MIRA INFORM REPORT

Report No. :	346845
Report Date :	26.10.2015

IDENTIFICATION DETAILS

Name :	POWER CABLE INDUSTRIES
Registered Office :	G-1/801, Sitapura Industrial Area, Jaipur – 302022, Rajasthan
	91-141-2770156
Country :	India
Financials (as on) :	31.03.2015
Year of Establishment :	2006
Capital Investment / Paid-up Capital :	Rs. 31.728 Million
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Partnership Concern with an Unlimited Liability of the Partners
Line of Business :	Manufacturer of electrical cable.
No. of Employees :	50 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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 an established partnership concern started in the year 2006 having satisfactory track. It is engaged in the business as manufacturing of electrical cable. The concern is progressing well. It has shown significant growth in its turnover and profit of the concern. Moreover, this rating strength is partially offset by increased in the borrowings of the concern during FY 2015. Trade relations are reported as fair. Business is active. Payments terms are reported as slow but correct. The concern can considered normal for 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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. Shobhit Sharma
Designation :	Partner
Contact No.:	91-9983311866
Date :	24.10.2015

LOCATIONS

Registered Office :	G-1/801, Sitapura Industrial Area, Jaipur – 302022, Rajasthan, India
Tel. No.:	91-141-2770156
Mobile No.:	91-983311866 (Mr. Shobhit Sharma)
Fax No.:	91-141-2770156
E-Mail :	shobhitsharmain@yahoo.co.in marketing@pcicable.com
Website :	http://www.pcicable.com
Location :	Owned
Locality :	Industrial
Factory :	E – 1 / 2292, Ramchandrapur Industrial Area, (Sitapura Ext.), Jaipur – 302022, Rajasthan, India

PARTNERS

Name :	Mr. Shobhit Sharma
Designation :	Partner
Date of Birth/Age :	34 Years
Name :	Mr. Surya Prakash Sharma
Designation :	Partner
Date of Birth/Age :	66 Years

BUSINESS DETAILS

Line of Business :	Manufacturer of electrical cable.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Power Cable
Countries :	Kenya
Imports :	Not Divulged
Terms :
Selling :	Cash and Credit (30/60/90 days)
Purchasing :	Cash and Credit (30/60/90 days)

GENERAL INFORMATION

Suppliers :

Reference :	NALCO Aluminium Cable – Jaipur, Rajasthan, India
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	NCC Limited – Hyderabad
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

50 (Approximately)

Bankers :

Banker Name	Bank of Baroda
Branch Address	Sitapura Industrial Area
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)	Cash Credit Rs. 50.000 Million
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Agarwal Manish and Associates Chartered Accountants
Address :	Jaipur, Rajasthan, India
Memberships :	--
Collaborators :	--
Sister Concern :	--

CAPITAL STRUCTURE

AS ON 31.03.2015

Capital Investment :
Owned :	Rs. 31.728 Million (Estimated)
Borrowed :	--
Total :	Rs. 31.728 Million (Estimated)

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2015	31.03.2014
SHAREHOLDERS FUNDS
1] Share Capital		31.728	28.562
2] Share Application Money		0.000	0.000
3] Reserves & Surplus		0.000	0.000
4] (Accumulated Losses)		0.000	0.000
NETWORTH		31.728	28.562
LOAN FUNDS
1] Secured Loans		100.116	60.865
2] Unsecured Loans		34.533	21.593
TOTAL BORROWING		134.649	82.458
DEFERRED TAX LIABILITIES		0.000	0.000
TOTAL		166.377	111.020
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7.255	33.685
Capital work-in-progress		0.000	0.000
INVESTMENT		0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	19.818	10.923
	Sundry Debtors	101.496	56.294
	Cash & Bank Balances	5.328	1.610
	Other Current Assets	57.356	14.448
	Loans & Advances	15.206	23.628
Total Current Assets		199.204	106.903
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	39.093	28.727
	Other Current Liabilities	0.771	0.675
	Provisions	0.218	0.166
Total Current Liabilities		40.082	29.568
Net Current Assets		159.122	80.335
MISCELLANEOUS EXPENSES		0.000	0.000
TOTAL		166.377	114.020

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014
	SALES
		Income	203.788	189.637
		Other Income	1.710	1.402
		TOTAL	205.498	191.039
Less	EXPENSES
		Cost of goods sold	161.740	149.396
		Calibration Charges	0.017	0.017
		Factory exp.	0.020	0.046
		Freight inward	0.417	0.190
		Consumable store	0.317	0.275
		Electric exp.	1.110	1.255
		ESIC Premium	0.102	0.115
		Godawn Rent	0.000	0.480
		Insurance expenses	0.122	0.051
		ISI License exp.	0.068	0.158
		Job work	2.813	4.826
		Packing charges	0.225	0.044
		Repairing and maintenance	0.257	0.234
		Testing charges	0.066	0.244
		Wages	2.413	3.498
		Water exp.	0.009	0.016
		Discount allowed	0.000	0.376
		Advertisement exp	0.019	0.016
		Bank charges	0.072	1.378
		Bank interest	3.276	0.000
		Car exp	0.000	0.163
		Bad debts	0.000	0.162
		Excise paid	0.000	0.089
		Commission and brokerage	0.710	0.202
		Bouns	0.267	0.288
		Computer exp	0.023	0.017
		Conveyance exp	0.020	0.016
		Empolyer contribution to P.F.	0.488	0.194
		Freight outward	2.993	2.422
		Insurance exp	0.077	0.162
		Legal and professional exp	0.089	0.082
		Other expenses	15.261	8.253
		TOTAL	192.991	174.665
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		12.507	16.374
Less	FINANCIAL EXPENSES		0.000	8.106
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		12.507	8.268
Less/ Add	DEPRECIATION/ AMORTISATION		0.805	0.996
	NET PROFIT		11.702	7.272

Expected Sales (2015-16): Rs. 350.000 Million

The above information has been parted by Mr. Shobhit Sharma (Partner)

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry.

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014
Net Profit Margin (PAT / Sales)	(%)	5.74	3.83
Operating Profit Margin (PBIDT/Sales)	(%)	6.14	8.63
Return on Total Assets (PBT/Total Assets}	(%)	7.86	9.05
Return on Investment (ROI) (PBT/Networth)		0.36	0.25
Debt Equity Ratio (Total Debt /Networth)		4.24	2.89
Current Ratio (Current Asset/Current Liability)		1.25	3.62

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Share Capital	28.562	31.728
Reserves & Surplus	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	28.562	31.728
Secured Loan	60.865	100.116
Unsecured Loan	21.593	34.533
Total borrowings	82.458	134.649
Debt/Equity ratio	2.887	4.244

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	189.637	203.788
		7.462

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)
Sales	189.637	203.788
Profit	7.272	11.702
	3.83%	5.74%

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	No
10	Date of Birth/Age 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	No
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	Yes
29	Profitability for last two years	Yes
30	Major shareholders, if available	No
31	External Agency Rating, if available	No
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

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 records 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. 64.88
UK Pound	1	Rs. 99.89
Euro	1	Rs. 72.06

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	DIV
Report Prepared by :	JYO

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	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		43

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.