MIRA INFORM REPORT

Report No. :	497932
Report Date :	21.03.2018

IDENTIFICATION DETAILS

Name :	ULTRACAB (INDIA) LIMITED
Registered Office :	Survey No. 262, Behind Galaxy Bearings Limited, Shapar (Veraval), District Rajkot-360024, Gujarat
Tel. No.:	91-2827-253122 / 23
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	19.12.2007
Com. Reg. No.:	04-052394
Capital Investment / Paid-up Capital :	INR 127.230 Million
CIN No.: [Company Identification No.]	L31300GJ2007PLC052394
IEC No.: [Import-Export Code No.]	Not Divulged
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	Not Divulged
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges
Line of Business :	Manufacturing Wires and Cables. [Registered Activity]
No. of Employees :	92 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2007 having satisfactory track record. It is engaged as manufacturer of wires and cables and sells its products under the “Ultracab” brand. As per the financial record of 2017, the company has reported marginal decline in its revenue as compared to its previous year along with low profit margin during the year. Rating takes into consideration, the satisfactory financial risk profile marked by adequate net worth base and healthy debt protection metrics. Rating continue to derive strength from its established track record of its business operations and extensive experience of the promoters in the wires and cables industry along with diversified product mix. Further the company is listed on BSE at the price quoted at INR 93.75 against its face value of INR 10. As per quarterly results till December 2017, the company has achieved revenue of 117.900 million and has clocked net profit margin of 2.74%. However, these rating strengths gets partially offset by the stretched working capital cycle along with high inventory level maintained and the company’s presence in intensely competitive industry. Payments are seems to be slow but correct. In view of aforesaid, the company can be considered 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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term bank facilities = BB-
Rating Explanation	Moderate risk of default
Date	29.09.2017
Rating Agency Name	CRISIL
Rating	Short term bank facilities = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	29.09.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 21.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Sagar
Designation :	Administer
Contact No.:	91-2827-253122
Date :	16.03.2018
Name :	Mr. Pankaj Vasantbhai Shingala
Designation :	Director
Contact No.:	91-2827-253123
Date :	19.03.2018

LOCATIONS

Registered Office / Factory :	Survey No. 262, Behind Galaxy Bearings Limited, Shapar (Veraval), District Rajkot-360024, Gujarat, India
Tel. No.:	91-2827-253122 / 23
Fax No.:	91-2827-252725
E-Mail :	info@ultracab.in
Website :	http://www.ultracab.in
Head Office :	Office No. 1801, Haware Infoteck Park, Plot No. - 39/3, Sector No. 30-A, Vashi- 400703, Maharashtra, India
Tel. No.:	91-22-20870306/ 20870307
E-Mail :	mumbai@ultracab.in
Corporate Office :	C-303, Imperial Heights, Opposite Big Bazaar, 150 ft, Ring Road, Rajkot-36005, Gujarat, India
Tel. No.:	91-281-2588136/ 2588236
E-Mail :	ho@ultracab.in

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Nitesh Parshottambhai Vaghasiya
Designation :	Chairman and Managing Director
Address :	Astha, Silver Stone- 3, Street No.1 Near Oscar Tower, Opposite Big Bazar, 150 Feet Ring Road, Rajkot-360005, Gujarat, India
Date of Appointment :	19.12.2007
DIN No.:	01899455
Name :	Mr. Pankaj Vasantbhai Shingala
Designation :	Whole-time Director
Address :	Silver Stone Society - 3, Street No. 9, Jalaram Bangalows, Mota Mava, Rajkot- 360005, Gujarat, India
Date of Birth/Age :	05.08.1987
Qualification :	B.E. (Electrical)
Date of Appointment :	25.03.2011
DIN No.:	03500393
Name :	Mrs. Sangeetaben Niteshbhai Vaghasiya
Designation :	Director
Address :	Silver Stone-3, Street No. 1 Astha, 150 Feet Ring Road, Rajkot-360005, Gujarat, India
Date of Appointment :	28.06.2014
DIN No.:	06910845
Name :	Mr. Jayshanker Bhagvanji Dave
Designation :	Director
Address :	Bandhutava, University Road Bombay Housing St No 3, Opposite Sabri Ashram, Rajkot-360005, Gujarat, India
Date of Appointment :	09.08.2014
DIN No.:	06945842
Name :	Mr. Bipinchandra Mohanbhai Sangani
Designation :	Director
Address :	"Raj", 3 - Silver Stone Street, Opposite Oscar Tower, 150 Ft Road, Rajkot- 360005, Gujarat, India
Date of Appointment :	09.08.2014
DIN No.:	06945854
Name :	Mr. Kanjibhai Gandubhai Patel
Designation :	Director
Address :	"Premanand" Silver Stone-3, 1/9 Street Opposite Big Bazar, 150 Ft Ring Road, Rajkot-360005, Gujarat, India
Date of Appointment :	09.08.2014
DIN No.:	06945882

KEY EXECUTIVES

Name :	Mr. Diljeet Gajendra Bhatti
Designation :	Company Financial Officer (KMP)
Address :	Shri Khodiya Krupa, Plot No. 5A, Street No. 3B New Lal Bahadur Co-Operating Housing Society, Rajkot-360002, Gujarat, India
Date of Appointment :	09.08.2014
PAN No.:	AJQPB7623R
Name :	Mr. Mayur Popatbhai Gangani
Designation :	Company Secretary
Address :	1-Dharmaraj Park, Behind Yogeshwar Park, Sadhu Vasvani Road, Rajkot-360005, Gujarat, India
Date of Appointment :	14.08.2014
PAN No.:	AJTPG2212J
Name :	Mr. Sagar
Designation :	Administer
Committees of the board
Audit Committee :	Bipinbhai Sangani, Chairman Jayshankar Dave, Member Nitesh Vaghasiya, Member
Nomination and Remuneration Committee :	Kanjibhai Patel, Chairman Bipinbhai Sangani, Member Sangeetaben Vaghasiya, Member
Stakeholders Relationship Committee :	Kanjibhai Patel, Chairman Jayshankar Dave, Member Sangeetaben Vaghasiya, Member

SHAREHOLDING PATTERN

AS ON DECEMBER 2017

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
(A) Promoter & Promoter Group	7947478	62.47
(B) Public	4775522	37.53
Grand Total	12723000	100.00

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

Category of shareholder	Total nos. shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	7414977	58.28
Nitesh P Vaghasiya (HUF)	385500	3.03
Vasantbhai H Shingala (HUF)	354000	2.78
Nitesh Parshottambhai Vaghasiya	888147	6.98
Parshottambhai Laljibhai Vaghasiya	629100	4.94
Yogeshbhai Govindbhai Ramani	127200	1.00
Govindbhai Karsanbhai Ramani	120000	0.94
Arvindbhai Parshotambhai Vaghasiya	676350	5.32
Ramnik Parsotambhai Vaghasiya	725400	5.70
Jayaben Parshotambhai Vaghasiya	152280	1.20
Sangeetaben Niteshbhai Vaghasiya	354000	2.78
Gopalbhai Hardasbhai Shingala	423750	3.33
Pravinkumar Hardasbhai Shingala	290880	2.29
Muktaben Govindbhai Ramani	91800	0.72
Vasantbhai Hardasbhai Shingala	792300	6.23
Nitaben Pravinbhai Shingala	231900	1.82
Kanchanben Vasantbhai Shingala	310200	2.44
Pankaj Vasantbhai Shingala	788820	6.20
Artiben Pankajkumar Shingala	73350	0.58
Any Other (specify)	316501	2.49
Pravinkumar Hardasbhai Shingala	316501	2.49
Sub Total A1	7731478	60.77
A2) Foreign		0.00
Individuals (NonResident Individuals/ Foreign Individuals)	216000	1.70
Niteen Bhikhubhai Khatra	216000	1.70
Sub Total A2	216000	1.70
A=A1+A2	7947478	62.47

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

Category & Name of the Shareholders	Total no. shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions		0.00
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 Million	838617	6.59
Individual share capital in excess of INR 0.200 Million	3486926	27.41
Bavchandbhai Laljibhai Vaghasiya	136500	1.07
Bhumiben Ramnikbhai Vaghasiya	216541	1.70
Champaben Karsanbhai Patel	153000	1.20
Mamta Hiteshkumar Padariya	210000	1.65
Ramaben Gopalbhai Shingala	216000	1.70
Sonaben Yogeshbhai Ramani	132000	1.04
Naranbhai L Vaghasiya (HUF)	279000	2.19
Vasantbhai L Vaghasiya (HUF)	228540	1.80
Any Other (specify)	449979	3.54
Bodies Corporate	32222	0.25
Bharatbhai Naranbhai Vaghasia	301872	2.37
Clearing Members	46850	0.37
NRI – Non- Repat	69035	0.54
Sub Total B3	4775522	37.53
B=B1+B2+B3	4775522	37.53

BUSINESS DETAILS

Line of Business :

Manufacturing Wires and Cables. [Registered Activity]

Products / Services :

NIC Code No.	Product Description
2732	Manufacturing Wires and Cables

Brand Names :

“Ultracab”

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS – (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

92 (Approximately)

Bankers :

Bank Name	Axis Bank
Branch	Titan, Near KKV Circle, Kalawad Road, Rajkot – 360005, Gujarat, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

• ICICI Bank

Facilities :

SECURED LOANS	31.03.2017 INR In Million	31.03.2016 INR In Million
LONG TERM BORROWINGS
Term Loans from Banks	5.091	8.586
Car Loan from ICICI Bank	0.580	1.661
Auto Loan from Axis Bank	0.397	0.789
Generator Loan from Axis Bank	0.396	0.000
SHORT TERM BORROWINGS
Rupee Loans (including Channel Finance)	141.685	130.883
Total	148.149	141.919

Note:

LONG TERM BORROWINGS

I. Primary Security:

a) Term Loans: First charge on entire current assets of the company (both present and future).

II. Collateral Security:

a) Office at C-303, The Imperial Heights, 150 Feet Ring Road, Rajkot in the name of the company.

b) Factory Land and Building, at Plot no.1, 40A, 40B and 41A R S no. 257 (p) and Plot at Survey no. 262 (p), B/h Galaxy Bearing Limited Shapar (Veraval), Rajkot in the name of the company.

d) Residential Flat situated at Siddhi-6, At. Ishwariya, R.S.No.20P, Siddhi-6, Wing C, Flat No.102, Dist. Rajkot, in the name of the company.

SHORT TERM BORROWINGS

I. Primary Security:

a) Cash Credit / Export Limits / LC / BG / LER: First hypothecation charge on entire current assets of the company (both present and future).

Statutory Auditor :
Name :	Bhavin Associates Chartered Accountants
Address :	Office No.: 709, 7^th Floor, Everest Complex, Opposite Shastri Ground, Rajkot-360001, Gujarat, India
Tel. No.:	91-281-2220123 / 2223153 / 2573757
Qualification :	M.Com, F.C.A.
E-Mail :	bhansali_ca@hotmail.com
Secretarial Auditor :
Name :	Piyush Jethva Practicing Company Secretary
Address :	603, Star Plaza, Phulchaab Chowk, Rajkot-360001, Gujarat, India
Tel. No.:	91-281-3045288
Memberships :	Not Available
Collaborators :	Not Available
Associates Companies :	Fusion Pumps Private Limited Jigar Cables Limited (Formerly known as Jigar Industries) Jigar Polymers Limited (subsidiary of Jigar Cables Limited) Ultracab Tradelink Supreme Enterprise Parmeshwar Trading Company

CAPITAL STRUCTURE

AS ON 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	INR 10/- each	INR 150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
12723000	Equity Shares	INR 10/- each	INR 127.230 Million

a) The company has issued 4241000 Bonus Shares of face value of INR 10/- each during the year at a ratio of 1:2 (i.e.one equity share for every two equity share already held), by capitalisation of securities premium.

b) Statement showing Reconciliation of Share Capital as at 31.03.2017

Particulars	As At 31st March, 2017
	No. of Shares	INR in Million
No. of shares at the beginning	8482000	84.820
(+) Bonus Shares Issued	4241000	42.410
At the End of the year	12723000	127.230

c) Statement showing shareholders holding more than 5 per cent shares in the company

Name of Shareholder	As At 31st March, 2017
	No. of Shares	% of Holding
Niteshbhai P. Vaghasiya	888147	6.98%
Pankajbhai V. Shingala	788820	6.20%
Arvindbhai P. Vaghasiya	676350	5.32%
Ramnikbhai P. Vaghasiya	725400	5.70%

d) Disclosures regarding Share Capital

Disclosure of shares issued

Particulars	2016-17
- aggregrate number of equity shares allotted as fully paid up pursuant to contract(s) without payment being received in cash	0.000
- aggregrate number of equity shares allotted as fully paid up by way of bonus	4241000

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	127.230	84.820	80.140
(b) Reserves & Surplus	55.491	94.887	70.627
(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)	182.721	179.707	150.767
(3) Non-Current Liabilities
(a) long-term borrowings	6.464	11.036	6.047
(b) Deferred tax liabilities (Net)	1.581	1.626	2.650
(c) Other long term liabilities	0.125	0.625	0.125
(d) long-term provisions	1.685	1.055	1.279
Total Non-current Liabilities (3)	9.855	14.342	10.101
(4) Current Liabilities
(a) Short term borrowings	141.685	130.883	113.241
(b) Trade payables	80.920	43.755	34.614
(c) Other current liabilities	15.833	6.422	3.667
(d) Short-term provisions	2.988	3.035	2.901
Total Current Liabilities (4)	241.426	184.095	154.423
TOTAL	434.002	378.144	315.291
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	49.731	49.325	37.938
(ii) Intangible Assets	0.088	0.000	0.000
(iii) Capital work-in-progress	1.810	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	2.963	2.249	2.413
(e) Other Non-current assets	0.000	0.000	0.723
Total Non-Current Assets	54.592	51.574	41.074
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	289.542	250.658	220.843
(c) Trade receivables	69.909	57.204	45.164
(d) Cash and cash equivalents	7.472	15.330	4.029
(e) Short-term loans and advances	11.882	2.795	2.019
(f) Other current assets	0.605	0.583	2.162
Total Current Assets	379.410	326.570	274.217
TOTAL	434.002	378.144	315.291

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Income	388.570	412.538	350.515
	Other Income	2.407	1.037	2.136
	TOTAL	390.977	413.575	352.651
Less	EXPENSES
	Consumption of Raw Materials	348.443	365.129	302.638
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(32.540)	(25.584)	(24.971)
	Employees benefits expense	14.057	11.231	13.011
	Exceptional items	0.000	(0.225)	0.000
	Other expenses	28.092	27.098	23.219
	TOTAL	358.052	377.649	313.897
	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	32.925	35.926	38.754
Less	FINANCIAL EXPENSES	22.110	22.428	27.468
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	10.815	13.498	11.286
Less	DEPRECIATION/ AMORTISATION	6.453	6.146	4.595
	PROFIT/ (LOSS) BEFORE TAX	4.362	7.352	6.691
Less	TAX	1.304	1.248	3.326
	PROFIT/ (LOSS) AFTER TAX	3.058	6.104	3.365
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2.471	8.945	8.115
	TOTAL EARNINGS	2.471	8.945	8.115
	Earnings / (Loss) Per Share (INR)	0.28	0.72	0.59

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	5.333	4.594	2.402
Cash generated from operations	6.283	1.642	(60.556)
Net Cash flow/(used) from Operating Activities	4.891	(0.630)	(4.813)

QUARTERLY RESULTS

PARTICULARS	30.06.2017 1^st Quarter	30.09.2017 2^nd Quarter	31.12.2017 3^rd Quarter
	(Unaudited)	(Unaudited)	(Unaudited)
Net Sales	110.310	141.470	117.890
Total Expenditure	102.850	132.380	107.890
PBIDT (Excluding Other Income)	7.460	9.090	10.000
Other Income	0.740	0.950	1.540
Operating Profit	8.200	10.040	11.540
Interest	4.800	5.320	5.680
Exceptional Items	NA	NA	NA
PBDT	3.400	4.720	5.860
Depreciation	1.590	1.590	1.590
Profit Before Tax	1.810	3.130	4.270
Tax	0.560	0.780	1.040
Provisions and contingencies	NA	NA	NA
Profit After Tax	1.250	2.350	3.230
Extraordinary Items	NA	NA	NA
Prior Period Expenses	NA	NA	NA
Other Adjustments	NA	NA	NA
Net Profit	1.250	2.350	3.230

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365)	65.67	50.61	47.03
Account Receivables Turnover (Income / Sunday Debtors)	5.56	7.21	7.76
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	84.77	43.74	41.75
Inventory Turnover (Operating Income / Inventories)	0.11	0.14	0.18
Asset Turnover (Operating Income / Net Fixed Assets)	0.64	0.73	1.02

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.58	0.53	0.52
Debt Equity Ratio (Total Liability / Networth)	0.84	0.82	0.81
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.32	1.02	1.02
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.28	0.27	0.25
Interest Coverage Ratio (PBIT / Financial Charges)	1.49	1.60	1.41

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin [(PAT / Sales) * 100]	%	0.79	1.48	0.96
Return on Total Assets ((PAT / Total Assets) * 100)	%	0.70	1.61	1.07
Return on Investment (ROI) ((PAT / Networth) * 100)	%	1.67	3.40	2.23

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.57	1.77	1.78
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.37	0.41	0.35
G-Score Ratio Financial (Networth / Total Assets)	0.42	0.48	0.48
G-Score Ratio Debt (Debts / Equity Capital)	1.21	1.73	1.52
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.57	1.77	1.78

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 10.00/-
Market Value	INR 93.75/-

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	80.140	84.820	127.230
Reserves & Surplus	70.627	94.887	55.491
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	150.767	179.707	182.721
Long-term borrowings	6.047	11.036	6.464
Short term borrowings	113.241	130.883	141.685
Current Maturities of Long term debt	2.402	4.594	5.333
Total borrowings	121.690	146.513	153.482
Debt/Equity ratio	0.807	0.815	0.840

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	350.515	412.538	388.570
		17.695	(5.810)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	350.515	412.538	388.570
Profit	3.365	6.104	3.058
	0.96%	1.48%	0.79%

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)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

MANAGEMENT DISCUSSION AND ANALYSIS

1. INDUSTRY STRUCTURE AND DEVELOPMENTS

They are engaged in the business of Manufacturing Wires and Cables in India. Their Company was incorporated in the year 2007 and is engaged in the manufacture and export of wires and cables in India. They are using advanced technology and machineries for manufacturing quality products. They started their business with PVC cables and wires in India which are now supplied across different networks worldwide. Their quality products are sold not only in India but also in countries like UK, UAE, Africa, Singapore, Uganda etc. Their manufacturing facility is situated at Shapar (Rajkot, Gujarat) India. Their facility involves modern technology, tools, high-tech machines which spin out the quality standard of cables.

They have a well-equipped research and development unit that helps them immensely to offer innovative products to their clients. R and D is always a boon for staying ahead of others in this extremely competitive environment and their cables and wires have always assisted in the growth of a substantial segment of Indian industry. Their manufacturing facility, spread over 11483.19 sq m area and has 100 per cent in house facility from wire drawing machine until testing on finished products. Their Company has purchased additional Machinery to enhance the production capacities of power and control cables twice.

DEVELOPMENTS

The overall performance of their Company is improved during the current year in comparison with the earlier performance. Company has requisite infrastructure and this helps to manufacture the varied types of cables. Classes of product manufactured at their company, during the year they have developed critical products for pump industries, mining industries, solar companies, global sourcing industries.

INDEX OF CHARGE:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	G05244835	100031448	Axis Bank Limited	30/05/2016	-	-	920000.0	Asset Sale Centre, 1st Floor, Pearl Plaza, Behind G T Sheth School, 150 ft Ring Road, Rajkot-360005, Gujarat, India
2	C79039129	10620218	Axis Bank Limited	09/02/2016	-	-	1170000.0	Asset Sale Centre, 1st Floor, Pearl Plaza, Behind G T Sheth School, 150 ft Ring Road, Rajkot-360005, Gujarat, India
3	G55687164	10619018	AXIS BANK LIMITED	20/01/2016	12/09/2017	-	200355000.0	"Titan", Near K K V Circle, Kalawad Road, Rajkot-360005, Gujarat, India
4	C70188578	10602659	ICICI BANK LIMITED	02/09/2015	-	-	3100000.0	Landmarkrace Course Circle, Vadodara-390007, Gujarat, India
5	C82077637	10395668	BANK OF INDIA	14/12/2012	-	26/02/2016	4000000.0	Vijayraj Super Market, Opposite Circuit House, Near Civil Courts, Gondal-360311, Gujarat, India
6	C82081142	10292995	BANK OF INDIA	07/06/2011	26/07/2013	26/02/2016	244400000.0	Gondal Branch, Opposite Circuit House, Gondal-360311, Gujarat, India
7	B14692669	10230825	THE CO-OPERATIVE BANK OF RAJKOT LTD.	20/08/2009	21/05/2010	08/06/2011	80000000.0	Sahakar Sarita, Panchnath Plot, Rajkot-360001, Gujarat, India
8	B14690556	10170561	THE CO-OPERATIVE BANK OF RAJKOT LIMITED (GONDAL BRANCH)	21/07/2009	21/05/2010	08/06/2011	65000000.0	Sahakar Sarita, Panchnath Plot, Rajkot-360001, Gujarat, India
9	A67857268	10117473	CENTRAL BANK OF INDIA	28/07/2008	22/07/2009	27/07/2009	15000000.0	Gondal Branch College Chowk, Near Hdfc Bank, Gondal-360311, Gujarat, India

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED 31^ST DECEMBER, 2017

(INR In Million)

Particulars	Quarter ended		Nine months ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
INCOME FROM OPERATIONS
Revenue from operations	117.889	141.465	369.668
Other Income	1.538	0.951	3.225
Total Income	119.427	142.416	372.893
EXPENSES
Cost of materials consumed	101.267	131.449	341.601
Changes in inventories of finished goods and work-in-progress	(9.514)	(13.586)	(42.321)
Employee benefits expense	3.465	3.471	10.275
Finance costs	5.677	5.324	15.799
Depreciation and Amortization expenses	1.587	1.587	4.763
Other Expenditure	12.674	11.041	33.570
Total Expenses	115.156	139.286	363.687
Profit / (Loss) before Tax	4.271	3.130	9.206
Tax Expense	1.037	0.782	2.376
Profit / (Loss) after Tax	3.234	2.348	6.830
Paid-up Equity Share Capital (Face value INR 10/- per share)	127.230	127.230	127.230
Reserves (excluding Revaluation Reserve)	58.600	58.963	58.600
Basic and Diluted EPS (in INR)	0.25	0.18	0.54

NOTES:

1. The above results were reviewed and recommended by the Audit Committee of the Board and approved by the Board of Directors at their meeting held on 09.02.2018.

2. Financial results for all the periods presented have been prepared in accordance with the recognition and measurement principles of IND-AS notified under the Companies (Indian Accounting Standards) Rules, 2015.

3. The Statutory auditors of the company have carried out a limited review of the results.

4. The Company has only one business segment “Wires and Cables”, therefore no additional disclosure on segment reporting required.

5. The previous period’s figures have been regrouped / rearranged / reclassified wherever necessary.

FIXED ASSETS:

Tangible Asset:

• Building
• Plant and Machinery
• Electric Fittings
• Air Conditioner
• Office Equipments
• EPABX and Telephones
• Furniture and Fixture
• Computer
• Vehicles

Intangible Asset:

• Trademark

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	INR
US Dollar	1	INR 65.20
UK Pound	1	INR 91.49
Euro	1	INR 80.46

INFORMATION DETAILS

Information Gathered by :	SHW
Analysis Done by :	NIS
Report Prepared by :	BHG

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.