MIRA
INFORM REPORT
|
Report Date : |
12.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
UM CABLES LIMITED |
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Formerly Known As : |
PASUPATI TUBES LIMITED |
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Registered Office : |
Mangal Kalash, 3rd
Floor, 2-A, Shakespeare Sarani, Kolkata – 700 071, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
07.07.1987 |
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Com. Reg. No.: |
21-91221 |
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CIN No.: [Company
Identification No.] |
U99999DL1987PTC028536 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALU02847F |
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PAN No.: [Permanent
Account No.] |
AAACU5578N |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Manufacturer
of Jelly Filled Copper Cables and Optical Fibre
Cables. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
900000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company of Usha Martin Group. Trade relations are fair.
Financial position is satisfactory. Payments are usually correct and as per
commitments. The
company can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Mangal Kalash, 3rd
Floor, 2-A, Shakespeare Sarani, Kolkata – 700 071, West Bengal, India. |
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Tel. No.: |
91 – 33 – 3980 0300 / |
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Fax No.: |
91 – 33 – 3980 0400 |
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E-Mail : |
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Website : |
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Location : |
Rented
– Commercial |
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Head
Office : |
168,
CST Road, Agarwal Industrial Estate, Kalina, Santacruz East, Mumbai – 400098 |
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Tel.
No.: |
91-22-30645441
/ 5445 |
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Fax
No.: |
91-22-26526774 |
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E-Mail
: |
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Location : |
Owned
– Industrial |
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Factory
/ Warehouse : |
Located
at : Silvassa,
Goa |
DIRECTORS
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Name : |
Dr. Purandar Bhattacharya |
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Designation : |
Director
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Address : |
Flat #
603, Udita Narani, 1050/1, Survey Park, Kolkata – 700075, West Bengal, India |
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Date of Birth/Age : |
04.08.1946 |
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Name : |
Mr. Ashok Kumar Somani |
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Designation : |
Director
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Name : |
Mr.
Rahul Gupta |
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Designation : |
Director
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Usha
Martin Limited |
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11129620 |
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Mrs. G
D Saini |
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10 |
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Mr.
Ashok Kumar Somani |
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10 |
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Mrs.
Chandrasheel Bansal |
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10 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of Jelly Filled Copper Cables and Optical Fibre
Cables. |
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Products : |
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Exports to : |
Bangladesh,
Bhutan, Kenya, Latvia, Lithuania, Mauritius, Nepal, Oman, Singapore, South
Africa, Sri Lanka, Sudan, United Arab Emirates, United Kingdom, Vietnam and
Yemen. |
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Terms : |
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Selling : |
Cash,
Contract, L/C and Credit |
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Purchasing : |
Cash,
Contract, L/C and Credit |
PRODUCTION
STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Jelly Filled Telecommunication Cables |
LCKM |
36.84 |
11.53 |
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Optical Fibre Cables |
Cable KM |
34272 |
7242.33 |
GENERAL
INFORMATION
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Customers : |
Manufacturers
and Government Bodies |
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No. of Employees : |
800 |
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Bankers : |
State Bank of India, CAG Branch, Kolkata, West Bengal State Bank of India, Madame Cama Road, Mumbai – 400021,
Maharashtra, India |
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Banking Relations : |
Satisfactory
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Auditors : |
Price Waterhouse Chartered Accountants Plot # Y-14, Vlock EP, Sector V, Salt lake
Electronic Complex, Kolkata – 700091 |
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Subsidiaries : |
Usha Martin Limited |
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Associates : |
Usha Beltron Limited Bruton Shaw Americas Inc. Bruton Shaw Middle East FZE Bruton Shaw UK Limited Bruton Wolf Wire Ropes FZ Company EMM Caspian Limited E.M.M. Kazakhstan Limited European Management & Marine Corporation Limited Gustav Wolf Speciality Cords Limited USOFT UMI
Special Steel Limited Umicor Africa (Pty.) Limited UMICOR Rope (Pty.) Limited Usha Breco Limited Usha Communications Technology Usha
ISMAL Limited Usha
Martin Academy of Communications Technology Usha Martin Americas Inc. Usha Martin America Limited Usha Martin Australia Pty. Limited Usha
martin Infotech Limited Usha Martin International Limited Usha Martin Power Company Limited Usha Martin Scandanavia A/S Usha Martin Singapore Pte. Limited Usha Martin UK Limited Usha Martin Ventures Limited Usha Siam Steel Industries Public Company Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 millions |
|
2000000 |
Redeemable Cumulative
Preference Shares |
Rs. 100/- each |
Rs. 200.000 millions |
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Total |
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Rs.
350.000 millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
111,29,660 |
Equity Shares |
Rs. 10/- each |
Rs. 111.297 millions |
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15,00,000 |
10% Redeemable Cumulative
Preference Shares |
Rs. 100/- each |
Rs. 150.000 millions |
|
1,00,000 |
7 % Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
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Total
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Rs.
271.297 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
271.297 |
271.297 |
271.296 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[42.347] |
[54.822] |
[57.169] |
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NETWORTH |
233.950 |
216.475 |
214.127 |
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LOAN FUNDS |
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1] Secured Loans |
335.132 |
352.518 |
443.740 |
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2] Unsecured Loans |
25.000 |
86.444 |
63.520 |
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TOTAL BORROWING |
360.132 |
438.962 |
507.260 |
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DEFERRED TAX LIABILITIES |
16.902 |
15.911 |
15.416 |
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TOTAL |
610.984 |
671.348 |
736.803 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
521.857 |
506.734 |
519.290 |
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Capital work-in-progress |
0.977 |
53.878 |
33.674 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
163.548 |
184.418 |
108.608 |
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Sundry Debtors |
271.372
|
83.353 |
206.121 |
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Cash & Bank Balances |
1.277
|
3.076 |
0.919 |
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Other Current Assets |
0.492
|
0.175 |
1.451 |
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Loans & Advances |
18.054
|
24.912 |
13.218 |
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Total Current Assets |
454.743
|
295.934 |
330.317 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
366.954
|
186.169 |
148.061 |
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Provisions |
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Total Current Liabilities |
366.954
|
186.169 |
148.061 |
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Net Current Assets |
87.789
|
109.765 |
182.256 |
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MISCELLANEOUS EXPENSES |
0.361 |
0.971 |
1.583 |
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TOTAL |
610.984 |
671.348 |
736.803 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
1510.625 |
577.301 |
611.206 |
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Profit/(Loss)
Before Tax |
18.467 |
2.842 |
[87.515] |
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Provision
for Taxation |
0.992 |
-- |
-- |
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Profit/(Loss)
After Tax |
17.475 |
2.842 |
[87.515] |
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Export
Value |
207.633 |
95.987 |
22.784 |
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Import
Value |
459.776 |
222.886 |
136.372 |
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Total
Expenditure |
1492.158 |
574.459 |
698.721 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
1.16
|
0.49 |
[14.32] |
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Net
Profit Margin (PBT/Sales) |
(%) |
1.22
|
0.49 |
[14.32] |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
1.89
|
0.35 |
[10.30] |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.01 |
[0.41] |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
3.11
|
2.89 |
3.06 |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.24
|
1.59 |
2.23 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was incorporated on 7th July, 1987 at New
Delhi under the name and style of Pasupati Tubes Limited having Company
Registration No. 55-28536.
Subsequently, the name of the company was changed to present.
With effect from 25th February 2000, the Registered
Office of the company was shifted from New Delhi to Kolkata in West Bengal and a new Company Registration Number 91221
of Kolkata ROC was obtained.
The company’s fixed assets of important value includes freehold
land, buildings, plant & machinery, electrical installation, water
treatment and supply plant, computers, office equipments, furniture &
fixtures and vehicles.
Dr P. Bhattacharya retires by rotation at the forthcoming Annual
General Meeting and being eligible offers himself for reappointment.
AS PER WEBSITE
UM Cables Limited - Carrying
On The Legacy of Excellence
In 1988, the Usha Martin Group set up a jelly-filled copper telecom cables
plant at Ranchi, on the east coast of India in technical collaboration with AEG
Kable, Germany. Nine years later, in 1997, further expansion and
diversification took place. This resulted in the establishment of U M Cables -
a fully owned subsidiary that also manufactures optical fibre cables. This
sophisticated manufacturing facility located at Silvassa, near Mumbai,
currently exports more than 30% of its products to more than 25 destinations
across the globe and is focused on achieving even more in the future.
U M Cables, are primarily engaged in the manufacture & export of a wide
range of copper telecom cables, optical fiber cables (Aerial & U/G), jelly
filled copper cables (Armoured / Unarmoured/ Aerial) & a host of other
communication cable products like LAN Cable, Switchboard/Indoor PVC telephone
Cable, CATV Cable, etc.
They are an off-shoot of the Usha Martin Group of companies which is a thriving
Indian multinational with a turnover exceeding US $ 550 Million.
At U M Cables, they currently export above 30% of their products to more than
25 destinations across the globe catering to varied industries like
Telecommunication, Data Transmission, Information Technology, Electronics,
Construction, etc.
They emphasize on improvement and innovation of their products & process,
to become synonymous with top-notch quality and world-renowned excellence.
Mission
In their chosen business,
they will retain market leadership in India and will be globally competitive
through customer orientation and excellence in quality, innovation &
technology.
Maintaining Quality
Standards
They stand by the highest quality standards to ensure that their customers
receive the premium quality of the desired product. All their operations &
processes, from the order finalization to the consignment delivery, adhere to
ISO 9001-2000 quality systems.
Furthermore, they have also been accredited with the ISO 14001-2004 certificate
for their role in environmental preservation. Both their accreditations are by
DNV, Netherlands.
Infrastructure &
Manufacturing Facilities
Their top-of-the-line infrastructure comprises of diligent team of industry
experts & new-age manufacturing facilities. They have their sophisticated
manufacturing facility located at Silvassa, near Mumbai.
They utilize the most advanced manufacturing equipment, sourced from the best
known names in the business including Rosendahl, Medek & Schroner, Watson,
Nokia, Kobe, Nextrom, Queins and Gauder.
Quality Testing Unit
Quality Assurance System is supported by test equipment sourced from global
leaders, which include:
GN Nettest (Fibre Optic Analysis System, Fibre
Geometry system)
Anritsu (OTDR)
Perkin Elmer (Chromatic Dispersion system, PMD)
Noyce (Optical Return loss measurement system)
MEA (Electrical parameters of Copper Cables)
TA Instruments (O.I.T Equipment).
In addition to the above equipment, they are also
equipped with Spectrum Analysers, Tensile Tester, Torsion Tester, Impact
Tester, etc
Cutting-Edge Manufacturing
Process
Their in-depth industry experience & rich technical know-how enables them
to design & develop optic fiber & copper communication cables of
world-class quality. They employ highly modernized machinery & trained
manpower to deliver products upto client's satisfaction.
Optical Fiber Cables: Their
manufacturing capability of Optical Fiber Cables involves new generation
equipment and extends from UV Colouring and Secondary coating to S-Z Stranding
and Tandem Sheathing/ Jacketing/ Armouring. Further, they have recently added
the facility to manufacture Ribbon Fiber and Aerial Cables.
Copper Communication Cables:
Their Jelly Filled Cable manufacturing facility starts with copper rod drawing
and includes tandem wire drawing & insulation, twinning & unit
formation, cable standing & jelly filling, sheathing & armouring. The
lines are equipped with diameter controllers, spark testers, Water Bath Capacitance
meters, etc.
Social responsibilities
Their social commitments are chanellized through Krishi Gram Vikas Kendra of
their parent company, which ensures that:
"In every village where hunger persists, human being must be empowered to
discover their own vision, express their own leadership, create their own
solutions and work together to achieve their own success"
All their activities for social upliftment include watershed management, income
generation through cottage industries & live stock management, health &
family welfare programmes, women empowerment programmes, etc. These projects
are executed in partnership with grass root civic society, corporate and
government organizations.
Serving Industries across
the World
They have a distinct customer orientation and seek to enhance client's
satisfaction through world-class and technologically superior products. They
ensure to design and sell a product that is customized to meet specific
requirements.
In their pursuit for market leadership, they have been relentlessly catering to
industries like Telecommunication, Information Technology, Electronics, etc.,
across the globe.
Some of their satisfied customers worldwide are in :
United Kingdom
UAE
South Africa
Singapore
Kenya
Lithuania
Latvia
Vietnam
Sudan
Yemen
Nepal
Bangladesh, Mauritius, Sri Lanka, Bhutan
Oman
In addition to these customers, a gamut of their other
regular customers are located in Dominican Island, Somalia, Romania, Myanmar,
Tanzania, and many more parts of the world.
Client Relation &
Business Practices
They have successfully explored various markets and nurture not only to expand
but also to retain their valued clientèle. Their ethical business practice has
earned the goodwill of their clients worldwide. The principles of fair practice
and honest approach towards their work have backed them in 100% retention of clients.
Product Range
Jelly Filled
Copper Cable (Armoured / Duct)
Optical Fiber
Cables - Aerial (Fig 8/ADSS)
Underground Optical
Fiber Cables (Armoured / Unarmoured)
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is
not known to have contravened any existing local laws, regulations or policies
that prohibit, restrict or otherwise affect the terms and conditions that could
be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.17 |
|
UK
Pound |
1 |
Rs.86.10 |
|
Euro |
1 |
Rs.57.26 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and principal
sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|