|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAVIN CABLES LIMITED |
|
|
|
|
Registered
Office : |
302, Akruti Trade Centre, 3rd Floor, Road No. 7, MIdC, Marol, Andheri (East), Mumbai –
400 093, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
11.11.1982 |
|
|
|
|
Com. Reg. No.: |
11-028700 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.209.230
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31300MH1982PLC028700 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14564E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR6590F |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Primecab Cables. |
|
|
|
|
No. of Employees : |
250 (Approximately) (In Office + In Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of ‘Prysmian Group’. It is a well established company
having a moderate track record. The management have fail to filed its latest
financial with the government department. As per pervious year’s, the company recorded some losses. However, networth of the company appears to be strong. Subject gets good
support from its group companies. Trade relations are reported to be fair.
Business is active. Payments are unknown.
The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CRISIL |
|
Rating |
CASH CREDIT : CRISIL BBB |
|
Rating Explanation |
Having Moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
September, 2011 |
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
|
Name : |
Mr. Kalpesh Modi |
|
Designation : |
Vice President (Finance) |
|
Contact No.: |
91-22-30816666 |
|
Date : |
15.03.2013 |
LOCATIONS
|
Registered Office / Administrative office / Head
Office : |
302, Akruti Trade Centre, 3rd Floor, Road No. 7, MIdC, Marol, Andheri (East), Mumbai –
400 093, |
|
Tel. No.: |
91-22-30816666 |
|
Fax No.: |
91-22-30816661 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory/Works : |
Gat No. 227/230, Alandi – Markal Main Road, Markal Village, Taluka –
Khed, District Pune - 412105, Maharashtra, India |
|
Tel. No.: |
91-2137-391099 |
|
Fax No.: |
91-2137-391066 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located at · Pune · Delhi · Bangalore · Indore · Secundarabad · Baroda · Chennai · Raipur · Kolkatta · Kochi ·
Ahmedabad |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Mario Tomasi |
|
Designation : |
Nominee Director |
|
Address : |
Viale Roma No.24, Province Of Trento, Municipality Of Rivadel Garda,
Italy-38066 |
|
Date of Birth/Age : |
17.11.1970 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03008139 |
|
|
|
|
Name : |
Mr. Vijay Pramod Karia |
|
Designation : |
Chairman and Managing Director |
|
Address : |
A 1202, Surya Apartment, |
|
Date of Birth/Age : |
06.05.1965 |
|
Date of Appointment : |
01.04.1987 |
|
DIN No.: |
00621999 |
|
|
|
|
Name : |
Mr. Piyush Jagdishchandra Karia |
|
Designation : |
Whole Time Director |
|
Address : |
B-204, Darshan Apartments, |
|
Date of Birth/Age : |
19.08.1966 |
|
Date of Appointment : |
01.01.2009 |
|
DIN No.: |
00621985 |
|
|
|
|
Name : |
Mr. Hans Gunnar Staffan Hogstet |
|
Designation : |
Nominee Director |
|
Address : |
VIA, Aurelio Saffi, 33, Milano, Italy-20123 |
|
Date of Birth/Age : |
21.03.1968 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
02921080 |
|
|
|
|
Name : |
Mr. Luigi L Sarogni |
|
Designation : |
Director |
|
Address : |
Frazione Olesi No. 1, Municipality of Borgo Priolo, Province of Pavia,
Italy |
|
Date of Birth/Age : |
01.05.1954 |
|
Date of Appointment : |
30.09.2010 |
|
DIN No.: |
03110510 |
KEY EXECUTIVES
|
Name : |
Mr. Vinayak Motiram Shirsat |
|
Designation : |
Com pany Secretary |
|
Address : |
9/A/401, Ekta Co-operative Housing Society, Mhada Colony, Chandivali, Andheri
(East), Mumbai – 400 072, Maharashtra, India. |
|
Date of Birth/Age : |
03.06.1965 |
|
Date of Appointment : |
01.08.2006 |
|
Pan No.: |
AAAPS6554M |
|
|
|
|
Name : |
Mr. Kalpesh Modi |
|
Designation : |
Vice President (Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
SHAREHOLDING
DETAILS FILE ATTACHED
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
51.69 |
|
Bodies corporate |
0.01 |
|
Directors or relatives of Directors |
46.90 |
|
Other top fifty shareholders |
1.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Primecab Cables. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Primecab Cables |
||||
|
Countries : |
·
Europe ·
Middle East ·
Asian Country ·
USA ·
UK |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Materials |
||||
|
Countries : |
·
US ·
Middle East ·
Europe |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production # |
|
Cables |
Kms |
16500 |
16500 |
7282.88 |
# includes captive consumption of 3.29kms. And
cables scrapped of 44.64kms.
GENERAL INFORMATION
|
Customers : |
Automobiles ·
Eicher Motors Limited ·
Maruti Udyog Limited Chemical Plants · Acco Industries Limited · Asian Paints India Limited Cement ·
Associated Cement Company Limited ·
Chanakya Cements Limited Hospitals ·
Contemporary Healthcare Private Limited ·
Engineering · Antelec Limited · Apar Limited Fertilizers ·
Hindustan Fertilizers Corporation Limited ·
Indian Farmer Fertilizers Co-Op Government ·
Airport Authority Of · Centre For Advance Technology Mines · Sesa Goa Limited · Sese Industries Limited Glass ·
Goa Glass Fibre Limited ·
Haldyan Glass [Gujarat ] Limited Steels ·
Bharat Aluminium Company Limited ·
D. Private Wires Private Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
250 (Approximately) (In Office + In Factory) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Central Bank of India, Abdul Rehman Street
Branch, 142/144, Abdul Rehman Street, Mumbai – 400 003, Maharashtra, India. ·
Barclays Bank Plc, 601/603, Ceejay House, Shivsagar
Estate, Dr. Annie Basant Road, Worli, Mumbai-400018, Maharashtra, India ·
Standard Chartered Bank, ·
The Shamrao Vitthal Co-operative Bank Limited,
Vanvaria Apartments, S. V. Road, Khar, Mumbai-400052, Maharashtra, India ·
HSBC Limited ·
HDFC Bank limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Total Facilities
: Rs.2150.000 Millions (From Central Bank of India)
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
K S Aiyar and Company |
|
|
Chartered Accountants |
|
Address : |
F7, Laxmi Mills, |
|
Pan No : |
AAAFK6843P |
|
|
|
|
Holding Company : |
·
Prysmian Cavi E Sistemi Energia S.R.L., Italy |
|
|
|
|
Ultimate Holding Company |
·
Prysmian SPA |
|
|
|
|
Fellow Subsidiaries of Ultimate Holding Company: |
·
Prysmain Baosheng Cable Company Limited, China ·
Prysmain Kabel Und Systeme GmbH, Germany ·
Prysmain Cables ET Systeme France SAS, France ·
Prysmain Cavi E Sistemi Itali SRL, Italy |
|
|
|
|
Associates : |
·
Power Plus Cable Company LLC (PPC) |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
24500000 |
Equity Shares |
Rs.10/- each |
Rs.245.000 Millions |
|
|
500000 |
Preference Shares |
Rs.10/- each |
Rs.5.000
Millions |
|
|
|
Total
|
|
Rs.250.000
Millions |
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20923011 |
Equity Shares |
Rs.10/- each |
Rs.209.230
Millions |
|
|
|
|
|
Notes:
(Of the above 10670736 Nos. of shares are held by
Prysmain Cavi E Sistemi Energla S.R.L., Italy [Holding Company] which includes
4499936 Nos. of shares of Rs. 10/- each at a premium of Rs. 125/- per share
were issued and allotted during the year)
(Of the above shares 5150150 nos. of shares
were allotted as fully paid up bonus shares by capitalization of Rs. 51.501
millions from securities premium and general reserve)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
209.230 |
209.230 |
164.231 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
849.818 |
1048.577 |
574.723 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1059.048 |
1257.807 |
738.954 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
379.520 |
255.580 |
726.324 |
|
|
2] Unsecured Loans |
92.582 |
95.661 |
105.661 |
|
|
TOTAL BORROWING |
472.102 |
351.241 |
831.985 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.300 |
|
|
|
|
|
|
|
|
TOTAL |
1531.150 |
1609.048 |
1572.239 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
215.090 |
224.363 |
248.568 |
|
|
Capital work-in-progress |
1.272 |
5.204 |
0.350 |
|
|
|
|
|
|
|
|
INVESTMENT |
291.223 |
196.202 |
196.202 |
|
|
DEFERREX TAX ASSETS |
25.855 |
6.407 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
436.409
|
429.245
|
447.199 |
|
|
Sundry Debtors |
1181.110
|
569.694
|
794.718 |
|
|
Cash & Bank Balances |
133.302
|
285.651
|
137.427 |
|
|
Other Current Assets |
2.712
|
4.562
|
0.000 |
|
|
Loans & Advances |
139.010
|
110.073
|
347.185 |
|
Total
Current Assets |
1892.543
|
1399.225
|
1726.529 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
775.467
|
157.020
|
12.401 |
|
|
Other Current Liabilities |
105.121
|
61.755
|
263.316 |
|
|
Provisions |
14.245
|
3.578
|
212.084 |
|
Total
Current Liabilities |
894.833
|
222.353
|
599.410 |
|
|
Net Current Assets |
997.710
|
1176.872
|
1127.119 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1531.150 |
1609.048 |
1572.239 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales of Production and Services |
2598.598 |
1660.988 |
3049.957 |
|
|
|
Other Income |
49.600 |
11.704 |
8.177 |
|
|
|
TOTAL (A) |
2648.198 |
1672.692 |
3058.134 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
2497.943 |
1325.854 |
2453.745 |
|
|
|
Employees Remuneration and Benefits |
131.648 |
97.488 |
106.253 |
|
|
|
Selling and Distribution Expenses |
168.230 |
206.075 |
0.000 |
|
|
|
Exchange Rate Difference |
0.000 |
0.000 |
62.283 |
|
|
|
(Increase) / Decrease in Stock |
0.000 |
0.000 |
140.761 |
|
|
|
TOTAL (B) |
2797.821 |
1629.417 |
2763.042 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(149.623) |
43.275 |
295.092 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
31.341 |
74.763 |
125.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(180.964) |
(31.488) |
169.490 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.653 |
40.672 |
44.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(217.617) |
(72.160) |
125.346 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(18.858) |
(7.025) |
45.061 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(198.759) |
(65.135) |
80.285 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
200.486 |
265.621 |
227.038 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
10.000 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
27.098 |
|
|
|
Tax on Proposed Dividend |
0.000 |
0.000 |
4.604 |
|
|
BALANCE CARRIED
TO THE B/S |
1.727 |
200.486 |
265.621 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
114.805 |
485.573 |
992.131 |
|
|
|
Income from Services |
0.000 |
0.000 |
2.398 |
|
|
|
Gain on Exchange |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
114.805 |
485.573 |
994.529 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
781.464 |
278.064 |
122.509 |
|
|
|
Capital Goods |
1.971 |
0.136 |
5.378 |
|
|
|
Trading Goods |
378.642 |
13.671 |
94.504 |
|
|
TOTAL IMPORTS |
1162.077 |
291.871 |
222.391 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(9.50) |
(3.76) |
4.89 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
4100.000 |
Expected Sales (2012-2013): Rs.2800.000 (Due to Market Down)
The above information has been parted by Mr. Kalpesh Modi.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(7.50)
|
(3.89)
|
2.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.37)
|
(4.34)
|
4.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.32)
|
(4.44)
|
6.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20)
|
(0.05)
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.45
|
0.28
|
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11
|
6.29
|
2.88 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
775.467
|
157.020
|
12.401 |
|
Total |
775.467
|
157.020
|
12.401 |
|
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 |
Yes |
|
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) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
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 |
Yes |
DETAILS OF
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Interest Free Sales Tax Loan (repayable within a period of one year RS. 7.037 millions) |
92.582 |
95.661 |
|
|
|
|
|
Total |
92.582 |
95.661 |
OPERATIONAL
PERFORMANCE
For the year the
Company achieved a turnover of Rs.2598.598 Millions (Previous Year -
Rs.1660.988 Millions). The Company has incurred Net Loss of Rs.198.759 Millions
(Previous Year – Net Profit of Rs. 65.135 Millions). The company registered an
increase of more than 50% in sale turnover as compared to previous year. The
directors are confident of improving the performance during the current
financial year.
FORM 8
|
Corporate identity
number of the company |
U31300MH1982PLC028700 |
|
Name of the
company |
RAVIN CABLES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
302, Akruti Trade Centre, 3rd Floor, Road No. 7, MIdC, Marol, Andheri (East), Mumbai –
400 093, Maharashtra , India E-mail: vinayak.shirsat@ravincables.com |
|
This form is for |
Modification of
charge |
|
Charge identification
(ID) number of the charge to be modified |
90240523 |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge ·
Others |
|
Particular of
charge holder |
Central Bank of India, Abdul Rehman Street Branch, 142/144, Abdul
Rehman Street, Mumbai – 400 003, Maharashtra, India E-mail: info@ca-adlalwani.com
|
|
Nature of
instrument creating charge |
1.Working Capital
Facility Agreement 2.Deed of
Hypothecation 3.Memorandum of
Entry For Extension of Mortgage/Charge (All The
Agreement Constitute A Single Charge) |
|
Date of
instrument Creating the charge |
10.08.2011 |
|
Amount secured by
the charge |
Rs. 2150.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest C.C, Overdraft
and L.C Base Rate +4.25 % I.E Present Floating And Packing Credit/Export
Bills Purchases/Negotiated /EBRD As Per Fedai Rules And As Stipulated By Bank
From Time To Time Terms of repayment As Stipulated By
Bank From Time To Time Margin Packing
credit/export bills purchased/negotiated/EBRD -25 %-cash/term deposits Cash credit -25 % Overdraft -40 % Letter of credit-25
%-cash /term loan deposits Bank
guarantees-10 And/ or as stipulated by bank from time to time Extent and operation of the charge Total limit
Rs.215crs(p. C cum packing credit in foreign currency cum export bills
purchased / discounted / EBRD / export bills negotiated Rs. 300.000 millions,
sub limit -direct bills Rs.(10.00), C. C (hypothecation stocks) Rs. 170.000
millions, overdraft against book debts Rs. 180.000 millions, inland/foreign
l. C (DP / DA-usance 180 days) Rs. 250.000 millions, sub limit back to back
LC Rs (25.00), b. g: inland / foreign guarantees Rs.1250.000 millions, sub
limit back to back guarantees Rs (250.000) millions) Other As Stipulated By
Bank From Time To Time |
|
Short particulars
of the property charged (Including location of the property) |
First
Charge(Present And Future) on Following Assets-(1) Hypothecation of All Stock
/ Goods / Inventories / Products Kept At Borrower Places / Premises / Godown
/ Factories Etc And / or Where ever
else And / or In Transit Including Brought / Imported / Procured Under Letter
of Credit/Packing Credit /Bank Finance (2) Hypothecation
of All Book Debts And Receivables Including Hypothecation of All Export
Documentary Bills (3) Hypothecation
of All Current, Movable Fixed Assets
of The Company (4) Emg of Office
Premises Bearing No 302 At Akruti Trade Centre, 3rd Floor Lying And Being At
Road No 7, MIDC, Marol, Andheri-East Mumbai-93 (5) Hypothecation
of All Assets/Machinery Purchased Out of Bank Finance And All Movable Fixed Assets
Except The Movable Fixed Assets Financed By The Shamrao Vithal Co-Operative
Bank Limited Second Charge
(Present And Future) – Hypothecation of All Assets, Land And Building And
Plant Machinery Purchased Out of Bank Finance Availed From Svc. |
|
Particulars of
the present modification |
By This
Modification Limit Enhanced From Rs.1250.000 millions To 2150.000 millions,
Securities are Continued As Given By Original Charge |
FIXED ASSETS
· Computer Software
· Land
· Building
· Plant and
machinery
· Vehicles
· Furniture and
Fixtures
· Computer and
Peripherals
· Office Equipment
AS PER WEBSITE
DETAILS:
PRESS RELEASE
RAVIN CABLES FORMS JV
WITH PRYSMIAN GROUP, ITALY A WORLD LEADER IN ENERGY AND TELECOMMUNICATION
CABLES.
Prysmian Group will take
a 51% stake in Ravin Cables Limited, with the other 49% stake in the new
joint venture remaining in the hands of the current promoters, with Mr. Vijay
Karia being the Chairman and Managing Director of the JV.
Mumbai, Maharashtra, January 21, 2010 /India PRwire/ -- Ravin Cables Limited, a leading player in the power cable segment has signed a JV with The Prysmian Group, Milano, Italy, a world leader in the energy and telecommunications cables industry for manufacture of all kinds of LV, MV, HV and other speciality cables. Prysmian Group will take a 51% stake in Ravin Cables Limited, with the other 49% stake in the new joint venture remaining in the hands of the current promoters, with Mr. Vijay Karia being the Chairman and Managing Director of the JV.
With turnover of around apprx Rs.3100.000 Millions in financial year 2008-2009 and EBITDA of Rs.360.000 Millions, Ravin is one of India's most competitive and reputed cable manufacturers, with a range that includes low and medium voltage cables and a market that also extends to Africa and the Middle East. Apart from its principal manufacturing facility in Pune, near Mumbai, Ravin Cables is also present in the United Arab Emirate of Fujairah with the company Power Plus Cable Co LLC, a joint venture with the Government of Fujairah, and for which it has charge of operational management. Power Plus is already equipped to produce high voltage cable. The group has a total of over 355 employees spread between its two facilities in India and the Arab Emirates.
"We are very pleased to have found a well-reputed, well managed and competitive partner in India who is also present in the Middle East" - explains Dr. Valerio Battista, Prysmian's Chief Executive - "with whom we look to immediately embark on a growth strategy with a primary focus on the development in the areas of high-tech cables for utilities and specialized industrial cables. This operation also allows us to have a manufacturing presence in another strategic market like the Middle East".
"The new joint venture that we have formed with Prysmian looks to draw on the strength of technological and managerial know-how of one of the world's leading groups in the power and telecom sector, and on the dynamism and competitiveness and that have allowed Ravin to achieve an important foothold in the Indian and Middle East markets.
The Indian market currently lacks the technology and R and D base which we are looking to capitalize on, through the expertise of Prysmian. We are very excited about the growth prospects for this JV", explains Vijay Karia, Ravin Cable's Chief Executive and CMD. Singhi Advisors, Mumbai have been the sole advising firm to Ravin Cables Limited.
India's market for High Voltage cables and systems is expected to grow rapidly, doubling in size in the next three years thanks to the country's dynamic economy and the need for rapid development of its power distribution grids. The new joint venture's goal is to more than double the turnover by 2012, particularly by developing the mix of higher value-added products.
Prysmian is a leading player in the industry of high-technology cables and systems for energy and telecommunication, the Prysmian Group is a truly global company with sales exceeding Euro 5 billion in 2008 and a strong position in higher value-added market segments. With its two businesses, Energy Cables and Systems (submarine and underground cables for power transmission and distribution, for industrial applications and for the distribution of electricity to residential and commercial buildings) and Telecom Cables and Systems (optical cables and fibres and copper cables for video, data and voice transmission), Prysmian boasts a global presence with subsidiaries in 38 countries, 53 plants in 21 countries, 7 Research and Development Centres in Europe, USA and South America, and some 12,000 employees. Specialising in the development of products and systems designed to meet specific client requirements, Prysmian's key strengths include: a focus on Research and Development, the capacity to innovate products and production processes, and the use of advanced proprietary technologies. Prysmian is listed on the Milan Stock Exchange in the Blue Chip index.
Argus Partners have been the Indian legal advisors to Prysmian for the transaction.
RAVIN CABLES TO
INVEST RS 2000.000 MILLIONS; EYES 4-FOLD SALES BY FY16
Ravin Cables is
eyeing an over four-fold rise in revenue to Rs.30000.000 Millions by FY16, when
its expansion and diversification plans would be complete.
Monday, November 21,
2011 at 20:00
Bullish on growth, power cable manufacturer Ravin Cables is eyeing an over four-fold rise in revenue to Rs.30000.000 Millions by FY16, when its expansion and diversification plans would be complete, a top company official said today.
"Though there is a slowdown in the cable industry at present, we expect the scenario to change some time soon. We are eyeing Rs.30000.00 Millions revenue in the next four years," company chairman and managing director Vijay Karia told PTI.
The government has set a target of 1,00,000 MW additional capacity during the 12th Plan period beginning next April. At present, the company's revenues stands at Rs.7000.000 Millions of which exports contribute to nearly Rs.1000.000 Millions.
Ravin has also embarked on an investment plan of Rs.2000.000 Millions for capacity addition as well as setting up a new super specialty facility to cater to the growing demand from the cable industry, which is currently Rs.150000.000 Millions. "We have diversified our scope and plan to enter new segments such as renewable energy, including solar and wind, specialty cables for the auto segment as well as for cranes and submarine cables. We will be spending around Rs.200.000-250.000 Millions in setting up a separate super specialty facility in Pune that will cater to these segments," he said.
The company already has two units one in Pune and another in Middle East with a capacity of 36,000 tonne each.
Last year, Ravin signed a joint venture agreement with the Italy-based Prysmian Group to manufacture all kinds of cables - low, medium and high-voltage as well as specialty cables. Prysmian has picked up majority 51% stake for about Rs.2000.000 Millions.
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.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.