Tracking this company for a while and it seems to be going from strength to strength. Ticks a lot of boxes so was looking for some disconfirming evidence when I came across this news article from 2010:
Polycab Wires, a Mumbai-based cable company, also came under the I-T scanner on 15 September for alleged violation of tax norms. The firm, according to the department, has disclosed concealed income of Rs114.50 crore.
“We do not want to offer any comments," said an official at the legal and taxation affairs department of the company who identified himself only as Kothari and refused to share his first name or title. Mint was directed to Kothari by D.S. Patel, an accounts executive at the firm.
Could not find any other mention of this case and subsequently there don’t seem to be any integrity issues which have come to light. However, a bit disconcerting to see Polycab’s name amongst such an ignominious bunch - HDIL (massive fraud), ABG Shipyards (massive fraud), and Juniper Networks (https://www.sec.gov/spotlight/fcpa/fcpa-cases.shtml). Especially since IFC has been a shareholder since 2008.
Otherwise the company does well on a basic integrity checklist
- EY as auditor, to be replaced by KPMG
- Insignificant related party transactions
- Salary levels look OK
- Has a real board
- Dividend & tax paying
- No crazy litigation disclosed in RHP
Can anyone familiar with the company share insights on management quality & integrity?