MIRA INFORM REPORT
|
Report No. : |
356542 |
|
Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
PARAMOUNT COMMUNICATIONS LIMITED |
|
|
|
|
Registered
Office : |
C-125, Naraina Industrial Area, Phase-l, Naraina, New Delhi -110028 |
|
Tel. No.: |
91-11-45618800/ 900 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
05.09.1994 |
|
|
|
|
Com. Reg. No.: |
55-061295 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 326.967 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1994PLC061295 |
|
|
|
|
IEC No.: |
0594067715 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP04139C |
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|
|
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PAN No.: [Permanent Account No.] |
AAACP0969Q |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer
of Low Tension and High Tension Power Cables, Aerial Bunch Cables (ABC),
Control and Instrumentation Cables, Thermocouple Extension and Compensating
Cables, Fire Performance Cables, Signalling Cables, Axle Counter Cables,
Jelly Filled Telephone Cables (JFTC), Optical Fibre Cables (OFC),
Installation Cables for Electronic Exchanges, Hook-up/ Jumper/ Drop wire,
House wiring and Cables for Submersible Pumps. (Registered Activity) |
|
|
|
|
No. of Employees
: |
247 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Company |
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|
|
|
Payment Behaviour : |
-- |
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|
|
Litigation : |
-- |
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Comments : |
The subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction. The management has Register Case (Case No. 77/2013) with Board for
Industrial and Financial Reconstruction under section 3 (1) (0) of sick
Industrial companies act 1985 due to erosion of entire net worth. It is also to be noted that the company has been listed with RBI
defaulter and defaulted hefty amount with Barclay’s Bank. Therefore, any business dealings with the subject company should be on
fully safe and secured terms only. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Facility=D (Suspended) |
|
Rating Explanation |
The company is in default or expected to be
default soon |
|
Date |
September, 2015 |
REASON FOR SUSPENDED: Inability to carry out in
absence of requisite information from the company.
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a defaulter
in the publicly available RBI Defaulters’ list and the details of the same are
as under :
|
Borrowers’ Name : |
Paramount Communications Limited |
|
Address : |
C-125, Nariana Industrial Area, Phase-I, New
Delhi-110028, India |
|
Name of Individual : |
Sandeep Agarwal Sanjay Aggarwal Satya Pal SPS Dangi Vijay Bhushan |
|
Name of Credit Grantors / Bank & Branch: |
BARCLAYS Bank PLC, Nehru Place |
|
Amount (Rs. In Millions) : |
Rs. 100.000 Million |
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
31-03-2015.
LOCATIONS
|
Registered/ Corporate Office : |
C-125, Naraina Industrial Area, Phase-l, Naraina, New Delhi -110028,
India |
|
Tel. No.: |
91-11-45618800/ 900 |
|
Fax No.: |
91-11-25893719/ 20 |
|
E-Mail : |
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|
Website : |
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|
|
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Factory 1 : |
SP30A, SP30B and E301, RIICO Industrial Area,
Khushkhera, District Alwar-301701, Rajasthan, India |
|
Tel. No.: |
91-1493-250221/ 250222 |
|
Fax No.: |
91-1493-250125 |
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E-Mail : |
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Factory 2 : |
Plot No. 37,
Industrial Estate, Dharuhera, District Rewari-242691, Haryana, India |
|
Tel. No.: |
91-1274-242531/ 242690/ 91 |
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Fax No.: |
91-1274-242552 |
|
E-Mail : |
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Branch Office 1 : |
201 Royal Plaza, New Line Road, Andheri West, Mumbai
400053, Maharashtra, India |
|
Tel. No.: |
91-22-26343359/ 26396408 |
|
Fax No.: |
91-22-26390168 |
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E-Mail : |
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|
|
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Branch Office 2 : |
Jain Business
Centre, 3 Ho Chi Minh Sarani, Kolkata-700071, West Bengal, India |
|
Tel. No.: |
91-33-40035857 |
|
Fax No.: |
91-33-22820180 |
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E-Mail : |
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Branch Office 3 : |
417
Ganpati Plaza, 4th Floor, MI Road, Jaipur-302016, Rajasthan, India |
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Tel/ Fax No.: |
91-141-4027889 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Sanjay Aggarwal |
|
Designation : |
Chairman and Chief Executive Officer |
|
Qualification : |
B.Com (H) from Shri Ram College of Commerce, University of Delhi. |
|
Expertise in specific functional areas : |
Creative Thinker and future oriented industrialist. Eminent
Businessman with vast knowledge in cable and telecom industry. |
|
Date of Appointment : |
01.11.1994 |
|
DIN No.: |
00001788 |
|
|
|
|
Name : |
Mr. Sandeep Aggarwal |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Satya Pal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.P.S. Dangi |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Vijay Bhushan |
|
Designation : |
Director |
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|
|
|
Name : |
Mrs. Malini Gupta |
|
Designation : |
Director |
|
Qualification : |
Masters in
Management Studies from BITS Pilani University of Delhi. CPIM (Certified in Production and Inventory
Management) by APICS, USA |
|
Expertise in specific functional areas : |
Dynamic
personality having an aggregate experience of 22 years across consulting and
teaching; Diverse work experience including in the areas of business
strategy, performance improvement, market intelligence, supply chain
re-engineering and ERP selection and project management. |
|
Date of Appointment : |
31.01.2015 |
|
DIN No.: |
03464410 |
KEY EXECUTIVES
|
Name : |
Mr. Shambhu Kumar Agarwal |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Ms. Tannu Sharma |
|
Designation : |
Chief Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
|
|
|
|
22181155 |
17.75 |
|
|
42344802 |
33.89 |
|
|
64525957 |
51.65 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
64525957 |
51.65 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1000000 |
0.80 |
|
|
100000 |
0.08 |
|
|
1100000 |
0.88 |
|
|
|
|
|
|
15599970 |
12.49 |
|
|
|
|
|
|
27301697 |
21.85 |
|
|
11652702 |
9.33 |
|
|
4751389 |
3.80 |
|
|
1152152 |
0.92 |
|
|
379386 |
0.30 |
|
|
1747 |
0.00 |
|
|
3218104 |
2.58 |
|
|
59305758 |
47.47 |
|
Total Public shareholding (B) |
60405758 |
48.35 |
|
Total (A)+(B) |
124931715 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
301750 |
0.00 |
|
|
301750 |
0.00 |
|
Total (A)+(B)+(C) |
125233465 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Low Tension and High Tension Power Cables, Aerial
Bunch Cables (ABC), Control and Instrumentation Cables, Thermocouple
Extension and Compensating Cables, Fire Performance Cables, Signalling
Cables, Axle Counter Cables, Jelly Filled Telephone Cables (JFTC), Optical
Fibre Cables (OFC), Installation Cables for Electronic Exchanges, Hook-up/
Jumper/ Drop wire, House wiring and Cables for Submersible Pumps. (Registered
Activity) |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
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Exports : |
Not Available |
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Imports : |
Not Available |
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|
Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
· NDPL · GET Power Private Limited · BSES · AREVA · JVVNL |
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No. of Employees : |
247 (Approximately) |
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|
Bankers : |
·
State Bank of India ·
State Bank of Patiala ·
Dena Bank ·
Standard Chartered Bank ·
ICICI Bank Limited · IDBI Bank Limited |
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|
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Facilities : |
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jagdish Chand and Company Chartered Accountants |
|
Address : |
H-20, LGF, Green Park (Main), New Delhi-110016, India |
|
Tel. No.: |
91-26511953/ 26533626/ 41759467 |
|
Fax No.: |
91-41759467 |
|
E-Mail : |
|
|
|
|
|
Cost Auditors : |
|
|
Name : |
Jain Sharma and Associates Cost Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries Companies : |
·
Paramount Holdings Limited, Cyprus ·
“06196375 Cables Limited” (formerly AEI Cables
Limited), United Kingdom (in Administration) · AEI Power Cables Limited, United Kingdom |
|
|
|
|
Associates Companies : |
Paramount Wires and Cables Limited (upto 26th May, 2014) |
|
|
|
|
Other related parties in the Group where common control exists : |
·
April Investment and Finance Private
Limited ·
Worth Finance and Leasing Private Limited ·
Paramount Telecables Limited · S.S. Aggarwal Foundation |
|
|
|
|
Enterprises
over which relatives of Key Managerial Personnel have significant influence
and with whom transactions have taken place : |
·
Paramount Wires and Cables Limited (w.e.f
27th May, 2014) · Surya Laboratories Private Limited (w.e.f 1st April, 2014) |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 500.000 Million |
|
1,000,000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 100.000 Million |
|
|
Total |
|
Rs. 600.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125,233,465 |
Equity Shares |
Rs. 2/- each |
Rs. 250.467
Million |
|
765,000 |
Non-Convertible Redeemable Preference Shares (NCRPS) |
Rs. 100/- each |
Rs. 76.500
Million |
|
|
Total |
|
Rs. 326.967 Million |
a) Rights, preferences and restrictions attached to Equity Shares
Equity Shares
: The company
has one class of equity shares having a face value of Rs. 2/- per share. Each shareholder is
eligible for 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. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the company after distribution of all preferential amounts, in
proportion to their shareholdings.
Rights,
preferences and restrictions attached to 0% Non-Convertible Redeemable
Preference Shares (NCRPS)
Rate of
Dividend: 0% rate of dividend. NCRPS are not convertible in equity shares.
Redeemable on day and date falling next to date of expiry of a period of 10
years calculated from the date of allotment of these shares. Option of an
earlier redemption after expiry of period of 6 months shall be open to Board
and can be made by a Board resolution to this effect passed in a duly convened
meeting and when consented by the NCRPS shareholders, where the premium payable
on redemption shall be adjusted proportionately. Redemption Value and Premium:
The redemption premium shall be @ 50% of par value and thereby the redemption
value shall be 150% of face value after 10 (Ten) years term. There is no right
to vote in general. The voting rights shall be restricted to the matters
concerning their interest only. Right to share of Assets: In the event of
winding up of the Company, the NCRPS shareholders shall be entitled to share of
assets of the Company in proportion of the preference share capital to
aggregate of total paid up capital after settlement of all the liabilities of
the Company. The NCRPS shareholders shall have a preferential right on the
assets of Company over the Equity shareholders while distribution of assets
among shareholders in the event of winding up of Company.
b) Reconciliation of Number of Equity Shares
|
|
31.03.2015 |
|
|
Particulars |
No. of Shares |
Amount |
|
Balance as at the beginning of the year |
125233465 |
250.467 |
|
Add: Issued during the year |
-- |
-- |
|
Balance as at the end of the year |
125233465 |
250.467 |
Reconciliation of Number of Preference Shares
|
|
31.03.2015 |
|
|
Particulars |
No. of Shares |
Amount |
|
Balance as at the beginning of the year |
765000 |
76.500 |
|
Add: Issued during the year |
-- |
-- |
|
Balance as at the end of the year |
765000 |
76.500 |
c) List of
Shareholders holding more than 5% of the aggregate Shares:
|
|
31.03.2015 |
|
|
Name of Shareholder |
No. of Shares |
% age |
|
Equity Shareholders |
|
|
|
Paramount Telecables Limited |
24851500 |
19.84 |
|
April Investment and Finance Private Limited |
13040172 |
10.41 |
|
Preference Shareholder |
|
|
|
Paramount Telecables Limited |
765000 |
100.00 |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
326.967 |
326.967 |
326.967 |
|
(b) Reserves & Surplus |
(2468.152) |
(1436.184) |
(163.359) |
|
(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) |
(2141.185) |
(1109.217) |
163.608 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1160.340 |
1495.080 |
1625.684 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
17.058 |
13.136 |
12.518 |
|
Total
Non-current Liabilities (3) |
1177.398 |
1508.216 |
1638.202 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2147.402 |
1477.993 |
1325.462 |
|
(b)
Trade payables |
334.499 |
819.361 |
1001.659 |
|
(c)
Other current liabilities |
2024.879 |
1368.030 |
892.996 |
|
(d)
Short-term provisions |
2.000 |
1.506 |
2.295 |
|
Total
Current Liabilities (4) |
4508.780 |
3666.890 |
3222.412 |
|
|
|
|
|
|
TOTAL |
3544.993 |
4065.889 |
5024.222 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
807.992 |
875.307 |
951.853 |
|
(ii)
Intangible Assets |
1.704 |
1.611 |
2.117 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
1.309 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.168 |
25.748 |
281.218 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
30.203 |
29.827 |
40.428 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
840.067 |
932.493 |
1276.925 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
757.852 |
1488.637 |
1698.821 |
|
(c)
Trade receivables |
1572.222 |
1389.733 |
1820.411 |
|
(d)
Cash and cash equivalents |
174.242 |
118.266 |
97.681 |
|
(e)
Short-term loans and advances |
186.561 |
127.538 |
122.359 |
|
(f)
Other current assets |
14.049 |
9.222 |
8.025 |
|
Total
Current Assets |
2704.926 |
3133.396 |
3747.297 |
|
|
|
|
|
|
TOTAL |
3544.993 |
4065.889 |
5024.222 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4518.222 |
4089.183 |
4677.345 |
|
|
|
Other Income |
18.682 |
24.516 |
13.477 |
|
|
|
TOTAL |
4536.904 |
4113.699 |
4690.822 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3543.358 |
3624.622 |
3794.357 |
|
|
|
Purchases of Stock-in-Trade |
36.469 |
0.000 |
36.275 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
667.417 |
0.799 |
16.836 |
|
|
|
Employees benefits expense |
115.321 |
132.930 |
149.592 |
|
|
|
Other expenses |
501.644 |
525.998 |
598.658 |
|
|
|
TOTAL |
4864.209 |
4284.349 |
4595.718 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(327.305) |
(170.650) |
95.104 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
610.102 |
415.538 |
444.737 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
|
(937.407) |
(586.188) |
(349.633) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
92.970 |
109.273 |
116.329 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
(1.007) |
(339.128) |
420.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(1031.384) |
(1034.589) |
(45.877) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(0.255) |
0.554 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(1031.384) |
(1034.334) |
(46.431) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Exports (on FOB Prices) |
155.162 |
251.507 |
192.842 |
|
|
TOTAL EARNINGS |
155.162 |
251.507 |
192.842 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
569.385 |
672.401 |
897.661 |
|
|
|
Stores, Spares & Consumables |
4.510 |
1.929 |
0.798 |
|
|
TOTAL IMPORTS |
573.895 |
674.330 |
898.459 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
(8.24) |
(8.26) |
(0.50) |
|
|
|
Diluted |
(8.24) |
(8.26) |
(0.50) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of Long term debt |
|
|
|
|
Term Loans : |
|
|
|
|
From Banks |
|
|
|
|
Foreign Currency Loan |
179.156 |
86.052 |
0.000 |
|
Rupee Loans |
482.167 |
356.251 |
342.592 |
|
Total |
661.323 |
442.303 |
342.592 |
|
|
|
|
|
|
Cash Generated from Operations |
128.877 |
666.520 |
172.002 |
|
|
|
|
|
|
Net Cash from Operating Activities |
126.493 |
328.350 |
591.252 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(22.83) |
(25.29) |
(0.99) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(7.24) |
(4.17) |
2.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(29.10) |
(25.61) |
(0.97) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48 |
0.93 |
(0.28) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.85) |
(3.08) |
20.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.60 |
0.85 |
1.16 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs. 3.18/- |
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 |
326.967 |
326.967 |
326.967 |
|
Reserves & Surplus |
(163.359) |
(1436.184) |
(2468.152) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
163.608 |
(1109.217) |
(2141.185) |
|
|
|
|
|
|
Long-term borrowings |
1625.684 |
1495.080 |
1160.340 |
|
Short term borrowings |
1325.462 |
1477.993 |
2147.402 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
342.592 |
442.303 |
661.323 |
|
Total
borrowings |
3293.738 |
3415.376 |
3969.065 |
|
Debt/Equity
ratio |
20.132 |
(3.079) |
(1.854) |
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 |
4677.345 |
4089.183 |
4518.222 |
|
|
|
(12.575) |
10.492 |
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 |
4677.345 |
4089.183 |
4518.222 |
|
Profit/ (Loss) |
(46.431) |
(1034.334) |
(1031.384) |
|
|
(0.99%) |
(25.29%) |
(22.83%) |
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 |
No |
|
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10342026 |
07/12/2012 * |
1,556,700,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
JAWAHAR VYAPAR BHAWAN, |
B67781070 |
|
2 |
10237483 |
10/03/2011 * |
450,575,000.00 |
STATE BANK OF INDIA |
STATE BANK OF
INDIA, INDUSTRIAL FINANCE BRANCH,, |
B09347931 |
|
3 |
10165449 |
10/03/2011 * |
200,000,000.00 |
STATE BANK OF INDIA |
STATE BANK OF
INDIA, INDUSTRIAL FINANCE BRANCH,, |
B09347261 |
|
4 |
10096851 |
08/07/2008 * |
250,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT RISK
CONTROL,, NARAIN MANZIL, BARAKHAMBA R |
A42236695 |
|
5 |
10051628 |
10/03/2011 * |
100,000,000.00 |
STATE BANK OF INDIA |
STATE BANK OF
INDIA, INDUSTRIAL FINANCE BRANCH,, |
B09658865 |
|
6 |
10027132 |
10/03/2011 * |
265,100,000.00 |
STATE BANK OF INDIA |
STATE BANK OF
INDIA, INDUSTRIAL FINANCE BRANCH,, |
B09347584 |
|
7 |
10018550 |
10/06/2011 * |
3,558,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, JAWAHAR VYAPAR BHAWAN |
B14827661 |
* Date of charge modification
FINANCIAL RESULTS
The Company
achieved gross turnover including other income of Rs. 4985.626
Million and incurred a net loss of Rs. 1031.384 Million for the financial year 2014-2015
as against gross turnover including other income of Rs. 4539.783
Million and net loss of Rs. 1034.334
Million in financial year 2013-2014. Losses before exceptional items have been Rs. 1030.377
Million as against net loss of Rs. 695.461 Million during previous year 2013-2014.
FUTURE
OUTLOOK
During the
year, the Company consolidated its position further in the industry through
optimum capacity utilisation and new products launches as per evolving
industrial standards. To keep abreast with the latest trends in the industry,
the Company was also vigilant about technological upgradation of its production
facilities, with the aim of improving assets performance and cost
competitiveness.
The domestic
Optical Fibre Cables industry is expected to grow at a good pace but
competitive conditions are likely to persist over the medium-term in the Power
Cable segment. The Company’s focus in future, shall be to sustain momentum in
the business segments namely, Optical Fibre and Copper Telecom Cables, power
cables and railway signalling cables, etc. by leveraging its inherent strength
of products development as per evolving industrial standards and superior
project execution capabilities to drive both the short term and long term
growth.
LISTING OF
SHARES
The equity shares
of the Company are listed at The Bombay Stock Exchange Limited (BSE) and
National Stock Exchange of India Limited (NSE). The BSE & NSE have
nation-wide trading terminals and therefore provide full liquidity to
investors. The Global Depository Receipts (GDRs) and Foreign Currency
Convertible Bonds (FCCBs) issued by the Company in the international market are
listed at Luxembourg Stock Exchange. Equity shares of the Company had also been
listed with the Calcutta Stock Exchange Limited However, the Company has
applied for delisting on 03.03.2004 and the application is still pending for
disposal at the exchange.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC
OVERVIEW
GLOBAL ECONOMIC OVERVIEW AND PROSPECTS
Global
Economic activity remains subdued amidst signs of diverging growth paths across
major economies. Economic growth was tepid in many advanced economies but far
more robust in most emerging and developing economies. The Global economy
continued to expand during 2014 at a moderate and uneven pace, as the prolonged
recovery process from the global financial crisis was still saddled with
unfinished post crisis adjustments. Inspite of number of uncertainties and
downside risks, the global economy is expected to strengthen with WGP projected
to grow by 3.1% and 3.3% in 2015 and 2016 respectively. The global economy is
expected to grow 2.8% in 2015, slightly lower than anticipated in January,
before strengthening moderately to 3.2% in 2016-2017, broadly in line with
previous forecasts.
Looking
ahead, global economic activity has broadly strengthened and is expected to
improve further in 2015-2016, with much of the impetus coming from advanced
economies. However, downside risk remains significant, especially in the euro
area and Japan, which have seen renewed weakness in 2014.
Among the
developed countries, the economy of United States, after some erratic
fluctuation in 2014, is expected to improve in 2015 and 2016, with GDP
projected to expand by 2.8% and 3.1% respectively, compared with an estimate of
2.3% for 2014. The policy interest rates are set to rise gradually after
mid-2015, but the monetary policy stance will continue to be accommodative. The
contribution from the external sector will be limited, as export growth is
expected to be curbed by the strong appreciation of the dollar. From 2014
onwards, global growth prospects are projected to improve over the medium term
at a gradual pace.
THE INDIAN PERSPECTIVE
The Indian
Economy has overcome varied challenges in its resolve to sustain its economic
success. The major challenges faced by Indian Economy are unsupportive external
environment, domestic structural constraints, growth slowdown and inflationary
pressure. The Economy has recorded a GDP growth of 7.8% for the fiscal year
2015-2016. The industry sector is estimated to grow by 6.5% in 2015-2016 and
the service sector by 10.3%.
According to
Economic Outlook Survey, inflation is expected to ease somewhat compared to
last year and the annual average CPI inflation rate is projected at 7.8% in
financial year 2015. Further, the macroeconomic fundamentals are gradually
strengthening and the overall health of the economy is set to improve going
ahead. The confidence amongst investors is slowly returning and going ahead the
momentum on implementation will build up.
Manufacturing
sector has been one of the weakest links in India’s growth story. The share of
the sector in Indian’s
GDP has been
around 15% on an average for almost three decades now. While the sector has
merited attention in the government policies over the years, once again it was
clearly highlighted that the government should seek to get the basics right to
assure a more conducive environment for manufacturing activities, thereby
focusing on to realise the vision of “Make
in India”, inviting companies to come and invest in India.
For the
Indian Economy, the outlook for the growth and price stability at this juncture
looks more promising. There are signs from some high frequency indicators that
the weakness in economic activity has bottomed out and a gradual upswing is
imminent. With the change in Government, there is widespread optimism with
regards to economic revival, with forecast for a discernible impact being felt
only by 2015-2016.
INDUSTRY DEVELOPMENT AND TRENDS
The Industrial
Sector is one of the main sectors that contribute to the Indian GDP. The
country ranks 14th in the factory output in the world. The industrial sector is
made up of manufacturing, mining and quarrying, and electricity, construction,
water supply and gas sectors. The industrial sector accounts for around 27.6%
of the Indian GDP.
The
moderation in industrial growth, particularly in the manufacturing sector, is
largely attributed to sluggish growth of investment, squeezed margins of the
corporate sector, deceleration in the rate of growth of credit flows and the
fragile global economic recovery.
Government’s
recent steps to uplift overall business sentiment and boost investment, several
specific initiatives have been initiated to strengthen industry and in
particular the manufacturing sector in the Country. Some of major initiatives
that can change the manufacturing landscape of the Country are introduction of Make in India, Digital India, Smart Cities, National Manufacturing Policy (NMP),
implementation of the Dedicated Freight Corridor Project, an e-Biz projects etc.
PART I
STATEMENT OF STANDALONE UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2015
(In
Million)
|
|
Particulars |
QUARTER ENDED Unaudited |
HALF YEAR ENDING Unaudited |
|
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
1. |
a)
Net Sales/Income from Operations |
671.357 |
770.109 |
1441.466 |
|
|
b)
Other Operating Income |
5.792 |
6.793 |
13.585 |
|
|
c) Total Income |
678.149 |
776.902 |
1455.051 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
a)
Cost of materials consumed |
496.699 |
768.743 |
1265.443 |
|
|
b)
Purchase of traded goods |
-- |
-- |
-- |
|
|
c)
Changes in inventories of finished goods, work-in-progress and traded goods |
128.984 |
(55.382) |
73.601 |
|
|
d)
Employee benefits expense |
34.046 |
32.620 |
66.666 |
|
|
e)
Depreciation |
21.477 |
20.963 |
42.440 |
|
|
f)
Other expenditure |
136.176 |
153.316 |
289.492 |
|
|
h) Total Expenditure |
817.382 |
920.260 |
1737.642 |
|
|
|
|
|
|
|
3. |
Profit/ (Loss) from
Operations before other income, Interest, and exceptional Items (1-2) |
(139.233) |
(143.358) |
(282.591) |
|
4. |
Other
Income |
5.104 |
6.309 |
11.413 |
|
5. |
Profit/ (Loss) before Interest and exceptional Items (3+4) |
(134.129) |
(137.049) |
(271.178) |
|
6. |
Finance
costs |
178.869 |
176.749 |
355.618 |
|
7. |
Profit/ (Loss) after Interest but before exceptional Items
(5-6) |
(312.998) |
(313.798) |
(626.796) |
|
8. |
Exceptional
Items (Net) (Refer note no 4) |
(0.024) |
11.287 |
11.263 |
|
9. |
Profit/
(Loss) from ordinary activities before
tax (7+8) |
(313.022) |
(302.511) |
(615.533) |
|
10. |
Tax
expense |
-- |
-- |
-- |
|
11. |
Profit
/ (Loss) from ordinary activities after tax (9-10) |
(313.022) |
(302.511) |
(615.533) |
|
12. |
Extraordinary
items ( net of tax expense) |
-- |
-- |
-- |
|
13. |
Net
Profit/ (Loss) for the quarter/ year |
(313.022) |
(302.511) |
(615.533) |
|
14. |
Paid
- up Equity Share Capital (face
value of Rs. 2/- each) |
250.467 |
250.467 |
250.467 |
|
15. |
Reserves excluding
revaluation reserves |
|
|
|
|
16. |
Earnings Per Share (EPS)
(before and after extraordinary items) (not annualised) |
|
|
|
|
|
Basic |
|
|
|
|
|
Diluted
|
(2.50) |
(2.42) |
(4.92) |
|
PART
II |
(2.50) |
(2.42) |
(4.92) |
|
|
Selected
Information For The Quarter and Half Year Ended 30TH SEPTEMBER
2015 |
||||
|
A. |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1. |
Public
Shareholding |
|
|
|
|
|
-
Number of Shares |
60405758 |
60405758 |
60405758 |
|
|
-
Percentage of Shareholding (%) |
48.24 |
48.24 |
48.24 |
|
2. |
Promoter
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-Percentage
of Shares |
Nil |
Nil |
Nil |
|
|
b)
Non-encumbered |
|
|
|
|
|
-
Number of Shares |
64525957 |
64525957 |
64525957 |
|
|
-Percentage of Shares (as
a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
51.52 |
51.52 |
51.52 |
|
|
||||
|
|
Particulars |
|
|
3 months ended 30.09.2015 |
|
B. |
INVESTOR
COMPLAINTS |
|
|
|
|
|
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 |
STATEMENT OF ASSETS AND LIABILITIES
(STAND-ALONE) AS PER CLAUSE 41 (V) OF THE LISTING AGREEMENT
|
Particulars |
As on Half Year Ended |
|
|
|
30.09.2015 |
|
|
|
|
|
|
A. EQUITY AND LIABILITIES |
|
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
326.967 |
|
|
b] Share Capital Pending Allotment |
0.000 |
|
|
c] Reserves and Surplus |
(3085.290) |
|
|
Sub-total –
Shareholders’ funds |
(2758.323) |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long Term Borrowings |
1026.025 |
|
|
b] Deferred tax Liabilities (Net) |
0.000 |
|
|
c] Other
Long-Term Liabilities |
0.000 |
|
|
d] Long Term Provision |
17.524 |
|
|
Sub-total -
Non-current Liabilities |
|
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
2094.403 |
|
|
b] Trade Payables |
337.422 |
|
|
c] Other Current Liabilities |
2487.558 |
|
|
d] Short Term Provision |
2.483 |
|
|
Sub-total - Current Liabilities |
4921.866 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
3207.091 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Net Fixed assets |
783.929 |
|
|
b]
Non-current investments |
0.168 |
|
|
c]
long Term loans and Advances |
29.322 |
|
|
d]
Other non-current assets |
0.000 |
|
|
Sub-total – Non- current assets |
813.419 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
0.000
|
|
|
Inventories |
770.297
|
|
|
Trade Receivables |
1182.990
|
|
|
Cash & Bank Balances |
234.665
|
|
|
Short Term loans and advances |
188.469
|
|
|
Other Current Assets |
17.252
|
|
Sub-total – Current Assets |
2393.672
|
|
|
|
|
|
|
TOTAL - ASSETS |
3207.091 |
|
NOTES:
1. The above results reviewed by the Audit Committee have been taken on record by the Board of Directors at their meeting held on 4th November, 2015.
2. The "Limited Review" of the standalone results has been completed by
the statutory auditors of the company pursuant to clause 41 of the listing
agreement.
3. Pursuant to changes made in AS-11 vide Companies (Accounting Standard)
Amendment Rules. 2011, foreign exchange difference arising on long term -Being
currency monetary items-FCCBs used for acquiring depreciable assets has been
adjusted with the cost of fixed assets and in other cases has Difference
Account (FCMITDA).
4. Exceptional Items include:-
(In
Million)
|
|
Particulars |
QUARTER ENDED Unaudited |
HALF YEAR ENDING Unaudited |
|
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
Write
back of provision for Doubtful debts made on recoverable from AEI Power
Cables Limited, United Kingdom |
0.000 |
11.492 |
11.492 |
|
|
Provision for diminution in the value of investment, doubtful debts
and Advance Recoverable from subsidiaries |
(0.024) |
(0.205) |
(0.229) |
|
|
Total
Exceptional Items |
(0.024) |
11.287 |
11.263 |
5. Outstanding 1% Foreign Currency Convertible Bonds (FCCBs) amounting to Rs.
7,191.54 lacs (equivalent to USD 10.92 million ) including redemption premium
were due for redemption on 23rd November, 2011 and are yet to be redeemed. A
winding up petition was filed against the Company on behalf of the FCCB holders
which has been dismissed by the Court during the previous year.
6(a). Statutory Auditors of the company have without qualifying their opinion
drawn attention to the following:
"-The accompanying financial statements have been prepared on a going
concern basis despite negative net worth, overdue in repayment of loan
installments, interest to banks, working capital facilities from banks, overdue
in redemption of Foreign Currency Convertible Bonds (FCCBs). The
appropriateness of the said basis is inter-alia dependent on Company's ability
to generate profit in future years and meet its financial obligations and also
dependent on induction of financial investors in the company and/or joint
venture with foreign companies.
"-Wherever, interest on borrowings has not been applied by banks, interest
on those borrowings has been provided as per best estimates of the
management."
6(b). "In the Independent Auditors report for the year ended 31st
March.2015 .the auditors have also reported that going concern matter described
as the Emphasis of Matter in their opinion, may have an adverse effect on the
functioning of the company.
7. Company has been registered with the Board for Industrial and Financial
Reconstruction (BIFR) under section 15 (1) of Sick Industrial Companies
(Special revisions) Act, 1985 vide order dated 31.10.2013. BIFR has restrained
company from disposing of or alienating in any manner any fixed assets of the
Company without consent of BIFR.
8. Segment reporting as defined in Accounting Standard 17 is not applicable as
the Company operates mainly in one segment i.e. Cables.
9. Figures for the previous quarter /year have been regrouped and rearranged,
wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Contingent Liabilities |
|
|
|
Claims
Against the Company not acknowledged as Debt |
8.971 |
8.823 |
|
Guarantees |
|
|
|
Financial Bank Guarantees outstanding |
15.255 |
33.662 |
|
Guarantee of Rs. 10.000 Million (Previous Year Rs. 10.000 Million)
given to a Bank for credit facilities sanctioned to Paramount Wires and
Cables Limited Credit Facilities availed by Paramount Wires and Cables Limited |
0.867 |
7.587 |
|
Parental Guarantee of `Nil (sterling pounds Nil) [Previous Year Rs.
1,634.655 Million (sterling pounds Rs. 16.500 Million) given to a Bank for
credit facilities ((sanctioned limit (sterling pounds Rs. 11.500 Million))
sanctioned to “06196375 Cables Limited” (formerly AEI Cables Limited), United
Kingdom (Subsidiary). |
0.000 |
5.647 |
|
- Credit Facilities availed |
|
|
|
Sterling (Pond Rs) |
0.000 |
0.057 |
|
Duties & Taxes |
|
|
|
Income Tax Demands under appeal |
44.299 |
0.000 |
|
Matter which
have been decided in favour of the Company in first appeal stage, however,
Income tax department has filed appeal against orders of first appellate
authority |
27.009 |
27.009 |
|
Excise demands under appeal |
87.308 |
79.448 |
|
Service tax demands under appeal |
22.108 |
22.593 |
|
Custom duty
demand due to denial of concessional custom duty, under appeal |
6.435 |
6.435 |
|
Other money
for which company is contingently liable |
|
|
|
Unutilised Letter of Credits |
33.400 |
112.519 |
|
Outstanding Bill discounted |
94.312 |
81.478 |
|
Right of recompense of CDR lenders for reliefs/ sacrifices/waivers
extended by respective CDR lenders to the company |
Amount unascertainable |
Amount unascertainable |
|
Letter of demand from a bank due to guarantee given for borrowings of
“06196375 Cables Limited” (formerly AEI Cables Limited), United Kingdom
(Subsidiary). In opinion of the company the amount of demand is yet to be
finalised and agreed by the company. (This is co guaranteed by the Chairman
and CEO and Managing Director of the Company in their individual capacity due
to which company expects no final liability will arise on the company). (`) |
33.734 |
0.000 |
|
(Sterling Pound) |
0.346 |
0.000 |
|
Total |
374.044 |
385.258 |
FIXED ASSETS:
Tangible Assets
·
Freehold
·
Leasehold
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Computer Equipments
· Leasehold Building
· Improvements
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. 66.20 |
|
|
1 |
Rs. 98.30 |
|
Euro |
1 |
Rs. 72.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
IND |
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.