1. Summary Information
|
|
|
Country |
India |
|
Company Name |
PARAMOUNT
COMMUNICATIONS LIMITED |
Principal Name 1 |
Mr. Sanjay Aggarwal |
|
Status |
Moderate |
Principal Name 2 |
Mr. Sandeep Aggarwal |
|
|
|
Registration # |
55-061295 |
|
Street Address |
C-125 Naraina Industrial
Area, Phase-l, Naraina, |
||
|
Established Date |
05.09.1994 |
SIC Code |
-- |
|
Telephone# |
91-11-45618800 /
900 / 25897421-30 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-25893719 /
20 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Insulated Wire |
|
|
# of employees |
Not Available |
Product Name 2 |
Cable |
|
Paid up capital |
Rs.186,053,930
/- |
Product Name 3 |
Power and control |
|
Shareholders |
shareholding of Promoter and Promoter Group = 34.86 % Public shareholding = 65.14% |
Banking |
State Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
19 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Ca (12) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associate
: |
-- |
Paramount Wires and Cables Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,069,359,000 |
Current Liabilities |
1,882,644,000 |
|
Inventories |
1,599,506,000 |
Long-term Liabilities |
3,366,526,000 |
|
Fixed Assets |
1,401,044,000 |
Other Liabilities |
11,108,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
5,260,278,000 |
|
Invest& other Assets |
281,218,000 |
Retained Earnings |
0.000 |
|
|
|
Net Worth |
90,849,000 |
|
Total Assets |
5,351,127,000 |
Total Liab. & Equity |
5,351,127,000 |
|
Total Assets (Previous Year) |
5,616,764,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
4,634,530,000 |
Net Profit |
(583,546,000) |
|
Sales(Previous yr) |
2,850,898,000 |
Net Profit(Prev.yr) |
(1,015,020,000) |
MIRA
INFORM REPORT
|
Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARAMOUNT COMMUNICATIONS LIMITED |
|
|
|
|
Registered Office
: |
C-125 Naraina Industrial Area, Phase-l, Naraina, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
05.09.1994 |
|
|
|
|
Com. Reg. No.: |
55-061295 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 186.053 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1994PLC061295 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP04139C / DELP08582A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP0969Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Insulated Wire and Cable. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appears accumulated losses recorded by the company. The external
borrowing is very huge which act as a treat to the company. Liquidity
position is weak. However, business is active. Payments are reported to be slow and
delayed. The company can be considered for business dealings on a safe and
secured trade terms and condition. |
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 |
ICRA |
|
Rating |
Long Term Fund = D |
|
Rating Explanation |
This rating are in default or are expected
to be in default soon |
|
Date |
December 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
|
Borrowers’ Name : |
PARAMOUNT COMMUNICATIONS LIMITED |
|
Address : |
C-125 NARAINA INDUSTRIAL AREA, PHASE-L, NARAINA, NEW DELHI -110 028,
INDIA |
|
Name of Individual : |
1.
Mr. Sandeep Aggarwal 2.
Mr. Sanjay Aggarwal 3.
Mr. Sanjay Aggarwal 4.
Mr. S.P.S. Dangi 5. Mr.
Vijay Bhushan |
|
Name of Credit Grantors / Bank & Branch: |
Barclays Bank , Nehru Place |
|
Amount (Rs. In Millions) : |
Rs.100.000 Millions |
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 Office : |
C-125 Naraina Industrial Area, Phase-l, Naraina, |
|
Tel. No.: |
91-11-45618800 / 900 / 25897421-30 |
|
Fax No.: |
91-11-25893719 / 20 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
SP-30A, SP-30B, E-31, SP-76 (Part), SP-77 and SP-77A, Khushkhera Industrial Area, District Alwar - 301 707, Rajasthan, India |
|
|
|
|
Factory 2 : |
Plot No. 37, Industrial Area, Dharuhera, District Rewari - 122 106,, Haryana, India |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Sanjay Aggarwal |
|
Designation : |
Chairman and Chief Executive
Officer |
|
Date of Birth/Age : |
21.10.1962 |
|
Date of Appointment : |
01.11.1994 |
|
|
|
|
Name : |
Mr. Sandeep Aggarwal |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Satya Pal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.P.S. Dangi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay Bhushan |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.12.1958 |
|
Date of Appointment : |
22.07.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Ratan Aggarwal |
|
Designation : |
Chief Compliance
Officer and Company Secretary |
|
|
|
|
Name : |
Mr. Manmeet Singh Anand |
|
Designation : |
Head (Business Development) |
|
|
|
|
Name : |
Mr. D. S. Muchhal |
|
Designation : |
President
Operations (Dharuhera Unit) |
|
|
|
|
Name : |
Mr. D.S. Muchhal |
|
Designation : |
President Operations (Khushkhera
Unit) |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Vice President (Commercial) |
|
|
|
|
Name : |
Mr. R. K. Marwah |
|
Designation : |
Vice president-Technical |
|
|
|
|
Name : |
Mr. Dhruv Aggarwal |
|
Designation : |
Vice President (Business Development) |
|
|
|
|
Name : |
Mr. Tushar Aggarwal |
|
Designation : |
Vice President (Business Development) |
|
|
|
|
Name : |
Mr. S. K. Suri |
|
Designation : |
Genera] Manager-Marketing |
|
|
|
|
Name : |
Mr. N. K. Gunta |
|
Designation : |
General Manager-Accounts and Finance |
|
|
|
|
Name : |
. Mr. Rajeev Gupta |
|
Designation : |
General Manager-Marketing |
|
|
|
|
Name : |
Mr. R. S. Vohra |
|
Designation : |
General Manaqer-Q. A. (Khushkhera unit) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.10.2012
|
Category of Shareholder |
Total No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
22181155 |
23.92 |
|
|
10138302 |
10.93 |
|
|
32319457 |
34.86 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
32319457 |
34.86 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1000000 |
1.08 |
|
|
100000 |
0.11 |
|
|
1100000 |
1.19 |
|
|
|
|
|
|
17990467 |
19.40 |
|
|
|
|
|
|
29267532 |
31.56 |
|
|
8251624 |
8.90 |
|
|
3796135 |
4.09 |
|
|
1145527 |
1.24 |
|
|
9811 |
0.01 |
|
|
2639050 |
2.85 |
|
|
1747 |
0.00 |
|
|
59305758 |
63.96 |
|
Total Public shareholding (B) |
60405758 |
65.14 |
|
Total (A)+(B) |
92725215 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
301750 |
0.00 |
|
|
301750 |
0.00 |
|
Total (A)+(B)+(C) |
93026965 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Insulated Wire and Cable. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Power Cables |
KMS |
80,000 |
34,806** |
|
Jelly Filled Telephone Cables |
CKM |
5,299,000 |
26,950 |
|
Optical Fibre Cables |
KMS |
20,000 |
6,769 |
* Includes all types of electric cables viz, LT/HT Power Cables, Control Cables, Instrumentation Cables, Thermocouple Cables, Railway Signaling Cables, Copper Flexible and Building Wires etc.
** Includes 0.145 Kms (Previous year 0.846 Kms) consumed during testing/ reprocessing. Installed capacity has been certified by Chairman and CEO and relied upon by Auditors
GENERAL INFORMATION
|
Customers : |
· BSES Delhi · Jindal Steel · Power Grid Corporation of India Limited (PGCIL) · Bharat Heavy Electricals Limited (BHEL) · Indian Oil Corporation Limited (IOCL) · Reliance Petroleum Limited · Reliance Energy Limited · Essar Constructions · Bhushan Power and Steel · Indian Railways · Railtel Corporation of India Limited · Indian Railway Construction Company · GET Power Private Limited · L and T · Tata Steel · Reliance Communications · BSNL ·
HP |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Industrial Finance Branch, Vijaya Building, 17, Barakhamba Road, New Delhi – 110 001, India · State Bank of Patiala · Dena Bank, Karol Bagh Branch, New Delhi – 110 005, India · Standard Chartered Bank · ICICI Bank Limited · Yes Bank Limited · Barclays Bank · IDBI Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagdish Chand and Company Chartered Accountants |
|
Address : |
H-20, |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Aseem Jain and Associates Cost Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Subsidiaries : |
· Paramount Holdings Limited, Cyprus · AEI Cables Limited, United Kingdom ·
AEI Power Cables Limited, United Kingdom |
|
|
|
|
Associate : |
Paramount Wires and Cables Limited |
|
|
|
|
Other related parties in
the Group where common control exists: |
·
April Investment and Finance
Private Limited ·
Worth Finance and Leasing
Private Limited ·
Paramount Telecables Limited · S.S. Aggarwal Foundation |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
93026965 |
Equity Shares |
Rs.2/- each |
Rs.186.053 Millions |
|
|
|
|
|
Rights, preferences
and restrictions attached to Equity Shares
Equity Shares : The company has one class of equity shares having a par value of Rs. 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 shareholdings.
Reconciliation of
Number of Equity Shares
|
Particulars |
Nos. |
Rs. in Millions |
|
Balance as at the beginning of the year |
88,635,170 |
177.270 |
|
Add: Issued during the year on conversion of warrants |
4,391,795 |
8.783 |
|
Balance as at the end of the year |
93,026,965 |
186.053 |
Equity Shares of par value of Rs. 2/- each have been allotted to warrant holders at Securities Premium of Rs. 11/- each upon exercise of option by them. Proceeds from issue have been utilised as per objects of the issue.
List of Equity
Shareholders holding more than 5% of the aggregate Equity Shares:
|
Name of Shareholder |
Nos. |
%age |
|
Mr. Sanjay Aggarwal |
5,826,100 |
6.26 |
|
Mr. Sandeep Aggarwal |
5,732,300 |
6.16 |
|
Mrs. Kamla Aggarwal |
5,731,600 |
6.16 |
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 |
186.053 |
177.270 |
169.013 |
|
|
2] Share Application Money |
0.000 |
0.000 |
16.250 |
|
|
3] Money Received against Share warrants |
0.000 |
57.093 |
0.000 |
|
|
4] Reserves & Surplus |
0.000 |
440.165 |
1410.619 |
|
|
5] (Accumulated Losses) |
(95.204) |
0.000 |
0.000 |
|
|
NETWORTH |
90.849 |
674.528 |
1595.882 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3366.526 |
3249.627 |
2757.979 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
338.820 |
|
|
TOTAL BORROWING |
3366.526 |
3249.627 |
3096.799 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3457.375 |
3924.155 |
4692.681 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1401.044 |
1489.809 |
1596.391 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
82.671 |
|
|
|
|
|
|
|
|
INVESTMENT |
281.218 |
281.218 |
273.971 |
|
|
Foreign Currency Monetary Item Translation Difference Account |
0.000 |
0.000 |
(19.709) |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1599.506
|
1563.554 |
2026.956
|
|
|
Sundry Debtors |
1611.549
|
1725.675 |
1540.566
|
|
|
Cash & Bank Balances |
89.885
|
98.291 |
82.642
|
|
|
Other Current Assets |
41.243
|
4.764 |
0.000
|
|
|
Loans & Advances |
326.682
|
453.453 |
413.864
|
|
Total
Current Assets |
3668.865
|
3845.737 |
4064.028 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
833.453
|
859.702 |
1197.256
|
|
|
Other Current Liabilities |
1049.191
|
822.696 |
99.857
|
|
|
Provisions |
11.108
|
10.211 |
7.558
|
|
Total
Current Liabilities |
1893.752
|
1692.609 |
1304.671 |
|
|
Net Current Assets |
1775.113
|
2153.128 |
2759.357 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3457.375 |
3924.155 |
4692.681 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4634.530 |
3850.898 |
3437.700 |
|
|
|
Other Income |
16.694 |
70.429 |
491.945 |
|
|
|
TOTAL (A) |
4651.224 |
3921.327 |
3929.645 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3903.011 |
3362.983 |
-- |
|
|
|
Material |
-- |
-- |
2832.963 |
|
|
|
Manufacturing Expenses |
-- |
-- |
525.609 |
|
|
|
Purchases of Stock in Trade |
89.263 |
71.892 |
-- |
|
|
|
(Increase) / Decrease in Finished goods, Work-in-progress and Stock-in-Trade |
(25.749) |
368.527 |
(5.786) |
|
|
|
Increase/(Decrease) excise duty on stock |
-- |
-- |
7.974 |
|
|
|
Employee Benefits Expense |
138.535 |
128.522 |
--- |
|
|
|
Payment to and Provision of Employee |
-- |
-- |
99.435 |
|
|
|
Managerial Remuneration |
-- |
-- |
6.908 |
|
|
|
Amortization of FCMITDA |
-- |
-- |
3.715 |
|
|
|
Other Expenses |
611.351 |
500.551 |
-- |
|
|
|
TOTAL (B) |
4716.411 |
4432.475 |
3470.818 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(65.187) |
(511.148) |
458.827 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
393.534 |
379.969 |
330.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(458.721) |
(891.117) |
128.316 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
124.340 |
123.903 |
120.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(583.061) |
(1015.020) |
7.643 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.485 |
0.700 |
1.363 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(583.546) |
(1015.720) |
6.280 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(458.884) |
556.836 |
550.556 |
|
|
|
|
|
|
|
|
|
|
BALANCE / (LOSS)
CARRIED TO THE B/S |
(1042.430) |
(458.884) |
556.836 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
229.587 |
627.207 |
NA |
|
|
TOTAL EARNINGS |
229.587 |
627.270 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials purchases |
929.972 |
307.021 |
|
|
|
|
Stores, Spares & Consumables |
0.509 |
1.986 |
NA |
|
|
|
Packing Materials |
0.000 |
4.936 |
|
|
|
|
Traded Goods |
51.437 |
71.892 |
|
|
|
TOTAL IMPORTS |
981.918 |
385.835 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)Per Share (Rs.) |
|
|
|
|
|
|
-Basic |
(6.31) |
(11.72) |
0.07 |
|
|
|
-Diluted |
(6.27) |
(10.27) |
0.06 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1001.700 |
1151.900 |
1195.400 |
|
Total Expenditure |
1012.200 |
1138.900 |
1178.100 |
|
PBIDT (Excl OI) |
(10.400) |
13.000 |
17.300 |
|
Other Income |
03.000 |
2.100 |
3.400 |
|
Operating Profit |
(7.500) |
15.100 |
20.800 |
|
Interest |
103.900 |
104.500 |
103.500 |
|
Exceptional Items |
0.000 |
0.000 |
71.100 |
|
PBDT |
(111.300) |
(89.400) |
(11.700) |
|
Depreciation |
29.600 |
29.000 |
29.900 |
|
Profit Before Tax |
(140.900) |
(118.500) |
(41.600) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(140.900) |
(118.500) |
(41.600) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(140.900) |
(118.500) |
(41.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(12.55)
|
(25.90) |
0.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.58)
|
(26.36) |
0.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.50)
|
(19.02) |
0.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(6.42)
|
(1.50) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
37.06
|
4.82 |
1.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
2.27 |
3.11 |
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 |
No |
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
Yes |
|
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 |
DETAILS OF LITIGATIONS
IN THE HIGH COURT OF
DELHI AT NEW DELHI
18
CO.PET. 509 of 2012
THE BANK OF NEW YORK MELLON,
LONDON BRANCH ..... Petitioner
Through: Mr. Rahul Bhandari, proxy counsel
Versus
PARAMOUNT COMMUNICATIONS Limited..... Respondent
Through: None
CORAM: JUSTICE S. MURALIDHAR
O R D E R
11.03.2013
1. Lawyers are on strike today.
2. The reply, stated to have been filed by the Respondent, is not on record. The Registry is directed to trace it out and place on record. Rejoinder be filed before the next date of hearing.
3. List on 18th July 2013.
4. Interim order to continue.
S.MURALIDHAR, J
MARCH 11, 2013
FINANCIAL RESULTS
During the year the Company has incurred a net Loss of Rs. 583.546 Millions as against net loss of Rs.1015.720 Millions during previous year 2010-11, the gross turnover of the Company including other income stood at Rs.5093.923 Millions as against Rs. 4228.388 Millions in fiscal 2010-11.
The Company is still facing challenging business environment. The performance during FY12 is however broadly in line with the projections made under approved CDR package.
FUTURE OUTLOOK
The company is facing a difficult business environment. Market conditions are expected to improve gradually in future. The company is one of the major players in the Indian cable industry and caters to the cabling requirements of three major sectors namely Power, Railways and Telecom. The company expects growth in all these sectors.
The company is focusing upon business segments which may give better price realization. The economic climate seems to have already reached its lowest stage and there is considerable hope of improvement in the coming years. As soon as investment in Power and Industrial sector picks up, the demand for cables should again become buoyant. They also are an established player in the Optical Fiber telecom cables segment which is expected to enter into a demand boom period by the end of current fiscal due to the recent Government decision to form the NOFA- National Optical Fiber Authority which plans to provide OF connectivity up-to taluka and village levels all over the country within the next 3 years. The demand for cables from Railways has also started showing an uptrend after nearly 3 years of slackness in the signaling network maintenance.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW
GLOBAL ECONOMIC
OVERVIEW AND PROSPECTS
The world economy is on the brink of another recession and major down turn after the anaemic and uneven recovery from the global financial crisis. Output growth has already slowed considerably during 2011, especially in the developed countries.
Developing countries are expected to be further affected by the economic woes of developed countries through trade and financial channels. Among the major developing countries, China's and India's GDP growth is expected to remain robust, but to decelerate. In China, growth slowed from 10.4 % in 2010 to 9.3 % in 2011 and is projected to slow further to below 9 % in 2012- 13. India's economy is expected to expand by between 7.7% and 7.9% in 2012-13, down from 9 % in 2010.
European sovereign debt crisis led the volatility in the macro environment. There is a divergence of economic conditions across global regions, as well as a divergence of recovery within some regions. While global economic conditions are more stable than in the depths of the European sovereign debts crisis late last year, underlying economic conditions are still fragile and fluid in many parts of the world
THE INDIAN
PERSPECTIVE
Various domestic and global factors contributed towards a moderation of Indian economic growth to 6.9% in 2011-12 from 8.4% in 2010-11, reflecting a dampening of business sentiments and pace of execution of various projects. Uncertainty about demand conditions given the global outlook and its likely contagion effect, regulatory issues including environmental clearances and land acquisition as well as sector specific factors like availability of coal and iron ore have impacted investments. Other contributory factors included increases in interest rates aimed at dampening the inflation and a slowdown in decision-making in various crucial areas like allocation of coal blocks. At the same time, while fiscal policy remains expansionary, higher outgo toward items of nonplan revenue expenditure such as subsidies, limited the fiscal space available for boosting infrastructure spending by the public sector. Investment growth is likely to remain sluggish in 2012-13 as well, unless policy issues are addressed and there is a substantial pick up in the pace of implementation of big ticket economic reforms.
Managing growth and price stability are the major challenges of macroeconomic policymaking. In 2011-12, India found itself at the heart of these conflicting demands. The Indian economy is grew by 6.9 per cent in 2011-12, after having grown at the rate of 8.4 per cent in each of the two preceding years.
Inflation was high during most of the current fiscal year, though by the year's end there was a clear slowdown. Monetary policy was tightened by the Reserve Bank of India during the year to control inflation and curb inflationary expectations. Reflecting the weak manufacturing activity and rising cost, revenues of the centre have remained less than anticipated and, with higher than budgeted expenditure outgo, a slippage is expected on the fiscal side.
However, for the Indian economy, the outlook for growth and price stability at this juncture looks more promising. There are signs from some high frequency indicators that the weakness in economic activity has bottomed out and a gradual upswing is imminent.
EXPORTS
During the year, the Company's export business in foreign currency was Rs. 229.600 Millions as compared to Rs. 627.300 Millions during previous year. The lower exports are attributable to the global economic meltdown, recession and on account of poor economic conditions in U K market. The company targets substantial growth in export business catering to worldwide export markets through its subsidiaries AEI Cables Limited and AEI Power Cables Limited, United Kingdom.
FINANCIAL PERFORMANCE
The Company achieved gross sales turnover of Rs. 5077.200 Millions for the year ended 31st March, 2012 as compared to Rs. 4158.000 Millions during the previous year. The Company has incurred a net Loss of Rs. 583.500 Millions as against net loss of Rs. 101.57crore during previous year. The Company suffered losses on account of adverse market conditions resulted in significant reduction in demand for cables and the excess capacity situation resulted in an intensive price war among the cable manufacturer and due to foreign exchange fluctuations.
Total financial charges during the year have increased to Rs. 393.500 Millions from Rs. 380.000 Millions in value and overall financial charges burden in terms of percentage to total turnover is 7.75% as against 9.14% during the previous year.
The Company achieved consolidated gross sales turnover of Rs. 7468.500 Millions and net loss of Rs. 504.600 Millions for the year ended 31st March, 2012 as compared to Rs. 7419.500 Millions and net loss of Rs. 1199.200 Millions respectively during the previous year.
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Claims Against the Company not acknowledged as Debt |
5.662 |
2.580 |
|
Guarantees |
|
|
|
i. Financial Bank Guarantees outstanding |
72.635 |
12.986 |
|
ii. Guarantee of Rs.10,000,000/- (Previous Year Rs.10,000,000/-) given to a Bank for credit facilities given to Paramount Wires and Cables Limited (Associate) - Credit Facilities availed by Paramount Wires and Cables Limited |
9.301 |
8.781 |
|
iii. Parental guarantee in favour of One North East, UK, an agency of British Government responsible for promoting investment in U.K., on behalf of its wholly owned subsidiary, AEI Cables Limited for guaranteeing the repayment of Grant extended to it together with the interest at the rate of 1.5 percentage points above the UK base rate of Bank of England calculated from the date of first demand to AEI Cables Limited till the date of actual payment, in case AEI Cables Limited fails to observe the terms and conditions stipulated in the offer letter while giving the Grant. - Grant Facilities availed by AEI Cables Limited |
40.555 |
35.601 |
|
iv. Parental Guarantee of Rs.1338.315 Millions (sterling pounds Rs.16.500 Millions)[Previous Year Rs.1174.841 Millions (sterling pounds Rs.16.500 Millions)] given to a Bank for credit facilities given to AEI Cables Limited(Subsidiary). - Credit Facilities availed by AEI Cables Limited |
817.107 |
1107.694 |
|
v. Right of recompense of CDR lenders for reliefs/sacrifices/ waivers extended by respective CDR lenders to the company |
Amount unascertainable |
Amount unascertainable |
|
Other money for which company is contingently liable |
|
|
|
i. Unutilised Letter of Credits |
131.663 |
348.435 |
|
ii. Outstanding Bill discounted |
155.436 |
-- |
|
iii. Income Tax |
|
|
|
- Demand under appeal/rectification arising out of disallowances and non-credit of tax deduction at source |
1.726 |
3.309 |
|
- Matter which have been decided in favour of the Company in first appeal stage, however, Income tax department has filed appeal against orders of first appellate authority. |
27.009 |
27.009 |
|
iv. Excise demands under appeal |
76.480 |
70.318 |
|
v. Service tax demands under appeal |
24.761 |
1.328 |
|
vi. Custom duty demand due to denial of concessional custom duty, under appeal |
1.837 |
1.837 |
|
vii. Premium on Redemption of 1% Foreign Currency Convertible Bonds (FCCBs) |
-- |
128.893 |
FIXED ASSETS :
- Land
- Land (Leasehold)
- Buildings
- Plant and Machinery
- Electrical Fittings and equipments
- Furniture and Fixtures
- Vehicles
- Assets acquired under Hire purchase vehicles
- 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 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 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.54.33 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.