MIRA INFORM REPORT

 

 

Report No. :

312660

Report Date :

14.03.2015

 

IDENTIFICATION DETAILS

 

Name :

DELTON CABLES LIMITED

 

 

Registered Office :

Delton House, 4801 Bharat Ram Road, 24 Darya Gunj, New Delhi – 110002

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

26.09.1964

 

 

Com. Reg. No.:

55-004255

 

 

Capital Investment / Paid-up Capital :

Rs. 28.800 Millions

 

 

CIN No.:

[Company Identification No.]

L31300DL1964PLC004255

 

 

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 Supplier of Wires, Cables and Switchgears and also prime Supplier to the Power, Telecommunication, Railways, Steel and Mining Sectors.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

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 :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The rating is constrained on account of company’s moderate financial risk profile and losses that company has incurred from its operational activities.

 

However, trade relations are fair. Business is active. Payments are reported to be slow but correct. 

 

The company can be considered for business dealings 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

Long term Bank facilities = BB

Rating Explanation

Inadequate credit quality and high credit risk.

Date

09.04.2014

 

 

Rating Agency Name

CARE

Rating

Short term Bank facilities = A4

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

09.04.2014

 

 

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.

 

 

LOCATIONS

 

Registered/ Head Office :

Delton House, 4801 Bharat Ram Road, 24 Darya Gunj, New Delhi – 110002, India

Tel. No.:

91-11-23273905-08

Fax No.:

91-11-23280375/ 23272178

E-Mail :

shares@deltoncables.com

delhi@delton.wiprobt.ems.vsnl.net.in

dcl@deltoncables.com

info@deltoncables.com

cs@deltoncables.com

Website :

http://www.deltoncables.com

 

 

Factory 1 :

17/4,  Mathura Road, Faridabad – 121002, Haryana, India

Tel. No.:

91-129-2288225

Fax No.:

91-129-2223998

 

 

Factory 2 :

24, Shivaji Marg, New Delhi – 11015, India

Tel. No.:

91-11-25928280/ 41427377

Fax No.:

91-11-25928037

 

 

Factory 3 :

70th Milestone, Delhi Jaipur Highway, Dharuhera – 122106, Haryana, India

Tel. No.:

91-1274-2422229/ 242295

Fax No.:

91-1274-247123

 

 

Factory 4 :

(Switchgear Division)

C-22/23, Sector – 57, Noida – 201301, Uttar Pradesh, India

Tel. No.:

91-120-4248987

 

 

Branch Offices :

Located at

 

·         Mumbai

·         Chennai

·         Bangalore

·         Kolkata

·         Kochi  

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Vijender Kumar Gupta

Designation :

Chairmen and Managing director

 

 

Name :

Mr. Vivek Gupta

Designation :

Joint Managing Director

 

 

Name :

Mr. Mahesh Prasad Mehrotra

Designation :

Director

 

 

Name :

Mr. Vijay Kumar Goel

Designation :

Director

 

 

Name :

Mr. Bharat Bhushan Chadha

Designation :

Director

 

 

Name :

Mr. Achintya Karati

Designation :

Director

 

 

Name :

Mr. Shyam Sunder Malhotra 

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Jitender Kumar

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 31.12.2014

 

Category of Shareholder

Total No. of Shares

As a %

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

579195

20.11

http://www.bseindia.com/include/images/clear.gifBodies Corporate

1372955

47.67

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

173156

6.01

http://www.bseindia.com/include/images/clear.gifDirectors/Promoters & their Relatives & Friends

173156

6.01

http://www.bseindia.com/include/images/clear.gifSub Total

2125306

73.80

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

2125306

73.80

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

956

0.03

http://www.bseindia.com/include/images/clear.gifSub Total

956

0.03

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

73201

2.54

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

544644

18.91

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

103200

3.58

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

32693

1.14

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

2994

0.10

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

26719

0.93

http://www.bseindia.com/include/images/clear.gifTrusts

50

0.00

http://www.bseindia.com/include/images/clear.gifClearing Members

2930

0.10

http://www.bseindia.com/include/images/clear.gifSub Total

753738

26.17

Total Public shareholding (B)

754694

26.20

Total (A)+(B)

2880000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

2880000

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Supplier of Wires, Cables and Switchgears and also prime Supplier to the Power, Telecommunication, Railways, Steel and Mining Sectors.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

--

Countries :

--

 

 

Imports :

 

Products :

--

Countries :

--

 

 

Terms :

 

Selling :

--

 

 

Purchasing :

--

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

--

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

Customers :

Reference:

--

Name of the Person (Designation):

--

Contact Number:

--

Since how long known:

--

Maximum limit dealt:

--

Experience:

--

Remark

--

 

 

No. of Employees :

Not Available

 

 

Bankers :

Bank Name:

--

Branch:

--

Person Name (with Designation):

--

Contact Number:

--

Name of Account Holder:

--

Account Number:

--

Account Since (Date/ Year of A/c Opening):

--

Average Balance Maintained (Optional):

--

Credit Facilities Enjoyed (CC/OD/Term Loan):

--

Account Operation:

--

Remarks:

--

 

·       Canara Bank

·       Punjab National Bank

·       The Federal Bank Limited

 

 

Facilities :

 

SECURED LOANS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Term Loans

From Banks

Vehicle Loans

0.146

0.263

From financial institutions

Vehicle Loans

0.176

0.572

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from banks

Cash Credit

149.806

115.393

Working Capital demand loans

154.103

218.129

Buyers Credit

21.131

51.837

Letter of credit

173.517

61.018

 

 

 

Total

 

498.879

447.212

 

LONG-TERM BORROWINGS

 

a)     Term loans from bank was taken during the financial year 2009-10 and it had carried interest @ 13% p.a. the same loan has been repaid during the year. The loan was repayable in 48 monthly installments of Rs. 0.390 Million alongwith the interest, from the date of loan and was secured by pari-passu charge under consortium arrangement by way of second charge on whole of movable properties, excluding such movable which has been permitted by the banks and including inventories and book debts of the company and equitable mortgage created on the properties at 17/4, Mathura Road, Faridabad and personal guarantee of the directors.

 

b)    Vehicle loan are secured against hypothecation of respective vehicles and carry rate of interest of 10-13.5%.

 

c)     Deposits from dealers before 31.03.2008 carries an interest @ 7% p.a. and repayable on cessation of business transaction.

 

 

SHORT TERM BORROWINGS

 

a)     Cash Credit working capital demand loan, letter of credit and buyers credit are secured by pari-passu charge under consortium arrangement by way of first charge on whole of movable properties, excluding such movable which has been permitted by the banks and including inventories and book debts of the company and equitable mortgage created on the properties at 17/4, Mathura Road, Faridabad and personal guarantee of the directors. The cash credit and working capital loan is repayable on demand and carries interest @ 13.75% to 15.50% p.a.

 

b)    Letter of credit is repayable in maximum of 90 days and carries interest ranging from 9.70-10.60%.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S.R. Dinodia and Company

Chartered Accountants

Address :

K – 39, Connaught Place, New Delhi – 110001, India

 

 

Enterprises Having significant influence of :

·         Delton International Limited 

·         Vishranti Trading Enterprises Limited

·         Saneh Industrial Investments Limited

·         B and M Trading Investment Company Limited

·         Delton Cable Company

·         Viga Trade Solutions Private Limited

·         Ram Kumar Gupta and Sons Limited

·         Allied Promoters Limited

·         Shrimati Shanti Devi Charity Trust

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5,400,000

Equity Shares

Rs. 10/- each

Rs. 54.000 Millions

40,000

10% Cumulative Convertible Preference Shares

Rs. 100/- each

Rs. 4.000 Millions

20,000

9.8% Redeemable Cumulative Preference Shares

Rs. 100/- each

Rs. 2.000 Millions

 

 

 

 

 

Total

 

Rs. 60.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,880,000

Equity Shares

Rs. 10/- each

Rs. 28.800 Millions

 

 

 

 

 

Reconciliation of the shares outstanding at the beginning and at the end of the reporting year

 

Equity Shares

31.03.2014

 

No. of shares

Amount

Balances of shares at the beginning of year

2880000

28.800

Add: Addition during the year

--

--

Less: Buy back during the year

--

--

 

 

 

Balances of Shares at the end of the year

2880000

28.800

 

 

Terms/rights attached to equity shares

 

The company has only one class of equity shares having par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting.

 

During the year ended March 31, 2014, the amount of per share dividend recognized as distributions to equity shareholders is Rs. Nil.

 

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.

 

Details of shareholder holding more than 5 percent shares in the company

 

Name of Shareholders

31.03.2014

 

No. of shares

%

Vishranti Trading Enterprises Limited

935167

32.47

Delton Cable Company

369.150

12.82

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

28.800

28.800

28.800

(b) Reserves & Surplus

183.325

206.374

234.652

(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)

212.125

235.174

263.452

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

1.127

1.670

3.272

(b) Deferred tax liabilities (Net)

0.000

5.767

0.000

(c) Other long term liabilities

6.561

10.013

5.788

(d) long-term provisions

0.885

3.319

3.360

Total Non-current Liabilities (3)

8.573

20.769

12.420

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

498.557

446.377

497.998

(b) Trade payables

271.045

203.432

239.066

(c) Other current liabilities

22.723

28.572

45.143

(d) Short-term provisions

0.330

1.085

8.236

Total Current Liabilities (4)

792.655

679.466

790.443

 

 

 

 

TOTAL

1013.353

935.409

1066.315

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

81.847

89.680

101.704

(ii) Intangible Assets

0.965

3.334

5.135

(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

0.047

0.047

0.047

(c) Deferred tax assets (net)

16.315

6.207

0.000

(d)  Long-term Loan and Advances

22.709

20.122

16.985

(e) Other Non-current assets

9.825

16.385

20.474

Total Non-Current Assets

131.708

135.775

144.345

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

345.788

321.800

343.071

(c) Trade receivables

414.595

358.834

459.942

(d) Cash and cash equivalents

35.789

23.032

24.293

(e) Short-term loans and advances

61.863

69.738

69.029

(f) Other current assets

23.610

26.230

25.635

Total Current Assets

881.645

799.634

921.970

 

 

 

 

TOTAL

1013.353

935.409

1066.315

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

1078.008

1161.421

1416.270

 

 

Other Income

11.795

6.718

4.709

 

 

TOTAL                                     (A)

1089.803

1168.139

1420.979

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

784.157

836.284

1013.328

 

 

Purchases of Stock-in-Trade

40.493

6.476

5.659

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(12.015)

(4.089)

15.974

 

 

Employees benefits expense

89.586

101.365

104.101

 

 

Transfer from Revaluation Reserve

(0.226)

(0.226)

(0.226)

 

 

Exceptional Item

(0.520)

20.366

(2.058)

 

 

Other expenses

142.948

155.257

165.236

 

 

TOTAL                                     (B)

784.157

836.284

1013.328

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

45.380

52.706

118.965

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

70.238

76.665

75.399

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

(24.858)

(23.959)

43.566

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

12.669

14.957

15.456

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX (E-F)                 (G)

(37.527)

(38.916)

28.110

 

 

 

 

 

Less

TAX                                                                  (H)

(11.528)

(10.865)

9.997

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX (G-H)                   (I)

(25.999)

(28.051)

18.113

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB value of Exports

28.188

22.018

23.899

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

111.705

89.966

99.660

 

 

Capital Goods

1.307

0.000

0.000

 

TOTAL IMPORTS

113.012

89.966

99.660

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

(9.03)

(9.74)

6.29

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2014

30.09.2014

31.12.2014

Type

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

346.000

315.000

310.300

Total Expenditure

332.900

301.300

293.800

PBIDT (Excl OI)

13.100

13.700

16.500

Other Income

2.100

2.900

1.000

Operating Profit

15.200

16.600

17.500

Interest

24.200

22.700

24.600

Exceptional Items

0.000

0.000

10.000

PBDT

(9.000)

(6.100)

2.900

Depreciation

2.400

2.400

2.500

Profit Before Tax

(11.400)

(8.500)

0.400

Tax

(5.500)

(2.500)

0.200

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

(6.000)

(6.000)

0.200

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

(6.000)

(6.000)

0.200

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

(2.41)

(2.42)

1.28

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

4.21

4.54

8.40

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(3.76)

(4.19)

2.64

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.18)

(0.17)

0.11

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.36

1.91

1.90

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.11

1.18

1.17

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

28.800

28.800

28.800

Reserves & Surplus

234.652

206.374

183.325

Net worth

263.452

235.174

212.125

 

 

 

 

Long-term borrowings

3.272

1.670

1.127

Short term borrowings

497.998

446.377

498.557

Total borrowings

501.270

448.047

499.684

Debt/Equity ratio

1.903

1.905

2.356

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

1416.270

1161.421

1078.008

 

 

(17.994)

(7.182)

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Sales

1416.270

1161.421

1078.008

Profit/ (Loss)

18.113

(28.051)

(25.999)

 

1.28%

(2.42%)

(2.41%)

 

 

 

 

 

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

No

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Other loans and advances

Deposits

0.805

0.835

 

 

 

Total

 

0.805

0.835

 

 

CORPORATE INFORMATION

 

Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on BSE and NSE in India. The company has four manufacturing units located in Dharuhera, Najafgarh, Faridabad and Noida. The company is engaged in manufacturing and supplying of wires and cables. Delton prime supplier to the Power, Telecommunication, Railways, Steel and Mining sectors in India and has also firmly established itself in the International market.

 

 

FINANCIAL RESULTS

 

During the year, the company has incurred a net loss of Rs. 25.999 Millions as against net loss of Rs. 28.051 Millions during the previous year 2012-13, the gross turnover of the Company including other income stood at Rs. 1182.010 Millions as against Rs. 1270.752 Millions in fiscal 2012-13. Due to heavy volatility in foreign exchange market the company incurred loss of Rs. 13.300 Millions.

 

 

OUTLOOK

 

The business environment for Cable Industry is showing signs of industrial and infrastructure growth. Market conditions are expected improve gradually in near future. The Company is one of the major players in the Indian Cable Industry has coveted experience in manufacturing of wires and cables and competent to face the challenges. The Company is continuously on the path to exploring the new markets in India and outside. The Company expects growth in all the sectors. 

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

Claims against the company not acknowledged as debts

 

 

Sales Tax

15.814

19.632

Civil Suits

0.563

0.180

Excise Laws

1.029

1.029

LADT

5.733

5.733

Guarantee issued by Banks [Net of margin]

143.482

178.719

Letter of credit

248.554

155.878

Sales tax sureties given for third parties 

0.080

0.080

 

 

 

Total

 

415.255

361.251


FIXED ASSETS:

 

·         Land

·         Buildings

·         Plant and Machinery

·         Furniture and Fixtures

·         Vehicles

·         Office Equipments

·         Other [Computers]

·         Goodwill

·         Computer Software


 

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 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

UK Pound

1

Rs. 93.16

Euro

1

Rs. 66.42

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

BVA

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

--

--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

NO

--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

 

27

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.