1. Summary Information
|
|
|
Country |
India |
|
Company Name |
CABLE CORPORATION OF INDIA LIMITED |
Principal Name 1 |
Mr. Hiten A Khatau |
|
Status |
Moderate |
Principal Name 2 |
Mr. M Digraskar |
|
|
|
Registration # |
11-010964 |
|
Street Address |
Laxmi Building, 4th Floor, 6 Shoorji Vallabhdas Marg,
Ballard Estate, Mumbai – 400 001, Maharashtra, India |
||
|
Established Date |
01.11.1957 |
SIC Code |
-- |
|
Telephone# |
91-22-66144000 |
Business Style 1 |
Manufacture |
|
Fax # |
91-22-66144111 |
Business Style 2 |
Sale |
|
Homepage |
Product Name 1 |
Power Cables |
|
|
# of employees |
Not Available |
Product Name 2 |
Turnkey Cable Contracts |
|
Paid up capital |
Rs. 772,900,000/- |
Product Name 3 |
Execution |
|
Shareholders |
Shareholding of
Promoter and Promoter Group – 90.50% Public
Shareholding – 9.50% |
Banking |
State Bank of
India |
|
Public Limited Corp. |
Yes |
Business Period |
56 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public Enterprise |
Yes |
Rating |
Ca (19) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Related
Party |
India
|
Premjyot Finvest and Trading Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,090,700,000 |
Current Liabilities |
1,095,300,000 |
|
Inventories |
196,200,000 |
Long-term Liabilities |
783,000,000 |
|
Fixed Assets |
1,418,900,000 |
Other Liabilities |
18,600,000 |
|
Deferred Assets |
74,300,000 |
Total Liabilities |
1,896,900,000 |
|
Invest& other Assets |
580,200,000 |
Retained Earnings |
690,500,000 |
|
|
|
Net Worth |
1,463,400,000 |
|
Total Assets |
3,360,300,000 |
Total Liab. & Equity |
3,360,300,000 |
|
Total Assets (Previous Year) |
4,291,500,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
2,125,500,000 |
Net Profit |
181,800,000 |
|
Sales(Previous yr) |
1,906,100,000 |
Net Profit
/ (Loss) (Prev.yr) |
(198,700,000) |
MIRA
INFORM REPORT
|
Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
CABLE CORPORATION OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.11.1957 |
|
|
|
|
Com. Reg. No.: |
11-010964 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 772.900 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300MH1957PLC010964 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC09915D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC2936J |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacture and sale
of power cables, Execution of Turnkey Cable Contracts, Providing Cable
related solutions and Trading products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
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 |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The rating takes into consideration the ongoing delays in collections from
the Tamilnadu Electricity Board, which are coupled with weak profitability
indicators in the cable business and intense competition. Further the sale of residential plots from its land at Borivali
(Maharashtra) has supported the net profitability to some extent. Trade relations are fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with great
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of payments
is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4
% between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
D (Term Loans) (Suspended) |
|
Rating Explanation |
The rating surveillance in the absence of the requisite information
from the company |
|
Date |
September 2013 |
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 Office / / Head Office Western Region Office : |
|
|
Tel. No.: |
91-22-66144000 / 4100 / 4150 / 4151/ 4152 |
|
Fax No.: |
91-22-66144111 / 4112 / 4114 / 4113 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. F-3/2, MIDC, Sinnar Industrial Area, (Malegaon), District
Nashik – 422 103, Maharashtra, India |
|
Tel. No.: |
91-2551-230147 |
|
|
|
|
Factory 2 : |
Plot No. F-3/1, MIDC, Sinnar Industrial Area, ( |
|
Tel. No.: |
91-2551-230328 /329/ / 392 |
|
|
|
|
REGIONAL OFFICE:
|
|
|
Northern Region
Offices : |
Milap Niketan, 2nd Floor, 8-A, Bahadur Shah Zafar Marg,
Post Box No. 7, |
|
Tel. No.: |
91-11-41509010 / 41509011 / 41509012 / 41509013 |
|
Fax No.: |
91-11-41509014 |
|
Email: |
|
|
|
|
|
Eastern Region Offices : |
Hari Kunj, 2048 Rajdanga Main Road, 1st Floor, Kolkata 700107, West
Bengal, India |
|
Tel. No.: |
91-33-24410465 / 24410610 |
|
Email: |
|
|
|
|
|
Southern Region Offices : |
Temple Tower,
7th Floor, 672, Anna Salai, Nandanam, Chennai 600 035, Tamilnadu, India |
|
Tel. No.: |
91-44-24343217 / 5389 |
|
Fax No.: |
91-44-24345150 |
|
Email: |
|
|
|
|
|
Branch Office : |
No. 2506, 10th Main, 'D' Block, 2nd Stage, Rajajinagar, Bangalore-560010, Karnataka, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Hiten A Khatau |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. M Digraskar |
|
Designation : |
Managing Director (w.e.f. 18.01.2013) |
|
|
|
|
Name : |
Mr. G. D. Bhingarkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Nayna B Pasta |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.05.1951 |
|
Qualification : |
C. A. |
|
Date of Appointment : |
27.02.2002 |
|
|
|
|
Name : |
Mr. Mukul Kasliwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
20.10.1964 |
|
Qualification : |
MBA in finance. |
|
Date of Appointment : |
10.01.2005 |
|
|
|
|
Name : |
Mr. C Sundershyam |
|
Designation : |
Nominee Director |
|
|
|
|
Name : |
Mr. Abhijit Datta |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.06.1949 |
|
Qualification : |
M.A. (Economics), C.A.I.I.B. |
|
Date of Appointment : |
31.10.2009 |
|
|
|
|
Name : |
Mr. Rajiv Saxena |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R Sridharan |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.09.1949 |
|
Qualification : |
Bachelor of Engineering (Electrical) |
|
Date of Appointment : |
01.06.2010 |
|
|
|
|
Name : |
Mr. Rohan H Khatau |
|
Designation : |
Director |
|
Date of Birth/Age : |
19.02.1987 |
|
Qualification : |
B.Sc. , B.Eng. |
|
Date of Appointment : |
11.02.2012 |
KEY EXECUTIVES
|
Name : |
Mr. M Digraskar |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 13.12.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
46250 |
0.06 |
|
|
57843452 |
74.84 |
|
|
11989547 |
15.51 |
|
|
11989547 |
15.51 |
|
|
69879249 |
90.42 |
|
|
|
|
|
|
67690 |
0.09 |
|
|
67690 |
0.09 |
|
Total shareholding of Promoter and Promoter Group (A) |
69946939 |
90.50 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
47300 |
0.06 |
|
|
500 |
0.00 |
|
|
1634300 |
2.11 |
|
|
1682100 |
2.18 |
|
|
|
|
|
|
873317 |
1.13 |
|
|
|
|
|
|
3740449 |
4.84 |
|
|
787544 |
1.02 |
|
|
256201 |
0.33 |
|
|
41957 |
0.05 |
|
|
114444 |
0.15 |
|
|
1700 |
0.00 |
|
|
98000 |
0.13 |
|
|
100 |
0.00 |
|
|
5657511 |
7.32 |
|
Total Public shareholding (B) |
7339611 |
9.50 |
|
Total (A)+(B) |
77286550 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
77286550 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Any OtherBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacture and sale
of power cables, Execution of Turnkey Cable Contracts, Providing Cable related
solutions and Trading products. |
||||
|
|
|
||||
|
Products : |
· Electric Cables, Wires, Conductors and Strips · Spares, Accessories and others · Scrap
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of India ·
United Bank of India ·
State Bank of Patiala |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sorab S Engineer and Company Chartered Accountant |
|
|
|
|
Solicitors : |
|
|
Name : |
Kanga and Company Chartered Accountant |
|
|
|
|
Companies / Entities
with which transactions have taken place during the year : |
·
Premjyot Finvest and Trading Limited ·
CCI Projects Private Limited ·
Krishabh Trading and Services Private Limited |
|
|
|
|
Companies / Entities
with which no transactions have taken place during the year : |
·
Great View Properties Private Limited ·
Sthir Trading Company Private Limited ·
CCI Realtors Private Limited ·
Future Deal Properties Private Limited ·
Aries Trust ·
Gemini Trust ·
Pisces Trust ·
Sagitarius Trust ·
NHK Trust ·
Perwinkle Global Limited ·
Gemini International FZE |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77410000 |
Equity Shares |
Rs.10/- each |
Rs. 774.100 Millions |
|
14590000 |
Preference Shares |
Rs.10/- each |
Rs. 145.900 Millions |
|
|
TOTAL |
|
Rs. 920.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77286550 |
Equity Shares |
Rs.10/- each |
Rs. 772.900
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
772.900 |
772.900 |
772.900 |
|
(b) Reserves & Surplus |
690.500 |
508.700 |
707.400 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1463.400 |
1281.600 |
1480.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
247.300 |
1296.900 |
1272.400 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
14.900 |
12.800 |
12.500 |
|
Total Non-current Liabilities (3) |
262.200 |
1309.700 |
1284.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
535.700 |
614.700 |
385.000 |
|
(b) Trade payables |
587.700 |
508.700 |
641.100 |
|
(c) Other current
liabilities |
507.600 |
573.600 |
601.600 |
|
(d) Short-term provisions |
3.700 |
3.200 |
2.800 |
|
Total Current Liabilities (4) |
1634.700 |
1700.200 |
1630.500 |
|
|
|
|
|
|
TOTAL |
3360.300 |
4291.500 |
4395.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1418.900 |
1115.500 |
1190.000 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
6.700 |
292.700 |
32.100 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
573.500 |
573.500 |
573.500 |
|
(c) Deferred tax assets (net) |
74.300 |
74.300 |
74.300 |
|
(d) Long-term Loan and Advances |
168.100 |
180.400 |
172.900 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2241.500 |
2236.400 |
2042.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
196.200 |
252.700 |
326.000 |
|
(c) Trade receivables |
650.400 |
1463.200 |
1593.500 |
|
(d) Cash and cash
equivalents |
124.200 |
136.000 |
224.200 |
|
(e) Short-term loans and
advances |
144.900 |
198.700 |
206.200 |
|
(f) Other current assets |
3.100 |
4.500 |
3.000 |
|
Total Current Assets |
1118.800 |
2055.100 |
2352.900 |
|
|
|
|
|
|
TOTAL |
3360.300 |
4291.500 |
4395.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2125.500 |
1906.100 |
2423.400 |
|
|
|
Other Income |
13.600 |
33.800 |
86.600 |
|
|
|
TOTAL (A) |
2139.100 |
1939.900 |
2510.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
942.000 |
1136.200 |
1376.800 |
|
|
|
Purchase of Stock In Trade |
64.300 |
122.900 |
119.000 |
|
|
|
Employee benefits expenses |
103.300 |
93.700 |
93.700 |
|
|
|
Other Expenses |
332.300 |
257.900 |
281.900 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
124.700 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
53.300 |
56.300 |
(12.400) |
|
|
|
TOTAL (B) |
1495.200 |
1667.000 |
1983.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
643.900 |
272.900 |
526.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
368.600 |
376.600 |
255.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
275.300 |
(103.700) |
271.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
93.500 |
94.900 |
114.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
181.800 |
(198.600) |
157.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.100 |
(0.300) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
181.800 |
(198.700) |
157.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
2.000 |
0.000 |
|
|
TOTAL EARNINGS |
0.000 |
2.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
31.300 |
107.200 |
193.100 |
|
|
|
Capital Goods |
8.700 |
80.900 |
38.200 |
|
|
|
Components for Projects |
3.900 |
60.900 |
91.900 |
|
|
TOTAL IMPORTS |
43.900 |
249.000 |
323.200 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.35 |
(2.57) |
4.31 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
393.400 |
417.300 |
|
Total Expenditure |
386.900 |
346.100 |
|
PBIDT (Excl OI) |
6.500 |
71.200 |
|
Other Income |
3.300 |
3.700 |
|
Operating Profit |
9.800 |
74.900 |
|
Interest |
49.200 |
48.000 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
(39.400) |
26.900 |
|
Depreciation |
30.300 |
30.400 |
|
Profit Before Tax |
(69.700) |
(3.500) |
|
Tax |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(69.700) |
(3.500) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(69.700) |
(3.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.50
|
(10.24) |
6.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.55
|
(10.42) |
6.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.72
|
(5.93) |
4.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
(0.15) |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.54
|
1.49 |
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.68
|
1.21 |
1.44 |
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) |
Yes |
|
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 |
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 |
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Long Term Borrowings |
|
|
|
(a) Deferred
payment liabilities |
|
|
|
i. Sales Tax Deferral Scheme |
87.900 |
105.600 |
|
(b) From Others |
127.200 |
107.500 |
|
|
|
|
|
TOTAL |
215.100 |
213.100 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10401904 |
30/01/2013 |
1,850,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION
LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T
PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
B67660324 |
|
2 |
10294592 |
29/12/2009 |
1,500,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION
LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T
PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
A85232130 |
|
3 |
10119300 |
11/07/2008 |
120,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH ATLANTA, NARIMAN POINT,
MUMBAI, |
A44493021 |
|
4 |
10095080 |
03/04/2008 |
280,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION
LIMITED |
RAMON HOUSE 169BACKBAY RECLAMATION, H T
PAREKH MARG, MUMBAI, MAHARASHTRA - 400020, INDIA |
A35180116 |
|
5 |
10035894 |
11/07/2008 * |
270,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH ATLANTA, NARIMAN POINT,
MUMBAI, |
A44492650 |
|
6 |
80023750 |
08/10/2009 * |
1,838,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,, N.G.N. VAIDYA MARG, (BANK
STREET),, MUMBAI, MAHARASHTRA - 400023, INDIA |
A73551467 |
|
7 |
90239499 |
30/07/2009 * |
1,838,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N G N VAIDYA, MUMBAI,
MAHARASHTRA - 400023, INDIA |
A68221563 |
|
* Date of charge modification |
||||||
OPERATIONS
During the year
the Cable business segment of the Company achieved turnover of Rs 1200.000
Millions compared to the turnover of Rs. 1590.000 Millions in the previous
year. The drop in turnover was mainly due to paucity of working capital, major
part of which remained blocked in servicing the turnkey orders. Raw Material
prices remained extremely volatile whereas stiff competition impacted EBDITA
margins adversely.
During the year the income from Real Estate operations amounted to Rs
890.000 Millions.
Industrial relations remained cordial during the year.
CURRENT YEAR’S OUTLOOK AND FUTURE PROSPECTS
The outlook for
the current year, at present, is sluggish. The macro economic environment (and
especially the infrastructure sector) is passing through a difficult phase.
However, keeping in view the improvement in the demand of various state
utilities and reform measures being undertaken by them coupled with positive outlook
for the power and infrastructure sectors, the outlook has more likelihood of
improvement in the medium term.
In EHV segment,
the Company has been competing against international players. It is expected
that EHV Cable business shall grow with good margins and the Company shall have
the advantage of full capacity utilization in the coming years.
MANAGEMENT DISCUSSIONS AND ANALYSIS
OVERALL REVIEW
The Company is
engaged in the business of manufacture and sale of power cables, Execution of
Turnkey Cable Contracts, Providing Cable related solutions and Trading
products. The company caters to the demands of Transmission and Distribution
sectors of Power Industry, Power Generation Projects and all Industrial
Sectors.
SEGMENT–WISE
PERFORMANCE
The Cable business
segment of the Company achieved turnover of Rs 1200.000 Millions. The drop was
mainly due to paucity of working capital, a major part which remained blocked
in servicing turnkey orders, fluctuation in raw material prices and stiff
competition.
The Company’s development project at Borivali is ongoing with a
satisfactory response.
OUTLOOK
The outlook for
the current year, at present, is not very buoyant. However, keeping in view the
improvement in the health of various state utilities and reform measures being
undertaken by them coupled with positive outlook for the power and
infrastructure sectors, the outlook has more likelihood of improvements
FIXED ASSETS
· Land Leasehold
· Buildings and Ownership Flats
· Plant and Machinery
· Furniture and Fixtures
· Approach Roads and Wells
· Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30TH SEPTEMBER 2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year to date period ended |
|
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
406.000 |
385.100 |
791.100 |
|
|
Other Operating Income |
11.300 |
8.300 |
19.600 |
|
|
Net Sales/Income
from Operations |
417.300 |
393.400 |
810.700 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
238.000 |
296.700 |
534.700 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress and
Stock In Trade |
17.700 |
0.200 |
17.900 |
|
|
Employee Benefits Expenses |
26.600 |
27.600 |
54.200 |
|
|
Depreciation and Amortization Expenses |
30.400 |
30.300 |
60.700 |
|
|
Other Expenses |
63.800 |
62.400 |
126.200 |
|
|
f) Total |
376.500 |
417.200 |
793.700 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
40.800 |
(23.800) |
17.000 |
|
|
|
|
|
|
|
4. |
Other Income |
3.700 |
3.300 |
7.000 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
44.500 |
(20.500) |
24.000 |
|
|
|
|
|
|
|
6. |
Interest |
48.000 |
49.200 |
97.200 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(3.500) |
(69.700) |
(73.200) |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(3.500) |
(69.700) |
(73.200) |
|
|
|
|
|
|
|
10. |
Tax Expense |
-- |
-- |
-- |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(3.500) |
(69.700) |
(73.200) |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
(3.500) |
(69.700) |
(73.200) |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
772.900 |
772.900 |
772.900 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
(0.05) |
(0.90) |
(0.95) |
|
|
b) Basic and diluted EPS after extraordinary items |
(0.05) |
(0.90) |
(0.95) |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
19329158 |
19329158 |
19329158 |
|
|
- Percentage of Shareholding |
25.01 |
25.01 |
25.01 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
13145770 |
13145770 |
13145770 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
22.68 |
22.68 |
22.68 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
17.01 |
17.01 |
17.01 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
44811622 |
44811622 |
44811622 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
77.32 |
77.32 |
77.32 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
57.98 |
57.98 |
57.98 |
|
Particulars
|
3
Months ended on 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Year to date period ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cables |
278.300 |
353.300 |
631.600 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Real Estate Income |
139.000 |
40.100 |
179.100 |
|
|
|
|
|
|
|
|
|
|
Total Revenue |
417.300 |
393.400 |
810.700 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cables |
(94.100) |
(60.200) |
(154.300) |
|
|
|
|
|
|
|
|
|
|
Add / Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
(48.000) |
(49.200) |
(97.200) |
|
|
|
Other Unallocable Expenses |
(0.400) |
(0.400) |
(0.800) |
|
|
|
Other Unallocable Income |
-- |
-- |
-- |
|
|
|
Profit / (Loss)
from Ordinary activities before tax |
(142.500) |
(109.800) |
(252.300) |
|
|
|
|
|
|
|
|
|
|
Real Estate |
139.000 |
40.100 |
179.100 |
|
|
|
|
|
|
|
|
|
|
Profit / (Loss)
from ordinary activities before tax |
(3.500) |
(69.700) |
(73.200) |
NOTES
1.
The Statutory Auditors have
carried out a "Limited Review" for the quarter ended September 30,
2013.
2.
The above results were reviewed by
the Audit Committee and were taken on record by the Board of Directors at its
meeting held on November 13, 2013.
3.
Adjustment on account of Deferred
Tax will be made at the year end.
4.
Segment wise Capital Employed is
not ascertainable in view of the nature of activity.
5.
The Company has received a
proposal from Great View Properties Private Limited (GVPPL), part of the promoter
group of the Company, along with another promoter group company to acquire
entire public shareholding of the Company @ Rs. 19/- per share and to delist
the shares of the Company from Bombay Stock Exchange under SEBI (Delisting of
Equity Shares) Regulations, 2009. The Board of Directors have approved the
above proposal in their meeting held on June 27, 2013 and initiated postal
ballot procedure for obtaining shareholders approval by Special Resolution and
the shareholders approved the same on August 07, 2013. The Company has received
in principle approval for the proposed delisting from BSE Limited.
6.
The figures for the previous
periods have been restated/regrouped, wherever necessary, to make them
comparable.
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
30.09.2013 (Unaudited) |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
772.900 |
|
Reserve &
surplus |
616.900 |
|
Sub-total - Shareholders' funds |
1389.800 |
|
Non - current liabilities |
|
|
Long term
borrowings |
218.700 |
|
Long term
provisions |
14.900 |
|
Sub-total - Non-current liabilities |
233.600 |
|
Current
liabilities |
|
|
Short term
borrowings |
690.500 |
|
Trade payables |
419.600 |
|
Other current liabilities |
739.500 |
|
Short term
provisions |
3.000 |
|
Sub-total - Current liabilities |
1852.600 |
|
Total - Equity & Liabilities |
|
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
1428.600 |
|
Non-current
investment |
573.500 |
|
Deferred Tax
assets (net) |
74.300 |
|
Long term loans
& advances |
166.300 |
|
Sub-total - Non-current Assets |
2242.700 |
|
Current assets |
|
|
Inventories |
149.600 |
|
Trade
receivables |
813.100 |
|
Cash & bank
balances |
106.300 |
|
Short term loans
& advances |
161.200 |
|
Other current
assets |
3.100 |
|
Sub-total - Current Assets |
1233.300 |
|
Total – Assets |
3476.000 |
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. 61.99 |
|
UK Pound |
1 |
Rs. 101.37 |
|
Euro |
1 |
Rs. 84.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
19 |
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.