MIRA INFORM REPORT

Report No. :	304265
Report Date :	21.01.2015

IDENTIFICATION DETAILS

Name :	POLYCAB WIRES PRIVATE LIMITED (w.e.f. 15.06.2001)
Formerly Known As :	POLYCAB WIRES LIMITED
Registered Office :	E-554, Greater Kailash-II, New Delhi – 110048
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	10.01.1996
Com. Reg. No.:	55-266483
Capital Investment / Paid-up Capital :	Rs. 706.030 Millions
CIN No.: [Company Identification No.]	U31300DL1996PTC266483
TAN No.: [Tax Deduction & Collection Account No.]	MUMP15167F
PAN No.: [Permanent Account No.]	AAACP6474E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturing of Electrical Wires and Cables.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having a fine track record. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments. The company can be considered for normal 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, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
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	FITCH
Rating	Long term Rating IND = A+
Rating Explanation	High Credit Quality
Date	December 2013

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Ms. S. S. Narayana
Designation :	Company Secretary
Contact No.:	91-9867436989
Date :	20.01.2015

LOCATIONS

Registered Office :	E-554, Greater Kailash-II, New Delhi – 110048, India
Tel. No. :	91-11-29228574
Fax No. :	Not Available
E-Mail :	sai.narayana@polycab.com polycab@bom3.vsnl.net.in polycab@vsnl.com dispatel@polycab.com ds@polycab.com sagar.parab@polycab.com sonalik@polycab.com info@polycab.com sai.naryana@polycab.com
Website :	http://www.polycab.com http://www.polycabwires.com
Corporate Office :	Polycab House, 1^st Floor, 771, Pandit Satawalekar Marg, Mahim (West), Mumbai - 400016, Maharashtra, India
Tel. No. :	91-22-24327070 – 75 / 24329118/ 24362199 / 673516466 / 67351400
Fax No. :	91-22-24327075/ 24322141
Factory 1 :	Plot No. 38/1-6,414-9, 49/4, 43/1-3, 45/1-2/52/1-2-53/1, 3, 4, Daman Industries Estate, Kadaiya Daman – 396 210, India
Tel. No.:	91-260-3291031 / 3291070 / 2220422 / 25 / 28
Fax No.:	91-260-2221009
E-Mail :	naina@polycab.com
Factory 2 :	55/1, 65/1, Rameshwar Road, Baska Halol, District Panchmahal - 389350, Gujarat, India
Factory 3 :	Unit. 4, Plot No. 67/72, Village: Nurpura, Taluka Halol, District Panchmahal - 389350, Gujarat, India
Branch Offices :	Located At · Andhra Pradesh · Assam · Bihar · Chandigarh · Chhattisgarh · Delhi · Gujarat · Himachal Pradesh · Jharkhand · Karnataka · Kerala · Madhya Pradesh · Maharashtra, · Odisha · Punjab · Rajasthan · Tamilnadu · Uttar Pradesh · West Beagle

DIRECTORS

As on 20.09.2014

Name :

Mr. Inder Thakurdas Jaisinghani

Designation :

Chairman Cum Managing Director

Address :

17/6, Khiaram Bhavan R.A. Kidwai Road, Wadala, Mumbai - 400003, Maharashtra, India

Date of Birth/Age :

29.03.1952

Qualification :

H.S.C

Date of Appointment :

28.08.2014

PAN No.:

AAAPJ9287G

DIN No.:

00309108

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	U31300MH1995PTC094751	JAISINGH WIRES PRIVATE LIMITED	Director	24-11-1995	24-11-1995	-	Active	NO
2	U31300MH1996PTC099083	POLYCAB CABLES PRIVATE LIMITED	Director	24-04-1996	24-04-1996	-	Amalgamated	NO
3	U31300DL1996PTC266483	POLYCAB WIRES PRIVATE LIMITED	Managing director	28-08-2014	20-12-1997	-	Active	NO
4	U31300MH1998PTC114308	POLYCAB INDUSTRIES PRIVATE LIMITED	Director	01-04-1998	01-04-1998	-	Amalgamated	NO
5	U31300MH2005PTC154740	POLYCAB WIRES AND CABLES PRIVATE LIMITED	Director	13-07-2005	13-07-2005	-	Strike off	NO
6	U27200MH2005PTC153631	SIDDHANT ISPAT PRIVATE LIMITED	Director	28-04-2006	28-04-2006	07-02-2008	Active	NO
7	U31401MH2007PTC175153	POLYCAB WIRES INDUSTRIES PRIVATE LIMITED	Director	18-10-2007	18-10-2007	-	Active	NO
8	U67190MH2008PTC182121	JAISINGH FINANCE PRIVATE LIMITED	Director	12-05-2008	12-05-2008	-	Active	NO
9	U74999MH2008PTC187471	POLYCAB CABLES INDUSTRIES PVT.LTD	Director	13-10-2008	13-10-2008	-	Amalgamated	NO
10	U25200MH2008PTC187875	BNK PLASTICS PRIVATE LIMITED	Director	31-10-2008	31-10-2008	-	Amalgamated	NO
11	U74999MH2008PTC188260	POLYCAB INDUSTRIES DAMAN PRIVATE LIMITED	Director	17-11-2008	17-11-2008	-	Amalgamated	NO
12	U45400TN2009PTC073358	IKTA CONSTRUCTIONS PRIVATE LIMITED	Director	29-10-2009	29-10-2009	-	Under Process of Striking off	NO
13	U31908MH2013PTC241331	POLYCAB SWITCHGEARS PRIVATE LIMITED	Director	25-03-2013	25-03-2013	-	Under Process of Striking off	NO
14	U31401MH2013PTC241569	POLYCAB ELECTRICAL INDUSTRIES PRIVATE LIMITED	Director	01-04-2013	01-04-2013	-	Active	NO
15	U32109DL2005PTC142512	POLYCAB ELECTRONICS PRIVATE LIMITED	Director	30-09-2013	03-05-2013	-	Active	NO
16	U31908MH2012PLC232089	DATAR NOUVEAU ENERGIETECHNIK LIMITED	Director	20-09-2014	01-03-2014	-	Active	NO
17	U63011MH2006PTC160845	MICROCAB INDUSTRIES AND LOGISTICS PRIVATE LIMITED	Additional director	24-03-2014	24-03-2014	-	Active	NO
18	U20296DL2014PTC272586	Balaji Reels Private Limited	Director	20-10-2014	20-10-2014	-	Active	NO
19	U20232DL2015PTC275797	TIRUPATI REELS PRIVATE LIMITED	Director	21-01-2015	21-01-2015	-	Active	NO

Name :

Mr. Ajay Thakurdas Jaisinghani

Designation :

Whole Time Director

Address :

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

Date of Birth/Age :

12.01.1954

Qualification :

B.Com

Date of Appointment :

28.08.2014

PAN No.¨:

AACPJ2099J

DIN No.:

00276588

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	U31300MH1995PTC094751	JAISINGH WIRES PRIVATE LIMITED	Director	01-09-2007	24-11-1995	-	Active	NO
2	U31300MH1996PTC099083	POLYCAB CABLES PRIVATE LIMITED	Director	16-03-2000	16-03-2000	30-07-2010	Amalgamated	NO
3	U31300MH2005PTC154740	POLYCAB WIRES AND CABLES PRIVATE LIMITED	Director	13-07-2005	13-07-2005	-	Strike off	NO
4	U31300DL1996PTC266483	POLYCAB WIRES PRIVATE LIMITED	Whole-time director	28-08-2014	27-04-2006	-	Active	NO
5	U31401MH2007PTC175153	POLYCAB WIRES INDUSTRIES PRIVATE LIMITED	Director	18-10-2007	18-10-2007	-	Active	NO
6	U67190MH2008PTC182121	JAISINGH FINANCE PRIVATE LIMITED	Director	12-05-2008	12-05-2008	-	Active	NO
7	U74999MH2008PTC187471	POLYCAB CABLES INDUSTRIES PRIVATE LIMITED	Director	13-10-2008	13-10-2008	-	Amalgamated	NO
8	U25200MH2008PTC187875	BNK PLASTICS PRIVATE LIMITED	Director	31-10-2008	31-10-2008	-	Amalgamated	NO
9	U74999MH2008PTC188260	POLYCAB INDUSTRIES DAMAN PRIVATE LIMITED	Director	17-11-2008	17-11-2008	-	Amalgamated	NO
10	U32109DL2005PTC142512	POLYCAB ELECTRONICS PRIVATE LIMITED	Director	30-09-2013	03-05-2013	-	Active	NO

Name :

Mr. Ramesh Thakurdas Jaisinghani

Designation :

Whole Time Director

Address :

701/2, Salisbury Park, 82, Palimala Road, Pali Hill, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

07.05.1956

Qualification :

B.Com

Date of Appointment :

28.08.2014

PAN No.¨:

AACPJ2100L

DIN No.:

00309314

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	U31300DL1996PTC266483	POLYCAB WIRES PRIVATE LIMITED	Whole-time director	28-08-2014	10-01-1996	-	Active	NO
2	U31300MH1996PTC099083	POLYCAB CABLES PRIVATE LIMITED	Director	24-04-1996	24-04-1996	30-07-2010	Amalgamated	NO
3	U31300MH1998PTC114308	POLYCAB INDUSTRIES PRIVATE LIMITED	Director	01-04-1998	01-04-1998	-	Amalgamated	NO
4	U31300MH2005PTC154740	POLYCAB WIRES AND CABLES PRIVATE LIMITED	Director	13-07-2005	13-07-2005	-	Strike off	NO
5	U27200MH2005PTC153631	SIDDHANT ISPAT PRIVATE LIMITED	Director	28-04-2006	28-04-2006	07-02-2008	Active	NO
6	U31401MH2007PTC175153	POLYCAB WIRES INDUSTRIES PRIVATE LIMITED	Director	18-10-2007	18-10-2007	-	Active	NO
7	U67190MH2008PTC182121	JAISINGH FINANCE PRIVATE LIMITED	Director	12-05-2008	12-05-2008	-	Active	NO
8	U74999MH2008PTC187471	POLYCAB CABLES INDUSTRIES PRIVATE LIMITED	Director	13-10-2008	13-10-2008	-	Amalgamated	NO
9	U25200MH2008PTC187875	BNK PLASTICS PRIVATE LIMITED	Director	31-10-2008	31-10-2008	-	Amalgamated	NO
10	U74999MH2008PTC188260	POLYCAB INDUSTRIES DAMAN PRIVATE LIMITED	Director	17-11-2008	17-11-2008	-	Amalgamated	NO
11	U31300GJ2010PTC059612	NEXANS INDIA PRIVATE LIMITED	Director	17-02-2010	17-02-2010	05-07-2010	Active	NO
12	U32109DL2005PTC142512	POLYCAB ELECTRONICS PRIVATE LIMITED	Director	30-09-2013	03-05-2013	-	Active	NO
13	AAC-8996	EXITO FINMART LLP	Designated Partner	11-11-2014	11-11-2014	-	Active	NO

Name :

Mr. Ramakrishnan Ramamurthi

Designation :

Managing director

Address :

Flat No. A-44, Kalptaru Residency, Plot No. 107, Kamani Road, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

31.07.1961

Qualification :

B.Sc (Honours), Post Graduation, Degree in Business Management

Date of Appointment :

01.04.2012

PAN No.¨:

ADWPR4815R

DIN No.:

00120246

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	U28991PN1993PLC148186	Stanley Black AND Decker India Limited	Director	27-05-2000	27-05-2000	01-03-2012	Active	NO
2	U27302UP1951PLC002355	HIND LAMPS LMITED	Director	16-06-2000	16-06-2000	29-03-2012	Active	NO
3	L31500MH1938PLC009887	BAJAJ ELECTRICALS LIMITED	Whole-time director	26-10-2011	26-10-2006	01-03-2012	Active	NO
4	U31300MH1995PLC090213	STARLITE LIGHTING LIMITED	Director	29-09-2007	25-06-2007	20-02-2012	Active	NO
5	U51109MH2011PTC213854	GIGANTIC WEEKS TRADING PRIVATE LIMITED	Additional director	08-02-2012	08-02-2012	-	Active	NO
6	U45202MH2011PTC214768	FABIENNE DEVELOPERS PRIVATE LIMITED	Additional director	08-02-2012	08-02-2012	-	Active	NO
7	U31300DL1996PTC266483	POLYCAB WIRES PRIVATE LIMITED	Managing director	01-04-2012	01-04-2012	-	Active	NO
8	U85191MH2013NPL250969	CHEMBUR GOLF WELFARE FOUNDATION	Director	12-12-2013	12-12-2013	-	Active	NO
9	U74300MH1952GAP008859	THE INDIAN SOCIETY OF ADVERTISERS	Director	11-09-2014	11-09-2014	-	Active	NO

Name :

Lemaire Claude Michel

Designation :

Director

Address :

64 Rue De Bellechasse, Paris, 75007, France

Date of Birth/Age :

21.12.1946

Date of Appointment :

29.09.2010

DIN No. :

02879461

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	Company/ LLP Status	Defaulting status
1	U31300DL1996PTC266483	POLYCAB WIRES PRIVATE LIMITED	Director	29-09-2010	08-03-2010	Active	NO

Name :

Martin Christopher Spicer

Designation :

Director

Address :

Zarif Sok No. 2, Emirgan 034467 Sariyer, Istanbul, 034467, Turkey

Date of Birth/Age :

15.08.1968

Date of Appointment :

12.07.2013

DIN No. :

06604199

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	Company/ LLP Status	Defaulting status
1	U31300DL1996PTC266483	POLYCAB WIRES PRIVATE LIMITED	Director	12-07-2013	21-06-2013	Active	NO

KEY EXECUTIVES

Name :	Mr. Narayana Sai Subramaniam
Designation :	Secretary
Address :	701 Manisha Garden Navghar Road, Mulund (East), Mumbai - 400081, Maharashtra, India
Date of Appointment :	14.12.2012
PAN No.:	ABKPN9636N
Name :	Mr. P. Chandrashekar
Designation :	President and Group CFO
Name :	Ms. S. S. Narayana
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.09.2014

Names of Shareholders	No. of Shares
Inder Thakurdas Jaisinghani	30018156
Ramesh Thakurdas Jaisinghani	24001276
Ajay Thakurdas Jaisinghani	24003820
Girdhari Thakurdas Jaisinghani	23999356
Bharat Ajay Jaisinghani	6001992
Nikhil Ramesh Jaisinghani	6001992
Anil Hariram Haraiani	5998800
Kartik Shrish Shah	4000
International Finance Corporation, US	21176446
Total	141205838

As on 20.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	15.00
Directors or relatives of Directors	85.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Electrical Wires and Cables.

Products :

Item Code No. (ITC Code)	Product Description
74082990	Copper Wire

Brand Names :

--

Agencies Held :

--

Exports :

--

Imports :

--

Terms :

--

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customers :

Reference:	NOT DIVULGED
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

Not Divulged

Bankers :

· IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai -400 005, Maharashtra, India

· Punjab National Bank, ILACO House, Sir P.M. Road Fort, Mumbai – 400001, Maharashtra, India

· ICICI Bank Limited, ICICI Center, 163, Ht Parekh Marg, Backbay Recla Mation, Churchgate, Mumbai - 400020, Maharashtra, India

· State Bank of India, Industrial Finance Branch, Lekhraj Bhavan, Saki Vihar Road, Saki Naka, Mumbai - 400072, Maharashtra, India

· Export Importer Bank of India, Center One Building, World Trade Center, 21^st Floor, Cuffe Parade, Mumbai – 400005, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Rupee term loans from banks	2050.000	2033.870
Foreign currency term loans from banks (Buyer's credit is repayable on maturity and carries interest @ 0.53% p.a to 1.29% p.a)	1564.320	1911.180
Working capital loans from banks	531.220	1390.720
Total	4145.540	5335.770

NOTE:

Secured borrowings from banks are secured against pari-passu first charge by way of hypothecation of current assets and fixed assets of the Company and equitable mortgage of specified fixed assets of the Company such as Daman staff quarters, Daman godown premises, Daman and Halol factory land and building and Mumbai office building.

Cash credit facility is repayable on demand and carries interest @ 10.90% p.a to 13.75% p.a. Secured borrowings from banks are secured against pari-passu first charge by way of hypothecation of current assets and fixed assets of the Company and equitable mortgage of specified fixed assets of the Company such as Daman staff quarters, Daman godown premises, Daman and Halol factory land and building and Mumbai office building.

Banking Relations :	--
Financial Institution :	Sbicap Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India
Auditors :
Name :	S R Batiliboi and Associates LLP Chartered Accountants
Address :	14^th Floor, The Ruby, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India
Tel. No.:	91-22-61920000
Fax No.:	91-22-61921000
Income-tax PAN of auditor or auditor's firm :	ALDPM7994D
Fellow Subsidiary Company :	Jaisingh Wires FZE
Subsidiary Company :	· Jaisingh Wires Private Limited · Polycab Cables Industries Private Limited · Polycab Wires Industries Private Limited · Polycab Electrical Industries Private Limited · Polycab Electronics Private Limited · Datar Nouveau Energietechnik Limited (DNEL) · Polycab Wires Italy S.R.L
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Jaisingh Finance Private Limited · Microcab Industries and Logistics Private Limited

CAPITAL STRUCTURE

As on 20.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150,000,000	Equity Shares	Rs.10/- each	Rs. 1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
141,205,838	Equity Shares	Rs.10/- each	Rs. 1412.058 Millions

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
92,000,000	Equity Shares	Rs.10/- each	Rs. 920.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70,603,000	Equity Shares	Rs.10/- each	Rs. 706.030 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	706.030	706.030	655.880
(b) Reserves & Surplus	12915.460	12229.310	9891.830
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	13621.490	12935.340	10547.710
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	265.760	201.890	190.440
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	31.990	0.000	0.000
Total Non-current Liabilities (3)	297.750	201.890	190.440
(4) Current Liabilities
(a) Short term borrowings	4449.130	5436.290	7656.350
(b) Trade payables	6210.420	6288.120	6499.050
(c) Other current liabilities	913.730	1122.340	2969.290
(d) Short-term provisions	292.310	69.850	106.220
Total Current Liabilities (4)	11865.590	12916.600	17230.910
TOTAL	25784.830	26053.830	27969.060
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6951.700	5584.110	4718.990
(ii) Intangible Assets	24.070	19.720	26.930
(iii) Capital work-in-progress	1134.570	1613.910	2201.510
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	129.340	127.340	105.130
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1238.560	1405.960	1577.630
(e) Other Non-current assets	67.030	53.360	75.170
Total Non-Current Assets	9545.270	8804.400	8705.360
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	5780.260	6096.620	6599.710
(c) Trade receivables	8281.240	9873.850	11178.160
(d) Cash and cash equivalents	270.900	340.800	214.050
(e) Short-term loans and advances	1859.040	910.890	1228.050
(f) Other current assets	48.120	27.270	43.730
Total Current Assets	16239.560	17249.430	19263.700
TOTAL	25784.830	26053.830	27969.060

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL (A)	NA	37194.730	37755.960
Less	EXPENSES
		TOTAL (B)	NA	34371.150	35608.070
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	2823.580	2147.890
Less	FINANCIAL EXPENSES (D)		NA	1206.880	1233.730
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	1616.700	914.160
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	455.490	401.400
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1447.610	1161.210	512.760
Less	TAX (H)		437.010	392.350	180.390
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		1010.600	768.860	332.370
	EARNINGS IN FOREIGN CURRENCY		2754.430	414.840	NA
	IMPORTS		6428.440	4542.600	NA
	Earnings / (Loss) Per Share (Rs.)		14.31	10.89	5.07

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	5.90	4.78	2.00
Return on Investment (ROI) (PBT/Networth)		0.11	0.09	0.05
Debt Equity Ratio (Total Debt/Networth)		0.33	0.42	0.73
Current Ratio (Current Asset/Current Liability)		1.37	1.34	1.12

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	655.880	706.030	706.030
Reserves & Surplus	9891.830	12229.310	12915.460
Net worth	10547.710	12935.340	13621.490
long-term borrowings	0.000	0.000	0.000
Short term borrowings	7656.350	5436.290	4449.130
Total borrowings	7656.350	5436.290	4449.130
Debt/Equity ratio	0.726	0.420	0.327

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	Yes
10]	Designation of contact person	Yes
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	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

Case Details
Bench:- Bombay
Lodging No.:-	CEXAL/64/2013		Filing Date:-	14/03/2013
Petitioner:-	COMMISSIONER OF CENTRAL EXCISE, CUS	Respondent:-	M/S POLYCAB WIRES PRIVATE LIMITED
Petn.Adv.:-	SUHAS M. OAK (0)	Resp.Adv.:-	0 (0)
District:-	MUMBAI
Bench:-	DIVISION
Status:-	Pre-Admission	Category:-	CENTRAL EXCISE APPEAL (CEXA)
Last Date:-	27/11/2013	Stage:-	APPEALS FOR ADMISSION – FRESH [ORIGINAL SIDE MATTERS]
Last Coram:-	HON’BLE THE CHIEF JUSTICE HON’BLE SHRI JUSTICE M.S. SANKLECHA
Act :-	Central Excise & Salt Act		Under Section:-	35G

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10523842	21/11/2014 *	25,300,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	C35998178
2	10429530	14/03/2014 *	22,920,000,000.00	SBICAP TRUSTEE COMPANY LIMITED	202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA	C04616975
3	10097759	04/03/2008	3,200,000,000.00	ICICI BANK LIMITED	ICICI CENTER, 163, HT PAREKH MARG, BACKBAY RECLA MATION, CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA	A35873736
4	10004057	05/05/2006	2,450,000,000.00	ICICI BANK	NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	A01092360
5	80044806	18/03/2010 *	6,000,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA	A82894759

UNSECURED LOANS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
SHORT TERM BORROWINGS
Rupee term loans from others	0.000	4.490
Loans repayable on demand from others	75.280	49.340
Loans and advances from directors	228.310	46.690
Total	303.590	100.520

REVIEW OF OPERATIONS.

The year witnessed a continuing slowdown in Industrial Growth with GDP growth at 4.7%. The manufacturing sector witness a fall of 0.8% and capital goods sector 12. 5%. This also reflected in the production of cables and wires, which fell by 2.5% compared to the previous year. Against this background, the Company's net Sales grew by 3.7%.

During the year, the Company expanded its footprint in South and East Regions and consolidated its presence in the West Region which helped the Company grow.

The Company continued to focus on improving its operational efficiencies, including streamlining manufacturing processes, development of cost optimal new vendors etc. the company also focused on improving its working capital cycle.

As a result of these initiatives. the PBT grew by 24.7% to Rs.1,447.610 Millions from Rs.1,161.290 Millions, The Profit after tax increased by 27.8% to Rs. 1,010.600 Millions from Rs.768.860 Millions.

AMALGAMATION

Pursuant to the scheme of amalgamation ('the Scheme') of the erstwhile Polycab Cables Industries Private Limited (PCIPL) ('transferor company') with the Company under section 391 to 394 of the Companies Act,1956, sanctioned by the Hon?ble High Court of Bombay on 24th January, 2014, entire business and all assets and liabilities of the erstwhile, PCIPL, were transferred to and vested in the Company with effect from 1 April 2013, being the 'appointed date'. Accordingly, the Scheme has been given effect to in financial statements of the Company for the year ended 31 March 2014.

The transferor company was engaged in the businesses related to manufacture and sale of electric wires & cables including manufacturing on job work basis and wind power generation.

The amalgamation has been accounted for under 'pooling of interests' method as prescribed by Accounting Standard -14 Accounting for Amalgamation'. Accordingly, the accounting treatment has been given as under :

i) The assets and liabilities as at 1 April 2013 were incorporated in the financial statements of the transferee company at their book values.

ii) Debit balance in the Statement of Profit and Loss of transferor company as at 1 April 2013 aggregating to Rs. 163.660 millions has been adjusted in "Surplus in Statement of Profit & Loss" of transferee company.

iii) Deferred tax asset of transferor company as at 1 April 2013 aggregating to Rs. 79.890 millions have been taken over and adjusted in Statement of Profit and Loss.

iv) Accordingly, 1 million equity shares of Rs. 10 each fully paid up of PCIPL, held as long term investment in the books of transferee company stand cancelled. In view of the above amalgamation, the figures for the year ended 31 March 2014 are not strictly comparable to the previous year.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· Other Equipments

· Leasehold Improvements

Intangible Assets

· 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.61.61
UK Pound	1	Rs.93.49
Euro	1	Rs.71.38

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		52

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.