MIRA INFORM REPORT
|
Report No. : |
310307 |
|
Report Date : |
14.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
CMI LIMITED |
|
|
|
|
Registered
Office : |
C-483, Yojna Vihar, Delhi-110092 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
29.10.1985 |
|
|
|
|
Com. Reg. No.: |
55-018031 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 35.381 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1985PLC018031 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
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 |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
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 high credit risk. |
|
Date |
13.02.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
|
Bank |
Branch |
Quarter |
D&B
D-U-N-S® Number |
Borrower
Name |
Outstanding
Amount ( Rs. in Lacs) |
|
DENA BANK |
ARB |
31-03-05 |
|
2,587.00 |
|
|
DENA BANK |
ARB |
30-06-05 |
|
2,587.00 |
|
|
DENA BANK |
ARB |
31-03-07 |
|
2,587.00 |
|
|
DENA BANK |
ARB |
31-03-09 |
|
2,587.00 |
|
|
DENA BANK |
CON. CIRCUS |
30-06-04 |
|
2,587.00 |
|
|
DENA BANK |
CON. CIRCUS |
30-09-04 |
|
2,587.00 |
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/ DENIED BY
|
Name : |
Mr. Vijay Gupta |
|
Designation : |
Director |
|
Contact No.: |
91-11-49570001 |
|
Date : |
27.02.2015 |
LOCATIONS
|
Registered Office : |
C-483, Yojna Vihar, Delhi-110092, India |
|
Tel. No.: |
91-11-49570001 |
|
Mobile No.: |
91-9810139765 (Mr. Vijay Gupta) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
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 |
|
|
|
|
Name : |
Mr. V.K. Gupta |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Nishant Jain |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Pyare Lal Khanna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ramesh Chand |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Subodh Kr. Barnwal |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4893877 |
46.45 |
|
|
4893877 |
46.45 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4893877 |
46.45 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
645534 |
6.13 |
|
|
|
|
|
|
998543 |
9.48 |
|
|
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 : |
Variety of Cables |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Product : |
Finished good |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Product : |
Raw Material |
|
Countries : |
Dubai |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
|
|||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
J.K. Manocha and Associates Chartered Accountants |
|
Address : |
27/55, Street No. 8, Vishwas Nagar, Delhi-110032, India |
|
Tel. No.: |
91-11-22389025/22385078 |
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E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital : Rs.250.000 million
Issued, Subscribed & Paid-up Capital : Rs.105.348
million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 million |
|
500000 |
Redeemable 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 |
|
32500 |
Forfeited Shares |
Rs.1/- each |
Rs.0.033 million |
|
|
Total |
|
Rs.35.381 million |
The details of Shareholders
holding more than 5% shares :
|
Name of the
Shareholder |
No. of Shares |
Percentage held |
|
Amit Jain |
1593877 |
45.09 |
The reconciliation of
the number of shares outstanding is set out below:
|
Name of the
Shareholder |
No. 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 |
3534807 |
Terms and 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 4,81,307 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 |
88.342 |
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 |
123.723 |
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 |
151.786 |
|
(b) Trade
payables |
130.458 |
158.886 |
106.365 |
|
(c) Other
current liabilities |
49.419 |
27.381 |
18.742 |
|
(d) Short-term
provisions |
10.230 |
10.397 |
1.015 |
|
Total Current
Liabilities (4) |
439.477 |
381.341 |
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 |
52.336 |
|
(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 |
52.703 |
|
|
|
|
|
|
(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 |
1.258 |
|
Total
Current Assets |
627.390 |
571.210 |
458.396 |
|
|
|
|
|
|
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 |
|
|
|
Purchases 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) |
|
|
|
Employees benefits expense |
21.757 |
19.406 |
16.435 |
|
|
|
Other expenses |
81.408 |
75.326 |
53.741 |
|
|
|
TOTAL (B) |
972.076 |
810.364 |
663.312 |
|
|
|
|
|
|
|
|
Less |
PROFIT
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
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.231 |
35.154 |
34.539 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.221 |
10.466 |
10.785 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
28.010 |
24.688 |
23.754 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.327 |
8.048 |
2.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
17.683 |
16.640 |
21.534 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
38.055 |
50.433 |
2.141 |
|
|
TOTAL EARNINGS |
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 |
|
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 |
88.342 |
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 |
123.723 |
141.406 |
|
|
|
|
|
|
long-term borrowings |
121.474 |
126.008 |
116.412 |
|
Short term borrowings |
151.786 |
184.678 |
249.370 |
|
Total
borrowings |
273.260 |
310.686 |
365.782 |
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 |
21.534 |
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 |
No |
|
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 DETALIS
|
IN THE HIGH COURT OF DELHI AT NEW DELHI O.M.P. 304/2009 BHARAT SANCHAR NIGAM LIMITED….. Petitioner Through: Mr. Shalini Kumar, Adv. Versus CMI LIMITED and ANOTHER ….. Respondents Through: Mr. S.K. Gupta and Mr. Manish Gupta, Advs. CORAM: HON’BLE MR. JUSTICE RAJIV SHAKDHER ORDER 06.12.2013 IA No. 19739/2013 (Early hearing) Looking at the position of the board, it is not possible to advance the
date of hearing. In terms of order dated 14.12.2011 the main petition has
been directed to be listed in the category of “finals”. Dismissed RAJIV SHAKDHER, J December 06, 2013 Kk |
(Rs.
In Million)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
From Directors |
|
52.770 |
|
From Intercorporate Deposits |
55.335 |
51.581 |
|
From Others |
|
16.026 |
|
Short Term
Borrowing |
|
|
|
Form Others |
104.877 |
64.238 |
|
Total |
160.211 |
184.615 |
|
|
|
|
OVERALL REVIEW
Overall, 2013-14 has been a satisfying year; there is an increase of 19.27% in the turnover of the Company. 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, the Company 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. The Company 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. The Company 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.
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 atleast 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 & 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
CMI Limited manufactures a wide variety of
cables suitable for the process instrumentation. In the projects to power
generation & 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. CMI Limited 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 the company’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.
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED
31st DECEMBER 2014
(Rs. in million)
PART I
|
Sr. No. |
Particulars |
Quarter Ended |
Six Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net
Sales/Income from Operations (Net of excise duty) |
367.769 |
317.119 |
966.005 |
|
|
(b) Other Operating Income |
(2.534) |
3.680 |
3.849 |
|
|
Total Income
from Operations (net) |
365.235 |
320.799 |
969.854 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
282.889 |
255.631 |
765.398 |
|
|
(b) Purchases of stock-in-trade |
1.346 |
0.221 |
1.567 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(3.598) |
4.607 |
-1.903 |
|
|
(d) Employee benefits expense |
6.206 |
5.413 |
16.734 |
|
|
(e) Depreciation and amortisation expense |
2.206 |
1.917 |
6.041 |
|
|
(f) Other expenses |
31.947 |
21.645 |
75.329 |
|
|
Total Expenses |
320.996 |
289.434 |
863.166 |
|
3 |
Profit / (Loss) from
Operations before other income, finance costs and exceptional items (1-2) |
44.239 |
31.365 |
106.688 |
|
4 |
Other Income |
-- |
-- |
-- |
|
5 |
Profit / (Loss)
from ordinary activities before finance costs and exceptional items (3-4) |
44.239 |
31.365 |
106.688 |
|
6 |
Finance costs |
14.421 |
14.114 |
43.974 |
|
7 |
Profit / (Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
29.818 |
17.251 |
62.714 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss) from ordinary activities before tax (7+8) |
29.818 |
17.251 |
62.714 |
|
10 |
Tax Expense |
9.680 |
5.590 |
20.350 |
|
11 |
Net Profit /
(Loss) from ordinary activities after tax (9-10) |
20.138 |
11.661 |
42.364 |
|
12 |
Extraordinary Item (net of tax expenses) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
20.138 |
11.661 |
42.364 |
|
14 |
Paid-up Equity Shares Capital (Face value of Rs.10/- each) |
105.380 |
105.380 |
105.380 |
|
15 |
Reserves excluding Revaluation Reserve as per Balance Sheet of
Previous Year |
-- |
-- |
-- |
|
16i |
Earning Per Shares |
|
|
|
|
|
- Basic and Diluted (in Rupees,
not annualized) |
1.97 |
0.46 |
5.42 |
|
|
|
|
|
|
|
PART II |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
- No of shares |
5640930 |
5640930 |
5640930 |
|
|
- Percentage of shareholding |
53.55% |
53.55% |
53.55% |
|
2 |
Promoters and
promoter group shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- No of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
b)
Non-encumbered |
|
|
|
|
|
- No of shares |
4893877 |
4893877 |
4893877 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
46.45% |
46.45% |
46.45% |
|
B |
INVESTOR
COMPLAINTS |
3
months ended as on 31.12.2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Note :
- The above Financial Results were reviewed by the Audit Committee
and approved by the Board of Directors in their Meeting held on February 10,
2015.
- The Company's business activity falls within a single business
segment i.e. manufacturing of cables, therefore there is no seprate
reportable segments required as per Accounting Standard 17.
- Figures of the previous quarter /year have been re-grouped or
re-arranged, wherever necessary.
- Company has issued 7,57,000 Equity shares of Rs. 10/- each at a
price Rs. 64/- per share (including premium) to Non Promoters on
Preferential basis on February 06, 2015 after In-principle approval under
Clause 24(a) from BSE through letter DCS/PREF/JS/PRE/695/2014-15 dated
February 05, 2015.
- The above results have been reviewed by the Statutory Auditors of
the Company.
FIXED ASSETS
- Land – Freehold
- Factory Buildings
- Plant and Equipment
- Furniture and Fixture
- Office Equipments
- 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.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
|
--PROFITABILIRY |
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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
YES |
|
--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.