MIRA INFORM REPORT
|
Report No. : |
329415 |
|
Report Date : |
01.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
FINOLEX CABLES LIMITED |
|
|
|
|
Registered
Office : |
26/27, Mumbai-Pune
Road, Pimpri, Pune – 411 018, Maharashtra |
|
Tel No.: |
91-20-27475963 /
27506200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
05.06.1967 |
|
|
|
|
Com. Reg. No.: |
11-016531 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.305.879
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300MH1967PLC016531 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEF00515E |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of electrical and telecommunication cables. |
|
|
|
|
No. of Employees
: |
1546 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 36000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having a fine track
record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular. The company can be considered good 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 – 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 |
CRISIL |
|
Rating |
Long Term Rating: AA+ |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk |
|
Date |
November 14, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
November 14, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management non co-operative (91-20-27475963)
LOCATIONS
|
Registered
Office/ Corporate Office/ Factory 1 (Electrical Cables) : |
26/27, Mumbai-Pune
Road, Pimpri, Pune – 411 018, Maharashtra, India |
|
|
Tel. No.: |
91-20-27475963 (15 lines)/ 27506200 |
|
|
Fax No.: |
91-20-27472239/ 27470344/ 27472224 |
|
|
E-Mail : |
|
|
|
Website : |
|
|
|
|
|
|
|
Factory 2 : |
Optic Fibre Division Urse Taluka Maval, District Pune – 410 506, Maharashtra, India |
|
|
Tel. No.: |
91-2114-237003/ 4/ 5/ 6/ 7 |
|
|
Fax No.: |
91-2114-237009 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 3 : |
Switches
Division Gat No.344,
Village Urse, Taluka Maval, District Pune – 410 506, Maharashtra, India |
|
|
Tel. No.: |
91-2114- 237021-2-3 |
|
|
Fax No.: |
91-2114-237006 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 4 : |
Goa (Electrical and Communication Cables) 117/L118, Verna Industrial Estate, Verna Salcette, Goa – 403 722,
India |
|
|
Tel. No.: |
91-832-278202/ 3/ 4 |
|
|
Fax No.: |
91-832-2783909 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 5 : |
Goa (CCC Rod) S263/2A, Panjim - Belgaum Road, Usgaon -Tisk, Ponda Goa – 403 406,
India |
|
|
Tel. No.: |
91-832-2344376/ 8/ 9 |
|
|
Fax No.: |
91-832-2344140 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 6 : |
Urse (Electrical and Communication Cables) Taluka Maval, District Pune – 410 506, Maharashtra, India |
|
|
Tel. No.: |
91-2114-237026/ 27 |
|
|
Fax No.: |
91-2114-237025 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 7 : |
Lighting Division
(CFL) / Sheets Division Plot No.399,
Village - Urse, Taluka - Maval, District Pune – 410 506, Maharashtra,
India |
|
|
Tel. No.: |
91-2114-237035/ 237024 |
|
|
Fax No.: |
91-2114-237025 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 8 : |
HVPC Urse, Pune Gat No.343,
Village Urse, Taluka Maval, District Pune – 410 506, Maharashtra, India |
|
|
Tel. No.: |
91-2114-237001-5 |
|
|
Fax No.: |
91-2114-237006 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 9 : |
Goa (Communication Cables) Plot No. L123/9A, Verna Industrial Estate, Verna Salcette, South Goa,
India |
|
|
Tel. No.: |
91-832-2782002/ 3/ 4 |
|
|
Fax No.: |
91-832-2783909 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 10 : |
Roorkee Plot Nos. K-1
and K-2, AIS Industrial Estate, Jatherdeva Hoond, Manglaur, Roorkee, Taluka Haridwar – 247 667,
Uttarakhand, India |
|
|
Tel. No.: |
91-1332-224069 |
|
|
Tele Fax No.: |
91-1332-224068 |
|
|
E-Mail : |
||
|
|
|
|
|
Factory 10 : |
Roorkee Plot Nos. K-1 and
K-2, AIS Industrial Estate, Jatherdeva Hoond, Manglaur, Roorkee, Taluka Haridwar – 247 667,
Uttarakhand, India |
|
|
Tel. No.: |
91-1332-224069 |
|
|
Tele Fax No.: |
91-1332-224068 |
|
|
E-Mail : |
||
|
|
|
|
|
Branch Office : |
Located
at: ·
Ahmadabad ·
Bangalore ·
Bhubaneshwar ·
Chandigarh ·
Chennai ·
Coimbatore ·
Goa ·
Guwahati ·
Indore ·
Jaipur ·
Kochi ·
Kolkata ·
Mumbai ·
New Delhi ·
Raipur ·
Secunderabad ·
Lucknow · Dharwad |
|
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. P.P Chhabria |
|
Designation : |
Chairman |
|
Address : |
9, ICS Colony, Ganeshkhind Road, Pune – 411 007, Maharashtra, India |
|
|
|
|
Name : |
Dr. D.K. Chhabria |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Dr. H.S. Vachha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Atul C.
Choksey |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay K.
Asher |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P.G. Pawar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.B Ravi (Pandit) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeep R.
Rathi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Adi. J.
Engineer |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. V.G. Pai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. Viswanathan
|
|
Designation : |
Director Finance
and Chief Financial Officer |
KEY EXECUTIVES
|
Name : |
Mr. R.G. D’Silva |
|
Designation : |
Company Secretary and Vice President (Legal) |
|
|
|
|
Name : |
Mr. Pravin Kulkarni |
|
Designation : |
Senior Finance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2015
|
Category of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
7875000 |
5.15 |
|
|
46966170 |
30.71 |
|
|
54841170 |
35.86 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
54841170 |
35.86 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
17956162 |
11.74 |
|
|
1617683 |
1.06 |
|
|
14774190 |
9.66 |
|
|
34348035 |
22.46 |
|
|
|
|
|
|
25052759 |
16.38 |
|
|
|
|
|
|
20473093 |
13.39 |
|
|
12190463 |
7.97 |
|
|
57716315 |
37.74 |
|
Total
Public shareholding (B) |
92064350 |
60.20 |
|
Total
(A)+(B) |
146905520 |
96.05 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
6033825 |
3.95 |
|
|
6033825 |
3.95 |
|
Total
(A)+(B)+(C) |
152939345 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of electrical and telecommunication cables. |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON
31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Electrical Cables |
TCKM |
2467.97 |
1241.83 # |
|
Communication
Cables Optic Fibre Cables |
KM |
58000.00 |
37116.78 |
|
Other
Communication Cables |
TCKM |
5648.00 |
634.61 |
|
PVC Sheets and
Accessories |
MT |
2100.00 |
1331.70 |
|
Fibre |
KM |
150000.00 |
779736.33 * |
|
Poly coated FRP
Rod |
KM |
24000.00 |
19268.48 |
|
Continuous Cast
Copper Rods |
MT |
60000.00 |
33419.75 @ |
Notes:
Installed capacities are certified by the Managing Director and relied upon by the Auditors
- # Equivalent tonnage 32,297 MT
- * Includes captive consumption of 668,730 Kms
- @ captive consumption of 21,906,538MT and Job Work done 0.00
5,000 TCKM of JFTC Capacity is interchangeable with 332 TCKM
of Electrical Cable capacity
GENERAL INFORMATION
|
No. of Employees : |
1546 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: LONG TERM BORROWINGS (As on 31.03.2014)
|
|
Auditors : (As on 31.03.2014) |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
706/707, Sharda
Chambers, 7th Floor, New Marine Lines, Mumbai – 400 020,
Maharashtra, India |
|
Tel. No.: |
91-22-22000607/7318/6360 91-22-66315835/36 |
|
Fax No.: |
91-22-22003476 |
|
E-Mail : |
|
|
|
|
|
Cost Auditor : (As on
31.03.2014) |
|
|
Name : |
Joshi Apte and Associates Cost Accountants |
|
|
|
|
Solicitors : (As on
31.03.2014) |
Crawford Bayley and Company |
|
|
|
|
Associates/Subsidiaries : (As on
31.03.2014) |
|
|
|
|
|
Joint Venture : (As on
31.03.2014) |
|
|
|
|
|
Enterprises over
which Key Management Personnel and their Relatives exercise significance
influence : (As on 31.03.2014) |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 305.900 Million
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
235000000 |
Equity Shares |
Rs.2/- each |
Rs.470.000 millions |
|
15000000 |
Unclassified Shares |
Rs.2/- each |
Rs.30.000 millions |
|
|
Total |
|
Rs.500.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
152939345 |
Equity Shares |
Rs.2/- each |
Rs.305.900
millions |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
As on 31.03.2014 |
|
|
Number |
Amount (Rs in Millions) |
|
|
Balance at the beginning of the period |
152939345 |
305.900 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the
end of the year |
152939345 |
305.900 |
Terms / rights
attached to Equity Shares
The Company has only
one class of Equity Shares having a par value of Rs.2 per share. Each holder of
Equity Shares is entitled to one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of Interim dividend.
During the year
ended 31st March 2014, the amount of per share dividend recognised
as distributions to the equity shareholders is Rs.1.60 per share.
In the event of
liquidation of the Company, the holders of Equity Shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of Equity Shares
held by the shareholders.
Shares held by
holding/ultimate holding company and/or their subsidiaries/associates
There are no shares held by holding/ultimate holding company
and/or their subsidiaries/associates.
Details of
shareholders holding more than 5% shares in the Company
|
|
As on 31.03.2014 |
|
|
Equity Shares |
Number of shares |
% |
|
Finolex Industries Limited |
22187075 |
14.50 |
|
Life Insurance Corporation of India |
- |
- |
|
Orbit Electricals Private Limited |
46956120 |
30.70 |
Aggregate number of
Bonus Shares issued, Shares issued for consideration other than cash and Shares
bought back during the period of five years immediately preceding the reporting
date.
There are no Bonus
Shares issued, Shares issued for consideration other than cash and Shares
bought back during the period of five years immediately preceding the reporting
date.
Terms of
securities issued with conversion option into Equity / Preference Shares
There are no
securities issued with conversion option into Equity/Preference Shares
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
305.900 |
305.900 |
305.900 |
|
(b) Reserves & Surplus |
12342.200 |
10727.800 |
8937.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
12648.100 |
11033.700 |
9243.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
512.100 |
1266.900 |
1451.500 |
|
(b) Deferred tax
liabilities (Net) |
300.500 |
295.200 |
344.700 |
|
(c)
Other long term liabilities |
4.100 |
17.900 |
13.600 |
|
(d)
long-term provisions |
49.700 |
35.300 |
568.800 |
|
Total
Non-current Liabilities (3) |
866.400 |
1615.300 |
2378.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.300 |
0.000 |
171.100 |
|
(b)
Trade payables |
502.500 |
526.800 |
632.900 |
|
(c)
Other current liabilities |
1901.000 |
1590.400 |
1391.200 |
|
(d)
Short-term provisions |
419.300 |
873.500 |
224.400 |
|
Total
Current Liabilities (4) |
2823.100 |
2990.700 |
2419.600 |
|
|
|
|
|
|
TOTAL |
16337.600 |
15639.700 |
14041.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4704.500 |
4958.000 |
4120.700 |
|
(ii)
Intangible Assets |
0.000 |
0.400 |
0.400 |
|
(iii)
Capital work-in-progress |
0.000 |
107.000 |
357.300 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
2256.600 |
2260.800 |
2173.900 |
|
(c)
Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
42.600 |
47.700 |
166.500 |
|
(e)
Other Non-current assets |
192.900 |
264.900 |
190.800 |
|
Total
Non-Current Assets |
7196.600 |
7638.800 |
7009.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
2685.600 |
1770.600 |
1067.000 |
|
(b)
Inventories |
3186.200 |
3524.000 |
3296.300 |
|
(c)
Trade receivables |
1186.100 |
1451.700 |
1496.500 |
|
(d)
Cash and cash equivalents |
1383.700 |
648.600 |
398.100 |
|
(e)
Short-term loans and advances |
699.400 |
605.100 |
771.800 |
|
(f)
Other current assets |
0.000 |
0.900 |
2.100 |
|
Total
Current Assets |
9141.000 |
8000.900 |
7031.800 |
|
|
|
|
|
|
TOTAL |
16337.600 |
15639.700 |
14041.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24490.900 |
23590.400 |
22706.800 |
|
|
|
Other Income |
584.700 |
483.500 |
241.700 |
|
|
|
TOTAL (A) |
25075.600 |
24073.900 |
22948.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
17577.600 |
17759.300 |
17131.600 |
|
|
|
Purchases of Stock-in-Trade |
138.600 |
112.100 |
58.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
520.600 |
(215.300) |
(296.800) |
|
|
|
Increase/(Decrease) in Excise duty on Closing Stock of
Finished Goods |
(4.700) |
0.000 |
0.000 |
|
|
|
Employees benefits expense |
939.600 |
848.300 |
845.900 |
|
|
|
Sales and Distribution Expenses |
1703.300 |
0.000 |
0.000 |
|
|
|
Power and Fuel |
308.400 |
0.000 |
0.000 |
|
|
|
Other expenses |
717.100 |
2604.100 |
2671.500 |
|
|
|
Exceptional Items - Income / (Expenses) |
(225.200) |
103.800 |
(230.100) |
|
|
|
TOTAL (B) |
21675.300 |
21212.300 |
20180.100 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3400.300 |
2861.600 |
2768.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
129.200 |
144.800 |
133.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3271.100 |
2716.800 |
2634.600 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
639.700 |
484.300 |
466.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2631.400 |
2440.100 |
1708.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
644.800 |
363.300 |
255.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1986.600 |
2076.800 |
1452.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
2987.600 |
1534.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
0.000 |
|
|
|
Dividend |
NA |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
NA |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
5064.400 |
2987.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
494.400 |
486.900 |
|
|
TOTAL EARNINGS |
NA |
494.400 |
486.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
2035.800 |
1263.000 |
|
|
|
Stores & Spares |
NA |
20.900 |
21.000 |
|
|
|
Capital Goods |
NA |
280.800 |
93.700 |
|
|
TOTAL IMPORTS |
NA |
2337.500 |
1377.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.00 |
13.60 |
9.50 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
203.400 |
183.500 |
|
Cash generated from operations |
NA |
2446.600 |
1824.800 |
STOCK
PRICES
|
Face Value |
Rs.2/- |
|
Market Value |
Rs.245.20/- |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
PAT / Total Income |
(%) |
8.11 |
8.80 |
6.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.88 |
13.01 |
10.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.69 |
18.39 |
14.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.22 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.04 |
0.13 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.24 |
2.68 |
2.91 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
305.900 |
305.900 |
305.900 |
|
Reserves & Surplus |
8937.300 |
10727.800 |
12342.200 |
|
Net
worth |
9243.200 |
11033.700 |
12648.100 |
|
|
|
|
|
|
long-term borrowings |
1451.500 |
1266.900 |
512.100 |
|
Short term borrowings |
171.100 |
0.000 |
0.300 |
|
Current Maturities of
Long-Term Debts |
183.500 |
203.400 |
0.000 |
|
Total
borrowings |
1806.100 |
1470.300 |
512.400 |
|
Debt/Equity
ratio |
0.195 |
0.133 |
0.041 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
22706.800 |
23590.400 |
24490.900 |
|
|
|
3.891 |
3.817 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
22706.800 |
23590.400 |
24490.900 |
|
Profit |
1452.700 |
2076.800 |
1986.600 |
|
|
6.40% |
8.80% |
8.11% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
Case Details
Bench:-Bombay
Lodging No.:- ITXAL/20/2012
Filing Date:- 06.01.2012
Reg. No.:- ITXA/730/2012
Reg. Date:- 24.07.2012
Petitioner:- The Commissioner of Income Tax – (Central)
Respondent:- Finolex Cables Limited
Petn. Adv.:- Vipul Arun Bajpayee (I4135)
District:- PUNE
Bench:- DIVISION
Status:- Admitted (Unready)
Category:- TAX APPEALS
Last Date:- 12.02.2013
Stage:- FOR DIRECTION
Last Coram:- HON'BLE
SHRI JUSTICE J.P. DEVADHAR
HON'BLE SHRI JUSTICE
M.S. SANKLECHA
Act :- Income Tax Act, 1961
Under Section:- 260A
UNSECURED LOAN
|
Particulars |
31.03.2015 (Rs. in Million) |
31.03.2014 (Rs. in Million) |
|
|
|
|
|
LONG TERM
BORROWINGS: |
|
|
|
Deferred sales tax loan |
|
16.900 |
|
SHORT TERM
BORROWINGS: |
|
|
|
Buyers credit |
|
0.000 |
|
Total |
NA |
16.900 |
BACKGROUND (As on 31.03.2014)
Economic growth over the past couple of years has been muted - much will depend on the new government in terms of raising optimism with their approach to various policy issues. Growth estimates have been pruned from the earlier levels of 9% to between 5-6%. Investments which drove growth until 2008/9 have slowed down sharply. Domestic savings have declined while government deficits have ballooned. Inflation has been ruling high for well over two years now leading to a period of relatively high interest rates and its negative impact on the economy; the reigning in of the current account deficit has been one of the few positives for the year. The depreciation in currency has resulted in an improvement in their competitiveness and should help improve exports in the coming months while at the same time compel industry to look for greater indigenization and import substitution. It is expected that inflation would moderate over the remaining part of 2014 and would pave way for some monetary easing. Recent clearance by the government of several projects that were held up for various reasons over the past couple of years also holds out hope for an improvement in business sentiments that could result in a turnaround to the investment cycles. However, there is a general expectation that the ongoing general elections will bring about a stable government and along with that there are renewed hopes of a strong and improved economic situation
OPERATIONS (As on 31.03.2014)
In terms of revenue, the year saw only a marginal growth over the previous year. Overall sales grew by 4% in value terms when compared to 2012-13. In volume terms the growth was higher. Higher volumes were achieved in Communication Cable and Copper segments as well as in the Lighting Business. Star performances came in from product offerings to the following customer sectors – agriculture in the Electrical Cables segment and Coaxial and Optic Fibre Cables in the Communication Cable segment. During the year both the Auto and Infrastructure (Power) sectors were under strain. In terms of outlook for the upcoming year, sales of Optical Fiber Cables looks promising with the government firmly committed to achieving the targets set under the National Optic Fiber Network program as also the Defence Network. Similarly with the government clearing several major infrastructure projects recently, and more states opting for the Financial Restructuring Program, it is expected that the Power Sector would attract investments in cabling in the not too distant future. Income for the year was higher at Rs.24073.900 Millions (previous year Rs.22948.500 Millions) representing a growth of 5% over the previous year. The Company has recorded a Net Profit after Tax of Rs 2076.800 Millions as against a Net Profit of Rs.1452.700 Millions in the previous year. The improved profitability comes from a better product mix, growth in sales volumes across the product lines mentioned above and tight monitoring of working capital requirement.
EXPANSION,
CONSOLIDATION & NEW PRODUCTS (As on 31.03.2014)
Consolidation of the Pune manufacturing operations at Urse has been largely completed with only skeletal activity remaining at Pimpri. This has helped further improve the cost competitiveness in the Low Duty Electrical Cables offered by The Company. The planned 5MW solar power plant at Urse is now operational – the plant went live in March 2014 and the power generated will be entirely consumed within the Urse site leading to cost efficiencies.
The Roorkee facility expansion is now complete and the enhanced capacity will be available for market requirements effective 2014-15. This should greatly enhance product availability as well as ensure better reach to the markets in Northern and Eastern India. Expansion of the Optic Fiber Cable manufacturing capacity at the Goa unit was completed during the year. An additional line is currently under commissioning at the Urse unit as well. These additions would serve the Company well in being able to meet its obligations under the NOFN order as well as any additional demand from the market. As announced last year, the Company intends to enter the switchgear market. Product launch is expected during the 3rd quarter of 2014-15 – these products will be manufactured at the Roorkee site and equipment necessary has been ordered and is expected towards
End May/early June. The Company launched a series of LED based lamps during the year. Market acceptance has been very encouraging and more varieties are being considered for a launch in the upcoming year. Together with the CFL based lamps, it is envisaged that lighting products would bring substantial value to the Company.
FINANCE (As on 31.03.2014)
The Company’s short term debt programs continue to enjoy the highest ratings from CRISIL. Since the last few years these have been accorded the A1+ rating. The Company regained the AA+/stable rating for its Rs.500.000 Millions long term non-convertible debentures program as well as on the long term loans currently outstanding. This up gradation by CRISIL reflects the strong financial risk management policies followed by the Company. Despite the increase in value of operations, financial costs have been contained to the minimum required levels. The Company continues to meet all its financial commitments in a timely manner.
MANAGEMENT DISCUSSION
AND ANALYSIS (As on 31.03.2014)
BUSINESS OF THE
COMPANY:
The Company operates in two main segments - Electrical Cables and Communication Cables. To support its requirement of Copper Rods for both type of cables, the Company manufactures Continuous Cast Copper Rods (CCC rods), at its Rod Plant at Goa. A small part of this production of CCC rods is, however, sold to third party customers. The result from this operation is declared under the Copper Segment. The Company’s foray into the Lamps and Electrical Switches businesses is still in its early years and account for less than 5% of the Company’s turnover and are hence reported as “Others” in the Segment Results.
REVIEW OF OPERATIONS:
Production:
- Electrical Cables at 54,423 MT as compared to 50,445 MT in the previous year.
- Metal based communication Cables at 5,576 MT as compared to 4,678 MT in the previous year.
- Optical Fibre Cables at 31,023 KM as compared to 49,080 KM in the previous year.
Sales:
· Electrical Cables (including Excise Duty) at Rs.21132.000 Millions as compared to Rs. 20858.00 Millions in the previous year.
· Communication cables (including Excise Duty) at Rs.2264.000 Millions as compared to Rs.1991.000 Millions in the previous year.
· Copper Rods (net of interdivisional transfers and including Excise Duty) at Rs. 1178.000 Millions as compared to Rs.836.000 Millions in the previous year.
· Exports were marginally higher at Rs. 501.000 Millions as against Rs. 496.000 Millions of the earlier year.
· During the year, several new products were introduced, chief among them being Electrical Cables for the Elevator Industry,
· Special purpose cables for CCTV applications, and innovations within the Optic Fiber Cable business. New product designs
· For innovative applications will continue to remain a focus area for the Company.
· The income from operations (including excise duty) was Rs.25099.000 Millions for the year as compared to Rs.24235.000 Millions for the earlier year.
· Two major orders worth Rs.500.000 Millions were executed by the JV (Finolex J-Power Systems Ltd.) during the year. As members would be aware, the Power Sector in their country has been going through uncertain times as evidenced by difficulties in fuel sourcing as well as the tight financial position of most power utilities. Given this scenario, capital investment in the sector has been minimal during the year. Moreover the stringent pre-qualification conditions imposed by utilities have also been a dampening factor in order acquisition by the JV. It is estimated that the JV will become profitable only around 2016 and will need financial support in the form of equity infusion until then. While the long term outlook of the JV is positive, in the short term there is an erosion of net worth in the JV.
· The Joint Venture with Corning SAS, Corning Finolex Optical Fibre Private limited which commenced operations during the last quarter of 2012-13, has clocked sales of over Rs. 1000.000 Millions in the year 2013-14. The operations are expected to be profitable going forwards.
· For more details on the operations, a reference may please be made to the financial statements.
BUSINESS ENVIRONMENT:
(As on 31.03.2014)
The segment-wise discussion on the markets which are served by the Company is as follows:
Electrical Cables:
Electrical cables can be further categorized into light duty electrical cables, power and control cables.
(i) Light duty electrical cables include electrical wires used extensively for electrification of industrial establishments, Electrical panel wiring in industrial establishments and major Equipments, consumer durable goods, automobiles, Agricultural pump sets, small generator applications besides general lighting purposes.
(ii) In power cable category, the Company has the ability to manufacture such cables within the range 1.1 kV to 66 kV. These cables are high voltage cables designed in various constructions depending upon their applications; however, always meant for underground usage. Power and control cables up to 3.3 kV rating are used for connecting user point to the main supply of power. Power cables above 3.3 kV rating are meant for use in underground application for intra-city electricity distribution network. The Company manufactures insulated power cables only. These cables meet the requirements of international standards.
Performance:
For the year, this segment cables registered sales (including excise duty) of Rs.21132.000 Millions against Rs.20858.000 Millions of the previous year. It accounted for 85% of total sales for the year. Growth during the year was driven mainly by agricultural applications. Both infrastructure and automobile sectors remained very subdued (with the poor financial position of the various power utilities as well as constraints faced by them in terms of fuel availability), while in the construction sector growth was marginal. Margins, however, were strong with EBITA at 12.7% for the year as against 12.2% in the earlier year.
Outlook: (As on 31.03.2014)
Electrical cables are the main focus area of business for the Company. In the long term the outlook is positive – construction sector appears positive with development seeming more broad based and consumption being reported from interior areas of the country rather than being limited to the larger cities; agricultural applications also appear positive and poised to continue on the growth shown in the previous years; automobile and infrastructure (power), however seem to be going through a slower growth path at this moment. In the long term, however, the outlook for the entire segment is positive, given the fact that sustained economic growth of the country depends on a robust and stable infrastructure. The Company faces two principal risks in this business – firstly competition from a large unorganized sector which produces products of inferior quality but at cheap prices and secondly a highly volatile commodity market where price movements can be very sharp. The Company has been handling the risk of the competitive forces through its organized business approach by the strength of its reach, superior quality products, and safe products and maintaining high standards of service levels with its customers. The Company enjoys the advantages of economies of scale and backward integration. As and when GST is rolled out in the country, the Company believes the threat of a competitive force that relies on cheap quality and unfair trade practices will reduce further. As regards the risk of sharp raw material price movements, though the Company endeavors to pass on the price effect to the customers, there has always been a time lag between the price movement and the passing thereof. The Company negotiates price variation contracts with bulk buyers. The Company has been fair in dealing with its customers and accordingly enjoys customer confidence in pricing decisions.
Communication Cables:
The communication cables comprise of state of art, new generation communication cables and traditional telephone cables.
(i) The state of art communication cables are either copper based or glass based. The copper based cables include LAN cables, coaxial cables, PE insulated switchboard cables and V-SAT cables. These cables are used for last mile connectivity. LAN cables are used in high speed networks, Coaxial cables are used to provide content input to TV receiving sets and in microwave communications and mobile towers, PE insulated switchboard cables are used to connect telephone instruments to an EPABX system and V-SAT cables find their application in V-SAT towers to connect the dish to the base station.
Optic Fibre cables are glass based cables and they have the maximum bandwidth and speed. Certain cable designs are used as trunk cables in long distance networks while other designs are used in distribution, whether by telecom companies, multi-service organizations or other service providers. Communication cables which carry voice, data or images is the backbone of an economic activity. The speed and bandwidth determine the capabilities of a communication network.
(ii) Traditional telephone cables include JFTCs which are laid underground and are used for connecting land line telephones to exchanges. These are copper based cables. With introduction of mobile telephones in India and due to substitution by optic fibre cables, JFTC business has lost its value. Nevertheless, JFTC continues to remain a preferred option for last mile connectivity in fixed line telephones. The demand for JFTCs will continue to remain modest. The Company would continue to manufacture JFTCs especially with broadband features for public sector and private sector telecom
Performance: (As on 31.03.2014)
The communication cables segment (including optic fibre) recorded sales of Rs.2264.000 Millions for the year against Rs.1991.000 Millions for the earlier year. As mentioned in the previous year’s report, there has been appetite from private service providers within the telecom sector to invest in cables consequent to their commencement of 4G rollouts. EBITA levels have improved to 13.7% in this segment as compared to 13.3% in the previous year.
Outlook: (As on 31.03.2014)
With the impetus from the Government in providing better and faster internet access to rural India, the Company believes that demand for communication products will be robust for the foreseeable future. The economic development requires inter-alia, a strong, dependable and sustainable communication network. Besides the programs being implemented by the Government, roll out of 4G services by private service providers will entail additional capital expenditure in the form of an optic fibre network. The Company’s communication cables meet with the requirement of local as well as international standards and therefore, find ready acceptance with domestic customers as well as in the exports market. The outlook here is positive, both in the near as well as long term. The risks of competition and copper price movements similar to the electrical cables business are also applicable to the business of communication cables. The varying global demand-supply equation of optic fibre and resultant price movement thereof; availability of preforms and price thereof and delay/slow-down in investment into networks by telecom companies/ service provider and other relevant entities due to global slow-down pose risk to the business of communication cables. The Company’s association with Corning Inc of USA, inventor of glass fibre, one of the world’s leading glass and fibre manufacturer and having the largest market share in the world, would be beneficial in meeting technological and market based challenges
Copper Rods: (As on 31.03.2014)
Copper rod is the feed stock for copper based electrical and communications cables. The Company manufactures its own copper rods. The base material for producing copper rods is copper cathodes, the bulk of which are procured from local manufacturers under long term supply agreements. A smaller portion of the requirement of copper cathodes is imported as and when needed. After meeting the in-house requirement of copper rods, the balance capacity to produce copper rods is allocated for third party sale.
Performance:
The sales were Rs.7005.000 Millions (previous year Rs.7085.000 Millions) of which Rs.1178.000 Millions were sales to third parties (previous year Rs.836.000 Millions) and balance was inter-divisional transfers. The trend of high premiums on cathodes Vs comparably lower premiums on copper rods continues and negatively impacts the sales of copper rods for the Company. This put severe pressure on margins related to sale of copper rods to third party – consequently The Company restricted its sale of copper rods to already committed contracts or contracts where the margin levels were acceptable.
Outlook:
The copper rod production is mainly for in-house consumption. The Company’s steps to set up new plants for cables as well as to expand the cable capacity at the existing plants will boost up the captive consumption of copper rods. Further, since the joint venture with J-Power Systems Corp. of Japan has commenced its operations, the venture’s copper requirements would be met by The Company’s copper rod plant. Accordingly the utilization of capacity at copper rod plant is expected to improve.
Electrical Switches
and CFLs:
The manufacture and sale of these electrical products act as a logical extension of the cables business of the Company. They have the backing of Finolex name, assuring the customer of quality, safety and performance standards. These electrical and lighting products are sold through the existing well-spread distribution network of cables. Other distribution avenues are also being explored to penetrate further in the market. Products have been well accepted by the market. On its part to contain the effects of global warming, the Government is promoting use of CFLs. Keeping in mind the expected growth in CFL demand the Company has built capacity in T3 and T4 type CFLs and has also launched the latest T5 tube lights and fittings in the market. Both the above products fared well during the year and grew by more than 100% in volume and value terms. With improved distribution coverage, additions to product range including LED applications for the home, business, commercial and industrial usage were launched during the year and have been well accepted.
Summary:
The Company’s main businesses are core to development of infrastructure. As the country marches ahead towards attaining the status of being a developed nation, it is natural that the demand for the products produced and marketed by the Company would grow. With the focus being on supplying products of superior quality at a price that is attractive to the customer, backed by the distribution reach that the Company has it is but a logical conclusion that the future holds vast promise. The Company is committed to expanding its business activities in an optimal manner. The Company has resources available at its disposal to implement and realize its business goals.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10353872 |
27/03/2012 |
750,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,, PANDURANG BUDHKAR MARG, WORLI,, MUMBA - 400025I, MAHARASHTRA, INDIA |
B39004361 |
|
2 |
10270460 |
23/02/2011 * |
500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND,, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI - 400025, MAHARASHTRA, INDIA |
B08437824 |
|
3 |
10192895 |
21/12/2009 |
470,000,000.00 |
STANDARD CHARTERED BANK |
90 M G ROAD, MUMBAI - 400001, MAHARASHTRA, INDIA |
A75573964 |
|
4 |
90090849 |
30/12/1998 |
500,000,000.00 |
BANK OF BARODA |
CORPORATE BANKING BRANCH, MANTRI COURT; 1ST FLOOR; 39; DR. AMBEDKAR ROAD, PUNE - 411001, MAHARASHTRA, INDIA |
- |
|
5 |
90084770 |
11/06/2001 * |
285,500,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, PUNE - 411003, MAHARASHTRA, INDIA |
- |
|
6 |
90090621 |
24/06/2005 * |
1,361,500,000.00 |
BANK OF MAHARASHTRA |
INDUSTRIAL FINANCE BRANCH, PUNE, MAHARASHTRA, INDIA |
- |
|
7 |
90090594 |
13/02/1998 * |
550,000,000.00 |
BANQUE NATIONALE DE PARIS |
C G-3 KONARK ESTATES, 9 CONNAUGHT ROAD, PUNE - 411001, MAHARASHTRA, INDIA |
- |
|
8 |
90088034 |
27/04/1998 * |
500,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORP. OF INDIA LTD. |
163; BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
9 |
90087982 |
04/07/1996 * |
130,000,000.00 |
THE INDUSTRIAL
CREDIT & INVESTMENT CORP. OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA |
- |
|
10 |
90087939 |
07/10/1995 * |
150,000,000.00 |
THE INDUSTRIAL
CREDIT & INVESTMENT CORP. OF BANK L |
163; BACKBAY RECLAMATION, BOMBAY - 400020, MAHARASHTRA, INDIA |
- |
FINOLEX CABLES LTD RESULTS
- Sales up 4% in the year as compared to
the previous year.
- PBT up 8% in the year as compared to
the previous year.
Pune, May 12th,
2015
Finolex Cables Ltd., (FCL) at the meeting of its Board of Directors held today approved results for the first fourth quarter and year ended March 31st, 2015.
Net Sales for the quarter ended March 31st 2015 were Rs 6540.200 million as against Rs 6424.900 million for the corresponding period in year 20 13- 14. Net Sales in the current quarter shows an increase of 2% compared to the corresponding period of the previous year. In volume terms, Electrical Cables grew 4% in the quarter ended June 20 14, while Communication Cables was flat. Profit for the quarter, before taxes, increased to Rs. 683.400 million from Rs. 657.900 million in the previous year – an increase of 4%.
Net sales for the year 2014-2015 stood at 24297.400 Million as against Rs. 23366.700 Million for the year 2013-2014, registering an increase of 4% over previous year. Profit for the year 2014-15 before taxes, increased to Rs. 2631.400 Million as compared to Rs. 2440.100 Million for the year 2013-2014 registering a growth 8%.
The Solar power plant commissioned during the previous year has contributed well and overall power cost has seen a reduction.
During the year Company expanded its capacities in Co-axial and LAN Cables both at its Goa and Urse facilities. Further the switchgear facility at Roorkee was completed during the year – product certification from BIS is currently awaited.
The Company announced its intention to procure land at Gujarat to take care of future expansions.
The Board of Director has recommended a dividend of 90% for the year 2014-2015.
ABOUT FCL
Finolex Cables Limited n India’s largest and leading manufacturing of Electrical and Communication cables. Finolex offers a wide range of Electrical and Communication cables. Its wire and cables products are used in applications such as automobile, lighting, cable TV, telephone and computers to industrial applications touching every person in his daily life. Finolex has added Electrical Swiches and Compact Flourescent Lamps (CFL) to its range of products.
FIXED ASSETS:
Tangible Assets
· Land
· Lease Hold Land
· Buildings
· Plant and Machinery
· Furniture, Fittings
· Office Equipments
· Computer Peripherals
· Vehicles
· Dies and Moulds
Intangible
Assets
· Software and Others
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgment or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.91 |
|
|
1 |
Rs.100.40 |
|
Euro |
1 |
Rs.70.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial
difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.