MIRA
INFORM REPORT
|
Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
GENERAL CABLE ENERGY INDIA PRIVATE LIMITED [w.e.f. 17.07.2008] |
|
|
|
|
Formerly Known
As : |
PLAZA GENERAL CABLE ENERGY PRIVATE LIMITED [w.e.f. 05.07.2007] NAVRATNA ENERGY CABLE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
A-38, Kailash Colony, New Delhi-110048 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
19.08.2006 |
|
|
|
|
Com. Reg. No.: |
55-152190 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.572.344
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31300DL2006FTC152190 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELN08019E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCN3799E |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Electrical Cables Wires. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 5000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Profitability of the company
in under severe pressure. 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
cautions. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
A-38, Kailash Colony, New Delhi-110048, India |
|
Tel. No.: |
91-124-4326000 |
|
Fax No.: |
91-124-4326019 |
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E-Mail : |
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|
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|
Corporate Office: |
Iris Tech Park, Unit No. 508-510, 5th Floor, Block A,
Sector 48, Sohna Road, Gurgaon-122018, Haryana, India |
|
Tel. No.: |
91-124-4326000/4326037 |
|
Fax No.: |
91-124-4326019 |
|
|
|
|
Factory: |
Unit-1, Village Bhatouli Khurd, Baddi, District Solan, Himachal
Pradesh, India |
|
Tel No.: |
91-1795-663600 |
DIRECTORS
As on 28.09.2011
|
Name : |
Matias Francisco Sandoval Herrera |
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|
Designation : |
Director |
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|
Address : |
7210 NW, 112th Ave, Doral, Florida 331783666, United States
of America |
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Date of Birth/Age : |
11.07.1960 |
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Date of Appointment : |
25.01.2008 |
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Din No.: |
02111973 |
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|||||||||||||||||||||||||||
|
Name : |
Mr. Prem Kumar Saraf |
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|
Designation : |
Director |
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|
Address : |
9/2, Park Tower, 14, Ballygunge Park Road, Kolkata-700019, West
Bengal, India |
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Date of Birth/Age : |
24.11.1947 |
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Date of Appointment : |
24.04.2008 |
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Din No.: |
01979838 |
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Other Directorship:
|
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|||||||||||||||||||||||||||
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Name : |
Mr. Sandeep Sood |
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|
Designation : |
Whole Time Director |
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Address : |
B-2/416, Varun Apartments, Sector-9, Rohini, New Delhi-110085, India |
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Date of Birth/Age : |
02.07.1962 |
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Date of Appointment : |
10.11.2010 |
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Din No.: |
03231502 |
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Other Directorship:
|
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|||||||||||||||||||||||||||
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Name : |
Maria Dolores Cidre |
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Designation : |
Additional Director |
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|
Address : |
229E, Bayridge DR, Weston, FL, 33326, United States of America |
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Date of Birth/Age : |
18.07.1965 |
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Date of Appointment : |
25.11.2010 |
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Din No.: |
03294774 |
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Other Directorship:
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
GCNZ India Cable Limited, New Zealand |
|
2663606 |
|
GCNZ India Cable 2 Limited, New Zealand |
|
2663606 |
|
General Cable Trading, Mauritius |
|
2744630 |
|
|
|
|
|
Total |
|
8071842 |
As on 28.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Electrical Cables Wires. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
Wire |
Kms. |
4 |
GENERAL INFORMATION
|
Bankers : |
Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23,
Barakhamba Road, New Delhi-110001, India |
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Facilities : |
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|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Building 10, Tower B, DLF Cyber City Complex,
DLF City, Phase II, Gurgaon-122002, Haryana, India |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
Pan No.: |
AABFD2095B |
|
|
|
|
Ultimate Holding Company: |
General Cable New Zealand Holdings (GCNZH) |
|
|
|
|
Investor in respect of which the Company is an
associate. Up to Aug 20, 2010, GCNZ 1 and GCNZ 2 were exercising significant control
(each holding 50% equity share capital): |
·
GCNZ India Cable 1 Limited (GCNZ 1) ·
GCNZ India Cable 2 Limited (GCNZ 2) ·
General Cable Trading (GCT) |
|
|
|
|
Fellow
subsidiary: |
·
General Cable Asia Pacific Limited (GCAP) ·
General Cable New Zealand (GCNZ) ·
General Cable Industries Inc, USA (GCI) ·
Phelps Dodge International Corporation, USA
(PDIC) ·
Phelps Dodge International (Thailand ) Limited
(PDIT) ·
General Cable Corporation, North America (GCC) ·
General Cable (Jiangyin) Company Limited, China
(GCCN) |
CAPITAL STRUCTURE
As on 28.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.100/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8071842 |
Equity Shares |
Rs.100/- each |
Rs.807.184
Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.100/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5723436 |
Equity Shares |
Rs.100/- each |
Rs.572.344
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
572.344 |
365.630 |
81.224 |
|
|
2] Share Application Money |
293.410 |
232.587 |
225.857 |
|
|
3] Reserves & Surplus |
1076.579 |
690.025 |
405.618 |
|
|
4] (Accumulated Losses) |
(674.499) |
(560.496) |
(405.368) |
|
|
NETWORTH |
1267.834 |
727.746 |
307.331 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
78.051 |
73.671 |
132.544 |
|
|
2] Unsecured Loans |
32.463 |
100.951 |
51.609 |
|
|
TOTAL BORROWING |
110.514 |
174.622 |
184.153 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1378.348 |
902.368 |
491.484 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
306.266 |
392.752 |
350.493 |
|
|
Capital work-in-progress |
868.902 |
477.069 |
12.965 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
PRE-OPERATIVE EXPENDITURE |
107.638 |
38.574 |
4.974 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.403
|
31.897 |
92.612 |
|
|
Sundry Debtors |
55.648
|
41.773 |
39.931 |
|
|
Cash & Bank Balances |
0.804
|
5.071 |
5.545 |
|
|
Other Current Assets |
23.182
|
0.000 |
0.000 |
|
|
Loans & Advances |
89.423
|
49.000 |
36.940 |
|
Total
Current Assets |
191.460
|
127.741 |
175.028 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
94.733
|
133.104 |
50.469 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.185
|
0.664 |
1.507 |
|
Total
Current Liabilities |
95.918
|
133.768 |
51.976 |
|
|
Net Current Assets |
95.542
|
(6.027) |
123.052 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1378.348 |
902.368 |
491.484 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
53.081 |
162.439 |
212.947 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
167.161 |
242.819 |
376.370 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
167.161 |
242.819 |
376.370 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE IMPAIRMENT AND TAXATION |
(114.080) |
(80.380) |
(163.424) |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
EXPENSES |
0.000 |
74.747 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(114.080) |
(155.127) |
(321.974) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.077) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(114.003) |
(155.127) |
(322.939) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(560.496) |
(405.369) |
(82.430) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(674.499) |
(560.496) |
(405.369) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
0.068 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
39.041 |
44.690 |
0.000 |
|
|
|
Raw Materials |
0.000 |
0.000 |
11.424 |
|
|
|
Capital Goods |
136.326 |
125.190 |
6.580 |
|
|
TOTAL IMPORTS |
175.367 |
169.880 |
18.004 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(23.15) |
(73.47) |
(411.75) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(214.77)
|
(95.50) |
(151.65) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(22.92)
|
(29.80) |
(61.27) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
(0.21) |
(1.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.16
|
0.42 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.00
|
0.95 |
3.37 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office of the company has been shifted from Plot No. F-2, Block B-1, 2nd Floor, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi-110044, India to the present address w.e.f. 23.11.2009.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U31300DL2006FTC152190 |
|
Name of the
company |
PLAZA GENERAL CABLE
ENERGY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. F-2,
Block B-1, 2nd Floor, Mohan Co-operative Industrial Estate,
Mathura Road, New Delhi-110044, India |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
Standard Chartered Bank, Credit Risk Control, Narain Manzil, 23,
Barakhamba Road, New Delhi-110001, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Unattested
memorandum of hypothecation. |
|
Date of
instrument Creating the charge |
26.05.2008 |
|
Amount secured by
the charge |
Rs.420.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per facility
letter dated 23.05.2008 Terms of
Repayment As per facility
letter dated 23.05.2008 Margin As per facility
letter dated 23.05.2008 Extent and
Operation of the charge Extent and
operation - 100% Others As per facility
letter dated 23.05.2008 |
|
Short particulars
of the property charged |
Hypothecation by
way of first and exclusive charge over stocks and book-debts of the company
stored or to be stored at company's godowns and premises or wherever else the
same may be. |
FIXED ASSETS:
·
Land
·
Building
·
Leasehold Improvements
·
Computers
·
Plant and Machinery
·
Office Equipments
·
Computer Software
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.52.23 |
|
|
1 |
Rs.80.84 |
|
Euro |
1 |
Rs.66.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.