Summary Information
|
|
|
Country |
India |
|
Company Name |
CORDS CABLE
INDUSTRIES LIMITED |
Principal Name 1 |
Mr. Naveen Sawhney |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Devender Kumar Prashar |
|
|
|
Registration # |
55-046092 |
|
Street Address |
B-1/A-26, Mohan
Co-Operative Industrial Estate, |
||
|
Established Date |
21.10.1991 |
SIC Code |
-- |
|
Telephone# |
91-11-40551200 |
Business Style 1 |
Manufacture |
|
Fax # |
91-11-26951196 / 26951731 |
Business Style 2 |
Sale |
|
Homepage |
Product Name 1 |
Power Cables |
|
|
# of employees |
Not Available |
Product Name 2 |
Instrumentation Cables |
|
Paid up capital |
Rs. 130,278,000/- |
Product Name 3 |
- |
|
Shareholders |
Shareholding of Promoter and Promoter Group 57.57 % Public Shareholding 42.43 % |
Banking |
Canara Bank |
|
Public Limited Corp. |
Yes |
Business Period |
22 Years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
Ba
(46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
- |
- |
- |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,338,483,000 |
Current Liabilities |
1,091,160,000 |
|
Inventories |
473,627,000 |
Long-term Liabilities |
810,670,000
|
|
Fixed Assets |
1,142,943,000 |
Other Liabilities |
71,362,000 |
|
Deferred Assets |
000 |
Total Liabilities |
1,973,192,000 |
|
Invest& other Assets |
6,499,000 |
Retained Earnings |
858,082,000 |
|
|
|
Net Worth |
988,360,000 |
|
Total Assets |
2,961,552,000 |
Total Liab. & Equity |
2,961,552,000 |
|
Total Assets (Previous Year) |
2,798,662,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
3,768,074,000 |
Net Profit |
53,630,000 |
|
Sales(Previous yr) |
2,896,107,000 |
Net Profit(Prev.yr) |
53,712,000 |
MIRA
INFORM REPORT
|
Report Date : |
12.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
CORDS CABLE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
B-1/A-26, Mohan Co-Operative Industrial Estate, Mathura Road, New
Delhi – 110044 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
21.10.1991 |
|
|
|
|
Com. Reg. No.: |
55-046092 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.130.278 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999DL1991PLC046092 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELC06369G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC0519K |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company's principal activity is to manufacture and
sale of power cables and instrumentation cables for domestic and industrial
use. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track.
Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
Long Term Bank Facilities : BBB |
|
Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation it carry moderate credit risk. |
|
Date |
December, 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 Office/ Head Office : |
B-1/A-26, Mohan Co-Operative Industrial Estate, |
|
Tel. No.: |
91-11-40551200 |
|
Fax No.: |
91-11-26951196 / 26951731 |
|
E-Mail : |
ipo@cordscable.com [For
Investor] |
|
Website : |
|
|
|
|
|
Factory 1 : |
Existing Plat : A-525, Industrial Area Chopanki, Bhiwadi, District Alwar – 301019,
Rajasthan, India |
|
|
|
|
Factory 2 : |
Proposed Plant :
SP-239, 240 and 241, Industrial Area Kahrani, Bhiwadi Extension,
District Alwar, Rajasthan, India |
|
|
|
|
Regional Offices : |
Located At : ·
Mumbai ·
Hyderabad ·
Chennai ·
Kolkata |
|
|
|
|
Overseas Office : |
· Oman · UAE · Bahrain |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Naveen Sawhney |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.07.2011 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00893704 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Directorship :
|
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Devender Kumar Prashar |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.07.2011 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00540057 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Directorship :
|
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2006 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00046524 |
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Other Directorship :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Narasinghapuram Krishnaswamy Balasubramanian |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
30.07.2007 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00049608 |
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Other Directorship :
|
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ajit Kumar Sahay |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Independent Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
01.07.1942 |
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Date of Appointment : |
30.09.2010 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
00353414 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Ms. Jyoti Dixit |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. V. K. Beri |
|
Designation : |
Chief Executive Officer (Designate) |
|
|
|
|
Name : |
Mr. Varun Sawhney |
|
Designation : |
Vice President (Marketing, HR and IT) |
|
|
|
|
Name : |
Mr. H. K. Pandita |
|
Designation : |
Vice President (Marketing) |
|
|
|
|
Name : |
Mr. Amitabha De |
|
Designation : |
Assistant Vice President (Strategic Business) |
|
|
|
|
Name : |
Mr. Sandeep Kumar |
|
Designation : |
General Manager (Accounts and Finance) |
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|
|
|
Name : |
Mr. Dinesh Shukla |
|
Designation : |
President (Operations) |
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|
|
Name : |
Mr. Rahul Prashar |
|
Designation : |
Vice President (Project and Sourcing) |
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|
Name : |
Mr. Gaurav Sawhney |
|
Designation : |
Vice President (Finance and Banking) |
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|
Name : |
Mr. Anil Gupta |
|
Designation : |
General Manager (Technical ) |
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|
|
|
Name : |
Mr. Satinder Bedi |
|
Designation : |
Head (Business Development) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2012
|
Category of
Shareholder |
Number of Shares |
Percentage of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6578889 |
57.57 |
|
|
6578889 |
57.57 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
6578889 |
57.57 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
12695 |
0.11 |
|
|
12695 |
0.11 |
|
|
|
|
|
|
631718 |
5.53 |
|
|
|
|
|
|
2458705 |
21.52 |
|
|
1343630 |
11.76 |
|
|
402143 |
3.52 |
|
|
106733 |
0.93 |
|
|
1440 |
0.01 |
|
|
293970 |
2.57 |
|
|
4836196 |
42.32 |
|
Total Public
shareholding (B) |
4848891 |
42.43 |
|
Total (A)+(B) |
11427780 |
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) |
11427780 |
0.00 |
Equity Share Break up (Percentage of Total Equity)
As on: 31.03.2012
|
Category |
|
Percentage |
|
Promoters |
|
56.36 |
|
Financial Institutional / Banks |
|
0.11 |
|
Bodies Corporate |
|
5.21 |
|
Individual Holding less than 1 Lakh |
|
23.28 |
|
Individual Holding in excess 1 Lakh |
|
13.54 |
|
NRIs |
|
0.97 |
|
Clearing Members |
|
0.53 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company's principal activity is to manufacture and
sale of power cables and instrumentation cables for domestic and industrial
use. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (As on: 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Cables |
Cable KM |
65000** |
22544 |
* The installed
capacity as shown above has been certified by the management and not verified
by the Auditors, being a technical matter.
** Includes 35000KM
Cable capacity installed at newly established Plant at Kahrani which has
commenced its initial production from 03.01.2011.
Note :
As the company is
producing more than 400 sizes of cable and the product mix changes depending on
the order, hence plant is designed to adopt the changeability and it is
difficult to determine the exact capacity for each type of cable
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Canara Bank · ICICI Bank Limited · DBS Bank Limited · Citi Bank NA · State Bank of Patiala · Rajasthan State Industrial Development and Industrial Corporation Limited (RIICO Limited) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
1. External Commercial Borrowing referred above are secured by way of first charge on the entire Movable fixed assets and equitable mortgage on Factory land and Building and Plant and Machinery situated at Kaharani. 2. Term Loans from Banks and others referred above are secured by way of equitable mortgage of Chopanki and Kaharani land and building and hypothecation of Plant and Machinery and other fixed assets. 3. Vehicle loans are secured by way of hypothecations of vehicles. 4. Maturity Profile of long term borrowings are as below :
5. Working Capital
loans along with non-fund based facilities from banks are secured by way of
hypothecation of present and future stock of raw materials, work-in-process, finished
goods, book debts as first charge which ranks Pari-passu amongst Bankers and
by way of Second charge on the immovable and movable assets of the company by
respective banks and pledge of FDR for Rs. 2.800 Millions. |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharma Goel and Company Chartered Accountants |
|
Address: |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
|
200000 |
Non-Convertible Cumulative Preference Share |
Rs.100/- each |
Rs.20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.140.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11427780 |
Equity Shares |
Rs.10/- each |
Rs.114.278 Millions |
|
160000 |
Non-Convertible Cumulative Preference Share |
Rs.100/- each |
Rs.16.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.130.278 Millions |
1 The Reconciliation
of number of shares outstanding and amount of capital is set out below:
Equity Share
(Rs. In Millions)
|
|
As at 31.03.21012 |
|
|
Particulars |
No. of Shares |
Amount |
|
Equity Shares at the beginning of the year |
11427780 |
114.278 |
|
Add : Equity Share Issued During the year |
- |
- |
|
Equity Share at the
End of the year |
11427780 |
114.278 |
Preference Share
(Rs. In Millions)
|
|
As at 31.03.21012 |
|
|
Particulars |
No. of Shares |
Amount |
|
Preference Shares at the beginning of the year |
- |
- |
|
Add : Preference Share Issued during the Year |
160000 |
16.000 |
|
Preference Share at
the end of the year |
160000 |
16.000 |
2. The company has only one class of Equity shares having a par value of Rs.10/- per share. The holders of equity shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share. In the event of liquidation, Equity shareholders will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to the number of shares held to the total equity shares outstanding as on that date.
3. During the year, the Company has issued and allotted 1,60,000 Non-Convertible, Cumulative, redeemable Preference Shares of Rs.100/- each fully paid to its Promoters. These shares carry Dividend rate of 10% (Ten Percent) Per Annum and votings rights of these shares are limited to matters which directly affect the rights of Preference Shareholders. The said Preference shares shall have tenure of 5 (five) years, however the company, reserves the right to recall the shares after a period of 2 (two) years or at any suitable tenure giving not less than 6 (six) months previous notice in writing to shareholders to redeem these shares. These shares are not listed on any stock exchange.
4 The Details of
shareholders holding more than 5% shares :
|
Equity Shares |
As at 31.03.21012 |
|
|
Name of Shareholder |
No. of Shares |
% held |
|
Naveen Sawhney |
2622615 |
22.95 |
|
Devender Kumar Prashar |
2683250 |
23.48 |
|
|
|
|
|
Preference Shares |
|
|
|
Naveen Sawhney |
80000 |
50 |
|
Devender Kumar Prashar |
80000 |
50 |
5. 40,26,980 Equity Shares out of issued, subscribed and Paid up share capital were allotted as Bonus Shares in the last five years by the capitalistion of Securities premium and Reserves and Surplus
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 |
130.278 |
114.278 |
114.278 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
858.082 |
805.152 |
751.440 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
988.360 |
919.430 |
865.718 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
810.670 |
829.295 |
574.051 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1.973 |
|
|
3] Other Long Term Liabilities |
0.000 |
0.000 |
6.000 |
|
|
TOTAL BORROWING |
810.670 |
829.295 |
582.024 |
|
|
DEFERRED TAX LIABILITIES |
55.083 |
48.216 |
28.184 |
|
|
|
|
|
|
|
|
TOTAL |
1854.113 |
1796.941 |
1475.926 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1142.943 |
1144.288 |
615.172 |
|
|
Capital work-in-progress |
6.499 |
6.499 |
155.232 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
473.627
|
461.531 |
394.316
|
|
|
Sundry Debtors |
897.257
|
782.065 |
567.993
|
|
|
Cash & Bank Balances |
121.984
|
92.138 |
163.041
|
|
|
Other Current Assets |
38.485
|
38.794 |
0.000
|
|
|
Loans & Advances |
280.757
|
273.347 |
250.197
|
|
Total
Current Assets |
1812.110
|
1647.875 |
1375.547 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
882.465
|
822.346 |
593.448
|
|
|
Other Current Liabilities |
208.695
|
167.851 |
56.160
|
|
|
Provisions |
16.279
|
11.524 |
20.417
|
|
Total
Current Liabilities |
1107.439
|
1001.721 |
670.025 |
|
|
Net Current Assets |
704.671
|
646.154 |
705.522
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1854.113 |
1796.941 |
1475.926 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3768.074 |
2896.107 |
2208.341 |
|
|
|
Other Income |
15.095 |
12.766 |
14.857 |
|
|
|
TOTAL (A) |
3783.169 |
2908.873 |
2223.198 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3084.581 |
2322.898 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress & stock in trade |
(74.826) |
(26.939) |
|
|
|
|
Employee benefits expenses |
167.575 |
121.723 |
|
|
|
|
Other Expenses |
234.530 |
227.933 |
|
|
|
|
TOTAL (B) |
3411.860 |
2645.615 |
2016.506 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
371.309 |
263.258 |
206.692 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
229.259 |
140.971 |
107.747 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
142.050 |
122.287 |
98.945 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
67.750 |
43.419 |
36.689 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
74.300 |
78.868 |
62.256 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.670 |
25.156 |
20.396 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
53.630 |
53.712 |
41.860 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
327.129 |
273.417 |
249.114 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
4.187 |
|
|
|
Proposed Dividend (Preference Dividend) |
0.603 |
0.000 |
11.428 |
|
|
|
Corporate Dividend Tax |
0.098 |
0.000 |
1.942 |
|
|
BALANCE CARRIED
TO THE B/S |
380.059 |
327.129 |
273.417 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
154.243 |
293.816 |
422.188 |
|
|
TOTAL EARNINGS |
154.243 |
293.816 |
422.188 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
126.594 |
81.054 |
77.988 |
|
|
TOTAL IMPORTS |
126.594 |
81.054 |
77.988 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.63 |
4.70 |
3.66 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2012 |
30.06.2012 |
|
Type |
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
1087.400 |
770.200 |
|
Total Expenditure |
|
975.000 |
695.100 |
|
PBIDT (Excl OI) |
|
112.400 |
75.100 |
|
Other Income |
|
2.200 |
4.900 |
|
Operating Profit |
|
114.600 |
80.000 |
|
Interest |
|
62.600 |
48.800 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
52.000 |
31.100 |
|
Depreciation |
|
21.000 |
20.700 |
|
Profit Before Tax |
|
31.000 |
10.400 |
|
Tax |
|
10.100 |
3.400 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
20.900 |
7.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
20.900 |
7.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.42 |
1.85 |
1.88
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.97 |
2.72 |
2.82
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.51 |
2.82 |
3.13
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.09 |
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.94 |
1.99 |
1.45
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64 |
1.65 |
2.05
|
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 |
No |
|
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 |
-- |
|
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 |
OPERATIONAL
HIGHLIGHTS
During the year, the Company has registered strong growth. It achieved a turnover of Rs. 3768.074 Millions as compared to Rs.2896.107 Millions in the previous year, which is a jump of over 30%. The Operational Profit, before making provision for interest and depreciation, amounted to Rs. 356.215 Millions as against Rs. 250.493 Millions in the previous year, surging thus by over 40%.
The Profit before tax during the year was Rs.74.301 Millions.
The Company has build up strong ongoing relationships with its customers and has worked rigorously to deliver them specialized cables which are value-for-money at the same time. This performance has been achieved by focusing on continuous improvement in operational efficiency, customer service, quality, effective working capital management and employees' welfare initiative.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
GLOBAL: The global economic environment was tenuous at best through the most part of Fiscal 2011-12. Global GDP grew by 3.8% in 2011, significantly lower than the 5.2% growth in 2010. Global economic growth may further decrease in 2012 due to weak activity during the second half of 2011 and the first half of 2012, mainly on account of the damage done by deteriorating sovereign and banking sector developments in the euro area. In emerging markets also, financial conditions began to tighten during the fall of 2011. Amid a general flight from risk, interest rate spreads rose. Funding conditions worsened for banks, contributing to a tightening of lending standards, and capital inflows diminished. As a result, capital flows to developing countries declined by almost half in 2011. Real GDP in many emerging economies was somewhat weaker than expected but growth surprised on the upside in the advanced economies. Economic growth is expected to average about 5.5% - a decline from 6.2% growth in 2011.
Although after suffering a major setback during 2011, global prospects are gradually strengthening again but downside risks remain elevated. Real GDP growth should pick up gradually during 2012–13 from the trough reached during the March quarter of 2012. The reacceleration of activity during the course of 2012 is expected to return global growth in 2013. Real GDP growth in the emerging and developing economies is projected to slow to 5.5 percent in 2012 but then to reaccelerate to 6 percent in 2013, helped by easier macroeconomic policies and strengthening foreign demand. Improved financial conditions, accommodative monetary policies, and a similar pace of fiscal tightening as in 2011 will drive this reacceleration. Even though domestic vulnerabilities have been gradually building, emerging and developing economies shall continue to reap benefits of strong macroeconomic and structural policies. Capital flows to developing countries are also expected to return with new vigor, and risk spreads are expected to come down again. Also, despite a substantial downward revision, Asia is still projected to grow at 7.5% in 2012.
INDIA: Indian economic growth declined from 8.4% in 2010-11 to 6.5% in 2011-12. Growth decelerated in 2011- 12 to below the economy's potential due to domestic and global factors. Inflation persistence and widening twin deficits constrained the Reserve Bank's ability for counter-cyclical measures. India has been struggling to catalyze growth and control inflation. Inflation, as measured by the wholesale price index (WPI), was high during most part of the current fiscal year, though by the year's end there was a clear slowdown. After two years, high inflation moderated in the later part of 2011-12 in response to past monetary tightening and growth deceleration. Interest rates increased during 2011-12 and may have impacted investment coupled with the bottom-line of various companies across the board. Also, steeply declining rupee is complicating the decision making for RBI and Finance Ministry to be conservative or stimulate the economy. The rupee is likely to remain stretched as India readies for FCCB repayments. Of the BSE 500 companies, 28 companies had an aggregate FCCB outstanding of Rs.245 bn maturing by FY'13.
In 2012-13, inflation is likely to remain sticky at around 7 per cent with upside risks emanating from a deficient monsoon. Growth in 2012-13 is expected to stay around the previous year's level of 6.5 per cent. However, the government, in August 2012, promised to take several steps to tackle macro-economic weakness. As these steps materialize, growth is expected to gradually start improving later this year and trend growth is expected to be restored next year. Sight must not be lost of the fact that by any cross-country comparisons, India still remains a front runner.
INDUSTRY SCENARIO
Cables are the crucial infrastructure backbone of an economy, the critical elements that wire up the length and breadth of the country. The prospects of the Cable Industry are interlinked with the health of other industries viz: power, telecom, railways, real estate, steel, infrastructure etc., government's procurement policies, strategic diversifications and switching over to integrated manufacturing. The cable industry is fragmented with number of players in organized sector and many more in the unorganized sector. To bring economies of scale in this industry there is a need to reduce finance cost and to bring in technology and quality improvements which may be sometimes sacrificed under the intense competition. As a result, relatively low margins are plaguing the industry. However, with the growth of other related industries, the Indian cable industry is indeed bound to grow
and prosper.
OPPORTUNITIES IN
VARIOUS SECTORS
Government of India's Eleventh Five Year Plan emphasized the need for removing infrastructure bottlenecks for sustained growth. It, therefore, proposed an investment of US $500 billion in infrastructure sectors through a mix of public and private sectors to reduce deficits in identified infrastructure sectors. As a percentage of the gross domestic product (GDP), investment in infrastructure was expected to increase to around 9 per cent. For the first time the contribution of the private sector in total investment in infrastructure was targeted to exceed 30 per cent.
Total investment in infrastructure during the Eleventh Plan is estimated to increase to more than 8 per cent of GDP in the terminal year of the Plan -- higher by 2.47 percentage points as compared to the Tenth Plan. The private sector is expected to be contributing nearly 36 per cent of this investment.
POWER
The Indian Power Industry is one of the largest and most important industries in India as it fulfills the energy requirements of various other industries. It is one of the most critical components of infrastructure that affects economic growth and the well-being of their nation.
The Government is investing in this industry through various development schemes: -
· The Rural Electrification Program is an effort to lighten up villages which have faced acute shortage of Power over the years.
· Power for All by 2012' plan aims at a per capita consumption of 1000kwh by the end of the 11th Five Year Plan (2007-12).
· The Accelerated Power Development and Reform Program (APDRP) is being implemented so that the desired level of 15 per cent AT and C (Aggregate Technical and Commercial) loss can be achieved by the end of 11th plan (Currently it is 30%).
The Positive trend in the power sector is most important catalyst for the cable and wire industry. Cables play a crucial part in all three aspects of the power sector - generation, transmission and distribution. Therefore, the trend of cable and wire industry is to a great extent dependent upon the power sector.
STEEL SECTOR
The steel industry has witnessed good growth in past few years. Global steel production touched 1527 MMT in 2011 against 1429 MMT in 2010 - an increase of 6.8% over the previous year. All major steel producing countries reported growth. In 2011, India emerged as the world's fourth largest steel producer after China, USA and Japan.
India produced 71 MMT of crude steel in 2011-12 against 68MMT in 2010-11.
India's per capita consumption of 57 kgs is still way behind the developed economies which means a huge growth potential for the country in steel production. As per the latest forecast, India is poised to become the world's second-largest steel producer by 2015. The increased production and the expansion plans of the steel sector will in turn boost demand for cables as it is required for setting up new facilities.
REAL ESTATE SECTOR
The real estate sector in India is being recognised as an infrastructure service that is driving the economic growth engine of the country, according to industry experts. In fact, foreign direct investment (FDI) in the sector is expected to increase to US$ 25 billion in the next 10 years, according to a latest industry body report.
The Reserve Bank of India (RBI) has granted permission to foreign citizens of Indian origin to purchase property in India for residential or commercial purposes. The purchase consideration should be met either out of inward remittances in foreign exchange through normal banking channels or out of funds from NRE/FCNR accounts maintained with a bank in India.
According to the latest reforms, FDI up to 100 percent under the automatic route in townships, housing, built-up infrastructure and construction-development projects (which would include, but not be restricted to, housing, commercial premises, hotels, resorts, hospitals, educational institutions, recreational facilities, city and regional level infrastructure) is allowed subject to certain guidelines (also for investment by NRIs)
FDI flows into housing and real estate in April-March 2011-12 stood at US$ 731 million, according to the Department of Industrial Policy and Promotion (DIPP) Sources: Consolidated FDI Policy Department of Industrial Policy and Promotion (DIPP), CII Real Estate Whitepaper and Ministry of Housing and Urban Poverty Alleviation
Growth in the real
estate sector is essential to the cables and wires industry.
AIRPORT MODERNIZATION
In 2011-12, airport infrastructure development continued at a significant pace. In 18 non-metro airports, various upgradation works like expansion of terminal buildings, aprons, taxiways, and aerobridges have been taken up. At IGI Airport, Delhi, upgradation of the existing cargo terminal and construction of a Greenfield cargo terminal have been undertaken. At Mumbai Airport, the airport development project is under way. In order to meet the requirements of increasing traffic, work relating to expansion of the terminal building and apron was undertaken at Bangalore International airport. Government also gave 'in-principle' approval for setting up of a Greenfield airport at Karaikal in Puducherry and Shirdi in Maharashtra. Increased activity in Airport modernization shall add to the demand for specialized cables.
RAILWAYS (including
Metro-rails)
The Ministry of Railways Vision 2020 document envisages the railway sector's share in the GDP to increase from the existing level of 1 per cent to about 3 per cent and its revenues to grow by 10 per cent annually over the next ten years. Some of the major goals set for 2020 in the document include:
(a) Laying of 25,000 km of new lines;
(b) Quadrupling of the 6,000 km network with segregation of passenger and freight lines;
(c) Electrification of 14,000 km;
(d) Completion of gauge conversion;
(e) Upgradation of speed to 160-200 kmph for passenger trains; and
(f) Construction of 2,000 km of high-speed rail lines.
METRO-RAIL: The government had approved the implementation of the Bangalore Metro Rail Project of 42.3 km length by Bangalore Metro Rail Corporation Ltd. (BMRCL). The project commenced on 20th January 2007 and is targeted for completion by 31st March 2013. Government had earlier approved the implementation of the east-west metro corridor of 14.67 km length in Kolkata by Kolkata Metro Rail Corporation Ltd (KMRCL). The project is targeted for completion by 31st January 2015. The Chennai Metro Rail Project of 46.5 km length by Chennai Metro Rail Ltd. (CMRL) has also been approved. The project is targeted for completion by 31st March 2015. Recently, Phase III of Delhi Metro for 103.5 km at a total cost of Rs.352420.000 Millions has also been approved and is targeted for completion by 2016. The metro extension to Faridabad has also been sanctioned and is targeted for completion by March 2014. In addition, metro rail projects have been taken up on PPP basis in Mumbai for Versova-Andheri-Ghatkopar (11.07 km) and Charkop to Mankhurd via Bandra (31.87 km) and in Hyderabad (71.16 km) with viability gap funding (VGF) from the Government of India. Apart from this, Jaipur Metro is also underway.
Thus, Ministry's
Vision 2020 coupled with an enormous potential for demand for cables in the
various Metro Rail Projects shall boost the demand for special cables.
HYDROCARBONS
OIL AND GAS: Production of crude oil, during the financial year 2011-12 is estimated at 38.19 million metric tonnes (MMT), which is about 1.33 per cent higher than the 37.70 MMT produced during 2010- 11. Domestic crude oil production during April-December 2011-12 was 28.70 MMT showing a growth of 1.9 per cent over the same period of the previous year. Natural Gas production during April- December 2011-12 was 36.19 billion cubic metre (BCM) as compared to 39.68 BCM during the same period of the previous year.
Under New Exploration Licensing Policy, 103 oil and gas discoveries have been made by private/joint venture (JV) companies in 34 blocks and more than 600 MMT of oil equivalent\ hydrocarbon reserves have been added. As on 1 April 2011, investment made by Indian and foreign companies was of the order of US $15.88 billion, out of which, US $8.51 billion was on hydrocarbon exploration and US $7.37 billion on development of discoveries.
CBM: India has the fourth largest proven coal reserves in the world and holds significant prospects for exploration and exploitation of CBM. Under the CBM policy, 33 exploration blocks have been awarded. Out of the total available coal-bearing area of 26,000 sq. km for CBM exploration in the country, exploration has been initiated in about 17,000 sq. km. The prognosticated CBM resources in the country are about 92 trillion cubic feet (TCF), out of which only 8.92 TCF has so far been established. Commercial production of CBM in India has now become a reality with current CBM gas production of about 0.23 million metric standard cubic metre per day (MMSCMD).
SHALE GAS: Shale gas can potentially emerge as an important new source of energy in the country. India has several shale formations which seem to hold shale gas. These formations are spread over several sedimentary basins. The Directorate General of Hydrocarbons (DGH) has initiated steps to identify prospective areas for shale gas exploration. A multi-organizational team (MOT) has been formed by the government for analysing the existing data set and suggesting the methodology for shale gas development in India. Further, the Ministry of Petroleum and Natural Gas has signed a memorandum of understanding (MoU) with the USA on 6 October 2010 for assessment of shale gas resources in India, imparting training to Indian geo-scientists and engineers, and providing assistance in formulation of regulatory frameworks.
REFINING: The total refining capacity in the country as on 1 January 2012 was 193.39 MMTPA, of which 116.89 MMT was in the public sector, 6.00 MMT was joint ventures, and the balance 70.50 MMTPA in the private sector. Out of the 21 refineries operating in the country, 17 are in public sector, 3 in private sector, and 1 is a joint venture. With the impetus on increasing the refinery capacity, it is expected to increase to 214.07 MMTPA by the end of 2011-12. Refinery production (crude throughput) during 2010-11 had reached 206.15 MMT, showing an increase of 6.9 per cent compared to 192.77 MMT in 2009-10.
Company is actively
supplying cables to the Hydrocarbon sector and the impetus on the above shall
boost the demand for cables.
With strong
investments proposed across sectors, the cable industry in India is slated for
a strong growth going forward.
FINANCIAL REVIEW
RESULTS OF OPERATIONS
During the year, turnover of the Company grew by over 30% Y-o-Y with Net Sales from Operations of Rs. 3768.074 Millions, as against Rs. 2896.107 Millions in FY'11. This growth was driven partly by expansion in production capacity, development of new products and company's entry in to newer markets and segments.
The Operational Profit, before making provision for interest and depreciation and amortisation, amounted to Rs. 356.215 Millions as against Rs. 250.493 Millions in the previous year. Thus, registering a growth of over 40% in Operational Profit.
The Profit before tax during the year stood at Rs.743.01 Millions. Whilst Rs.53.631 Millions were earned as Net Profit during the year.
SEGMENTAL OVERVIEW
The company operates under a single product segment i.e. Cables. The company mainly focuses on specialized cables which differentiates it from other cable players in the country.
INTERNAL CONTROL
SYSTEM
The Company has an Internal Audit System commensurate with its size and nature of the business activities. Internal Audit system with adequate internal controls has been implemented by the management towards achieving efficiency of operations, management of resources, accuracy and promptness of financial reporting and compliance with laws and regulations. The Internal Audit is carried out by independent firm of Chartered Accountants and covers all the key areas of the Company's business.
FUTURE OUTLOOK
The vision of CORDS is to be recognized as a leading global player, providing products and services, offering comprehensive solutions to the electrical and data connectivity requirements of businesses as well as household users. Its focus is on capturing new markets by developing customers in new and existing territories, to provide new cables for special applications like solar, marine, low temperature cables, cables for automobiles etc.
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Guarantees issued by Bankers* |
868.717 |
752.495 |
|
L/C’s negotiated by bank |
102.315 |
1.668 |
|
In respect of Bill factored from banks/Factoring agency |
250.946 |
249.609 |
*Bank Guaranties includes BG's amounting to Rs 337.560 Millions (PY 324.060 Millions) extended to Raw Materials suppliers for credit period extended to company and the same is accounted for in sundry creditors.
FIXED ASSETS
- Land
- Building
- Plant and Machinery
- Tools and Instrument
- Generator
- Office Equipments
- Computer
- Furniture and Fixture
- Vehicles
UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012
(Rs. In Millions)
|
S. No. |
Particulars |
Quarter Ended |
Quarter Ended |
Six Months Ended |
|
Ss30.09.2012 |
30.06.2012 |
30.09.2012 |
||
|
|
|
Un-audited |
Un-audited |
Un-audited |
|
1 |
Income from
Operations |
|
|
|
|
|
Gross Sales |
1203.872 |
845.151 |
2049.023 |
|
|
Less: Excise Duty |
116.489 |
74.931 |
191.420 |
|
|
(a) Net Sales / Income from Operations (Net of Excise Duty) |
1087.383 |
770.220 |
1857.603 |
|
|
(b) Other Operating Income |
- |
- |
- |
|
|
Total Income from
operations (net) |
1087.383 |
770.220 |
1857.603 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of Material consumed |
864.593 |
684.509 |
1549.102 |
|
|
(b) Changes in inventories of Finished goods, Work in Progress & Stock in Trade |
2.247 |
(79.570) |
(77.323) |
|
|
(c) Employees Benefit Expenses |
43.139 |
40.704 |
83.843 |
|
|
(d) Depreciation & Ammortisation Expense |
21.038 |
20.698 |
41.735 |
|
|
(e) Other expenses |
64.980 |
49.502 |
114.482 |
|
|
Total Expenses |
995.997 |
715.843 |
1711.839 |
|
3 |
Profit from
Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
91.386 |
54.376 |
145.764 |
|
|
EBITDA (Earnings Before Interest, Tax, Depreciation & Amortization) |
112.424 |
75.074 |
187.499 |
|
4 |
Other Income |
2.199 |
4.890 |
7.089 |
|
5 |
Profit from
ordinary activities before Finance Costs & Exceptional Items (3+4) |
93.585 |
59.267 |
152.853 |
|
6 |
Finance Costs |
62.584 |
48.836 |
111.420 |
|
7 |
Profit from
ordinary activities after Finance Costs but before Exceptional Items (5-6) |
31.001 |
10.431 |
41.433 |
|
8 |
Exceptional Items |
- |
-- |
- |
|
9 |
Profit(+)/ Loss(-) from
Ordinary Activities before tax (7+8) |
31.001 |
10.431 |
41.433 |
|
10 |
Tax Expense |
10.059 |
3.384 |
13.441 |
|
11 |
Net Profit(+)/
Loss(-) from Ordinary Activities after tax (9-10) |
20.942 |
7.047 |
27.990 |
|
12 |
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit
(+)/Loss(-) for the period (11-12) |
20.942 |
7.047 |
27.990 |
|
14 |
Paid-up equity share capital (Face Value of ?10/- per share) |
114.278 |
114.278 |
114.278 |
|
15 |
Reserve excluding revaluation Reserves as per balance sheet of previous accounting year |
- |
- |
- |
|
16.i |
Earnings Per Share
(EPS) (before extraordinary items) (a) Basic EPS before Extraordinary items for the period, for the year to date and for the previous (not to be annualised) (Rs.) |
1.75 |
0.58 |
2.37 |
|
|
(b) Diluted EPS before Extraordinary items for the period, for the year to date and for the previous (not to be annualised) (Rs.) |
1.75 |
0.58 |
2.37 |
|
16.ii |
Earnings Per Share
(EPS) (after extraordinary items) (a) Basic EPS after Extraordinary items for the period, for the year to date and for the previous (not to be annualised) (Rs.) |
1.75 |
0.58 |
2.37 |
|
|
(b) Diluted EPS after Extraordinary items for the period, for the year to date and for the previous (not to be annualised) (Rs.) |
1.75 |
0.58 |
2.37 |
SELECT INFORMATION FOR THE QUARTER ENDED 30TH JUNE, 2012
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 Public
Shareholding - |
|
|
|
|
|
(a) Number of shares |
4852741 |
4865543 |
4852742 |
|
|
(b) Percentage of shareholding |
42.46 |
42.58 |
42.46 |
|
|
2 Promoters and Promoter group Shareholding ** |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of shares |
- |
-- |
- |
|
|
- Percentage of shares (as a % of the total shareholdings of promoter and promoter group) |
- |
-- |
- |
|
|
- Percentage of shares (as a % of the total share capital of company) |
- |
-- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
6575039 |
6562237 |
6575039 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
57.54 |
57.42 |
57.54 |
|
|
Particulars |
3 months ended
30.06.2012 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS AND
LIABILITIES
(Rs in Millions)
|
Particular |
30.09.2012 |
|
|
|
|
A EQUITY AND
LIABILITIES |
|
|
1 Shareholders
Funds |
|
|
a) Share Capital |
130.278 |
|
b) Reserves & Surplus |
885.139 |
|
Sub-total- Shares
holders' funds |
1015.417 |
|
2 Non- Current
Liabilities |
|
|
a) Long-term borrowings |
285.171 |
|
b) Deferred Tax-liabilities (net) |
59.828 |
|
c) Other long-term liabilities |
23.199 |
|
d) Long-term provisions |
3.398 |
|
Sub-total-Non-current
liabilities |
375.996 |
|
3 Current
liabilities |
|
|
a) Short-term borrowings |
433.3831 |
|
b) Trade payables |
829.185 |
|
c) Other current liabilities |
201.143 |
|
d) Short-term provisions |
12.906 |
|
Sub-total current
liabilities |
1517.125 |
|
TOTAL-EQUITY AND
LIABILITIES |
2908.538 |
|
B ASSETS |
|
|
1 Non-current
assets |
|
|
a) Fixed assets |
1120.030 |
|
b) Long-term loans and advances |
14.754 |
|
Sub-total-Non-current
assets |
1134.784 |
|
2 Current Assets |
|
|
a) Inventories |
556.514 |
|
b) Trade receivables |
787.879 |
|
c) Cash and cash equivalents |
135.374 |
|
d) Short-term loans and advances |
259.123 |
|
e) Other current assets |
34.864 |
|
Sub-total-current
assets |
1773.754 |
|
TOTAL ASSETS |
2908.538 |
Notes:
i) The above results, as reviewed by the Audit Committee, have been taken on record by the Board of Directors of the Company at its meeting held on 8th August 2012, and a limited review of the same has been carried out by the Statutory Auditors of the Company.
ii) The Company operates in one segment only.
iii) The figures are regrouped/rearranged wherever necessary.
iv) Authorised Capital increased in second Quarter from INR 140000000/- to INR 156000000/- by an increase of 160000 10% Non Convertible redeemable preference shares face value of INR 100/- each
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 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. 53.68 |
|
|
1 |
Rs. 84.85 |
|
Euro |
1 |
Rs. 71.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
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 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.