MIRA INFORM REPORT
|
Report No. : |
310307 |
|
Report Date : |
02.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
CMI LIMITED |
|
|
|
|
Registered
Office : |
C-483, Yojana Vihar, Delhi – 110092 |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.10.1985 |
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|
|
|
Com. Reg. No.: |
55-018031 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.35.381 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1985PLC018031 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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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 exporter of different variety of cables. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and leveraged capital structure of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Fund based limits (Suspended) = BB- |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
13.02.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Non-fund based limits (Suspended) = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
13.02.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Vijay Gupta |
|
Designation : |
Director |
|
Contact No.: |
91-11-49570001 |
|
Date : |
27.02.2015 |
LOCATIONS
|
Registered Office : |
C-483, Yojana Vihar, Delhi – 110092, India |
|
Tel. No.: |
011-49570000 / 49570012 |
|
Fax No.: |
011-22160411 |
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E-Mail : |
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|
Website : |
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|
|
|
|
Factory : |
Plot No.71 and 82, Sector-6, Faridabad – 121006, Haryana, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Amit Jain |
|
Designation : |
Managing Director |
|
Date of Appointment : |
01.10.2002 |
|
DIN No.: |
00041300 |
|
|
|
|
Name : |
Mr. Pyare Lal Khanna |
|
Designation : |
Director |
|
Date of Appointment : |
30.09.2004 |
|
DIN No.: |
02237272 |
|
|
|
|
Name : |
Mr. Vijay Kumar Gupta |
|
Designation : |
Whole-Time Director |
|
Date of Appointment : |
15.01.2009 |
|
DIN No.: |
00995523 |
|
|
|
|
Name : |
Mr. Ramesh Chand |
|
Designation : |
Director |
|
Date of Appointment : |
27.02.2009 |
|
DIN No.: |
02759859 |
|
|
|
|
Name : |
Mr. Satish Kumar Chopra |
|
Designation : |
Additional Director |
|
Date of Appointment : |
22.08.2014 |
|
DIN No.: |
06954012 |
KEY EXECUTIVES
|
Name : |
Mr. Subodh Kumar Barnwal |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
4893877 |
46.45 |
|
|
4893877 |
46.45 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4893877 |
46.45 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
645534 |
6.13 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs.0.100 Million |
998543 |
9.48 |
|
Individual shareholders holding nominal share capital in
excess of Rs.0.100 Million |
2879398 |
27.33 |
|
|
1117455 |
10.61 |
|
|
9770 |
0.09 |
|
|
3400 |
0.03 |
|
|
920780 |
8.74 |
|
|
139953 |
1.33 |
|
|
43552 |
0.41 |
|
|
5640930 |
53.55 |
|
Total Public shareholding (B) |
5640930 |
53.55 |
|
Total (A)+(B) |
10534807 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10534807 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of different variety of cables. |
|
|
|
|
Products : |
Different Variety of Cables |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
|
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Products : |
Raw Material |
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Countries : |
Dubai |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS
GENERAL INFORMATION
|
Suppliers : |
Fujairah Gold – UAE |
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Customers : |
Government Railways |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
J. K. Manocha and Associates Chartered Accountants |
|
Address : |
Delhi, India |
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|
|
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Membership : |
-- |
|
|
|
|
Parties in which the Key Managerial
Personnel / Directors of the Company are interested : |
Wireco (India) – A Proprietorship Concern |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Million |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.150.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3534807 |
Equity Shares |
Rs. 10/- each |
Rs.35.348 Million |
|
|
Add: Forfeited Shares - Amount Originally Paid up |
|
Rs.0.033 Million |
|
|
|
|
|
|
|
Total |
|
Rs.35.381
Million |
·
The
details of Shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Amit Jain |
1593877 |
45.09 |
·
The
reconciliation of the number of shares outstanding is set out below:
|
Equity Shares |
Number
of Shares |
|
Equity Shares at the beginning of the year |
3534807 |
|
Add: Shares issued on exercise of preferential allotment during the year |
-- |
|
Less : Shares cancelled on buy back of equity shares |
-- |
|
Equity Shares at the end of the year |
3534807 |
·
Terms
& rights attached to Equity shares and Preference Share
The Company has issued only one class of shares, i.e. equity shares of face value of Rs.10/- each.
·
The
Company has issued 481307 Equity Shares in the last five years as preferential
allotment.
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
35.381 |
35.381 |
33.697 |
|
(b) Reserves & Surplus |
106.025 |
88.343 |
76.082 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
1.084 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.854 |
|
Total
Shareholders’ Funds (1) + (2) |
141.406 |
123.724 |
111.717 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
116.412 |
126.008 |
121.474 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
116.412 |
126.008 |
121.474 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
249.370 |
184.677 |
151.785 |
|
(b) Trade
payables |
130.458 |
158.886 |
106.365 |
|
(c) Other
current liabilities |
49.419 |
27.380 |
18.743 |
|
(d) Short-term
provisions |
10.230 |
10.397 |
1.015 |
|
Total Current
Liabilities (4) |
439.477 |
381.340 |
277.908 |
|
|
|
|
|
|
TOTAL |
697.295 |
631.072 |
511.099 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
53.012 |
58.094 |
52.337 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.005 |
0.005 |
0.005 |
|
(c) Deferred tax assets (net) |
2.284 |
1.338 |
0.000 |
|
(d) Long-term Loan and Advances |
0.464 |
0.367 |
0.362 |
|
(e) Other
Non-current assets |
14.140 |
0.058 |
0.000 |
|
Total Non-Current
Assets |
69.905 |
59.862 |
52.704 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
327.603 |
254.731 |
205.218 |
|
(c) Trade
receivables |
234.547 |
221.658 |
170.980 |
|
(d) Cash
and cash equivalents |
5.858 |
41.517 |
31.343 |
|
(e)
Short-term loans and advances |
59.147 |
51.252 |
49.597 |
|
(f) Other
current assets |
0.235 |
2.052 |
1.257 |
|
Total
Current Assets |
627.390 |
571.210 |
458.395 |
|
|
|
|
|
|
TOTAL |
697.295 |
631.072 |
511.099 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1051.326 |
885.640 |
728.424 |
|
|
|
Other Income |
12.773 |
6.506 |
2.668 |
|
|
|
TOTAL (A) |
1064.099 |
892.146 |
731.092 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
922.464 |
768.883 |
666.567 |
|
|
|
Purchase of Stock-in-trade |
18.216 |
0.000 |
0.000 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(71.769) |
(53.251) |
(73.431) |
|
|
|
Employee Benefits Expenses |
21.757 |
19.406 |
16.435 |
|
|
|
Other Expenses |
81.408 |
75.326 |
53.741 |
|
|
|
TOTAL (B) |
972.076 |
810.364 |
663.312 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
92.023 |
81.782 |
67.780 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
55.792 |
46.628 |
33.241 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
36.231 |
35.154 |
34.539 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
8.221 |
10.466 |
10.785 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE
TAX (E-F) (G) |
28.010 |
24.688 |
23.754 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.327 |
8.048 |
2.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
17.683 |
16.640 |
21.564 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
38.055 |
50.433 |
2.141 |
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF
IMPORTS |
81.135 |
1.061 |
1.344 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
5.00 |
4.78 |
6.66 |
|
|
|
Diluted |
5.00 |
4.76 |
6.59 |
|
QUARTERLY RESULTS
(Rs.
In Million)
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
283.800 |
320.800 |
365.200 |
|
Total Expenditure |
250.800 |
287.500 |
318.800 |
|
PBIDT (Excluding Other
Income) |
33.000 |
33.300 |
46.500 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
33.000 |
33.300 |
46.500 |
|
Interest |
15.400 |
14.100 |
14.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
17.600 |
19.200 |
32.000 |
|
Depreciation |
1.900 |
1.900 |
2.200 |
|
Profit Before Tax |
15.700 |
17.300 |
29.800 |
|
Tax |
5.100 |
5.600 |
9.700 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
10.600 |
11.700 |
20.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
1.68 |
1.88 |
2.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.75 |
9.23 |
9.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
4.03 |
3.92 |
4.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.20 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.59 |
2.51 |
2.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43 |
1.50 |
1.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs. In
Million |
Rs.
In Million |
|
Share Capital |
33.697 |
35.381 |
35.381 |
|
Reserves & Surplus |
76.082 |
88.343 |
106.025 |
|
Money received against share warrants |
1.084 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.854 |
0.000 |
0.000 |
|
Net
worth |
111.717 |
123.724 |
141.406 |
|
|
|
|
|
|
long-term borrowings |
121.474 |
126.008 |
116.412 |
|
Short term borrowings |
151.785 |
184.677 |
249.370 |
|
Total
borrowings |
273.259 |
310.685 |
365.782 |
|
Debt/Equity
ratio |
2.446 |
2.511 |
2.587 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
728.424 |
885.640 |
1051.326 |
|
|
|
21.583 |
18.708 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
728.424 |
885.640 |
1051.326 |
|
Profit |
21.564 |
16.640 |
17.683 |
|
|
2.96% |
1.88% |
1.68% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
No |
|
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
|
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
From Directors |
10.363 |
52.770 |
|
From Intercorporate Deposits |
34.325 |
51.581 |
|
From Others |
9.646 |
16.026 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Form Others |
104.877 |
64.238 |
|
|
|
|
|
Total |
159.211 |
184.615 |
OVERALL REVIEW
Overall, 2013-14
has been a satisfying year; there is an increase of 19.27% in the turnover
of subject. The Profit before depreciation and tax has increased by 3.06% while
the Net Profit has increased by 6.52%. The Indian cables market is highly competitive
and fragmented with a large number of cable manufacturers in both organized and
unorganized sectors. Moreover, with major capacity additions by larger players,
and sluggish demand for cables due to economic downturn, the revenues
and margins of all the players have been adversely impacted. Although,
subject has adopted adequate cost control measures throughout the year,
but due to increase in competition, net Profit did not increase as
compared to increase in turnover.
Subject was aggressive
in its quest for new contracts, executed on its full services strategy and maintained
pricing disciplines. This helped to deliver a decent revenue growth along the
year with improvement in margins.
Subject continues
to focus on production of quality cables to broaden its customer base
and to set a benchmark in the competitive market. With the expectation
of the stable new government in place at centre, the long term outlook
of cable industry is expected favorable, driven by Power Sector Reform, Modernization
of Railway and other Infrastructures Development. Taking clue from such positive
development, turnaround scenario is envisaged during the latter part of the financial
year 2014-15. With growth in power sector, Railway and other infrastructure development
cable industry is set to grow as well.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
SIGNALING CABLES
The efficiency of
any railway system is dependent upon an infrastructure, system of operations
and the safety measures it provides. The signaling and communication system
forms the backbone of an efficient railway system. This plays a pivotal role in
the smooth running of railways. Safety is the measure concern on running of the
trains.
This is not only
an inevitable requirement in terms of operations but also in terms of safety of
the system itself. As the Indian Railways are expanding and the Government
focuses on this vital requirement for the growth of the Indian economy, the
railway cable industry is certainly set to witness strong demand and growth.
The present stable Government’s main focus on infrastructure development,
Railways, Metro Rails, Power Sector etc. Due to this demand of cables increased
many times.
In addition to
this, the expansion, replacement of existing set up and setting up of metro
rail systems in various cities shall make further addition to the demand of
signaling cables, power and other cables. Now Metro Railway is become main tool
for transportation.
POWER CABLES
Cables play a
small but significant part in infrastructure activities. The Power Sector is
the backbone for sustained industrial growth and robust investments have been
proposed towards building up capacities. For India to sustain its GDP growth at
over 5.50%, it is estimated that the power sector should grow at least 1.8 to 2
times of the GDP, translating to an addition of generation capacity by nearly
30,000 to 35,000 MW (Megawatts) each year. Presently, the Indian Power Sector
is going through a process of reform and restructuring.
Tangible demand
still remains a long awaited promise from the power sector which is the key
demand driver for power cables. It is well known that the power sector
programmes are irreversible as this is inextricably intertwined with the
country’s economic development.
Power cables play
a crucial part in all three aspects of the power sector – generation,
transmission and distribution. Power shortages on account of various factors
such as pilferage, theft, equipment defaults and increasing amounts of power
deficits has raised the demand for quality equipment. Consequently, the major
cable manufacturers have ventured into manufacturing extra high voltage cables
along with expanding capacities to meet the rising demand. With the rising
population and growth story of India, the need of fast paced growth in power
generation is increasingly gaining importance.
The Management is of
the view, that the Industrial expansion plans will give boost the demand for
cables from these sectors and accordingly thrust is been given to develop the
facilities for these areas.
Export market
covering Yemen, Kuwait, Sudan and Saudi Arabia and Sri Lanka is also having
huge potentials for cables and management is optimistic to shape up its exports
plans with respect to these markets.
TELECOMMUNICATION
CABLES
The wear and tear
in the infrastructure of the Telecommunication service providers will generate
replacement demands to maintain the existing infrastructure. Due to obsolete
technology very few competitors are now left in this market and handsome
business can be generated from this sector.
INSTRUMENTATION
CABLES
Subject
manufactures a wide variety of cables suitable for the process instrumentation.
In the projects to power generation and distribution, Refinery and various
other types of engineering industries, the process instrumentation plays a
vital role in measurement, supervision and control of the process and the
cables to be used for foe instrumentation should be designed and manufactured
very carefully.
Subject with its
meticulous efforts in maintaining quality, stringent in the process control
during manufacture and the knowledge of cable designing, and is proud to say
that it is capable of supplying instrumentation cables meeting any Indian /
International standard or a specific requirement desired by different customers
like IOCL, ONGC, MRPL, EIL, Indian Railways, Metros, BHEL etc.
RUBBER CABLES
In keeping with
subject’s commitment to technological advancement, elastomer materials such as
Polychloroprene (PCP) Chloro-sulphoneted Polythelene (CSP), Nitrile Rubber /
PVC blends, Ethylene Propelene Rubber (EPR), Ethylene Vinyle Acetate (EVA) and
Silicon have been specially compounded to meet numerous heat oil and fire
resisting requirement. In the recent years, the company has also started to
manufacture and supply special Elastomeric Fire Survival Cables for power,
control and Instrumentation wiring. Demand of this type of cable is increased,
so company has received good order from various customers.
OUTLOOK
Due to stable
Government at centre, the Indian economy is booming and high growth rate will
be expected in coming years. This trend is expected to continue during the
years to come. The cable industry in India with strong investments proposed
across sectors such as power, realty, industrial, railways and telecom is
expected to see a strong growth in coming years.
FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED DECEMBER 31, 2014
(Rs.
In Millions)
|
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
|
|
31-Dec-14 |
30-Sep-14 |
31-Dec-14 |
|
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
(1) |
INCOME FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
a) |
Net Sales/ Income from operations |
367.769 |
317.119 |
966.005 |
|
|
b) |
Other Operating Income |
(2.534) |
3.680 |
3.849 |
|
|
|
Total
Income from Operations |
365.235 |
320.799 |
969.854 |
|
|
(2) |
EXPENSES |
|
|
|
|
|
a) |
Cost of materials consumed |
382.889 |
255.631 |
765.398 |
|
|
b) |
Purchase of Stock in Trade |
1.346 |
0.221 |
1.567 |
|
|
c) |
Changes in inventories of finished goods and
work-in-progress |
(3.598) |
4.607 |
(1.903) |
|
|
d) |
Employee benefits expense |
6.206 |
5.413 |
16.734 |
|
|
e) |
Depreciation and Amortization expenses |
2.206 |
1.917 |
6.041 |
|
|
f) |
Other Expenditure |
31.947 |
21.645 |
75.329 |
|
|
|
Total
Expenses |
320.996 |
289.434 |
863.166 |
|
|
(3) |
Profit/(Loss) from Operations before Other Income, Finance
Costs, & Net Exceptional income/ (Expenditure) |
44.239 |
31.365 |
106.688 |
|
|
(4) |
Other Income |
-- |
-- |
-- |
|
|
(5) |
Profit/(Loss) from Ordinary Activities before Finance
Costs & Net Exceptional income/ (Expenditure) |
44.239 |
31.365 |
106.688 |
|
|
(6) |
Less : Finance Costs (net) |
14.421 |
14.114 |
43.974 |
|
|
(7) |
Profit / (Loss) from ordinary activities before Net
Exceptional income / (Expenditure) |
29.818 |
17.251 |
62.714 |
|
|
(8) |
Net Exceptional Income / (Expenditure) |
-- |
-- |
-- |
|
|
(9) |
Profit / (Loss) before Tax |
29.818 |
17.251 |
62.714 |
|
|
(10) |
Tax Expense |
9.680 |
5.590 |
20.350 |
|
|
(11) |
Profit / (Loss) after Tax |
20.138 |
11.661 |
42.364 |
|
|
(12) |
Paid-up Equity Share Capital (Face value Rs 10/- per
share) |
105.380 |
105.380 |
105.380 |
|
|
(13) |
Reserves (excluding Revaluation Reserve) |
-- |
-- |
-- |
|
|
(14) |
Earnings per Share (EPS) – Rs. |
|
|
|
|
|
|
Basic and Diluted EPS (in Rs.) |
1.97 |
0.46 |
5.42 |
|
|
|
|
|
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
|
- Number of shares |
5640930 |
5640930 |
5640930 |
|
|
|
- Percentage of shareholding |
53.55 |
53.55 |
53.55 |
|
|
|
|
|
|
|
|
|
2. |
Promoters and Promoters group Shareholding- |
|
|
|
|
|
a) |
Pledged /Encumbered |
|
|
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
b) |
Non-Encumbered |
|
|
|
|
|
|
Number of shares |
4893877 |
4893877 |
4893877 |
|
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
46.45 |
46.45 |
46.45 |
|
|
|
|
||||
|
B. |
Investor
Complaints |
|
|
||
|
|
Pending at the beginning of the quarter |
-- |
|
||
|
|
Receiving during the quarter |
-- |
|
||
|
|
Disposed of during the quarter |
-- |
|
||
|
|
Remaining unreserved at the end of the quarter |
-- |
|
||
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10524208 |
23/09/2014 |
17,400,000.00 |
Kotak Mahindra Bank Limited |
27bkc, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, India |
C26398586 |
|
2 |
10121160 |
16/04/2014 * |
400,000,000.00 |
Syndicate Bank |
Syndicate Bank, Parshvanath Mall, Near Shahdara Metro Station, Delhi - 110032, India |
C04053757 |
|
3 |
10121152 |
25/08/2008 |
7,500,000.00 |
Syndicate Bank |
Shahdara Branch, Shahdara, New Delhi - 110032, India |
A45586302 |
|
4 |
90060034 |
14/05/1991 |
196,000.00 |
The Haryana Financial Corporation |
Bays Nos. 17; 18 & 19, Sector-17-A Opp. L.I.C. Building, Chandigarh, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land – Freehold
·
Factory Building
·
Plant and Equipment
·
Furniture and Fixture
·
Office Equipment
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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 bet
ween 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.61.79 |
|
UK Pound |
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.69.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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 |
|
32 |
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.