MIRA
INFORM REPORT
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Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
CORDS CABLE INDUSTRIES LIMITED |
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Registered Office : |
B-1/A-26, Mohan Co-Operative Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
21.10.1991 |
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Com. Reg. No.: |
55-46092 |
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Capital Investment / Paid-up Capital : |
Rs. 114.278 Millions |
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CIN No.: [Company
Identification No.] |
L74999DL1991PLC046092 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC06369G |
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PAN No.: [Permanent
Account No.] |
AAACC0519K |
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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 : |
The Company's principal activity is to manufacture and sale
of power cables and instrumentation cables for domestic and industrial use. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. General financial
position is satisfactory. Trade relations are reported as fair. Business is
active. Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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India |
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 : |
B-1/A-26, Mohan Co-Operative Industrial Estate, |
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Tel. No.: |
91-11-40551200 |
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Fax No.: |
91-11-26951196 / 26951731 |
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E-Mail : |
ipo@cordscable.com [For
Investor] |
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Website : |
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Factory 1 : |
Existing Plat : A-525, Industrial Area Chopanki, Bhiwadi, District Alwar (Rajasthan)
301019 |
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Factory 2 : |
Proposed Plant : SP-239, 240 and 241, Industrial Area Kahrani, Bhiwadi Extension,
District Alwar (Rajasthan) |
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Regional Offices : |
Located At : ·
Mumbai ·
Chennai ·
Kolkata |
DIRECTORS
As on 31.03.2011
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Name : |
Mr. Naveen Sawhney |
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Designation : |
Managing Director |
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Name : |
Mr. D. K. Prashar |
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Designation : |
Joint Managing Director |
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Name : |
Mr. |
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Designation : |
Non-Executive Director |
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Name : |
Mr. N. K. Balasubramanian |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Ajit Kumar Sahay |
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Designation : |
Non-Executive Director |
KEY EXECUTIVES
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Name : |
Mr. V. K. Beri |
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Designation : |
President (Marketing) |
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Name : |
Ms. Jyoti Dixit |
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Designation : |
Company Secretary |
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Name : |
Mr. Varun Sawhney |
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Designation : |
Vice President |
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Name : |
Mr. Amitabha De |
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Designation : |
GM |
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Name : |
Mr. Sandeep Kumar |
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Designation : |
DGM |
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Name : |
Mr. Ani Gupta |
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Designation : |
Gm (Technical) |
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Name : |
Mr. H.K. Pandita |
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Designation : |
Vice President (Marketing) |
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Name : |
Mr. Rahul Prashar |
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Designation : |
Vice Present |
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Name : |
Mr. Dinesh Shukla |
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Designation : |
President (Operations) |
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Name : |
Mr. Haurav Sawhney |
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Designation : |
Senior Associate Vice President (Finance and Banking) |
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Name : |
Mrs. Jyoti Dixit |
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Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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(1) Indian |
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Individuals / Hindu Undivided Family |
6728549 |
54.94 |
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Sub Total |
6728549 |
54.94 |
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(2) Foreign |
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Total
shareholding of Promoter and Promoter Group (A) |
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(B) Public
Shareholding |
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(1) Institutions |
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Financial Institutions / Banks |
12695 |
0.11 |
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Sub Total |
12695 |
0.11 |
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(2) Non-Institutions |
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Bodies Corporate |
690981 |
6.05 |
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Individuals |
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Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
2484945 |
21.74 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
1560091 |
13.65 |
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Any Others
(Specify) |
400519 |
3.50 |
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Non Resident Indians |
104245 |
0.91 |
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Clearing Members |
16221 |
0.14 |
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Hindu Undivided Families |
280053 |
2.45 |
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Sub Total |
5136536 |
44.95 |
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Total Public
shareholding (B) |
5419231 |
45.06 |
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Total (A)+(B) |
11427780 |
100.00 |
Note:
1. For determining public shareholding for the
purpose of clause 40A.
2. For definitions of Promoter and Promoter
Group, refer to clause 40 A.
3. Public shareholding.
BUSINESS DETAILS
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Line of Business : |
The Company's principal activity is to manufacture and sale
of power cables and instrumentation cables for domestic and industrial use. |
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Products : |
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PRODUCTION STATUS [as on 31.03.2011]
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Cables |
Cable KM |
65000** |
22544 |
* The installed capacity
as shown above has been certified by the management and not verified by the
Auditors, being a technical matter.
** Includes
35000KM Cable capacity installed at newly established Plant at Kahrani which
has commenced its initial production from 03.01.2011.
Note :
As the company is
producing more than 400 sizes of cable and the product mix changes depending on
the
order, hence plant
is designed to adopt the changeability and it is difficult to determine the
exact capacity for
each type of cable
GENERAL INFORMATION
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Customers/Consultants : |
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Bankers : |
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Facilities : |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Sharna Goel and Company Chartered Accountants |
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Address: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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11427780 |
Equity Shares |
Rs. 10/-
each |
Rs. 114.278
Millions |
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Note:
Of the above 4026980 Equity Shares of Rs. 10/-
each were allotted in earlier years as fully Paidup, by way of Bonus Shares by
Capitalization of Share Premium and Reserves and Surplus.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
114.278 |
114.278 |
114.278 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
805.152 |
751.440 |
722.950 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
919.430 |
865.718 |
837.228 |
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LOAN FUNDS |
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1] Secured Loans |
925.568 |
574.051 |
472.680 |
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2] Unsecured Loans |
0.000 |
1.973 |
3.626 |
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3] Other Long Term Liabilities |
16.000 |
6.000 |
6.000 |
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941.568 |
582.024 |
482.306 |
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DEFERRED TAX
LIABILITIES |
48.216 |
28.184 |
26.102 |
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TOTAL |
1909.214 |
1475.926 |
1345.636 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1144.289 |
615.172 |
632.759 |
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Capital work-in-progress |
6.499 |
155.232 |
96.617 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
461.531
|
394.316
|
223.723 |
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Sundry Debtors |
782.064
|
567.993
|
432.831 |
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Cash & Bank Balances |
95.554
|
163.041
|
196.497 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
308.724
|
250.197
|
158.374 |
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Total
Current Assets |
1647.873
|
1375.547
|
1011.425 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
799.792
|
593.448
|
311.170 |
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Other Liabilities |
49.000
|
56.160
|
64.686 |
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Provisions |
40.655
|
20.417
|
19.308 |
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Total
Current Liabilities |
889.447
|
670.025
|
395.164 |
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Net Current Assets |
758.426
|
705.522
|
616.26 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1909.214 |
1475.926 |
1345.636 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
2896.106 |
2208.341 |
2217.077 |
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Other Income |
12.765 |
14.857 |
10.902 |
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TOTAL (A) |
2908.871 |
2223.198 |
2227.979 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
2295.958 |
1721.724 |
1754.519 |
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Manufacturing Expenses |
141.818 |
129.036 |
107.213 |
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Personnel Expenses |
121.724 |
100.612 |
73.811 |
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Administrative Expenses |
86.085 |
65.134 |
68.774 |
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TOTAL (B) |
2645.585 |
2016.506 |
2002.317 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
263.286 |
206.692 |
223.662 |
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
140.970 |
107.747 |
83.907 |
|
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|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
122.316 |
98.945 |
139.755 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
43.418 |
36.689 |
28.620 |
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PROFIT BEFORE
TAX (E-F) (G) |
78.898 |
62.256 |
111.135 |
|
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|
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|
|
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|
Less |
TAX (I) |
25.187 |
20.396 |
39.865 |
|
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PROFIT AFTER TAX
(G-I) (J) |
53.711 |
41.860 |
71.270 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
273.417 |
249.113 |
198.343 |
|
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|
|
|
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|
|
BALANCE
AVAILABLE FOR APPROPRIATION |
327.129 |
290.974 |
269.613 |
|
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|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
4.187 |
7.130 |
|
|
|
Dividend |
0.000 |
13.369 |
13.369 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
327.129 |
273.417 |
249.113 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
293.815 |
422.188 |
282.101 |
|
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
4.70 |
3.66 |
6.24 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
617.950 |
1051.960 |
|
Total Expenditure |
|
559.210 |
946.500 |
|
PBIDT (Excl
OI) |
|
58.740 |
105.460 |
|
Other Income |
|
4.780 |
1.950 |
|
Operating
Profit |
|
63.520 |
107.410 |
|
Interest |
|
41.060 |
62.010 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
22.460 |
45.400 |
|
Depreciation |
|
15.660 |
15.960 |
|
Profit
Before Tax |
|
6.800 |
29.440 |
|
Tax |
|
2.200 |
9.600 |
|
Reported PAT |
|
4.600 |
19.840 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
4.600 |
19.840 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.84 |
1.88
|
3.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.72 |
2.80
|
5.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.82 |
4.52
|
6.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.07
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.99 |
0.07
|
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85 |
705.52
|
2.56 |
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT
DISCUSSION AND ANALYSIS
Indian Economy is on
a growing trend. It is expected to grow at 9% in 2011-12.GDP of India grew at
8.5% in 2010- 2011 in real terms GDP rose 7.7% in the three months ended June
30 from a year earlier as per the latest data released by Central Statistical
Office. The growth of cable and wire industry is linked to the growth of
various sectors. Cords Cable which is engaged in the business of manufacturing
and marketing cables and wires, is poised to march ahead as the economy
progresses.
Since its
inception Cords Cable Industries has diversified its business model and has
shown significant presence
in both the
domestic and international markets, serviced mainly the institutional segments
and has catered both
the private and
public sector clients.
Company continued
to fine tune its production outputs to meet the country's changing demands.
Financial Year
2010-2011 had
several positive developments. Company met the growing demand for high-quality
customized cables that included control, instrumentation, thermocouple cables
and LV power. The Company commenced the commercial production from its new
state-of-art manufacturing unit at Kaharani, District Alwar, Rajasthan.
Subseqently the sales of the Company increased by 31.14% as compared to
previous year.
INDUSTRY SCENARIO
The Indian cable
industry is highly fragmented with a large number of producers. The market for
cables and wires is mainly dominated by the unorganized sector controlling
about 70% of the domestic demand for wires and cables. Buoyancy in Real Estate,
Power, Chemical , Hydrocarbons, Refineries etc. had spurred the demand for
cable and wires over the past 2-3 years. During FY11, the Indian cable industry
witnessed an overall growth of about 15%. The industry was adversely affected
during FY10 with demand being sluggish during the initial half of the year post
the recession of FY09 and the expansion plans which were earlier put on hold
due to recessionary trends were either completed or in process of execution,
leading to excess capacities in the interim. Further, volatility in key input
prices such as copper and aluminium also impacted the profitability margins and
is likely to remain a key concern for the industry. As economic scenario
improved, the significant pile-up in executable order
backlog has
cleared and demand is expected to improve. Going forward, considering
back-ended orders from power segment to achieve 11th Plan targets, coupled with
a broader pick-up in the economics activity, the cable
industry is
expected to post better growth-oriented numbers.
OPPORTUNITIES
The growth of
cable and wire industry is dependent upon the growth of various sectors such as
Power, Oil and Gas Exploration, Refineries, Metro Rail, Cement, Steel,
Fertilizers, Textile, Real Estate, Airport Modernization, Industrial and
Telecom.
POWER
As a result of
climate change there has been an increasingly greater interest from governments
of various nations
towards the
adoption of green technologies for power generation such as solar, wind, geothermal,
nuclear etc. The West is far ahead of the rest of the world in terms of the
adoption of these technologies, but Asia and Middle Eastwhich is company's
focused market, expects to see a slow catch-up and change towards greater
adoption of
green technologies.
Cords Cable has introduced cables that will serve the global focus on green
technologies for
power generation
STEEL SECTOR
The Indian steel
sector has witnessed a roller coaster ride of late wherein it has witnessed a
significant spurt in demand due to expanding oil and gas sector, large
infrastructure spending coupled with growth in housing, consumer durables and
auto sectors. India became the fourth largest producer of crude steel in the
world in 2010
as against the
eighth position in 2003 and is expected to become the second largest producer
of crude steel in the world by 2015. As per World Steel Association (WSA),
India was the fourth largest producer of crude steel during
January–September
2010 producing 50.1 m tonnes (MT) crude steel during the period. Currently,
with the government's increased emphasis on infrastructure, this sector is
poised for significant growth over the medium to
long term. As a
matter of fact, India's per capita steel consumption continues to be low at 46
kg as against the global average of 198 kg. Thus, this further strengthens the
belief that the potential ahead for India to raise its steel consumption is
high. The increased production and the expansion plans of the steel
sector will in turn boost demand for cables as it is required for setting up
new facilities.
INFRASTRUCTURE
Infrastructure is
known to be the key enabler for development for an economy. To maintain India's
growth, infrastructure needs to grow at a similar level. For 2011-2012, an
allocation of over Rs.2140000.000 millions has been done for this sector, which
is 23.3% higher than previous year. This amounts to 48.5% of the Gross
Budgetary Support to plan expenditure. Further to boost infrastructure
development, tax free bonds of Rs.300000.000 millions are proposed to be issued
by government undertakings. The infrastructure sector is to a great extent
linked with cable sector. This augurs well for the suppliers of control and
instrumentation cables, special cables, power cables and other cables.
Growth in India is
contingent on infrastructure investment. India has doubled its target for
infrastructure spending
to USD 1 million
in the five years starting 2012 to narrow the gap with China - the world’s
fastest growing major economy. According to the experts , India spent 6.5% of
its gross domestic product in 2009 on Infrastructure. It is expected that the
total infrastructure spending is estimated to be Rs. 62 trillion over the next
decade, of which nearly 70% will be in the power, transportation (railways,
roads), water supply and sanitation sectors. It is also expected that
investments in the power sector will increase from Rs. 6.5 trillion to Rs. 13
trillion. Growth in the power sector is beneficial to the cables and wires
industry.
OTHER INDUSTRIES
The industrial
cables sector has numerous niche markets, dominated by local players or
specialists like Cords Cable with specific know-how or historical presence, and
some of the other key industries keys serviced by the Wires and Cables industry
include :
– Aeronautics
– Automobiles
– Mining
– Nuclear
– Railways
– Building
– Offshore wind,
wind turbines, solar energy etc.
RESULTS OF
OPERATIONS
During the year,
turnover of the Company grew by over 30% Y-o-Y with net sales from operations
of Rs. 2896.107 millions, as against Rs. 2208.342 millions in FY’10. This
growth was driven partly by expansion in production capacity, development of
new products and company’s entry in to newer markets and segments. The Net
Profit increased to Rs. 53.712 millions compared to Rs. 41.861 millionsin
FY'10, representing a growth of 28.31% compared to Previous Financial year.
SEGMENTAL OVERVIEW
The company
operates under a single product segment i.e. Cables. The company mainly focuses
on specialized
cables which
differentiates it from other cable players in the country.
INTERNAL CONTROL
SYSTEM
Cords has adequate
systems in place to closely monitor and evaluate the efficacy and adequacy of
internal control systems, their compliance with operating systems and accounting
procedures and policies. The Internal Auditor functions independently to ensure
smooth functioning of the organization
This year the
Company had several positive developments. The Company achieved a Turnover of
Rs. 2896.100 millions as compared to Rs.2208.300 millions in the previous year.
The Profit before tax during the year was Rs.78.899 millions showing more than
26% increase as that of previous year.
The Company
recently added Solar PV Cables to its portfolio as well as other recently
marketed products including foundation fieldbus cables, fire survival cables,
low temperature cables, EPR insulated cables and specialized cables for oil and
gas.
PROJECT UPDATES
In view of the
past recessionary market conditions, the management decided to hold on to the
project implementation for a while. However, since the turn around in the
economy is already taking shape, the project implementation has been revived by
the Company. In view of the above, after having achieved the financial closure,
the Company has subsequently expedited the project implementation and has
already achieved the advance stage in civil construction at its project site at
Kahrani.
Consequently, the project is now expected to be commissioned in the second
half of Financial Year 2010-2011.
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
|
|
|
|
Guarantees issued by Bankers* Estimated amounts of contracts remaining to be executed on capital account and not provided for (Net of Advances) L/C's negotiated by bank In
respect of Bill factored from banks/Factoring agency |
752.495 24.328 4.668 249.609 |
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Tools and Instrument
- Generator
- Office Equipments
- Computer
- Furniture and Fixture
- Vehicles
AS PER WEBSITE
BUSINESS
DESCRIPTION
Cords Cable Industries Limited (CCIL) is an India-based company. The
Company is engaged in providing solutions for various electrical connectivity
requirements. CCIL is engaged in manufacturing cables. The Company mainly
focuses on specialized cables. Its principal products include electrical wire
and cables and continuous cast copper wire rod. The Company’s other products
include Low Tension (LT) control cables, which is up to 1.1 kilovolt; LT power
cables, which is up to 1.1 kilovolt; instrumentation, signal and data cables,
and thermocouple extension/compensating cables. During the fiscal year ended
March 31, 2010 (fiscal 2010), CCIL produced 21,305 kilometers of cable. During
fiscal 2010, the Company had an installed capacity to produce 30,000 kilometers
of cable. The Company plant is located in Alwar district, Rajastan. For the
nine months ended 31 December 2010, Cord Cable Industries Limited revenues
increased 18% to RS1.71B. Net income increased 24% to RS32.4M. Revenues reflect
an increase in income from operations. Net income also reflects an increase in
operating profit margin and a decrease in depreciation expense. Cords Cable
Industries Limited is engaged in manufacturing Cables and providing solutions
for various Electrical requirements
Naveen Sawhney - Director, Non-Independent Director – Chairman
Mr. Naveen Sawhney is Executive Chairman of the Board, Managing
Director, Non-Independent Director of Cords Cable Industries Limited He is a
Mechanical Engineer (AMIME) and holds a Post graduate diploma in Marketing
Management. He has an experience of 35 Years in the Cable Industry. He started
his career with Delton Cables Limited as a Supervisor in the Quality Control
Department in September, 1971, where he worked for two years and then shifted
to the marketing wing and worked there about 10 years. In 1985 he left the
organization and joined Cords India which was formed for marketing cables for
principal Indian Communication Cable Company under own trade name Cords and
then shifted to Cords Cable Industries in 1987 to manufacture cables. Presently
he is the Managing Director of Company and heads Marketing, Strategic Planning
and Sourcing division.
N. K. Balasubramanian - Independent Non-Executive Director -
Director/Board Member
Mr. N.K. Balasubramanian is Independent Non-Executive Director of Cords
Cable Industries Limited. He holds a Bachelors Degree in Mechanical
Engineering. He has a total experience of more than 45 years. He had started
his career as a faculty member with PSG College of Technology, Coimbatore. He
has been associated with different organizations at different positions. His
job profile includes designing of power plants, estimating project costs,
developing Indian and overseas market. He was designated as a Director at NTPC
and was responsible for implementation of all Generation and Transmission
projects. He worked as a Chairman and Managing Director at ACC- Babcock Limited
and was instrumental in converting the company from a sick BIFR company to a
profit resulting organization. He worked as a President with RPG Power
Corporation Limited and was responsible for power projects in various states
like Rajasthan, Haryana and Kerala. Presently he is giving his consultancy
services for Project Development, Project Implementation and Project Management
for various Power Generation projects
Om Prakash Bhandari - Independent Non-Executive Director -
Director/Board Member
Mr. Om Prakash Bhandari is Independent Non-Executive Director of Cords
Cable Industries Limited He has a Master Degree in Ceramic Engineering, from
University of Washington, USA and is a Science Graduate in Ceramics Engineering
with honours from Banaras Hindu University, Varanasi. He has more than three
decade experience in Ceramic Industry. He started his career as a Chief
Ceramist in M/s. Somany Pilkington Limited Haryana and after that served M/s.
Asian Ceramic Private Limited New Delhi as a Director. After that he started a
sole proprietorship concern for technical consultancy in ceramics in the name
of M/s. Om Consultants. He is also a member of various associations such as
Indo-German chamber of commerce, Indian ceramic society, American Ceramic
Society, U.S.A., FICCI New Delhi, ASSOCHAM New Delhi and a few other
associations.
Devender Kumar Prashar - Joint Managing Director, Non –Independent -
Director/Board Member
Mr. Devender Kumar Prashar is Joint Managing Director, Non -Independent
Executive Director of Cords Cable Industries Limited He has a diploma in
Mechanical engineering. He has over 35 years of experience in Cable Industry.
He started his career with Delton Cable Limited as a Supervisor in Final
Testing department. There he worked for nearly 4 years and then he shifted to
Marketing wing where he worked for almost 10 years. He left Delton in 1984 and
joined Cords India which was formed for marketing of cables for principal M/S
Indian Communication Cable Company with its own trade name Cords. In 1987 he
joined Cords Cable Industries, a partnership firm, to enter into manufacturing
of Cable. Presently he is working as a Joint Managing Director of the Company.
He is involved in operations and looks after the day to day activities of the
Works in Bhiwadi.
Devender Kumar Prashar - Joint Managing Director, Non –Independent -
Managing Director
Mr. Devender Kumar Prashar is Joint Managing Director, Non -Independent
Executive Director of Cords Cable Industries Limited He has a diploma in Mechanical
engineering. He has over 35 years of experience in Cable Industry. He started
his career with Delton Cable Limited as a Supervisor in Final Testing
department. There he worked for nearly 4 years and then he shifted to Marketing
wing where he worked for almost 10 years. He left Delton in 1984 and joined
Cords India which was formed for marketing of cables for principal M/S Indian
Communication Cable Company with its own trade name Cords. In 1987 he joined
Cords Cable Industries, a partnership firm, to enter into manufacturing of
Cable. Presently he is working as a Joint Managing Director of the Company. He
is involved in operations and looks after the day to day activities of the
Works in Bhiwadi.
Naveen Sawhney - Executive Chairman of the Board, Managing Director,
Non-Independent Director - Managing Director
Mr. Naveen Sawhney is Executive Chairman of the Board, Managing
Director, Non-Independent Director of Cords Cable Industries LimitedHe is a
Mechanical Engineer (AMIME) and holds a Post graduate diploma in Marketing
Management. He has an experience of 35 Years in the Cable Industry. He started
his career with Delton Cables Limited as a Supervisor in the Quality Control
Department in September, 1971, where he worked for two years and then shifted
to the marketing wing and worked there about 10 years. In 1985 he left the
organization and joined Cords India which was formed for marketing cables for
principal Indian Communication Cable Company under own trade name Cords and
then shifted to Cords Cable Industries in 1987 to manufacture cables. Presently
he is the Managing Director of Company and heads Marketing, Strategic Planning
and Sourcing division.
Gaurav Sawhney - Company Secretary and Compliance Officer Sr. Associate
Vice President - Finance and Banking - Finance Executive
Mr. Gaurav Sawhney is Sr. Associate Vice President - Finance and Banking
of Cords Cable Industries Limited Mr. Gaurav Sawhney is Bachelor of Commerce(H)
and is also holding Bachelors Degree in Business Economics from Syracuse
University, New York.
Varun Sawhney - Vice President - Marketing, HR and IT - Human Resources
Executive
Mr. Varun Sawhney is Vice President - Marketing HR and IT of Cords Cable
Industries LimitedHe was Manager – Corporate Marketing of Cords Cable Industries
Limitedand is a Bachelor of Engineering in Computers from Pune University and
Masters of Business Administration from Leeds Metropolitan University, Leeds,
U.K. He started his Career with Cords as a Management Trainee and was promoted
as Manager in July 2006. At present he is responsible for Planning and
Execution and is also heading the export department of the Company.
Rahul Prashar - Vice President Other
Mr. Rahul Prashar is Vice President of Cords Cable Industries Limited He was Manager Operations of Cords Cable Industries Limited Prior to joining Cords, he had worked with AT and T Wireless Bothell, WA as Test Analyst for 3 years and gained diverse experience in the field of information technology with the emphasis on the Quality Assurance, Quality Testing and Support Activities. At present he is responsible for project engineering management, incoming material inspection and raw material consumption at Cords. He holds an Master of Science (Electrical) UTA, USA and Bachelor of Engineering in (Electronics).
Accord Fintech (India)
09 November 2011
India, Nov. 09 -- Cords Cable Industries is currently trading at Rs. 31.30, up by 1.25 points or 4.16% from its previous closing of Rs. 30.05 on the BSE.The scrip opened at Rs. 31.95 and has touched a high and low of Rs. 32.45 and Rs. 30.10 respectively. The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 44.20 on 11-Nov-2010 and a 52 week low of Rs. 27.00 on 10-Feb-2011.Last one week high and low of the scrip stood at Rs. 32.45 and Rs. 29.55 respectively. The current market cap of the company is Rs. 34.34 crore.The promoters holding in the company stood at 54.94% while Institutions and Non-Institutions held 0.11% and 44.95% respectively.Credit Analysis and Research (CARE) after conducting a review on Cords Cable Industries' recent developments, including operational and financial performance of company during FY11 and Q1FY12 has reaffirmed 'BBB+' rating for its long term bank facilities and 'A3+' rating for the short term bank facilities of the company.As per the rating rationale, the ratings continue to derive comfort from the experience of Cords Cable Industries' promoters in the cable industry, CORDS' long track record of operations, its established position in the control and Instrumentation cables market with the diversified and reputed clientele and its comfortable order book position. The ratings also take into account the moderate capital structure and successful commissioning of the new plant in Kaharani, Rajasthan.Cords is in the business of providing cost-effective and quality solutions for various electrical connectivity requirements. Presently, it accomplishes this through customized design and development, quality manufacturing and reliable delivery of all types of LT range cables and household wires. Published by HT Syndication with permission from Accord Fintech.
Accord Fintech (India)
09 November 2011
India, Nov. 09 -- Credit Analysis & Research (CARE) after conducting a review on Cords Cable Industries' recent developments, including operational and financial performance of company during FY11 and Q1FY12 has reaffirmed 'BBB+' rating for its long term bank facilities and 'A3+' rating for the short term bank facilities of the company.As per the rating rationale, the ratings continue to derive comfort from the experience of Cords Cable Industries' promoters in the cable industry, CORDS' long track record of operations, its established position in the control and Instrumentation cables market with the diversified and reputed clientele and its comfortable order book position. The ratings also take into account the moderate capital structure and successful commissioning of the new plant in Kaharani, Rajasthan.Cords is in the business of providing cost-effective and quality solutions for various electrical connectivity requirements. Presently, it accomplishes this through customized design and development, quality manufacturing and reliable delivery of all types of LT range cables and household wires. Published by HT Syndication with permission from Accord Fintech.
Accord Fintech (India)
09 November 2011
India, Nov. 09 -- Cords Cable Industries Ltd has informed BSE that on a
review of recent developments, including operational and financial performance of
Cords Cable Industries during FY11 and Q1FY12, Credit Analysis and Research Ltd
(CARE) has reaffirmed CARE BBB+ (CARE Triple B Plus) rating to the Long Term
Bank Facilities and CARE A3+ (A Three Plus) rating to the Short Term Bank
facilities of the Company.As per the rating rationale, the ratings continue to
derive comfort from the experience of Cords Cable Industries promoters in the
cable industry. CORDS long track record of operations, its established position
in the control and Instrumentation cables market with the diversified and
reputed clientele and its comfortable order book position. The ratings also
take into account the moderate capital structure and successful commissioning
of the new plant in Kaharani, Rajasthan. Published by HT Syndication with
permission from ACCORD FINTECH BSE
Accord Fintech (India)
07 September 2011
India, Sept. 07 -- Cords Cable Industries is currently
trading at Rs 33.65, up by 1.20 points or 3.70% from its previous closing of Rs
32.45 on the BSE.The scrip opened at Rs 33.45 and has touched a high and low of
Rs 33.95 and Rs 33.45 respectively.The BSE group 'B' stock of face value Rs 10
has touched a 52 week high of Rs 49.55 on 20-Sep-2010 and a 52 week low of Rs
27.00 on 10-Feb-2011.Last one week high and low of the scrip stood at Rs 34.95
and Rs 32.10 respectively. The current market cap of the company is Rs 37.08
crore.The promoters holding in the company stood at 54.65% while Institutions
and Non-Institutions held 2.94% and 42.41% respectively. Cords Cable Industries
has received the prestigious ISO 9001:2008 Certification from TUV Rheinland for
its newly commissioned cable manufacturing facility at Kahrani, Rajasthan. The
company had successfully commissioned and commenced commercial production from
its new ultra modern state-of-the-art cable manufacturing facility at Kahrani,
Rajasthan from January 03, 2011.This new facility is spread over an area of
approximately 68,360 square meters. The approximate installed capacity of the
company now stands at 65,000 cable kilo meters i.e., an expansion of about
35,000 cable kilo meters of installed capacity. The new site has, as such, got
an immense potential for even future expansions to service the increasing
demand of products from the company.ISO 9001 certification proves that Cords
Cable Industries' Quality Management System has been certified in line with the
best practices standard and is found compliant. With the successful completion
of ISO Certification process for its new facility, the company shall now
aggressively initiate plant approval procedures with various Public Sector
Companies, Project authorities, consultants and various major EPCs.
AS PER WEBSITE
DETAILS
The Company is in the business of providing cost-effective
and quality solutions for various electrical connectivity requirements.
Presently, they accomplish this through customized design and development,
quality manufacturing and reliable delivery of all types of LT range cables and
household wires.
The Company was established in 1987 by a group of industry professionals with
an objective of catering to a growing requirement for high quality customized
cables. Over the years the Company has developed a wide range of specialized
cables to address the specific requirements of industries involving modern
process technologies, instrumentation and communication demanding the highest
standards of precision and reliability, and household users seeking products
with assured quality and safety.
CERTIFICATIONS AND APPROVALS
The Company Quality Management System is ISO 9001:2000 certified. Their
Occupational Health and Safety Management System is certified through BS OHSAS 18001:2007 and Environmental
Management System is certified through ISO
14001:2004
The Company manufactures cables confirming to international
standards such as: BS, IEC, VDE, HAR
as well as various customers standards. They also hold BIS certification for all types of cables conforming to IS:1554(1)/1988 and IS:694-90.
REPRESENTATIVE
LIST OF EXPORT ORDERS
- IBR
- Saudi Electric Supply Company -
- Indo Jordan Chemicals Limited – Jordan
- Abdul Salamo Abdullah – Aman,
- Shah Cement Industries Limited –
- Traffic Tech -
- YESU Pte. Limited –
- Consolidated Farming Limited –
- Galfar Engineering. and Contracting -
- Magadi Soda Ash Plant –
- Green Coke Calcination Company -
- Sohar
Aluminium Power Plant -
- Oman India
Fertilizer Co. (OMIFCO) -
- Traffic Tech
-
- Saudi
Electric Supply Company -
- Arabian Bemco
- UAE Petroleum Development
- Sidem (Veolia Group) - France
- Dodsal Engineering and Construction LLC-Oman
- Larsen and Toubro (
- BHEL – Baiji project –
- Abdul Khair Steel Products Limited –
- Al Mazroey Traders –
- Saudi
Electric Supply Company -
- HMT International –
- Dome Trading and Contracting Co. Limited -
- Petroleum
Coke Industries Co. -
- Konkola
Copper Mines -
- Robert Le Maire
-
- Safwan
Petroleum Technologies Company (SPETCO) -
- Binani Cement LLC –
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. 50.72 |
|
|
1 |
Rs. 79.87 |
|
Euro |
1 |
Rs. 68.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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.