Cable Corporation AR 2013-14

Cable Corporation of India Ltd.
57th
Annual Report and Accounts
2013-2014
BOARD OF DIRECTORS
Chairman
Mr H A Khatau
Managing Director & CEO
Mr M Digraskar
Directors
Mrs N H Khatau (w.e.f. 23.05.2014)
Mr A Datta
Mr C Sundershyam Nominee Director
Mr. G. D. Bhingarkar
Mr. M Kasliwal
Mrs. N. B. Pasta
Mr R H Khatau
Mr R Saxena
Mr R Sridharan (till 31.05.2014)
Registered Ofce
Laxmi Building, 4th oor
6, Shoorji Vallabhdas Marg
Ballard Estate, Mumbai 400 001
Tel: 022- 66144000 / 4100 Fax: 022 66144111 / 4112
e-mail: Secretarial Dept : jkhatau@cablecorporation.com
Marketing Dept : wrs@cablecorporation.com
Website Address : http://www.cablecorporation.com
Eastern Region
BC-240, Salt Lake City, Sector 1,
Near BC Park and Tank No.3
Kolkata 700 064
e-mail: ccier@cablecorporation.com
Southern Region
Temple Tower, 7th oor,
672, Anna Salai, Nandanam
Tel: 044 -24343217 / 5389 Fax : 044 24345150
e-mail: ccisr@cablecorporation.com
Bankers
State Bank of India
United Bank of India
State Bank of Patiala
Auditors
Sorab S Engineer & Co.
Chartered Accountants
Solicitors
Kanga & Co.
Corporate Ofce
F2 & F10 Star Zone, Building E-1, 1st oor
Above passport ofce, Nashik Pune Road
Nashik Road, Nashik 422 101
Tel: 0253 - 2453800
Works
Plot No.F-3/1, MIDC, Sinnar Industrial Area, (Malegaon)
Dist. Nashik 422 103
Tel: 02551 230328 / 329 / 392
Plot No. F-3/2 MIDC, Sinnar Industrial Area, (Malegaon)
Dist. Nashik 422 103
Tel: 02551 230147
Regional Ofces
Western Region
Laxmi Building, 1st oor
Ballard Estate, Mumbai 400 001
Tel: 022-66144145 / Fax: 022 66144113 / 4114
e-mail: wr@cablecorporation.com
Northern Region
Milap Niketan, 2nd oor, 8-A, Bahadur Shah Zafar Marg,
Post Box No.7111, New Delhi 110 002
Tel: 011 41509010 Fax: 011 41509014
e-mail: ccinr@cablecorporation.com
Registrars & Transfer Agents

M/s Linkintime India P. Ltd.
C-13, Pannalal Silk Mills Compound
L B S Marg, Bhandup (West)
Mumbai 400 078
Tel : 022-25946970 Fax : 022 25946969
Contents
Page No.
Notice ............................................................
Directors Report............................................
Management Discussion & Analysis .............
11
Auditors Report .............................................
12
Balance Sheet ...............................................
16
Statement of Prot & Loss .............................
17
Cash Flow Statement ....................................
18
Notes to the Financial Statements.................
19
Notes forming part of the Balance Sheet.......
21
Notes forming part of the Statement

of Prot & Loss ..............................................
27
NOTICE
NOTICE
57th ANNUAL GENERAL MEETING
NOTICE is hereby given that the Fifty Seventh Annual General Meeting of the Members of CABLE CORPORATION OF INDIA LIMITED
will be held at Sheth Goculdas Tejpal Auditorium, Tejpal Road, August Kranti Marg, Mumbai 400 007 on Wednesday the 24th day of
September, 2014 at 11.00 a.m. for the purpose of transacting the following business:
ORDINARY BUSINESS
1.
To receive, consider and adopt the Statement of Profit and Loss for the financial year ended 31st March, 2014, the Balance Sheet as at that
date together with the Reports of the Board of Directors and of the Auditors thereon.
2.
To appoint a Director in place of Mr G D Bhingarkar (DIN: 00256340), who retires by rotation and being eligible, offers himself for re-appointment.
3.
To consider and if thought fit, to pass with or without modification(s) the following resolution as an Ordinary Resolution:
RESOLVED THAT, pursuant to Section 139 and other applicable provisions, if any, of the Companies Act, 2013, M/s. Sorab S. Engineer &
Company, Chartered Accountants, (Firm Registration No. 110417W), be and are hereby re-appointed as Auditors of the Company, to hold
office from the conclusion of this Meeting until the conclusion of the next Annual General Meeting of the Company, on such remuneration as
the Board of Directors may fix plus actual travelling and out-of- pocket expenses in connection with the audit of accounts of the Company
for the financial year ending March 31, 2015.
SPECIAL BUSINESS
4.
RESOLVED THAT Mrs. Nandini H Khatau (DIN: 00122240) who was appointed as an Additional Director and in respect of whom the
Company has received a notice in writing under Section 160 of the Companies Act, 2013 from a member proposing her candidature for
the office of director be and is hereby appointed as director of the Company and whose period of office shall be liable to determination by
retirement of directors by rotation pursuant to the provisions of Section 161 and any other applicable provision of the Companies Act, 2013
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to do all such acts, deeds, matters and
things as may be necessary and incidental to give effect to the aforesaid Resolution and delegate the aforesaid powers to any Director of
the Company as may be deemed necessary in the best interest of the Company.
5.
RESOLVED THAT in accordance with Sections 149, 150 and 152 and other applicable provisions, if any, of the Companies Act, 2013 and
the Rules made thereunder, read with Schedule IV to the said Act, Mrs. N. B. Pasta (DIN: 00122396), Director of the Company who was
appointed as a Director liable to retire by rotation and in respect of whom the Company has received a notice in writing under Section 160 of
the Companies Act, 2013 from a member proposing her candidature for the office of director be and is hereby appointed as an Independent
Director of the Company to hold office from the date of this Annual General Meeting upto the expiry of five consecutive years or the date of
the 62nd Annual General Meeting, whichever is earlier.
6.
the Rules made thereunder, read with Schedule IV to the said Act, Mr. Mukul Kasliwal (DIN: 00058577), Director of the Company who was
the Companies Act, 2013 from a member proposing his candidature for the office of director be and is hereby appointed as an Independent
7.
the Rules made thereunder, read with Schedule IV to the said Act, Mr. Abhijit Datta (DIN: 00790029), Director of the Company who was
the Companies Act, 2013 from a member proposing his candidature for the office of director be and is hereby appointed as an Independent
8.
RESOLVED THAT pursuant to the provisions of Section 148 and all other applicable provisions of the Companies Act, 2013 and the
Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment thereof, for the time being in force),
Mr. Paresh J. Sampat (M. No. 33451) the Cost Auditor appointed by the Board of Directors of the Company, to conduct the audit of the cost
records of the Company for the financial year ending March 31, 2015, be paid the remuneration of Rs. 75,000/- (inclusive of service tax)
and reimbursement of out-of-pocket expenses.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to do all acts and take all such steps as
may be necessary, proper or expedient to give effect to this resolution.
9.
To consider and if thought fit, to pass with or without modification(s), the following Resolution as a Special Resolution.
RESOLVED THAT in supersession of the Ordinary Resolution adopted at the Extra Ordinary General Meeting held on 23rd March, 1995
and pursuant to Section 180(1)(c) and any other applicable provisions of the Companies Act, 2013 and the rules made thereunder (including
any statutory modification(s) or re-enactment thereof for the time being in force), the consent of the Company be and is hereby accorded
to the Board of Directors to borrow moneys in excess of the aggregate of the paid up share capital and free reserves of the Company,
provided that the total amount borrowed and outstanding at any point at time, apart from temporary loan obtained / to be obtained from the
Companys bankers in the ordinary course of business shall not be in excess of Rs.300/- crores (Rupees Three Hundred crores).
RESOLVED FURTHER THAT the Board be and is hereby authorized and empowered to arrange or settle the terms and conditions on
which all such monies are to be borrowed from time to time as to interest, repayment, security or otherwise howsoever as it may think fit
and to do all such acts, deeds and things, to execute all such documents, instruments and writing as may be required.
10. To consider and if thought fit, to pass with or without modification(s) the following resolution as a Special Resolution:
RESOLVED THAT in supersession of the Ordinary Resolution passed by the Members through Postal Ballot on 2nd April, 2013 under the
Companies (Passing of the Resolution By Postal Ballot) Rules 2011 and under Section 293(1)(a) of the Companies Act, 1956, consent
of the Company be and is hereby accorded to the Board of Directors of the Company (hereinafter referred to as the Board) pursuant to
Section 180(1)(a) of the Companies Act, 2013 (the Act) to the creation by the Board of mortgages and charges in addition to the existing
mortgages and charges created by the Company as the Board may decide on such of the assets of the Company, both present and future,
in such manner as the Board may direct, to or in favour of any one or more of the financial institutions/banks/any other investing agencies/
trustees for the holders of debentures/bonds/other instruments which may be issued to and subscribed by any one or more of the financial
institutions/banks/any other investing agencies or any other person(s)/bodies corporate by private placement or otherwise, to secure rupee/
foreign currency loans, debentures, bonds or other instruments of an aggregate value not exceeding the borrowing limit available to the
Board in terms of Section 180(1)(c) of the Act, together with interest thereon at the respective agreed rates, compound interest, additional
interest, liquated damages, commitment charges, premia on pre-payment, or on redemption, costs, charges, expenses and all other
monies payable by the Company to the aforesaid parties or any of them under the Agreement/Arrangements entered into/to be entered into
by the Company in respect of the said loans/debentures/bonds or other instruments.
RESOLVED FURTHER THAT the Board be and is hereby authorized to so all such acts, deeds and things, to execute all such documents,
instruments and writing as may be required.
11. To consider and if thought fit, to pass with or without modification(s) the following resolution as a Special Resolution:
RESOLVED THAT pursuant to Section 42 and any other applicable provision of the Companies Act, 2013 and the rules made thereunder
(including any statutory modification(s) or re-enactment thereof for the time being in force), the consent of the company be and is hereby
accorded to the Board of Directors to issue and offer Non-Convertible Debentures for an amount not exceeding Rs. 150 crores (Rupees
One hundred Fifty crores) whether secured or Unsecured on private placement from Nationalised Banks/Indian Private Banks/ Foreign
Banks/Other Banks/ Financial Institutions/other eligible investors in one or more tranches during the financial year 2014-15.
RESOLVED FURTHER THAT the Board be and is hereby authorized to do all the acts and to take all such steps as may be necessary to
give effect to this resolution.
By Order of the Board
For Cable Corporation of India Ltd
Madhav Digraskar
Place: Mumbai
Date: 20th August, 2014
NOTES:
(a)
A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE
ON A POLL INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER OF THE COMPANY. PROXIES IN ORDER TO BE
EFFECTIVE, MUST BE DEPOSITED AT THE REGISTERED OFFICE OF THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE
COMMENCEMENT OF THE MEETING.
(b)
An Explanatory Statement as required by Section 102 of the Companies Act, 2013, relating to item nos. 4 to 11 of the notice is appended
hereto.
(c)
The Register of Members and Share Transfer Books of the Company will remain closed from Thursday the18th day of September 2014 to
Wednesday the 24th day of September 2014 (both days inclusive) for the purpose of annual book closure.
(d)
Members are requested to notify any change in their address to the Companys Registrars and Transfer Agents, M/s.Link Intime India Pvt.
Ltd. (Unit: Cable Corporation of India Ltd.) at C-13, Pannalal Silk Mills Compound, L. B. S. Marg, Bhandup (West), Mumbai 400 078 or to
their respective Depository Participants in case shares are held in dematerialised form.
(e)
Members who hold shares in dematerialised form are requested to write their client ID and DP IDs and those who hold shares in Physical
form are requested to write their Folio Number in the attendance slip for attending the meeting.
(f)
To support the Green Initiative in the Corporate Governance taken by the Government in full measure, members who have not registered
their E-mail addresses, so far, are requested to register their E-mail addresses, in respect of electronic holdings with the Depository through
their concerned Depository Participants. Members who hold shares in physical form are requested to fill the appropriate information in the
Request for E-mail ID Form and register the same with the Companys Registrar and Transfer Agent M/s. Link Intime India Pvt. Ltd.
(g)
As per the provisions of the Companies Act, 2013 facility for making nominations is available for Members, in respect of the Shares, held
by them. The members may take advantage of this amendment.
(h)
The brief details of Directors seeking appointment/reappointment at the ensuing Annual General Meeting, nature of their expertise in
specific area is also annexed hereto and forming part of the Notice.
For Cable Corporation of India Ltd
Madhav Digraskar
Mumbai, 20th August 2014
Registered Office:
Laxmi Building, 4th Floor
Ballard Estate Mumbai 400 001
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013
Item No. 4
At the meeting of the Board of Directors of the Company held on 23rd May, 2014, Mrs Nandini H Khatau was appointed as an Additional Director
of the Company and holds office upto the date of the ensuing Annual General Meeting in terms of Section 161 of the Companies Act, 2013 (Act)
read with Article 115 of the Articles of Association of the Company.
Pursuant to Section 160 of the Act, the Company has received notice, together with requisite deposit of Rs.1 lac from a member signifying his
intention to propose Mrs. Nandini H Khatau as candidate for the office of Director of the Company, liable to retire by rotation.
Mrs. Nandini H Khatau is not disqualified from being appointed as a Director in terms of Section 164 (2) of the Act.
Mrs. Nandini H Khatau is interested in the Resolution set out at Item No. 4 of the accompanying Notice, since it relates to her appointment.
Mr Hiten A Khatau and Mr Rohan H Khatau being relatives of Mrs Nandini H Khatau are interested in the Resolution.
Except Mr Hiten A Khatau and Mr Rohan H Khatau, none of the Directors / Key Managerial Personnel and their relatives thereof are concerned
or interested in the resolution for her appointment.
A brief profile of Mrs Nandini H Khatau, the nature of her expertise, the names of Companies she holds directorships is included in the Notice.
The Board commends the passing of the Resolution set out in Item No 4 of the accompanying Notice.
Item Nos. 5 to 7
The following Directors are the existing Independent Directors of the Company on the date of this Notice.
Mrs. N B Pasta, Mr. Mukul Kasliwal and Mr. Abhijit Datta
In accordance with Sec 149 of the Companies Act, 2013, the Company is required to appoint at the Annual General Meeting of the Company an
Independent Director on the Board of Directors of the Company for a period of 5 (five) years. The Board of Directors at their meeting held on 20th
August, 2014 approved their appointment from the date of this Annual General Meeting upto the expiry of five consecutive years or the date of
Each of the above mentioned Directors is interested at the item concerning their appointment.
Their appointment for a period of 5 (five) years is recommended from the date of this Annual General Meeting upto the expiry of five consecutive
years or the date of the 62nd Annual General Meeting, whichever is earlier.
Mrs. N B Pasta, Mr. Mukul Kasliwal and Mr. Abhijit Datta are not disqualified from being appointed as Directors in terms of Section 164 of the Act
and have given their consent to act as Directors.
The Company has received notices in writing from members alongwith the deposit of requisite amount under Section 160 of the Act proposing the
candidatures of each of the directors namely Mrs. N B Pasta, Mr. Mukul Kasliwal and Mr. Abhijit Datta for the office of Directors of the Company.
The Company has also received declarations from Mrs. N B Pasta, Mr. Mukul Kasliwal and Mr. Abhijit Datta that they meet with the criteria of
independence as prescribed both under sub-section (6) of Section 149 of the Act.
Considering their vast experience, their presence on the Board will be of immense value to the Company.
A copy of their draft letters of appointment as Independent Directors setting out the terms and conditions are available for inspection by the
Members at the registered office of the Company on all working days (except Saturdays, Sundays and Public Holidays) between 10:00 am to
12:00 pm up to the date of the AGM.
None of the Directors, Key Managerial Personnel and their relatives thereof other than Mrs. N B Pasta, Mr. Mukul Kasliwal and Mr. Abhijit Datta
and their relatives are concerned or interested in the respective resolutions for their appointment.
The resolutions as set out in Item nos. 5 to 7 of this Notice are accordingly commended for your approval.
Item No. 8
The Board, on the recommendation of the Audit Committee, has approved the appointment and remuneration of Mr. Paresh J. Sampat, (M. No.
33451) the Cost Auditors to conduct the audit of the cost records of the Company for the financial year ending March 31, 2015 at a remuneration
of Rs. 75,000/- (inclusive of service tax) plus out-of pocket expenses.
In accordance with the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, the remuneration payable
to the Cost Auditors has to be ratified by the shareholders of the Company.
Accordingly, consent of the members is sought for passing an Ordinary Resolution as set out at Item No. 8 of the Notice for ratification of the
remuneration payable to the Cost Auditors for the financial year ending March 31, 2015.
None of the Directors / Key Managerial Personnel of the Company / their relatives are, in any way, concerned or interested, financially or
otherwise, in the resolution set out at Item No. 8 of the Notice.
The Board commends the Ordinary Resolution set out at Item No. 8 of the Notice for approval by the shareholders.
Item No. 9
The Members of the Company at their Extra Ordinary General Meeting held on 23rd March, 1995 approved by way of an Ordinary Resolution
under Section 293(1)(d) of the Companies Act, 1956 borrowings over and above the aggregate of paid up share capital and free reserves of the
Company provided that the total amount of such borrowings together with the amounts already borrowed and outstanding at any point of time
shall not be in excess of Rs 300/- crores (Rupees Three hundred crores).
Section 180(1) (c) of the Companies Act, 2013 requires that the Board of Directors shall not borrow money in excess of the Companys paid up
share capital and free reserves, apart from temporary loans obtained from the Companys bankers in the ordinary course of business, except
with the consent of the Company accorded by way of a Special Resolution.
It is therefore necessary that the Members pass a Special Resolution under Section 180 (1) (c) and other applicable provisions of the Companies
Act, 2013 as set our at Item No 9 of the Notice to enable to the Board of Directors to borrow money in excess of the aggregate of the paid up
share capital and free reserves of the Company. Approval of Members is being sought to borrow money upto Rs. 300/- crores (Rupees Three
Hundred crores).
None of the Directors and / or key Managerial Personnel of the Company and their relatives is concerned or interested financially or otherwise
in the Resolution set out at Item No 9.
Item No. 10
In the normal course of business, the Company is required, from time to time, to borrow funds by way of rupee/foreign currency loans, issue of
debentures, bonds or other instruments from Banks, Financial Institutions and/or other persons/bodies corporate etc. To secure such lendings
the lenders usually call for adequate securities which is normally provided in the form of mortgage and charge on certain properties of the
Company. In terms of Section 180(1) (a) of the Companies Act, 2013 (the Act) besides sale, to lease or otherwise disposal of any undertaking
or substantially the whole of any undertaking of a company, a consent of its Members by way of a Special Resolution is necessary.
An Ordinary Resolution was passed by the Members through Postal Ballot on 2nd April, 2013 under the Companies (Passing of the Resolution
By Postal Ballot) Rules 2011, according its consent in terms of Section 293(1)(a) and all other applicable provisions of the Companies Act, 1956,
(including any statutory modification or re-enactment thereof, for the time being in force), to the Board of Directors to mortgage and/or charge
the Assets of the Company both present and future.
The assets on which the security may be required to be created may come under the ambit of the definition of undertaking or substantially the
whole of any undertaking as explained under Section 180(1)(a) of the Act, necessitating the Members Consent by way of passing a Special
Resolution. The Resolution set out in Item No. 10 of the convening Notice is to be considered accordingly and the Board recommends the same.
No Director or Key Managerial Personnel of the Company or any of their relatives is concerned or interested, financially or otherwise, in respect
of the Resolution set out at Item No 10.
Item No. 11
In terms of Section 42 of the Companies Act, 2013 and Rule 14 of the companies (Prospectus & Allotment) Rules 2014, a company shall
not make a private placement of its securities unless the proposed offer of securities or invitation to subscribe securities has been previously
approved by the members of the company by a Special Resolution. In case of an offer or invitation for offer of Non-convertible debentures, the
company can pass Special Resolution once a year for all the offers or invitation for such debentures during the year.
The Company seeks to pass an enabling resolution to borrow funds by offer of Non-convertible Debentures for an amount not exceeding Rs.
150 crores (Rupees One hundred Fifty Crores) at interest rate that will be determined by the prevailing money market conditions at the time of
borrowing. Rules 14 of the companies (Prospectus and Allotment of Securities) require passing of this Special Resolution and such Resolution
is valid for a period of one year.
It is, therefore, necessary for the members to pass a Special Resolution under Section 42 and other applicable provisions of the companies
Act, 2013, as set out at Item No. 11 of the Notice, to enable the Board of Directors to borrow money by offer of Non-convertible Debentures or
invitation to subscribe Non-convertible Debentures.
None of the Directors and/ or Key Managerial Personnel of the Company and their relatives is concerned or interested, financial or otherwise,
in the resolution set out at item No.11.
For Cable Corporation of India Ltd.
Madhav Digraskar
Place: Mumbai
Date : August 20, 2014
Details of Directors retiring by rotation.

Name of the Director
Mrs. Nandini H
Khatau
Mrs Nayna B Pasta
Mr. Girish D.
Bhingarkar
Mr. Mukul Kasliwal
Mr Abhijit Datta
Date of Birth
Date of appointment
Expertise in specific
functional areas
10th December, 1958

23rd May, 2014
Industrialist having a
wide experience in
handling corporate
affairs.
22nd May, 1951

27th May, 2002
Over 32 years
experience in finance
& taxation.
20th October, 1964

10th January, 2005
23 years of
experience in
Corporate business /
1st June, 1949

31st October, 2009
Over 45 years
of experience in
Banking & Finance
Bachelor of
Commerce
C. A.
17th February, 1950

1st February, 2002
Over 44 years
experience in
industrial relations,
human resource &
labour management
B.A., DLW, LLM
MBA in finance.
M.A. (Economics),
Nil
1. Entegra Limited.
C.A.I.I.B.
1. Bengal Tea &
Fabrics Ltd.
Qualifications
Directorships in other 1. Krishabh Trading

Companies
and Services Pvt.
Ltd.
2. Grow High
Properties Pvt.
Ltd.
3. Great View
Properties Pvt.
Ltd.
4. CCI Projects Pvt.
Ltd.
1. Khatau Industries
Pvt. Ltd.
2. Cheerful
Properties Pvt.
Ltd.
finance.
2. Raj Infin Private

Limited
3. MW Corp. Private 3. Enami

Infrastructure Ltd.
Ltd.
4. S Kumars Limited 4. Zandu Reality
Limited
5. MW Unitexx
Limited
6. Shree Maheshwar
Hydel Power
Corporation
Limited.
7. Shree Ram Urban
Infrastructure
Limited
8. MW Advisers
Limited.
9. MW Infra
Developers
Limited
10. K U Enterprises
Limited
11. S Kumar &
Company
(Trades) Limited
12. Klopman
International Srl.
13. S. Kumar
Enterprises
(Synfabs) Limited.
2. Hubtown Limited.
DIRECTORS REPORT
Your Directors present the Fifty Seventh Annual Report on the business and operations of the Company together with the Audited Statement of
Accounts for the financial year ended 31st March, 2014.
PROFIT / LOSS AND APPROPRIATIONS
(Rs. in lacs)
Particulars
Profit / (Loss) after Extraordinary items & before Tax
Less : Provision for Taxation
Profit / (Loss) for the year
Balance Profit / (loss) brought forward from previous year
Debit Balance in statement of profit and loss carried to balance sheet
Current Year ended

31.03.2014
(2153)
(2153)
(8147)
(10300)
Previous Year ended

31.03.2013
1818
1818
( 9965 )
( 8147 )
OPERATIONS
During the year under review the Cable business segment of the Company achieved turnover of Rs 98 crores compared to the turnover of
Rs. 120 crores in the previous year. The fall in turnover was due to paucity of working capital. Raw Material prices remained volatile whereas stiff
competition impacted EBDITA margins adversely.
During the year the income from Real Estate operations amounted to Rs. 33.20 Crores.
Industrial relations remained cordial during the year under review
DIVIDEND
In view of the losses, the Directors do not recommend any dividend on Equity Shares for the financial year 2013-14.
CURRENT YEARS OUTLOOK AND FUTURE PROSPECTS
The outlook for the current year considering the revival of industries & new projects being taken up by State & Central Utilities, the cable
requirement likely to go up which is evident from the increase in enquiry bank for both low tension / high tension and Extra High Voltage cables
requirement. Despite of increase in demand, we see stiff competition in HT/LT business which is putting tremendous pressure on the margins.
In case of HT/LT cables, CCI continues to enjoy the preferred brand image due to consistent in delivering the high quality products. In case
of Extra High Voltage segment, the company has been competing with local as well as International players. Company still enjoys the longest
experience in the domestic market in the EHV segment and always the preferred choice of customers. It is envisaged that Extra High Voltage
cable in the current scenario of the market will go up as most of the State & Central Utilities in urban area are moving away from overhead
transmission due to space constraints to underground cable transmission network projects. In this case also, despite of increase in demand,
good enquiry bank, we see stiff competition with local as well as international players. We expect to have reasonable margin in EHV segment.
DIRECTORS
In accordance with Section 149 of the Companies Act, 2013, the Board of Directors at its meeting held on 20th August, 2014 appointed, Mrs N B
Pasta, Mr Mukul Kasliwal, and Mr Abhijit Datta as Independent Directors of the Company for a period of 5 years with effect from the date of this
Annual General Meeting upto the expiry of five consecutive years or the date of the 62nd Annual General Meeting whichever is earlier, subject to
approval by members in the ensuing Annual General Meeting.
The Board of Directors at its meeting held on 23rd May, 2014 appointed Mrs N H Khatau as an Additional Director. Pursuant to Section 161 of the
Companies Act, 2013 read with Article 115 of the Articles of Association of the Company, Mrs Khatau holds office upto the date of the ensuing
Annual General Meeting of the Company and is eligible for appointment as Director.
Mr G D Bhingarkar retires by rotation at the ensuing Annual General Meeting and being eligible offer himself for re appointment.
Mr R Sridharan resigned from the Board of Directors of the Company with effect from 1st June, 2014. Your Directors take this opportunity to
express their deep sense of appreciation for the valuable services rendered by Mr Sridharan during his tenure as a Director of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors of your Company confirm:
(i)
that in the preparation of the annual accounts, the applicable accounting standards have been followed and there has been no material
departure;
(ii)
that they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2014 and the Profit and Loss Account
of the Company for the year ended on that date;
(iii) that they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of
the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
(iv) that they have prepared the annual accounts on a going concern basis.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report forming part of this Report is annexed.
DELISTING
Following the closure of the Delisting Offer and in accordance with the Delisting Regulations, the Company applied for the delisting of its equity
shares from the BSE on December 12, 2013. In terms of BSE notice dated January 03, 2014 the trading in the equity shares of the Company
was delisted from the Exchange records w.e.f Thursday, January 16, 2014.
Residual Shareholders will be able to tender their equity shares in favour of the Acquirers/ Promoters at the Exit Price of Rs 19/- per equity share,
at any time till January 15, 2015, on the terms and subject to the conditions set out in the Exit Offer Letter.
PARTICULARS OF EMPLOYEES
In terms of provisions of Section 217(2A) of the Companies Act 1956 read with the Companies (Particulars of Employees) Rules, 1975 as
amended, the names and other particulars of the employees drawing salary more than Rs. 60 lacs per annum if employed throughout the
financial year or drawing salary more than Rs. 5 lacs per month if employed for a part of the financial year are required to be set out in the
Annexure to the Directors Report. However as per the provisions of Section 219(1)(b)(iv) of the said Act, the Annual Report excluding the
aforesaid information is being sent to all the members of the Company and others entitled thereto. Members who are desirous of obtaining such
particulars are requested to write to the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year under review we have obtained ISO 14001 certification from BVQI , apart from the already existing ISO 9001 certification.
Conservation of Energy, technology absorption and foreign exchange earnings and outgo information as per Section 217(1)(e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 and forming part of this Report
is annexed herewith. (Annexure I)
AUDITORS
The Auditors M/s. Sorab S Engineer & Co., Chartered Accountants, hold office until the conclusion of the ensuing Annual General Meeting and
being eligible, offer themselves for re-appointment. A Certificate from the Auditors has been received to the effect that their re-appointment, if
made, would be within the limits prescribed under Section 139 of the Companies Act, 2013.
AUDITORS REPORT
The Auditors Report to the shareholders does not contain any qualification. The Notes to the Accounts referred to in the Auditors Report are
self-explanatory and therefore does not call for any further comments.
COST AUDIT
The Company has on the recommendation of the Audit Committee appointed Mr Paresh J Sampat as the Cost Auditor to conduct the audit of
the cost records of the Company for the financial year ending 31st March, 2015. In pursuance to the provisions of Section 148 of the Companies
Act, 2013 the Company has filed the Cost Audit Report for Cables and Conductors activity for the financial year 2012-13.
ACKNOWLEDGEMENTS
Your Directors desire to record their sincere appreciation to the Financial Institutions, Banks, Central and State Governments for their continued
cooperation and support.
The Directors take this opportunity to acknowledge the dedicated efforts made by the workers and officers at all levels towards the success
achieved by the Company.
The Directors also convey their gratitude to all the Shareholders for their continued support, especially in what has been another difficult year
for the Company.
On behalf of the Board of Director
Place: Mumbai,
Dated : August 20, 2014
H. A. KHATAU
CHAIRMAN
Annexure I to Directors Report

Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988
A.
CONSERVATION OF ENERGY
(a)
(b)
(c)
Energy conservation measures taken:

-
Rationalization of process technology in the Factory resulting in Energy Cost Saving.
Capacitor devices have been put on individual machines for PF improvement.
Energy meters have been provided on majority of the machines for monitoring energy consumption.
Additional investment and proposal:

-
Energy Audit carried out by an External Agency for assessing current status & recommendation for further improvement.
Proposals recommended have been implemented for majority of their recommendation
Impact of various measures on cost of production:

-
(d)
B.
Energy conservation measures implemented has marginal effect on overall energy bills and cost of production.
Provision to disclose particulars with respect to total energy consumption and energy consumption per unit of production does not
apply to the Company.
TECHNICAL ABSORPTION
(a)
Efforts made in technology absorption as per form B are as under:

Form for Disclosure of Particulars with respect of absorption:
Research and Development:
(i)
Specific areas in which R & D is carried out by the Company:

Research and Development activities in areas of Cable Technology, development of Elastomeric cable, special type of conductors
& accessories for Extra High Voltage cables are being carried out by the Company.
(ii)
Benefits derived as a result of the above R & D:

-
Development of 400kV cables.
Development of process technology related to extrusion, cross linking, resulting in elimination of high voltage failure &
reduction in dimension of high voltage & medium voltage cable.
Development of technology for manufacture of 400 kV XLPE cables.
Development of Copper Segmental Conductor for 1400 sq.mm for EHV cable.
Development of technology for manufacture of 1400 sq.mm 220 kV XLPE cable.
Development of technology for manufacture of Submarine cable.
(iii) Future plan of action:

In future, R & D activities will be directed in reducing the material cost, in-process defects of cables and developing newer
technologies suitable for emerging trends.
(iv) Expenditure on R & D:
(Rs.in laks)
(a) Capital
Nil
(b) Recurring
64
(c) Total
64
(d) Total R & D expenditure as a percentage

of the total turnover
1%
Technology Absorption, Adaptation and Innovation:

(i)
Efforts in brief made towards technology absorption, adaptation and innovation.
(ii)
Benefits derived as a result of the above.
Efforts / Projects
Development Related:
Benefits Derived
(i)
Development of various cables catering to specific

requirements of power transmission at HV & EHV
Product Development
(ii)
Rationalization in process technology related to

EHV/HV cable manufacture.
Process Technology
(iii) Development of curative system to suit specific

application and process.
Product Development
(iv) Development of Submarine cable
Product Development
Manufacturing related :
Development & Implementation of Process for
Manufacture of LT & HT Cables in elimination of
major defects during manufacture.
Process Development
Manufacturing of 400 kV cables
Process Development
Manufacturing of Submarine cables.
Process Development
Energy Savings:
C.
Use of Capacitor devices at all the Plants has ensured that

Power factor is kept well above 0.95 which has resulted
in savings in electricity bills.
Decreased Power Cost
In case of imported technology (imported during the last 5 years)

reckoned from the beginning of the financial year.
Not applicable
FOREIGN EXCHANGE EARNINGS AND OUTGO

(Amount in Lakhs)
FOB
10
93
MANAGEMENT DISCUSSIONS AND ANALYSIS
1)
Overall Review
The Company is engaged in the business of manufacture and sale of power cables, Execution of Turnkey Cable Contracts, Providing Cable
related solutions &Trading products. The company caters to the demands of Transmission & Distribution sectors of Power Industry, Power
Generation Projects and all Industrial Sectors in India and abroad.
2)
Industry Structure and Development

In the medium term, we are expecting improved demand in all sectors of our operations with the Government taking encouraging initiatives
in Power and Infrastructure sector which is directly linked to our company.
3)
Opportunities & Threats

Both the plants of the Company are in operation including its second EHV Cable Manufacturing facility with CCV Technology. This facility
has made it more versatile for the Company to cater to more variety of EHV Cables.
Various state utilities, who are the main consumers of EHV Cables have/ are in process of implementing Financial restructuring and
reforms. The financial health of the State Electricity Boards and slow down in general economy are a potential threat to the growth of the
Company.
4)
Segmentwise performance
The Cable business segment of the Company achieved turnover of Rs 98 crores. The fall was mainly due to paucity of working capital, a
major part which remained blocked in servicing turnkey orders, fluctuation in raw material prices and stiff competition.
5)
Outlook
Keeping in view the improvement in the health of various state utilities and measures being undertaken by them coupled with positive
outlook for the power and infrastructure sectors, the outlook has more likelihood of improvement.
6)
Risks and Concerns

Besides macro-economic problems in India and many parts of the world, the increase in prices of raw materials and devaluation of rupee,
are severe cause for concern and methods to mitigate the same are under implementation.
7)
Adequacy of Internal Controls

The Company has an periodical internal control system to ensure that all assets are safeguarded and protected and the transactions
are authorized, recorded and reported correctly. The internal control system is then reviewed by the management regularly, with proper
guidelines to strengthen them further.
8)
Quality
The Company has and always will enhance the reputation for its product quality at competitive prices in national and international markets
and to meet customers expectations.
The Company still maintains its brand image and is perceived to be the leader in the Power Cable industry.
9)
Financial Review
The Cable business segment of the Company achieved turnover of Rs 98 crores compared to the turnover of Rs. 120 crores in the previous
year. The drop in turnover was mainly due to paucity of working capital, This has adversely affected the EBDITA margins significantly. The
Raw Material prices have shown an increasing trend which had an effect on margins also. However, the Company has been able to show
some marginal savings in Employee and other costs.
10) Development in Human Resources/ Industrial Relations

The Companys human resource remains a prime source of its competitive advantage due to its capability, dedication, competence and
vigor and its success and the Company has always invested in its development to achieve this goal.
11) Cautionary Statement
Certain statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations
or predictions may be forward-looking statements within the meaning of applicable laws and regulations. Actual results could differ from
those expressed or implied. Important factors that could make a difference to the Companys operations include material availability and
prices, cyclical demand and pricing in the Companys principal markets, changes in the government regulations, tax regimes, economic
developments within India and other incidental factors.
11
REPORT OF THE AUDITORS
Independent Auditors Report to the Members of Cable Corporation of India Limited

Report on the Financial Statements
We have audited the accompanying financial statements of CABLE CORPORATION OF INDIA LIMITED (the Company), which comprise the
Balance Sheet as at 31st March , 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended, and a summary
of the significant accounting policies and other explanatory information, in which are incorporated the unaudited accounts of Bangladesh Office.
Managements Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (the
Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013. This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation
and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditors Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with
the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements,
whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Companys preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Companys internal control. An audit also includes evaluating the appropriateness
of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in
India:
(a)
in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;
(b)
in the case of the Statement of Profit and Loss, of the loss for the year ended on that date; and
(c)
in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.
Emphasis of Matter
We draw attention to Note No. 43 regarding Addendum Agreement between the Company and CCI Projects Private Limited (CCIPL) for sharing
of revenues and payment by CCIPL to the Company based on the Present Value of the Companys share in the revenues from the Project
calculated in accordance with the Discounted Cash Flow Method. Pursuant to the Agreements the Company has accounted Rs. 3,320 Lacs
(Previous Year Rs. 8,894 Lacs) as Income from Real Estate. Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1.
As required by the Companies (Auditors Report) Order, 2003 (the Order) issued by the Central Government of India in terms of subsection (4A) of Section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.
2.
As required by Section 227(3) of the Act, we report that:
12
(a)
We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose
of our audit.
(b)
In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination
of those books and proper returns adequate for the purposes of our audit have been received from the branches not visited by us.
(c)
The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books
of account and with the returns received from the branches not visited by us.
(d)
In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards
notified under the Companies Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th September, 2013 of the Ministry
of Corporate Affairs in respect of Section 133 of the Companies Act, 2013.
(e)
On the basis of the written representations received from the directors as on 31st March, 2014 and taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2014 from being appointed as a director in terms of clause (g) of subsection (1) of Section 274 of the Companies Act, 1956.
For SORAB S. ENGINEER & CO.
Firm Registration No. 110417W
CA N.D. Anklesaria
(Partner)
(Membership No. 10250)
Place : Mumbai
Date : 23rd May, 2014
ANNEXURE TO THE AUDITORS REPORT

Referred to in paragraph 1 of our Report of even date.
(i)
(a)
The Company has maintained proper records showing full particulars, including quantitative details and situation of its Fixed Assets
except those in respect of Plant and Machinery installed prior to 1st January, 1967.
(b)
All the assets have not been physically verified by the management during the year but there is a regular programme of verification
which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies
were noticed on such verification.
(c)
According to the information and explanations given to us, the Company has not disposed off a substantial part of its Fixed Assets
during the year.
(a)
The inventory has been physically verified during the year by the Management. In our opinion, the frequency of verification is
reasonable.
(b)
In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.
(c)
On the basis of our examination of the records of inventory, we are of the opinion that the Company is maintaining proper records of
inventory. The discrepancies noticed on verification between the physical stocks and the book records were not material.
(iii) (a)
The Company has not granted any Loans, Secured or Unsecured, to Companies, Firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956. Accordingly, the clauses 4 (iii) (b) to (d) of the Order are not applicable.
(ii)
(e) The Company has not taken any loans, Secured or Unsecured, from Companies, Firms or other parties covered in the register
maintained under Section 301 of the Companies Act, 1956. Accordingly, the clauses 4(iii) (f) and (g) of the Order are not applicable.
(iv) In our opinion and according to the information and explanations given to us, the Company requires strengthening of its internal control
procedures to make it commensurate with the size of the Company and the nature of its business, with regard to purchases of inventory and
fixed assets and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct
major weaknesses in the internal controls. Attention is invited to the matters stated in Note 40.
(v)
(a)
In our opinion and according to the information and explanations given to us, there are no contracts or arrangements as referred to in
Section 301 of the Companies Act, 1956 that need to be entered into the register maintained under that section. Accordingly the clause
4(v)(b) of the Order is not applicable.
(vi) The Company has not accepted fresh deposits from the public after August, 2000 and hence, according to the information and explanations
given to us, provisions of sections 58A and 58AA and other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance
of Deposits) Rules, 1975 with regard to the deposits accepted from the public are not applicable.
(vii) In our opinion and according to the information and explanations given to us, the Company has an internal audit system commensurate with
the size and nature of its business.
13
(viii) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for
the maintenance of cost records under Section 209 (1) (d) of the Companies Act, 1956 in respect of Electrical Cables manufactured by
the Company. We are of the opinion that prima facie the prescribed accounts and records have been made and maintained. We have not,
however, made a detailed examination of these records.
(ix) (a)
According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education Fund, Employees
State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty and other statutory dues have not
generally been regularly deposited with the appropriate authorities.
The following are the outstanding statutory dues as at the last date of the nancial year which were outstanding for a period of more
than six months from the date they became payable:
Name of the Statute
Finance Act, 1994
(b)
Amount
(Rs. in Lacs)
Service Tax
Period to which the amount relates
24
January 2013 to August 2013
Central Sales Tax Act, 1956 and Sales Tax

Sales Tax Act of Various States
294
March 2011 to August 2013
Income Tax Act, 1961
47
April 2013 to August 2013
Income Tax
According to the records of the Company, as at 31st March,2014, the following are the particulars of disputed dues on account of
Income Tax, Sales Tax, Customs Duty, and Excise Duty matters which have not been deposited:Name of the Statute
(x)
Nature of the Dues
Nature of
Dues
Amount
(Rs. in Lacs)
Period to which the

amount relates
Forum where dispute is

pending
Central Sales Tax Act, 1956 and

Sales Tax Act of Various States
Sales Tax
964
Various years from

1997-98 to 2004-05
Commissioner (Appeals)
Central Excise Act, 1944
Excise Duty
224
Various years from

2006-07 to 2010-11
Commissioner of Central
Excise (Appeals) and
Central Excise and Service Tax
Appellate Tribunal
Income Tax Act, 1961
Income Tax
523
Various years from

1996-97 to 2004-05
Commissioner of Income Tax

(Appeals) / ITAT
In our opinion, the accumulated losses at the end of the financial year are not more than fifty percent of its net worth.
The Company has incurred cash losses in the current year, however the Company has not incurred cash loss in the immediately preceding
financial year.
(xi) The Company has defaulted in the repayment of its Loan dues to a Financial Institution. An amount of Rs. 50 Lacs on account of Principal
and Interest was overdue as on 31st March 2014, which has subsequently been paid.
(xii) In our opinion and according to the information and explanations given by the Management, the Company has not granted any loans and
advances on the basis of security by way of pledge of shares, debentures or any other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provisions of clause 4(xiii) of the Order
are not applicable.
(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and any other investments. Therefore, the
provisions of clause 4(xiv) of the Order are not applicable.
(xv) In our opinion and according to the information and explanations given by the Management, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(xvi) On the basis of the records examined by us, and relying on the information compiled by the Company for co-relating the funds raised to the
end-use of term loans, we state that the Company has, prima facie, applied the term loans for the purpose for which they were obtained.
(xvii) According to the information and explanations given to us and on an overall examination of the financial statements and after placing
reliance on the reasonable assumptions made by the Company for classification of Short-term and Long-term usage of the funds, we are
of the opinion that, prima facie, no funds raised on short-term basis have been utilized for long-term investment.
14
(xviii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and
companies covered in the register maintained under Section 301 of the Companies Act, 1956.
(xix) According to the information and explanations given to us, the Company has not issued any debentures during the year.
(xx) The Company has not made any public issue during the year.
(xxi) Based upon the audit procedures performed and the information and explanations given by the management, we report that no fraud on or
by the Company has been noticed or reported during the year.
For SORAB S. ENGINEER & CO.
Place : Mumbai
Date : 23rd May, 2014
CA N.D. Anklesaria
(Partner)
(Membership No. 10250)
15
BALANCE SHEET AS AT 31ST MARCH, 2014
(Rs. in Lacs)
Particulars
Note No
I.
EQUITY AND LIABILITIES
Shareholders funds
As at 31st March 2014
(a)
Share capital
7,729
7,729
(b)
Reserves and surplus
4,752
6,905
Non-current liabilities
(a)
Long-term borrowings
2,212
2,473
(b)
Long-term provisions
105
149
Current liabilities
(a)
Short-term borrowings
7,175
5,357
(b)
Trade payables
37
3,027
5,877
(c)
Other current liabilities
4,913
5,076
(d)
Short-term provisions
52
37
29,965
33,603
12,924
14,189
TOTAL
II.
ASSETS
Non-current assets
(a)
Fixed assets
(i)
Tangible assets
(ii)
Intangible assets
(iii)
Capital work-in-progress
67
13,051
14,256
(b)
Non-current investments
10
5,735
5,735
(c)
Deferred Tax Asset (net)
35
743
743
(d)
Long-term loans and advances
11
1,663
1,681
Current assets
(a)
Inventories
12
1,343
1,962
(b)
Trade receivables
13
4,668
6,504
(c)
Cash and Cash Equivalents
14
1,049
1,242
(d)
Short-term loans and advances
15
1,683
1,449
(e)
Other current assets
16
30
31
29,965
33,603
TOTAL
Summary of Significant Accounting Policies
Notes referred to above form an integral part of the Balance Sheet and
should be read in conjunction therewith
As per our report of even date attached
For and on behalf of the Board
For Sorab S. Engineer & Co.

H A Khatau
Chairman
CA N.D. Anklesaria
Partner
Membership No.10250
M. Digraskar
Mumbai, 23rd May 2014
16
127
STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2014
Particulars
I.
II.
III.
IV.
Revenue from operations

Other income
Total Revenue (I + II)
Expenses:
Cost of Materials Consumed
Purchases of Stock in Trade
Changes in Inventories of Finished Goods,
Work-in-Progress & Stock-in -Trade
Employee benefits expenses
Finance costs
Other expenses
Depreciation on Tangible Assets and Amortization
Total expenses
V. Profit/(Loss) before exceptional and extraordinary items and tax (III-IV)
VI. Exceptional items
VII. Profit/(Loss) before extraordinary items and tax (V - VI)
VIII. Extraordinary Items
IX. Profit/(Loss) before tax (VII- VIII)
X Tax expense:
(1) Current tax
(2) Deferred tax
(3) Short /(excess) provision of Income Tax of earlier years (Net)
XI Profit/(Loss) for the year (IX-X)
XII Earnings per equity share:(in Rs.)
Nominal Value per Share Rs.10/- (Previous Year Rs.10)
Before Extraordinary Items
Basic
Diluted
After Extraordinary Items
Basic
Diluted
Summary of Significant Accounting Policies
Notes referred to above form an integral part of the Statement of Profit and Loss
and should be read in conjunction therewith
For the Year ended

31st March 2014
13,646
137
13,783
(Rs. in Lacs)
For the Year ended
31st March 2013
21,255
136
21,391
19
20
21
7,760
1,164
150
9,420
643
533
22
23
24
1,013
2,053
2,659
1,137
15,936
(2,153)
(2,153)
(2,153)
1,033
3,686
3,323
935
19,573
1,818
1,818
1,818
(2,153)
1,818
(2.79)
(2.79)
2.35
2.35
(2.79)
(2.79)
2.35
2.35
Note
No.
17
18
32

H A Khatau
Chairman
CA N.D. Anklesaria
Partner
Membership No.10250
M. Digraskar
17
CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2014
(Rs. in Lacs)
31-March-13
31-March-14
CASHFLOW FROM OPERATING ACTIVITIES
PROFIT /( LOSS ) Before TAX AND EXTRAORDINARY ITEM
Adjustment for:
Depreciation
Interest expenses
Profit / (Loss) on sale of assets (Net)
Interest income
OPERATING PROFIT / (LOSS) BEFORE WORKING CAPITAL
CHANGES AND EXTRA -ORDINARY ITEMS
Adjustment for :
Trade and other receivables
Inventories
Trade payable
CASH GENERATED FROM OPERATIONS
Direct taxes refund / (paid)
NET CASH FROM OPERATING ACTIVITIES
CASHFLOW FROM INVESTING ACTIVITIES
Purchase of fixed assets
Interest received
Dividend received
NET CASH USED IN INVESTING ACTIVITIES
CASHFLOW FROM FINANCING ACTIVITIES
Received from issuance of share capital
From long term borrowings
From short term borrowings
Interest paid
NET CASH USED IN FINANCING ACTIVITIES
NET CASH INCREASE IN CASH AND CASH EQUIVALENTS
( A+B+C )
Cash and cash equivalents as on 01-04-2013
Cash and cash equivalents as on 31-03-2014
(2,153)
1,137
2,053
4
(78)
935
3,686
0
(80)
3,116
963
1,641
619
(3,047)
(787)
176
(21)
155
64
79
4,541
6,359
8,809
565
478
143
(261)
1,818
(2,048)
C
9,852
16,211
(20)
16,191
(1,109)
94
(1,015)
(10,496)
(790)
(4,008)
(491)
(15,294)
(193)
1,242
1,049
(118)
1,360
1,242
Previous years figures have been regrouped / rearranged wherever necessary.


H A Khatau
Chairman
CA N.D. Anklesaria
Partner
Membership No.10250
M. Digraskar
18
1,818
NOTES TO THE FINANCIAL STATMENTS FOR THE YEAR ENDED 31ST MARCH, 2014
SIGNIFICANT ACCOUNTING POLICIES:

The Financial statements are prepared under the historical cost convention on an accrual basis and are in accordance with the requirements
of the Companies Act, 1956 and comply with the Accounting Standards referred to in sub-section (3C) of Section 211 of the said Act.
The preparation of financial Statements requires the management to make estimates and assumptions in the reported amounts of assets
and liabilities (including Contingent Liabilities) as of the date of the financial statements and the reported income and expenses during
the reporting period. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable.
Future results could differ from these estimates.
1.1 FIXED ASSETS:

a)
Some of the Fixed Assets which have been revalued have been stated at revalued cost.
b)
Other fixed assets are recorded at cost inclusive of inward freight, duties, taxes and incidental expenses related to the acquisition of
the asset. In respect of projects, related pre-operational expenses are included in the cost of the asset.
1.2 DEPRECIATION:
a)
Land is shown at original cost in the books. The cost of the leasehold land is amortised over the period of lease.
b)
Depreciation on all items of plant and machinery is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956
under straight line method for plant and machinery acquired on and after 1.4.89 and under written down value method for other plant
and machinery.
c)
Depreciation on all other assets is provided at the revised rates specified in Schedule XIV to the Companies Act, 1956 under straightline method for building at Nasik Works and under written down value method for other assets.
d)
Depreciation on revalued fixed assets is calculated on the residual life of the assets or as per rates specified in Schedule XIV to the
Companies Act, 1956 whichever is higher.
e)
Minor assets individually costing Rs.5000 or below are fully depreciated in the year of acquisition.
1.3 INVESTMENTS:
a)
Non Current Investments are recorded in the books at cost inclusive of all expenses incidental to acquisition thereof except where
there is a dimunition in value other than temporary, in which case the carrying value is reduced, to recognise the decline.
b)
Current Investments are recorded in the books at lower of cost or fair value.
c)
Investments sold are accounted for on the basis of average cost of the related lot of investments.
1.4 INVENTORIES:
a)
Inventories are valued at cost or net realisable value whichever is lower. Cost is arrived at on the basis of weighted average method
and includes applicable production overheads.
b)
Excise Duty is provided on stocks of finished Goods lying in bonded Warehouses and factory premises at the year end.
1.5 RETIREMENT BENEFITS:

a)
Company's contribution to provident fund is charged against revenue every year.
b)
Provision for Gratuity is made on the basis of actuarial valuations carried out at year end and charged to the Statement of Profit and
Loss.
c)
Provision for Leave Encashment has been made on the basis of actuarial valuations carried out at the year end and charged to
Statement of Profit and Loss
1.6 RESEARCH AND DEVELOPMENT:

All revenue expenditure on research and development are charged to the Statement of Profit and Loss of the year in which it is incurred.
1.7 FOREIGN CURRENCY TRANSACTIONS:
a)
Transactions in foreign currency are accounted for at the exchange rates prevailing on the date of transactions or at forward cover
contract rates. The exchange differences arising out of their settlement are dealt with in the Statement of Profit & Loss.
b)
All monetary items denominated in foreign currency are revalued at year end rates or valued at the rates at which forward cover has
been booked. The exchange difference arising on such revaluation is recognised in the Statement of Profit and Loss.
c)
Balances in foreign currency loans at the year end have been restated at the rate prevailing at the year end. The difference arising as
a result of the above is adjusted in the cost of the assets acquired out of the said loans.
1.8 BORROWING COSTS

Borrowing Costs that are directly attributable to the acquisition of qualifying assets are capitalised for the period until the asset is ready
for its intended use. A qualifying asset is an asset that necessarily takes substantial period of time to get ready for its intended use .Other
borrowing costs are recognised as an expense in the period in which they are incurred.
19
1.9 IMPAIRMENT OF ASSETS

An asset is considered as impaired in accordance with Accounting Standard 28 on Impairment of Assets when at the balance sheet date
there are indications of impairment and the carrying amount of the assets, or where applicable the cash generating unit to which the asset
belongs, exceeds its recoverable amount (i.e. the higher of the assets net selling price and value in use). The carrying amount is reduced
to the recoverable amount and the reduction is recognized as an impairment loss in the Statement of Profit and Loss.
1.10 TAXATION
Tax expense consists of both current as well as deferred tax liability. Current Tax represents amount of income tax payable including the tax
payable u/s 115JB, if any, in respect of taxable income for the year.
Deferred tax is recognised on timing difference between the accounting income and the taxable income for the year that originate in one
period and are capable of reversal in one or more subsequent periods. Such deferred tax is quantified using the tax rates and laws enacted
or substantively enacted as on the Balance Sheet date.
Deferred tax assets are recognised and carried forward to the extent that there is a virtual certainty that sufficient future taxable income will
be available against which such deferred tax assets can be realised.
1.11 EARNING PER SHARE
The Company reports basic and diluted earning per share (EPS) in accordance with Accounting Standard 20 Earnings per share.
1.12 PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS
Provisions involving a substantial degree of estimation in measurement are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognised but are disclosed in the accounts
by way of a note. Contingent assets are neither recognised nor disclosed in the financial statements.
20
NOTES FORMING PART OF THE BALANCE SHEET AS AT 31ST MARCH, 2014
Note 2:
Share Capital
Particulars
a.
As at 31 March 2014
Number
(Rs. in Lacs)
Authorised
Preference Shares of Rs. 10/- each
1,45,90,000
Equity Shares of Rs. 10/- each
7,74,10,000
Issued
7,72,86,550
Subscribed & Fully Paid up
7,72,86,550
Subscribed but not fully Paid up
Reconciliaton of number of shares outstanding at the beginning and end of the year
Particulars
b.
Shares outstanding at the beginning of the year

Shares Issued during the year
Shares bought back during the year
Shares outstanding at the end of the year
Rights, Preferences and Restrictions attached to Shares
As at
31.03.2014
No. of Shares
7,72,86,550
7,72,86,550
As at 31 March 2013
Number
(Rs. in Lacs)
1,459
7,741
1,45,90,000
7,74,10,000
1,459
7,741
7,729
7,72,86,550
7,729
7,729
7,72,86,550
7,729
As at
31.03.2014
(Rs. in Lacs)
7,729
7,729
As at
As at 31.03.2013
31.03.2013
No. of Shares
(Rs. in Lacs)
7,72,86,550
7,729
7,72,86,550
7,729
The Company has one class of shares referred to as equity shares having a par value of Rs. 10 each. Each shareholder is entitled to one
vote per share held. 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 proportion to their shareholding.
c.
Shares held by Holding /Ultimate Holding Company and /or its subsidiaries /associates:
Out of total equity shares issued by the Company, shares held by its holding company, ultimate holding company and its subsidiaries/
associates are as below:
Name of the Promoter
d.
Future Deal Properties Private Ltd. (Holding Company)

List of shareholders holding more than 5% shares

Number
(Rs. in Lacs)
4,00,57,400
4,006

Number
(Rs. in Lacs)
4,00,57,400
4,006
Name of Shareholder
e.

No. of Shares
% of Holding
No. of Shares
% of Holding
held
held
Future Deal Properties Private Ltd.
4,00,57,400
51.83%
4,00,57,400
51.83%
Viscose Holdings Limited
1,10,39,684
14.28%
0.00%
Great View Properties Pvt. Ltd.
1,94,49,620
25.17%
1,76,98,452
22.90%
Clareville Capital India Master Fund Ltd.
0.00%
68,87,020
8.91%
Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the
period of five years immediately preceding the reporting date:
2013-14
Equity Shares :
Alloted pursuant to the Scheme of Amalgamation
Alloted on conversion of Optionally Convertible
Redeemable Preference Shares
Optionally Convertible Redeemable Preference Shares:
Alloted pursuant to the Scheme of Amalgamation
2012-13
2011-12
2010-11
2009-10
2008-09
- 2,92,10,000
1,45,90,000
- 1,45,90,000
The Company has neither issued any Bonus Shares

nor bought back any Shares during the last 5 years.
f.
g.
Unpaid calls
As per records of the Company, no calls remain unpaid by the directors and officers of the Company as on 31st March, 2014
As per records of the Company, no shares have been forfeited by the Company during the year.
21
Note 3:
Reserves and Surplus

Particulars
As at 31 March 2014
(Rs. in Lacs)
a. Securities Premium Account

As per last Balance Sheet
b. General Reserve
As per last Balance Sheet
c. Capital Reserve
As per Last Balance Sheet
d. Debit Balance of Statement of Profit and Loss.
Opening balance
(+) Net Profit/(Net Loss) for the year
Closing Balance
Total
Note 4:
As at 31 March 2013
(Rs. in Lacs)
7,927
7,927
7,019
7,019
106
106
(8,147)
(2,153)
(10,300)
4,752
(9,965)
1,818
(8,147)
6,905
Long Term Borrowings

Particulars
As at 31 March 2014
(Rs. in Lacs)
Secured
(a) Loans from Banks and a Financial Institution
Unsecured
(a) Deferred payment liabilities
i. Sales Tax Deferral Scheme
(b) From Others
Total
As at 31 March 2013
(Rs. in Lacs)
173
322
714
1,325
2,212
879
1,272
2,473
Nature of Security
From Banks:
Rs. Nil (Previous Year Rs. 1,887 Lacs) secured by Legal Mortgage of Four residential flats at Mumbai, One Residential Flat and One
Office Premise at Chennai, One Residential Flat at Kolkata, Leasehold Land & Buildings situated at Plot F 3/1 & F 3/2 Sinnar, Dist Nasik
and all the movables including Plant and Machinery of the Companys EHV and LT/HT units at Sinnar Dist., Nasik, Personal guarantee of
the Chairman of the Company, Pledge of Promoters shares and second charge on office premises at Mumbai.
From Financial Institution:
Rs. 373 Lacs (Previous Year Rs. 457 Lacs) secured by mortgage of Office premises in Mumbai
Details of default
An amount of Rs. 50 Lacs on account of Principal and Interest is overdue to a Financial Institution as on 31st March 2014, for the period
January 2014 to March 2014, which has been subsequently repaid.
Details of terms of Repayments
Particulars
Sales Tax Deferral Scheme from SICOM
Ltd. under Package Scheme of Incentives
Repayment Schedule
Varied Annual Installments from 2007 -2008
to 2020-21
(Rs. in Lacs)
1121
1121
Particulars
From a Financial Institution
Rupee Loan
From Others
Rupee Loans
22
Terms of Repayment from Balance sheet

date
Range of Interest (%) p.a.

w.e.f. 01.04.2014
(Rs. in Lacs)
Repayable in quarterly instalments ranging

between 2014 to 2015-2016
16%
373
Repayable in April 2017
18%
1325
Note 5:
Long Term Provisions

Particulars
As at 31 March 2014
(Rs. in Lacs)
Provision for employee benefits

Gratuity
Leave Encashment
66
39
105
Total
Note 6:
As at 31 March 2013
(Rs. in Lacs)
94
55
149
Short Term Borrowings

Particulars
As at 31 March 2014
(Rs. in Lacs)
Secured
(a) From banks
Working Capital Loans Repayable on Demand from Banks
Unsecured
(a) From others (Interest Free)
Total
Details of Security
As at 31 March 2013
(Rs. in Lacs)
7,127
5,357
48
7,175
5,357
Rs. 7,127 Lacs (Previous Year Rs. 5,357 Lacs) Secured by joint hypothecation of stocks of all raw materials, stores, stock -in - process,
stock - in - trade, book debts etc. and Legal Mortgage of Four residential flats at Mumbai, One Residential Flat and a Office Premise
at Chennai, One Residential Flat at Kolkata, Leasehold Land & Buildings situated at Plot F 3/1 & F 3/2 Sinnar, Dist Nasik and all the
movables including Plant and Machinery pertaining to the Companys EHV and LT/HT units at Sinnar Dist., Nasik, personal guarantee of
the Chairman of the Company and pledge of Promoters shares.
Rate of Interest
i. Working Capital Loans from banks carry interest rates ranging from 13.00% to 15.75% per annum.
Note 7:
Other Current Liabilities

Particulars
(a)
(b)
(c)
(d)
(e)
(f)
(g)
Note 8:
Current Maturities of Long Term Debt :

Sales Tax Deferral Scheme (unsecured)
Current Maturities of Long Term Borrowings (Refer Note No. 4)
Interest accrued and due on borrowings
Deposits
Liability towards Investors Education and Protection Fund
under Section 205 C of the Companies Act, 1956.
Unpaid / Unclaimed Debentures and Interest Accrued thereon Due for transfer (Refer Note No.47)
Unpaid / Unclaimed Fixed Deposits and Interest Accrued
thereon - Not due
Advance received against Property Sale
Other current liabilities
Other Payables
Central Excise, Customs Duty, VAT and Service Tax Payable
Tax Deducted at Source
Salary and Reimbursements
Provident Fund and other Employee Deductions
Advances from Customers
Total
Short Term Provisions
Particulars
Provision for employee benefits

Gratuity
Leave Encashment
Total
As at 31 March 2014
(Rs. in Lacs) (Rs. in Lacs)
407
200
607
127
111
33
242
As at 31 March 2013
(Rs. in Lacs)
(Rs. in Lacs)
363
2,022
2,385
122
149
39
275
245
284
1,710
459
665
330
132
179
74
909
4,913
497
42
169
16
747
5,076
As at 31 March 2014
(Rs. in Lacs)
As at 31 March 2013
(Rs. in Lacs)
39
13
52
22
15
37
23
Note 9 : FIXED ASSETS

GROSS BLOCK (AT COST)
PARTICULARS
Upto
31st March
2013
219
Additions
Deductions/
Transfers
Upto
Upto
31st March 31st March
2014
2013
219
35
(Rs. In Lacs)
DEPRECIATION
NET BLOCK
Provided
Upto
As at
As at
Written Back
during the
31st March 31st March 31st March
during the Period
Period
2014
2014
2013
2
37
182
184
Land Leasehold *
Buildings &
Ownership Flats**
10,070
10,070
2,318
508
Plant & Machinery
17,614
33
2,958
14,689
11,651
601
Furniture and
Fixtures
400
9
409
356
13
Approach Roads
and Wells
304
304
62
12
Vehicles
34
19
15
30
1
TOTAL
28,641
42
2,977
25,706
14,452
1,137
Previous Year
24,692
3,970
21
28,641
13,537
935
* Amortization of leasehold land.
** Buildings and Ownership Flats include Rs. 750 being cost of shares in Co-operative Housing Societies.
Capital Work - in - Progress
2,791
2,826
9,461
7,244
5,228
7,752
5,963
369
40
44
16
2,807
20
74
15
12,782
14,452
230
0
12,924
242
4
14,189
127
67
13,051
14,256
Note 10: Non Current Investments

Particulars
Nominal
Value
(in Rs.)
Trade Investments (At Cost)

Investments in Government Trust Securities
National Saving Certificates of the Face Value of
Rs.1 thousand (deposited with Government
Undertaking / Department)
Investments in Fully Paid Equity Shares
In Associates (Unquoted)
Equity Shares of CCI Projects Pvt Ltd.
In Others (Unquoted)
The New Bandra Hill Co-operative Housing Society Limited
ABHED Association Ahmedabad
Ivory Terrace Premises Owners' Co-operative Housing
Society Limited
Madhur Milan Co-operative Housing Society Limited
Total
Aggregate Book Value of Investments
Particulars
Aggregate amount of quoted investments
Aggregate amount of unquoted investments
Aggregate provision for diminution in value of investments
Disclosure as per AS 13 - Accounting for Investments
Particulars
Long Term Investments
Current Investments
Total
24
Number of
Shares
As at 31 March 2014
As at 31 March 2013
(Rs. in Lacs)
(Rs. in Lacs)
10
11680
5,735
5,735
10
100
100
50
1
5
50
5,735
5,735
As at 31 March 2014
(Rs. in Lacs)
As at 31 March 2013
(Rs. in Lacs)
5,735
5,735
As at 31 March 2014
(Rs. in Lacs)
5,735
As at 31 March 2013
(Rs. in Lacs)
5,735
5,735
5,735
Note 11: Long Term Loans and Advances

(Unsecured, considered good)
Particulars
a.
As at 31 March 2014
(Rs. in Lacs)
(Rs. in Lacs)
Security Deposits
To Related Parties
To Others
1,600
63
As at 31 March 2013
(Rs. in Lacs)
(Rs. in Lacs)
1,600
81
1,663
1,663
Total
1,681
1,681
Note 12: Inventories (Valued at lower of cost or net realisable value)

Particulars
a.
b.
c.
d.
e.
f.
g.
Raw Materials
Raw Materials in Transit
Packing Material
Work-in-progress
Finished goods
Stock-in-Trade
Stores and Spare Parts
Total
As at 31 March 2014
(Rs. in Lacs)
334
102
4
671
98
28
106
1,343
As at 31 March 2013
(Rs. in Lacs)
594
315
7
731
188
28
99
1,962
As at 31 March 2014
(Rs. in Lacs)
As at 31 March 2013
(Rs. in Lacs)
Note 13: Trade Receivables

(Unsecured, considered good unless otherwise stated)
Particulars
Outstanding for a period exceeding six months from the date
they are due for payment
Considered Good
Considered doubtful
3,041
1,925
4,966
1,925
3,041
1,627
4,668
Less: Provision for Doubtful Debts

Others
Total
316
1,425
1,741
1,425
316
6,188
6,504
Note 14: Cash and Cash Equivalents

Particulars
Cash and cash equivalents
a. Cash on Hand
b. Balances with Banks on Current Accounts
with Scheduled Banks
with Unscheduled Banks
c. Others
Bank Deposits as Margin Money with upto 3 months maturity
Other Bank Balances
a. Balances held for unpaid debentures (Refer Note No.47)
b. Bank Deposits as Margin money
Total
As at 31 March 2014
(Rs. in Lacs)
(Rs. in Lacs)
As at 31 March 2013
(Rs. in Lacs)
(Rs. in Lacs)
6
77
1
78
5
66
1
67
825
909
435
507
34
106
140
1,049
40
695
735
1,242
25
Note 15: Short term loans and advances

( Unsecured, considered good)
Particulars
As at 31 March 2014
(Rs. in Lacs)
(Rs. in Lacs)
Advances Recoverable in Cash or in Kind

To Employees
To Others
Prepaid Expenses
Balances with Government Authorities
Advance tax paid (Net of Provision of Rs. Nil Previous Year Rs. Nil)
Other Advances
Total
10
618
As at 31 March 2013
(Rs. in Lacs)
(Rs. in Lacs)
12
657
628
25
665
230
135
1,683
669
21
490
209
60
1,449
Note 16: Other Current Assets

Particulars
As at 31 March 2014
(Rs. in Lacs)
Interest Accrued on Bank Deposits

Total
As at 31 March 2013
(Rs. in Lacs)
30
30
31
31
Note 17: Revenue from operations

Particulars
(Rs. in Lacs)
For the year ended
31 March 2013
For the year ended

31 March 2014
Sale of Products
Manufactured goods
Less: Excise duty
Sale of manufactured goods (net of excise)
Sale of services - Projects
Other Operating Revenues
Scrap and sundry sales
Real Estate Income (Net)
Exchange Difference (Net)
Other operating income
Total
9,581
987
8,594
1,211
12,565
1,326
11,239
796
336
3,320
1
184
13,646
218
8,894
25
83
21,255
Note 18: Other Income
Particulars
Interest Income
Rent Income
Profit on Sale of Fixed Assets (Net)
Total
26
For the year ended

31 March 2014
78
55
4
137
(Rs. in Lacs)
For the year ended
31 March 2013
80
56
136
NOTES FORMING PART OF THE STATEMENT OF PROFIT AND LOSS

FOR THE YEAR ENDED 31ST MARCH, 2014
Note 19: Cost of Materials Consumed

Particulars
Cost of Materials Consumed
Stock at the beginning of the year
Add: Purchases (Net)
Less: Stock at the end of the year
Total
Materials Consumed
Copper
Aluminium
Lead
PVC Resin
Steel
XLPE
Others
Total
Consumption of Imported and Indigenous Materials Consumed
Raw materials:
Imported
Indigenous
Stores and Spare Parts
Imported
Indigenous
For the year ended

31 March 2014
(Rs. in Lacs)
For the year ended
31 March 2013
909
7,291
440
7,760
947
9,382
909
9,420
2,589
2,053
395
602
472
1,073
576
7,760
3,911
2,058
430
716
751
746
808
9,420
318
7,442
7,760
526
8,894
9,420
61
61
75
75
Note 20: Purchases of Stock in Trade

Particulars
Purchases for Projects
Total
For the year ended

31 March 2014
1,164
1,164
(Rs. in Lacs)
For the year ended
31 March 2013
643
643
For the year ended

31 March 2014
(Rs. in Lacs)
For the year ended
31 March 2013
Note 21: Changes in Inventories

Particulars
Changes in Inventories of Finished Goods, Work-in-Progress and Stock in Trade
(Increase)/Decrease in Stock
Opening Stocks :
Finished Goods - Manufactured(Includes Excise Duty of Rs. 18 Lacs)
(Previous year Rs. 59 Lacs)
Stock- in-Trade - Projects
Work-in-Progress
Less: Closing Stocks :
Finished Goods - Manufactured (Includes Excise Duty of Rs. 9 Lacs)
(Previous year Rs. 18 Lacs)
Stock- in-Trade - Projects
Work-in-Progress
Total
188
565
28
731
947
31
884
1,480
98
188
28
671
797
150
28
731
947
533
27

Note 22: Employee Benefit Expenses
Particulars
For the year ended

31 March 2014
856
41
116
1,013
Salaries and Wages

Contributions to Provident and other funds
Staff welfare Expenses
Total
(Rs. in Lacs)
For the year ended
31 March 2013
854
65
114
1,033
Note 23: Finance Costs
Particulars
Interest expense
On Term Loans
On Working Capital Loans
On Others
Bank Charges
66
1,052
623
Total
28
For the year ended

31 March 2014
(Rs. in Lacs) (Rs. in Lacs)
1,741
312
2,053
(Rs. in Lacs)
For the year ended
31 March 2013
(Rs. in Lacs)
(Rs. in Lacs)
1,127
1,450
803
3,380
306
3,686

Note 24: Other Expenses
Particulars
Stores and Spare Parts consumed

Power and Fuel
Insurance
Rent
Rates and Taxes
Repairs
To Machinery
To Buildings
To Others
Cash Discount
Commission and Brokerage
Guarantee Commission to Chairman
Freight and Forwarding Expenses
Directors' Sitting Fees
Travelling and Conveyance Expenses
Testing & Quality Control
Legal & Professional Charges
Bad debts/irrecoverable advances/Claims written off
Provision for Doubtful Debts and Receivables
Loss on Hedging Transactions (Net)
Payments to Auditors
Audit Fees
For Tax Audit
For Other Services
Reimbursement of Expenses
For the year ended

31 March 2014
(Rs. in Lacs)
(Rs. in Lacs)
61
355
21
82
26
46
20
16
(Rs. in Lacs)
For the year ended
31 March 2013
(Rs. in Lacs)
(Rs. in Lacs)
75
316
19
66
173
45
31
12
82
27
19
77
238
3
196
26
275
4
500
114
10
3
7
-
Miscellaneous Expenses
Total
88
34
37
92
250
2
183
295
220
1
919
107
10
3
9
-
20
533
2,659
22
424
3,323
Rs. In Lacs
2013-2014
25 Estimated amount of contracts remaining to be executed on capital account and not

provided for
26 Contingent liability in respect of :
a) Guarantees given by the Banks on behalf of the Company
b) Income tax demands disputed by the Company which are under appeal
c) Demands from Sales Tax Authorities disputed by the Company which are under appeal
d) Demands from Central Excise Authorities disputed by the Company which are under appeal
e) Penal damages and Interest levied by PF department and contested in PF Tribunal by the
Company.
f) Claims against the Company not acknowledged as debt
g) Right of recompense towards sacrifices by Banks under CDR
2012-2013
-
5,050
523
964
224
72
5,050
523
964
224
72
100
Not
ascertainable
100
29
NOTES TO ACCOUNTS
Rs. In Lacs
2012-2013
2013-2014
27 Research & development expenditure as per accounts/records
i)
Raw materials
ii) Personnel cost
64
54
233
313
87
208
39
26
14
93
28 Value of imports on CIF basis in respect of:

Raw materials
Capital Items
Components for Projects
29 Expenditure in foreign currency during the period on account of :
(i)
Travelling Expenses and other matters
30 Earning in foreign exchange:

Export of goods - Direct - on FOB basis
Others
31
The effect of changes in foreign exchange rates are as follows :

The amount of exchange difference Profit included in the Loss for the year is Rs 1 lac [Previous year Profit : Rs 25 lacs ]
32
Earning per Share

Rs. In Lacs
2013-2014
2012-2013
Profit / (loss) after extra ordinary items as per Profit & Loss Account
(2,153)
1,818
Profit/(loss) available to Equity Shareholders (with extraordinary items)
(2,153)
1,818
Profit/(loss) available to Equity Shareholders (without extraordinary items)

Weighted number of Equity Shares
1,818
77,286,550
Earning per share -In Rupees (with extraordinary items)
(2.79)
2.35
Earning per share -In Rupees (without extraordinary items)
(2.79)
2.35
10
10
Face value per Equity Share Rs.

33
(2,153)
77,286,550
RELATED PARTY DISCLOSURES ( As identified and certified by the Management and relied upon by the Auditors)
Related Party disclosures as required by Accounting Standard 18 issued by Institute of Chartered Accountants of India are given below :
A)
Companies / Entities with which transactions have taken place during the year :
Premjyot Finvest & Trading Limited, CCI Projects Pvt. Ltd. & Krishabh Trading & Services Private Ltd.
B)
Companies / Entities with which no transactions have taken place during the year :
Great View Properties Private Limited, Sthir Trading Company Private Limited, CCI Realtors Private Limited, Future Deal Properties
Private Limited, Aries Trust, Gemini Trust, Pisces Trust, Sagitarius Trust, NHK Trust, Gemini International FZE and Viscose Holdings
Ltd .
C)
Key Management Personnel

i)
D)
Shri H.A. Khatau (Chairman)
ii)
Shri R Sridharan (Director Strategy and Business Development)
iii)
Shri Madhav Digraskar (MD & CEO)
Relatives of Key Mangement Personnel

Mrs. Kamala Sridharan
Mr. Rohan H Khatau
30
NOTES TO ACCOUNTS (Contd.)
The following transactions were carried out in the ordinary course of business with parties referred in (A) above.
Rs. In Lacs
Payments
Rent and property expenses paid
Receipts
Income from Real estate Business
Interest Free Loan
Advance received against Property Sale
Balance outstanding as at the year end
Receivable as at the year end
Deposit paid and Outstanding as at the year end
Guarantee commission payable to Chairman (Net)
Payable as at the year end
Details of transactions with Key Management Personnel as mentioned in (C) above are as under:
Remuneration to Directors (including contribution to statutory funds)
Guarantee commission to Chairman
Details of transactions with relatives of Key Management Personnel as mentioned in (D) above are
as under:
Salary, H.R.A. and P.F.
Hired Vehicle expenses
34
2013-2014
2012-2013
17
17
3,320
48
1,710
8,894
-
1,600
79
466
259
1,600
177
6
156
77
85
92
SEGMENT REPORTING
Information about Primary Business Segments.
2013-2014
1 Segment Revenue
A) Cables
B ) Real Estate Income
TOTAL REVENUE
2 Segment results:
Profit/(Loss) before interest and tax from each segment:
A) Cables
Sub-Total
Add :
(a) Interest
(b) Other unallocable income
(c) Other unallocable expenditure
Profit / (Loss) from ordinary activities before tax
B) Profit from Real Estate
Net Profit / ( Loss )
Rs. In Lacs
2012-2013
10,326
3,320
13,646
12,361
8,894
21,255
(3,397)
(3,397)
(3,366)
(3,366)
(2,053)
(23)
(5,473)
3,320
(2,153)
(3,686)
(24)
(7,076)
8,894
1,818
The Company has disclosed business segments as the primary segments. Segments have been identified taking into account the nature
of the products, the differing risks and returns, the organizational structure and the internal reporting system.
The Companys operations predominantly relate to manufacturing of cables. Other business segment reported is Real Estate business.
There are no reportable geographical segments. Segment results include the respective amounts identifiable to each of the segments as
also amounts allocated on a reasonable basis. Segment wise assets and liabilities are not ascertainable in view of the nature of activity of
the Company.
31
35
In terms of the provisions of the Accounting Standard 22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants
of India, there is a net deferred tax asset on account of accumulated business losses and unabsorbed depreciation.
In compliance with provisions of Accounting Standard and based on general prudence, the Company has not recognised any further
deferred tax asset while preparing the accounts of the year under review.
36
In view of the carried forward losses under section 115JB of Income Tax Act, 1961, no provision for taxation has been made.
37
Micro Small & Medium Enterprises dues : The Company has not received any information from suppliers regarding their Status under the
Micro, Small & Medium Enterprises Development Act, 2006 & hence disclosures regarding a) amount due and outstanding to suppliers
as at the end of the Accounting Year, b) Interest paid during the year, c) Interest payable at the end of the accounting year and d) Interest
accrued and unpaid at the end of the accounting year have not been given. The Company is making efforts to get the confirmations from
the suppliers as regards their status under the Act.
38
During the year the Company has provided Rs. 2 Lacs (Previous Year Rs. 23 Lacs) on account of Gratuity payable to its employees. The
amount due to the Gratuity Fund as on 31st March, 2014 is Rs. 105 Lacs (Previous Year Rs. 117 lacs)
39
Consequent to the adoption of Accounting Standard on Employee Benefits (AS-15 revised 2005) issued by the Institute of Chartered
Accountants of India, the following disclosures have been made as required by the Standard:
DEFINED CONTRIBUTION PLANS
The Company has recognised Rs. 22 Lacs (Previous year Rs.39 Lacs) towards Provident Fund and Rs. NIL (Previous year Rs. 0.04 Lacs)
towards Employees State Insurance (State Plan)
DEFINED BENEFIT PLANS
A.
CONTRIBUTION TO GRATUITY FUND

The details of the Companys Gratuity Fund for its employees are given below which have been certified by an Actuary as on 31st
March, 2014 and relied upon by the auditors.
Components of Employer Expenses:
Particulars
a)
b)
c)
d)
e)
f)
g)
h)
Current Service Cost

Interest Cost
Expected Return on Plan Assets
Curtailment Cost/Credit
Past Service Cost
Settlement Cost
Acturial Losses/(gains)
Total Expenses recognised in Profit & Loss Account under payments to and Provisions for
Employees
2013-2014
12
9
(19)
2
Rs. In Lacs
2012-2013
9
9
7
25
2013-2014
105
105
Rs. In Lacs
2012-2013
117
117
Net Liability/(Asset) recognised in Balance Sheet as at 31st March, 2014

Particulars
a) Present value of obligation as at 31st March, 2014
b) Fair Value of Plan Assets as at 31st March, 2014
c) Liability/(Asset) recognised in the Balance Sheet
32
Change in Defined Benefit Obligation (DBO) during the year ended on 31st March, 2014
a)
b)
c)
d)
e)
f)
g)
h)
I)
j)
k)
Particulars
Defined Benefit Obligation as at 31st March, 2013
Current Service Cost
Interest Cost
Curtailment Cost / Credit
Settlement Cost / Credit
Plan Amendments
Acquisitions
Actuarial Loss / (Gain)
Past Service Cost
Benefit paid
Defined Benefit Obligation as at 31st March, 2014
2013-2014
117
12
9
(19)
(14)
105
Rs. In Lacs
2012-2013
100
9
9
7
(8)
117
Change in the fair value of plan Assets
a)
b)
c)
d)
e)
f)
g)
h)
Particulars
Present value of Plan Assets as at 31st March 2013
Acquisition Adjustment
Expected Returns on Plan Assets
Assets distributed on Settlements
Actuarial Gain / (Loss)
Actual Company Contribution
Benefits paid
Fair Value of Plan Assets as at 31st, March, 2014
14
(14)
-
Rs. In Lacs
2012-2013
8
(8)
-
2013-2014
9.35%
10.00%
Rs. In Lacs
2012-2013
8.05%
10.00%
2013-2014
Actuarial assumptions for the Current Year:

Particulars
a) Discount Rate
b) Salary Escalation
B
LEAVE ENCASHMENT
Payments to and Provisions for Employees is net of Rs. 5 Lacs (Previous Year includes Rs. 16 Lacs) towards provision made as per
Actuarial Valuation in respect of accumulated Leave Encashment
40
Some of the balances in Trade Payables, Trade Receivables, and Other Current Liabilities are subject to reconciliation, confirmation and
consequential adjustments/provisions, the amounts whereof have not been determined.
41
The Company had received an order from the Additional Labour Commissioner granting permission for retrenchment of workmen at its
Borivali Unit. The matter is pending before Industrial Court, Mumbai. No provision has been made for the compensation payable to these
workmen as the liability is not ascertainable. The Company has accounted the payments towards retrenchment compensation in respect of
workmen who have accepted voluntary settlement.
42
Pursuant to Project Management Agreements entered between the Company and CCI Projects Pvt. Ltd, the Company has given CCI
Projects Pvt. Ltd. the License to enter the Premises at Borivali for development. The Company has mortgaged its land with HDFC Ltd. in
connection with loans granted to CCI Projects Pvt. Ltd.
43
The Company has entered into Agreements for Project Management and Coordination with CCI Projects Pvt. Ltd. for development of the
properties at Borivali. During the previous year the Company had entered into Addendum Agreement whereby CCI Projects Pvt Ltd. and
the Company have agreed to revise their commercial understanding in relation to sharing of revenues and payment by CCI Projects Pvt
Ltd. to the company based on the present value of the companys share in the revenues from the project calculated in accordance with the
discounted cash flow method. Pursuant to these Agreements, the Company has accounted Rs. 3,320 Lacs (Previous Year Rs. 8,894 Lacs)
as Income from Real Estate.
44
In respect of Land and Building sold by the Company in the earlier years, Power of Attorney has been executed in favour of the Developers
for executing conveyance on behalf of the Company.
33
45
Based on the valuation reports obtained by the Company from an approved valuer in the previous years covering all fixed assets, there is
no impairment of assets as stated under AS - 28 Impairment of Assets issued by Institute of Chartered Accountants of India.
46
Loans and Advances in the nature of loans given to Subsidiaries, Associates & others as on 31st March,2014 - NIL. (Previous year- NIL)
47
Unclaimed amount payable to debenture holders which was deposited with ICICI Bank Ltd. in their capacity as Debenture Trustee and
which was due for payment to Investors Education and Protection Fund during the previous year has not been transferred by ICICI Bank
Ltd. to Investors Education and Protection Fund despite repeated requests by the Company.
48
The Company has been informed by BSE Limited vide their letter dated 6th January, 2014 that trading of Equity Shares of the Company
has been discontinued w.e.f. 9th January, 2014 and the script of the Company has been delisted from the Exchange Records w.e.f. 16th
January, 2014.
49
In the opinion of the Board, all assets other than fixed assets have a value on realisation in the ordinary course of business atleast equal to
the amount at which they are stated except for reconciliation adjustments in respect of some of the payables and receivables.
50
Previous years figures have been regrouped / rearranged to make them comparable with those of the current year.
Signatures to Notes 1 to 50
For and on behalf of the Board of Directors
For SORAB S. ENGINEER & CO.,

Firm Regn No. 110417W
H A Khatau
Chairman
CA N. D. ANKLESARIA
Partner
MEMBERSHIP NO. 10250
M. Digraskar
Place: Mumbai
Date: 23rd May, 2014
Place: Mumbai
Date: 23rd May, 2014
34
CABLE CORPORATION OF INDIA LIMITED

(CIN:L31300MH1957PLC010964)
Registered Off.: Laxmi Building, 4th floor, 6, Shoorji Vallabhdas Marg, Ballad Estate Mumbai 400 001
Form No. MGT-11
Proxy form
[Pursuant to section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration) Rules, 2014]
Name of the member (s):

Registered address:
E-mail Id:
Folio No/ Client Id:
DP ID:
I/We, being the member (s) holdingEquity shares of the above named company, hereby appoint
1. Name: ___________________________________________________ Address: _____________________________________________
_____________________________________________________________________________________________________________
E-mail Id: _________________________________________________________ Signature: _________________________, or failing him
2. Name: ___________________________________________________ Address: _____________________________________________
_____________________________________________________________________________________________________________
3. Name: ___________________________________________________ Address: _____________________________________________
_____________________________________________________________________________________________________________
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 57th Annual General Meeting of the company, to be held
on the Wednesday, 24th day of September, 2014 at 11.00 a.m. at Sheth Goculdas Tejpal Auditorium, Tejpal Road, August Kranti Marg, Mumbai
400 007 and at any adjournment thereof in respect of such resolutions as are indicated below:
Resolution No.
Resolutions
Ordinary
Business
1
Adoption of Financial statements for the year ended 31st March, 2014 and Directors and
Auditors Reports thereon.
2
Appointment of Mr G D Bhingarkar who retires by rotation.
3
Appointment of M/s. Sorab S. Engineer & Company, Chartered Accountants as Auditor for FY
2014-15 and fix their remuneration.
Special
Business
4
Appointment of Mrs. Nandini H Khatau as Director.
5
Appointment of Mrs. N. B. Pasta as Independent Director.
6
Appointment of Mr. Mukul Kasliwal as Independent Director.
7
Appointment of Mr. Abhijit Datta as Independent Director.
8
Ratification of Remuneration of Cost Auditor.
9
Special Resolution u/s 180(1)(c) of the Companies Act, 2013 to obtain loans/borrowings.
10
Special Resolution u/s 180(1)(a) of the Companies Act, 2013 to Creation of Security/mortgage/
charge on movable/immovable properties of the Company.
11
Special Resolution to offer Non convertible debenture on Private placement basis.
Signed this. day of 2014
Signature of shareholder (s):
(Signature of Proxy holder)..
Vote (Optional)*
For
Against
Affix
Revenue
Stamp of
Rs.1/-
Note:
1. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company, not less than 48
hours before the commencement of the Meeting.
2. For the resolutions, explanatory statements and notes, please refer to the notice of 57th AGM.
3. It is optional to put a X in the appropriate column against the resolutions indicated in the Box. If you leave the For or Against column blank
against any or all resolutions, your proxy will be entitled to vote in the manner as he/she think appropriate.
4. Please complete all details of members(s) in the box before submission.
CABLE CORPORATION OF INDIA LIMITED

(CIN:L31300MH1957PLC010964)
Registered Off.: Laxmi Building, 4th floor, 6, Shoorji Vallabhdas Marg, Ballad Estate Mumbai 400 001
ATTENDANCE SLIP
57th ANNUAL GENERAL MEETING, 24th September, 2014
Reg. Folio No. ____________________ DP ID No. *_____________________Client ID No.* _____________________

*Applicable for Member holding Shares in electronic form.
I certify that I am a registered Member/Proxy for registered member of the Company. I hereby record my presence at the Fifty Seventh Annual
General Meeting of the Company at Sheth Goculdas Tejpal Auditorium, Tejpal Road, August Kranti Marg, Mumbai 400 007 at 11.00 a.m. on
Wednesday the 24th day of September, 2014.
_______________________________________ __________________________
Members/Proxys name in BLOCK Letters Members/Proxys Signature
If undelivered, please return to:
Cable Corporation of India Limited

Laxmi Building, 4th Floor,
6, Shoorji Vallabhdas Marg,
Ballard Estate, Mumbai 400 001.
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Cable Corporation of India Ltd.

Registrars & Transfer Agents

Management Discussion & Analysis .............

Auditors Report .............................................

Balance Sheet ...............................................

Statement of Prot & Loss .............................

Cash Flow Statement ....................................

Notes to the Financial Statements.................

Notes forming part of the Balance Sheet.......

Notes forming part of the Statement

Details of Directors retiring by rotation.

Mrs Nayna B Pasta

Mr. Mukul Kasliwal

10th December, 1958

22nd May, 1951

20th October, 1964

1st June, 1949

17th February, 1950

Directorships in other 1. Krishabh Trading

2. Raj Infin Private

3. MW Corp. Private 3. Enami

Current Year ended

Previous Year ended

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Annexure I to Directors Report

Energy conservation measures taken:

Rationalization of process technology in the Factory resulting in Energy Cost Saving.

Capacitor devices have been put on individual machines for PF improvement.

Additional investment and proposal:

Proposals recommended have been implemented for majority of their recommendation

Impact of various measures on cost of production:

Efforts made in technology absorption as per form B are as under:

Specific areas in which R & D is carried out by the Company:

Benefits derived as a result of the above R & D:

Development of 400kV cables.

Development of technology for manufacture of 400 kV XLPE cables.

Development of technology for manufacture of 1400 sq.mm 220 kV XLPE cable.

Development of technology for manufacture of Submarine cable.

(iii) Future plan of action:

(d) Total R & D expenditure as a percentage

Technology Absorption, Adaptation and Innovation:

Efforts in brief made towards technology absorption, adaptation and innovation.

Benefits derived as a result of the above.

Development of various cables catering to specific

Rationalization in process technology related to

(iii) Development of curative system to suit specific

(iv) Development of Submarine cable

Manufacturing of 400 kV cables

Manufacturing of Submarine cables.

Use of Capacitor devices at all the Plants has ensured that

Decreased Power Cost

In case of imported technology (imported during the last 5 years)

FOREIGN EXCHANGE EARNINGS AND OUTGO

MANAGEMENT DISCUSSIONS AND ANALYSIS

Industry Structure and Development

Opportunities & Threats

Risks and Concerns

Adequacy of Internal Controls

10) Development in Human Resources/ Industrial Relations

REPORT OF THE AUDITORS

Independent Auditors Report to the Members of Cable Corporation of India Limited

As required by Section 227(3) of the Act, we report that:

ANNEXURE TO THE AUDITORS REPORT

Period to which the amount relates