MIRA
INFORM REPORT
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Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
POLYCAB CABLES PRIVATE LIMITED |
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Registered Office : |
HICO House,1st
Floor, 771, Pandit Satwalekar Marg, Mahim (West), Mumbai - 400 016,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.04.1996 |
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Com. Reg. No.: |
11-99083 |
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CIN No.: [Company
Identification No.] |
U31300MH1996PTC099083 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP15166E |
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PAN No.: [Permanent
Account No.] |
AAACP6476G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Cables |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track
records. Financial position is good. Trade relations are fair. The company
alongwith several group companies are doing well. Its payments are correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to
longrun. |
LOCATIONS
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Registered Office : |
HICO House,1st
Floor, 771, Pandit Satwalekar Marg, Mahim (West), Mumbai - 400 016,
Maharashtra, India |
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Tel. No.: |
91-22-4327070-4,
4329118, 4362199 |
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Fax No.: |
91-22-4327075 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 74/7-11 Daman Industrial Estate, Village Kadaiya, Daman -
396210 |
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Tel. No.: |
91-260-257104/6/7,
257115 |
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Fax No.: |
91-260-257109 |
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E-Mail : |
polycab@egujarat.net |
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Branches : |
Located
at :
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DIRECTORS
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Name : |
Mr. Inder T. Jaisinghani |
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Designation : |
Chairman |
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Address : |
17/6, Khiaram Bhavan, R. A. Kidwai Road, Wadala, Mumbai – 400031,
Maharashtra, India |
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Date of Birth/Age : |
29.03.1952 |
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Date of Appointment : |
24.04.1996 |
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Name : |
Mr. Ramesh T. Jaisinghani |
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Designation : |
Director |
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Address : |
701/2, Salisbury Park, 82, Palimala Road, Pali Hill, Bandra [West],
Mumbai – 400052, Maharashtra, India |
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Date of Birth/Age : |
07.05.1956 |
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Date of Appointment : |
24.04.1996 |
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Name : |
Mr. Shirish S. Shah |
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Designation : |
Director |
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Address : |
8, Ramjarukha, S. V. Road, Andheri [West], Mumbai – 400058,
Maharashtra, India |
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Date of Birth/Age : |
02.03.1946 |
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Date of Appointment : |
24.04.1998 |
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Name : |
Ms. Reina R. Jaisinghani |
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Designation : |
Director |
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Address : |
701/2, Salisbury Park, 82, Palimala Road, Pali Hill, Bandra [West], Mumbai
– 400052, Maharashtra, India |
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Date of Birth/Age : |
11.08.1961 |
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Date of Appointment : |
24.04.1996 |
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Name : |
Mr. Tolaram T. Jaisinghani |
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Designation : |
Director |
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Address : |
17/6, Khiaram Bhavan, R. A. Kidwai Road, Wadala, Mumbai – 400031,
Maharashtra, India |
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Date of Birth/Age : |
12.01.1954 |
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Date of Appointment : |
16.03.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ramesh T. Jaisinghani |
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2911500 |
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Inder T. Jaisinghani |
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3289500 |
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Shirish S. Shah |
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1500 |
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Reina R. Jaisinghani |
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1500 |
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Tolaram T. Jaisinghani |
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750000 |
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Akanksha T. Jaisinghani |
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750 |
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Shikha I. Jaisinghani |
|
750 |
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Bharat T. Jaisinghani |
|
750 |
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Girdhari T. Jaisinghani [HUF] |
|
750 |
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Inder T. Jaisinghani [HUF] |
|
750 |
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Ramesh T. Jaisinghani [HUF] |
|
40750 |
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Kamla T. Jaisinghani |
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750 |
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TolaramT. Jaisinghani [HUF] |
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750 |
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Total |
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7000000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Cables |
GENERAL
INFORMATION
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No. of Employees : |
4000 |
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Bankers : |
State Bank of India Industrial Finance Branch, Lekhraj Bhavan, Saki Vihar Road, Saki naka,
Mumbai – 400072, Maharashtra, India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Shashikant J. Shah Chartered Accountants |
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Address : |
104, Sharda Chambers, 15, New Marine Lines, Churchgate, Mumbai –
400020, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 70.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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70.000 |
70.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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564.851 |
415.871 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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634.851 |
485.871 |
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LOAN FUNDS |
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1] Secured Loans |
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15.317 |
80.397 |
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2] Unsecured Loans |
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31.998 |
122.077 |
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TOTAL BORROWING |
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47.315 |
202.474 |
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DEFERRED TAX LIABILITIES |
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35.577 |
39.949 |
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TOTAL |
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717.743 |
728.294 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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313.676 |
334.633 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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123.135 |
136.623 |
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Sundry Debtors |
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230.871 |
427.495 |
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Cash & Bank Balances |
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60.034 |
26.183 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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167.811 |
103.692 |
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Total
Current Assets |
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581.851 |
693.993 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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63.511 |
227.088 |
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Provisions |
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114.273 |
73.244 |
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Total
Current Liabilities |
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177.784 |
300.332 |
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Net Current Assets |
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404.067 |
393.661 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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717.743 |
728.294 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1000.000 |
800.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.35 |
1.03 |
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Current Ratio (Current Asset/Current Liability) |
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3.27 |
2.31 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
80029682 |
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Corporate
identity number of the company |
U31300MH1996PTC099083 |
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Name of the
company |
POLYCAB CABLES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
HICO House,1st
Floor, 771, Pandit Satwalekar Marg, Mahim (West), Mumbai - 400 016,
Maharashtra, India |
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Type of charge |
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Particular of
charge holder |
State Bank of India Industrial Finance Branch, Lekhraj Bhavan, Saki Vihar Road, Saki naka,
Mumbai – 400072, Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
State Bank of
India Letter SNM/735
dated 14.05.2007 |
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Date of
instrument Creating the charge |
14.05.2007 |
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Amount secured by
the charge |
Rs. 240.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As would be
determined by the bank form time to time. |
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Short particulars
of the property charged |
The whole of the current
assets of the borrower namely stocks of raw materials, stock in process semi
finished goods, and finished goods, stores and spares not relating to plant
and machinery bills, receivables and book dents and all other movables both
present and future stored in or about the companies godowns at situate at
74/10/11 Daman Industrial Estate Village Dadale Damanin the Union
Territory |
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Particulars of
the present modification |
The original
charge was created on 21.12.2001 for Rs. 2.400 Millions i.e. State Bank of
India Rs. 120.000 Millions and Punjab National Bank for Rs. 120.000 Millions
now by this modification the company has repaid all the dues to Punjab
National Bank with its full and final settlement. |
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 |
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UK Pound |
1 |
Rs.81.91 |
|
Euro |
1 |
Rs.56.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
72 |
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 |
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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 |
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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 |
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