MIRA INFORM REPORT

Report No. :	350071
Report Date :	17.11.2015

IDENTIFICATION DETAILS

Name :	UNIVERSAL CABLES LIMITED
Registered Office :	P.O. Birla Vikas, Satna – 485005, Madhya Pradesh
Tel. No.:	91-7672-414000 / 257121-27
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	06.03.1945
Com. Reg. No.:	10-001114
Capital Investment / Paid-up Capital :	Rs.231.332 Million
CIN No.: [Company Identification No.]	L31300MP1945PLC001114
IEC No.:	1188000012
TAN No.: [Tax Deduction & Collection Account No.]	JBPU00023C MUMU03691C MUMU04091D
PAN No.: [Permanent Account No.]	AAACU3547P
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the manufacturing, laying, selling of Power Cables and Capacitors.
No. of Employees :	1097 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a part of M. P. Birla Group of companies and it is engaged in manufacturing of power cables and capacitors for the power industry, rubber cables for original equipment manufacturers and other industries like railways, steel plants, petrochemical plants and cement plants etc. subject offers its products under the brand name Unistar. For the financial year ended 2015, company possesses moderate operational performance and incurred losses from its operations during the year under a review. However, ratings continue to derive strength from company’s financially strong parentage viz. the M.P. Birla Group and regular financial support extended by the group companies. Rating also factor in the established track record of the company in the power cable industry backed by experienced management team and diversified customer base of the company. However, rating strength partially offset by inherent volatility in input cost and fixed price contracts thereby restricting the ability of the company to pass on cost escalations, intense competition in the MV segment from organized players and organized and unorganized players in the LV segment. Trade relations are reported as fair. Payment terms are reported to be slow but correct. In view of being part of M.P. Birla Group companies, the company can be considered 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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Moderate degree of safety and moderate Credit risk
Date	22.01.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2+
Rating Explanation	Strong degree of safety and low credit risk
Date	22.01.2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Ram Mumdra
Designation :	Senior Manager-Finance/ Account
Contact No.:	91-7642-414000

LOCATIONS

Registered Office / Factory 1 :	P.O. Birla Vikas, Satna-485005, Madhya Pradesh, India
Tel. No.:	91-7672-414000 / 257121-27
Fax No.:	91-7672-257129 / 257131
E-Mail :	headoffice@unistar.co.in sales@unistar.co.in accounts@unistar.co.in secretarial@unistar.co.in
Website :	www.unistar.co.in
Corporate Office/ Marketing Office :	Industry House, 159, Churchgate Reclamation, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-44422200
Fax No.:	91-22-22027854
E-Mail :	mumbai@unistar.co.in mumbai.sales@unistar.co.in
Factory 2 :	Plot Nos. L – 62 to L-64 A, Verna Industrial Estate, Verna, Salcette – 403722, Goa, India
Marketing Office :	Also Located At Allahabad Hyderabad Bangalore Kolkata Vadodara Bhopal New Delhi Chennai Raipur Goa

DIRECTORS

As on 31.03.2015

Name :

Mr. Swatantra Singh Kothari

Designation :

Director

Address:

J-202 Saket, New Delhi - 110017, India

Date of Birth :

25.03.1931

Date of Appointment :

26.10.2005

DIN No.:

00005428

Name :

Mr. Bachh Raj Nahar

Designation :

Director

Address:

Flat No. 2-A, 2nd Floor, 12 Shakespeare Sarani, Kolkata - 700071, West Bengal, India

Date of Birth :

14.06.1951

Date of Appointment :

12.08.2014

DIN No.:

00049895

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	U74900WB1979PTC136648	BRN COMMODITIES AND TRADING COMPANY PRIVATE LIMITED	Additional director	30/11/2012	11/10/1979	-	Active	NO
2	U74140MH1987PTC042137	MILI CONSULTANTS AND INVESTMENT PRIVATE LIMITED	Director	07/01/1987	07/01/1987	-	Active	NO
3	U65990WB1979PTC206806	MILI CAPITAL MANAGEMENT PRIVATE LIMITED	Director	01/09/1992	01/09/1992	-	Active	NO
4	U26959WB1997PTC082661	BIRLA READYMIX PRIVATE LIMITED	Director	18/06/2003	18/06/2003	-	Active	NO
5	U17232WB1989PTC046562	BIRLA ODESSA INDUSTRIES PRIVATE LIMITED	Director	04/07/2003	04/07/2003	-	Active	NO
6	U36994WB1996PLC076677	BUDGE BUDGE FLOORCOVERINGS LIMITED	Director	16/03/2004	16/03/2004	-	Active	NO
7	L31300MP1992PLC007190	BIRLA ERICSSON OPTICAL LIMITED	Director	27/10/2004	27/10/2004	11/05/2009	Active	NO
8	L01132WB1919PLC003334	BIRLA CORPORATION LIMITED	Managing director	03/08/2014	03/08/2006	-	Active	NO
9	U72900WB1995PLC099355	TALAVADI CEMENTS LIMITED	Director	08/12/2006	08/12/2006	-	Active	NO
10	U26940AS2008PLC008652	BIRLA CEMENT (ASSAM) LIMITED	Director	16/04/2008	16/04/2008	-	Active	NO
11	U26941AS2008PLC008653	BIRLA NORTH EAST CEMENT LIMITED	Director	16/04/2008	16/04/2008	-	Dissolved	NO
12	U26940TN2008PLC067382	THIRUVAIYARU INDUSTRIES LIMITED	Director	17/04/2008	17/04/2008	-	Under liquidation	NO
13	U26943WB2008PLC125473	NEW-AGE CEMENT LIMITED	Director	07/05/2008	07/05/2008	-	Dissolved	NO
14	U26922MH1995PLC085677	LOK CEMENT LIMITED	Additional director	05/07/2012	05/07/2012	-	Active	NO
15	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	12/08/2014	19/05/2014	-	Active	NO

Name :

Mr. Sushil Chandra Jain

Designation :

Director

Address:

Tulsi Appartment, Flat No. 301,40A, Hindustan Park, Kolkata - 700029, West Bengal, India

Date of Birth :

01.08.1940

Date of Appointment :

27.10.2006

DIN No.:

00194087

Name :

Mr. Sheo Raj Jain

Designation :

Director

Address:

N 15/1 Phase - 2, DLF Quatab Enclave, Gurgaon - 122002, Haryana, India

Date of Birth :

29.10.1934

Date of Appointment :

18.07.2007

DIN No.:

00364293

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	U74899DL1993PTC054640	CONSTEEL INDIA PRIVATE LIMITED	Managing director	28/07/1993	28/07/1993	-	Active	NO
2	L26942OR1949PLC000185	OCL INDIA LIMITED	Director	13/09/2014	25/11/1993	31/03/2015	Active	NO
3	U27109OR1982GOI001050	NEELACHAL ISPAT NIGAM LIMITED	Director	25/03/2015	13/04/1994	-	Active	NO
4	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	18/07/2007	05/09/2006	-	Active	NO
5	L27102OR2006PLC008594	OCL IRON AND STEEL LIMITED	Additional director	11/07/2007	11/07/2007	17/02/2010	Active	NO
6	U27100GJ1976FLC013787	ESSAR STEEL INDIA LIMITED	Director	28/09/2013	29/05/2013	15/10/2013	Active	NO

Name :

Mr. Harsh Vardhan Lodha

Designation :

Director

Address:

8 National Tower, 13 Loudon Street, Kolkata - 700017, West Bengal, India

Date of Birth :

13.02.1967

Date of Appointment :

24.04.1998

DIN No.:

00394094

Name :

Ms. Kavita A Sharma

Designation :

Director

Address:

10, Sector 15-A, Gautam Buddha Nagar, Noida - 201301, Uttar Pradesh, India

Date of Appointment :

24.07.2015

DIN No.:

07080946

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	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	24/07/2015	06/02/2015	-	Active	NO

Name :

Mr. Dinesh Chanda

Designation :

Director

Address:

C-113/Shivalik Nagar, Bhel, Ranipur, Haridwar - 249403, Uttarakhand, India

Date of Appointment :

26.10.1936

DIN No.:

18.07.2007

Designation :

00939978

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	L31300MP1992PLC007190	BIRLA ERICSSON OPTICAL LIMITED	Alternate director	28/11/2013	27/10/2006	30/01/2014	Active	NO
2	L31300MP1945PLC001114	UNIVERSAL CABLES LIMITED	Director	18/07/2007	23/05/2007	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ram Mumdra
Designation :	Senior Manager-Finance/ Account
Name :	Mr. Amitava Bose
Designation :	Manager
Address :	A-27, Block No. 3, UCL Flat, P.O. Birla Vikas, Satna - 485005, Madhya Pradesh, India
Date of Appointment :	05.05.2015
PAN No.:	AARPB0351Q
Name :	Mr. Yashwant Singh Lodha
Designation :	Manager
Address :	VTL Staff Colony, Udyog Vihar, PO Chorhata, Rewa - 486006, Madhya Pradesh, India
Date of Appointment :	15.05.2015
PAN No.:	AAWPL4977B
Name :	Mr. Rakesh Barmecha
Designation :	Chief Executive Officer
Address :	A/25, UCL Flat, Universal Cables Limited, P.O. Birla Vikas, Satna - 485005, Madhya Pradesh, India
Date of Appointment :	10.08.2014
PAN No.:	AHCPB6583C
Name :	Mr. Om Praksah Pandey
Designation :	Secretary
Address :	Flat No. B-18, Universal Cables Limited, P.O. Birla Vikas, Satna - 485005, Madhya Pradesh, India
Date of Appointment :	08.05.2014
PAN No.:	ANUPP6287B
Name :	Mr. D R Bansal
Designation :	Chief Mentor and Executive Director
Audit Committee :	Mr. Dinesh Chanda – Chairman Dr. S R Jain Mr. S S Kothari

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2015

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	12155914	52.55
Sub Total	12155914	52.55
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	12155914	52.55
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1200	0.01
Financial Institutions / Banks	119496	0.52
Central Government / State Government(s)	740	0.00
Insurance Companies	758205	3.28
Foreign Institutional Investors	500	0.00
Sub Total	880141	3.81
(2) Non-Institutions
Bodies Corporate	2572147	11.12
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	3005600	12.99
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2591439	11.20
Any Others (Specify)	1925013	8.32
Clearing Members	116538	0.50
Trusts	1760392	7.61
Foreign Individuals	48083	0.21
Sub Total	10094199	43.64
Total Public shareholding (B)	10974340	47.45
Total (A)+(B)	23130254	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	23130254	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the manufacturing, laying, selling of Power Cables and Capacitors.
Products :	Power Cables Capacitors Optical Fibre
Brand Names :	“UNISTAR”
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Mauritius
Imports :
Products :	Raw Material
Countries :	Japan Korea Egypt Germany United Kingdom Singapore
Terms :
Selling :	Cash, L/C and Credit (30/ 60/ 90 Days)
Purchasing :	Cash, L/C and Credit (30/ 60/ 90 Days)

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	L.M.R. Polymers – Daman
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users and OEM’s

Reference :	Reliance Industries Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

1097 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Santna Branch, Madhya Pradesh, India
Person Name (With Designation)	Not Available
Contact Number	91-7672415026 (Number Ringing)
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Foreign Currency Loan - Buyer's Credit – Secured	39.885	82.720
Less : Current Maturities of Long Term Borrowings	39.885	44.460
SHORT TERM BORROWINGS
Cash Credit Account	1554.847	1656.845
Export Packaging	75.723	0.000
Total	1630.570	1695.105

Notes:

Long Term Borrowings

Foreign Currency Loan - Buyer’s Credit from Bank(s) are secured by hypothecation of entire, present and future, current assets of the Company. As collateral security, these facilities are additionally secured by way of first hypothecation charge on certain immovable properties of the Company by deposit of title deeds of such immovable properties. These foreign currency loans are repayable before March, 2016 and carries rate of interest ranging from 1.50% - 3.00%.

As per the renewed/revised terms and conditions loans from Bodies Corporate amounting to Rs.200.000 Million as shown under Other Current Liabilities are repayable in full in the year ending on 31st March, 2016. Loan from Bodies Corporate of Rs.1400.000 Million and Rs.150.000 Million provided by related party are repayable after March, 2016. These loans carry interest @ 10.50% - 12.50% (rate as on reporting date).

Short Term Borrowings

Working Capital Loans from Bank(s) are secured by hypothecation of entire present and future current assets of the Company. As collateral security, these facilities are additionally secured by way of first charge on certain immovable properties of the Company as continuing security by deposit of title deeds of such immovable properties.

Auditors :
Name :	V Sankar Aiyar and Company Chartered Accountant
Address :	Satyam Cinema Complex, Ranjit Nagar Community Centre, New Delhi – 110008, India
Tel. No.:	91-11-25702074/ 25702691/ 25704639/ 25705233
Mobile No.:	91-11-25705010/ 25705232
E-Mail :	newdelhi@vsa.co.in
Memberships :	--
Collaborators :	--
Joint Ventures :	· Birla Ericsson Optical Limited (BEOL) · Birla Furukawa Fibre Optics Limited (BFL)
Enterprise which is significantly influenced by the Company :	· Vindhya Telelinks Limited (VTL)
Enterprise over which a Director is able to exercise significant influence :	· Shakun Polymers Limited (SPL)

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.100/- each	Rs. 5.000 Million
44500000	Preference Shares	Rs.10/- each	Rs. 445.000 Million
	Total		Rs. 450.000 Million

Issued Capital:

No. of Shares	Type	Value	Amount
23136074	Equity Shares	Rs.10/- each	Rs. 231.361 Million

Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
23130254	Equity Shares	Rs.10/- each	Rs. 231.303 Million
	Add: Forfeited Shares		Rs. 0.029 Million
	Total		Rs. 231.332 Million

Reconciliation of the number of shares outstanding and the amount of share capital as at 31st March, 2015 is as under :

Description	As on 31.03.2015
	No. of Shares	Rs. In Million
Outstanding at the beginning of the year	23130254	231.332
Outstanding at the end of the year	23130254	231.332

Terms/Rights attached to Equity Shares :

The Company has only one class of Shares referred to as Equity Shares having a par value of Rs. 10/- per share. Each holder of Equity Share is entitled to one vote per share.

Details of Shareholders holding more than 5% shares in the Company is as under :

	As on 31.03.2015
Name of Shareholder	Number of Shares	% holding
Vindhya Telelinks Limited	4839908	20.92
The Punjab Produce and Trading Company Private Limited	2910128	12.58
Gwalior Webbing Company Private Limited	1688573	7.30

As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	231.332	231.332	231.332
(b) Reserves & Surplus	879.435	1246.013	1646.935
(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)	1110.767	1477.345	1878.267
(3) Non-Current Liabilities
(a) long-term borrowings	1550.000	1138.260	38.634
(b) Deferred tax liabilities (Net)	0.000	0.000	40.555
(c) Other long term liabilities	1.134	1.618	0.413
(d) long-term provisions	75.624	69.686	22.757
Total Non-current Liabilities (3)	1626.758	1209.564	102.359
(4) Current Liabilities
(a) Short term borrowings	1858.099	1888.366	2051.256
(b) Trade payables	951.793	1032.303	1220.473
(c) Other current liabilities	602.055	278.615	430.005
(d) Short-term provisions	56.650	50.831	133.893
Total Current Liabilities (4)	3468.597	3250.115	3835.627
TOTAL	6206.122	5937.024	5816.253
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1451.957	1544.610	1370.224
(ii) Intangible Assets	1.950	3.593	4.651
(iii) Capital work-in-progress	0.000	9.700	50.662
(iv) Intangible assets under development	513.192	513.192	0.000
(b) Non-current Investments	61.210	56.887	507.442
(c) Deferred tax assets (net)	143.773	133.172	0.000
(d) Long-term Loan and Advances	0.000	0.000	76.924
(e) Other Non-current assets	4.539	40.817	210.401
Total Non-Current Assets	2176.621	2301.971	70.252
			2290.556
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1136.922	1049.286	1267.905
(c) Trade receivables	2383.857	2233.033	1988.104
(d) Cash and cash equivalents	52.632	48.446	27.432
(e) Short-term loans and advances	338.969	188.706	169.772
(f) Other current assets	117.121	115.582	72.484
Total Current Assets	4029.501	3635.053	3525.697
TOTAL	6206.122	5937.024	5816.253

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	6940.247	6155.147	6189.213
	Other Income	88.709	107.711	78.292
	TOTAL (A)	7028.956	6262.858	6267.505
Less	EXPENSES
	Cost of Materials Consumed	5255.181	4667.315	4592.493
	Purchases of Stock-in-Trade	215.608	267.599	207.002
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	81.949	67.679	(19.517)
	Employees benefits expense	422.192	399.530	414.529
	Other expenses	718.037	804.563	741.578
	TOTAL (B)	6692.967	6206.686	5936.085
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	335.989	56.172	331.420
Less	FINANCIAL EXPENSES (D)	506.919	328.581	253.248
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(170.930)	(272.409)	78.172
Less/ Add	DEPRECIATION/ AMORTISATION (F)	176.184	168.734	147.688
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(347.114)	(441.143)	(69.516)
Less	TAX (H)	0.000	(40.555)	(23.289)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(347.114)	(400.588)	(46.227)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	143.670	36.435	30.926
	Claims From Vendors	0.000	0.000	0.200
	TOTAL EARNINGS	143.670	36.435	31.126
	IMPORTS
	Raw Materials	974.091	914.902	984.612
	Components and Stores parts	9.960	4.104	7.576
	Capital Goods	27.326	82.096	110.735
		37.983	51.060	68.638
	TOTAL IMPORTS	1049.360	1052.162	1171.561
	Earnings / (Loss) Per Share (Rs.)	(15.01)	(17.32)	(2.00)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	39.885	44.460	28.375
Cash generated from operations	(40.328)	(342.690)	(10.053)
Net cash flow from operating activity	(45.771)	(348.971)	(18.157)

QUARTERLY RESULTS

Particulars	30.06.2015	30.09.2015
UnAudited	1^st Quarter	2^nd Quarter
Net Sales	1598.000	1854.900
Total Expenditure	1480.800	1667.200
PBIDT (Excl OI)	117.200	187.700
Other Income	28.400	36.200
Operating Profit	145.600	223.900
Interest	139.700	131.400
Exceptional Items	NA	NA
PBDT	5.900	92.500
Depreciation	43.600	43.700
Profit Before Tax	(37.700)	48.800
Tax	NA	NA
Provisions and contingencies	NA	NA
Profit After Tax	(37.700)	48.800
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	(37.700)	48.800

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(5.00)	(6.51)	(0.75)
Operating Profit Margin (PBIDT/Sales)	(%)	4.84	0.91	5.35
Return on Total Assets (PBT/Total Assets}	(%)	(6.33)	(8.44)	(1.34)
Return on Investment (ROI) (PBT/Networth)		(0.31)	(0.30)	(0.04)
Debt Equity Ratio (Total Debt /Networth)		3.10	2.08	1.13
Current Ratio (Current Asset/Current Liability)		1.16	1.12	0.92

STOCK PRICES

Face Value	Rs.10.00/-
Market Value	Rs.60.00/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	231.332	231.332	231.332
Reserves & Surplus	1646.935	1246.013	879.435
Net worth	1878.267	1477.345	1110.767
long-term borrowings	38.634	1138.260	1550.000
Short term borrowings	2051.256	1888.366	1858.099
Current Maturities of Long-Term Debts	28.375	44.460	39.885
Total borrowings	2118.265	3071.086	3447.984
Debt/Equity ratio	1.128	2.079	3.104

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6189.213	6155.147	6940.247
		(0.550)	12.755

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	6189.213	6155.147	6940.247
Profit/ (Loss)	(46.227)	(400.588)	(347.114)
	(0.75%)	(6.51%)	(5.00%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

MANAGEMENT DISCUSSION AND ANALYSIS:

INDUSTRY STRUCTURE AND DEVELOPMENTS:

The Company prides itself with its long and impeccable track record as a leading manufacturer of power cables and capacitors. With its impressive product portfolio backed by world class technology, the Company is recognized as the "trailblazer" in the industry. The Company`s iconic brand Unistar retains its distinctive and leadership profile as the most trusted name in the industry.

During the financial year, the Industry has been exposed to unprecedented headwinds of economic volatility, as a fall-out of the instability in the global financial system, which has withered away the buoyancy in the market. The key features of the financial year which has decapitated the expected performance of the Company have been the sharp devaluation of the Rupee, severe liquidity crunch in the market, flaring prices of raw materials, upsurge in the fuel prices, lagging performance of the power sector and an overall slump in the core sector investments. Adding more pain to the industry`s wound, the power sector, the key demand driver, has not lived up to its true expectation of accelerated growth. The overall demand from other core sectors had a dampened investment sentiment. Majority of the infrastructure companies have deferred their expansion and diversification plans. In consequence to such market depression resulting to an anemic year of growth, the Company with savior fairs realigned its strategy to reduce its exposure to these adversities while focusing on value added products.

Historically, the cable industry has been exposed to repeated cyclical downturns. The Company has in the past came out of these cycles stronger which testify its resilience. The Company hopes that the environment in the power sector improves so that it can benefit from it.

Delayed payments are a major concern to the industry. The Company is carefully weighing its option to accept contracts which are not conducive to its business operation and can hamper its cash flows.

The company has introduced the "5S" concept; the popular mnemonic derived from the Japanese words Seiri,Seiton, Seiso, Seiketsu and Shitsuke for improving workstation discipline and foster a culture for improvement in efficiency and effectiveness.

As a long-term strategy, the Company has been pursuing technological advancement at par with the major international players. The Company is proud of its excellent technology and quality of its power cables up to 400 kV. The Company is the only cable manufacturer in India having an in-house Testing Laboratory which has earned the prestigious NABL accreditation.

PRODUCT-WISE PERFORMANCE, OPPORTUNITIES, THREATS AND BUSINESS OUTLOOK:

Power Cables and Capacitors:

Gross revenue from this segment during the year was Rs.6595.700 Million as compared to Rs.5639.600 Million during the previous year.

EHV Power Cables:

Balancing the demand-supply equation is one of the main challenges of the power sector in order to deliverpower to the consumer`s door-step. With a view to bridge this imbalance between power generation and distribution, large EHV power transmission corridors are being constructed across the length & breadth of the country to link the generation and distribution nodes. This is implicitly encouraging for the Company as these large transmission lines are generating the demand for EHV underground sub-transmission networks within and around the metro-cities and satellite towns. Notably, the infrastructure in the underground transmission segment is in its nascent stage. Considering the ecological embargo and space constraints for constructing overhead transmission lines within metropolis and its proximity, underground EHV transmission has earned priority, as this is the only means to infuse power into the urban area. This phenomenon is driving the rapid growth for EHV cables.

The Company having envisioned this scenario had installed two state-of-the-art Vertical Continuous Vulcanizing (VCV) lines, the only of its kind in India, to cater to this market segment. With technology from Furukawa Electric Co., Ltd., the Company has rapidly made in-roads in the 220 kV market segment and is now advancing towards the 400 kV segment, the highest voltage in underground transmission system. The Company also having institutionalized an engineering & construction wing, is expanding its activity in undertaking turnkey solutions in underground EHV cable transmission projects in line with the market trend in this segment.

FINANCIAL REVIEW:

The financial performance of the Company during the year 2011-12 can be ascertained from the following key indicators :

There has been a Net Loss in the current fiscal of Rs.139.300 Million as compared to a Net Profit of Rs.178.000 Million in the previous year which is mainly due to unprecedented sharp devaluation of the Rupees, severe liquidity crunch and flaring prices of inputs.

Despite continued endeavor to contain, financial cost at Rs.239.700 Million have increased by Rs.130.100 Million from the previous year on account of soaring interest rates and increased borrowings for working capital requirements due to enhanced business volume and delayed payment from customers, hampering cash flow.

Total Borrowings increased by Rs.171.800 Million mainly due to increase in working capital requirement consequent upon increase in the Turnover.

The market value of quoted investment decreased to Rs.599.000 Million from Rs.891.500 Million in the previous year.

The level of inventories decreased from Rs.1093.800 Million to Rs.1024.500 Million because of strict inventory management.

Sundry Debtors increased to Rs.1284.900 Million as on 31st March, 2012 as Compared to Rs.1024.600 Million as at the end of the previous year mainly due to retention of money by customers in Turnkey Contracts and delayed payments from some Power Utilities.

The Company is now in the process of realizing Industrial Investment Promotion Assistance from the State Government. The first two year`s benefit have since been realized. The total amount of assistance realizable is on 31st March, 2012 is Rs.96.300 Million.

The level of Current Liabilities have increased marginally due to shift from Buyers` Credit to Suppliers` Credit.

RISK AND CONCERNS:

Due to the inherent nature of any business risk factors arise out of uncertain events and the Company is also not an exception to this. However, the Company has an effective and strong risk management framework in place which enables active monitoring of the business activities for identification, assessment and neutralization/mitigation of potential internal and external risks. Some of the major risks to which the Company is exposed and the Company`s policy to reduce the adverse impacts of the same are: he Company has in the recent past continued the exercise of renovation/ up gradation of Machineries and Equipments. As a result redundant Plant and Machinery having gross value of Rs.6.300 Million and WDV of Rs.1.200 Million have been discarded during the year.

GENERAL AND CORPORATE MATTERS

The Company has achieved the gross revenue of Rs.7649.100 Million in the current fiscal as compared to Rs. 6866.1000 Million for the previous fiscal. Apart from the marginal increase in the gross revenue, there has been a regain in the Company’s operations for the year as the loss has been reduced to Rs.347.100 Million as compared to Rs.400.600 Million for the previous fiscal. The Company is largely dependent on the demand from the power and infrastructural sectors. The power sector which is heavily dependent on the coal based thermal power generation has failed to respond to the targeted growth due to the de-allocation process of the coal blocks, which has dampened the thrust on the power generation. The ripple effect has decelerated the growth in the infrastructural and industrial sectors which are inextricably linked with the power sector. This in turn has downplayed the downstream demand for power cables as well. Moreover, a substantial slice of the domestic demand has been acquired by the overseas players. It is reported that the Indian Electrical Industry as a whole has suffered a loss in their market share as the imports have captured 43% of the domestic market, though the cable industry in particular has not conceded its share to the overseas players to this extent.

The Government has enunciated plans for revival of the economy and the industrial growth raising the aspirations of the industry. 11 also spearheaded a strategic decision to make the Country a choice for manufacture by announcing Make in India policy encouraging investment in manufacturing sector. The Government's thrust on creating ultra mega power plants, metros, airports, railways, ports, roads, smart cities, SEZs would drive the demand. The Government is targeting an addition of 88.5GW in the 12th Plan, this enhancement in the capacity would entail a substantial capital investment. The sub-transmission networks, predominantly underground systems, feeding power to the rising demand from the urban sector are already showing indications of an increase in demand for EHV underground power cables for the years to come. The proposal also includes privatization of the Power Distribution Companies (DISCOM) mainly in the urban areas which would lead to quicker implementation stimulating a surge in demand for the under -ground power cables.

The Company has a large capacity for manufacturing EHV cables and has also augmented its capacity for HV and MV cables, hence it is geared to meet the challenges of the growing demand.

As the quality of power is a key issue for the industry segment, the Company has expanded its business in turnkey projects for Capacitor banks where the margins are reasonably remunerative.

In this competitive market, the Company is constantly focusing on optimizing the raw material consumption and production cost, reduction of inventories and rationalization of manpower.

The Company has technology leadership with its advanced manufacturing facilities and capabilities of manufacturing high- end products which enables it to retain its position as a forefront player. The brand name of the Company maintains its sheen as the most trusted product in the market. The Company has always maintained its policy to retain talent and also to hone the skills of its employees for deliverance of their capabilities and creativity to contribute to their work place and the Company at large.

UNSECURED LOAN

PARTICULARS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
LONG TERM BORROWINGS
Loan from Related Party	150.000	0.000
Other Loans
Loans from Bodies Corporates	1600.000	1100.000
Less : Current Maturities of Long Term Loan	200.000	0.000
SHORT TERM BORROWINGS
Loan From a Bank (repayable on demand)	227.529	231.521
TOTAL	1777.529	1331.521

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80005490	03/12/2012 *	3,565,000,000.00	STATE BANK OF INDIA	CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J N HEREDIA MARG, BELLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA	B65113060

STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30^th SEPTEMBER, 2015

(Rs. In Million)

		Particulars	Quarter Ended 30.09.2015 (Unaudited)	Quarter Ended 30.06.2015 (Unaudited)	Half Year Ended 30.09.2015 (Unaudited)
1		Income from Operations
		Sales/Income from Operations (Net Operating Income (Net))	1826.000	1578.200	3404.200
		b) Other Operating Income (Net)	28.900	19.800	48.700
	Total Income from Operations (Net)		1854.900	1598.000	3452.900
2	Expenses
	a)	Cost of Materials consumed	1213.600	1167.400	2381.000
		Purchase of Stock-in-trade	29.200	58.500	87.700
	b)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	100.000	(47.800)	52.200
	c)	Employee benefit expenses	115.000	107.800	222.800
	d)	Depreciation and amortization expense	43.700	43.600	87.300
	e)	Other expenses	209.400	194.900	404.300
	Total Expenses		1710.900	1524.400	3235.300
3		Profit /(Loss) from operations before other income, finance costs and exceptional items	144.000	73.600	217.600
4	Other Income		36.200	28.400	64.600
5	Profit /(Loss) from ordinary activities before finance costs and exceptional items		180.200	102.000	282.200
6	Finance Costs		131.400	139.700	271.100
7	Profit /(Loss) from ordinary activities after finance costs but before exceptional items		48.800	(37.700)	11.100
8	Exceptional Items		0.000	0.000	0.000
9	Profit /(Loss) from ordinary activities before tax		48.800	(37.700)	11.100
10	Tax Expense		0.000	0.000	0.000
11	Net Profit /(Loss) from ordinary activities after tax		48.800	(37.700)	11.100
12	Paid up equity share capital (Eq. shares of Rs.10/- each)		231.300	231.300	231.300
13	Reserve excluding revaluation reserves
14		Earnings per share (before/after extraordinary items) of Rs.10/- each
		Basic & Diluted	2.11	(1.63)	0.48
A		PARTICULARS OF SHAREHOLDING
1		Public Shareholding
		- No. of Shares	Nil	10974340	Nil
		- Percentage of Shareholding	Nil	47.45	Nil
2		Promoters and promoter group shareholding
		a) Pledged/Encumbered
		- Number of shares	Nil	Nil	Nil
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	Nil	Nil	Nil
		- Percentage of shares (as a % of the total share capital of the Company)	Nil	Nil	Nil
		b) Non- encumbered
		- Number of shares	Nil	12155914	Nil
		- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group)	Nil	100.00%	Nil
		- Percentage of shares (as a % of the total share capital of the Company)	Nil	52.55%	Nil

Particulars	Quarter Ended 30.06.2015
Pending at the beginning of the quarter	0
Received during the quarter	6
Disposed of during the quarter	6
Remaining unresolved at the end of the quarter	0

Note :

The above unaudited financial results duly reviewed by the Audit Committee have been approved by the Board of Directors in its meeting held on 10th August, 2015 and subjected to a Limited Review by the Statutory Auditors of the Company.

The Figures of the quarter ended 31st March, 2015 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the financial year 2014-15.

 The Company has received letter dated 31st July, 2015 from the Securities and Exchange Board of India ("SEBI") indicating observations on the Draft Letter of Offer submitted to SEBI in connection with the proposed Rights Issue of equity shares to the existing shareholders of the Company for a maximum amount of Rs.600.000 Million.

The Company has only one reportable primary business segment. Hence, no separate segment-wise information of revenue, results and capital employed is given.

 Figures of previous year/periods have been regrouped/recast, wherever considered necessary.

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant and Equipments

· Office and Equipments

· Furniture and Fixtures

· Vehicles

· Leasehold improvements

· 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 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.66.16
UK Pound	1	Rs.100.65
Euro	1	Rs.70.97

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.