MIRA INFORM REPORT
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Report No. : |
337762 |
|
Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
FINOLEX CABLES LIMITED |
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Registered
Office : |
26/27, Mumbai-Pune
Road, Pimpri, Pune – 411 018, Maharashtra |
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Tel No.: |
91-20-27475963 /
27506200 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
05.06.1967 |
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Com. Reg. No.: |
11-016531 |
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Capital
Investment / Paid-up Capital : |
Rs.305.879
Million |
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CIN No.: [Company Identification
No.] |
L31300MH1967PLC016531 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEF00515E |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of electrical and telecommunication cables. |
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No. of Employees
: |
1546 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated on 5th June, 1967. It is the
flagship company of the Finolex Group. It is India’s leading electrical cable
manufacturer. It is a well-established and reputed company having a fine track
record. Though the company is in defaulter’s list, the rating is offset by its
strong market position in the electrical cables segment backed by its established
brand and integrated operations. The amount of default is too small to affect
the overall size and strength of the company. Overall financial position of the company seems to be sound and
healthy. The rating also takes into consideration, an acceptable share price of
Rs. 248.90 recorded by the company as against the face value price of Rs.
2.00 as on August 20, 2015. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. In view of extensive experience of its promoters, the Company can be
considered good for business dealings at usual trade terms and conditions. Note: Subject has been found under RBI Defaulter’s list the name of
Credit Grantor is Standard Chartered Bank and the amount charged is Rs.
817.800 Million dated 30.09.2014. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: AA+ |
|
Rating Explanation |
Have high degree of safety and carry very
low credit risk |
|
Date |
November 14, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
November 14, 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 DENIED
Management non co-operative (91-20-27475963)
LOCATIONS
|
Registered
Office/ Corporate Office/ Factory 1 (Electrical Cables) : |
26/27, Mumbai-Pune
Road, Pimpri, Pune – 411 018, Maharashtra, India |
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|
Tel. No.: |
91-20-27475963 (15 lines)/ 27506200 |
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Fax No.: |
91-20-27472239/ 27470344/ 27472224 |
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E-Mail : |
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Website : |
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Factory 2 : |
Optic Fibre Division Urse Taluka Maval, District Pune – 410 506, Maharashtra, India |
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Tel. No.: |
91-2114-237003/ 4/ 5/ 6/ 7 |
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Fax No.: |
91-2114-237009 |
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E-Mail : |
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Factory 3 : |
Switches
Division Gat No.344, Village
Urse, Taluka Maval, District Pune – 410 506, Maharashtra, India |
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Tel. No.: |
91-2114- 237021-2-3 |
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Fax No.: |
91-2114-237006 |
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E-Mail : |
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Factory 4 : |
Goa (Electrical and Communication Cables) 117/L118, Verna Industrial Estate, Verna Salcette, Goa – 403 722,
India |
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Tel. No.: |
91-832-278202/ 3/ 4 |
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Fax No.: |
91-832-2783909 |
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E-Mail : |
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Factory 5 : |
Goa (CCC Rod) S263/2A, Panjim - Belgaum Road, Usgaon -Tisk, Ponda Goa – 403 406,
India |
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Tel. No.: |
91-832-2344376/ 8/ 9 |
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Fax No.: |
91-832-2344140 |
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E-Mail : |
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Factory 6 : |
Urse (Electrical and Communication Cables) Taluka Maval, District Pune – 410 506, Maharashtra, India |
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Tel. No.: |
91-2114-237026/ 27 |
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Fax No.: |
91-2114-237025 |
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E-Mail : |
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Factory 7 : |
Lighting
Division (CFL) / Sheets Division Plot No.399,
Village - Urse, Taluka - Maval, District Pune – 410 506, Maharashtra, India |
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Tel. No.: |
91-2114-237035/ 237024 |
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Fax No.: |
91-2114-237025 |
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E-Mail : |
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Factory 8 : |
HVPC Urse, Pune Gat No.343,
Village Urse, Taluka Maval, District Pune – 410 506, Maharashtra, India |
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Tel. No.: |
91-2114-237001-5 |
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Fax No.: |
91-2114-237006 |
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E-Mail : |
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Factory 9 : |
Goa (Communication Cables) Plot No. L123/9A, Verna Industrial Estate, Verna Salcette, South Goa,
India |
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Tel. No.: |
91-832-2782002/ 3/ 4 |
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Fax No.: |
91-832-2783909 |
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E-Mail : |
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Factory 10 : |
Roorkee Plot Nos. K-1
and K-2, AIS Industrial Estate, Jatherdeva Hoond, Manglaur, Roorkee, Taluka Haridwar – 247 667,
Uttarakhand, India |
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Tel. No.: |
91-1332-224069 |
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Tele Fax No.: |
91-1332-224068 |
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E-Mail : |
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Factory 10 : |
Roorkee Plot Nos. K-1
and K-2, AIS Industrial Estate, Jatherdeva Hoond, Manglaur, Roorkee, Taluka Haridwar – 247 667,
Uttarakhand, India |
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Tel. No.: |
91-1332-224069 |
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Tele Fax No.: |
91-1332-224068 |
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E-Mail : |
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Branch Office : |
Located
at: ·
Ahmadabad ·
Bangalore ·
Bhubaneshwar ·
Chandigarh ·
Chennai ·
Coimbatore ·
Goa ·
Guwahati ·
Indore ·
Jaipur ·
Kochi ·
Kolkata ·
Mumbai ·
New Delhi ·
Raipur ·
Secunderabad ·
Lucknow · Dharwad |
|
DIRECTORS
As on: 31.03.2015
|
Name : |
Mr. P.P Chhabria |
|
Designation : |
Chairman |
|
Address : |
9, ICS Colony, Ganeshkhind Road, Pune – 411 007, Maharashtra, India |
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|
Name : |
Dr. D.K. Chhabria |
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Designation : |
Executive Chairman |
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Name : |
Dr. H.S. Vachha |
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Designation : |
Director |
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|
Name : |
Mr. Atul C.
Choksey |
|
Designation : |
Director |
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|
Name : |
Mr. Sanjay K.
Asher |
|
Designation : |
Director |
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|
Name : |
Mr. P.G. Pawar |
|
Designation : |
Director |
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|
Name : |
Mr. S.B Ravi (Pandit) |
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Designation : |
Director |
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|
Name : |
Mr. Pradeep R.
Rathi |
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Designation : |
Director |
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|
Name : |
Mr. Adi. J.
Engineer |
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Designation : |
Director |
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|
Name : |
Dr. V.G. Pai |
|
Designation : |
Director |
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Name : |
Mr. M. Viswanathan
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|
Designation : |
Director Finance
and Chief Financial Officer |
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|
Name : |
Mrs. Namita V.
Thapar |
|
Designation : |
Executive Director
and Chief Financial Officer |
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KEY EXECUTIVES
|
Name : |
Mr. R.G. D’Silva |
|
Designation : |
Company Secretary and Vice President (Legal) |
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|
Name : |
Mr. Pravin Kulkarni |
|
Designation : |
Senior Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of Total No. of Shares |
|
|
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
7875000 |
5.36 |
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|
46966170 |
31.97 |
|
|
54841170 |
37.33 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
54841170 |
37.33 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
20161202 |
13.72 |
|
|
1623881 |
1.11 |
|
|
12569635 |
8.56 |
|
|
34354718 |
23.39 |
|
|
|
|
|
|
25225722 |
17.17 |
|
|
|
|
|
|
20424508 |
13.90 |
|
|
12059402 |
8.21 |
|
|
57709632 |
39.28 |
|
Total
Public shareholding (B) |
92064350 |
62.67 |
|
Total
(A)+(B) |
146905520 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
6033825 |
0.00 |
|
|
6033825 |
0.00 |
|
Total
(A)+(B)+(C) |
152939345 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
S. o. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
||
|
1 |
Aruna Katara |
28,12,850 |
1.84 |
|
2 |
Sunita Kishan Chhabria |
11,63,400 |
0.76 |
|
3 |
Kishan Parsram Chhabria |
9,50,750 |
0.62 |
|
4 |
Deepak Kishan Chhabria |
9,36,750 |
0.61 |
|
5 |
Prakash Pralhad Chhabria |
8,31,850 |
0.54 |
|
6 |
Vijay Kishan Chhabria |
5,39,250 |
0.35 |
|
7 |
Hansika Hiya Prakash Chhabria |
1,05,000 |
0.07 |
|
8 |
Gayatri Prakash Chhabria |
1,05,000 |
0.07 |
|
9 |
Ritu Prakash Chhabria |
95,000 |
0.06 |
|
10 |
Amit Katara |
87,400 |
0.06 |
|
11 |
Amrita Katara |
85,400 |
0.06 |
|
12 |
Vini Deepak Chhabria |
33,750 |
0.02 |
|
13 |
Katara Mukesh Dolumal |
31,000 |
0.02 |
|
14 |
Radhika Deepak Chhabria |
30,000 |
0.02 |
|
15 |
Rishi Vijay Chhabria |
22,500 |
0.01 |
|
16 |
Karan Vijay Chhabria |
22,500 |
0.01 |
|
17 |
Priya Vijay Chhabria |
22,500 |
0.01 |
|
18 |
Pralhad Parsram Chhabria |
100 |
0.00 |
|
19 |
Orbit Electricals Private
Limited |
4,69,56,120 |
30.70 |
|
20 |
Katara Dental Private Limited |
10,050 |
0.01 |
|
|
Total |
5,48,41,170 |
35.86 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
l. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of
Total No. of Shares |
|
|
1 |
Finolex Industries Limited |
22187075 |
14.51 |
|
|
2 |
Anil Ramchand Chhabria |
5146060 |
3.36 |
|
|
3 |
Franklin Templeton Mutual Fund
A/c Franklin India |
4112831 |
2.69 |
|
|
4 |
Franklin India Smaller
Companies Fund |
2930312 |
1.92 |
|
|
5 |
Leela Ramchand Chhabria |
1779600 |
1.16 |
|
|
6 |
DSP Blackrock Micro Cap Fund |
2134661 |
1.40 |
|
|
7 |
Life Insurance Corporation of
India |
1545182 |
1.01 |
|
|
|
Total |
39835721 |
26.05 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
(together with PAC) belonging to the category “Public” and holding more than 5%
of the total number of shares of the company
|
l. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
|
1 |
Finolex Industries Limited |
22187075 |
14.51 |
|
|
|
Total |
22187075 |
14.51 |
Details of Depository
Receipts (DRs)
|
Sl. No. |
Type of Outstanding DR (ADRs, GDRs, SDRs,
etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs as % of
Total No. of Shares |
|
1 |
Global Depository |
60,33,825 |
60,33,825 |
3.95 |
|
|
Total |
60,33,825 |
60,33,825 |
3.95 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of electrical and telecommunication cables. |
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Products : |
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PRODUCTION STATUS [AS ON
31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Electrical Cables |
TCKM |
2467.97 |
1241.83 # |
|
Communication
Cables Optic Fibre Cables |
KM |
58000.00 |
37116.78 |
|
Other
Communication Cables |
TCKM |
5648.00 |
634.61 |
|
PVC Sheets and
Accessories |
MT |
2100.00 |
1331.70 |
|
Fibre |
KM |
150000.00 |
779736.33 * |
|
Poly coated FRP
Rod |
KM |
24000.00 |
19268.48 |
|
Continuous Cast
Copper Rods |
MT |
60000.00 |
33419.75 @ |
Notes:
Installed capacities are certified by the Managing Director and relied upon by the Auditors
- # Equivalent tonnage 32,297 MT
- * Includes captive consumption of 668,730 Kms
- @ captive consumption of 21,906,538MT and Job Work done 0.00
5,000 TCKM of JFTC Capacity is interchangeable with 332 TCKM
of Electrical Cable capacity
GENERAL INFORMATION
|
No. of Employees : |
1546 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG TERM BORROWINGS
|
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Auditors : |
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|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
706/707, Sharda
Chambers, 7th Floor, New Marine Lines, Mumbai – 400 020,
Maharashtra, India |
|
Tel. No.: |
91-22-22000607/7318/6360 91-22-66315835/36 |
|
Fax No.: |
91-22-22003476 |
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E-Mail : |
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Cost Auditor : |
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|
Name : |
Joshi Apte and Associates Cost Accountants |
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|
Solicitors : |
Crawford Bayley and Company |
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Associates/Subsidiaries : |
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Joint Venture : |
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Enterprises over
which Key Management Personnel and their Relatives exercise significance
influence : |
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CAPITAL STRUCTURE
As on: 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
235000000 |
Equity Shares |
Rs.2/- each |
Rs.470.000 million |
|
15000000 |
Unclassified Shares |
Rs.2/- each |
Rs.30.000 million |
|
|
Total |
|
Rs.500.000
million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
152939345 |
Equity Shares |
Rs.2/- each |
Rs.305.900
million |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
As on 31.03.2015 |
|
|
Number |
Amount (Rs in Millions) |
|
|
Balance at the beginning of the period |
152939345 |
305.900 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the
end of the year |
152939345 |
305.900 |
Terms / rights
attached to Equity Shares
The Company has
only one class of Equity Shares having a par value of Rs.2 per share. Each holder
of Equity Shares is entitled to one vote per share held. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of Interim dividend.
During the year
ended 31st March 2014, the amount of per share dividend recognised
as distributions to the equity shareholders is Rs.1.60 per share.
In the event of
liquidation of the Company, the holders of Equity Shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of Equity Shares
held by the shareholders.
Shares held by
holding/ultimate holding company and/or their subsidiaries/associates
There are no shares held by holding/ultimate holding company
and/or their subsidiaries/associates.
Details of
shareholders holding more than 5% shares in the Company
|
|
As on 31.03.2014 |
|
|
Equity Shares |
Number of shares |
% |
|
Finolex Industries Limited |
22187075 |
14.50 |
|
Life Insurance Corporation of India |
- |
- |
|
Orbit Electricals Private Limited |
46956120 |
30.70 |
Aggregate number
of Bonus Shares issued, Shares issued for consideration other than cash and Shares
bought back during the period of five years immediately preceding the reporting
date.
There are no Bonus
Shares issued, Shares issued for consideration other than cash and Shares
bought back during the period of five years immediately preceding the reporting
date.
Terms of
securities issued with conversion option into Equity / Preference Shares
There are no
securities issued with conversion option into Equity/Preference Shares
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
305.900 |
305.900 |
305.900 |
|
(b) Reserves & Surplus |
12342.200 |
10727.800 |
8937.300 |
|
(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) |
12648.100 |
11033.700 |
9243.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
512.100 |
1266.900 |
1451.500 |
|
(b) Deferred tax
liabilities (Net) |
300.500 |
295.200 |
344.700 |
|
(c)
Other long term liabilities |
4.100 |
17.900 |
13.600 |
|
(d)
long-term provisions |
49.700 |
35.300 |
568.800 |
|
Total
Non-current Liabilities (3) |
866.400 |
1615.300 |
2378.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.300 |
0.000 |
171.100 |
|
(b)
Trade payables |
502.500 |
526.800 |
632.900 |
|
(c)
Other current liabilities |
1901.000 |
1590.400 |
1391.200 |
|
(d)
Short-term provisions |
419.300 |
873.500 |
224.400 |
|
Total
Current Liabilities (4) |
2823.100 |
2990.700 |
2419.600 |
|
|
|
|
|
|
TOTAL |
16337.600 |
15639.700 |
14041.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4704.500 |
4958.000 |
4120.700 |
|
(ii)
Intangible Assets |
0.000 |
0.400 |
0.400 |
|
(iii)
Capital work-in-progress |
0.000 |
107.000 |
357.300 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
2256.600 |
2260.800 |
2173.900 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
42.600 |
47.700 |
166.500 |
|
(e)
Other Non-current assets |
192.900 |
264.900 |
190.800 |
|
Total
Non-Current Assets |
7196.600 |
7638.800 |
7009.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
2685.600 |
1770.600 |
1067.000 |
|
(b)
Inventories |
3186.200 |
3524.000 |
3296.300 |
|
(c)
Trade receivables |
1186.100 |
1451.700 |
1496.500 |
|
(d)
Cash and cash equivalents |
1383.700 |
648.600 |
398.100 |
|
(e)
Short-term loans and advances |
699.400 |
605.100 |
771.800 |
|
(f)
Other current assets |
0.000 |
0.900 |
2.100 |
|
Total
Current Assets |
9141.000 |
8000.900 |
7031.800 |
|
|
|
|
|
|
TOTAL |
16337.600 |
15639.700 |
14041.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
24490.900 |
23590.400 |
22706.800 |
|
|
|
Other Income |
584.700 |
483.500 |
241.700 |
|
|
|
TOTAL (A) |
25075.600 |
24073.900 |
22948.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
17577.600 |
17759.300 |
17131.600 |
|
|
|
Purchases of Stock-in-Trade |
138.600 |
112.100 |
58.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
520.600 |
(215.300) |
(296.800) |
|
|
|
Increase/(Decrease) in Excise duty on Closing Stock of
Finished Goods |
(4.700) |
0.000 |
0.000 |
|
|
|
Employees benefits expense |
939.600 |
848.300 |
845.900 |
|
|
|
Sales and Distribution Expenses |
1703.300 |
0.000 |
0.000 |
|
|
|
Power and Fuel |
308.400 |
0.000 |
0.000 |
|
|
|
Other expenses |
717.100 |
2604.100 |
2671.500 |
|
|
|
Exceptional Items - Income / (Expenses) |
(225.200) |
103.800 |
(230.100) |
|
|
|
TOTAL (B) |
21675.300 |
21212.300 |
20180.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3400.300 |
2861.600 |
2768.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
129.200 |
144.800 |
133.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3271.100 |
2716.800 |
2634.600 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
639.700 |
484.300 |
466.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2631.400 |
2440.100 |
1708.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
644.800 |
363.300 |
255.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1986.600 |
2076.800 |
1452.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5064.400 |
2987.600 |
1534.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Dividend |
0.000 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
7051.000 |
5064.400 |
2987.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
539.500 |
494.400 |
486.900 |
|
|
TOTAL EARNINGS |
539.500 |
494.400 |
486.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1287.000 |
2035.800 |
1263.000 |
|
|
|
Stores & Spares |
8.800 |
20.900 |
21.000 |
|
|
|
Capital Goods |
244.800 |
280.800 |
93.700 |
|
|
TOTAL IMPORTS |
1540.600 |
1540.600 |
1377.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.00 |
13.60 |
9.50 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
754.900 |
203.400 |
183.500 |
|
Cash generated from operations |
2305.100 |
2446.600 |
1824.800 |
|
Net Cash Flow from operating activities |
1831.300 |
2227.300 |
1489.500 |
STOCK
PRICES
|
Face Value |
Rs.2/- |
|
Market Value |
Rs.248.90/- |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
PAT / Total Income |
(%) |
8.11 |
8.80 |
6.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.88 |
13.01 |
10.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.69 |
18.39 |
14.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.22 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.10 |
0.13 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.24 |
2.68 |
2.91 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
305.900 |
305.900 |
305.900 |
|
Reserves & Surplus |
8937.300 |
10727.800 |
12342.200 |
|
Net
worth |
9243.200 |
11033.700 |
12648.100 |
|
|
|
|
|
|
long-term borrowings |
1451.500 |
1266.900 |
512.100 |
|
Short term borrowings |
171.100 |
0.000 |
0.300 |
|
Current Maturities Of
Long-Term Debts |
183.500 |
203.400 |
754.900 |
|
Total
borrowings |
1806.100 |
1470.300 |
1267.300 |
|
Debt/Equity
ratio |
0.195 |
0.133 |
0.100 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
22706.800 |
23590.400 |
24490.900 |
|
|
|
3.891 |
3.817 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
22706.800 |
23590.400 |
24490.900 |
|
Profit |
1452.700 |
2076.800 |
1986.600 |
|
|
6.40% |
8.80% |
8.11% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
Case Details
Bench:-Bombay
Lodging No.:- ITXAL/20/2012
Filing Date:- 06.01.2012
Reg. No.:- ITXA/730/2012
Reg. Date:- 24.07.2012
Petitioner:- The Commissioner of Income Tax – (Central)
Respondent:- Finolex Cables Limited
Petn. Adv.:- Vipul Arun Bajpayee (I4135)
District:- PUNE
Bench:- DIVISION
Status:- Admitted (Unready)
Category:- TAX APPEALS
Last Date:- 12.02.2013
Stage:- FOR DIRECTION
Last Coram:- HON'BLE
SHRI JUSTICE J.P. DEVADHAR
HON'BLE SHRI JUSTICE
M.S. SANKLECHA
Act :- Income Tax Act, 1961
Under Section:- 260A
UNSECURED LOAN
|
Particulars |
31.03.2015 (Rs. in Million) |
31.03.2014 (Rs. in Million) |
|
|
|
|
|
LONG TERM
BORROWINGS: |
|
|
|
Deferred sales tax loan |
12.100 |
16.900 |
|
SHORT TERM
BORROWINGS: |
|
|
|
Buyers credit |
0.300 |
0.000 |
|
Total |
12.400 |
16.900 |
BACKGROUND
Economic fundamentals have started to accelerate in recent months with the combined impact of a strong Government mandate, RBI's inflation focus supported by benign global commodity prices and a stable currency. GDP growth expectations are around 7.4% compare with 6.9% of the previous year. Recent IIP data also shows a positive movement during the April14-January15 period – while infrastructure spend still has to improve, expectations based on the government announcements around the Delhi Mumbai Industrial Corridor, Smart City Initiatives, Digital Connectivity and Make in India etc., indicate increased expenditure in infrastructure projects over the near and medium term.
OPERATIONS
In terms of revenue, growth for the year was similar to what was achieved in the previous year. However, the year also saw commodity prices falling. Despite this, overall sales grew by 4% in value terms as compared to FY 2013-2014. In volume terms, the growth was higher at 7%. Higher volumes were achieved in several product lines – notably in Low Duty Electrical Wires (12%) in the Electrical Cable Segment and across all product lines in the Communication Cable Segment. As in the previous year, Auto and Infrastructure (Power) sectors continued to be under strain.
In terms of outlook for the upcoming year, sales of Optical Fiber Cables look promising with the Government’s announcements about the Digital India Program. In an increasingly connected world, a growing number of devices are expected to use broadband connections to deliver a wide array of rich communication and multimedia services, anytime, anywhere. Similarly, the government’s focus on infrastructure Power Sector would attract investments in cabling in the not too distant future.
The Company entered the Lighting business a few years ago, first with energy efficient CFLs and subsequently with Tube Lights and LED based lamps. While the business has grown and continues to show good potential, the consumer preference towards LED based lamps, especially in the lower wattage segment has been significant in the year. The Company, therefore, undertook a review of the potential impairment to the CFL assets – given the changing market scenario and based on the estimated cash flow for the next five years, an impairment charge of Rs 60.400 million has been provided for. This has been done as a prudent measure – the Company will continue in the Lighting business and will continue to offer a range of products. Income for the year was higher at Rs.25075.600 million (previous year Rs.24073.900 million) representing a growth of 4% over the previous year. The Company has recorded a Net Profit Before Tax of Rs 2631.400 million as against Rs 2440.100 million in the previous year.
Highlights of the performance are discussed in detail in the Management Discussion and Analysis Report (MDAR) attached as Annexure A to this Report
EXPORTS: Despite the depressed market situation, overseas FOB value of exports for the year was Rs 544.800 million (Previous year’s export value of Rs. 501.000 million).
FINANCE
The Company’s short term debt programs continue to enjoy the highest ratings from CRISIL. Since the last few years, these have been accorded the A1+ rating. The Company retained the AA+/stable rating for its Rs.500.0 million long term non-convertible debentures program as well as on the long term loans currently outstanding.
During the 4th quarter of the year, the Company repaid the last installment of its foreign currency loan. With this repayment, there are no long term foreign currency exposures. With the interest rates starting to decline, your Company would endeavor to further reduce interest costs by replacing its existing loans with lower cost ones, where possible.
Despite the increase in value of operations, financial costs have been contained to the minimum required levels. The Company continues to meet all its financial commitments in a timely manner.
EXPANSION AND NEW
PRODUCTS
During the year, the Company expanded its manufacturing capacities of LAN, Coaxial and Optical Fiber Cable product lines at both Urse and Goa. The added capacities will become available from FY 2015-16 and will improve the Company’s ability to garner a higher market share for these products.
The switchgear facility in Roorkee was also completed with products now awaiting approval from BIS prior to market release. The completion was delayed due to equipment design changes. Product launch is now expected in Q2, 2015-16.
Also in the pipeline for FY 2015-16 are new products from the Lighting/Lamp business, electrical cables for solar applications and an entirely new range of switches etc.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS OF THE
COMPANY:
The Company operates in two main segments - Electrical Cables and Communication Cables.
To support its requirement of Copper Rods for both types of cables, the Company manufactures Continuous Cast Copper Rods (CCC rods), at its Rod Plant at Goa. A small part of this production of CCC rods is, however, sold to third party customers. The result from this operation is declared under the Copper Segment.
The Company’s foray into the Lamps and Electrical Switches businesses is still in its early years and account for less than 5% of the Company’s turnover and are hence reported as “Others” in the Segment Results.
REVIEW OF OPERATIONS:
Production:
- Electrical Cables at 54,423 MT as compared to 50,445 MT in the previous year.
- Metal based communication Cables at 5,607 MT as compared to 5,576 MT in the previous year.
- Optical Fibre Cables at 33,948 KM as compared to 31,023 KM in the previous year.
Sales:
- Electrical Cables (including Excise Duty) at Rs.21919.000 million as compared to Rs. 21329.000 million in the previous year.
- Communication cables (including Excise Duty) at Rs.2445.000 million as compared to Rs.2272.000 million in the previous year.
- Copper Rods (net of interdivisional transfers and including Excise Duty) at Rs. 1060.000 million as compared to Rs.1187.000 million in the previous year.
• Exports were marginally higher at Rs. 545.000 million as against Rs. 501.000 million of the earlier year.
• The income from operations (including excise duty) was Rs.25748.000 million for the year under review as compared to Rs.25099.000 million for the earlier year.
• As mentioned during the previous year, the Power Sector in the country has been going through uncertain times. Capital investment in this sector has been minimal during the year. Further the stringent pre-qualification conditions imposed by utilities as well as the unrestricted imports from South East Asia have also been an impeding factor in order acquisition by the JV. It is estimated that the JV will become profitable only around 2016-17 and will need financial support in the form of equity infusion until then. While the long term outlook of the JV is positive, in the short term there continues to be an erosion of net worth in the JV.
• The Joint Venture with Corning SAS, Corning Finolex Optical Fibre Private Limited. has clocked sales of over Rs. 1581.000 million in the year 2014-15 as against Rs 1043.000 million in the previous year. The operations are expected to be profitable going forwards.
• For more details on the operations, a reference may please be made to the financial statements.
BUSINESS ENVIRONMENT:
The segment-wise discussion on the markets which are served by the Company is as follows:
5.1 Electrical
Cables:
Electrical cables can be further categorised into light duty electrical cables, power and control cables.
(i) Light duty electrical cables include electrical wires used extensively for electrification of industrial establishments, electrical panel wiring in industrial establishments and major equipments, consumer durable goods, automobiles, agricultural pump sets, small generator applications besides general lighting purposes.
(ii) In power cable category, the Company has the ability to manufacture such cables within the range 1.1 kV to 66 kV. These cables are high voltage cables designed in various constructions depending upon their applications; however, always meant for underground usage. Power and control cables upto 3.3 kV rating are used for connecting user point to the main supply of power. Power cables
above 3.3 kV rating are meant for use in underground application for intra-city electricity distribution network. The Company
manufactures insulated power cables only. These cables meet the requirements of international standards.
Performance:
For the year under review, this segment cables registered sales (including excise duty) of Rs.21919.000 million against Rs.21132.000 million of the previous year. It accounted for 85% of total sales for the year under review. Growth during the year was driven mainly by agricultural and construction applications. Both infrastructure and automobile sectors remained very subdued. Margins, however, were strong with EBITA at 13.6% for the year as against 12.7% in the earlier year.
Outlook:
Electrical cables are the main focus area of business for the Company. In the long term the outlook is positive – construction sector appears positive especially given the governments drive towards Housing For All by 2022; agricultural applications also appear positive and poised to continue on the growth shown in the previous years; automobile and infrastructure (power), however seem to be going through a slower growth path at this moment. In the long term, however, the outlook for the entire segment is positive, given the fact that sustained economic growth of the country depends on a robust and stable infrastructure.
The Company faces two principal risks in this business – firstly competition from a large unorganized sector which produces products of inferior quality but at cheap prices and secondly a highly volatile commodity market where price movements can be very sharp. The Company has been handling the risk of the competitive forces through its organized business approach, by the strength of its reach, superior quality products, safe products and maintaining high standards of service levels with its customers. The Company enjoys the advantages of economies of scale and backward integration. As and when GST is rolled out in the country, the Company believes the threat of a competitive force that relies on cheap quality and unfair trade practices will reduce further. As regards the risk of sharp raw material price movements, though the Company endeavors to pass on the price effect to the customers, there has always been a time lag between the price movement and the passing thereof. The Company negotiates price variation contracts with bulk buyers. The Company has been fair in dealing with its customers and accordingly enjoys customer confidence in pricing decisions.
Communication Cables:
The communication cables comprise of state of art, new generation communication cables and traditional telephone cables.
(i) The state of art communication cables are either copper based or glass based. The copper based cables include LAN cables, coaxial cables, PE insulated switchboard cables and V-SAT cables. These cables are used for last mile connectivity. LAN cables are used in high speed networks, Coaxial cables are used to provide content input to TV receiving sets and in microwave communications and mobile towers, PE insulated switchboard cables are used to connect telephone instruments to an EPABX system and V-SAT cables find their application in V-SAT towers to connect the dish to the base station. Newer products include special cables that provide for both image capture as well as power solutions to CCTV cameras.
Optic Fibre cables are glass based cables and they have the maximum bandwidth and speed. Certain cable designs are used as trunk cables in long distance networks while other designs are used in distribution, whether by telecom companies, multiservice organisations or other service providers. Communication cables which carry voice, data or images is the backbone of an economic activity. The speed and bandwidth determine the capabilities of a communication network.
(ii) Traditional telephone cables include JFTCs which are laid underground and are used for connecting land line telephones to exchanges. These are copper based cables. With introduction of mobile telephones in India and due to substitution by optic fibre cables, JFTC business has lost its value. Nevertheless, JFTC continues to remain a preferred option for last mile connectivity in fixed line telephones. The demand for JFTCs will continue to remain modest. The Company would continue to manufacture JFTCs especially with broadband features for public sector and private sector telecom companies and to meet the export demand. The Company has the capability to make JFTCs as per customer’s needs.
Performance:
The communication cables segment (including optic fibre) recorded sales of Rs.2445.000 million for the year under review against Rs.2264.000 million for the earlier year. During the first half of the year, the underutilised due to considerable delay in acquisition of a large government order. Subsequently, however, the utilisation factor improved. Hence margins were under pressure during a substantial portion of the year. EBITA levels for the year fell to 6.35% in this segment as compared to 13.7% in the previous year.
Outlook:
With the impetus from the Government in providing better and faster internet access to rural India, your Company believes that demand for communication products will be robust for the foreseeable future. The economic development requires inter-alia, a strong, dependable and sustainable communication network. Besides the programs being implemented by the Government, roll out of 4G services by private service providers will entail additional capital expenditure in the form of an optic fibre network. The Company’s communication cables meet with the requirement of local as well as international standards and therefore, find ready acceptance with domestic customers as well as in the exports market. The outlook here is positive, both in the near as well as long term.
The risks of competition and copper price movements similar to the electrical cables business are also applicable to the business of communication cables. The varying global demand-supply equation of optic fibre and resultant price movement thereof; availability of preforms and price thereof and delay/slow-down in investment into networks by telecom companies/ service provider and other relevant entities due to global slow-down pose risk to the business of communication cables. The Company’s association with Corning Inc of USA, inventor of glass fibre, one of the world’s leading glass and fibre manufacturer and having the largest market share in the world, would be beneficial in meeting technological and market based challenges.
Copper Rods:
Copper rod is the feed stock for copper based electrical and communications cables. The Company manufactures its own copper rods. The base material for producing copper rods is copper cathodes, the bulk of which are procured from local manufacturers under long term supply agreements. A smaller portion of the requirement of copper cathodes is imported as and when needed. After meeting the in-house requirement of copper rods, the balance capacity to produce copper rods is allocated for third party sale.
Performance:
The sales were Rs.7015.000 million (previous year Rs.7005.000 million) of which Rs.973.000 million were sales to third parties (previous year Rs.1178.000 million) and balance was inter-divisional transfers. The trend of high premiums on cathodes Vs comparably lower premiums on copper rods continues and negatively impacts the sales of copper rods for the Company. This put severe pressure on margins related to sale of copper rods to third party – consequently Your Company restricted its sale of copper rods to already committed contracts or contracts where the margin levels were acceptable.
Outlook:
The copper rod production is mainly for in-house consumption. The Company’s steps to set up new plants for cables as well as to expand the cable capacity at the existing plants will boost up the captive consumption of copper rods.
Electrical Switches
and CFLs:
The manufacture and sale of these electrical products act as a logical extension of the cables business of the Company. They have the backing of Finolex name, assuring the customer of quality, safety and performance standards. These electrical and lighting products are sold through the existing well-spread distribution network of cables. Other distribution avenues are also being explored to penetrate further in the market. Products have been well accepted by the market.
On its part to contain the effects of global warming, the Government is promoting use of CFLs and now LED based lamps. Keeping in mind the expected growth in CFL demand the Company has built capacity in T3 and T4 type CFLs and has also launched the latest T5 tube lights and fittings in the market. As mentioned elsewhere in this report, there has been a shift in the customer preference towards LED based lamps especially in the lower wattage range – the price differential between CFL and LED based lamps is the lowest in this category. In view of this change, it was decided to impair one of the manufacturing lines within the CFL facility. Accordingly a cost of Rs 7.600 million has been charged to the income statement this year.
Summary:
The Company’s main businesses are core to development of infrastructure. As the country marches ahead towards attaining the status of being a developed nation, it is natural that the demand for the products produced and marketed by the Company would grow. With the focus being on supplying products of superior quality at a price that is attractive to the customer, backed by the distribution reach that the Company has it is but a logical conclusion that the future holds vast promise. The Company is committed to expanding its business activities in an optimal manner. The Company has resources available at its disposal to implement and realize its business goals.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10353872 |
27/03/2012 |
750,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,, PANDURANG BUDHKAR MARG, WORLI,, MUMBA - 400025I, MAHARASHTRA, INDIA |
B39004361 |
|
2 |
10270460 |
23/02/2011 * |
500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI - 400025, MAHARASHTRA, INDIA |
B08437824 |
|
3 |
10192895 |
21/12/2009 |
470,000,000.00 |
STANDARD CHARTERED BANK |
90 M G ROAD, MUMBAI - 400001, MAHARASHTRA, INDIA |
A75573964 |
|
4 |
90090849 |
30/12/1998 |
500,000,000.00 |
BANK OF BARODA |
CORPORATE BANKING BRANCH, MANTRI COURT; 1ST FLOOR; 39; DR. AMBEDKAR ROAD, PUNE - 411001, MAHARASHTRA, INDIA |
- |
|
5 |
90084770 |
11/06/2001 * |
285,500,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, PUNE - 411003, MAHARASHTRA, INDIA |
- |
|
6 |
90090621 |
24/06/2005 * |
1,361,500,000.00 |
BANK OF MAHARASHTRA |
INDUSTRIAL FINANCE BRANCH, PUNE, MAHARASHTRA, INDIA |
- |
|
7 |
90090594 |
13/02/1998 * |
550,000,000.00 |
BANQUE NATIONALE DE PARIS |
C G-3 KONARK ESTATES, 9 CONNAUGHT ROAD, PUNE - 411001, MAHARASHTRA, INDIA |
- |
|
8 |
90088034 |
27/04/1998 * |
500,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORP. OF INDIA LTD. |
163; BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
9 |
90087982 |
04/07/1996 * |
130,000,000.00 |
THE INDUSTRIAL
CREDIT & INVESTMENT CORP. OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA |
- |
|
10 |
90087939 |
07/10/1995 * |
150,000,000.00 |
THE INDUSTRIAL
CREDIT & INVESTMENT CORP. OF BANK L |
163; BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA |
- |
FINANCIAL RESULTS FOR THE PERIOD ENDED 30TH
JUNE 2015
|
Sr. No |
Particulars |
|
|
Quarter ended |
||
|
30.06.2015 |
||
|
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
5849.100 |
|
|
b. Other Operating Income |
33.800 |
|
|
Total Income from
Operations (Net) |
5882.900 |
|
2 |
Expenditure |
|
|
|
a. Cost of material Consumed |
5189.800 |
|
|
b. Purchase of Stock-in trade |
41.700 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(1047.200) |
|
|
d. Increase (Decrease) in Excise duty on Closing Stock of Finished Goods |
47.300 |
|
|
e. Employees Benefit Expenses |
251.600 |
|
|
f. Depreciation and Amortization Expenses |
131.100 |
|
|
g. Other expenses |
155.800 |
|
|
h. Power and Fuel |
105.500 |
|
|
i. Sales and Distribution Expenses |
408.500 |
|
|
|
|
|
|
Total Expenses |
5284.000 |
|
|
|
|
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items |
598.900 |
|
4 |
Other Income |
85.500 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
684.400 |
|
|
Finance costs |
31.000 |
|
|
Profit from
ordinary activities after finance cost & exceptional items |
653.400 |
|
9 |
Exceptional items |
0.000 |
|
10 |
Profit from
ordinary activities before tax |
653.400 |
|
11 |
Tax Expense |
173.200 |
|
12 |
Net profit from
ordinary Activities after tax |
480.200 |
|
13 |
Extra Ordinary Items (Net of tax expenses) |
-- |
|
14 |
Net Profit After
Tax |
480.200 |
|
15 |
Paid-up equity share capital (face value of Rs.10 per share) |
305.900 |
|
16 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
17 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
Before extraordinary items |
|
|
|
Basic EPS |
3.1 |
|
|
Diluted EPS |
3.1 |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
17 |
Public Shareholding |
|
|
|
- No. of shares |
98098175 |
|
|
- Percentage of shareholding |
64.14% |
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- No. of shares |
Nil |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
NA |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
NA |
|
|
b) Non-encumbered |
|
|
|
- No. of shares |
54841170 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
35.86% |
|
|
Particulars |
Quarter Ended |
|
B |
Investor Complaints |
(30.06.2015) |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed off during the quarter |
Nil |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE REVENUDE, RESULTS AND CAPITAL
EMPLOYED, AS PER CLAUSE 41 OF THE LISITNG AGREEMENT
|
Sr. No |
Particulars |
|
|
Quarter ended |
||
|
30.06.2015 |
||
|
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
A. Electric Cables |
5023.700 |
|
|
B. Communication Cables |
628.400 |
|
|
C. Copper Rods |
1663.300 |
|
|
D. Others |
84.700 |
|
|
Total |
7400.100 |
|
|
|
|
|
|
Less :Inter Segment Revenue |
1517.200 |
|
|
|
|
|
|
Net Sales / Income
from Operations |
5882.900 |
|
|
|
|
|
2. |
Segment Results
(Profit/Loss) |
|
|
|
Before Interest and
Tax |
|
|
|
Profit (+) / Loss (-) : |
|
|
|
A. Electric Cables |
810.200 |
|
|
B. Communication Cables |
55.400 |
|
|
C. Copper Rods |
1.100 |
|
|
D. Others |
(25.200) |
|
|
Total |
841.500 |
|
|
Less : Interest |
31.000 |
|
|
: Other Unallocable expenditure net of Income |
157.000 |
|
|
Total Profit before
Tax |
653.400 |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
|
|
3 |
A. Electric Cables |
6472.900 |
|
|
B. Communication Cables |
2332.800 |
|
|
C. Copper Rods |
427.600 |
|
|
D. Others |
880.100 |
|
|
Total Capital
Employed |
16904.800 |
|
|
|
|
Notes :
- Exceptional Items for the quarter and year ended 31st March 2015, represents gains on account of settlement of claims in respect of foreign exchange derivative transactions of earlier years.
- Other expenses for the quarter ended 31st March 2015 include provision of Rs. 126.600 Million towards diminution in the value of investment in Finolex J-Power Systems Limited : Depreciation for the year ended 31st march 2015 includes Rs. 76.700 Million. Towards impairment of CFL manufacturing facilities.
- The “Limited Review” of the above financial results have been completed by the Statutory Auditors and have been reviewed by the audit committee and taken on record by the Board of Directors as its meeting held on 10th August 2015.
- # The figure of the quarter of the year ended March 15 are the balancing figures between the audit figures in respect of the full financial year and the published year to date figures up to third quarter of that financial years.
- Previous period’s figures have been regrouped wherever to confirm to current period classification.
FINOLEX CABLES LTD
RESULTS
- Sales up 4% in the year as compared to
the previous year.
- PBT up 8% in the year as compared to
the previous year.
Pune, May 12th,
2015
Finolex Cables Ltd., (FCL) at the meeting of its Board of Directors held today approved results for the first quarter of the financial year 2015-2016.
Net Sales for the quarter ended June 30th 2015 were Rs 5849.100 million as against Rs 5673.100 million for the corresponding period in year 2014-2015. In the value terms Net Sales in the current quarter shows an increase of 3% compared to the corresponding period of the previous year. In volume terms, Electrical Cables grew 5% in the quarter ended June 2014, while Communication Cables more than 20%.
Profit for the quarter, before taxes, increased to Rs. 653.400 Million form Rs. 463.900 Million in the previous year.
The Company announced that its low voltage MCB plant has been commissioned and products submitted for BIS certification. The switchgear products are expected to be launched shortly, once the certification process is completed.
At the meeting, the Board of Directors approved the Company’s plans to enter into the Fan business. It was announced that the Company would set up a new facility during the year, with a capacity to manufacture approximately 200,000 fans per month.
Simultaneously, the Company also announce that an additional investment in production facilities at Urse to expand its cable range.
Both the above investments would be from internal accruals, and would require about Rs. 1250.000 Million.
ABOUT FCL
Finolex Cables Limited is India’s largest and leading manufacturer of Electrical and Communication cables. Finolex offers a wide range of Electrical and Communication cables. Its wire and cables products are used in applications such as automobile, lighting, cable TV, telephone and computers to industrial applications touching every person in his daily life. Finolex has added Electrical Swiches and Compact Flourescent Lamps (CFL) and LED based Lamps to its range of products.
FIXED ASSETS:
Tangible Assets
· Land
· Lease Hold Land
· Buildings
· Plant and Machinery
· Furniture, Fittings
· Office Equipments
· Computer Peripherals
· Vehicles
· Dies and Moulds
Intangible
Assets
· Software and Others
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 judgment 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.65.82 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.74.26 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.