MIRA
INFORM REPORT
|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
KEI INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
D-90, Okhla Industrial Area, Phase I, New Delhi - 110020 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
31.12.1992 |
|
|
|
|
Com. Reg. No.: |
55-051527 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.133.875 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1992PLC051527 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELK05368G/ DELK05577F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK0251C |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Cables, Non-Ferrous Metals and Jelly
Filled Telecom Cables. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
January 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A2 (Short Term Facilities) |
|
Rating Explanation |
Strong degree of safety and very low credit
risk. |
|
Date |
January 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered and Corporate Office
: |
D-90, Okhla Industrial Area, Phase I, New Delhi-110020, |
|
Tel. No.: |
91-11-26818840/8642/0242 |
|
Fax No.: |
91-11-26817225/26811959 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
SP-919/920/922 RIICO Industrial Area, Phase - III,
Bhiwadi, District Alwar - 301019, |
|
Tel. No.: |
91-1493-220106/221731 |
|
Fax No.: |
91-1493-221731 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
99/2/7, Madhuban Industrial Estate, Village Rakholi,
Silvassa - 396230, Dadra and Nagar Haveli, |
|
Tel. No.: |
91-0260-2644404/2630944 |
|
Fax No.: |
91-0260-2645896 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Plot No.A-280/281/282/283/284 RIICO Industrial Area
(Chopanki), District Alwar -301019, |
|
Tel. No.: |
90-1493-260202/06 |
|
Fax No.: |
91-1493-260203 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
Post Box No. 261739, Jebel Ali Free Zone, Tel: +97148812310/ +971502112013 Fax: +97148812311 E-mail: dubai@kei-ind.com |
|
|
|
|
Branch Offices : |
Mumbai (Marketing Office) 101/102, Vastu Shilp, Vastu Enclave, Andheri Pump House,
Andheri (East), Mumbai-400093, Tel: 91-22-28239673, 28375642. Fax: 91-22-28258277 e-mail: mumbai@kei-ind.com
Jaipur Tel: 91-0141-5179279 Fax No.: 91-141-2221707 Email : jaipur@kei-ind.com
Pune Tel: 91-9822048426/ 91-20-30526258/ 30524765 Email : pune@kei-ind.com
Tel: 91-0265-6539719 / 2341831 Fax: 91-265-2334161 e-mail: baroda@kei-ind.com Bangalore Tel: 91-80-23466260 e-mail: bangalore@kei-ind.com
Chennai Tel: 91-44-42009120. Fax: 91-44-42009130 e-mail: chennai@kei-ind.com
Tel: 91-40-20064358 Fax: 91-40-24024260 e-mail: hyderabad@kei-ind.com
Kolkata 33, Dr. Sundari Mohan Avenue,
1st Floor, Kolkata-700014, West Bengal, India Tel: (033)-22866696 Fax: 22866697 E-mail: kolkata@kei-ind.com SCO 84, 1st Floor, SwastikVihar,
Sector-5, Panchkula-134109, India Tel: 91-172-4416301 Fax: 4416300 E-mail: chandigarh@kei-ind.com S-13, Thada Ram Complex, M.P.NagarZone-l,
Bhopal – 462011, Madhya Pradesh, India E-mail: bhopal@kei-ind.com Bhubaneshwar C/21, Palashpalli, NearN.C.C. Office, Bhubaneswar-751012, Orissa, India E-mail: bhubneshwar@kei-ind.com Chhatisgarh Soubhagya, 72/10, Nehru
Nagar(West), Bhilai-490020, Chhattisgarh, India E-mail: chhatisgarh@kei-ind.com 8/6, F.M. Colony, Civil Lines, Kanpur-208001, Uttar Pradesh, India Email: kanpur@kei-ind.com F-1, Shetye Apartments, Antilpeth,
Bicholim, Goa-403504, India E-mail: goa@kei-ind.com 103, Misal Layout,
Nagpur-440014, Maharashtra, India Tel: 09822473774 E-mail: nagpur@kei-ind.com 36/2853, Nagawallil, Balan
Menon Road, Kaloor, Cochin-682017, Kerala, India E-mail: cochin@kei-ind.com 136, T.V. Swamy Road, R.S.
Puram, Coimbatore-641002, Tamilnadu, India Tel: 09843399964 E-mail: coimbatore@kei-ind.com 102 First Floor, Saran
Chamber-2, 5 Park Road, Lucknow-226001, Uttar Pradesh, India Email: up@kei-ind.com Jamshedpur FlatC1/3, Sabitri Tower, 1st Floor,
Ulyan, Kadam, Jamshedpur – 831005, Jharkhand, India Guwahati 38, Rehabari Bill Par, A. K. Azad Road, Near NE TV,
Guwahati – 781008, Assam, India E-mail: guwahati@kei-ind.com
|
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Anil Gupta |
|
Designation : |
Chairman cum Managing Director |
|
Qualification : |
B.Com |
|
Date of Appointment : |
31.12.1992 |
|
|
|
|
Name : |
Mrs. Archana Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pawan Bholusaria |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K G Somani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vikram Bhartia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay Bhushan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajeev Gupta |
|
Designation : |
Executive Director (Finance) |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
14.12.1993 |
KEY EXECUTIVES
|
Name : |
Mr. S.L. Kakkar |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. Manoj Kakkar |
|
Designation : |
Sr. Vice President (Marketing) |
|
|
|
|
Name : |
Mr. Lalit Sharma, |
|
Designation : |
COO |
|
|
|
|
Name : |
Mr. P.K. Aggarwal |
|
Designation : |
Vice President (Corporate) |
|
|
|
|
Name : |
Mr. K.C. Sharma |
|
Designation : |
Vice President (Operation) |
|
|
|
|
Name : |
Mr. Manish Mantri, |
|
Designation : |
Vice President (EPC/EHV) |
|
|
|
|
Name : |
Mr. Arvind Shrowty |
|
Designation : |
Corporate Advisor |
|
|
|
|
Name : |
Mr. A. K. Maity |
|
Designation : |
Sr. GM (Works) |
|
|
|
|
Name : |
Mr. N.K. Bajaj |
|
Designation : |
Sr. GM-Marketing (Wires and Flexibles) |
|
|
|
|
Name : |
Mr. Chirag Garg |
|
Designation : |
Sr. G.M (EPC) |
|
|
|
|
Name : |
Mr. Mukesh Sethi |
|
Designation : |
GM-Marketing (EHV) |
|
|
|
|
Name : |
Mr. Munishvar Gaur |
|
Designation : |
GM (Head-North Marketing Cables) |
|
|
|
|
Name : |
Mr. Alok Saha |
|
Designation : |
GM (Marketing) |
|
|
|
|
Name : |
Mr. Umesh B. Kank |
|
Designation : |
GM (Marketing) |
|
|
|
|
Name : |
Mr. M.V. Gananath |
|
Designation : |
GM-Sales and Marketing |
|
|
|
|
Name : |
Mr. Keshav K. Mitra, |
|
Designation : |
GM-Sales and Marketing |
|
|
|
|
Name : |
Mr. Deepak Manchanda |
|
Designation : |
GM (Business Development) |
|
|
|
|
Name : |
Mr. Ajit Dinesh Durve, |
|
Designation : |
GM (International Business) |
|
|
|
|
Name : |
Mr. Naval Singh Yadav |
|
Designation : |
GM (Technical) |
|
|
|
|
Name : |
Mr. Dilip Barnwal |
|
Designation : |
GM (Works- Silvassa) |
|
|
|
|
Name : |
Mr. Ajay Mehra |
|
Designation : |
GM (Works - Bhiwadi) |
|
|
|
|
Name : |
Mr. Adarsh Jain |
|
Designation : |
GM (Finance) |
|
|
|
|
Name : |
Mr. Anand Kishore |
|
Designation : |
GM (HR) |
|
|
|
|
Name : |
Mr. Gaurav Sahi |
|
Designation : |
Head - Corporate Communication |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2010
|
Category of
Shareholders |
No. of shares |
Percentage (%) |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21068466 |
30.00 |
|
|
10080000 |
14.35 |
|
|
31148466 |
44.35 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
31148466 |
44.35 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
186744 |
0.27 |
|
|
186744 |
0.27 |
|
|
|
|
|
|
16497155 |
23.49 |
|
|
|
|
|
|
18656387 |
26.56 |
|
|
2325662 |
3.31 |
|
|
1423024 |
2.03 |
|
|
601011 |
0.86 |
|
|
821413 |
1.17 |
|
|
600 |
0.00 |
|
|
38902228 |
55.39 |
|
Total Public
shareholding (B) |
39088972 |
55.65 |
|
Total (A)+(B) |
70237438 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
70237438 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Cables, Non-Ferrous Metals and Jelly
Filled Telecom Cables. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity* |
Actual
Production |
|
Cables |
Kms. |
N.A. |
65600.000 |
45787.590 |
|
Stainless Steel Wires |
Kgs. |
N.A. |
4800000 |
3916194.910 |
|
Winding, Flexible and House Wires |
Kms. |
N.A. |
270000.000 |
103377.074 |
·
Installed capacity has
been certified by Chairman cum Managing Director and relied upon by Auditors.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Dena Bank · Punjab National Bank · ING Vysya Bank Limited · State Bank of Hyderabad · Yes Bank Limited · Standard Chartered Bank · ICICI Bank Limited · HSBC Bank Limited · HDFC Bank Limited · State Bank of Patiala · IndusInd Bank Limited · State Bank of Bikaner and Jaipur · Indian Overseas Bank · Corporation Bank · Lakshmi Vilas Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
1 Nature
of Security: — Term Loans from Banks are Secured by a First pari passu
charge over Land and Building, Plant and Machinery and other movable fixed
assets located at the Company’s Plants at Plot No. A-280-284 Chopanki, SP-
919, Bhiwadi and 99/2/7 Madhuban Industrial Estate, Silvassa. Further, they
are secured by personal guarantee of Shri. Anil Gupta, Chairman-cum-Managing
Director of the Company. — Foreign Currency Loan (Buyer’s Credit) of Rs.50.877 Millions (Previous Year Rs.37.861 Millions) are secured by 1st Pari-Passu charge by way of hypothecation on the entire current assets including raw material, stock in process, finished goods, consumable stores and spares and receivables of the Company, 1st pari-passu charge on present and future fixed assets at SP-920 and SP-922, RIICO Industrial Area Phase III, Bhiwadi, District Alwar (Rajasthan) and at D-90, Okhla Industrial Area, Phase I , New Delhi , 2nd pari-passu charge by equitable mortgage of property of the Land and Building at 99/2/7, Madhuban Industrial Estate, Village Rakholi, Silvassa (D and N H) and SP-919, RIICO Industrial Area Phase III, Bhiwadi, District Alwar (Rajasthan) both present and future. Further, they are secured by personal guarantee of Shri. Anil Gupta, Chairman-cum-Managing Director of the Company. 2. Finance Lease Obligations are secured against leased assets 3. Maturity Profile and rate of interest of Secured Term Loans are as set out below:
4. Unsecured Deposits are repayable 3 years from the date of acceptance. 5. Working Capital facilities from banks are secured by
1st Pari-Passu charge by way of hypothecation on the entire current assets
including raw material, stock in process, finished goods, consumable stores and
spares and receivables of the Company, 1st pari-passu charge on present and
future fixed assets at SP-920 and SP-922, RIICO Industrial Area Phase III,
Bhiwadi , District Alwar (Rajasthan) and at D-90, Okhla Industrial Area,
Phase I , New Delhi , 2nd pari-passu charge by equitable mortgage of property
of the Land and Building at 99/2/7, Madhuban Industrial Estate, Village
Rakholi, Silvassa (D and N H) and SP-919, RIICO Industrial Area Phase III,
Bhiwadi, District Alwar (Rajasthan) both present and future. Further, they
are secured by personal guarantee of Shri. Anil Gupta, Chairman-cum-Managing
Director of the Company. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagdish Chand and Company Chartered Accountant |
|
Address : |
|
|
|
|
|
Associate of the Company
: |
KEI International Limited |
|
|
|
|
Other related
parties in the group where common control exists : |
· Projection Financial and Management Consultants Private Limited · Subh Laxmi Motels and Inns Private Limited · Soubhagya Agency Private Limited · Dhan Versha Agency Private Limited · KEI Cables Private Limited · KEI Power Limited |
|
|
|
|
Enterprises Over
which person mentioned in (iv) above are able to exercise significant control
: |
· Ashwathama Constructions Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Rs.2/- each |
Rs.220.000 Millions |
|
300000 |
Preference Shares |
Rs.100/- each |
Rs.30.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
66937438 |
Equity Shares |
Rs.2/- each |
Rs.133.875
Millions |
|
|
|
|
|
1. Rights,
preferences and restrictions attached to shares:
Equity Shares: The company has issued one class of equity shares having par value of ? 2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
2. Reconciliation of
Number of Equity Shares:
|
Particulars |
As at 31st March, 2012 |
|
|
|
Nos. |
Amount |
|
Balance as at the beginning of the year |
66937438 |
133.875 |
|
Add: Issued during the Year |
- |
- |
|
Balance as at the end of the year |
66937438 |
133.875 |
Additions of Nil (Previous Year 30,00,000 equity shares were issued to Shubh Laxmi Motels and Inns Private Limited upon conversion of Share Warrants into Equity Shares as per terms and conditions of issue of Share Warrants).
3. List of Equity Shareholders holding more than
5% of the aggregate Equity Shares:
|
Name of Shareholder |
As at 31st March,
2012 |
|
|
|
Nos. |
%age |
|
Mr. Anil Gupta |
14180776 |
21.19% |
|
Anil Gupta HUF beneficiary Mr. Anil Gupta |
4650375 |
6.95% |
|
Shubh Laxmi Motels and Inns Private Limited |
3480000 |
5.20% |
4. Company has KEI Employee Stock Option Scheme 2006 ("KEI ESOS 2006") which was set up so as to offer and grant, for benefit of employees (excluding promoters) of Company, who are eligible under SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, Options of Company, in one or more tranches, and on such terms and conditions as may be fixed or determined by Board / Committee, in accordance with the provisions of law or guidelines issued by relevant authorities in this regard. Remuneration and Compensation Committee of Board has not granted any fresh Options during the year ended 31st March, 2012. Total Options outstanding as on 31st March, 2012 are NIL (Previous Year NIL)
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
133.875 |
133.875 |
127.875 |
|
|
2] Share Application Money |
0.000 |
0.000 |
49.000 |
|
|
3] Reserves & Surplus |
2136.992 |
2245.313 |
2049.290 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2270.867 |
2379.188 |
2226.165 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4164.343 |
2510.970 |
2576.282 |
|
|
2] Unsecured Loans |
38.675 |
43.824 |
794.634 |
|
|
TOTAL BORROWING |
4203.018 |
2554.794 |
3370.916 |
|
|
DEFERRED TAX LIABILITIES |
23.352 |
36.682 |
27.453 |
|
|
|
|
|
|
|
|
TOTAL |
6497.237 |
4970.664 |
5624.534 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3181.029 |
3016.796 |
2654.400 |
|
|
Capital work-in-progress |
2.091 |
69.450 |
124.224 |
|
|
|
|
|
|
|
|
INVESTMENT |
30.817 |
30.817 |
1.039 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
OTHER NON-CURRENT ASSETS |
2.074 |
2.074 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2922.434
|
2822.649 |
2026.825
|
|
|
Sundry Debtors |
4825.995
|
2633.543 |
2600.691
|
|
|
Cash & Bank Balances |
43.688
|
124.379 |
50.770
|
|
|
Other Current Assets |
383.875
|
30.678 |
518.324
|
|
|
Loans & Advances |
557.433
|
559.108 |
14.441
|
|
Total
Current Assets |
8733.425
|
6170.357 |
5211.051 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4092.579
|
2942.308 |
2199.262
|
|
|
Other Current Liabilities |
1297.804
|
1339.222 |
140.196
|
|
|
Provisions |
61.816
|
37.300 |
26.722 |
|
Total
Current Liabilities |
5452.199
|
4318.830 |
2366.180 |
|
|
Net Current Assets |
3281.226
|
1851.527 |
2844.871
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6497.237 |
4970.664 |
5624.534 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17223.032 |
11631.057 |
9092.454 |
|
|
|
Other Income |
16.248 |
59.881 |
153.705 |
|
|
|
TOTAL (A) |
17239.280 |
11690.938 |
9246.159 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
13149.219 |
9785.496 |
|
|
|
|
Purchases of Stock in Trade |
101.667 |
4.306 |
|
|
|
|
(Increase) / Decrease in Finished goods, Work-in-progress and Stock-in-trade |
(84.286) |
(695.550) |
|
|
|
|
Employee Benefits Expense |
370.518 |
275.386 |
|
|
|
|
Other Expenses |
2185.118 |
1183.890 |
|
|
|
|
TOTAL (B) |
15722.236 |
10753.528 |
8482.832 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1517.044 |
937.410 |
763.327 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
961.623 |
593.154 |
443.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
555.421 |
344.256 |
319.367 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
195.449 |
166.100 |
146.764 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
359.972 |
178.156 |
172.603 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
116.684 |
72.574 |
30.279 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
243.288 |
105.582 |
142.324 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1250.634 |
1160.611 |
1033.198 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares (Dividend of Rs.0.20 per equity share) |
13.387 |
13.387 |
12.787 |
|
|
|
Dividend Distribution Tax on Proposed Dividend |
2.172 |
2.172 |
2.124 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1478.363 |
1250.634 |
1160.611 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales (Exports) |
1250.023 |
1025.991 |
936.260 |
|
|
TOTAL EARNINGS |
1250.023 |
1025.991 |
936.260 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials purchases |
413.315 |
395.544 |
188.191 |
|
|
|
Packing Materials |
4.765 |
0.000 |
3.013 |
|
|
|
Stores, Spares & Consumables |
3.234 |
1.491 |
25.881 |
|
|
|
Capital Goods |
42.018 |
80.218 |
1.777 |
|
|
TOTAL IMPORTS |
463.332 |
477.253 |
218.862 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
Basic |
3.63 |
1.64 |
2.33 |
|
|
|
Diluted |
3.63 |
1.30 |
1.83 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 Unaudited |
30.09.2012 Unaudited |
|
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
4220.510 |
4116.280 |
|
Total Expenditure |
|
3788.930 |
3659.990 |
|
PBIDT (Excl OI) |
|
431.580 |
456.290 |
|
Other Income |
|
1.250 |
3.850 |
|
Operating Profit |
|
432.830 |
460.140 |
|
Interest |
|
274.950 |
293.150 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
157.880 |
166.990 |
|
Depreciation |
|
51.350 |
51.020 |
|
Profit Before Tax |
|
106.540 |
115.980 |
|
Tax |
|
36.370 |
43.250 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
70.170 |
72.730 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
70.170 |
72.730 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
1.41 |
0.90 |
1.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.09 |
1.53 |
1.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.02 |
1.94 |
2.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.07 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.25 |
2.89 |
2.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60 |
1.43 |
2.20 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
FINANCIAL RESULTS
During the year, turnover from Cables stood at Rs. 14315.938 Millions as compared to Rs.9896.772 Millions in 2010-11, showing a strong growth of 44.65%. Stainless Steel Wire Products contributed a turnover of Rs.1006.829 Millions in 2011-12 as compared to Rs.865.682 Millions in 2010- 11. Winding wire, Flexible and House Wire contributed Rs.2113.976 Millions in 2011-12 as against Rs.1573.352 Millions in 2010-11. During the year under review, Profit Before Tax was Rs.359.972 Millions and Net profit was Rs.243.288 Millions.
REVIEW OF OPERATIONS
During
the year 2011-12, turnover of the Company increased from Rs.12576.790 Millions
to Rs.18529.516 Millions, showing growth of over 47%. During its first full
year of operation, Extra High Voltage (EHV) Cable segment contributed more than
Rs.1500.000 Millions. The Company was able to bag various prestigious orders of
elastomeric cables, speciality cables and EHV cables apart from normal cables and
wires which contributed towards achievement of turnover. The Company has
already marked its presence in Extra\ High Voltage (EHV) Cable segment ranging
from 66kV to 220kV and will continue to further strengthen its position in this
segment with Technical Collaboration from Brugg Kabel AG, Switzerland. The
Company has also successfully completed the rigorous long duration pre-qualification
test on 220 kV Cable system at an International Laboratory, FGH Engineering and
Test GmbH, Hallenweg, Germany. This gives the Company a firm marketing ground
and the status of being the only few Company
in India to achieve this feat. Having marked its presence for EHV Cables up to
220 kV, the Company is preparing grounds for venturing into 400 kV segment.
FUTURE OUTLOOK
The business environment for Cable industry is showing signs
of industrial and infrastructure growth. The future outlook in terms of
investment in the infrastructure sector, particularly power, is also good. This
indicates that demand for the cable business should improve further. With
Company’s successful venture into Extra High Voltage (EHV) Cables and presence
in Engineering, Procurement and Construction (EPC) space, Company has an edge
in the Cable Industry. The Company has specific tie-ups in this segment i.e.
Foreign Technical Collaboration with Brugg Kabel AG, Switzerland which will
help the Company to capitalize its proven presence in the Cable and EPC
business.
MANAGEMENT DISCUSSION
AND ANALYSIS
COMPANY OVERVIEW
KEI Industries Limited (hereinafter “the Company” / “KEI”) is engaged in the business of manufacturing and marketing power cables – Low Tension (LT), High Tension (HT) and Extra High Voltage (EHV), control and instrumentation cables, specialty cables, elastomeric cable, rubber cables, submersible cables, flexible and house wires, winding wires and stainless steel wires that address the cabling requirements of a wide spectrum of sectors such as power, oil refineries, railways, automobiles, cement, steel, fertilizers, textile and real estate, amongst others. The Company has also ventured into the Engineering, Procurement and Construction (EPC) space by bagging several prestigious orders/contracts for survey, supply of materials, design, erection, testing and commissioning on a turnkey basis.
Featuring amongst the top three cable manufacturing companies in India, the Company’s diverse, cost effective, reliable and quality product offerings coupled with vast sectoral coverage, flexible manufacturing facilities, higher capacities and presence across cabling solutions up to 220 kV, positions the Company favorably to harness the immense opportunities and growth prospects emanating from the power utilities, core infrastructure, industrial and real estate projects across the country. Further, specialty cables has emerged as a significant market on account of the growth in sophisticated applications in many vital sectors of the Indian economy. In addition, the Government of India’s thrust on non-conventional power generation such as wind, solar and nuclear power has given a big impetus to the demand of specialty cables required for these applications. KEI ranks amongst the principal players in the manufacture of specialty cables.
The Company has also enhanced its presence in the retail market by appointing various channel partners and dealers distributors. It has put in place a diversified business model with presence in both the domestic and international market, servicing both the retail and institutional segment, catering to both private and public sector clients and offering one-stop products basket. Furthermore, the Company’s collaboration with Brugg Kabel AG, Switzerland for manufacturing of EHV Cables ranging from 66kV to 220kV has proved to be a notable milestone in KEI’s history. During the first year of operations, it reported credible EHV Cables sales of over Rs. 15000.00 Millions. With the enormous opportunities in the EHV Cable space coupled with the Company being only the third player to enter this space augurs well for KEI. On the export front, the Company exports Cables to various countries globally which are still reeling under the aftermath of the financial crisis.
ECONOMIC OVERVIEW,
INDUSTRY STRUCTURE, OPPORTUNITIES AND THREATS
The macroeconomic conditions have deteriorated and much of the global economy is in a synchronized slowdown, having lost the upward momentum seen in the early months of the year. Despite the slowing global economy, the outlook for commodity prices is uncertain. The situation in the euro area continues to cause concern even as the prospects of immediate default have been averted. While exports of emerging and developing economies (EDEs) have been dented by the weak global economic activity, capital flows into them have declined markedly because of the strains in the euro area financial market conditions.
Domestically, the macroeconomic situation continues to raise concerns. While growth has slowed down significantly, inflation remains well above the comfort zone of the Reserve Bank of India (RBI). The large twin deficits, viz. Current account deficit (CAD) and fiscal deficit, pose significant risks to macroeconomic stability. Against this backdrop of heightened global uncertainty and domestic macroeconomic pressures, the challenge for monetary policy is to maintain its priority of containing inflation and lowering inflation expectations. At the same time, monetary policy has also to be sensitive to risks to growth and financial stability. RBI has lowered its growth projections for 2012-13 to 6.5%, in its first quarter review of monetary policy.
INFRASTRUCTURE AND
POWER SECTOR SCENARIO:
The Eleventh Plan emphasized the need for removing infrastructure bottlenecks for sustained growth. Inclusive growth of the economy can be achieved only if the infrastructure deficit is overcome by adequate investment to support higher growth and an improved quality of life for both urban and rural communities. Public Private Partnerships (PPPs) in infrastructure sector are gaining importance and are benefiting from government support.
PPPs are expected to augment resource availability as well as improve the efficiency of infrastructure service delivery. Allocation of natural resources in a transparent and fair process would lead to the growth of infrastructure. The installed capacity of power sector at 1,713 MW in 1950 has grown to 1,99,877 MW in March 2012 symbolizing the dynamic growth of power sector. The Eleventh Plan which began with an installed capacity of 1, 32,329 MW has grown by 51.05% as of 31st March, 2012. The per capita consumption of electricity in the country has increased from 592 kWh in FY 2003-04 to 814 kWh in FY 2010-11.
GENERATION,
TRANSMISSION AND DISTRIBUTION:
The Government of India has continually initiated several reforms to create a favourable environment for addition of new generation capacity in the country. Further, Power transmission sector in India is witnessing a massive
system augmentation drive in accordance with generation capacity addition. However, transmission works are
delayed /held up because of Right-of-Way (RoW) issues, non-availability/delay in getting forest clearance and delay in land acquisition for sub-stations. The Twelfth Plan envisages rapid augmentation and strengthening of distribution networks to ensure that the sector is able to absorb the upcoming generation. Addressing high AT and C losses is a major challenge. Government of India’s initiative to reduce AT and C losses below 15% through Restructured Accelerated Power Development Reform Programme (R-APDRP) announced in July 2008 with an outlay of Rs. 515 billion has achieved a marginal reduction of 1% in AT and C losses.
SEGMENT WISE PERFORMANCE
Gross Sales of the Company for the financial year 2011-12 stood at Rs.18529.516 Millions as compared to Rs.12576.790 Millions in the previous financial year. Gross Sales of the Company has grown by 47% in comparison to previous year. The segment wise revenue comparison is given below:
Out of the total Sales of Cables, value of Extra High Voltage Cable sale during financial year was over Rs.1500.000 Millions. The Company expects to achieve significant increase in sales in the EHV segment in the coming years.
RETAIL – DOMESTIC
HOUSE WIRES
KEI has developed a strong reputation and has established a clear positioning of a “specialist cable manufacturer”. The Company’s product and quality offering, specialist positioning, continuous brand enhancing activities and strengthening of the distribution and dealership network has paid off well, with the domestic house wires business showing strong revenue growth of 34% in the financial year 2011-12 as compared to previous year. Besides establishing a strong brand recall with ongoing marketing activities, the company continued to maintain excellent relations with realty developers, building contractors, large dealers and architects. The Company used practical, costeffective yet impactful advertising and marketing avenues tapping various outdoor advertising mediums across the country. The Company has a pan-India presence, backed with adequate supply chain management ability to reach products to distributors on time. The Company continued to focus on augmenting its distribution network in unrepresented areas across India with continued focus on its brand building activities. The business segment also saw recruitment of additional marketing staff to strengthen presence and servicing capabilities.
EXPORTS
The Company exports products to various countries across the globe, focusing primarily on the oil and gas and utilities segment. Competitive pricing and ability to offer customised solutions and speciality cables provides KEI a niche in the export market. The Company has achieved Export Sales of Rs.1250.023 Millions during financial year 2011-12 as compared to Rs.1025.991 Millions during previous year, showing a growth of over 21%. Showcasing a strong commitment to grow its presence in the overseas market, KEI participated in various international exhibitions to establish new linkages across key targeted markets. The company continued to bid in projects that were announced, and at the same time explored opportunities to foray into different promising sectors where opportunities are expected to pick up in the future.
FUTURE OUTLOOK
The commencement of the EHV cable manufacturing along with the ability to offer turnkey EPC services, will provide impetus to the institutional business segment where demand is fast expanding. Some of the end-users of
EHV cables include transmission companies, mega power plants, metro cities, industries such as steel, cement, refineries, petrochemicals, large realty projects such as IT Parks, large residential complexes, etc. KEI’s foray into the EHV segment will be aided by its Know-how and Trademark License Agreement entered with Switzerland-based Brugg Kabel AG. This agreement would enable a faster penetration into the market and also help the company be in a position to offer designs, process back-up services which are sought by end users. They are also specialists in the area of turnkey systems/design of Extra High Voltage Cable projects with installations world over. Through this technical collaboration, KEI joins the elite group of cable manufacturers worldwide equipped to manufacture cables ranging from 66kV to 220kV at its facilities. The technology edge will enable KEI establish a stronghold in the EHV cable segment and secure contracts in the power segment from both the government and private sector.
QUALITY,
ENVIRONMENTAL AND OCCUPATIONAL HEALTH AND SAFETY MANAGEMENT SYSTEM STANDARD
Det Norkse Veritas (DNV), a world leading independent
certification body, has awarded following accredited certification to KEI’S
Management System based on the periodical audits conducted by them.
ISO 9001:2008
ISO 9001 certification proves that the Company’s Quality
Management System has been certified against the best practices standard and is
found compliant. It provides a framework for focus on customer and product
requirements, process performance and effectiveness with emphasis on continual
improvement and objective measurement. It helps the Company to achieve
consistency, improve internal processes, fulfill contractual obligations and
gives a competitive advantage and increases customer confidence.
OHSAS 18001:2007
Certification to OHSAS 18001:2007 proves that the Management System of the company ensures proactive protection of the health and safety of the workforce. It shows Company’s commitments to the health and safety of its employees, reduces overall liability, reduces occurrence of ill health and injuries and provides assurance that legal compliance is effectively managed.
OHSAS 14001:2004
An ISO 14001 Certification proves that the company’s Environment Management System has been measured against the best practice standard and is found compliant. It shows Company’s systematic approach in minimizing negative impact on the environment and surrounding community. An effective environment management system can significantly reduce the Company’s Environmental impact, increase operational efficiency and identify opportunities for cost savings.
FIXED ASSETS:
Tangible Assets
· Land
— Free Hold
— Lease Hold
· Building
· Plant & Equipment
· Furniture & Fixtures
· Leasehold Building Improvement
· Vehicles
· Office Equipment
· Vehicles
Intangible Assets
· Software
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2012
(Rs.
In Millions)
|
SL NO. |
Particulars |
30.09.2012 |
30.06.2012 |
|
|
|
Quarter Ended |
Quarter Ended |
|
1. |
Income From
Operations |
|
|
|
|
a) Net sales/income from operations (Net of excise duty) |
4076.099 |
4172.292 |
|
|
b) Other Operating Income |
40.183 |
48.216 |
|
|
Total income
from operations (net) |
4116.282 |
4220.508 |
|
2. |
Expenditure |
|
|
|
|
a) Cost of materials consumed |
3049.806 |
3405.500 |
|
|
b) Purchases of stock in trade |
5.409 |
41.668 |
|
|
c) Changes in inventories of finished goods, work in progress, and
stock in trade - (Increase) / Decrease |
(7.516) |
(531.868) |
|
|
d) Employee benefits expenses |
116.649 |
104.635 |
|
|
e) Depreciation and amortization expense |
51.018 |
51.352 |
|
|
f) Other Expenditure |
495.640 |
768.985 |
|
|
Total Expenses |
3711.006 |
3840.272 |
|
3. |
Profit from
operations before other income and interest (1-2) |
405.276 |
380.236 |
|
4. |
Other income |
3.852 |
1.255 |
|
5. |
Profit from
ordinary activities before finance cost (3 +4) |
409.128 |
381.491 |
|
6. |
Finance Costs |
293.146 |
274.951 |
|
7. |
Profit from
ordinary activities after finance costs but before exceptional items (5-6) |
115.982 |
106.540 |
|
8. |
Exceptional
Items |
-- |
-- |
|
9. |
Profit from ordinary
activities before tax (7 + 8) |
115.982 |
106.540 |
|
10. |
Tax Expenses |
43.248 |
36.367 |
|
11. |
Profit from
ordinary activities after tax (9-10) |
72.734 |
70.173 |
|
12. |
Extraordinary
items (net of tax expenses) |
-- |
-- |
|
13. |
Net Profit for
the Period (11+12) |
72.734 |
70.173 |
|
14. |
Paid up equity share capital (Face value of Rs.2 per share) |
140.475 |
133.875 |
|
15. |
Reserves excluding Revaluation Reserves |
-- |
-- |
|
16. |
Basic (EPS) |
|
|
|
|
a) Basic |
1.08 |
1.05 |
|
|
b) Diluted |
1.08 |
1.05 |
SELECT INFORMATION FOR
THE QUARTER ENDED 30TH SEPTEMBER, 2012
|
A. |
PARTICULARS OF
SHAREHOLDING |
|
|
|
1. |
Public Share
holding |
|
|
|
|
a) Equity Shares |
|
|
|
|
a) Number of Shares |
39088972 |
39088972 |
|
|
Percentage of Shareholding |
55.65% |
58.40% |
|
2. |
Promoters and
Promoter Group Shareholding |
|
|
|
|
a) Pledqed / Encumbered |
|
|
|
|
- Number of shares |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of the
Promoter and Promoter group) |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
Nil |
Nil |
|
|
b) Non -
encumbered |
|
|
|
|
- Number of shares |
31148466 |
27848466 |
|
|
- Percentage of shares (as a % of the total shareholding of the
Promoter and Promoter group) |
100% |
100% |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
44.35 |
41.60% |
INVESTOR COMPLAINTS
|
Particular |
3 months ended 30.09.2012 |
|
Pending
at the beginning of the Quarter |
NIL |
|
Received
during the Quarter |
NIL |
|
Disposed
during the Quarter |
NIL |
|
Remaining
unresolved at the end of the Quarter |
NIL |
SEGMENT WISE
REVENUE RESULT AND CAPITAL EMPLOYED
(Rs.
In Millions)
|
|
30.09.2012 |
30.06.2012 |
|
|
|
|
|
1. Segment Revenue
( net sales / Income from Operations |
|
|
|
a) Segment - Cables |
3765.570 |
33,10.642 |
|
b) Segment - Stainless Steel Wire |
175.053 |
2,01.374 |
|
c) Segment - Turnkey Projects |
175.659 |
7,08.492 |
|
d) Unallocated Segment |
-- |
-- |
|
Total |
4116.282 |
4220.508 |
|
Less: Inter segment revenue |
|
|
|
Net Sales / Income from Operation |
|
|
|
|
|
|
|
2. Segment Results
(Profit) (+)/ Loss (-) before tax and interest from segment |
|
|
|
a) Segment - Cables |
478.207 |
426.781 |
|
b) Segment - Stainless Steel Wire |
(7.498) |
5.560 |
|
c) Segment - Turnkey Projects |
43.024 |
75.838 |
|
Total |
513.733 |
508.179 |
|
Less: I) Interest |
293.145 |
274.952 |
|
II) Other un- allocable expenditure net off un- allocable income |
104.606 |
126.667 |
|
Total Profit Before Tax |
115.982 |
106.540 |
|
3. Capital Employed |
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
a) Segment - Cables |
6861.381 |
6414.847 |
|
b) Segment- Stainlees steel Wire |
216.891 |
246.341 |
|
c) Segment - Turnkey Projects |
835.031 |
670.289 |
|
d) Unallocated Segment |
(3574.624) |
(2902.848) |
|
Total |
4340.679 |
4428.629 |
ASSETS AND
LIABILITIES AS AT 30TH SEPTEMBER, 2012
(Rs.
In Millions)
|
Particulars |
30.09.2012 |
|
A. EQUITY AND LIABILITIES |
(Unaudited) |
|
1) Shareholders' Funds |
|
|
(a) Share Capital |
140.475 |
|
(b) Reserves and Surplus |
2332.700 |
|
Sub-total
Shareholder’s fund |
2473.175 |
|
|
|
|
2. Non-Current Liabilities |
|
|
(a) Long-Term Borrowings |
1203.422 |
|
(b) Deferred tax liabilities (Net) |
58.352 |
|
(c) Long-Term Provisions |
20.992 |
|
Sub-total Non-current liabilities |
1282.766 |
|
|
|
|
3. Current Liabilities |
|
|
(a) Short-term borrowings |
3496.306 |
|
(b) Trade payables |
3669.166 |
|
(c) Other current liabilities |
1057.258 |
|
(d) Short-term provisions |
28.824 |
|
Sub-total Current liabilities |
8251.554 |
|
Total
Equity and Liabilities |
12007.495 |
|
|
|
|
B ASSETS |
|
|
1. Non-Current Assets |
|
|
(a) Fixed Assets |
3121.582 |
|
(b) Non-Current Investments |
30.817 |
|
(c) Long-term Loans and Advances |
43.852 |
|
(d) Other non-current assets |
0.000 |
|
Sub-total Non-current assets |
3196.251 |
|
|
|
|
2. Current Assets |
|
|
(a) Inventories |
3685.461 |
|
(b) Trade Receivables |
4548.539 |
|
(c) Cash and Bank balances |
52.413 |
|
(d) Short-term loans and advances |
369.290 |
|
(e) Other current assets |
155.541 |
|
Sub-total Current assets |
8811.244 |
|
Total
Assets |
12007.495 |
Notes:
1 The Above results reviewed by the Audit Committee have been approved
and taken on record by the Board of Directors at their respective meetings held
on 2nd November, 2012.
2 The Statutory Auditors of the Company have carried out Limited Review
of Financial Results for the quarter and six months ended 30th September. 2012
Pursuant to Clause 41 of the Listing Agreement.
3. Pursuant to Changes made in AS-11 vide Companies (Accounting
Standard) Rules, 2009, further amended Vide Amendment Rules 2011, during the
quarter / six month / period foreign exchange difference arising on long term foreign
currency monetary items-FCCBs and Foreign currency Term Loans has been adjusted
with the cost of fixed assets and In other cases the same has been adjusted in
Foreign Currency Monetary item Translation Difference Account (F-CMITDA).
Exchange Fluctuation on ECBs has been fully transferred to FCMITDA.
4. Tax expense for the quarter and six months include deferred tax of
(Rs.20.000 Millions and Rs.35.000 Millions respectively on estimated basis.
5. During the quarter and six months ended 30th September, 2012, the
Board of Directors of the company have a Noted on preferential basis 33,00,000
(thirty three lacs) Equity Shares of par value of T 21- each at a price of
718/- per equity share (including securities premium of Rs.16/- per equity
share) to Promoter/Promoter Group as per SEBI (ICDR) Regulations, 2009 on
September 21,2012. As a result of allotment, paid up equity share capital of
company has increased from 66937438 equity shares of Rs.2/- each to 70237438
equity shares of Rs.1/- each.
6. Previous quarter I six months / period figures have been regrouped /
reclassified wherever necessary.
AS PER WEBSITE DETAILS:
Press Release
HOW SHOULD A LEADER
NURTURE AMBITIONS OF STAR PERFORMERS?
New Delhi, July 18, 2012
A leader should persistently communicate the organisation’s vision to all employees, reward them for improving performance, and empower them to take actions that were consistent with the vision. To be effective, a leader must ensure that steady job enrichment of the star performers is happening simultaneously. It is crucial in order to meet with the new challenges that get added to their existing portfolio. Another focus area is job enlargement which strengthens the capabilities to undertake new responsibilities. These two points are important for star performers because it may not be possible for the organisation to provide great increments and career advancements every year.
Managing performance is all about partnership and motivation between the leader and his team.
In a rapidly changing economic and social environment, the biggest challenge facing leaders is their ability to have a vision which is relevant to the organisational goals along with the ever changing market dynamics. The other challenge faced by leaders is to balance ambitions of star performers while maintaining the focus on the larger goal of the team.
A leader, therefore, has to be conscious of the presence of star performers, who would have higher aspirations and would be progressing faster than the rest of the team members. He has to ensure a different career path for them. Clearly, a one size fits all approach does not work.
The leader has to ensure that the plan or the career progression is communicated to the fast tracker so that the person is aware of the growth plan.
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.55.20 |
|
|
1 |
Rs.87.79 |
|
Euro |
1 |
Rs.70.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.