MIRA
INFORM REPORT
|
Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
DELTON CABLES LIMITED |
|
|
|
|
Registered
Office : |
Delton House, 4801 Bharat Ram Road, 24, Darya Gunj, New Delhi – 110002 |
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Country : |
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|
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Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
26.09.1964 |
|
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|
|
Com. Reg. No.: |
55-004255 |
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Capital
Investment / Paid-up Capital : |
Rs. 28.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300DL1964PLC004255 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELD00125G DELD06408D |
|
|
|
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PAN No.: [Permanent Account No.] |
AAAFD2403L AAACD2482Q |
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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
: |
Manufacturing and Marketing of Wires and Cables, PVC Compound and
Jelly Filled Telecommunication Cables. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 940000 |
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and losses that company has incurred from its operational
activities. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BB |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
09.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
09.04.2014 |
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
31-03-2014.
INFORMATION DECLIEND BY
|
Name : |
Mr. Dhiren Singh |
|
Designation : |
Director |
|
Date : |
01.08.2014 |
LOCATIONS
|
Registered
Office / Corporate Office / Head Office: |
Delton House, |
|
Tel. No.: |
91-11-23273905-07/ 30125536/ 30125537/ 30125539/ 23254599/ 41563022 |
|
Fax No.: |
91-11-23280375/ 23272178 |
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E-Mail : |
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|
Website : |
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Factory 1 : |
17/4, Mathura Road, Faridabad – 121002, Haryana, India |
|
Tel. No.: |
91-129-2288225 |
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Fax No.: |
91-129-2223998 |
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Factory 2 : |
24, Shivaji Marg, New Delhi – 11015, India |
|
Tel. No.: |
91-11-25928280/41427377 |
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Fax No.: |
91-11-25928037 |
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|
|
|
Factory 3 : |
70th Milestone, Delhi Jaipur Highway, Dharuhera – 122106,
Haryana, India |
|
Tel. No.: |
91-1274-2422229/242295 |
|
Fax No.: |
91-1274-247123 |
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|
|
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Factory 4 : |
(Switchgear Division), C-22/23, Sector – 57, Noida – 201301, Uttar
Pradesh ,India |
|
Tel. No.: |
91-120-4248987 |
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|
|
Branch Office : |
Located at ·
Mumbai ·
Chennai ·
Bangalore ·
Kolkata ·
Kochi |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Vijender Kumar Gupta |
|
Designation : |
Chairmen and Managing director |
|
Address : |
46-A, Friends Colony, New Delhi 110 065, India |
|
Date of Birth : |
04.02.1940 |
|
Date of Appointment : |
01.07.2008 |
|
Voter ID No.: |
DL02006156285 |
|
DIN No.: |
00036210 |
|
|
|
|
Name : |
Mr. Vivek Gupta |
|
Designation : |
Joint Managing Director |
|
Address : |
46-A, Friends Colony, New Delhi 110 065, India |
|
Date of Birth : |
30.07.1968 |
|
Date of Appointment : |
01.07.2008 |
|
Voter ID No.: |
DL02006156365 |
|
DIN No.: |
00035916 |
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|
|
|
Name : |
Mr. Mahesh Prasad Mehrotra |
|
Designation : |
Director |
|
Address : |
C-561, Defence Colony, New Delhi 110 024, India |
|
Date of Birth : |
26.09.1937 |
|
Date of Appointment : |
28.09.2007 |
|
DIN No.: |
00016768 |
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|
|
|
Name : |
Mr. Vijay Kumar Goel |
|
Designation : |
Director |
|
Address : |
E-348, Greater Kailash – II, New Delhi 110 048, India |
|
Date of Birth : |
09.11.1940 |
|
Date of Appointment : |
28.09.1994 |
|
DIN No.: |
00075317 |
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|
|
Name : |
Mr. Bharat Bhushan Chadha |
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Designation : |
Director |
|
Address : |
Flat No. C-303, Ispatika Group Housing Society, Plot No. 29, Sector No. 4,Dwarka, New Delhi 110 075, India |
|
Date of Birth : |
11.12.1937 |
|
Date of Appointment : |
02.09.2003 |
|
DIN No.: |
00298713 |
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|
|
|
Name : |
Mr. Achintya Karati |
|
Designation : |
Director |
|
Address : |
29/203, Eastend Apartments, Mayur Vihar, Phase-II, New Delhi 110 096, India |
|
Date of Birth : |
23.03.1946 |
|
Date of Appointment : |
13.03.1989 |
|
DIN No.: |
00024412 |
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|
|
|
Name : |
M. SS Malhotra |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj Kumar Mittal |
|
Designation : |
Secretary |
|
Address : |
House No. 295, Ward No. 1, SIHI Gate, Ballabgarh, Faridabad - 121 004, Haryana, India |
|
Date of Birth : |
11.12.1983 |
|
Date of Appointment : |
01.02.2012 |
|
PAN No.: |
AQZPM3154E |
SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
579195 |
20.11 |
|
|
1372955 |
47.67 |
|
|
173156 |
6.01 |
|
|
173156 |
6.01 |
|
|
2125306 |
73.80 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2125306 |
73.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
956 |
0.03 |
|
|
956 |
0.03 |
|
|
|
|
|
|
72244 |
2.51 |
|
|
|
|
|
|
544704 |
18.91 |
|
|
103200 |
3.58 |
|
|
33590 |
1.17 |
|
|
3645 |
0.13 |
|
|
29439 |
1.02 |
|
|
50 |
0.00 |
|
|
456 |
0.02 |
|
|
753738 |
26.17 |
|
Total Public shareholding (B) |
754694 |
26.20 |
|
Total (A)+(B) |
2880000 |
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) |
2880000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Wires and Cables, PVC Compound and
Jelly Filled Telecommunication Cables. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· Canara Bank · The Federal Bank Limited · The Benares State Bank Limited · Punjab National Bank, · Centurion Bank of Punjab · State Bank of Bikaner and Jaipur |
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Facilities : |
(Rs.
In Millions)
|
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S.R. Dinodia And Company Chartered Accountant |
|
Address : |
K - 39 Connaught Place, New Delhi – 110001, India |
|
PAN.: |
AACFS2559N |
|
|
|
|
Enterprises Having
significant influence of KMP's. |
· Delton International Limited · Vishranti Trading Enterprises Limited · Saneh Industrial Investments Limited · B and M Trading Investment Company Limited · Delton Cable Company · Viga Trade Solution Private Limited · Ram Kumar Gupta and Sons Limited · Allied Promoters Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.28.800 Millions
As on : 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5400000 |
Equity Shares |
Rs.10/- each |
Rs.54.000 Millions |
|
60000 |
Preference Shares |
Rs.100/- each |
Rs.6.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.60.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2880000 |
Equity Shares |
Rs.10/- each |
Rs.28.800
Millions |
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
28.800 |
28.800 |
28.800 |
|
(b) Reserves & Surplus |
183.333 |
206.374 |
234.652 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
212.133 |
235.174 |
263.452 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.127 |
1.670 |
3.273 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
5.767 |
0.000 |
|
(c) Other long term
liabilities |
6.561 |
0.000 |
5.788 |
|
(d) long-term provisions |
0.885 |
3.319 |
3.360 |
|
Total
Non-current Liabilities (3) |
8.573 |
10.756 |
12.421 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
498.557 |
443.900 |
497.998 |
|
(b) Trade payables |
271.045 |
203.432 |
239.066 |
|
(c) Other current liabilities |
22.723 |
38.585 |
45.142 |
|
(d) Short-term provisions |
0.329 |
1.085 |
8.236 |
|
Total
Current Liabilities (4) |
792.654 |
687.002 |
790.442 |
|
|
|
|
|
|
TOTAL |
1013.360 |
932.932 |
1066.315 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
81.847 |
89.680 |
101.704 |
|
(ii) Intangible Assets |
0.965 |
3.334 |
5.136 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.047 |
0.047 |
0.047 |
|
(c) Deferred tax assets (net) |
16.323 |
6.207 |
0.000 |
|
(d) Long-term Loan and Advances |
22.709 |
18.755 |
16.985 |
|
(e) Other Non-current assets |
9.825 |
16.385 |
20.474 |
|
Total
Non-Current Assets |
131.716 |
134.408 |
144.346 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
345.788 |
321.800 |
343.071 |
|
(c) Trade receivables |
414.594 |
358.834 |
459.942 |
|
(d) Cash and cash equivalents |
35.789 |
23.032 |
24.293 |
|
(e) Short-term loans and
advances |
61.863 |
68.628 |
69.028 |
|
(f) Other current assets |
23.610 |
26.230 |
25.635 |
|
Total
Current Assets |
881.644 |
798.524 |
921.969 |
|
|
|
|
|
|
TOTAL |
1013.360 |
932.932 |
1066.315 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
1078.000 |
1161.421 |
1416.271 |
|
|
Other Income |
11.800 |
6.718 |
4.708 |
|
|
TOTAL
(A) |
1089.800 |
1168.139 |
1420.979 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of materials consumed |
784.200 |
836.283 |
1013.328 |
|
|
Purchases of stock-in-trade |
40.500 |
6.476 |
5.659 |
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(12.000) |
(4.089) |
15.974 |
|
|
Employee benefit expense |
89.600 |
101.365 |
104.101 |
|
|
Other Expenses |
117.300 |
155.257 |
164.52 |
|
|
Extraordinary Items |
-0.500 |
20.366 |
-2.058 |
|
|
Power and fuel |
25.600 |
-- |
-- |
|
|
Transfer from revaluation reserves |
0.000 |
-0.226 |
-0.225 |
|
|
TOTAL
(B) |
1044.700 |
1115.432 |
1301.297 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
45.100 |
52.707 |
119.682 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
70.200 |
76.665 |
76.115 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(25.100) |
(23.958) |
43.567 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
12.400 |
14.957 |
15.456 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(37.500) |
(38.915) |
28.111 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(11.500) |
(10.864) |
9.998 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(26.000) |
(28.051) |
18.113 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
22.018 |
23.899 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
89.966 |
99.66 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(9.03) |
(9.74) |
6.29 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(2.39) |
(2.40) |
1.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.48) |
(3.35) |
1.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.76) |
(4.20) |
2.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.18) |
(0.17) |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.36 |
1.89 |
1.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.16 |
1.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
28.800 |
28.800 |
28.800 |
|
Reserves & Surplus |
234.652 |
206.374 |
183.333 |
|
Net
worth |
263.452 |
235.174 |
212.133 |
|
|
|
|
|
|
long-term borrowings |
3.273 |
1.670 |
1.127 |
|
Short term borrowings |
497.998 |
443.900 |
498.557 |
|
Total
borrowings |
501.271 |
445.570 |
499.684 |
|
Debt/Equity
ratio |
1.903 |
1.895 |
2.356 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1416.271 |
1161.421 |
1078.000 |
|
|
|
(17.994) |
(7.183) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1416.271 |
1161.421 |
1078.000 |
|
Profit |
18.113 |
(28.051) |
(26.000) |
|
|
1.28% |
(2.42%) |
(2.41%) |
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 |
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 |
No |
|
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 |
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 |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
PERFORMANCE OF COMPANY:
The performance of this year is not satisfactory for various reasons which inspite of best efforts of the management could not be controlled. The cable industry as a whole was subject t to severe recession owing to worldwide slowdown. The company achieved the Gross Sale of Rs.1270.752 Millions as compared to previous years Rs.1529.546 Millions. The decline in turnover was mainly due to low volume of order from power telecom railways infrastructure etc. Besides domestic demand was also not upto the mark. Some new produces like MCCB and modular switches were introduced in the end of the year and their impacts will be felt in the current year.
Due to lower sales realization, the gross profit margin remained under pressure. It has ultimately resulted in a net loss of Rs.28.051 Millions as compared to the profit of Rs.18.113 Millions of the previous year. The financial cost has cost has gone.
The Management is making strenuous efforts to control the cost, particularly in consumption of energy stores and spares etc. Ongoing efforts are there to reduce the financial and administrative expenses .The efforts are also beings made to increase the marketing strength as to achieve mad orders in the current year. Nevertheless, the company’s products have to face stiff competition.
OUTLOOK:
Indian Wire and Cable industry will be contributory in growth of industrial sector owing to huge investment in development of infrastructure by the government and private players. However, intense competition in markets and increasing cost of raw materials will be the challenging factors. The Company has coveted experience in manufacturing of wires and cables and competent to face the challenges. The Company is exploring the new markets in India and outside. The government has proposed huge investment in infrastructure, power and communication sectors, which may benefit the cable and wire industry. The Company expects better results in coming years under normal conditions.
CORPORATE INFORMATION:
Subject is a public company domiciled in India and incorporated under the provisions of the companies Act, 1956. Its shares are listed on BSE and NSE in India. The company has four manufacturing units located in Dharuhera, Najafgarh, Faridabad and Noida. The company is engaged in manufacturing and supplying of wires and cables. Delton prime supplier to the Power, Telecommunication, Railways, Steel and Mining sectors in India and has also firmly established itself in the International market.
UNSECURED LOAN
(Rs. In Millions)
|
|
As on 31.03.2014 |
As
on 31.03.2013 |
|
Long term
borrowing |
|
|
|
Deposit From dealer |
|
0.835 |
|
|
|
|
|
Total |
NA |
0.835 |
|
NOTE: Deposits from dealers before 31 03 2008 camas an interest @ 7% p a and repayable on cessation of business transactions with such dealer |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10425364 |
16/04/2013 |
64,000,000.00 |
THE FEDERAL BANK LIMITED |
M 17,, CONNAUGHT
CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
B75010165 |
|
2 |
10425388 |
16/04/2013 |
110,000,000.00 |
THE FEDERAL BANK LIMITED |
M 17,, CONNAUGHT
CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
B75018416 |
|
3 |
10410908 |
22/02/2013 |
188,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE
BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B70471156 |
|
4 |
10133366 |
27/11/2008 |
10,000,000.00 |
PUNJAB NATIONAL BANK |
M C B, A-9,
CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
A52338993 |
|
5 |
10123732 |
23/09/2008 |
25,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE
BRANCH, A-9, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
A46697454 |
|
6 |
90042986 |
19/11/2008 * |
192,000,000.00 |
PUNJAB NATIONAL BANK |
M C B, A-9,
CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
A52338159 |
|
7 |
90064007 |
17/06/1998 |
34,500,000.00 |
THE FEDERAL BANK LIMITED |
59/433; PADAM
SINGH ROAD, GROUND FLOOR; KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA |
- |
|
8 |
90041243 |
31/05/1994 * |
17,500,000.00 |
ANDHRA BANK |
CONNAUGHT
CIRCUS, NEW DELHI, DELHI, INDIA |
- |
|
9 |
90040748 |
08/08/1990 * |
25,500,000.00 |
ANDHRA BANK |
CONNAUGHT
CIRCUS, BAD FILE, NEW DELHI, DELHI, INDIA |
- |
|
10 |
90040679 |
30/07/2013 * |
926,000,000.00 |
CANARA BANK (LEAD BANK) |
PCB, CONNAUGHT
PLACE, II FLOOR, WORLD TRADE TOWER,
BARAKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
B82978917 |
* Date of charge modification
FIXED ASSETS:
· Land
· Building
· Plant and machinery
· Office equipments
· Furniture and fixtures
· Motor vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.87 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.