MIRA
INFORM REPORT
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Report Date : |
03.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
AKSH OPTIFIBRE LIMITED |
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Registered Office : |
F-1080, RIICO Industrial Area ( Phase-III), Bhiwadi – 301 019,
Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.03.1986 |
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Com. Reg. No.: |
016132 |
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CIN No.: [Company
Identification No.] |
L24305RJ1986PLC016132 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRA01280G |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on
the Stock Exchanges. |
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Line of Business : |
Manufacturing and Exporting of optical fibre, optical fibre cable, etc. |
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 2800000 |
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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 having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
F-1080, RIICO Industrial Area ( Phase-III), Bhiwadi – 301 019,
Rajasthan |
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Tel. No.: |
91-1493-221954 / 221955 / 221636 / 223536 |
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Mobile No.: |
91-9812076758 |
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Fax No.: |
91-1493-221636 |
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E-Mail : |
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Website : |
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Corporate Office : |
Enkay Towers, Udyog Vihar V, Gurgaon – 122 016, Haryana |
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Tel. No.: |
Tel No. 91-124-2397101-3 |
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Fax No.: |
Fax No. 91-124-26450141 / 2398282 |
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E-Mail : |
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Plant 1 : |
F-1075-81, RIICO Industrial Area (Phase III), Bhiwadi – 301 019, Rajasthan, India |
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Plant 2 : |
A-315 (B), RIICO Industrial Area (Phase I), Bhiwadi – 301 019, Rajasthan, India |
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Tel. No.: |
Tel. No. 91-1493-221954 / 221955 / 221636 / 223536 |
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Plant 3 : |
F-141, RIICO Industrial Area, Shri Khatushyamji, Ringus, District Sikkar, Rajasthan, India |
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Plant 4 : |
A-58-59, RIICO Industrial Area, Shri Khatushyamji Industrial Complex, Ringus, Sikkar, Rajasthan, India |
DIRECTORS
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Name : |
Dr. Kailash S. Choudhari |
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Designation : |
Managing Director |
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Name : |
Mr. P. F. Sundesha |
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Designation : |
Director |
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Name : |
Mr. Sanjay Kalra |
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Designation : |
Director |
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Name : |
Mr. D. K. Mathur |
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Designation : |
Director |
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Name : |
Mr. B. R. Rakhecha |
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Designation : |
Executive Director |
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Name : |
Mr. Deepak Gupta |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
( As on 31.12.2006 )
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Individuals/ Hindu Undivided Family |
6392329 |
29.01 |
|
Individuals ( Non- Residents Individuals/ Foreign Individuals ) |
161250 |
0.73 |
|
Mutual Funds/ UTI |
1229478 |
5.58 |
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Financial institutions/ Banks |
96000 |
0.44 |
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Foreign Institutional |
16000 |
0.07 |
|
Bodies Corporate |
2715595 |
12.32 |
|
Individuals- Individual Shareholders holding nominal share capital up
to Rs. 1 Lakh |
4789700 |
21.73 |
|
Individuals- Individual Shareholders holding nominal share capital in
excess of Rs. 1 Lakh |
4544610 |
20.62 |
|
NRI’S / OCB’S |
124885 |
0.57 |
|
Foreign national |
1554675 |
7.05 |
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Employees Welfare Trust |
413370 |
1.88 |
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|
|
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Total |
22037892 |
100 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of optical fibre, optical fibre cable, etc. |
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Products : |
v Single Mode Optical Fibre v Multimode Optical Fibre v Duct Cables v Armoured Cables v Aerial Cables v Proof Cables v Indoor-Outdoor Cables v Interconnect Cables v Fibre Reinforced Plastic (FRP) Rods |
GENERAL
INFORMATION
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No. of Employees : |
170 |
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Bankers : |
v Union Bank of India, New Delhi v ICICI Bank Limited, New Delhi v Chinatrust Commercial Bank, New Delhi |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. C. Bindal & Company Chartered Accountants |
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Address : |
101, Sita Ram Mansion, 718/21, Joshi Road, Karol Bagh, New Delhi – 110 005, India |
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Associates/Subsidiaries : |
v Aksh Broadband Limited ( Associates ) v Aksh Networks Limited ( Subsidiaries ) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs. 10 each |
Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21481162 |
Equity Shares |
Rs. 10 each |
Rs. 214.812 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
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|
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1] Share Capital |
110.200 |
110.200 |
110.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
591.400 |
487.100 |
519.700 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
701.600 |
597.300 |
629.900 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
162.300 |
332.300 |
409.500 |
|
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2] Unsecured Loans |
30.000 |
05.000 |
12.700 |
|
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TOTAL BORROWING |
192.300 |
337.300 |
422.200 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
893.900 |
934.600 |
1052.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
598.100 |
653.000 |
706.500 |
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Capital work-in-progress |
12.500 |
03.100 |
03.100 |
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INVESTMENT |
105.800 |
106.300 |
106.400 |
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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 |
109.800
|
152.700 |
110.700 |
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Sundry Debtors |
196.700
|
89.900 |
174.500 |
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Cash & Bank Balances |
68.700
|
10.900 |
08.600 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
81.500
|
131.000 |
113.600 |
|
Total
Current Assets |
456.700
|
384.500 |
407.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
218.700
|
212.000 |
175.400 |
|
|
Provisions |
61.800
|
04.300 |
03.200 |
|
Total
Current Liabilities |
280.500
|
216.300 |
178.600 |
|
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Net Current Assets |
176.200
|
168.200 |
228.800 |
|
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|
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MISCELLANEOUS EXPENSES |
01.300 |
04.000 |
07.300 |
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|
|
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TOTAL |
893.900 |
934.600 |
1052.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
|
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Sales Turnover |
1131.600 |
382.700 |
255.100 |
|
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Other Income |
42.200 |
04.500 |
07.300 |
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Total Income |
1173.800 |
387.200 |
262.400 |
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|
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Profit/(Loss) Before Tax |
222.800 |
(02.800) |
(70.400) |
|
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Provision for Taxation |
74.500 |
(22.800) |
(22.300) |
|
|
Profit/(Loss) After Tax |
148.300 |
(321.400) |
(48.100) |
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Expenditures : |
|
|
|
|
|
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Raw Materials |
539.600 |
193.600 |
124.400 |
|
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Excise Duty |
140.900 |
49.200 |
22.000 |
|
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Power and Fuel Cost |
23.600 |
11.300 |
07.800 |
|
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Other Manufacturing Expenses |
37.600 |
20.600 |
20.900 |
|
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Employee Cost |
27.100 |
21.100 |
24.700 |
|
|
Selling and Administration Expenses |
48.600 |
40.300 |
28.500 |
|
|
Increase/(Decrease) in Finished Goods |
(38.100) |
31.300 |
08.600 |
|
|
Miscellaneous Expenses |
03.300 |
40.200 |
22.000 |
|
Total Expenditure |
782.600 |
407.600 |
258.900 |
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2007 Full Year |
|
Type |
|
|
|
|
Sales Turnover |
|
|
456.800 |
|
Other Income |
|
|
19.100 |
|
Total Income |
|
|
475.900 |
|
Total
Expenditure |
|
|
371.100 |
|
Operating Profit |
|
|
104.800 |
|
Interest |
|
|
38.700 |
|
Gross Profit |
|
|
66.100 |
|
Depreciation |
|
|
50.500 |
|
Tax |
|
|
00.300 |
|
Reported PAT |
|
|
00.700 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2007 1st
Quarter |
|
Type |
|
|
|
|
Sales Turnover |
|
|
209.200 |
|
Other Income |
|
|
19.900 |
|
Total Income |
|
|
229.100 |
|
Total
Expenditure |
|
|
202.500 |
|
Operating Profit |
|
|
26.600 |
|
Interest |
|
|
10.600 |
|
Gross Profit |
|
|
16.000 |
|
Depreciation |
|
|
14.000 |
|
Tax |
|
|
00.100 |
|
Reported PAT |
|
|
02.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
12.63
|
( 83.00 ) |
( 18.33) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.68
|
( 0.73)) |
( 27.59 ) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.12
|
( 0.26 ) |
( 6.32) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.00 |
( 0.11 ) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.39
|
0.36 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62 |
1.77 |
2.28 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONAL
REVIEW
During the Financial Year under review, your Company has achieved a turnover
of Rs 1131.600 Millions registering an increase of approx. 200% over the
previous year. The year under review witnessed a good recovery in the optical
fibre cable industry due to increased demand of the Optical Fibre cable by the
telecom industry in India and abroad. Further, spanning of optic fibre based
network and broadband services by various State Governments in India and abroad
also benefited the company.
Net Profit after Tax (PAT) during the year under review was Rs. 148.200
Millions as against a loss of Rs. 32.387 Millions during the previous year.
Increased volume of sales, both domestic and exports helped the Company to enhance its profitability during the year under review. Further, your Company was also successful in further reduction of the borrowing cost by repayment of its loans and redemption of nonconvertible debentures worth Rs. 120.000 Millions, thereby reducing its overall liability.
Dividend
Considering the improved performance of the Company during the year under
review, your Directors are pleased to recommend a dividend @ 35% on 22037892
Equity Shares of Re. 5 each absorbing Rs. 38.566 Millions. The total dividend
payout for the year under review is Rs. 43.975 Millions inclusive of dividend
tax thereon. The
dividend will not suffer tax in the hands of the shareholders.
Future Outlook
Due to sharp increase in requirement of hand width for broadband service globally demand for fibre is increasing at a rate of over 20% on year-to-year basis. Increase in global demand of fibre has pushed the fibre prices and the trend is expected to remain the same for current year also. The Company has decided to restart the fibre manufacturing facility at its full capacity.
Exports
During the year, foreign exchange earnings through exports amounted to
Rs.74.973 Millions as against Rs. 41.445 Millions in the previous year,
representing an increase of 80.9% over the last year.
New Products in Pipeline
The Company has developed the following new products:
(a) a new Light Weight, High Strength, Cost effective ADSS cable to meet the stringent quality requirement for Aerial Installation.
(b) A 24F Composite Micro Cable in 5.0 mm diameter which is having G652-Single Mode fibres & G655 NZDS
Fibres. This type of cable can be blown in Micro Duct to reduce the installation cost of network. The cable has
advantage of low cost single mode fibre for general application & NZDS Fibre for carrying high bit rate optical
signals including DWDM signals.
The Company has supplied a large quantity of this type of Aerial & Micro Cables to Customer for Broadband Services. The cable has been successfully installed & the results are outstanding.
Trade
References:
v Bharat Sanchar Nigam Limited
v Shin-Etsu, Japan
v Kiran Udyog
v Punj Llyod
v Reliance Petroleum Limited
v Spectranet
v Bharti
v Technology Parks
WEBSITE DETAILS
ATTACHED:
Subject was incorporated in the year 1986 as Private Limited Company. It was converted into a Public Limited Company on 13th March, 1994.
The company diversified into the manufacture of Optic Fibre Cables in September 1994, by setting up a plant amidst pastoral environment at Bhiwadi, Rajasthan that is at a distance of about 70 Km from New Delhi. The project was setup with a state of art computerized machinery supplied by the Rosendahl (Austria), an affiliate of Alcatel under their guarantee for producing cables of highest quality with annual capacity of 6500 CKM.
In order to protect itself from raw material shortages, subject, in 1995, set up a 150,000 fibre kilometre (fkm) facility for manufacture of optical fibres from quartz 'Preforms'. Nokia of Finland supplied the equipment. This was the first stage of backward integration for them. With this set-up subject was among the first companies in India to set up its own fibre optic-manufacturing units. In 1999- 2000 it changed focus to exclusively manufacturing optic fibre and optic fibre cables and hived off the copper division and acquired CMI Ltd.'s Optic Fibre division, a move that enhanced its capacities from 33,222 ckm in '98-99 to 50,358 ckm.
Subject has two plants at Bhiwadi and one at Jaitpura, Rajasthan manufacturing
FRP rods, with capacity of I.2 lac. Subject has also recently commissioned a
fibre tower and has increased capacity of FRP manufacturing, from 1.2 lac to 3
lac km per annum, at Ringus. Both the plants at Bhiwadi are ISO-9002 certified
by Underwriters
Laboratories for manufacture of premises cable .
Currently subject has an in-house capacity to manufacture 150,000 fkm. This has
been increased by 6,50,000 fkm by commissioning of the 1st tower under the old
project.
In the Financial Year (FY) 2001, Subject manufactured 92,379 fkm out of its
installed capacity of 150,000 fkm. It
bought 107,480 fkm from outside sources, through its long-term contracts for sourcing of fibre from Korea and
Japan since 1999.
Subject raised Rs. 358.10 million through a public issue in August 2000, to
finance the expansion of optic fibre
capacity from 150,000 fkm to 1.45 million fkm per annum; optic fibre cables from 50,358 ckm to 81,000 ckm; and
for creating capacity to manufacture preforms for 1.08 million fkm per annum.
Recently Subject has taken a step further for backward integration by merger
with Telecords (I) Pvt. Ltd. for the
manufacture of Fibre Reinforced Plastic (FRP) rods.
Subject produces variety of cables such as SingleMode & MultiMode Cables, Duct Cables, Armoured & Aerial Cables, Indoor and Outdoor Cables. The Company has also the facilities or producing ribbon Fibre Optic Cables.
subject has recently developed a new cost-effective concept called "Fibre-to-Home", through which they expect to
revolutionise the IT and telecom industry completely. It's a concept that would bring wireless Voice, Audio, Video
and Internet direct to home.
v 1986 : Incorporated as a Private Limited Company.
v 1994 : Converted into a Public Limited Company
v 1994 : Diversified into the manufacture of Optic Fibre Cables (OFC) by setting up a plant at Bhiwadi (Plant-I). Annual capacity - 6500 Cable Kilometers (CKM).
v 1995 : Integrated backwards into manufacture of Optical Fibre with Annual
capacity of 150,000 Fibre Kilometres (FKM).
v 1998 : ISO 9002 accreditation by United Laboratories (UL), USA
v 1999 : Turnover OFC manufacturing capacity to 33,000 CKM
v 1999 : Took over the Optical Fibre Cable plant of CMI Ltd., Plant-II, Capacity increased to 50,000 CKM.
v 2000 : Came with an IPO and got listed on BSE, NSE and JSE.
v 2000 : Merged Telecords (India) Private Limited manufacture of FRP rods with Plant at JaitPura (Plant -IV).
v 2001 : Enhanced the production capacity of Fibre to 1.45 million FKM, by commissioning a dual
Fibre Drawing Tower
v 2001: Started a plant for Fibre Reinforced Plastic (FRP) rods at Ringus (Plant-III) with capacity of 0.3 million KM.
v 2002 : Increased capacity at Ringus plant to 0.8 million KMs
v 2003 : Added capability to manufacture Ribbon cable and special access cable FTTH
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.29 |
|
UK Pound |
1 |
Rs. 81.91 |
|
Euro |
1 |
Rs. 56.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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. |
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 |
|