MIRA INFORM REPORT
|
Report No. : |
309650 |
|
Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNIVERSAL CABLES LIMITED |
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|
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|
Registered
Office : |
P.O. Biral Vikas, Satna - 485005, Madhya Pradesh |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
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|
Date of
Incorporation : |
06.03.1945 |
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|
Com. Reg. No.: |
10-001114 |
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Capital
Investment / Paid-up Capital : |
Rs.231.332 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L31300MP1945PLC001114 |
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|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
JBPU00023C MUMU03691C MUMU04091D |
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PAN No.: [Permanent
Account No.] |
AAACU3547P AAACU3457P |
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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
: |
The company is engaged in the manufacturing, laying, selling of Power Cables and Capacitors. |
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No. of Employees
: |
1250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5910000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “M.P. Birla Group”. It is an established company having
satisfactory track record. The company has incurred losses from its operational activities. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. In view of strong support from its parentage, the company can be
considered for business dealings at usual trade terms and condition. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
Credit risk |
|
Date |
22.01.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
22.01.2015 |
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 DECLINED BY
Management non co-operative (91-7972414000)
LOCATIONS
|
Registered Office / Factory 1 : |
P.O. Biral Vikas, Satna-485005, Madhya Pradesh, India |
|
Tel. No.: |
91-7672-414000 / 257121-27 |
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Fax No.: |
91-7672-257129 / 257131 |
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E-Mail : |
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|
Website : |
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Corporate Office / Marketing Office
: |
Industry House, 159, Churchgate Reclamation, Mumbai-400020, Maharashtra,
India |
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Tel. No.: |
91-22-44422200 |
|
Fax No.: |
91-22-22027854 |
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E-Mail : |
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Factory 2 : |
Plot Nos. L – 62 to L-64 A, Verna Industrial Estate, Verna, Salcette – 403722, Goa, India |
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Marketing Office : |
Also Located At
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Harsh V. Lodha |
|
Designation : |
Chairman |
|
Date of Birth : |
13.02.1967 |
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Date of Appointment
: |
24.04.1998 |
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|
|
|
Name : |
Dr. S R Jain |
|
Designation : |
Director |
|
Date of Birth : |
29.10.1934 |
|
Date of Appointment
: |
05.09.2006 |
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|
|
|
Name : |
Mr. S S Kothari |
|
Designation : |
Director |
|
Date of Birth : |
25.03.1931 |
|
Date of Appointment
: |
26.10.2005 |
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|
|
|
Name : |
Mr. S C Jain |
|
Designation : |
Director |
|
Date of Birth : |
01.08.1940 |
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Date of Appointment
: |
27.10.2004 |
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|
|
|
Name : |
Mr. Dinesh Chanda |
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Designation : |
Director |
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Date of Birth : |
26.10.1936 |
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Date of Appointment
: |
23.05.2007 |
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|
|
|
Name : |
Mr. Bachh Raj Nahar |
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Designation : |
Director |
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Date of Birth : |
14.06.1951 |
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Date of Appointment
: |
19.05.2014 |
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|
|
|
Name : |
Mr. D R Bansal |
|
Designation : |
Chief Mentor and Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Y S Lodha |
|
Designation : |
Chief Executive Office |
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|
Name : |
Mr. Avanish Dwivedi |
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Designation : |
Company Secretary |
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Audit Committee : |
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SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
12155664 |
52.55 |
|
|
12155664 |
52.55 |
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Total shareholding of
Promoter and Promoter Group (A) |
12155664 |
52.55 |
|
(B) Public Shareholding |
||
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|
|
|
|
|
1200 |
0.01 |
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|
119496 |
0.52 |
|
|
740 |
0.00 |
|
|
811752 |
3.51 |
|
|
500 |
0.00 |
|
|
933688 |
4.04 |
|
|
|
|
|
|
2620609 |
11.33 |
|
|
|
|
|
|
3113494 |
13.46 |
|
|
2408235 |
10.41 |
|
|
1898564 |
8.21 |
|
|
59459 |
0.26 |
|
|
78713 |
0.34 |
|
|
1760392 |
7.61 |
|
|
10040902 |
43.41 |
|
Total Public shareholding
(B) |
10974590 |
47.45 |
|
Total (A)+(B) |
23130254 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
23130254 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the manufacturing, laying, selling of Power Cables and Capacitors. |
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Products : |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1250 (Approximately) |
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Bankers : |
State Bank of India, Santna Branch, Madhya Pradesh, India |
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Facilities : |
Notes: Long Term
Borrowings a) Foreign Currency Loan - Buyer’s Credit from Bank(s) are secured by hypothecation of entire present and future current assets of the Company. As collateral security, these facilities are additionally secured by way of first charge on certain immovable properties of the Company as continuing security by deposit of title deeds of such immovable properties. It is repayable within 2 years from the Balance sheet date and carries rate of Interest ranging from 1.50% - 3.00%. Long Term Foreign Currency Loan - Buyer’s Credit are repayable in 3 equal Installments. b) As per the renewed/revised terms and conditions loans from Bodies Corporate amounting to Rs.800.000 Millions are repayable in full in the year 2015, Rs.150.000 Millions are repayable in the year 2016 and Rs.150.000 Millions are repayable in 2017. These loans carry interest @ 10.50% - 11.00% (rate as on reporting date). Short Term
Borrowings Working Capital Loans from Bank(s) are secured by
hypothecation of entire present and future current assets of the Company. As
collateral security, these facilities are additionally secured by way of
first charge on certain immovable properties of the Company as continuing
security by deposit of title deeds of such immovable properties. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
V Sankar Aiyar and Company Chartered Accountant |
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Joint Ventures : |
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Enterprise which
is significantly influenced by the Company : |
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Enterprise over
which a Director is able to exercise significant influence : |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
|
24500000 |
Preference Shares |
Rs.10/- each |
Rs. 245.000 Millions |
|
|
Total |
|
Rs. 250.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23136074 |
Equity Shares |
Rs.10/- each |
Rs. 231.361
Millions |
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|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23130254 |
Equity Shares |
Rs.10/- each |
Rs. 231.303
Millions |
|
|
Add: Forfeited Shares |
|
Rs. 0.029
Million |
|
|
Total |
|
Rs. 231.332 Millions |
a)
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Outstanding at
the beginning of the year |
23130254 |
231.332 |
|
|
|
|
|
Outstanding at the end of the year |
23130254 |
231.332 |
b)
Terms/Rights attached to Equity Shares:
The Company has issued only one class of Shares referred to as Equity Shares
having a nominal value of Rs.10/- per share. Each holder of Equity Share is
entitled to one vote per share.
c)
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Vindhya
Telelinks Limited |
4839908 |
20.92 |
|
The Punjab
Produce and Trading Company Private Limited |
2910128 |
12.58 |
|
Gwalior Webbing
Company Private Limited |
1688573 |
7.30 |
As per of the Company, including its register of shareholders/members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
231.332 |
231.332 |
231.332 |
|
(b) Reserves & Surplus |
1,246.013 |
1,646.935 |
1,693.496 |
|
(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) |
1,477.345 |
1,878.267 |
1,924.828 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,138.260 |
38.634 |
2.463 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
40.555 |
63.964 |
|
(c) Other long term
liabilities |
1.618 |
0.413 |
0.584 |
|
(d) long-term
provisions |
69.686 |
22.757 |
22.380 |
|
Total Non-current
Liabilities (3) |
1,209.564 |
102.359 |
89.391 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,888.366 |
2,051.256 |
1,580.216 |
|
(b) Trade
payables |
1,032.303 |
1,220.473 |
432.199 |
|
(c) Other
current liabilities |
278.615 |
430.005 |
442.364 |
|
(d) Short-term
provisions |
50.831 |
133.893 |
135.348 |
|
Total Current
Liabilities (4) |
3,250.115 |
3,835.627 |
2,590.127 |
|
|
|
|
|
|
TOTAL |
5,937.024 |
5,816.253 |
4,604.346 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,544.610 |
1,370.224 |
1,342.825 |
|
(ii)
Intangible Assets |
3.593 |
4.651 |
8.204 |
|
(iii) Capital
work-in-progress |
9.700 |
50.662 |
0.904 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
513.192 |
507.442 |
507.442 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
56.887 |
76.924 |
58.718 |
|
(e) Trade Receivables |
133.172 |
210.401 |
206.287 |
|
(f) Other
Non-current assets |
40.817 |
70.252 |
74.744 |
|
Total Non-Current
Assets |
2,301.971 |
2,290.556 |
2,199.124 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1,049.286 |
1,267.905 |
1,024.521 |
|
(c) Trade
receivables |
2,233.033 |
1,988.104 |
1,078.664 |
|
(d) Cash
and cash equivalents |
48.446 |
27.432 |
29.986 |
|
(e)
Short-term loans and advances |
188.706 |
169.772 |
198.481 |
|
(f) Other
current assets |
115.582 |
72.484 |
73.570 |
|
Total
Current Assets |
3,635.053 |
3,525.697 |
2,405.222 |
|
|
|
|
|
|
TOTAL |
5,937.024 |
5,816.253 |
4,604.346 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6,155.147 |
6,189.213 |
6,199.236 |
|
|
|
Other Income |
107.711 |
78.292 |
84.270 |
|
|
|
TOTAL (A) |
6,262.858 |
6,267.505 |
6,283.506 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4,667.315 |
4,592.493 |
4,533.155 |
|
|
|
Purchases of Stock-in-Trade |
267.599 |
207.002 |
335.463 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
67.679 |
(19.517) |
(81.320) |
|
|
|
Employees benefits expense |
399.530 |
414.529 |
367.654 |
|
|
|
Other expenses |
804.563 |
741.578 |
951.042 |
|
|
|
TOTAL (B) |
6,206.686 |
5,936.085 |
6,105.994 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
56.172 |
331.420 |
177.512 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
328.581 |
253.248 |
239.726 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(272.409) |
78.172 |
(62.214) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
168.734 |
147.688 |
148.101 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(441.143) |
(69.516) |
(210.315) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(40.555) |
(23.289) |
(71.014) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(400.588) |
(46.227) |
(139.301) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
444.491 |
490.718 |
630.019 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
43.903 |
444.491 |
490.718 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
36.435 |
30.926 |
258.359 |
|
|
|
Claims From Vendors |
0.000 |
0.200 |
0.225 |
|
|
TOTAL EARNINGS |
36.435 |
31.126 |
258.584 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
914.902 |
984.612 |
2502.101 |
|
|
|
Stores & Spares |
4.104 |
7.576 |
11.051 |
|
|
|
Capital Goods |
82.096 |
110.735 |
22.857 |
|
|
|
Goods Purchased for Resale |
81.060 |
68.638 |
4.786 |
|
|
TOTAL IMPORTS |
1082.162 |
1171.561 |
2540.795 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(17.32) |
(2.00) |
(6.02) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(6.51) |
(0.75) |
(2.25) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
0.91 |
5.35 |
2.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.23) |
(1.34) |
(5.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.30) |
(0.04) |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.05 |
1.11 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
0.92 |
0.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
231.332 |
231.332 |
231.332 |
|
Reserves & Surplus |
1693.496 |
1646.935 |
1246.013 |
|
Net
worth |
1924.828 |
1878.267 |
1477.345 |
|
|
|
|
|
|
long-term borrowings |
2.463 |
38.634 |
1138.260 |
|
Short term borrowings |
1580.216 |
2051.256 |
1888.366 |
|
Total
borrowings |
1582.679 |
2089.890 |
3026.626 |
|
Debt/Equity
ratio |
0.822 |
1.113 |
2.049 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
6,199.236 |
6,189.213 |
6,155.147 |
|
|
|
(0.162) |
(0.550) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
6,199.236 |
6,189.213 |
6,155.147 |
|
Profit |
(139.301) |
(46.227) |
(400.588) |
|
|
(2.25%) |
(0.75%) |
(6.51%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from Bodies Corporates |
1100.000 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan From a Bank (repayable on demand) |
231.521 |
203.522 |
|
Loan From Bodies Corporate (repayable on demand) |
0.000 |
304.868 |
|
TOTAL |
1331.521 |
508.390 |
NATURE OF OPERATIONS
The company is engaged in the manufacturing, laying, selling of Power Cables and Capacitors.
GENERAL AND CORPORATE MATTERS
Despite subdued market scenario in the Power Sector, the Company has been able to achieve gross revenue of Rs.6866.100 Millions in the current fiscal as compared to Rs.6925.400 Millions for the previous year. However, the magnitude of loss suffered for the year is higher at Rs.400.600 Millions as compared to Rs.46.200 Millions for the previous fiscal.
During the year, the operations of the Company have been severely impacted due to increased finance cost arising from extended debtors cycle in the industry, the slow-down in the power transmission segment adversely affecting the EHV cable demand which is the Company’s key product coupled with predatory pricing strategy adopted by certain overseas players leading to severe pressure on margins. Many of the power infrastructural projects have been temporarily stalled due to the policy impasse on substantive issues of environmental clearances, Rights of-the-Way permissions, coal linkages/allocation and revision in power purchase agreement, etc. This has caused unanticipated deferment in their delivery schedule for the Company’s products leading to higher inventory of finished goods and payment hold up intensifying liquidity pressure on the Company. In addition to the above, apart from the other key imported raw-materials, the prices of bulk raw-materials such as Copper and Alumunium though indigenously sourced, are linked with the foreign exchange rates. The depreciation of the rupee has therefore severely affected the margins as the industry mainly operates on firm price contracts.
Under the present business environment, the Company has decided to re-structure its business strategy by broadening its market base. To de-risk itself from aberrations of a polarized Extra High Voltage (EHV) market segment, in which the Company is a formidable player and equipped with best-in-class VCV technology, it has expanded its capacity in the Medium Voltage (MV) and Light Duty cable verticals. The overall increase in the manufacturing capacity in the MV and Light Duty cable verticals would transform the Company into a competitive manufacturing base. The Company is focusing on products and customers from where better margins are available.
The Company has also ventured into execution of turnkey projects for capacitors banks where the margins are reasonably remunerative. Constant efforts are being made by the Company to enhance productivity with a view to gain competitive edge. In a parallel effort, the Company is continuously upgrading and modernizing the production facilities with a special focus on production cost reduction, optimization of raw material consumption and rationalization of manpower.
The Company’s strength lies in its technological primacy, advanced manufacturing facilities, high-end products, brand equity and skilled and talented manpower. Therefore, once the power and other infrastructural segment recovers from the present slump, the Company would emerge stronger.
FINANCIAL REVIEW
The financial performance of the Company during the year 2013-14 is stated as below:
- There has been a Loss in the current fiscal of Rs.400.600 Millions as compared to a Loss of Rs.46.200 Millions in the previous year which is due to the unprecedented depreciation of the rupee, severe liquidity crunch, rising prices of inputs and the competitive pressure on the margins.
- Despite the efforts to contain the financial cost at Rs.328.600 Millions, it has increased by Rs.75.300 Millions as compared to the previous year on account of higher interest rates, increased borrowings for working capital requirements arising from the delayed payment from customers.
- Total Borrowings increased by Rs.952.800 Millions due to increase in the Working Capital requirement arising from delayed payment from customers and larger fund requirements for higher volume of turnkey projects.
- The market value of quoted investment decreased to Rs.733.900 Millions from Rs.764.900 Millions in the previous year.
- The level of inventories has decreased from Rs.1267.900 Millions to Rs.1049.300 Millions by implementing strict inventory management. This has also resulted in reduction in the level of trade payables.
- Trade Receivables increased to Rs.2366.200 Millions as on 31st March, 2014 as compared to Rs. 2198.500 Millions as at the end of the previous year due to slow-down in the implementation of infrastructural projects which has led to delays in despatch clearances and deferment in payment.
- The Company is now in the process of realizing Industrial Investment Promotion Assistance from the State Government. The first four year’s benefits have since been realised. The total amount of such Assistance realizable as on 31st March, 2014 is Rs.106.500 Millions.
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80005490 |
03/12/2012 * |
3,565,000,000.00 |
State Bank of
India |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE
HOUSE, J |
B65113060 |
* Date of charge modification
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31ST DECEMBER, 2014
(Rs. In Millions)
|
Sl. No. |
Particulars |
Quarter ended 31.12.2014 (Unaudited) |
Quarter ended 30.09.2014 (Unaudited) |
Nine Months ended 31.12.2014 (Unaudited) |
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net Sales/Income from
Operations (Net of Excise Duty) |
1682.400 |
1683.200 |
4933.300 |
|
|
(b)
Other Operating Income (Net) |
27.600 |
24.900 |
72.400 |
|
|
Total Income from Operations (Net) |
1710.000 |
1708.100 |
5005.700 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost
of Materials consumed |
1349.200 |
1489.200 |
4004.400 |
|
|
(b)
Purchases of Stock-in-trade |
52.800 |
39.700 |
164.500 |
|
|
(c) Changes
in Inventories of Finished Goods, Work-in-progress
and Stock-in-trade |
19.300 |
(121.300) |
(139.700) |
|
|
(d)
Employee Benefits Expense |
109.800 |
115.500 |
322.800 |
|
|
(e)
Depreciation and Amortization Expense |
44.400 |
46.800 |
134.600 |
|
|
(f)
Other Expenses |
205.600 |
182.600 |
533.300 |
|
|
Total Expenditure |
1781.100 |
1752.500 |
5019.900 |
|
3 |
(Loss) from operations
before Other Income, Finance Costs and Taxes (1 - 2) |
(71.100) |
(44.400) |
(14.200) |
|
4 |
Other
Income |
13.200 |
26.400 |
53.200 |
|
5 |
Profit/(Loss) from ordinary
activities before Finance costs and Taxes (3+4) |
(57.900) |
(18.000) |
39.000 |
|
6 |
Finance
Costs |
139.600 |
112.800 |
364.600 |
|
7 |
(Loss) from ordinary
activities before Taxes (5-6) |
(197.500) |
(130.800) |
(325.600) |
|
8 |
Tax
Expenses [including Deferred Tax and Minimum AlternateTax ( MAT )] |
- |
(0.500) |
- |
|
9 |
Net (Loss) for the period (7 ± 8) |
(197.500) |
(130.300) |
(325.600) |
|
10 |
Paid-up Equity Share Capital
(Face value of Rs.10/- per Share) |
231.300 |
231.300 |
231.300 |
|
11 |
Reserves
(excluding Revaluation Reserve) |
|
|
|
|
12 |
Basic
& Diluted EPS (Rs.) (not annualised) |
(8.54) |
(5.63) |
(14.08) |
|
Sl. No. |
Particulars |
Quarter ended 31.12.2014 |
Quarter ended 30.09.2014 |
Nine Months ended 31.12.2014 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding* |
|
|
|
|
|
- Number of Shares |
10974590 |
10974590 |
10974590 |
|
|
- Percentage of Shareholding |
47.45 |
47.45 |
47.45 |
|
2 |
Promoters and Promoter Group
ShareHolding (a) Pledged/Encumbered |
|
|
|
|
|
- Number
of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the |
Nil |
Nil |
Nil |
|
|
total
shareholding of promoter and |
|
|
|
|
|
promoter
group) |
|
|
|
|
|
-
Percentage of Shares (as a % of the |
Nil |
Nil |
Nil |
|
|
total
share capital of the Company) |
|
|
|
|
|
(b) Non-encumbered |
|
|
|
|
|
- Number
of Shares |
12155664 |
12155664 |
12155664 |
|
|
- Percentage
of Shares (as a % of the |
100.00 |
100.00 |
100.00 |
|
|
total
shareholding of promoter and |
|
|
|
|
|
promoter
group) |
|
|
|
|
|
-
Percentage of Shares (as a % of the |
52.55 |
52.55 |
52.55 |
|
|
total
share capital of the Company) |
|
|
|
* Includes 1855706 equity shares (8.02%) continued to be held by certain Companies, Trusts, Societies, etc. earlier shown as a part of the Promoter Group but now shown under Public Shareholding as per amended Clause 35 of the Listing Agreement.
|
|
Particulars |
Quarter ended 31.12.2014 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of
the Quarter |
0 |
|
|
Received during the Quarter |
2 |
|
|
Disposed off during the
Quarter |
2 |
|
|
Remaining unresolved at the
end of the Quarter |
0 |
NOTES :
- The above unaudited financial results duly reviewed by the Audit Committee have been approved by the Board of Directors in its meeting held on 6th February, 2015 and subjected to a Limited Review by the Statutory auditors of the Company.
- The Company has only one reportable primary business segment. Hence, no separate segment-wise information of revenue, results and capital employed is given.
- Figures of previous year/periods have been regrouped/recast, wherever considered necessary.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.27 |
|
UK Pound |
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYR |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
43 |
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.