MIRA
INFORM REPORT
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Report Date : |
28.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
CABLE CORPORATION OF INDIA LIMITED |
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Registered Office : |
Laxmi Building, 4th Floor, 6 Shoorji Vallabhdas Marg,
Ballard Estate, Mumbai – 400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.11.1957 |
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Com. Reg. No.: |
11-10964 |
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CIN No.: [Company
Identification No.] |
U31300MH1957PLC010964 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC09915D |
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PAN No.: [Permanent
Account No.] |
AAACC2936J |
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Legal Form : |
A Public Limited Liability Company. The company shares are listed on
the Stock Exchange. |
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Line of Business : |
Manufacturer
and Sale of Power Cables, projects for laying cables and turnkey solutions
and trading products. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 2225940 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Exist |
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Comments : |
Subject is an old established company and trying to come out from
difficult situation. In recent past, the company failed to honour its commitments
of Interest and principle sum from unsecured and secured creditors. Since the
company was holding some precious land which the company disposed at very
high price and paid the overdue accounts. The company is expected to wipe out its past losses within a short
span. It can be considered for normal business dealings with slight caution,
since the company has yet to wipe out substantial losses. |
LOCATIONS
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Registered Office / / Head Office Western Region : |
Laxmi Building, 4th Floor, 6 Shoorji Vallabhdas Marg,
Ballard Estate, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-66144000 / 4100 / 4150 / 4151/ 4152 |
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Fax No.: |
91-22-66144111 / 4112 / 4114 / 4113 |
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E-Mail : |
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Website : |
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Factory 1 : |
Dattapada Road, Village Magathane, Borivali (East), Mumbai – 400 066,
Maharashtra, India |
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Tel. No.: |
91-22-28542117 / 8702341 – 47 |
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E-Mail : |
91-22-28540624 / 5268 / 3288 |
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Factory 2 : |
Plot No. F-3/1, MIDC, Sinnar Industrial Area, (Malegaon), District
Nashik – 422 103, Maharashtra, India |
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Tel. No.: |
952551-230328 / 329 / 912551-30038 |
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REGIONAL OFFICE:
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Northern Region:
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Milap Niketan, 2nd Floor, 8-A, Bahadur Shah Zafar Marg,
Post Box No. 7, New Delhi , India |
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Tel. No.: |
91-11-41509010 / 41509011 / 41509012 / 41509013 |
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Fax No.: |
91-11-41509014 |
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Email: |
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Eastern Region: |
34 Allenby Road, 2nd Floor, II-A, Kolkata – 700 020, West
Bengal, India |
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Tel. No.: |
91-22-24542671 / 74 / 73 / 33 - 4542673 / 45426 |
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Fax No.: |
91-33-24747592 |
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Email: |
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Southern Region: |
Temple Towers, Wing No.1, Fourth Floor, 476 Anna Salai, Chennai – 600
035, Tamil Nadu, India |
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Tel. No.: |
91-22-24343217 / 5389 / 44-24343217 / 4345389 / 43222 |
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Fax No.: |
91-44-24345150 |
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Email: |
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Branches 1: |
A-26,
Rashmi Tower 5th Floor, Nageshwar Tangi, Bhubaneshwar – 751002,
India |
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Tel. No.: |
91-674-434842 |
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Fax No.: |
91-674-434842 |
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Branches 2: |
503, Ivory Terrace, R.C. Dutt Road, Alkapuri, Vadodra – 390005, Gujarat, India |
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Tel. No.: |
91-265-320035 |
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Fax No.: |
91-265-339032 |
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Branches 3: |
Kasturi
Apartments, Ground Floor, 35/11 and
11/1, Langford Cross Road, Bangalore
– 560025, Karnataka, India |
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Tel. No.: |
91-80-2235778 |
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Fax No.: |
91-80-2290550 |
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Branches 4: |
9-1-87, 119/2, First Floor, St. John's Road, Secunderabad
– 500025, India |
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Tel. No.: |
91-40-7703045 |
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Fax No.: |
91-40-7713493 |
DIRECTORS
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Name : |
Mr. Hiten A Khatau |
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Designation : |
Chairman cum managing Director |
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Name : |
Mrs. N H Khatau |
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Designation : |
Director |
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Name : |
Mrs. N B Pasta |
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Designation : |
Director |
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Name : |
Mr. Mukul Kasliwal |
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Designation : |
Director |
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Date of Birth/Age : |
20.10.1964 |
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Qualification : |
MBA in Finance |
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Experience : |
19 years of experience in the corporate business / finance |
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Date of Appointment : |
10.01.2005 |
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Directorship in other companies: |
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· Entegra Limited · Shree Maheshwar Hydel Power Corporation Limited · Unitex Designs Limited · S Kumar Limited · S Kumar Investment Limited · Essar Power Limited · Shree Ram, Mills limited · Dhvani Terefabs Exports Private Limited · Raj Infin Private Limited · MW Infraholdings Private Limited · SKG Power Ventures Private Limited · K U Enterprises Private Limited · S Kumar and Company (Trades) Private Limited · MW Holdings Private Limited · SKM Fabrics Private Limited |
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Name : |
Mr. Arun Thiagarajan |
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Designation : |
Director |
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Name : |
Mr. C Sundershyam |
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Designation : |
Director |
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Name : |
Mr. P Nadig |
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Designation : |
President |
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Name : |
Mr. Utsav Parekh |
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Designation : |
Director |
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Date of Birth/Age : |
28.08.1956 |
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Qualification : |
B. Com (Hons.) |
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Experience : |
27 years of experience in the stock market, merchant Banking and
financial services. |
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Date of Appointment : |
10.01.2005 |
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Directorship in other companies: |
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· Glosbsyn Technologies Limited · Lend Lease Company (India) Limited · Mcleod Russel India Limited · Mcnally Bharat Engineering Company limited · Moving Pictures Company Limited · Salveo Life Sciences Limited · SIMOCO Telecommunication (South Asia) Limited · SMIFS Capital Markets Limited · SMIFS Capital Services Limited · The Sirpur Paper Mills Limited · Transceivers India Limited · Xpro India limited |
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Name : |
Mr. G D Bhingarkar |
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Designation : |
Director |
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Date of Birth/Age : |
17.02.1950 |
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Qualification : |
BA, DLW, LLM |
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Experience : |
36 years of experience in the field of industrial relations, human
resources and administration |
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Date of Appointment : |
01.02.2002 |
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Directorship in other companies: |
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· Shree Plasticizers and Chemicals Private Limited · Govardhan Investments Private Limited |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007) |
No. of Shares |
Percentage of
Holding |
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Promoters, Director and Relatives |
14820111 |
48.97% |
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Mutual Funds |
55700 |
0.18% |
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Banks, Financial Institutions and Insurance Company |
1634900 |
05.40% |
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NRIs / FIIs / Foreign Companies |
4327195 |
14.30% |
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Corporate Bodies |
5131586 |
16.96% |
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Indian Public |
4292058 |
14.19% |
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Total |
30261550 |
100.00% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Sale of Power Cables. |
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Products : |
· Electric Cables, Wires, Conductors and Strips · Spares, Accessories and others · Scrap
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PRODUCTION STATUS (as on 31.03.2007):-
[Rs.
in millions]
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Electrical Cables, Wires, Conductors strips of all types (Excluding telecommunication cables, wires, conductors, strips of all
types) |
KMs |
30.617 |
30.617 |
4.305 |
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* These are core Kms |
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43.891 |
43.891 |
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Wire Rods (by conversion of aluminium bars, ingots and scrap ) (for
captive use) |
M Tons |
4.500 |
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GENERAL
INFORMATION
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Customers : |
· APSEB - Namrup · Bangladesh Power Development Board · BARC - Mumbai · Bharat Heavy Electricals Limited · BHPV · Bhushan Steels and Strips Limited. · Calcutta Electricity Supply Corporation · Chittaranjan Locomotive Works · Dhaka Electric Supply Authority · Delhi Metro Rly. Corporation · DVC · Ghaziabad Development Authority · Greater Noida Industrial Development Authority · Gujarat Electricity Board · HFC · Hotel Leela Venture Limited. · IAAI - Delhi · IEL - Kanpur · IPCL - Baroda · Jayashree Textiles · Karnataka Electricity Board · Kerela State Electricity Board · Khammam Refinery Project - Manuguru · LandT John Deere Limited. · Maruti Udyog Limited · Metro Railways · Mp Iron and Steel · MSEB · Mumbai Port Trust · National Aluminium Company · National Dairy Development Board · National Thermal Power Corporation · New Mangalore Port Trust · Noida Power Company Limited. · Pal Peugeot · Reliance Industries Limited · Tamilnadu Electricity Board · Tata Chemicals · TISCO · Vivekananda Rock Memorial · WBSEB |
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No. of Employees : |
600 |
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Bankers : |
· State Bank of India · United Bank of India · State Bank of Patiala |
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Facilities: |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Sorab S Engineer and Company Chartered Accountants |
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Joint Ventures: |
SEI Cable Accessories India Private Limited |
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Associates/Subsidiaries : |
· Prajakta Holdings Private Limited · Premjyot Finvest and Trading Limited · Rhiakoh Finance and Investments Private Limited, ALK · Holdings Private Limited, · Krishabh Chemicals and Plastics Private Limited, · Yucca Finvest Private Limited. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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37250000 |
Equity Shares |
Rs. 10/- each |
Rs.372.500 millions |
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525000 |
Preferences Shares |
Rs. 100/- each |
Rs. 52.500 millions |
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Total |
Rs.425.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
10.5% Redeemable
Cumulative Preference Shares |
Rs. 100/-
each |
Rs.20.000
millions |
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250000 |
10.5% Redeemable
Cumulative Preference Shares. |
Rs. 100/-
each |
Rs.25.000
millions |
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30261550 |
Equity Shares of
Rs. 10 each fully paid-up. (Previous year : 24586550 Equity Shares) (Of the above
6400000 Equity shares of Rs. 10 each were issued as fully paid-up Bonus
shares by capitalisation of General Reserve and Capital Redemption Reserve
and 4500000 Equity Shares of Rs. 10 each were allotted on 1st April, 1996 on
conversion of part A of the Partly Convertible Debentures) |
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Rs.302.616
millions |
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5675000 |
Equity shares of
Rs 107- each fully paid were alloted during the year against exercise of
Equity options. (Previous Year. 3410000 Equity Shares) 3845000 Equity options
of Rs 107- each [Re 17- paid up] (Previous Year. 9520000 Equity Options) |
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Rs. 3.845
millions |
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Total |
Rs.351.461 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 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
351.461 |
300.386 |
264.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
274.747 |
278.351 |
439.500 |
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4] (Accumulated Losses) |
[69.723] |
0.000 |
0.000 |
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NETWORTH |
556.485 |
578.737 |
703.800 |
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LOAN FUNDS |
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1] Secured Loans |
857.938 |
836.385 |
611.500 |
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2] Unsecured Loans |
221.511 |
165.314 |
331.100 |
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TOTAL BORROWING |
1079.449 |
1001.699 |
942.600 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1635.934 |
1580.436 |
1646.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1117.602 |
1177.991 |
1282.300 |
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Capital work-in-progress |
69.254 |
50.752 |
34.200 |
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INVESTMENT |
17.212 |
25.477 |
27.100 |
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DEFERREX TAX ASSETS |
74.338 |
74.338 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
253.976
|
306.971 |
145.600 |
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Sundry Debtors |
278.065
|
277.115 |
304.100 |
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Cash & Bank Balances |
55.857
|
74.809 |
39.800 |
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Other Current Assets |
1.308
|
1.279 |
0.000 |
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Loans & Advances |
284.571
|
282.551 |
308.900 |
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Total
Current Assets |
873.777
|
942.725 |
798.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
528.334
|
699.564 |
495.600 |
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Provisions |
[12.085]
|
[8.717] |
1.000 |
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Total
Current Liabilities |
516.249
|
690.847 |
496.600 |
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Net Current Assets |
357.528
|
251.878 |
301.800 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
1.000 |
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TOTAL |
1635.934 |
1580.436 |
1646.400 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1186.413 |
852.091 |
1699.500 |
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Other Income |
203.678 |
109.972 |
137.500 |
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Total Income |
1390.091 |
962.063 |
1837.000 |
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Profit/(Loss) Before Tax |
[71.120] |
[199.827] |
17.300 |
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Provision for Taxation |
[2.207] |
[31.004] |
[11.600] |
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Profit/(Loss) After Tax |
[73.327] |
[168.823] |
28.900 |
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Export Value |
672.000 |
1.145 |
NA |
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Import Value |
31.140 |
443.460 |
NA |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
75.700 |
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Raw Material Consumed |
922.500 |
660.161 |
486.300 |
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Excise duty |
0.000 |
0.000 |
92.400 |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
83.700 |
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Interest |
129.341 |
71.953 |
105.300 |
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Power & Fuel |
0.000 |
0.000 |
32.500 |
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Depreciation & Amortization |
92.843 |
93.220 |
72.800 |
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Other Expenditure |
242.674 |
335.469 |
891.800 |
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Total Expenditure |
1387.358 |
1160.803 |
1840.500 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
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Sales Turnover |
253.200 |
268.900 |
255.600 |
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Other Income |
8.400 |
2.800 |
246.200 |
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Total Income |
261.600 |
271.700 |
501.800 |
|
Total Expenditure |
253.700 |
268.600 |
244.700 |
|
Operating Profit |
7.900 |
3.100 |
257.100 |
|
Interest |
34.900 |
47.800 |
47.200 |
|
Gross Profit |
-27.000 |
-44.700 |
209.900 |
|
Depreciation |
23.200 |
23.200 |
23.300 |
|
Tax |
0.300 |
0.400 |
0.300 |
|
Reported PAT |
-50.500 |
-68.300 |
186.300 |
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
1.83 |
1.52 |
1.85 |
|
Long Term Debt-Equity Ratio |
1.29 |
1.10 |
1.35 |
|
Current Ratio |
1.06 |
1.04 |
1.19 |
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TURNOVER RATIOS |
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Fixed Assets |
0.58 |
0.42 |
0.72 |
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Inventory |
4.87 |
4.33 |
3.28 |
|
Debtors |
4.92 |
3.38 |
5.83 |
|
Interest Cover Ratio |
-0.37 |
-0.93 |
1.19 |
|
Operating Profit Margin(%) |
3.17 |
-1.39 |
11.66 |
|
Profit Before Interest And Tax Margin(%) |
-3.63 |
-10.89 |
7.38 |
|
Cash Profit Margin(%) |
-6.82 |
-9.98 |
6.15 |
|
Adjusted Net Profit Margin(%) |
-13.62 |
-19.48 |
1.87 |
|
Return On Capital Employed(%) |
0.00 |
-6.62 |
6.56 |
|
Return On Net Worth(%) |
0.00 |
-32.51 |
5.11 |
LOCAL AGENCY
FURTHER INFORMATION
Operations:
The Company achieved
a turnover of Rs.1365.400 millions during the year under review against the
turnover of Rs. 980.800 millions in the previous year, showing an increase of
39% during the year.
During the year, the Company has concluded a VRS at the Borivali plant by
making payment to 127 workmen out of 184 workmen and settled all their
statutory dues including gratuity. Labour problems at Borivali stands resolved
with payment of VRS and undertaking signed by all the remaining workers
covering productivity and discipline. industrial relations at Nasik are
generally cordial.
Current Year's Outlook And Future
Prospects:
The
demand for Power Cable continuous to be on the upswing. During the year the
Company received a major order of Rs.1000.000 millions from an Electricity
Board. However, the margins are under tremendous pressure due to unprecedented
rise in the price of raw material inputs, predominantly metals.
The Company is making efforts to focus on continuous cost reduction,
improvement in productivity and increase in performance. This should result in
improved performance.
Fixed Deposits:
The
Company has repaid the principal amount of Fixed Deposits on 16th December,
2005. The interest on these Fixed Deposits has also been paid and the Company
Law Board has granted extension of time upto 12th June, 2007 vide its order
dated 12th June, 2007.
Trading In Securities:
The
suspension on trading in the Equity Shares of the Company have been revoked by
the Bombay Stock Exchange on 23rd October, 2006 and subsequently the trading in
the Equity Shares of the Company have commenced from 31st October, 2006.
MANAGEMENT DISCUSSIONS AND
ANALYSIS:
Overall Review:
The
Company is engaged in tine business of manufacture and sale of Power Cables,
projects for laying cables and turnkey solutions and trading products.
Industry Structure and Development
The year
under review saw an encouraging demand for Power Cable Industry. The increase
in industrial activity due to fresh investments in infrastructure and power
plants is expected to result in buoyant demand for power cables.
Opportunities and Threats:
Growth
in GDP and investments in new projects and power sector has resulted in growing
demand for power cables.
The industry faces threat from unprecedented rise in the raw material prices
and increasing capacity by manufacturers and imports at lower tariff
rates.
Outlook:
With the Budget 07-08 giving more thrust on infrastructure, the demand for
power cables continues to grow though margins are under pressure. Recently, the
Company bagged an order worth Rs.1000.000 millions which will prove to be a
bench-mark in the future growth of the Company.
Risks and Concerns:
The
unprecedented spiraling rise in prices of raw materials, especially metals, is
a severe cause for concern. The increasing pace of competition also poses risks
in the growth of the Company.
Adequacy of Internal Controls
The
Company has an appropriate system of internal controls to ensure all assets are
safeguarded and protected and the transactions are authorized, recorded and
reported correctly. The internal control system is reviewed by the management
regularly, with proper guidelines to strengthen them further.
Quality:
The Company's Quality Policy is to sustain and enhance Company's reputation
for product quality at competitive prices in national and international markets
and to meet customer's expectations.
The Company's brand image is perceived to be the leader in the Power Cable
industry.
The Company has upgraded its quality management system to ISO 9001:2000.
Financial Review:
The
Company has shown a profit before tax of Rs. 2.733 millions. Due to
extraordinary expenditure on VRS, it has resulted in a loss of Rs. (71.120)
millions. Capacity utilization continues to be low, due to paucity of, working
capital.
Development in Human Resources/
Industrial Relations:
The
Company has concluded a VRS at the Borivali plant by making payment to 127
workers out of 184 workers. The Company’s human resource capability remains a strong
source of its competitive advantage. Indeed, the Company's success in the past
have been made possible because of the dedication, competence and vigour shown
by its employees and workforce.
FIXED ASSETS:
· Land Freehold
· Land Leasehold
· Buildings and Ownership Flats
· Plant and Machinery
· Furnitures and Fixtures
· Approach Roads and Wells
· Vehicles
WEBSITE
DETAILS:
History:-
Subject was promoted in 1957 by Siemens AG, Felten and Guileaume AG of
Germany and Khataus, Thackerseys of India
The Company is Industry leader in India having an ISO 9001 Quality
Management System certification from BVQI
The Company has all the necessary hardware, software and infrastructure
to manufacture a wide range of power cables and control cables. It has a
nationwide marketing and sales network alongwith regional warehouses to cater
to the diverse needs of its customers.
The Company is having a very
wide product range for power/ control cables ranging from 250 V to 230 kV
covered under the strongest brand names of Tropodur, Tropothen, Tropothen-S,
Tropoflex, Tropoplast and Tropotherm cables. The Company is exclusive licensee
of Siemens A.G. Cable trade names in India and Company is controlling about 21%
of the organised power cable market in India
Company is manufacturing PVC, XLPE, Paper, Fluoropolymer and Elastomeric
insulated power cables under the above trade names. Besides Company is also
specialized in the areas of speciality cables like HVDC cables, Mining cables,
Aerial Bunched Cables (33 kV), Winding wires and a lot more
The Company is having two manufacturing plants in India
· Fully integrated manufacturing facility at Borivali, Mumbai spread over 150000 sq.m.
· New state of the art plant at Nashik, Maharashtra, spread over 67,000 sq.m., commissioned in March 1997
· Cables manufactured by THE COMPANY correspond to various International Standards like BS, VDE, IEC, GOST, in addition to BIS, and client specifications
The Company is presently having an All India Marketing network spread
over 10 major locations in India and a dedicated manpower strength of over
1,200 people
The Company’s Corporate Philosophy is "Total Cable Service - From
Concept to Commissioning" which is in harmony with Company’s Quality Policy
“To sustain and enhance Company’s reputation for product quality at competitive
prices in National and International markets and to meet Customer’s
expectations”
The Company has successfully exported its quality products to South
Africa, Sri Lanka, Bangladesh, Mauritius, Kuwait, Singapore and other countries
The Company was the only company
in Asia to have the technical collaboration with Mitsubishi Cable Industries of
Japan for the MDCV process for manufacturing EHV XLPE cables with rights to patent
and know how and rights to sell these cables anywhere outside Japan
The Company has been awarded World Bank business tenders against
International competition
The History of subject is as old as electric cable manufacturing in India! It
dates back to 1956 when the Indian promoters M/s. Thakerseys and Khataus and
German promoters and M/s. Siemens joined hands and put forward the idea of
setting up a PVC power cable factory to manufacture PVC insulated and sheathed
cables and wires in India for the first time.
M/s Siemens, Germany, were to provide technical know-how for the
project, started the planning of the cable factory in Neustadt, Cobvig, West
Germany. Simultaneously in India, formalities were being pursued with various
authorities at various levels to get industrial license to set up a cable plant
in Bombay, Maharashtra. M/s. Siemens were to look after the technical needs of
the cable plant and management of the factory for the initial 15 years whereas
financial needs, government and Semi government, local and municipal
formalities were to be taken care of by Indian promoters.
The company was officially incorporated and registered in the first week
of November 1957, with a share capital of Rs. 10 Millions (15.6% each was
subscribed by the house of Khataus, house of Thackerseys, house of Siemens and
Felten and Guileume, 20% preference share by Life Insurance Corporation of
India and balance of 17.6% by the friends of the promoters).
For putting up the cable plant in India, Siemens, Germany selected a
team of 12 Germans from their two cable factories. A core team of people was
brought to India to erect and commission the plant and machinery.
The land was selected in distant suburb of Borivali, which was bought in
May 1957. Borivali is to the north of the city of Mumbai. The considerations in
establishing to the extreme North of Bombay were availability of adequate land
for future growth, a perceived movement of infrastructures and facilities to
support educated and skilled manpower in an environment of natural greenery of
jungles charged with fresh ambient. The factory of Cable Corporation of India
occupies 150000 sq. Mts. and all manufacturing activity is done under one roof.
The factory consists of two halls- factory hall –I and II. Hall I housed
the PVC and rubber compounding plants, wire drawings, conductor and core
stranding, Paper/PVC Insulation, Impregnation, Lead sheathing, Armouring units
and test field factory.
Hall II housed then the continuous casting and rolling mill for
manufacture of aluminum rods out of aluminum ingots and manufacturing facility
for airport lighting cables, switchboard wires and flexible.
A new plant had been installed and commissioned for the manufacturing of
Cross linked polyethylene cable, which also housed other facilities like
electrical and mechanical workshop, chemical laboratory, drumshop building,
vehicle repair shop, boiler houses, pump house, plumbing shop, labour and
welfare center, a canteen and despatch building.
Production at the factory covers a wide range of cables, paper insulated
lead sheathed cables, TROPODUR heavy-duty cables, TROPODUR light duty cables
wire and flexible. TROPODUR cables for special duties, mining cables, screened
signaling cables, airport, lighting cables and TROPOTHEN –X cross-linked
polyethylene cables.
Another plant primarily engaged in manufacturing of PVC cables and LT
XLPE cables was established in March 1997 at Nashik, near Mumbai in
Maharashtra.
Over the years subject has grown. Today the wide range of cables it
manufactures is synonymous with experience and quality, thus bringing power to
the people!
The company played a leading role in the import substitution and was
also the first in India to take up substitution of aluminium as conductor
material in cables in place of copper. It had worked successfully with railway
authorities of India, the defence authorities etc. to develop special types of
cables. It has also taken an active part in developing various standards for
electric cables and wires and represented in BIS committees. Research and
Development was taken up a big way catering to finest facilities needs for
development and for serving national and international clientele. is recognized
by Dept of Science and Technology, Govt. of India and is supported by a strong team
of highly qualified technical personnel.
The Company grew from strength to strength and after 40 years of
eventful existence, the company occupies a leading position in the industry
today for quality products.
Milestones
The Company has a tradition of Milestones of achievements. Some of the
more significant are given below:
1960 “TROPODUR®” (PVC) wires
and cables introduced in the Indian market
1961 Manufacture of Paper
Insulated Lead Sheathed cables commenced
1962 Indigenous manufacture of
“TROPODUR®” PVC compound started
1963 Unique welding process for
Aluminium conductor cable Termination/ Joints developed
1966 “TROPODUR®” 3.3 kV cables
for Mining application manufactured and supplied
1967 Manufacture of 3 kV and 5
kV PVC insulated airport lighting cable with moulded plug/socket
1968 Manufacture of 33 kV Paper
Insulated Lead Sheathed cables commenced
1969 11kV
“TROPODUR®” Cables introduced for the first in India as replacement for Paper
Insulated Lead Sheathed Cables.
1976-70 kV DC cables for Electrostatic Precipitator developed
1977 PVC compounds suitable for
operation upto 105o C as per VDE 0209 developed
1979 Manufacture of
“TROPOTHEN-X®” XLPE cables upto 33 kV commenced
1983 “TROPOFLEX®” Elastomer trailing flexible
cables upto 11 kV in single continuous length of 1000 m manufactured for the
frst time in India
1984 Flame Retardant Low Smoke (FRLS) and Fire
Survival (FS) cables developed for the first time and large quantities supplied
to Electricity Boards.
1985 Application oriented compounds for Elastomer
cables for Mining, Material handling, Ship wiring, Locomotives etc. developed
indigenously
1986 Manufacture of
“TROPOTHERM®” Silicone rubber insulated cables commenced
1988 Manufacture of
“TROPOFLUR®” fluoroplastic insulated wires and cables started
1989 First in Asia, outside Japan, to get license
to make EHV cables with patented MDCV process from Mitsubishi Cable Industries,
Japan
1991 “TROPOTHEN-S®” Super tension
132 kV, XLPE Cables manufactured for the first time in India.
1991 Seismic, Undersea,
Degaussing, X-Ray HT DC Cables developed as import substitution.
1992 “TROPOTHEN-S®” Super
tension 230 kV, XLPE Cables manufactured for the first time in India.
1993 Successfullly tested the
first 220 kV XLPE cables at NV KEMA, Netherlands.
1994 Successfully manufactured
and installed the 230 kV XLPE cable for TNEB at Kadamparai, Tamil Nadu
1994 Obtained the ISO:9001 Quality Management
System Certification, the First cable company in India to obtain this
certification
1995 Commissioned 2000 MT
Aluminium Press for metallic sheathing of EHV cables.
1996 EHV jointers' service
extended to overseas project.
1996 Successfully developed electromagnetic Mine
Sweeping cables (TEM3) for Navy and developed elastomeric cables for Degaussing
of ships
1996 Low Halogen Non-toxic
cables manufatured.
1997 First time in India successfully developed,
manufactured and supplied High Voltage Cables with segmental (Milliken)
conductor .
1997 Largest Exporter of Power
Cables from India.
1998 33kV Aerial Bunched
Conductor(ABC) cables developed and supplied.
1998 Submarine Cable Supplied, Installed between
Main Land and Vivekananda Rock Memorial in Tamil Nadu.
1998 First and only company in India to
manufacture & install Extra High Voltage Cable (TROPOTHEN-S ®) with
corrugated Aluminium sheathing.
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.40.18 |
|
UK Pound |
1 |
Rs.79.25 |
|
Euro |
1 |
Rs.62.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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 |
|