MIRA
INFORM REPORT
|
Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
NICCO CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Nicco House, 2 Hare Street, Kolkata – 700001, West Bengal |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
31.05.1983 |
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|
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Com. Reg. No.: |
21-036362 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 442.221 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L55101WB1983PLC036362 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Cables. |
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|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (17) |
|
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 |
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|
|
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The company
has incurred loss during the year 2012. There appears huge accumulated losses
in the. Financial position of the company is under pressure. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow. Initially, the company can be considered for business dealings on a
safe and secured 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 – 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 |
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Prashant Pandit |
|
Designation : |
Account Department |
|
Contact No.: |
91-33-66285000 |
|
Date : |
16.07.2013 |
LOCATIONS
|
Registered Office / Head Office / Regional
Offices 1 : |
Nicco House, |
|
Tel. No.: |
91-33-66285000/66285250 |
|
Fax No.: |
91-33-22309443 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Factory 1 : |
P.O. Authpur, Shamnagar, 24-Parganas (North) – 743128, West |
|
Tel. No.: |
91-33-66285368 / 5470 / 5471 |
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Fax No.: |
91-33-25812940 |
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E-Mail : |
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Factory 2 : |
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Tel. No.: |
91-6792-252454 / 252434 |
|
Fax No.: |
91-6792-252398 |
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|
|
|
Regional Offices 2 : |
63, Wallajah Road, Chennai - 600002, Tamilnadu, India |
|
Tel. No.: |
91-44-28545523 / 28512948 |
|
Fax No.: |
91-44-28546673 |
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E-Mail : |
|
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|
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Branch Offices 1 : |
Unit Nos. 1257 and 1258, Mittal Tower, 14th Floor, "A" Wing, 47/6, M. G. Road, Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-25321468 / 25209201 |
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Fax No.: |
91-80-25594436 |
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E-Mail : |
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Branch Offices 2 : |
"Yogi Darshan", 13A Nutan Bharat Society, Alkapuri, Vadodara – 390007, Gujarat, India |
|
Tel. No.: |
91-265-2345278 |
|
Fax No.: |
91-265-2330307 |
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E-Mail : |
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Branch Offices 3 : |
M8-11A, Hemkunt Chamber 89, Nehru Place, New Delhi –
110019, India |
|
Tel. No.: |
91-11-41717208 / 41717209 |
|
Fax No.: |
91-11-41717210 |
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E-Mail : |
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Branch Offices 4 : |
33-35, Indraprastha, 2nd Floor, L. B. S. MARG, Vikhroli (West), Mumbai – 400083, Maharashtra, India |
|
Tel. No.: |
022 25773596 / 97 / 98 |
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Fax No.: |
91 022 25773599 |
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E-Mail : |
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Branch Offices 5 : |
H. No. 3-5-579-581, Flat No. 202, 2nd Floor, Citadel Apartments, Adjacent to State Bank of Hyderabad Street No. 6, Narayanaguda, Hyderabad – 500029, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23220602 |
|
Fax No.: |
91-40-23220471 |
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E-Mail : |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Rajive Kaul |
|
Designation : |
Chairman |
|
Address : |
14/1, Buadwan Road, Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
03.04.1949 |
|
Date of Appointment : |
22.05.1992 |
|
DIN No.: |
00065554 |
|
|
|
|
Name : |
Mr. Udayan Ray |
|
Designation : |
Managing Director |
|
Address : |
Maya Apartment, 14/1 Khanpur Road, Kolkata – 700047, West Bengal,
India |
|
Date of Birth/Age : |
01.06.1945 |
|
Date of Appointment : |
30.07.2003 |
|
DIN No.: |
00065616 |
|
|
|
|
Name : |
Mr. Tridibesh Mukherjee |
|
Designation : |
Director |
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Date of Birth/Age : |
13.10.1942 |
|
Date of Appointment : |
10.08.2009 |
|
DIN No.: |
00004777 |
|
|
|
|
Name : |
Mr. Narottam Das |
|
Designation : |
Director |
|
Address : |
Flat No. 77, Nirmala Plazaa – B, Aiforestpa, Bhubneswar – 751009,
Orissa, India |
|
Date of Birth/Age : |
26.12.1937 |
|
Date of Appointment : |
12.04.1993 |
|
DIN No.: |
00080612 |
|
|
|
|
Name : |
Mr. Prabir Chakravarti |
|
Designation : |
Director |
|
Address : |
42 A Dimonad Harbour Road, Kolkata – 700038, West Bengal, India |
|
Date of Birth/Age : |
30.04.1944 |
|
Date of Appointment : |
19.09.2001 |
|
DIN No.: |
00273523 |
|
|
|
|
Name : |
Mr. Sujit Poddar |
|
Designation : |
Director |
|
Address : |
KK 127, Salt Lake, Kolkata – 700091, West Bengal, India |
|
Date of Birth/Age : |
02.07.1947 |
|
Date of Appointment : |
31.05.2006 |
|
DIN No.: |
00041438 |
|
|
|
|
Name : |
Mr. Sanjoy Bhattacharya |
|
Designation : |
Director |
|
Address : |
Udita Phase Iflatud, 030302 1050/1 Survey, Kolkata – 700075, West
Bengal, India |
|
Date of Birth/Age : |
20.05.1946 |
|
Date of Appointment : |
28.11.1995 |
|
DIN No.: |
00199489 |
|
|
|
|
Name : |
Ms. Pallavi Priyadarshini Kaul |
|
Designation : |
Director |
|
Address : |
14/1, Buadwan Road, Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
11.09.1975 |
|
Date of Appointment : |
31.10.2007 |
|
DIN No.: |
00065449 |
|
|
|
|
Name : |
Mr. Shiv Siddhant Narayan Kaul |
|
Designation : |
Director |
|
Address : |
14/1, Buadwan Road, Alipore, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
24.10.1977 |
|
Date of Appointment : |
31.10.2007 |
|
DIN No.: |
01495808 |
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|
|
|
Name : |
Mr. Dilip Kumar Datta |
|
Designation : |
Director |
|
Address : |
CL – 222 Salt Lake, City Sector Ck Mareft, Kolkata – 700091, West
Bengal, India |
|
Date of Birth/Age : |
07.09.1945 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
00406151 |
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|
|
|
Name : |
Mr Rajiv Srivastava |
|
Designation : |
Director (TDB nomination withdrawn w.ef. 9th July, 2012) |
|
|
|
|
Name : |
Mr Niraj Kela |
|
Designation : |
Director (TDB nominated w.e.f. 9th July, 2012) |
KEY EXECUTIVES
|
Name : |
Mr. Indranil Mitra |
|
Designation : |
General Manager and Company Secretary |
|
Address : |
Prantik Housing EST, Block – A, Flat – 4, Co/6Z, Kolkata – 700002,
West Bengal, India |
|
Date of Birth/Age : |
21.07.1977 |
|
Date of Appointment : |
04.05.2011 |
|
|
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|
BOARD COMMITTEES |
|
|
Audit Committee |
· Mr. Narottam Das, Chairman · Mr. Prabir Chakravarti, Member · Mr. Sujit Poddar, Member ·
Mr. Indranil Mitra, Secretary |
|
|
|
|
Compensation and Remuneration
Committee |
· Mr. Narottam Das, Chairman · Mr. Prabir Chakravarti, Member ·
Mr. Sujit Poddar, Member |
|
|
|
|
Share Transfer
Committee |
· Mr. Rajive Kaul, Chairman · Mr. Udayan Ray, Member · Mr. Sanjoy Bhattacharya, Member · Ms. Pallavi Priyadarshini Kaul, Member ·
Mr. Shiv Siddhant Narayan Kaul, Member |
|
|
|
|
Shareholders’
Grievances Committee |
· Mr. Narottam Das, Chairman · Mr. Udayan Ray, Member · Mr. Sanjoy Bhattacharya, Member · Ms. Pallavi Priyadarshini Kaul, Member ·
Mr. Shiv Siddhant Narayan Kaul, Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
Category of Shareholders
|
No. of shares
|
Percentage (%)
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
18722179 |
14.87 |
|
|
20846164 |
16.56 |
|
|
39568343 |
31.43 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
39568343 |
31.43 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
12321 |
0.01 |
|
|
1458587 |
1.16 |
|
|
1159674 |
0.92 |
|
|
1761 |
0.00 |
|
|
2632343 |
2.09 |
|
|
|
|
|
|
46517232 |
36.95 |
|
|
|
|
|
|
23083800 |
18.34 |
|
|
11734577 |
9.32 |
|
|
2341187 |
1.86 |
|
|
511187 |
0.41 |
|
|
1830000 |
1.45 |
|
|
83676796 |
66.47 |
|
Total Public shareholding (B) |
86309139 |
68.57 |
|
Total (A)+(B) |
125877482 |
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) |
125877482 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cables. |
|
|
|
|
Terms : |
|
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Selling : |
L/C / Cash / Credit |
|
|
|
|
Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users ·
Hindustan Shipyard, Vizag. ·
Goa Shipyard, Goa ·
Naval Dockyard, Bombay ·
Indian Navy ·
Garden Reach Shipbuilders, Calcutta ·
Indian Space Research Organisation (ISRO) ·
Indian Air Force ·
National Thermal Power Corporation ·
Army Base ·
Oil and Natural Gas Commission (ONGC) ·
Neyveli Lignite Corporation ·
Electronics Corporation of India, Hyderabad ·
Department of Atomic Energy ·
Calcutta Port Trust ·
Hindustan Aeronautics Limited (All units) ·
Chennai Port Trust |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
·
Allahbad Bank, Industrial Finance Branch, 17, R.N
Mukherjee Road, 4th Floor, Kolkata – 700001, West Bengal, India Tel.
No.: 91-33-2213002 ·
UCO Bank, MID Corporate Branch, 10 B.T.M Sarani,
Kolkata – 700001, West Bengal, India ·
State Bank of India, Stressed Assets Management
Branch, Nagaland House, 8th Floor, 11 and 13 Shakespeare Sarani,
Kolkata – 700071, West Bengal, India Tel.
No.: 91-33-22820051 ·
Canara Bank ·
Central
Bank of India ·
State Bank
of Bikaner and Jaipur ·
State Bank
of Travancore |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
G. Basu and Company Chartered Accountants |
|
Address : |
Basu House, 3, Chowringhee Approach, Kolkata - 700 072, West Bengal,
India |
|
PAN No.: |
AACFG9413D |
|
|
|
|
SOLICITORS : |
|
|
Name : |
Messrs Khaitan and Company |
|
Address : |
Kolkata, West Bengal, India |
|
|
|
|
Subsidiary : |
Nicco Biotech Limited |
|
|
|
|
Associates : |
· Nicco Ventures Limited (Formarly Nicco Internet Ventures Limited) · Nicco Financial Services Limited · Nicco Parks and Resorts Limited · Nicco Engineering Services Limited · NE Cables Limited ·
Nicco Cables Limited |
|
|
|
|
Significant control
exists : |
Nicco Institute of Biotechnology (NERT) - Trust (upto 10.02.2012) |
CAPITAL STRUCTURE
As on 18.09.2012
Authorised Capital : Rs.890.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.470.055 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
235000000 |
Equity Shares |
Rs.2/- each |
Rs.470.000 Millions |
|
9090910 |
6% Optional Convertible Cumulative Preference Shares |
Rs.22/- each |
Rs.200.000 Millions |
|
2200000 |
5% Cumulative Redeemable Preference Share |
Rs.100/- each |
Rs.220.000 Millions |
|
|
Total |
|
Rs.890.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111892408 |
Equity Shares |
Rs.2/- each |
Rs.223.785 Millions |
|
|
Add : Shares Forfeited |
|
Rs.0.136 Million |
|
2183000 |
Preference Shares |
Rs.100/- each |
Rs.218.300 Millions |
|
|
Total |
|
Rs.442.221 Millions
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
442.221 |
442.221 |
|
(b) Reserves & Surplus |
|
(863.456) |
(731.769) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
28.000 |
16.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(393.235) |
(273.548) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
825.441 |
1244.772 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
3.557 |
2.599 |
|
(d) long-term provisions |
|
88.385 |
85.687 |
|
Total Non-current Liabilities (3) |
|
917.383 |
1333.058 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
499.785 |
374.761 |
|
(b) Trade payables |
|
1402.748 |
1403.690 |
|
(c) Other current
liabilities |
|
978.284 |
552.560 |
|
(d) Short-term provisions |
|
110.948 |
113.321 |
|
Total Current Liabilities (4) |
|
2991.765 |
2444.332 |
|
|
|
|
|
|
TOTAL |
|
3515.913 |
3503.842 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
867.555 |
928.542 |
|
(ii) Intangible Assets |
|
0.687 |
1.238 |
|
(iii) Capital
work-in-progress |
|
7.247 |
4.291 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
242.784 |
243.283 |
|
(c) Deferred tax assets (net) |
|
508.513 |
508.513 |
|
(d) Long-term Loan and Advances |
|
51.312 |
60.848 |
|
(e) Other Non-current assets |
|
125.754 |
105.789 |
|
Total Non-Current Assets |
|
1803.852 |
1852.504 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
291.793 |
332.013 |
|
(c) Trade receivables |
|
1229.262 |
1101.087 |
|
(d) Cash and cash
equivalents |
|
22.711 |
38.312 |
|
(e) Short-term loans and
advances |
|
168.295 |
179.926 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
1712.061 |
1651.338 |
|
|
|
|
|
|
TOTAL |
|
3515.913 |
3503.842 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
407.146 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
624.661 |
|
|
4] (Accumulated Losses) |
|
|
(1258.627) |
|
|
NETWORTH |
|
|
(226.820) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1578.741 |
|
|
2] Unsecured Loans |
|
|
324.360 |
|
|
TOTAL BORROWING |
|
|
1903.101 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1676.281 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1012.112 |
|
|
Capital work-in-progress |
|
|
1.962 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
175.396 |
|
|
DEFERREX TAX ASSETS |
|
|
451.102 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
425.596 |
|
|
Sundry Debtors |
|
|
1255.769 |
|
|
Cash & Bank Balances |
|
|
25.841 |
|
|
Other Current Assets |
|
|
15.204 |
|
|
Loans & Advances |
|
|
207.557 |
|
Total
Current Assets |
|
|
1929.967 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1407.968 |
|
|
Other Current Liabilities |
|
|
427.636 |
|
|
Provisions |
|
|
58.654 |
|
Total
Current Liabilities |
|
|
1894.258 |
|
|
Net Current Assets |
|
|
35.709 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1676.281 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2889.147 |
2899.555 |
3075.705 |
|
|
|
Other Income |
18.398 |
14.964 |
42.691 |
|
|
|
TOTAL (A) |
2907.545 |
2914.519 |
3118.396 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1391.069 |
|
|
|
|
|
Purchase of Stock-in-Trade |
373.793 |
446.583 |
|
|
|
|
Decrease / (–) Increase in Inventories |
|
|
|
|
|
|
Finished Goods |
14.894 |
1.642 |
|
|
|
|
Work-In-Progress |
48.432 |
18.023 |
3352.953 |
|
|
|
Stock-In-Trade |
(0.051) |
49.181 |
|
|
|
|
Employees’ Benefits Expense |
293.600 |
296.712 |
|
|
|
|
Other Expenses |
438.729 |
638.611 |
|
|
|
|
Extra Ordinary Expense/(Income) |
29.250 |
-66.966 |
|
|
|
|
TOTAL (B) |
2589.716 |
2714.722 |
3352.953 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
317.829 |
199.797 |
(234.557) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
368.454 |
340.606 |
236.177 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(50.625) |
(140.809) |
(470.734) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.438 |
56.548 |
77.366 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(108.063) |
(197.357) |
(548.100) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.587 |
(43.270) |
(116.532) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(116.650) |
(154.087) |
(431.568) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1412.714) |
(1258.627) |
(827.059) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1529.364) |
(1412.714) |
(1258.627) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
NA |
3.181 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
41.847 |
45.551 |
16.367 |
|
|
|
Stores & Spares |
3.233 |
0.000 |
53.664 |
|
|
|
Capital Goods |
20.335 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
65.415 |
45.551 |
70.031 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.14) |
(1.47) |
(4.83) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1526.600 |
2009.800 |
2064.700 |
2611.000 |
|
Total Expenditure |
1328.40 |
1770.700 |
1868.300 |
2127.100 |
|
PBIDT (Excl OI) |
198.200 |
239.100 |
196.400 |
483.900 |
|
Other Income |
07.300 |
03.400 |
04.400 |
03.800 |
|
Operating Profit |
205.500 |
242.500 |
200.800 |
487.700 |
|
Interest |
21.200 |
17.200 |
16.600 |
16.100 |
|
Exceptional Items |
(22.000) |
(53.800) |
01.500 |
(35.200) |
|
PBDT |
162.300 |
171.500 |
185.700 |
436.400 |
|
Depreciation |
42.900 |
44.500 |
45.200 |
44.000 |
|
Profit Before Tax |
119.300 |
126.900 |
140.500 |
392.400 |
|
Tax |
23.900 |
25.400 |
34.400 |
100.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
95.500 |
101.500 |
106.100 |
292.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
95.500 |
101.500 |
106.100 |
292.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(4.01)
|
(5.29) |
(13.84) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.74)
|
(6.801) |
(17.82) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.92)
|
(7.18) |
(18.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.72 |
(2.42) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(3.37)
|
(5.92) |
(8.39) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.57
|
0.68 |
1.02 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
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 |
No |
LITIGATIONS DETAILS
|
CALUCATTA HIGH COURT CASE STATUS INFORMATION SYSTEM Status of : ARBITRATION
PETITION (AP) 388 of 2012 PRYSMIAN CAVIE
SISTEMI S.R.L. Vs. NICCO CORPORATION LIMITED Pet’s Adv. : Shardul S. Shroff Res’s Adv. : Court No. : 16
Next Date of Hearing : Monday, November 18, 2013 Last Listed
on : Monday, April 01, 2013 Category : No Category
Mentioned
Case Updated on:
Thursday, April 11, 2013 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loans From Others |
92.387 |
209.297 |
|
SHORT TERM
BORROWINGS |
|
|
|
From Others |
24.437 |
24.437 |
|
Total |
116.824 |
233.734 |
|
|
|
|
FINANCIAL RESULTS AND
APPROPRIATIONS
The initiatives taken by the Company for enhancement of productivity, cost reduction and selective up-gradation of plant and machinery had yielded result. The Cable Division registered a growth in turnover of 17.75% during the year in spite of the critical working capital position. The turnover of the Project Division drastically fell primarily due to its inability to paticipate in public tenders of PSUs since the negative net-worth companies were not eligible to participate in such tenders. As a result the division hardly received any order during the year. The working capital position continued to remain critical throughout the year. On the contrary, the situation had further worsened owing to commencement of repayment of loan as per the CDR scheme. Owing to the high debt burden, interest cost has increased by 9%. The interest cost is likely to further increase in the current year unless another restructuring of finances is carried out.
In response to the application filed before BIFR, the Company has been declared sick by the order dated 7th September 2011. Allahabad Bank has been appointed as the Operating Agency for the Company to work out the Debt Restructuring Scheme (DRS) package for submission to BIFR. The Company had signed a definitive agreement for a Joint Venture with M/s Oriental Manufacturers Private Limited (Oriental) for transfer of Project business to a separate SPV and the same has been approved by you. Oriental or it’s subsidiary is to hold majority stake in the said newly formed Company, and the Company being the minority stakeholder therein. The Company’s proposal in this regard has been taken up before AAIFR.
FINANCE
The factors mentioned earlier coupled with acute shortage of finance, the financial results of the Company did not show much of improvement. The instalment payments for Preference Shares of WBIDC had fallen due. Due to inability to pay the instalment, the Company submitted restructuring proposal to WBIDC, which is yet to be approved. TDB has approved a package but unfortunately it is not in line with CDR package. The shortage of working capital was a major issue during the year. Out of the funds mobilized by sale of investments, the Company as per CDR scheme earmarked some funds for much needed Capital Expenditure. With the earmarked fund the Company could revamp the wire-drawing section. Additional capex requirements and source of funding would be considered in DRS.
The arbitration award in respect to the dispute with M/s Prysmian has gone against the Company. The Company is exploring legal possibilities for establishing the counter claims. However the additional liabilities arising from the arbitration award has been provided for in the books of accounts.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Development
Power Cables Division
:
The Energy Cables sector registered a growth of 13% (in kms) in 2011-12. However due to over-capacity in the industry, margins continued to be under extreme pressure in all areas especially in the Medium Voltage XLPE Cables and Low Voltage Power Cables. Both Medium Voltage and Low Voltage Power Cables are predominantly dependant on growth in Distribution Sector of Power Utilities and overall Infrastructure and this sector is not growing as per the National plan. Cable Division is therefore concentrating on special cables segment which has slightly better margins and also offers reasonable growth potential. There has been tremendous pressure on collections due to tight monetary position in the market.
Project Division
The Project Division executes on a turn-key basis multidisciplinary engineering projects. It has established itself as an Engineering, Procurement and Construction (EPC) contractor of repute in the Country. The Division also provides Engineering Consultancy Services. The target industries are Oil and Gas, Petrochemicals, Refineries, Nuclear Power, Ferrous and Non Ferrous and Chemical Industries. Stiff competition and shortage of working capital are serious threat for the performance of the Division. Moreover negative net-worth of the Company is the major hindrance for securing orders.
Outlook
It is envisaged that the working capital situation will remain critical in the current year. With the continued thrust in improving the operational efficiencies and the financial parameters, the Directors are endeavouring to achieve better financial performance in the current financial year.
CONTINGENT
LIABILITIES:
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
i) Claim against Company not acknowledged as debt |
|
|
|
a) In respect of excise duty disputes pending with various authorities |
94.558 |
78.660 |
|
b) In respect of Service tax disputes pending with various authorities |
9.038 |
9.937 |
|
c) In respect of Income Tax under appeal |
2.759 |
2.759 |
|
d) In respect of Sales Tax under appeal |
157.711 |
150.137 |
|
ii) Guarantees Furnished |
890.792 |
1052.163 |
|
iii) Guarantees invoked and contested in appeal |
58.008 |
58.008 |
|
iv) Bills Discounted |
232.086 |
212.967 |
AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST MARCH
2013
Rs. In
Millions
|
Sl. No. |
Particulars |
Quarter |
Year |
|
|
|
|
ended |
ended |
ended |
|
1. |
Income from
operations |
|
|
|
|
a. |
Net Sales / Income from Operations (Net of Excise duty) |
756.300 |
693.600 |
2431.800 |
|
b. |
Other operating income |
15.200 |
17.300 |
72.600 |
|
|
Total Income from
operations (net) |
771.500 |
710.900 |
2504.400 |
|
2. |
Expenditure |
|
|
|
|
(a) |
Cost of Materials consumed |
276.800 |
327.800 |
1274.800 |
|
(b) |
Purchase of stock-in-trade |
99.900 |
42.100 |
232.100 |
|
(c) |
Changes of inventories of finished goods, work-in-progress and stock-in-trade |
58.600 |
49.000 |
33.500 |
|
(d) |
Employee benefit expense |
82.000 |
82.700 |
313.000 |
|
(e) |
Depreciation and amortisation expense |
15.900 |
16.100 |
64.000 |
|
(f) |
Other Expenditure |
135.700 |
77.900 |
407.500 |
|
(g) |
Total |
668.900 |
595.600 |
2324.900 |
|
3. |
Profit/(loss) from
operations before other income, finance costs and Exceptional Items (1-2) |
102.600 |
115.300 |
179.500 |
|
4. |
Other Income |
4.100 |
2.200 |
13.100 |
|
5. |
Profit/(loss) from ordinary
activities before finance costs and Exceptional Items (3+4) |
106.700 |
117.500 |
192.600 |
|
6. |
Finance Costs |
100.500 |
111.900 |
411.500 |
|
7. |
Profit/(loss) from
ordinary activities after finance costs but before exceptional Items (5+6) |
6.200 |
5.600 |
(218.900) |
|
8. |
Exceptional items |
|
|
|
|
9. |
Profit / Loss from
ordinary activities before Tax (7+8) |
6.200 |
5.600 |
(218.900) |
|
10. |
Tax Expense |
|
|
|
|
|
Deferred Tax |
|
|
- |
|
|
Income Tax |
- |
- |
- |
|
11. |
Net Profit / Loss
from ordinary activities after Tax ( 9 - 10) |
6.200 |
5.600 |
(218.900) |
|
12. |
Extra ordinary items (net of tax expenses) |
31.400 |
|
31.400 |
|
13. |
Net Profit / Loss
for the period (11 - 12) |
(25.200) |
5.600 |
(250.300) |
|
14. |
Paid up Equity Share Capital (Face Value of Rs.2/- each) |
229.800 |
229.800 |
229.800 |
|
15. |
Reserves excluding Revaluation Reserve |
|
|
(1412.500) |
|
16.i |
Earning per Share
(in Rs) |
|
|
|
|
|
Before Extra Ordinary Items |
|
|
|
|
|
Basic |
(0.24) |
(1.11) |
(2.27) |
|
|
Diluted |
(0.24) |
(1.11) |
(2.27) |
|
16 ii |
After Extra
Ordinary Items |
|
|
|
|
|
Basic |
0.03 |
(1.11) |
(2.00) |
|
|
Diluted |
0.03 |
(1.11) |
(2.00) |
|
|
|
|
|
|
|
A.. |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Public Shareholding
|
|
|
|
|
|
- No of Shares |
86,309,139 |
86,309,139 |
86,309,139 |
|
|
- Percentage of Shareholding |
75.13% |
75.13% |
75.13% |
|
18. |
Promoters and Promoter group Shareholding |
|
|
|
|
a). |
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
|
|
9,765,725 |
|
|
- Percentage of Shares ( as a % of the total shareholding of promoter and promoter group) |
|
|
34.18% |
|
|
- Percentage of Shares ( as a % of the total share Capital of the company) |
|
|
8.50% |
|
b). |
Non - encumbered |
|
|
|
|
|
- Number of Shares |
|
|
18,802,618 |
|
|
- Percentage of Shares ( as a % of the total shareholding of promoter and promoter group) |
|
|
65.82% |
|
|
- Percentage of Shares ( as a % of the total share Capital of the company) |
|
|
16.37% |
|
|
|
|
|
|
|
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 |
Notes :
1. The above audited financial results, after being reviewed by audit committee, were approved by the Board of Directors during meeting dated 09th May, 2013.
2. The Board of Directors and subsequently shareholders have approved an agreement for a Joint venture between the Company and Oriental Manufactures Private Limited (OMPL) for formation of a jointly controlled entity for the purpose of assigning future business and some running projects of Project Division therein. OMPL through amalgamation with M/S Sarabhai Machinery Private Limited vide order of Gujrat High Court changed it's name to M/S Oriental Enterprise Private Limited (OEPL). The Company's proposal in this regard has been taken up before AAIFR for approval.
3. BIFR had directed Allahabad Bank, the Operating Agenct to submit a rehabilitation package, which is being worked out in consultation with Ernst and Young Private Limited
4. Issue of equity shares against proceeds of application money from NRETF amounting to Rs.30.100 Millions is pending approval from appropriate authorities. As such dilution of EPS on this account could not be considered.
5. In line with approved CDR package and with the BIFR's approval, the company has disposed of it's stake in equity and preference shares in lone subsidiary, Nicco Biotech Limited, valuing Rs.127.000 Millions in aggregate at Rs.119.422 Millions which resulted in capital loss of Rs.7.578 Millions in respect of current quarter.
6. Audit observations:
a. 15,67,600, 5% cumulative redeemable preference shares of Rs.100/- each are overdue for redemption. Renewal/restructuring of the same shall be addressed in the scheme.
b. Retention of brought forward balance since 01.04.2011 against deferred tax asset (net) is ascribed to management action plan confirming adequacy of future profit. However subsequent addition/accretion thereon has been done away with as a measure of abundant prudence.
c. March quarterly result represent balancing of figures published for 9 months period ended on 31.12.2012 vis-ŕ-vis annual financial results.
d.
Previous year/period figures have been regrouped and rearranged whereever
necessary in terms of current period grouping.
FIXED ASSETS:
- Buildings
- Lift
- Plant and Machinery
- Weighing Machines
- Furniture and Fixtures
- Motor Cars / Cycles / Motor Cycles
- Trucks and Heavy Vehicles
- Railway Sidings
- Electrical Installations
WEBSITE DETAILS:
PROFILE:
The diverse and dynamic Group comprises the following companies and employs over 2000 people
Subject is the flagship company of the Nicco Group. For nearly over six decades, NCL has been one of the pioneers in the Indian cable manufacturing industry.
NCL's Cable Division produces a wide range of power cables.
NCL's Project Division
is an ISO 9001 certified Engineering, Procurement and Construction (EPC)
contracting company serving the refining, gas handling and processing,
petrochemicals and chemical process industries.
Nicco Engineering Services Limited (NESL) was started in 1981 with On-Line Leak Sealing Services in collaboration with Furmanite International Limited. U.K. With time this division has grown up into a full fledged specialised maintenance services provider by bringing in many state-of-the-art technologies from world leaders.
Nicco Parks has three mega amusement parks in Eastern India and is looking at setting up more parks in India and emerging markets. Drawing on its core strengths in engineering design and project execution, Nicco Parks is a pioneer in designing and manufacturing rides. It has the potential and expertise of setting up parks in a cost effective turnkey basis. The company is also equipped to provide consultancy services to other oraganisations in similar business and function.
Nicco Internet Ventures Limited (NIVL) provides HR solutions including recruitment, training and psychometric testing.
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.59.39 |
|
|
1 |
Rs.89.90 |
|
Euro |
1 |
Rs.77.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
YES/NO |
|
--EPF |
YES/NO |
YES/NO |
|
TOTAL |
|
17 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.