MIRA INFORM REPORT
|
Report No. : |
302085 |
|
Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHILPI CABLE TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
A-19/ B-1 Extension, Mohan Cooperative Industrial Estate, P.
O. Badarpur, Mathura Road, New Delhi - 110044 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
09.07.2006 |
|
|
|
|
Com. Reg. No.: |
55-150753 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 493.161 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L64201DL2006PLC150753 |
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|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELR13149D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCR3380E |
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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 and trading of cables, wire and accessories used in telecom,
automobile, consumer durables etc. |
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|
|
|
No. of Employees
: |
1100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6300000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The rating reflects company sound financial risk profile marked by
healthy net worth and fair profitability of the company. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
CRISIL |
|
Rating |
Long Term Rating (BBB+) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk |
|
Date |
August 20, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating (A2) |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
August 20, 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 PARTED BY
|
Name : |
Mr. Chandra Shekhar |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9873147404 |
|
Date : |
09.01.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
A-19/ B-1 Extension, Mohan Cooperative Industrial Estate,
P. O. Badarpur, Mathura Road, New Delhi – 110044, India |
|
Tel. No.: |
91-11-43117900 |
|
Mobile No.: |
91-9873147404 (Mr. Chandra Shekhar) |
|
Fax No.: |
91-11-43117902 |
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E-Mail : |
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|
Website : |
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Area : |
680 Sq. M |
|
Location : |
Owned |
|
|
|
|
Factory : |
Unit I SP1037, Chopanky, RIICO Industrial Area, District Alwar– 301019, Rajasthan, India Unit II E-138 RIICO Industrial Area, Phase -1, Bhiwadi, District – Alwar - 301019, Rajasthan, India Unit III Behind Tech Auto Private Limited ChinnaBelagondapalli Nagondapalli
Post Mathigiri – 635110 Hosur, India |
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|
|
|
Dubai Offices : |
SHILPI WORLDWIDE JLT Unit No. 3O-01-385, Floor No. 1, Building No. 3, Plot No. 550-554, J and G Complex, Almas Towers, DMCC, Dubai, United Arab Emirates P.O. Box No. 113248 SHILPI WORLDWIDE JLT Suite No. 404, Century 21 Building, Abu Bakar Al Siddique
Road, Opposite Al Kabayal Discount Centre Muraqqabat, Deira, Dubai, United
Arab Emirates SHILPI GLOBAL LLC Suite No. 404, Century 21 Building, Abu Bakar Al Siddique
Road Opposite Al Kabayal Discount Centre Muraqqabat, Deira, Dubai, United
Arab Emirates P.O. Box No. 113248 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Mukesh Kumar Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Manish Goel |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Ghanshyam Pandey |
|
Designation : |
Director |
|
Address : |
227, Pocket-J,
Sarita Vihar, New Delhi – 110076, India |
|
Date of Birth/Age : |
12.02.1955 |
|
Qualification : |
B. Sc
(Mathematics) and Diploma in Management |
|
Experience : |
30 Years |
|
DIN No.: |
00163072 |
|
Companies in which
holds Directorship : |
· GGP Cabletronics Private Limited · Glosters Metals and Alloys Private Limited |
|
|
|
|
Name : |
Mr. Sunil Kala |
|
Designation : |
Director |
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|
Name : |
Mr. Sandeep Gupta |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Narendra Kumar Singh |
|
Designation : |
Nominee Director |
|
Address : |
J-074 Windsor
Park Vaibhav Khand, Indrapuram, Ghaziabad – 201010, Uttar Pradesh, India |
|
Date of Birth/Age : |
15.12.1973 |
|
Qualification : |
Post graduate in
Management and Mathematics |
|
Experience : |
16 Years |
|
DIN No.: |
06626320 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Bhatt |
|
Designation : |
Chief Executive Officer |
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|
|
|
Name : |
Mr. Vikas Jaiswal |
|
Designation : |
Chief Financial Officer |
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|
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Name : |
Mr. Chandra Shekhar |
|
Designation : |
Finance Manager |
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Board Committees: |
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Audit Committee: |
Mr. Sandeep Gupta Mr. Sunil Tarachand Kala Mr. Ghanshyam Pandey |
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Stakeholders Relationship Committee: |
Mr. Sandeep Gupta Mr. Sunil Tarachand Kala Mr. Ghanshyam Pandey |
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Nomination and Remuneration Committee: |
Mr. Sandeep Gupta Mr. Sunil Tarachand Kala Mr. Ghanshyam Pandey |
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Corporate Social Responsibility Committee: |
Mr. Sandeep Gupta Mr. Sunil Tarachand Kala Mr. Ghanshyam Pandey |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
72000 |
0.07 |
|
|
33500000 |
33.96 |
|
|
33572000 |
34.04 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
33572000 |
34.04 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
500 |
0.00 |
|
|
13518000 |
13.71 |
|
|
13518500 |
13.71 |
|
|
|
|
|
|
10302745 |
10.45 |
|
|
|
|
|
|
4412858 |
4.47 |
|
|
9540873 |
9.67 |
|
|
27285296 |
27.66 |
|
|
366593 |
0.37 |
|
|
347248 |
0.35 |
|
|
6054707 |
6.14 |
|
|
10434748 |
10.58 |
|
|
10082000 |
10.22 |
|
|
51541772 |
52.26 |
|
Total Public shareholding (B) |
65060272 |
65.96 |
|
Total (A)+(B) |
98632272 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
98632272 |
100.00 |
BUSINESSDETAILS
|
Line of Business : |
Manufacturer and trading of cables, wire and accessories used in
telecom, automobile, consumer durables etc. |
|
|
|
|
Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Cable Wires and accessories |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit, DA and DP |
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Purchasing : |
Cash, Credit and LC |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1100 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
RMA and Associates Chartered Accountants |
|
Address : |
48, Hasanpur, I. P. Extension, Delhi – 110092, India |
|
|
|
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Memberships : |
Not Divulged |
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|
|
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Collaborators : |
Not Divulged |
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Subsidiary Company |
Shilpi Worlwide JLT |
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|
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|
Associates
Companies |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
49316136 |
Equity Shares |
Rs.10/- each |
Rs. 493.161 Millions |
|
|
|
|
|
Reconciliation of
number of equity shares outstanding at the beginning and at end of the year
|
Particulars |
As at 31.03.2014 |
|
Number of shares
outstanding as at beginning of the year |
37516136 |
|
Add: |
|
|
Number of shares allotted for cash (52,17,374 Equity Shares of Rs.10 each fully paid have been allotted during the financial year 2012-13, in terms of scheme of amalgamation the Transferee Company issued 9 (nine) Equity Shares of Rs. 10 each, credited as fully paid up, for every 4 (four) Equity Shares of Rs. 10 each held in the Transferor Company.) |
11800000 |
|
|
49316136 |
|
Less: Number of shares bought back during the year |
-- |
|
Number of shares outstanding
as at end of the year |
49316136 |
|
65,00,000 equity
shares held by promoters of the company are locked in up to 15.04.2014 50,41,000 equity
shares held by Paradigm India Investment Fund are locked in up to 25.05.2015 13,04,344 equity
shares held by Trustee of SCTL Securities Trust are locked in up to
31.07.2015 44,00,000 equity
shares held by Highbluesky Emerging Market Fund are locked in up to
10.04.2015 23,59,000 equity
shares held by Aspire Emerging Fund are locked in up to 10.04.2015 |
|
(c) Shareholdings in
the company by the holding/ultimate holding company
and their
subsidiaries/associates
|
Out of equity
shares issued by the company, share held by holding company are as
follows: |
As at 31.03.2014 |
|
Shilpi Communication Private Limited |
33.96% |
(D) Shares in the
company held by each shareholder holding more than 5% shares
|
Name of the
shareholder |
Number of shares
held in the company |
Percentage of
shares held |
|
Shilpi Communication Private Limited |
16750000 |
33.96% |
|
Trustee of SCTL Securities Trust (Anand Gupta) |
5217374 |
10.58% |
|
Paradigm India Investment Fund |
5041000 |
10.22% |
|
Highbluesky Emerging Market Fund |
4400000 |
8.92% |
(E) Terms / rights attached
to equity shares
The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.
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 |
493.161 |
375.161 |
322.988 |
|
(b) Reserves &
Surplus |
1730.499 |
1253.408 |
996.755 |
|
(c) Shares to be issued
pursuant to Scheme of Amalgamation |
0.000 |
0.000 |
52.174 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
9.629 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2233.289 |
1628.569 |
1371.917 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
296.707 |
255.757 |
903.242 |
|
(b) Deferred tax
liabilities (Net) |
121.642 |
106.457 |
79.031 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
5.046 |
3.827 |
0.000 |
|
Total Non-current
Liabilities (3) |
423.395 |
366.041 |
982.273 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1160.109 |
986.403 |
144.180 |
|
(b) Trade payables |
2853.006 |
1823.241 |
1276.059 |
|
(c) Other current
liabilities |
34.598 |
34.346 |
34.630 |
|
(d) Short-term provisions |
103.869 |
84.975 |
60.324 |
|
Total Current Liabilities
(4) |
4151.582 |
2928.965 |
1515.193 |
|
|
|
|
|
|
TOTAL |
6808.266 |
4923.575 |
3869.383 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
947.535 |
818.711 |
637.182 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1.390 |
0.437 |
173.616 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
137.474 |
137.474 |
137.474 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
69.300 |
60.497 |
19.411 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1155.699 |
1017.119 |
967.683 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1413.561 |
932.945 |
583.322 |
|
(c) Trade receivables |
3375.865 |
2576.056 |
1979.081 |
|
(d) Cash and cash
equivalents |
401.426 |
260.690 |
172.776 |
|
(e) Short-term loans and
advances |
0.736 |
0.617 |
0.500 |
|
(f) Other current assets |
460.979 |
136.148 |
166.021 |
|
Total Current Assets |
5652.567 |
3906.456 |
2901.700 |
|
|
|
|
|
|
TOTAL |
6808.266 |
4923.575 |
3869.383 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
9860.339 |
6548.886 |
4605.489 |
|
|
Other Income |
33.337 |
17.394 |
26.597 |
|
|
TOTAL (A) |
9893.676 |
6566.280 |
4632.086 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
8537.803 |
5756.862 |
4052.804 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(88.491) |
(185.719) |
(166.009) |
|
|
other Manufacturing,
Operating Expenses |
279.429 |
122.896 |
76.900 |
|
|
Employees benefits
expense |
61.899 |
45.846 |
39.659 |
|
|
Prior Period Adjustments |
(0.434) |
0.000 |
0.000 |
|
|
Other expenses |
135.328 |
92.402 |
76.251 |
|
|
TOTAL (B) |
8925.534 |
5832.287 |
4079.605 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
968.142 |
733.993 |
552.481 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
520.331 |
323.538 |
241.553 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
447.811 |
410.455 |
310.928 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
48.831 |
36.433 |
33.230 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
398.980 |
374.022 |
277.698 |
|
|
|
|
|
|
|
Less |
TAX (H) |
118.679 |
112.123 |
91.457 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
280.301 |
261.899 |
186.241 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Sales (Exports) |
1186.057 |
55.992 |
0.000 |
|
|
Others |
0.055 |
0.020 |
51.817 |
|
|
TOTAL EARNINGS |
1186.112 |
56.012 |
51.817 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials and Spare
Parts |
4550.583 |
2869.771 |
2418.623 |
|
|
Capital Goods |
45.931 |
171.451 |
0.000 |
|
|
TOTAL IMPORTS |
4596.514 |
3041.222 |
2418.623 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
7.27 |
6.98 |
5.77 |
Expected Sales (2014-2015): Rs. 14000.000 Millions (Due to Expansion)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
2.84 |
4.00 |
4.04 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.82 |
11.21 |
12.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.98 |
7.82 |
7.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.23 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.65 |
0.76 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.33 |
1.92 |
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 |
322.988 |
375.161 |
493.161 |
|
Reserves & Surplus |
996.755 |
1253.408 |
1730.499 |
|
Shares to be issued
pursuant to Scheme of Amalgamation |
52.174 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
9.629 |
|
Net worth |
1371.917 |
1628.569 |
2233.289 |
|
|
|
|
|
|
long-term borrowings |
903.242 |
255.757 |
296.707 |
|
Short term borrowings |
144.180 |
986.403 |
1160.109 |
|
Total borrowings |
1047.422 |
1242.160 |
1456.816 |
|
Debt/Equity ratio |
0.763 |
0.763 |
0.652 |
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 |
4605.489 |
6548.886 |
9860.339 |
|
|
|
42.197 |
50.565 |
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 |
4605.489 |
6548.886 |
9860.339 |
|
Profit |
186.241 |
261.899 |
280.301 |
|
|
4.04% |
4.00% |
2.84% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------------------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
|
LITIGATION DETAILS IN THE HIGH
COURT OF DELHI AT NEW DELHI CS(OS) 2424/2012 M/S ZHUHAI
HANSEN TECHNOLOGY COMPANY LIMITED …… Plaintiff Through: Mr.
Amit Bansal, Advocate Versus M/S SHILPI CABLE
TECHNOLOGIES LIMITED ……Defendant Through: Mr.
Rajiv Shukla, Advocate CORAM: MS. NEELAM SINGH
(DHJS), JOINT REGISTRAR (JUDICIAL) O R D E R 30.09.2014 Both the parties
submits that matter is still pending adjudication before the local
commissioner for recording of evidence on 20.11.2014 and further submits that
any date be given after this date At request,
matter be placed before the Hon’ble Court for 22.12.2014 for report on status
of evidence NEELAM SINGH
(DHJS) JOINT REGISTRAR
(JUDICIAL) SEPTEMBER 30,
2014 |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
BUSINESS OVERVIEW
The company is one of the preferred suppliers of wires and cables in India with significant presence in Telecom, Automobiles and Consumer Durables segment. It has not only enhanced, significantly, its Market share with its Leading Domestic and Multinational customer but also has penetrated into many new accounts. The product range includes Cables, Copper wires, Wiring Harnesses and Cable Accessories.
It engaged with E&Y to draw its growth plan to become USD 1 Billion Company by 2020. Based on the plan, it intends to launch its own brand for House wire and Modular Switches in the Year 2014-15. It is now professionally managed andhas been attracting skilled workforce and seasoned industry experts in the last 1-2 year to enhance its managerial bandwidth to support its growth plan.
Ourmission is to provide high-quality, cost-effective and customized products to their customers through combining technological innovation and value engineering in order to support existing clients as well as enter and dominate new sectors. Despite the worldwide economic challenges, the Company remained steadfast in delivering excellent performance during last financial year. The Board hopes that with the support from the Telecom & Automotive market, the Company will accelerate the process to forge ahead towards the goal of being a top-class company in this sector.
Capacity Augmentation
during the FY 2013-14
Aurangabad:
During the year the Company has entered into an arrangement with Microqual Techno Limited for exclusive use of their production facility at Aurangabad for manufacturing of RF Cables on job work basis. This measure almost doubles the capacity of the Company for production of RF cables for telecom applications. The arrangement gives tremendous advantage in terms of market share, geographical expansion, logistics and pricing strength.
Bahadurgarh Plant:
The Company has a long term arrangement with M/s AGH Wires Pvt Ltd for use of one of its unit at Bahadurgarh ( Haryana) for manufacturing of wires and cables on job work basis. The capacities are flexible depending on the type of cables and wires produced. In money terms the plant is capable of generating revenues exceeding Rs 400 Cr per annum.The arrangement is made more dependable in view of equity investment of Shilpi promoters in AGH. Presently Shilpi plans to use at least 50% of AGH capacities while the balance will be left for AGH for their own use.
Hosur Plant:
During the year the company put up manufacturing facilities in Hosur ( Karnataka) to cater to demands of a major OE customer in Automobiles segment. Apart from augmenting the capacities the Plant which manufactures wiring harnesses for four wheelers, strengthens the Company’s business with the OE customer. The OE customer has given some of the specialized equipment needed to make the product eliminating the need of investment by the Company. This also helps the Company to get a good foothold in the southern India wherein apart from the present products the Company finds promising prospects for other product offerings of the Company.
Key drivers of
business growth
- New capacities in Aurangabad, Bahadurgarh and Hosur were operational for the Company only for partial period during FY 2013-14. The revenues of the Company will get substantial boost this year with benefits of these capacities in the current year made available for full year.
- Export avenues opened in 2013-14. Initial ground work done by company has been able to open significant markets in South America, Africa, Middle East and South east Asia giving boost in the export front.
- More investments to further strengthen the manufacturing facilities.
- Launching a major initiative in B2C market for house wire and switches through dealer network. Eventually this is expected to be one of the major revenue streams of the Company.
Conclusion and
Commitments
Concentration of focus shall remain on understanding the requirements of our clients and to cater those, the company shall customize its products according to the specifications of the clients primarily to meet the customer satisfaction as the prime motive to fetch continuity, longevity of relationship and repeat business. A dedicated Sales team will work to ensure regular inflow of orders and consistent growth. Continuous sales and marketing efforts in terms of visits and product innovation will result in better price realization and an impeccable market network. A specialized logistics staff will ensure timely booking & movement of consignments till it reaches the customer. A rapid transport facility will ensure timely dispatch and delivery of products.
They are of confident opinion that the current socio-economic environment supports the mission and vision of the Company.
They look forward to concentrate on the long term stability and improvement in the socio-economic environment as an essential factor for the success of the principal objects. The efficiency and efficacy of the management is endeavored to own a committed approach to prove the overall growth oriented and profit centric feasibility.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Debentures 250 2% Unsecured, Unlisted, redeemable and non convertible debentures of Rs. 10,00,000 each. |
250.000 |
0.000 |
|
Other Loans from Bank / FIs |
0.000 |
1.541 |
|
Loans from others Loans from Corporates |
0.000 |
116.363 |
|
Loans and advances from
related parties Loans from Related Parties |
0.000 |
132.270 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from others Loans from Corporates |
34.230 |
0.000 |
|
Loans and advances
from related parties Loans from Related Parties |
18.900 |
0.000 |
|
Other Loans from Bank / FIs |
1.541 |
4.340 |
|
Total |
304.671 |
254.514 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10528155 |
08/09/2014 |
42,400,000.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
C31569973 |
|
2 |
10522719 |
08/09/2014 |
30,000,000.00 |
ANDHRA BANK |
ANDHRA BANK, GREEN
PARK BRANCH, NEW DELHI, DELHI |
C23365265 |
|
3 |
10516173 |
22/08/2014 |
560,000,000.00 |
IDBI Bank |
INDIAN RED CROSS SOCIETY BUILDING,3RD FLOOR, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
C17545096 |
|
4 |
10441211 |
26/06/2013 |
65,000,000.00 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B81271322 |
|
5 |
10399792 |
17/01/2013 |
550,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING,3RD FLOOR, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B66707241 |
|
6 |
10304780 |
29/12/2014 * |
6,935,000,000.00 |
IDBI Bank Limited |
INDIAN RED CROSS SOCIETY BUILDING,3RD FLOOR, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
C38997375 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(a) Claims against the company not acknowledged as debts |
117.070 |
110.142 |
|
(a) Claims against the company not acknowledged as debts |
|
|
|
-Bank Guarantees (For EPCG and Performance) |
80.060 |
12.762 |
|
- Corporate Guarantee (For WC loans to Subsidiary/ JV Companies) |
2916.758 |
550.000 |
|
|
3113.888 |
672.904 |
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
SEPTEMBER 2014
(Rs. in Millions)
PART
- I
|
|
Quarter ended |
Half year ended |
|
|
Particulars |
Sept 2014 |
June 2014 |
Sept 2014 |
|
|
Unaudited |
||
|
Net Sales / Income from Operations (Net of Excise Duty) |
3123.216 |
2954.352 |
6077.568 |
|
Expenditure |
|
|
|
|
(Increase) / Decrease in Stocks Consumption/Purchase of Raw Materials and Goods Manufacturing Expenses Employees benefits expense Depreciation and amortisation expense Other Expenses Total |
(158.409) 2851.688 77.835 21.639 14.139 35.760 2842.652 |
(217.575) 2786.937 81.801 17.744 13.401 29.406 2711.714 |
(375.984) 5638.625 159.636 39.383 27.540 65.166 5554.366 |
|
Profit from Operations before Other Income, Interest and Exceptional Items (1-2) |
280.564 |
242.638 |
523.202 |
|
Other Income |
6.149 |
7.264 |
13.413 |
|
Profit before Financial Costs and Exceptional Items (3+4) |
286.713 |
249.902 |
536.615 |
|
Financial Cost |
141.244 |
117.820 |
259.064 |
|
Profit after Financail Costs but before Exceptional Items (5-6) |
145.469 |
132.082 |
277.551 |
|
Exceptional items |
-- |
-- |
-- |
|
Profit (+) / Loss (-) from Ordinary Activities before tax (7+8) |
145.469 |
132.082 |
277.551 |
|
Tax Expenses |
48.738 |
42.854 |
91.592 |
|
Net Profit (+) / Loss (-) from Ordinary Activities after Tax (9-10) |
96.731 |
89.228 |
185.959 |
|
Extraordinary Item / Prior Period Adjustments |
-- |
-- |
-- |
|
Net Profit (+) / Loss (-) for the period (11-12) |
96.731 |
89.228 |
185.959 |
|
Share of profit / (loss) of associates |
-- |
-- |
-- |
|
Minority Interest |
-- |
-- |
-- |
|
Net Profit Attributable to consolidated group |
96.731 |
89.228 |
185.959 |
|
Paid-up equity share capital (Face Value of Rs. 10/- each) |
986.322 |
493.161 |
986.323 |
|
Reserves (excluding Revaluation Reserves) * |
1365.600 |
1819.727 |
1365.600 |
|
Earnings Per Share (EPS) Basic and Diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year (not to be annualized) Basic and diluted EPS after Extraordinary items for the period, for
the year to date and for the previous year (not to be annualized) |
0.98 0.98 |
0.90 0.90 |
1.89 1.89 |
|
|
|
|
|
|
Public Shareholding - No. of shares # |
65060272 |
32530136 |
32530136 |
|
- Percentage of shareholding |
65.96% |
65.96% |
65.96% |
|
Promoters and promoter Shareholding group |
|
|
|
|
Pledged / Encumbered - Number of shares |
20400000 |
10200000 |
10200000 |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter |
60.76% |
60.76% |
60.76% |
|
- Percentage of shares (as a % of the total share capital of the
Company) |
20.68% |
20.68% |
20.68% |
|
Non - encumbered - Number of Shares |
13172000 |
6586000 |
6586000 |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter |
39.24% |
39.24% |
39.24% |
|
- Percentage of shares (as a % of the total share capital of the
company) |
13.25% |
13.25% |
13.25% |
* Reserves include amount of Security Premium.
# 10434748 Shares are held by the Trust in sole benefit of the Company.
Notes to the
Financial Results:
- The above unaudited consolidated financial results of the company for the quarter ended on 30th September 2014 have been approved by the Board of Directors at its meeting held on 10th November'2014 after being approved and recommended by the Audit Committee of the Board. During the quarter ended 30th September, 2014, the Company declared and allotted bonus shares to all the equity shareholders of the Company in the ratio of 1:1
- The statutory Auditors of the company have carried out the Limited Review of the above financial results of the company for the quarter ended 30th September 2014 in accordance with the clause 41 of the Listing Agreement.
- As the Company’s business activity falls within a single business segment, there are no additional disclosures to be provided under Accounting Standard 17 ‘Segment Reporting’.
- During the quarter ended 30th September, 2014, the company recommended and paid a final dividend of Rs. 1.00 per Equity Share for the financial year ended March 31, 2014
- The Consolidated financial results have been prepared in accordance with Accounting Standard 21 on “Consolidated Financial Statement”. Financial results of Shilpi Worldwide JLT, wholly owned subsidiary of the company and its step down 100% subsidiary "Shilpi Worldwide Pte Ltd" have been consolidated.
- Details of number of investor complaints for the quarter ended September 30, 2014:
- Opening - Nil, Received - Nil, Resolved - Nil, Pending – Nil
- Standalone Financial Results:
(Rs. in Millions)
|
Particulars |
Quarter ended |
Half year ended |
|
|
|
Sept 2014 |
June 2014 |
Sept 2014 |
|
|
Unaudited |
||
|
Net Sales / Income from Operations |
3123.216 |
2954.352 |
6077.568 |
|
Profit (+) / Loss (-) from Ordinary Activities before tax |
145.469 |
132.082 |
277.551 |
|
Net Profit (+) / Loss (-) from Ordinary Activities after Tax |
96.731 |
89.228 |
185.959 |
- The previous year/period figures have
been regrouped/reclassified wherever necessary to make them comparable.
- The above financial results will be
available on the company website and stock exchange’s websites.
- Statement of Assets and Liabilities:-
(Rs. in Millions)
|
Particulars |
As at 30th
September 2014 [Unaudited] |
|
A. EQUITY AND LIABILITIES |
|
|
1. Shareholders’
Funds |
|
|
a] Share Capital |
986.322 |
|
b] Reserves and Surplus |
1365.600 |
|
Sub-total –
Shareholders’ funds |
2351.922 |
|
|
|
|
2. Non-current
Liabilities |
|
|
a] Long term Liabilities |
347.524 |
|
b] Deferred Tax Liabilities |
128.780 |
|
c] Other Long term Liabilities |
0.000 |
|
d] Long term provisions |
5.274 |
|
Sub-total -
Non-current Liabilities |
481.578 |
|
|
|
|
3. Current Liabilities |
|
|
a] Short term Liabilities |
1294.699 |
|
b] Trade Payables |
3247.243 |
|
c] Other Short term Liabilities |
54.914 |
|
d] Short Term Provision |
104.884 |
|
Sub-total - Current Liabilities |
4701.740 |
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
7535.240 |
|
|
|
|
B ASSETS |
|
|
1. Non-current assets |
|
|
a] Fixed assets |
|
|
(i) Tangible Assets |
974.971 |
|
(ii) Intangible Assets |
0.000 |
|
(iii) Capital Work in
Progress |
3.612 |
|
b] Non-current
investment |
137.474 |
|
c] Deferred
Tax Assets (Net) |
0.000 |
|
d] ] long Term loans and Advances |
67.493 |
|
e] Other non-current assets |
0.000 |
|
Sub-total – Non- current assets |
1183.550 |
|
|
|
|
2.
CURRENT ASSETS |
|
|
a] Current Investments |
0.000 |
|
b] Inventories |
1529.699 |
|
c] Trade Receivables |
3921.010 |
|
d] Cash & Bank Balances |
420.722 |
|
e] Short Term loans and advances |
10.470 |
|
f] Other Current Assets |
469.789 |
|
Sub-total – Current Assets |
6351.690
|
|
|
|
|
TOTAL - ASSETS |
7535.240 |
FIXED ASSETS
· Land
· Factory Building
· Plant and Machinery
· Furnitures and Fixtures
· Office Equipment
· Computers and Softwares
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.75 |
|
|
1 |
Rs. 94.01 |
|
Euro |
1 |
Rs. 72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.