MIRA INFORM REPORT

Report Date :

21.06.2013

IDENTIFICATION DETAILS

Name :	GENERAL CABLE ENERGY INDIA PRIVATE LIMITED [w.e.f. 17.07.2008]

Formerly Known As :	PLAZA GENERAL CABLE ENERGY PRIVATE LIMITED [w.e.f. 05.07.2007] NAVRATNA ENERGY CABLE PRIVATE LIMITED

Registered Office :	A-38, Kailash Colony, New Delhi-110048, Delhi

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	19.08.2006

Com. Reg. No.:	55-152190

Capital Investment / Paid-up Capital :	Rs. 965.591 Millions

CIN No.: [Company Identification No.]	U31300DL2006FTC152190

TAN No.: [Tax Deduction & Collection Account No.]	DELN08019E

PAN No.: [Permanent Account No.]	AACCN3799E

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer of Electrical Cables Wires.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (33)

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

Maximum Credit Limit :	USD 7669000

Status :	Moderate

Payment Behaviour :	Slow bur Correct

Litigation :	Clear

Comments :	Subject is an established company having moderate track record. There appear continuous losses recorded by the company. However, networth of the company seems to be strong. There appears no external borrowing. 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 cautions.

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^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

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

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 :	A-38, Kailash Colony, New Delhi-110048, India
Tel. No.:	91-124-4326000
Fax No.:	91-124-4326019
E-Mail :	ponnappa.cd@generalcable.co.in marketing@generalcable.co.in
Website :	www.generalcable.co.in

Corporate Office:	Iris Tech Park, Unit No. 508-510, 5^th Floor, Block A, Sector 48, Sohna Road, Gurgaon-122018, Haryana, India
Tel. No.:	91-124-4326000/4326037
Fax No.:	91-124-4326019

Factory:	Unit-1, Village Bhatouli Khurd, Baddi, District Solan, Himachal Pradesh, India
Tel No.:	91-1795-663600

DIRECTORS

As on 24.09.2012

Name :

Matias Francisco Sandoval Herrera

Designation :

Director

Address :

7210 NW, 112^th Ave, Doral, Florida 331783666, United States of America

Date of Birth/Age :

11.07.1960

Date of Appointment :

25.01.2008

DIN No.:

02111973

Name :

Mr. Prem Kumar Saraf

Designation :

Director

Address :

9/2, Park Tower, 14, Ballygunge Park Road, Kolkata-700019, West Bengal, India

Date of Birth/Age :

24.11.1947

Date of Appointment :

30.09.2008

DIN No.:

01979838

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	L23101AS1961PLC001173	INDIA CARBON LIMITED	Director	25/11/1997	25/11/1997	28/05/2008	Active	NO
2	U31300DL2006FTC152190	GENERAL CABLE ENERGY INDIA PRIVATE LIMITED	Director	30/09/2008	24/04/2008	08/05/2013	Active	NO
3	U31200WB2003PTC095728	POWER TECH GLOBAL PRIVATE LIMITED	Additional director	14/05/2013	14/05/2013	-	Active	NO

Name :

Mr. Sandeep Sood

Designation :

Whole Time Director

Address :

B-2/416, Varun Apartments, Sector-9, Rohini, New Delhi-110085, India

Date of Birth/Age :

02.07.1962

Date of Appointment :

28.09.2011

DIN No.:

03231502

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	U31300DL2006FTC152190	GENERAL CABLE ENERGY INDIA PRIVATE LIMITED	Whole-time director	28/09/2011	10/11/2010	09/05/2013	Active	NO
2	AAB-0438	AMALGAMATE VENTURES LLP	Designated Partner	31/07/2012	31/07/2012	-	Active	NO

Name :

Maria Dolores Cidre

Designation :

Additional Director

Address :

229E, Bayridge DR, Weston, FL, 33326, United States of America

Date of Birth/Age :

18.07.1965

Date of Appointment :

25.11.2010

DIN No.:

03294774

MAJOR SHAREHOLDERS

As on 24.09.2012

Names of Shareholders		No. of Shares
GCNZ India Cable 1 Limited		2663606
GCNZ India Cable 2 Limited		2663606
General Cable Trading		4328697
Total		9655909

Equity Share Break up (Percentage of Total Equity)

As on 24.09.2012

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Electrical Cables Wires.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Standard Chartered Bank, Credit Documentation Unit, Narain Manzil, 23, Barakhamba Road, New Delhi-110001, India

Facilities :

Rs. In Millions

Secured Loan	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Loan repayable on demand from bank	0.000	15.514
Other loans and advances	0.000	62.537
Total	0.000	78.051


Banking Relations :	--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	7^th Floor, Building 10, Tower B, DLF Cyber City Complex, DLF City, Phase II, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-6792000
Fax No.:	91-124-6792012
PAN No.:	AABFD2095B

Ultimate Holding Company:	General Cable New Zealand Holdings (GCNZH), New Zealand

Associates :	GCNZ India Cable 1 Limited (GCNZ 1), New Zealand GCNZ India Cable 2 Limited (GCNZ 2), New Zealand General Cable Trading (GCT), Mauritius

Fellow subsidiary:	· General Cable New Zealand (GCNZ) · General Cable Industries Inc, USA (GCI) · Phelps Dodge International Corporation, USA (PDIC) · Phelps Dodge International (Thailand ) Limited (PDIT) · General Cable Corporation, United States · General Cable (Jiangyin) Company Limited, China (GCCN)

CAPITAL STRUCTURE

As on 24.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs. 100/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

9655909	Equity Shares	Rs. 100/- each	Rs. 965.591 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

10000000	Equity Shares	Rs. 100/- each	Rs. 1000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

8071842	Equity Shares	Rs. 100/- each	Rs. 807.184 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	807.184	572.344
(b) Reserves & Surplus	795.586	402.079
(c) Money received against share warrants	0.000	0.000

(2) Share Application money pending allotment	314.368	293.410

(3) Non-current liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	2.371	1.078

(4) Current liabilities
(a) Short term borrowings	0.000	110.514
(b) Trade payables	66.343	50.270
(c) Other current liabilities	74.437	44.463
(d) Short-term provisions	0.246	0.107
TOTAL	2060.535	1474.265

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1234.163	305.724
(ii) Intangible Assets	19.687	0.542
(iii) Capital work-in-progress	374.911	968.242
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	21.077	18.569
(e) Other Non-current assets	0.030	0.026

(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	38.303	22.403
(c) Trade receivables	31.526	55.648
(d) Cash and cash equivalents	235.088	0.779
(e) Short-term loans and advances	89.717	79.150
(f) Other current assets	16.033	23.182
TOTAL	2060.535	1474.265

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		365.630
2] Share Application Money		232.587
3] Reserves & Surplus		690.025
4] (Accumulated Losses)		(560.496)
NETWORTH		727.746
LOAN FUNDS
1] Secured Loans		73.671
2] Unsecured Loans		100.951
TOTAL BORROWING		174.622
DEFERRED TAX LIABILITIES		0.000

TOTAL		902.368

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		392.752
Capital work-in-progress		477.069

INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
PRE-OPERATIVE EXPENDITURE		38.574

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	31.897
	Sundry Debtors	41.773
	Cash & Bank Balances	5.071
	Other Current Assets	0.000
	Loans & Advances	49.000
Total Current Assets		127.741
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	133.104
	Other Current Liabilities	0.000
	Provisions	0.664
Total Current Liabilities		133.768
Net Current Assets		(6.027)

MISCELLANEOUS EXPENSES		0.000

TOTAL		902.368

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	64.261	53.081	162.439

Less	EXPENSES
		Office Expenses
		Administrative Expenses	152.177	167.161	242.819
		Advertising Expenses
		TOTAL	152.177	167.161	242.819

Less	PROFIT / (LOSS) BEFORE IMPAIRMENT AND TAXATION		(87.916)	(114.080)	(80.380)

Less	PRIOR PERIOD EXPENSES		0.000	0.000	74.747

	PROFIT BEFORE TAX		(87.916)	(114.080)	(155.127)

Less	TAX		0.000	(0.077)	0.000

	PROFIT AFTER TAX		(87.916)	(114.003)	(155.127)

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(674.499)	(560.496)	(405.369)

	BALANCE CARRIED TO THE B/S		(762.415)	(674.499)	(560.496)

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	0.068

	IMPORTS
		Traded Goods		39.041	44.690
		Raw Materials		0.000	0.000
		Capital Goods		136.326	125.190
	TOTAL IMPORTS		7.083	175.367	169.880

	Earnings Per Share (Rs.)		(9.10)	(23.15)	(73.47)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(136.811)	(214.772)	(95.50)

Return on Total Assets (PBT/Total Assets}	(%)	(5.212)	(22.54)	(29.80)

Return on Investment (ROI) (PBT/Networth)		(0.04)	(0.10)	(0.21)

Debt Equity Ratio (Total Debt /Networth)		0.00	0.09	0.24

Current Ratio (Current Asset/Current Liability)		2.91	0.88	0.95

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	No
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	----------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	------------
26]	Buyer visit details	-------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN:

Particulars	As on 31.03.2012	As on 31.03.2011
SHORT TERM BORROWINGS
Other loans and advances	0.000	32.463
Total	0.000	32.463

BACKGROUND:

General Cable India is 100% subsidiary of General Cable Corporation, USA. The company serves the growing market of energy infrastructure and construction cable in India and abroad. There state of the art manufacturing unit in Baddi is capable of producing wide range of wires and cables and is prepared to meet the growing demand of the emerging market and customers. With superior research and development, engineering and manufacturing operations, industry-leading logistics capabilities, the broadest range in the industry, and a strong group of associates seamlessly teaming up to satisfy customers worldwide, General Cable India is poised to become a leading player in the Indian market. There manufacturing operations cover is spread out over a 20 acre area in Baddi, Himachal Pradesh and is certified under ISO 9001 and ISO 14001.

FUTURE OUTLOOK:

Company also commenced commercial production from Electrical Cable (Unit-1) in this financial year. Company is expecting to generate sales volume in excess of US$ 100 Million in the third year of production. This Greenfield operation will manufacture a wider product range and, together with There initiatives, we will expand and grow in product segments and grab a bigger share of the market. As a direct consequence, the Greenfield operation will enjoy the benefit of ready and accelerated product approvals, established market channels and key customer relationships that are currently developed.

BANKERS CHARGES REPORT AS PER REGISTRY


Corporate identity number of the company	U31300DL2006FTC152190
Name of the company	PLAZA GENERAL CABLE ENERGY PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	A-38, Kailash Colony, New Delhi-110048, India Email ID : ponnappa.cd@generalcable.co.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10104388
Type of charge	Book Debts Movable property (not being pledge)
Particular of charge holder	Standard Chartered Bank, Credit Documentation Unit, Narain Manzil, 23, Barakhamba Road, New Delhi-110001, India Email ID : Ashima.Tandon@sc.com
Nature of description of the instrument creating or modifying the charge	Supplemental to unattested memorandum of hypothecation.
Date of instrument Creating the charge	27.05.2013
Amount secured by the charge	Rs. 840.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per facility advice letter dated 09.04.2013 to be amended from time to time. Terms of Repayment As per facility advice letter dated 09.04.2013 to be amended from time to time. Margin As per facility advice letter dated 09.04.2013 to be amended from time to time. Extent and Operation of the charge Extent and operation - 100%
Short particulars of the property charged	Hypothecation by way of first and exclusive charge over stocks and book-debts of the company stored or to be stored at company's godowns and premises or wherever else the same may be.

FIXED ASSETS:

· Land

· Building

· Leasehold Improvements

· Computers

· Plant and Machinery

· Office Equipments

· Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 59.70
UK Pound	1	Rs. 92.22
Euro	1	Rs. 79.18

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		33

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

(136.811)

(5.212)

(0.04)

0.00

2.91

Unit