MIRA
INFORM REPORT
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Report Date : |
26.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
RPG CABLES LIMITED |
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Registered Office : |
Herbal Industrial Area, Belavadi Post, Mysore - 571186, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
09.03.1982 |
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Com. Reg. No.: |
08-4679 |
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CIN No.: [Company
Identification No.] |
L85110KA1982PLC004679 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PINER06094E |
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PAN No.: [Permanent
Account No.] |
AAABCROO67Q |
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Legal Form : |
Public Limited Liability Company. Company’s shares are listed on the
stock Exchange |
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Line of Business : |
Manufacturing and Marketing of jelly filled telephone
cables, optical fibre cables, power cables and wind energy. |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old established company having moderate track. The company’s profit margin is under severe pressure. Payments are reported as slow by + 30 days on its commitments. However, the company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Hebbal Industrial Area, Hootagalli, Belavadi Post, Mysore-571 186 |
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Tel. No.: |
91-821-6553375 / 6553376 |
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Fax No.: |
91-821-2402499 |
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Website: |
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Head Office : |
2ND Pokhran Road, P B No.11, Thane - 400601, Maharashtra,
India |
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Tel. No.: |
91-821-6553375 |
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Fax No.: |
91-821-2402499 |
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Corporate Office : |
Ceat Mahal, 463, Dr. Annie Besant Road, Worli, Mumbai 400 030 |
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Tel. No.: |
91-22-66670300 / 24937244 / 24938330 |
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Fax No.: |
91-22-24930206 |
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Factory : |
Hebbal Industrial Area, Hootagalli, Belavadi Post, Mysore 571 186,
Thane |
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Factory : |
Plot No. 273/4, Demni Road, Silvasa - 396191 (D. & N.H.) |
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Factory : |
A9/10, UPSIDC Industrial Area No. 2, Amawan Road, Raebareli 229 001 |
DIRECTORS
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Name : |
Mr. R.A Naik |
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Designation : |
Director |
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Name : |
Mr. H. C. Dalal |
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Designation : |
Director |
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Name : |
Mr. M. K. Kumar |
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Designation : |
Director |
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Name : |
Mr. K. Kalyanasundaram, Nominee Director of IFCI |
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Designation : |
Director |
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Name : |
Mr. Nikhil Gupta |
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Designation : |
Managing Director |
KEY EXECUTIVES
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Audit Committee:: |
Mr. R. A. Naik |
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Mr. H. C. Dalal |
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Mr. M. K. Kumar |
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Shareholders/Investors Grievance Committee: |
Mr. H. C. Dalal |
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Mr. M. K. Kumar |
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Mr. Nikhil Gupta |
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Name : |
Mr. Jitin Parekh |
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Designation : |
Company Secretary |
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Management Team: |
Mr. Nikhil Gupta |
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Mr. Rajendra Mishra |
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Mr. C .N. Banerjee |
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Mr. S. Raguraman |
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Mr. Amit Sudhakar |
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Mr. Ratish Jha |
SHAREHOLDING
PATTERN
(As on 31.03.2008)
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Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
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Shareholding
of Promoter and Promoter Group2 |
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Indian |
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Individuals/ Hindu Undivided
Family |
700 |
0.00 |
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Bodies Corporate |
11798604 |
35.43 |
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Public
shareholding |
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Institutions |
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Mutual Funds/ Axis |
230678 |
0.69 |
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Financial Institutions / Banks |
102843 |
0.31 |
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Insurance Companies |
1360829 |
4.09 |
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Foreign Institutional
Investors |
1118539 |
3.36 |
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Non-institutions |
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Bodies Corporate |
1972708 |
5.92 |
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Individuals |
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Individuals -i. Individual
shareholders holding nominal share capital up to Rs 0.100 Million |
11140251 |
33.45 |
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ii. Individual shareholders holding nominal share capital in excess of Rs. 0.100
Million |
3816271 |
11.46 |
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Any Other (specify) |
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NRI |
537729 |
1.61 |
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CM |
457209 |
1.37 |
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Trust |
764983 |
2.30 |
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TOTAL |
33301344 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of jelly filled telephone
cables, optical fibre cables, power cables and wind energy. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
3000 |
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Bankers : |
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Facilities : |
NOTES: 1. FROM BANKS a. Term Loans of
Rs.675.168 Millions (Previous year Rs. Nil) from Deutsche Bank AG are secured
by mortgage and charge on both present and future movable fixed assets of the
company including plant and machinery and other implements and charge on
immovable property situated at Thane and Mysore. b. Term Loans of
Rs. Nil (Previous year Rs. 32.900 Millions) from State Bank of India were
secured by first charge on the company’s specific assets and pari-passu
second charge on inventories, book debts and other liquid assets c. Term loan
from ICICI Bank of Rs. Nil (Previous year: Rs. 249.700 Millions) was secured
by mortgage and charge on immovable properties both present and future and
charge on movables both present and future subject to prior charges in favour
of banks for Working Capital requirement and in favour of Financial
institutions for specific machinery. The said charge ranked pari-passu with
the other lenders to whom the original security was given. This loan carried
a right to convert the whole or part of the outstanding loan balance into
equity shares. This loan had been assigned by ICICI Bank to the third party
with a recourse. 2. FINANCIAL
INSTITUTIONS a. Term loan from
IFCI of Rs. Nil (Previous year : Rs. 80 Millions) was secured by first
mortgage charge on immovable properties both present and future and charge on
movables both present and future subject to prior charges in favour of banks for
Working Capital requirement and in favour of Financial institutions for
specific machinery. The said charge ranked pari-passu with the other lenders
to whom the original security was given. b. Term Loan
from IFCI of Rs. Nil (Previous year: Rs. 26.427 Millions ) for Raebareli unit
was secured by first mortgage created on all the immovable properties of that
unit both present and future and charge by way of hypothecation of all
movable assets of that unit both present and future, save and except book
debts, and subject to prior charge in favour of banks on movables for Working
Capital requirement. c. Term Loan of
Rs.80 Millions (Previous year Rs. 80 Millions)from KSIIDC is secured by
equitable mortgage and charges on specific immovable properties of the
Company both present and future and charge by way of hypothecation of
specific movable assets of the company including movable plant and machinery
spares, tools and accessories and other movable assets both present and
future, save and except book debts and was previously subject to prior charge
in favour of banks on movables for working capital requirement. 3. OTHERS a. Loans from
PICUP in lieu of deferment of Trade / Sales tax to the extent of Rs.85.414
Millions (Previous year :Rs. 85.414 Millions) is secured by way of second charge
ranking pari passu created on all tangible movable properties and assets of
Raebareli unit, both present and future including inventories and bookdebts. b. Hire Purchase
credit of Rs. 1.210 Millions (Previous year: Rs. 1.732 Millions) is secured
by hypothecation of assets under hire purchase scheme.
Notes 1. 13.5% Fully
Convertible Debentures will be converted into equity shares of the Company at
premium of Rs.36.30 per share on or before 30.09.2008 2. Fixed Deposits
include deposits matured but not paid Rs. Nil (Previous year Rs. 204.600
Millions). Fixed Deposits repayable within one year Rs Nil.(Previous year Rs.
48.027 Millions) 3. Short Term
Loans and Advances from other than Banks comprises of Rs.Nil (previous year
Rs. 67.900 Millions) from Industrial Development Bank of India and Rs. Nil
(previous year Rs.0.228 Millions) from companies repayable on demand. 4. Other loans
and advances from other than Banks includes a. Sales Tax deferment
loan of Rs. 259.098 Millions (Previous year : Rs. 259.098 Millions) repayable
on completion of 8 years from the date of sanction over a period of 5 years.
Out of this Rs 68.291 Millions (Previous year : Rs 57.442 Millions ) is due
or repayable in one year. b. Unsecured
Loan of Rs. 17.500 Millions (Previous year :Rs. 35 Millions) from IL &
FS. c. Unsecured
Loan of Rs. 36.700 Millions (Previous year :Rs.73.200 Millions) from Stressed
Assets Stabilasation Fund to be converted into equity shares, after the
approval from the shareholders d. Sales Tax Deferment amount of Rs. 8.765 Millions (Previous year
:Rs.8.765 Millions) is pending conversion into loan. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. M. Raiji and company Chartered Accountant |
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Associates : |
· RPG Cellcom Limited
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
33300000 |
Equity Shares |
Rs.10/- each |
Rs.333.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
333.000 |
312.600 |
212.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
(372.200) |
(462.700) |
(1113.400) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
(39.200) |
(150.100) |
(901.000) |
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LOAN FUNDS |
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1] Secured Loans |
1304.400 |
1009.300 |
2022.000 |
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2] Unsecured Loans |
866.900 |
636.800 |
741.400 |
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TOTAL BORROWING |
2171.300 |
1646.100 |
2763.400 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2132.100 |
1496.000 |
1862.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
414.500 |
435.200 |
463.100 |
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Capital work-in-progress |
4.000 |
0.000 |
0.600 |
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INVESTMENT |
800.000 |
800.000 |
879.500 |
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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 |
175.200
|
68.600
|
64.500
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Sundry Debtors |
619.400
|
298.200
|
229.900
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Cash & Bank Balances |
134.500
|
49.300
|
46.000
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
764.800
|
757.100
|
611.400
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Total
Current Assets |
1693.900
|
1173.200
|
951.800
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
768.100
|
894.700
|
413.600
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Provisions |
12.200
|
17.700
|
19.000
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Total
Current Liabilities |
780.300
|
912.400
|
432.600
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Net Current Assets |
913.600
|
260.800
|
519.200
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2132.100 |
1496.000 |
1862.400 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
3527.300 |
2106.500
|
1434.200
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Other Income |
83.200 |
281.700 |
87.100
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Stock Adjustments |
57.900 |
5.200
|
4.400
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Total Income |
3668.400 |
2393.400 |
1525.700 |
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Profit/(Loss) Before Tax |
(70.900) |
18.800 |
(409.800) |
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Provision for Taxation |
1.400 |
1.100 |
(14.500)
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Profit/(Loss) After Tax |
(72.300) |
17.700 |
(395.300) |
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Expenditures : |
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Raw Materials |
2556.000 |
1449.800 |
885.500 |
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Excise Duty |
474.000 |
277.500 |
175.000
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Power & Fuel Cost |
61.700 |
32.800 |
33.500
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Other Manufacturing Expenses |
32.900 |
44.900 |
151.900
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Employee Cost |
144.900 |
111.000 |
119.300
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Selling and Administration
Expenses |
130.700 |
190.500 |
56.900
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Miscellaneous Expenses |
14.500 |
50.700 |
142.800
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Interest & Financial Charges
|
289.900 |
177.800 |
332.000
|
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Depreciation |
34.700 |
39.600 |
38.600
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Total Expenditure |
3739.300 |
2374.600 |
1935.500 |
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KEY RATIOS
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
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Long Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
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Current Ratio |
1.48 |
0.87 |
0.63 |
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TURNOVER RATIOS |
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Fixed Assets |
1.42 |
0.83 |
0.56 |
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Inventory |
28.94 |
31.65 |
23.78 |
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Debtors |
7.69 |
7.98 |
5.87 |
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Interest Cover Ratio |
0.53 |
(0.43) |
(0.23) |
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Operating Profit Margin(%) |
5.36 |
(1.77) |
(2.73) |
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Profit Before Interest And Tax Margin(%) |
4.37 |
(3.65) |
(5.42) |
|
Cash Profit Margin(%) |
(2.90) |
(10.26) |
(24.87) |
|
Adjusted Net Profit Margin(%) |
(3.88) |
(12.14) |
(27.56) |
|
Return On Capital Employed(%) |
0.00 |
(3.22) |
0.00 |
|
Return On Net Worth(%) |
0.00 |
(139.50) |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
RPG Telecom, formerly Karnataka Telecables, was jointly
promoted by KSIIDC (Karnataka State Industrial Investment & Development Corporation)
and Asian Cables Corporation (ACCL). It later changed its name to RPG Cables
(RPGCL) on 21 Sep.'92.
Subject, a major player in the jelly-filled cable industry, set up a project
with an installed capacity to manufacture 0.625 Million sophisticated
equipments for Maillerfer, Switzerland; ETS Pourtier Pere Fils, France; DCM
International, US; and Dussek Cambel, UK. The project was completed in 1987. It
entered into a technical collaboration with Pheeps Dodage International
Corporation (PDPC), US, for technical know-how to manufacture telephone cables.
The plant was commissioned in Mar.'87 and commercial production commenced in
1987. The DoT successfully completed manufacturing processes in 1986-87 and
quality assurance programmes in 1987-88 (15 months).
Subject, promoted a joint venture -
Sprint RPG India - which, in technical and financial collaboration with Sprint
Mail, US, has launched E-mail services in eight major cities in India. It has
entered into a tie-up with BICC, UK, to manufacture optical fibre cables in
Mysore (inst. cap. : 40,000 fibre kmpa).In 2000-01 the company bagged orders
from MTNL & BSNL.
In the OFC segment the prospects looks promising where the company has already
has expanded its capacity to 444,000 FKM. The Power Cables division has
expanded its capacities at the new plant at Silvassa from 2000 Km to 3000 Km.
The company restructured its business into SBU's and in each sector viz Telecom
Cables,(JFC) Power Cables(HT & LT cables) and a new business called Telenet
Solutions which will undertake all activity relating to laying of cables,
erecting towers and providing turnkey solutions for setting up communicating
networks.
Subject, has expanded the installed capacity of Jelly Filled Telephone Cables,
Optical Fibre Cables & Power Cables during the year 2002-03 by 2637000 CKM,
235000 FKM & 34680 KM respectively.
The company has expanded the installed capacity of Power Cables during the year
2003-04 by 600 KM and with this expansion the total capacity of Power Cables has
risen to 41016 KM.
FIXED ASSETS:
- Land-Freehold
- Land-Lease
Hold
- Buildings
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipments
- Vehicles
ABOUT THE COMPANY
Subject
came into being in 1996 with the merger of three Companies; Upcom Cables
(Rae Bareli), RPG Telecom (Mysore) & Asian Cables & Industries Limited
(Thane). Subject is a part of the well known RPG Group of Companies.
The Company manufactures four types of Cables - Power & Control Cables, Jelly Filled Telephone Cables, Optical Fibre Cables and Housewiring Cables.
Today Subject is operating through four manufacturing units
Thane Unit
Mysore Unit
Rae Bareli Unit
Silvassa Unit
Mysore
Certificate of Approval
Certificate of Merit
ISO 14001:1996
ISO 9001:1994
OHSAS 18001:1999
Raebareli
Certificate of Registration
Silvassa
ISO 9001:1994
Thane
ISO 14001:1996
ISO 9001:2000
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.42.23 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
9 |
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--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|