company Identification No.]	L24230GJ1991PLC015279
TAN No.: [Tax Deduction & Collection Account No.]	BRDT00603B
PAN No.: [Permanent Account No.]	AAACT6739Q
Legal Form :	A Public Limited Liability company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturing and Marketing of XLPE Insulated PVC Sheathed Cables, PVC Insulated and PVC Sheathed Cables and Rubber Cables.
No. of Employees :	326 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (55)

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

Maximum Credit Limit :	USD 6000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well established company having a fine track record. The company is progressing well. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for business dealings at usual trade terms and condition.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Fund Based Limits : A+
Rating Explanation	Adequate degree of safety and low credit risk.
Date	July 2012

Rating Agency Name	ICRA
Rating	Short Term Non-fund Based Limits : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	July 2012

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.

LOCATIONS

Registered Office :	Torrent House, Near Dinesh Hall, Ashram Road 9, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-22405090 / 22527630
Fax No.:	91-79-22463484 / 22460048
E-Mail :	info@torrent-india.com tclho@torrentcables.com bkpatel@torrentcables.com bhailalpatel@torrentcables.com
Website :	http://www.torrentpower.com http://www.torrentcables.com
Corporate Office :	Pelican, 6^th Floor, GCCI Compound, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel No.:	91-79-26582573 / 30001067 / 68 / 69
Fax No.:	91-79-26583484 / 26582573
Email :	bhailalpatel@torrentcables.com invgrievance@torentcables.com
Factory :	Yogi Nagar, Mission Road, Nadiad – 387001, District Kheda, Gujarat, India
Tel No.:	91-268-2581959
Fax No.:	91-268-2581989
Email :	tclnadiad@torrentcables.com
Branch Office :	Located at: · Ahmedabad · Delhi · Nadiad · Bangalore · Baroda · Hyderabad · Mumbai · Chennai · Pune · Kolkata · Surat · Vizag

DIRECTORS

As on : 31.03.2012

Name :	Mr. Rohit C Mehta
Designation :	Chairman
Name :	Mr. V S Parikh
Designation :	Director
Name :	Mr. Prafull Anubhai
Designation :	Director
Name :	Mr. V A Shah
Designation :	Director
Name :	Mr. Jayesh Desai
Designation :	Director
Date of Appointment :	18.01.2012
Name :	Mr. Raghu Parakh
Designation :	Director-in-charge
Date of Appointment :	18.01.2012
Experience :	3 Years

KEY EXECUTIVES

Name :	Mr. B K Patel
Designation :	Company Secretary
Audit Committee :	Mr. V S Parikh Mr. Rohit C. Mehta Mr. Prafull Anubhai Mr. Jagrut Vyas

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.03.2013

Category of Shareholders	No. of Shares	Percentage
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	5,245,606	61.01
Sub Total	5,245,606	61.01
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5,245,606	61.01
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	202	0.00
Financial Institutions / Banks	694	0.01
Sub Total	896	0.01
(2) Non-Institutions
Bodies Corporate	336,584	3.91
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	2,167,601	25.21
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	787,495	9.16
Any Others (Specify)	60,213	0.70
Non Resident Indians	60,213	0.70
Sub Total	3,351,893	38.98
Total Public shareholding (B)	3,352,789	38.99
Total (A)+(B)	8,598,395	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	8,598,395	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing and marketing of XLPE insulated PVC Sheathed Cables, PVC Insulated and PVC Sheathed Cables and Rubber Cables.

Products :

Item Code No. (ITC Code)	85442012
Product Description	Power Cables
Item Code No. (ITC Code)	85442029
Product Description	Insulated Cables

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
XLPE Cables (H.T.)	Core Kms	2000	9900	3738.2
XLPE Cables (L.T.)	Core Kms	2000	4800	5563.1
PVC Cables	Core Kms	21.95 (*)	15000	12092.0

(*) million (24 million core yards) on 3 shift basis

Notes:

a) The installed capacities are as certified by the Management and is on three shifts working basis and is subject to product-mix planned by the Company.

b) The actual production has exceeded the installed capacity in certain cases. This has been possible by using the spare capacities of other lines.

c) The licenced capacity of 2000 Core Kms. for XLPE Cables (H.T.) also covers XLPE Cables (L.T.).

d) XLPE Cables (H.T.) installed capacity has been increased by expansion. For the year 2009-10 capacity was available only for one month and accordingly core kilometer installed capacity has been shown above.

GENERAL INFORMATION

No. of Employees :

326 (Approximately)

Bankers :

· Bank of Baroda

· Union Bank of India

· Axis Bank Limited

· HDFC Bank Limited

Facilities :

Rs in Millions

SECURED LOANS	31.03.2012	31.03.2011
Loans repayable on demand
Working capital loans From Banks	52.505	17.576
Other loans and advance Term Loan from Bank	20.352	89.180
Total	72.857	106.756

NOTE :

Nature of Securities:

1) Working Capital Loans from banks granted by Consortium of Banks consisting of Bank of Baroda, Union Bank of India and Axis Bank Limited. are secured by hypothecation of stocks and entire current assets of the Company on pari-passu basis.

2) Term loan from a Bank is in the form of Supplier’s Line of Credit is secured by hypothecation of Specific Machinery under the line of credit.

Auditors :
Name :	C C Chokshi and Company Chartered Accountants
Address :	Ahmedabad, Gujarat, India
Tel. No.:	91-79-2758254 / 27582543
Fax No.:	91-79-27582551
Holding Company :	Torrent Private Limited, India
Associates/Subsidiaries :	· Torrent Power Limited, India · Torrent Pharmaceuticals Limited, India · Gujarat Lease Financing Limited, India · Torrent Financiers · Torrent Energy Limited, India · Torrent Power Services Private Limited, India · AEC Cements and Construction Limited, India

CAPITAL STRUCTURE

As on : 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs. 10/- each	Rs. 700.000 Millions

Issued Capital :

No. of Shares	Type	Value	Amount
45000011	Equity Shares	Rs. 10/- each	Rs. 450.000 Millions

Subscribed Capital& Paid-up Capital :

No. of Shares	Type	Value	Amount
8598395	Equity Shares	Rs.10/- each	Rs.85.984 Millions

1. Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period :

Equity Shares	As on 31.03.2012
	No. of Shares	Amount
Outstanding at the beginning of the Year	8598395	85.984
Add : Issued During the year	--	--
Outstanding at the end of the year	8598395	85.984

2. Rights preferences and restrictions attached to equity shares:

The company has one class of equity shares having a par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

The Board of Directors, in their meeting held on 15-05-2012, proposed a final dividend of Rs. 3.50 per equity share. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting. The total dividend appropriation for the year ended March 31, 2012 amounted to Rs. 34.976 Millions including corporate dividend tax of Rs. 4.882 Millions.

During the year ended March 31, 2011, the amount of per share dividend recognized as distribution to equity shareholders was Rs. 2.50. The total dividend appropriation for the year ended March 31, 2011 amounted to Rs.24.983 Millions including corporate dividend tax of Rs. 3.487 Millions.

3. Details of shares held by the holding company

Particulars	No. of Shares
Equity Shares of Rs. 10 each fully paid-up Torrent Private Limited	5245606

4. Details of shares held by each shareholder holding more than 5% shares:

Particulars	As on 31.03.2012
	No. of Shares	% of Holding
Equity Shares of Rs. 10 each fully paid-up Torrent Pvt. Ltd.	5245606	61.01

5. Aggregate number of equity shares allotted as fully paid up pursuant to contract without payment being received in cash

74,79,762 Equity Shares of Rs. 10 each were issued in 2008-09 to the erstwhile shareholders of Torrent Cables Limited pursuant to the Scheme of Amalgamation without payment being received in cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		85.984	85.984	85.984
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1425.935	1267.993	1224.228
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1511.919	1353.977	1310.212
LOAN FUNDS
1] Secured Loans		72.857	106.756	104.633
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		72.857	106.756	104.633
DEFERRED TAX LIABILITIES		15.949	0.000	0.000
TOTAL		1600.725	1460.733	1414.845
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		596.351	667.060	699.960
Capital work-in-progress		46.025	0.000	5.438
INVESTMENT		0.350	0.350	0.350
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	306.345	329.179	279.828
	Sundry Debtors	902.050	549.359	495.011
	Cash & Bank Balances	30.140	58.892	73.552
	Other Current Assets	0.306	0.000	0.000
	Loans & Advances	86.275	191.896	157.732
Total Current Assets		1325.116	1129.326	1006.123
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	255.307	198.524	164.390
	Other Current Liabilities	59.075	90.157	77.356
	Provisions	52.735	47.322	55.280
Total Current Liabilities		367.117	336.003	297.026
Net Current Assets		957.999	793.323	709.097
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1600.725	1460.733	1414.845

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3202.782	2453.292	1671.685
		Other Income	12.466	74.892	77.071
		TOTAL (A)	3215.248	2528.184	1748.756
Less	EXPENSES
		Cost of Materials Consumed	2396.771	0.000	0.000
		Purchase of Stock in Trade	30.771	0.000	0.000
		Changes in Inventories	4.279	(33.619)	21.928
		Employees Benefits Expenses	91.513	90.876	80.763
		Other Expenses	332.947	149.083	128.310
		Provision for doubtful debts	0.000	0.000	6.324
		TOTAL (B)	2856.281	2346.470	1625.435
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		358.967	181.714	123.321
Less	FINANCIAL EXPENSES (D)		22.257	20.587	6.423
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		336.710	161.127	116.898
Less/ Add	DEPRECIATION/ AMORTISATION (F)		76.142	77.419	23.108
	PROFIT BEFORE TAX (E-F) (G)		260.568	83.708	93.790
Less	TAX (H)		67.649	14.960	(11.217)
	PROFIT AFTER TAX (G-H) (I)		192.919	68.748	105.007
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		270.500	266.769	261.841
Less	APPROPRIATIONS
		Transfer to General Reserve	19.300	40.000	70.000
		Equity Dividend	30.100	21.496	25.795
		Tax on Dividend	4.900	3.487	4.284
	BALANCE CARRIED TO THE B/S		409.100	270.534	266.769
	EARNINGS IN FOREIGN CURRENCY
		Value of Deemed Exports	1.405	13.258	18.847
	TOTAL EARNINGS		1.405	14.663	32.105
	IMPORTS
		Raw Materials	269.250	286.645	175.873
		Stores & Spares	0.307	0.000	0.000
		Capital Goods	1.811	20.914	44.480
	TOTAL IMPORTS		271.368	307.559	220.353
	Earnings Per Share (Rs.)		22.44	7.99	12.21

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	6.00	2.72	6.00
Net Profit Margin (PBT/Sales)	(%)	8.14	3.41	5.61
Return on Total Assets (PBT/Total Assets}	(%)	13.56	4.66	5.50
Return on Investment (ROI) (PBT/Networth)		0.17	0.06	0.07
Debt Equity Ratio (Total Debt /Networth)		0.05	0.08	0.08
Current Ratio (Current Asset/Current Liability)		3.61	3.36	3.39

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	No
10]	Designation of contact person	No
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	---------------
22]	Litigations that the firm / promoter involved in	Yes
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	No
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CASE DETAILS :

HIGH COURT OF GUJARAT

TAX APPEAL No. 1656 of 2008

---

Status :PENDING

( Converted from : ST/2849/2008 )

CCIN No : 001092200801656

Last Listing Date:

04/09/2009

Coram

· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI

---

S.NO.	Name of the Petitioner	Advocate On Record
1	DY CIT - KHEDA CIRCLE NADIAD	MR KM PARIKH for: Appellant(s)  1

---

S.NO.	Name of the Respondant	Advocate On Record
1	TORRENT CABLES LTD	MRS SWATI SOPARKAR for :Opponent(s)  1

---

Presented On	: 28/08/2008	Registered On	: 28/08/2008
Bench Category	: DIVISION BENCH	District	: VADODARA
Case Originated From	: THROUGH ADVOCATE	Listed	: 4 times
Stage Name	: FOR FINAL HEARING - TAX MATTERS

Act	· INCOME-TAX ACT, 1961

---

Office Details

---

S. No.	Filing Date	Document Name	Advocate Name	Court Fee on Document	Document Details
1	14/03/2008	CERTIFIED COPY	MR KM PARIKH ADVOCATE for PETITIONER(s)  1	6	MR KM PARIKH:1
2	15/08/2008	VAKALATNAMA	MR KM PARIKH ADVOCATE for PETITIONER(s)  1	-	MR KM PARIKH:1
3	15/08/2008	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s) 1	-	MRS SWATI SOPARKAR:1
4	28/08/2008	MEMO OF APPEAL/PETITION/SUIT	MR KM PARIKH ADVOCATE for PETITIONER(s)  1	20	MR KM PARIKH:1
5	13/11/2009	VAKALATNAMA	MRS SWATI SOPARKAR ADVOCATE for RESPONDENT(s) 1	5	MRS SWATI SOPARKAR:1
Court Proceedings

S. No.	Notified Date	CourtCode	Board Sr. No.	Stage	Action	Coram
1	04/09/2009	1	-	FOR FINAL HEARING - TAX MATTERS	RULE/ADMIT	· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI
Available Orders

S. No.	Case Details	Judge Name	Order Date	CAV	Judgement	View	Download
1	TAX APPEAL/1656/2008	· HONOURABLE THE CHIEF JUSTICE MR. K.S.RADHAKRISHNAN · HONOURABLE MR.JUSTICE AKIL KURESHI	14/09/2009	N	N	View	Download

S. No.	Applicant Name	Application Type	Application Date	UOL Number	Order Date	Notify Date	Delivery Date	Status	Nature of Document
1	Mr. KM PARIKH		24/09/2009	U/15717/2009	14/09/2009	08/10/2009	08/10/2009	Delivered	--

FUTURE PROSPECTS AND PLANS :

Targeted Power Generation capacity could not be added during the 11^th Five year Plan. An ambitious target of adding Power Generation capacity of 1 Lac MW during the 12^th Five Year Plan has been set by Government. of India. Restricted availability of domestic supply of coal and natural as, high cost of imports, agitations against Nuclear Power Projects are some of the major problems faced by the Power Projects. However, to achieve the targeted GDP growth of 7.3% & 8.6% of the economy for FY 2012-13 and 2013-14 respectively, the Power Sector will have to play an important role. Accordingly, the Power Cable market is also likely to grow steadily. Prospects for the Company are also expected to be reasonably good.

FINANCE :

The Company had arranged for Suppliers’ Line of Credit to the extent of Rs. 200.000 Millions for the imported equipments for expansion at Nadiad Plant in 2009-10. The Company has repaid an amount of Rs. 68.800 Millions during the year and the outstanding liability as on 31st March, 2012 was Rs.20.400 Millions. The Company has also obtained Working Capital Facilities from the Banks, which stood utilized to the extent of Rs. 52.500 Millions as on 31st March, 2012.

MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT :

Economy

Managing growth and price stability are the major challenges of macroeconomic policymaking. Though Indian economy was estimated to grow at 9% in FY 2011-12, its growth is expected to be 6.9% only, mainly due to global economic slowdown, financial crisis in Europe and certain exogenous shocks like the Japanese nuclear disaster. Domestically, decline in GDP growth rate is primarily due to the dip in the growth in Industry to 3.9% in FY 2011-12 from 7.6% in FY 2010-11.

FY 2011-12 began with inflation precariously close to double digits. Wholesale price index (WPI) inflation at 9.74% and food inflation at 8.95%in April, 2011 showed little signs of easing Government continued to fight this malaise with numerous calibrated steps, which constituted a combination of policies to improve supply, especially of food and basic agricultural products and curb fiscal and revenue deficits. Though, inflation eased to 6.89% in March 2012, it is expected to average 6.5%-7.0% in FY 2012-13. A rise in commodity prices and weakening of the Indian rupee remain significant risk factors for the inflation trajectory.

India’s Balance of Payments slipped into negative territory in third quarter of FY 2011-12 for the first time in three years as exports slumped and imports rose India’s current account deficit is expected to widen to 3.5% in FY 2011-12 as compared to 2.6% a year ago. India’s fiscal deficit jumped to 5.9% of GDP for FY 2011-12 as against the target of 4.6%.

Power Cable Industry Outlook

India’s power demand is targeted to grow at CAGR of 7.05% until 2021-22 as per 17th Electric Power Survey. This factor suggests that demand in Power Sector should grow. The Growth in Cable demand during 2011-12 is estimated at 15% and similar growth is expected in near future also.

COMPANY OUTLOOK :

The new HT XLPE line had a utilization factor of 94% during 2011-12. The old HT XLPE line has also been refurbished as planned. An addition of 61 Wire Stranding Machine will increase the HT XLPE cable capacity of new line to 160 km/month from current 150 km/month. The cost reduction measures, the company’s reputation amongst its customers about the product quality and timely delivery are the factors that position the company in an advantageous position. Strong order book position will help the Company to achieve a healthy growth in 2012-13.

FINANCIAL PERFORMANCE V/S. OPERATIONAL PERFORMANCE:

During the year, the Company has earned Cash Profit of Rs. 336.700 Millions as compared to Rs. 161.100 Millions in the previous year. Improvement in the working of the Company during the year was mainly on account of higher sales, execution of high value HT XLPE Cable orders, control on scrap generation and reduction in fixed overheads.

Forward planning on a continuous basis, sound reputation with the raw material suppliers, calibrated and efficient procurement strategy, focus on controlling overheads are helping the Company in controlling the cost.

CONTIGENT LIABILITIES :

Particulars	As at 31.03.2012
Guarantees and Undertakings	221.081
Outstanding Letter of Credit	61.728
Claims against the company not acknowledged as debt	3.973
Disputed Sales Tax matters for the year 2002-03 & 2003-04	42.875

Statement of Unaudited financial results for the Quarter and

Nine Months Ended on 31st December, 2012

Rs in Millions

Sr. No	Particulars	Standalone
		Unaudited	Unaudited	Unaudited
		Quarter Ended		Year to date
		31.12.2012	30.09.2012	31.12.2012
1	Income from operations
	(a) Net Sales/Income from Operations (Net of excise duty)	982.789	1002.423	2998.210
	(b) Other Operating Income	3.168	2.027	8.499
	Total income from operations (net) (a) + (b)	985.957	1004.450	3006.709
2	Expenses (a) Cost of materials consumed	782.827	858.065	2432.770
	(b) Purchases of stock-in-trade	0.000	0.632	2.098
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(8.630)	(24.031)	(85.122)
	(d) Employee benefits expense	27.770	28.717	85.122
	(e) Depreciation and amortisation expense	19.788	19.671	58.855
	(g) Other expenditure	80.532	76.230	246.429
	Total expenses	902.287	959.284	2802.150
3	Profit / (Loss) from operations before other income, finance costs and exceptional items(1-2)	83.670	45.166	204.559
4	Other Income	3.969	3.133	10.258
5	Profit / (Loss) from ordinary activities before finance costs and exceptional items(3 + 4)	87.639	48.299	214.817
6	Finance costs	3.595	10.249	23.568
7	Profit / (Loss) from ordinary activities after finance costs but before exceptional items(S - 6)	84.044	38.050	191.249
8	Exceptional items	0.000	0.000	0.000
9	Profit / (Loss) from ordinary activities before tax (7 + 8)	84.044	38.050	191.249
10	Tax Expense
	A) Current Tax	17.100	7.600	38.700
	B) Deferred Tax	3.900	3.000	11.000
11	Net Profit / (Loss) from ordinary activities after tax (9-10)	63.044	27.450	141.549
12	Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13	Net Profit / (Loss) for the period (11 -12)	63.044	27.450	141.549
14	Paid-up equity share capital (Nominal value Rs. 10 per share)	85.984	85.984	85.984
15	Reserves excluding Revaluation Reserves	--	--	--
16(i)	Earnings per share (before extraordinary items)
	(of Rs. 10/- each) (not annualised):
*	(a) Basic (b) Diluted	7.33	3.19	16.46

Sr. No	Particulars	Quarter Ended		Year to date ended
		31.12.2012	30.09.2012	31.12.2012
A 1	PARTICULARS OF SHAREHOLDING
	Public shareholding - Number of shares
	- Numbers of Shares	3352789	3352789	3352789
	- Percentage of shareholding	38.89	38.99	38.99
2	Promoters and Promoter Group Shareholding
	a) Pledged / Encumbered - Number of shares
	- Numbers of Shares	NIL	NIL	NIL
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	--	--	--
	- Percentage of shares (as a % of the total share capital of the company)	--	--	--
	b) Non-encumbered
	- Number of shares	5245606	5245606	5245606
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00
	- Percentage of shares (as a % of the total share capital of the company)	61.01	61.01	61.01

Particulars	Quarter ended 31.12.2012
B INVESTOR COMPLAINTS (Nos)
Pending at the beginning of the quarter	NIL
Received during the quarter	1
Disposed of during the quarter	1
Remaining unresolved at the end of the quarter	NIL

NOTE :

1. The above unaudited results were reviewed by the Audit Committee and approved by Board of Directors at their respective meetings held on 4th February, 2013.

2. The Statutory Auditors of the Company have carried out a limited review of the Unaudited Financial Results for the quarter and nine months ended 31st December, 2012.

3. The Company has only one Business Segment - Power Cables. Hence no separate segmentwise information of Revenue, Results, Capital employee! etc. is given as required by AS-17 "Segment Reporting". / Figures of the previous periods/year have been regrouped wherever necessary.

FIXED ASSETS

· Land

· Building Factory

· Building Others

· Plant and Machinery

· Electrical Installation

· Furniture and Fixture and Office Equipment

· Vehicles

Top of Form

Bottom of Form

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 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. 56.50
UK Pound	1	Rs. 86.01
Euro	1	Rs. 73.68

INFORMATION DETAILS

Report Prepared by :

NIS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		55

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.