MIRA INFORM REPORT

Report No. :	344837
Report Date :	23.10.2015

IDENTIFICATION DETAILS

Name :	CMI LIMITED
Registered Office :	C- 483, Yojna Vihar,  Delhi - 110092
Tel. No.:	91-11-49570000/42408716
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	29.10.1985
Com. Reg. No.:	55-018031
Capital Investment / Paid-up Capital :	Rs. 114.550 Million
CIN No.: [Company Identification No.]	L74899DL1985PLC018031
IEC No.:	0588125105
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACC2156L
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of PVC switch board cables, control cables, screened cables, FRLS cables and data transmission cables.
No. of Employees :	200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 3922000
Status :	Satisfactory
Payment Behavior :	Usually correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 1985 is engaged in manufacturing cables. It offers cable for jelly filled telecom, pulse code modulated, computer, coaxial, submersible, house wiring etc. For the financial year ended 2015, company has reported 28.94% sales turnover growth as compared to previous sales turnover and it has maintained decent profitability margins at 4.59% during the year under review. Rating derive strength from experienced promoters and their demonstrated financial commitment including equity infusion in FY 15 supported by long track record of operations of the company with diversified product profile, consistent revenue growth, stable operating margins and improvement in overall gearing in FY15. Rating strength partially offset by customer concentration risk, working capital-intensive nature of operations and competitive nature of the cable sector. Tarde relations are reported as fair. Payment terms are reported to be usually correct. In view of aforesaid, 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	April 17, 2015

Rating Agency Name	CARE
Rating	Shot-term Bank Facilities : A3
Rating Explanation	Moderate degree of safety and higher credit risk.
Date	April 17, 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. Subodh
Designation :	Account Manager
Contact No.:	91-9911807009
Date :	10.10.2015

LOCATIONS

Registered Office/ Marketing :	C- 483, Yojna Vihar,  Delhi – 110092, India
Tel. No.:	91-11-49570000/42408716
Mobile No.:	91-9911807009 (Mr. Subodh)
Fax No.:	91-11-43061383/22160411
E-Mail :	info@cmilimited.in vkgupta@cmilimited.in
Website :	www.cmilimited.in
Location :	Owned
Locality :	Industrial
Factory :	Plot No. 71 and 82, Sector- 6, Faridabad-121006, Haryana, India
Tel. No.:	91-129-4262707
Fax No.:	91-12-2242686/4262707
Location :	Owned

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Amit Jain

Designation :

Managing Director

Address :

C - 483, Yojna Vihar, New Delhi - 110092, India

Date of Appointment :

01.10.2012

DIN No.:

00041300

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	L74899DL1985PLC018031	CMI LIMITED	Managing director	01/10/2012	01/10/2002	-	Active	NO
2	U74900DL2003PLC122826	NEOTERIC BUSINESS SOLUTIONS LIMITED	Director	27/10/2003	27/10/2003	01/03/2011	Active	NO
3	U31908DL2007PTC161082	RKJ WIRES AND CABLES PRIVATE LIMITED	Director	23/03/2007	23/03/2007	01/10/2010	Active	NO
4	U72900DL2007PTC161721	ROBOTECH PRIVATE LIMITED	Director	09/04/2007	09/04/2007	01/10/2010	Active	NO
5	U31401DL2007PTC161720	RKJ CABLING SOLUTIONS PRIVATE LIMITED	Director	09/04/2007	09/04/2007	01/10/2010	Active	NO
6	U45209DL2007PTC161722	PEARL REGENCY REAL ESTATES PRIVATE LIMITED	Director	09/04/2007	09/04/2007	18/09/2010	Active	NO

Name :

Mr. Vijay Kumar Gupta

Designation :

Whole-Time Director

Address :

C181, Vivek Vihar, New Delhi - 110095, India

Date of Appointment :

01.04.2014

DIN No.:

00995523

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	U74900DL2003PLC122826	NEOTERIC BUSINESS SOLUTIONS LIMITED	Director	20/08/2004	20/08/2004	01/03/2011	Active	NO
2	L74899DL1985PLC018031	CMI LIMITED	Whole-time director	01/04/2014	15/01/2009	-	Active	NO

Name :

Ms. Archana Bansal

Designation :

Additional Director

Address :

D-327, First Floor, Anand Vihar, Delhi - 110092, India

Date of Appointment :

01.05.2015

DIN No.:

01129623

Name :

Mr. Pyare Lal Khanna

Designation :

Director

Address :

A-41, Vivek Vihar, Phase-II, Delhi - 110095, India

Date of Appointment :

30.09.2014

DIN No.:

02237272

Name :

Mr. Ramesh Chand

Designation :

Director

Address :

342B, J K BLK, Dilshad Garden, Delhi - 110095, India

Date of Appointment :

30.09.2014

DIN No.:

02759859

KEY EXECUTIVES

Name :	Mr. Raj Kumar
Designation :	Chief Financial Officer
Address :	H. No. 1179-E, Sector- 7D, Faridabad - 121006, Haryana, India
PAN No:	AWNPK6464B
Date of Appointment :	01.04.2015
Name :	Mr. Subodh Kumar Barnwal
Designation :	Secretary
Address :	C-267, 1st Floor, Pandav Nagar, Delhi - 110092, India
PAN No :	AYJPK4556E
Date of Appointment :	01.08.2010
Audit Committee
Name :	Mr.Ramesh Chand
Designation :	Chairman
Name :	Mr. Pyare Lal Khanna
Designation :	Member
Name :	Mr. Vijay Kumar Gupta
Designation :	Member
Nomination and Remuneration Committee
Name :	Mr. Pyare Lal Khanna
Designation :	Chairman
Name :	Mr.Ramesh Chand
Designation :	Member
Name :	Archana Bansal
Designation :	Member
Stake Holders Relationship Committee
Name :	Mr. Pyare Lal Khanna
Designation :	Chairman
Name :	Mr. Ramesh Chand
Designation :	Member
Name :	Mr. Vijay Kumar Gupta
Designation :	Member

SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4893877	42.73
Sub Total	4893877	42.73
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4893877	42.73
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	47918	0.42
Foreign Institutional Investors	10000	0.09
Sub Total	57918	0.51
(2) Non-Institutions
Bodies Corporate	719434	6.28
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	1209994	10.57
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	3573043	31.20
Any Others (Specify)	997541	8.71
ESOP/ESOS/ESPS	3200	0.03
Hindu Undivided Families	921041	8.04
Non Resident Indians	24212	0.21
Clearing Members	39318	0.34
Others	9770	0.09
Sub Total	6500012	56.76
Total Public shareholding (B)	6557930	57.27
Total (A)+(B)	11451807	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	11451807	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of PVC switch board cables, control cables, screened cables, FRLS cables and data transmission cables.

Products :

Item Code No.	Product Description
85441990	Cables

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Sri Lanka
• United Kingdom
• Dubai

Imports :

Products :

Raw Material

Countries :

• United States of America
• Dubai

Terms :

Selling :

Cash and Credit (30 Days / 60 Days / 90 Days)

Purchasing :

Cash and Credit (30 Days / 60 Days / 90 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Tata Tele Services
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

• Indian Space Research Organisation

Customers :

End Users and OEMs

Reference :	Bharat Heavy Electrical 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

• Delhi Metro Rail Corporation

No. of Employees :

200 (Approximately)

Bankers :

Bank Name	Syndicate Bank Shahdara
Branch	Delhi -110032, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Kotak Mahindra Bank Limited, 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From Banks
Term Loan from HDFC Bank Limited (Against Hypothecation of Car repayable in 60 EMI of Rs. 0.113 Million starting from 07th April 2013)	2.306	3.311
Term Loan from Syndicate Bank (Against Hypothecation of two Cars repayable in 60 EMI for Rs. 0.025 Million starting from 30 June 2013 and Rs. 0.017 Million October 2012 and one Car repayable in 36 EMI for Rs. 0.023 Million starting from 30th November 2014.)	1.052	1.066
Term Loan from Kotak Mahindra Bank Limited (Against Hypothecation of Commercial Property of the company repayable in 120 EMI for Rs. 0.247 Million starting from 10th November 2014.)	15.987	0.000
Term Loan from Kotak Mahindra Bank Limited (Against Hypothecation of Residential Property of the relative of the Managing Director and corporate guarantee of the company.)	0.000	56.701
Short-term borrowings
Loan Repayable on Demand
From Banks
Working Capital Limit from Syndicate Bank (Secured by creating charge on Inventory, Book Debts and Factory Land and Building.)	167.195	144.493
Total	186.540	205.571

Financial Institutions:	The Haryana Financial Corporation, Bays Nos. 17; 18 & 19, Sector-17-A, Opposite L.I.C. Building, Chandigarh, India
Auditors :
Name :	J. K. Manocha and Associates Chartered Accountants
Address :	27/55, Street No. 8, Vishwas Nagar, Shahdara, Delhi-110032, India
Tel. No.:	91-11-22389025/22385078
E-Mail :	jkmanocha@yahoo.com
Memberships :	-----
Collaborators :	-----
Parties in which the Key Managerial Personnel/ Directors of the Company are interested:	Wireco (India) Vardhman Cables India Private Limited RKJ Alloys and Conductors Private Limited Lancer Telecom (India) Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11451807	Equity Shares	Rs.10/- each	Rs. 114.518 Million
	Add: Forfeited Shares - Amount Originally Paid up		Rs. 0.032 Million
	Total		Rs. 114.550 Million

The details of Shareholders holding more than 5% shares:

	As At 31.03.2015
Name of the Shareholder	No. of Shares held	% of Held
Amit Jain	4393877	38.37
Shubham Gupta	600000	5.24
Shashank Gupta	600000	5.24
Kusum Agarwal	600000	5.24
Devender Kumar Gupta	600000	5.24

The reconciliation of the number of shares outstanding is set out below:

Name of Shareholders	As At 31.03.2015
	No. of Shares held
Equity Shares at the beginning of the year	3534807
Add: Shares issued on exercise of preferential allotment during the year	7917000
Less: Shares cancelled on buy back of equity shares	---
Equity Shares at the end of the year	11451807

Terms and rights attached to Equity shares:

The Company has issued only one class of shares, i.e. equity shares of face value of Rs. 10/- each. All Equity Shareholders are entitled to one vote per share.

In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in the proportion to their shareholding

a. The Company has not issued any bonus shares in the last five years.

b. The Company has not bought back any share in the last five years.

c. The Company has not issued share other than cash in the last five years.

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	114.550	35.381	35.381
(b) Reserves & Surplus	244.405	106.025	88.342
(c) Money received against share warrants	11.200	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	370.155	141.406	123.723
(3) Non-Current Liabilities
(a) long-term borrowings	28.397	116.412	126.008
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	28.397	116.412	126.008
(4) Current Liabilities
(a) Short term borrowings	301.461	249.370	184.678
(b) Trade payables	166.567	130.458	158.886
(c) Other current liabilities	47.760	49.419	27.380
(d) Short-term provisions	34.405	10.230	10.397
Total Current Liabilities (4)	550.193	439.477	381.341
TOTAL	948.745	697.295	631.072
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	75.655	53.012	58.094
(ii) Intangible Assets	6.576	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.005	0.005	0.005
(c) Deferred tax assets (net)	8.686	2.284	1.338
(d) Long-term Loan and Advances	13.305	6.854	0.367
(e) Other Non-current assets	0.000	0.000	0.058
Total Non-Current Assets	104.227	62.155	59.862
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	347.803	327.603	254.731
(c) Trade receivables	365.678	234.547	221.658
(d) Cash and cash equivalents	30.528	19.913	41.517
(e) Short-term loans and advances	99.430	52.756	51.252
(f) Other current assets	1.079	0.321	2.052
Total Current Assets	844.518	635.140	571.210
TOTAL	948.745	697.295	631.072

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	1357.557	1051.326	885.640
	Other Income	15.279	12.773	6.506
	TOTAL	1372.836	1064.099	892.146
Less	EXPENSES
	Cost of Materials Consumed	1098.518	922.464	768.883
	Purchases of Stock-in-Trade	1.974	18.216	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(12.598)	(71.769)	(53.251)
	Employees benefits expense	24.143	21.757	19.406
	Other expenses	101.652	81.408	75.326
	TOTAL	1213.689	972.076	810.364
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	159.147	92.023	81.782
Less	FINANCIAL EXPENSES	59.033	55.792	46.628
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	100.114	36.231	35.154
Less/ Add	DEPRECIATION/ AMORTISATION	8.777	8.221	10.466
	PROFIT/ (LOSS) BEFORE TAX	91.337	28.010	24.688
Less	TAX	28.297	10.327	8.048
	PROFIT/ (LOSS) AFTER TAX	63.040	17.683	16.640
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	0.834	38.055	50.433
	TOTAL EARNINGS	0.834	38.055	50.433
	IMPORTS
	Raw Materials	204.045	81.135	1.061
	TOTAL IMPORTS	204.045	81.135	1.061
	Earnings / (Loss) Per Share (Rs.)	7.10	5.00	4.78

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	2.664	10.697	1.105
Cash generated from operations	(25.139)	(34.066)	39.343
Net cash flow from (used in) operations	(30.188)	(34.470)	29.743

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	4.64	1.68	1.88
Operating Profit Margin (PBIDT/Sales)	(%)	11.72	8.75	9.23
Return on Total Assets (PBT/Total Assets}	(%)	9.72	4.03	3.92
Return on Investment (ROI) (PBT/Networth)		0.25	0.20	0.20
Debt Equity Ratio (Total Debt /Networth)		0.90	2.66	2.52
Current Ratio (Current Asset/Current Liability)		1.53	1.45	1.50

STOCK PRICES

Face Value	Rs. 10.00/-
Market Value	Rs. 292.80/-

QUARTERLY RESULTS

PARTICULARS	AS ON 30.06.2015
Unaudited	1^st Quarter
Net Sales	453.260
Total Expenditure	392.740
PBIDT (Excl OI)	60.520
Other Income	NA
Operating Profit	60.520
Interest	15.620
Exceptional Items	NA
PBDT	44.900
Depreciation	2.870
Profit Before Tax	42.030
Tax	13.640
Provisions and contingencies	NA
Profit After Tax	28.390

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	35.381	35.381	114.550
Reserves & Surplus	88.342	106.025	244.405
Money received against share warrants	11.200	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	134.923	141.406	358.955
long-term borrowings	126.008	116.412	28.397
Short term borrowings	184.678	249.370	301.461
Current maturities of long-term debts	1.105	10.697	2.664
Total borrowings	311.791	376.479	332.522
Debt/Equity ratio	2.311	2.662	0.926

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	885.640	1051.326	1357.557
		18.708	29.128

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	885.640	1051.326	1357.557
Profit	16.640	17.683	63.040
	1.88%	1.68%	4.64%

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

FINANCIAL HIGHLIGHTS

The received order to supply Fire Alarm and Plant Comm., cable on June 29, 2015 for total value of Rs. 246.900 Million from Bharat Petroleum Corporation Limited for integrated refinery expansion project at Kochi refinery, as per inspection and testing by Engineers India Limited.

We have received order from Bharat Petroleum Corporation Limited, Kochi Refinery for supply of Signal Cable for Rs. 123.000 Million.

MANAGEMENT DISCUSSION AND ANALYSIS

Operational Review

During the year, the production capacity increased by almost 25% over last year due to commissioning of one additional cable laying machine, improving capacity of other important machines and by better production planning and control system.

New products developed during the year were

Cable for Multi Object Tracking Radar system for ISRO, with special high temperature PTFE insulating material.

Fire Survival cables for Refinery and Metros, Highly flexible multi core, copper shielded, abrasion resistant TPU sheathed cables for GIS systems.

XLPE insulated special Signal cables for Bangladesh Railways

The Company also developed cable for Train protection and warning system, which will be used in bulk quantities for improving safety on Indian Railways. R&D work is in progress for developing new overhead Grooved Contact wire and Catenery wire for electric traction of Locos for Indian Railways.

Besides serving existing customers, CMI continued to expand its clientele by adding new customers. The details of new client and projects received from the are:

Supplying Signal and Fire alarm cables worth Rs. 125.000 Million to Bharat Petroleum Corporation Limited, Kochi

Supplying special signal cables for Hyderabad metro for Samsung Hyderabad

Heavy Engineering Ranchi for supplying of Special Rubber cables

Nuclear Power Corporation Limited

FINANCIAL REVIEW

Total Income

The Company’s Gross Operating Income stood at Rs. 1373.300 Million in FY15, an increase by 29% Y-o-Y as compared to Rs. 1064.100 Million in FY14. The increase was primarily driven by higher revenue contribution from railway.

Operating Expenses

Operating expenses of the Company stood at Rs. 1222.500 Million in FY15 as compared to Rs. 980.300 Million, an increase of 25% Y-o-Y, which is attributed to the following factors:

Raw Material Cost increased by 19% at Rs. 1098.500 Million in FY15 to Rs. 922.400 Million in FY14. Employee cost increased by 11% at Rs. 24.100 Million in FY15 compared to Rs. 21.800 Million in FY14 on account of addition of new employees and increase in salary and wages.

EBITDA

EBITDA increased by 79% at Rs. 150.400 Million in FY15 from Rs. 83.800 Million in FY14.

Depreciation

Depreciation cost stood at Rs. 8.800 Million in FY15 as against Rs. 8.200 Million in the previous year, up 7% Y-o-Y.

Financial costs:

The financial charges have risen from Rs. 55.800 Million to Rs. 59.000 Million on account of higher working capital utilisation in the books.

Total Tax

Expense Total Tax Expense stood at Rs. 28.300 Million, higher by 174% on Y-o-Y basis.

Net Profit

Consolidated Net Profit for FY15 was Rs. 63.100 Million from rs.17.700 Million in FY14.

Net worth

Total Net worth of the Company stood at Rs. 370.200 Million in FY15, an increase of 162% as compared to rs. 141.400 Million in FY14. The same comprised of following: Paid up capital stood at rs.115.000 Million as on 31st March 2015, comprising 114,51,807 shares.

The Company’s Reserves and Surplus was to the tune of Rs. 244.400 Million in FY15. Of this, the surplus in Profit and Loss Account was Rs. 63.000 Million.

Fixed Assets

Net Fixed Assets of the Company stood at Rs. 82.200 Million as against Rs. 53.000 Million, contributing 9% to the Total Assets of the Company.

Cash and Bank Balances

The Company had a Cash and Bank balance of ` 3.05 Cr as on 31st March 2015, as compared to ` 1.99 Cr in FY14.

OUTLOOK

With the infrastructure sector reviving, company’s outlook appears to be exciting. Government’s focus on sector such as power, railway infrastructure and digital infrastructure will benefit the economy as a whole and CMI in particular. The Company is well prepared to take this opportunity with its strong R and D and manufacturing capability.

UNSECURED LOAN

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long Term Borrowings
From Directors	8.551	10.363
From Intercorporate Deposits	0.500	35.325
From Others	0.000	9.646
Short Term Borrowings
From Others - Inter-corporate deposits	134.266	104.877
Total	143.317	160.211

CONTINGENT LAIBILTIES:

(Rs. in Million)

PARTICULARS	31.03.2015	31.03.2014
Counter Guarantee given to Company’s Bankers for the Guarantee given by them on behalf of the Company (Net of Advances)	97.039	89.540
Pending suit in court filed by parties for alleged demand for recovery.	6.436	6.436

INDEX OF CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10591145	21/08/2015	50,175,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI - 400051, MAHARASHTRA, INDIA	C64303597
2	10524208	23/09/2014	17,400,000.00	KOTAK MAHINDRA BANK LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI - 400051, MAHARASHTRA, INDIA	C26398586
3	10121152	25/08/2008	7,500,000.00	SYNDICATE BANK	SHAHDARA BRANCH, SHAHDARA, NEW DELHI - 110032, INDIA	A45586302
4	10121160	17/06/2015 *	650,000,000.00	SYNDICATE BANK	PARSAVANATH METRO TOWER, OPPOSITE METRO STATION, SHAHDARA, DELHI - 110032, INDIA	C56948813
5	90060034	14/05/1991	196,000.00	THE HARYANA FINANCIAL CORPORATION	BAYS NOS. 17; 18 AND 19, SECTOR-17-A OPP. L.I.C. BUILDING, CHANDIGARH, CHANDIGARH, INDIA	-

* Date of charge modification

UNAUDITED FINANCIAL RESULTS FRO THE QUARTER ENDED 30.06.2015.

(Rs. in Million)

Particular	Unaudited Quarter Ended 30.06.2015
Income from Operations
(a) Net sates/income from operations (Net of excise duty)	449.736
(b) Other Operating Income	3.528
Total income from operations (net)	453.264
Expenses
(a) Cost of materials consumed	364.823
(b) Purchases of stock-in trade	0.772
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(12.806)
(d) Employee benefits expense	6.237
(e) Depreciation and Amortization Expenses	2.873
(f) Other Expenses	33.722
(g) Power and Fuel	0.000
(h) Value of Wind Power	0.000
Total expenses	395.621
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	57.643
Other Income	0.000
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	57.643
Finance Costs	15.616
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	42.027
Exceptional items	0.000
Profit/ (Loss) from ordinary activities before tax (7+8)	42.027
Tax expenses	13.640
Net Profit / (Loss) from ordinary activities after tax (9-10)	28.387
Extraordinary item (net of tax expense)	0.000
Net Profit / (Loss) for the period (11-12)	28.387
Share of profit' (loss) of associates
Minority Interest
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)	28.387
Paid up equity share capital (Face Value of Rs 10/-each)	114.55
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year	0
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):
(a) Basic	2.48
(b) Diluted	2.44

SELECT INFORMATION FOR THE QUARTER ENDED 30^TH JUNE, 2015.

PARTICULARS OF SHAREHOLDING	Quarter Ended 30.06. 2015
A. Public Shareholding
- Number of shares	6557930
- Percentage of shareholding	57.27
Promoters and Promoter group shareholding
a) Pledged / Encumbered	Nil
- Number of shares	0
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	0
- Percentage of shares (as a % of the total Share Capital of the Company)	0
b) Non Encumbered
- Number of shares	4893877
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100
- Percentage of shares (as a % of the total Share Capital of the Company)	42.73

Investor Complaints	Quarter Ended 30.06.2015
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

Notes:

The above Financial Results were reviewed by the Audit Committee and approved by the Board of Directors in their Meeting held on August 14, 2015.

The Company’s business activity falls within a single business segment i.e. manufacturing of cables, therefore there is no separate reportable segments required as per Accounting Standard 17.

Figures of the previous quarter /year have been re-grouped or re-arranged, wherever necessary

Company has issued 9,17,000 Equity shares of Rs. 10/- each at a price Rs. 54/- per share to Non-Promoters on Preferential basis on February 06, 2015, 757,000 equity shares and on February 19, 2015. 1,60,000 Equity Shares and got Listing approval from BSE through letter dated May 13, 2015.

FIXED ASSETS

Tangible assets

• Land-Freehold

• Factory
• Buildings
• Office
• Plant and Equipment
• Furniture and Fixture
• Office Equipments
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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. 65.15
UK Pound	1	Rs. 100.53
Euro	1	Rs. 73.97

INFORMATION DETAILS

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

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	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	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		50

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 unfavorable 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.