MIRA
INFORM REPORT
|
Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
ASSOCIATED CABLES PRIVATE LIMITED |
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Registered
Office : |
2nd Floor, Ajanta House, 35, Marol Co-operative Industrial
Estate, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.07.1973 |
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Com. Reg. No.: |
11-16713 |
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CIN No.: [Company Identification
No.] |
U31300MH1973PTC016713 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA22455G |
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PAN No.: [Permanent Account No.] |
AABCA2809H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Instrumentation Cables. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 822000 |
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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 established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Corporate Office : |
2nd Floor, Ajanta House, 35, Marol Co-operative Industrial
Estate, |
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Tel. No.: |
91-22-40563400 |
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Fax No.: |
91-22-40563419 |
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E-Mail : |
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Website : |
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Factory : |
C-9, MIDC Industrial Estate, Kherdi, Taluka Chiplun, District
Ratnagiri – 415604, |
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Tel. No.: |
91-2355-256336 |
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Fax No.: |
91-2355-256336 |
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E-Mail : |
DIRECTORS
As on 07.08.2010
|
Name : |
Mr. Hussain Salman Ghulam Al Lawati |
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Designation : |
Director |
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Address : |
House 2509, Way2305, Beit Al Palaj – 123, |
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Date of Birth/Age : |
05.05.1955 |
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Date of Appointment : |
18.03.2006 |
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Name : |
Mr. Nadir Habib Khambatta |
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Designation : |
Director |
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Address : |
Sun and Sea Apartments, Flat No. 10A, Near Royal Hotel, Juhu Tara
Road, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
26.04.1955 |
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Date of Appointment : |
13.03.2008 |
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Name : |
Mr. Cornelis Meiring |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
20.01.1949 |
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Date of Appointment : |
11.08.2008 |
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Name : |
Mr. Kian Cheng Wong |
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Designation : |
Director |
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Address : |
35A, |
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Date of Birth/Age : |
24.04.1952 |
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Date of Appointment : |
12.05.2010 |
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Name : |
Mr. Renny Ah Kiang Yeo |
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Designation : |
Chairman |
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Address : |
160, |
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Date of Birth/Age : |
25.06.1950 |
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Date of Appointment : |
07.10.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.08.2010
|
Names of Shareholders |
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No. of Shares |
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Draka UK Group Limited ( |
|
198385 |
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Draka Treasury B.V. ( |
|
169186 |
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245048 |
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Total |
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612619 |
As on 07.08.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Instrumentation Cables. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai –
400016, Maharashtra, India |
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Tel. No.: |
91-22-66674000 |
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Fax No.: |
91-22-66679025 |
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Ultimate Holding Company : |
Draka Holding B.V. |
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Holding Companies : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 07.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1250000 |
Equity Shares |
Rs.100/- each |
Rs.125.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
612619 |
Equity Shares |
Rs.100/- each |
Rs.61.261
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
61.261 |
61.261 |
61.261 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
235.497 |
235.497 |
235.497 |
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4] (Accumulated Losses) |
(91.187) |
(72.498) |
(124.317) |
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NETWORTH |
205.571 |
224.260 |
172.441 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
10.000 |
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2] Unsecured Loans |
40.177 |
74.866 |
89.439 |
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TOTAL BORROWING |
40.177 |
74.866 |
99.439 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
26.518 |
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TOTAL |
245.748 |
299.126 |
298.398 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
92.735 |
112.433 |
119.858 |
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Capital work-in-progress |
1.636 |
0.000 |
0.000 |
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INVESTMENT |
0..000 |
0.425 |
0.425 |
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DEFERREX TAX ASSETS |
0.043 |
0.042 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
26.427
|
21.996 |
52.495 |
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Sundry Debtors |
32.648
|
92.025 |
155.333 |
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Cash & Bank Balances |
87.336
|
72.207 |
33.305 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
22.823
|
23.945 |
19.245 |
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Total
Current Assets |
169.234
|
210.173 |
260.378 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.593
|
21.682 |
79.607 |
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Provisions |
1.307
|
2.265 |
2.714 |
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Total
Current Liabilities |
17.900
|
23.947 |
82.321 |
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Net Current Assets |
151.334
|
186.226 |
178.057 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.058 |
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TOTAL |
245.748 |
299.126 |
298.398 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
303.840 |
541.180 |
631.530 |
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Other Income |
20.610 |
40.100 |
26.470 |
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TOTAL (A) |
324.450 |
581.280 |
658.000 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
320.160 |
533.800 |
581.990 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.290 |
47.480 |
76.010 |
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Less |
FINANCIAL
EXPENSES (D) |
2.820 |
4.590 |
8.890 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.470 |
42.890 |
67.120 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.180 |
13.330 |
14.150 |
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PROFIT BEFORE
TAX (E-F) (G) |
(10.710) |
29.560 |
52.970 |
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Less |
TAX (I) |
(0.020) |
(22.260) |
31.860 |
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PROFIT AFTER TAX
(G-I) (J) |
(10.690) |
51.820 |
21.110 |
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Earnings Per
Share (Rs.) |
(31.00) |
85.00 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(3.29)
|
8.91 |
3.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
(3.52)
|
5.46 |
8.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.09)
|
9.16 |
13.93 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
0.13 |
0.31 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.28
|
0.44 |
1.05 |
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Current Ratio (Current Asset/Current Liability) |
|
9.45
|
8.78 |
3.16 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :
The year gone by witnessed global economic and business
turbulence particularly in the industry segment in which the Company operates.
It was a challenging period as many projects were deferred on account of market uncertainties.
The capacity built-up in the cable industry during the
previous years also severely impacted margins due to severe competition and
over capacity in the market.
During the year, the sales have decreased to Rs. 303.84
million, registering a decline of 43.8%. The export sales at Rs. 205.38 million
also showed a decline of 29.6%.
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from 29, Marol
Co-operative Industrial Estate,
FIXED ASSETS :
- Other
Buildings
- Plant and
Machinery
- Laboratory
Equipments
- Furniture and
Fixtures
- Office
Equipments
- Electrical
Installations
- Vehicles
AS PER WEBSITE :
HISTORY
Over the
last 34 years, ACPL has grown into the largest dedicated Instrumentation and
Specialty cable manufacturer in
The innovative excellence of Associated Cables was proved in the year 1975,
when it developed Screened Instrumentation cables, for the first offshore oil
rig of Government of India. The progress graph of the company scaled new
heights thereafter, and ACPL started supplying cables for the Process Control
and Instrumentation needs of Refineries and Fertilizer plants. ACPL is humbly
proud of the fact that these cables are in effective use in all major
Petrochemical plants, Cement plants, Chemical plants etc. which were
established during this period.
Established
in 1973, ACPL is the first and the largest dedicated Instrumentation Cable
manufacturing company in India. The company’s state-of-the-art
manufacturing facility is located at Chiplun in Ratnagiri district of
Maharashtra, and the company is ISO 9001:2000 accredited by
Subject is a Draka Holding Group Company. Draka Holding N.V. is the
holding company of a number of operating companies worldwide, which is engaged
in the development, production and sale of cables and cable systems.
Today, Draka has 67 operating companies in 29 countries throughout Europe,
North and South America, Asia and
Draka owns a majority equity stake in ACPL, and the other equity partner is
Oman Cables Industry (SAOG). Oman Cables is a leading cable manufacturing
company in the
ACPL is professionally managed by a Director with Board representatives from
both Draka and Oman Cables. With contributions from both Draka and Oman
Cables, the company has access to technology and wide variety of cable
solutions and is able to deliver quality cables to meet the requirements of
customers.
ACPL exports over 50% of its sales turnover and it has been accorded the status
of “One Star Trading House” by Director General of Foreign Trade”.
COMPANY PERFORMANCE
ACPL with the active support from its esteemed domestic customers and its
strategic partner M/s. Oman cables has achieved growth of over 230% in Sales in
FY: 2005-06 and has again doubled its Sales turnover in FY: 2006-07.
The
company, since its change of Management in Jan 2005 has grown steadily year
after year. The Sales turnover of the company has grown from Rs.107.800
millions in 2004-05, to Rs.250.300 millions in 2005-06, to Rs.529.400 millions
in 2006-07.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.