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|
|
MIRA INFORM REPORT
|
Report No. : |
493104 |
|
Report Date : |
17.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
PARAMOUNT COMMUNICATIONS LIMITED |
|
|
|
|
Registered
Office : |
C-125, Naraina Industrial Area, Phase-l, New Delhi -110028 |
|
Tel. No.: |
91-11-45618800/ 900 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
05.09.1994 |
|
|
|
|
Com. Reg. No.: |
55-061295 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 326.967 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1994PLC061295 |
|
|
|
|
IEC No.: |
0594067715 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP04139C |
|
|
|
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GSTIN: |
07AAACP0969Q1ZU |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP0969Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
of Low Tension and High Tension Power Cables, Aerial Bunch Cables (ABC),
Control and Instrumentation Cables, Thermocouple Extension and Compensating
Cables, Fire Performance Cables, Signalling Cables, Axle Counter Cables,
Jelly Filled Telephone Cables (JFTC), Optical Fibre Cables (OFC),
Installation Cables for Electronic Exchanges, Hook-up/ Jumper/ Drop wire,
House wiring and Cables for Submersible Pumps. (Registered Activity) |
|
|
|
|
No. of Employees
: |
301 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
D |
|
Credit Rating |
Explanation |
Rating Comments |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
Status : |
Sick Company |
|
|
|
|
Payment Behaviour : |
-- |
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|
|
|
Litigation : |
-- |
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|
|
|
Comments : |
The subject company is declared as a sick unit by Board for Industrial
and Financial Reconstruction. The management has Register Case (Case No. 77/2013) with Board for Industrial
and Financial Reconstruction under
section 15 (1) of Sick Industrial Companies act 1985 due to erosion of
entire net worth. The company has also found under RBI defaulter and has defaulted for
amount of INR 1.000 Million with Barclay’s Bank. (31.03.2012). Therefore, any business dealings with the subject company should be on
fully safe and secured terms only. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 areas under:
|
Borrowers’ Name : |
PARAMOUNT COMMUNICATIONS LIMITED |
|
Address : |
C-125, Naraina Industrial Area, Phase-l, New Delhi -110028, India |
|
Name of Individual : |
· Sandeep Agarwal · Sanjay Aggarwal · Satya Pal · SPS Dangi · Vijay Bhushan |
|
Name of Credit Grantors / Bank & Branch: |
BARCLAYS Bank PLC, Nehru Place |
|
Amount (INR In Millions) : |
INR 100.000 Million |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 17.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management non cooperative (91-9958898025/ 91-11-45618800)
LOCATIONS
|
Registered/ Corporate Office : |
C-125, Naraina Industrial Area, Phase-l, New Delhi -110028, India |
|
Tel. No.: |
91-11-45618800/ 900 |
|
Mobile No.: |
91-9958898025 (Mr. Manoj Varma) |
|
Fax No.: |
91-11-25893719/ 20 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
SP-30A, SP-30B and
E-301, RIICO Industrial Area Khushkhera, District Alwar-301701, Rajasthan,
India |
|
Tel. No.: |
91-1493-250221/ 250222 |
|
Fax No.: |
91-1493-250125 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Plot No.
37, Industrial Estate, Dharuhera, District Rewari-242691, Haryana, India |
|
Tel. No.: |
91-1274-242531/ 242690/ 91 |
|
Fax No.: |
91-1274-242552 |
|
E-Mail : |
|
|
|
|
|
Branch Office 1 : |
201, Royal Plaza, New Line Road, Andheri West, Mumbai-400053, Maharashtra, India |
|
Tel. No.: |
91-22-26343359/ 26396408 |
|
Fax No.: |
91-22-26390168 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2 : |
Jain Business
Centre, 3 Ho Chi Minh Sarani, Kolkata-700071, West Bengal, India |
|
Tel. No.: |
91-33-40035857 |
|
Fax No.: |
91-33-22820180 |
|
E-Mail : |
|
|
|
|
|
Branch Office 3 : |
417,
Ganpati Plaza, 4th Floor, MI Road, Jaipur-302016, Rajasthan, India |
|
Tel/ Fax No.: |
91-141-4027889 |
|
E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sanjay Aggarwal |
|
Designation : |
Director |
|
Address : |
C-9, Anand Niketan, New Delhi – 110021, India |
|
Expertise in specific functional areas : |
Creative Thinker and Future oriented industrialist. Eminent
Businessman with vast knowledge in cable and telecom industry. |
|
Qualification : |
B.Com (H) from Shri Ram College of Commerce, University of Delhi. |
|
Date of Appointment : |
01.11.1994 |
|
DIN No.: |
00001788 |
|
|
|
|
Name : |
Mr. Vijay Bhushan |
|
Designation : |
Director |
|
Address : |
B - 5 Swasthya Vihar, Delhi – 110092, India |
|
Date of Appointment : |
22.07.2000 |
|
DIN No.: |
00002421 |
|
|
|
|
Name : |
Mr. Sandeep Aggarwal |
|
Designation : |
Managing Director |
|
Address : |
C-9 Anand Niketan, New Delhi – 110021, India |
|
Date of Appointment : |
01.11.1994 |
|
DIN No.: |
00002646 |
|
|
|
|
Name : |
Mr. Satyendra Prasannasinha Dangi |
|
Designation : |
Director |
|
Address : |
339 Saket Nagar, Indore – 452001, Madhya Pradesh, India |
|
Date of Appointment : |
08.11.1994 |
|
DIN No.: |
00236827 |
|
|
|
|
Name : |
Mr. Satya Pal |
|
Designation : |
Director |
|
Address : |
44, New Rajdhani Enclave, Vikas Marg, Delhi – 110092,
India |
|
Date of Appointment : |
08.11.1994 |
|
DIN No.: |
00287845 |
|
|
|
|
Name : |
Mr. Malini Gupta |
|
Designation : |
Director |
|
Address : |
T 06 B Windsor Court, DLF Phase – IV, Gurugram – 122002,
Haryana, India |
|
Date of Appointment : |
30.01.2015 |
|
DIN No.: |
03464410 |
KEY EXECUTIVES
|
Name : |
Mr. Shambhu Kumar Agarwal |
|
Designation : |
Chief Financial Officer |
|
Address : |
House No. 602/T4, Vipul Greens Sector 48, Gurugram –
122018, Haryana, India |
|
Date of Appointment : |
01.10.2014 |
|
PAN No.: |
ACEPA9332M |
|
|
|
|
Name : |
Ms. Tannu Sharma |
|
Designation : |
Company Secretary |
|
Address : |
118, Jupiter Apartments, Vikas Puri, New Delhi -110018,
India |
|
Date of Appointment : |
01.10.2014 |
|
PAN No.: |
DCJPS1228E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on DECEMBER 2017
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
(A) Promoter & Promoter Group |
80410598 |
56.27 |
|
|
(B) Public |
62491867 |
43.73 |
|
|
Grand
Total |
142902465 |
100.00 |
|
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
34600796 |
24.21 |
|
|
Sanjay Aggarwal |
5826100 |
4.08 |
|
|
Sandeep Aggarwal |
5732300 |
4.01 |
|
|
Kamla Aggarwal |
5731600 |
4.01 |
|
|
Shashi Aggarwal |
8487800 |
5.94 |
|
|
Sanjay Aggarwal |
700000 |
0.49 |
|
|
Archana Aggarwal |
6595855 |
4.62 |
|
|
Sandeep Aggarwal |
325000 |
0.23 |
|
|
Dhruv Aggarwal |
274125 |
0.19 |
|
|
Parth Aggarwal |
274125 |
0.19 |
|
|
Parul Aggarwal |
337766 |
0.24 |
|
|
Tushar Aggarwal |
274125 |
0.19 |
|
|
Shyam Sunder Aggarwal |
42000 |
0.03 |
|
|
Any Other (specify) |
45809802 |
32.06 |
|
|
Paramount Telecables Limited |
28316500 |
19.82 |
|
|
April Investment And Finance Private Limited |
13040172 |
9.13 |
|
|
Worth Finance And Leasing Private Limited |
4424330 |
3.10 |
|
|
Hertz Electricals (International) Pvt. Ltd. |
18050 |
0.01 |
|
|
Ekta Ayat Niryat Pvt. Ltd. |
10750 |
0.01 |
|
|
Sub Total A1 |
80410598 |
56.27 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
8,04,10,598 |
56.27 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name
of the Shareholders |
No. of shareholder |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1)
Institutions |
0.00 |
||
|
Foreign
Portfolio Investors |
100000 |
0.07 |
|
|
Financial
Institutions/ Banks |
860000 |
0.60 |
|
|
Sub
Total B1 |
960000 |
0.67 |
|
|
B2)
Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital upto INR 0.200 Million |
30482394 |
21.33 |
|
|
Individual share
capital in excess of INR 0.200 Million |
12610246 |
8.82 |
|
|
Darpan
Jain |
3951120 |
2.76 |
|
|
Mahesh
Chand Goyal |
3302788 |
2.31 |
|
|
Any
Other (specify) |
18439227 |
12.90 |
|
|
HUF |
4174690 |
2.92 |
|
|
Bodies
Corporate |
12389864 |
8.67 |
|
|
Life
Secured. Com Private Limited |
3375000 |
2.36 |
|
|
Trusts |
1747 |
0.00 |
|
|
Clearing
Members |
1275520 |
0.89 |
|
|
Sub
Total B3 |
61531867 |
43.06 |
|
|
B=B1+B2+B3 |
62491867 |
43.73 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Low Tension and High Tension Power Cables, Aerial Bunch Cables (ABC),
Control and Instrumentation Cables, Thermocouple Extension and Compensating
Cables, Fire Performance Cables, Signalling Cables, Axle Counter Cables, Jelly
Filled Telephone Cables (JFTC), Optical Fibre Cables (OFC), Installation
Cables for Electronic Exchanges, Hook-up/ Jumper/ Drop wire, House wiring and
Cables for Submersible Pumps. (Registered Activity) |
||||
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Products : |
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||||
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||||
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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||||
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Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
301 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors 1: |
|
|
Name : |
P. Bholusaria and Company Chartered Accountants |
|
Address : |
26/11, Shakti Nagar, New Delhi – 110007, India |
|
Tel. No.: |
91-22-23841467 |
|
|
|
|
Auditors 2: |
|
|
Name : |
Jagdish Chand and Company Chartered Accountants |
|
Address : |
H-20, LGF, Green Park (Main), New Delhi-110016, India |
|
Tel. No.: |
91-11-26511953/ 26533626/ 41759467 |
|
Fax No.: |
91-11-41759467 |
|
E-Mail : |
|
|
|
|
|
Cost Auditors: |
|
|
Name : |
Jain Sharma and Associates Cost Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries of the
Company : |
|
|
|
|
|
Other related
parties in the Group where common control exists: |
|
|
|
|
|
Enterprises over which
relatives of Key Managerial Personnel have significant influence and with
whom transaction have taken place: |
|
CAPITAL STRUCTURE
After: 31.03.2017
Authorised Capital : INR 600.000 million
Issued, Subscribed & Paid-up Capital : INR 285.805
million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
INR 2/- each |
INR 500.000 Million |
|
1000000 |
Redeemable Preference Shares |
INR 100/- each |
INR 100.000 Million |
|
|
Total |
|
INR 600.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125233465 |
Equity Shares |
INR 2/- each |
INR 250.467
Million |
|
765000 |
Non-Convertible Redeemable Preference Shares (NCRPS) |
INR 100/- each |
INR 76.500
Million |
|
|
Total |
|
INR 326.967 Million |
Rights, preferences and
restrictions attached to Equity Shares
Equity Shares: The company has one class of equity shares having a par value of INR 2 /- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholdings.
Rights, preferences
and restrictions attached to 0% Non-Convertible Redeemable Preference Shares
(NCRPS)
Rate of Dividend: 0% rate of dividend. NCRPS are not convertible in equity shares. Redeemable on day and date falling next to date of expiry of a period of 10 years calculated from the date of allotment of these shares. Option of an earlier redemption after expiry of period of 6 months shall be open to Board and can be made by a Board resolution to this effect passed in a duly convened meeting and when consented by the NCRPS shareholders, where the premium payable on redemption shall be adjusted proportionately. Redemption Value and Premium: The redemption premium shall be @ 50% of par value and thereby the redemption value shall be 150% of par value after 10 (Ten) years term. There is no right to vote in general. The voting rights shall be restricted to the matters concerning their interest only. Right to share of Assets: In the event of winding up of the Company, the NCRPS shareholders shall be entitled to share of assets of the Company in proportion of the preference share capital to aggregate of total paid up capital after settlement of all the liabilities of the Company. The NCRPS shareholders shall have a preferential right on the assets of Company over the Equity shareholders while distribution of assets among shareholders in the event of winding up of Company.
Reconciliation of
Number of Equity Shares
|
Particulars |
As At 31st March, 2017 |
|
|
|
Nos. |
INR IN Million |
|
Balance as at the beginning of the year |
125,233,465 |
250.467 |
|
Add: Issued during the year |
-- |
-- |
|
Balance as at the
end of the year |
125,233,465 |
250.467 |
Reconciliation of
Number of Preference Shares
|
Particulars |
As At 31st March, 2017 |
|
|
|
Nos. |
INR IN Million |
|
Balance as at the beginning of the year |
765,000 |
76.500 |
|
Add: Issued during the year |
|
|
|
Balance as at the end of the year |
765,000 |
76.500 |
List of Shareholders holding
more than 5% of the aggregate Shares:
|
Particulars |
As At 31st March, 2017 |
|
|
|
Nos. |
%age |
|
Equity Shareholders |
|
|
|
Paramount Telecables Limited |
24,851,500 |
19.84 |
|
April Investment and Finance Private Limited. |
13,040,172 |
10.41 |
|
Preference
Shareholder |
|
|
|
Paramount Telecables Limited |
765,000 |
100.00 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
326.967 |
326.967 |
326.967 |
|
(b) Reserves & Surplus |
(3687.826) |
(3681.393) |
(2468.152) |
|
(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) |
(3360.859) |
(3354.426) |
(2141.185) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
369.863 |
886.714 |
1160.340 |
|
(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 |
30.647 |
21.201 |
17.058 |
|
Total
Non-current Liabilities (3) |
400.510 |
907.915 |
1177.398 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
496.303 |
1798.329 |
2147.402 |
|
(b) Trade payables |
191.862 |
565.294 |
334.499 |
|
(c) Other current liabilities |
4773.846 |
3210.722 |
2024.879 |
|
(d) Short-term provisions |
2.264 |
2.185 |
2.000 |
|
Total
Current Liabilities (4) |
5464.275 |
5576.530 |
4508.780 |
|
|
|
|
|
|
TOTAL |
2503.926 |
3130.019 |
3544.993 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
658.952 |
745.646 |
807.992 |
|
(ii) Intangible Assets |
7.522 |
2.579 |
1.704 |
|
(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 |
0.000 |
0.168 |
0.168 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
30.984 |
30.654 |
30.203 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
697.458 |
779.047 |
840.067 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
133.105 |
538.798 |
757.852 |
|
(c) Trade receivables |
1162.010 |
1337.734 |
1572.222 |
|
(d) Cash and cash equivalents |
284.768 |
278.766 |
174.242 |
|
(e) Short-term loans and
advances |
197.934 |
178.422 |
186.561 |
|
(f) Other current assets |
28.651 |
17.252 |
14.049 |
|
Total
Current Assets |
1806.468 |
2350.972 |
2704.926 |
|
|
|
|
|
|
TOTAL |
2503.926 |
3130.019 |
3544.993 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3156.795 |
3093.669 |
4518.222 |
|
|
Other Income |
43.170 |
24.167 |
18.682 |
|
|
TOTAL
|
3199.965 |
3117.836 |
4536.904 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2532.916 |
2678.409 |
3543.358 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
36.469 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
328.709 |
156.890 |
667.417 |
|
|
Employees benefits expense |
151.229 |
131.272 |
115.322 |
|
|
Exceptional Items |
(714.204) |
(15.261) |
1.007 |
|
|
Other expenses |
633.271 |
565.710 |
501.644 |
|
|
TOTAL |
2931.921 |
3517.020 |
4865.217 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
268.044 |
(399.184) |
(328.313) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
189.520 |
737.883 |
610.101 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
78.524 |
(1137.067) |
(938.414) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
81.657 |
85.835 |
92.970 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(3.133) |
(1222.902) |
(1031.384) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
(3.133) |
(1222.902) |
(1031.384) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4387.582) |
(3164.680) |
(2123.195) |
|
|
|
|
|
|
|
Add |
Adjustment due to depreciation on fixed Assets whose useful
life already exhausted as on 1st April, 2014 |
0.000 |
0.000 |
(10.101) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(4390.715) |
(4387.582) |
(3164.680) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
149.902 |
1.210 |
155.162 |
|
|
TOTAL
EARNINGS |
149.902 |
1.210 |
155.162 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
338.316 |
354.804 |
569.385 |
|
|
Components and Stores parts |
1.600 |
2.602 |
4.510 |
|
|
TOTAL
IMPORTS |
339.916 |
357.406 |
573.895 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(0.03)
|
(9.76) |
(8.24) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
181.755 |
775.464 |
661.323 |
|
Cash generated from operations |
(1327.873) |
1376.079 |
128.877 |
|
Net cash flow from operating activity |
(615.904) |
1380.502 |
126.493 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
|
|
1st Quarter |
|
Net Sales |
1061.880 |
|
Total Expenditure |
1170.280 |
|
PBIDT (Excl OI) |
(108.400) |
|
Other Income |
16.180 |
|
Operating Profit |
(92.220) |
|
Interest |
18.680 |
|
Exceptional Items |
714.200 |
|
PBDT |
603.300 |
|
Depreciation |
19.100 |
|
Profit Before Tax |
584.200 |
|
Tax |
NA |
|
Provisions and
contingencies |
NA |
|
Profit After Tax |
584.200 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
584.200 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
134.36 |
157.83 |
127.01 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
2.72 |
2.31 |
2.87 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
27.65 |
77.04 |
34.11 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.01 |
(0.74) |
(0.43) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.40 |
(0.53) |
(0.41) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
2.40 |
2.31 |
1.79 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(0.31) |
(1.03) |
(1.85) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(1.63) |
(1.66) |
(2.11) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(0.20) |
(0.22) |
(0.38) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.41 |
(0.54) |
(0.54) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin (PAT / Sales) * 100) |
% |
(0.10) |
(39.53) |
(22.83) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(0.13) |
(39.07) |
(29.09) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
0.09 |
36.46 |
48.17 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.33 |
0.42 |
0.60 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
0.31 |
0.32 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(1.34) |
(1.07) |
(0.60) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.20 |
10.58 |
12.14 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.33 |
0.42 |
0.60 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 14.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
326.967 |
326.967 |
326.967 |
|
Reserves & Surplus |
(2468.152) |
(3681.393) |
(3687.826) |
|
Net
worth |
(2141.185) |
(3354.426) |
(3360.859) |
|
|
|
|
|
|
long-term borrowings |
1160.340 |
886.714 |
369.863 |
|
Short term borrowings |
2147.402 |
1798.329 |
496.303 |
|
Current Maturities of
Long-Term Debts |
661.323 |
775.464 |
181.755 |
|
Total
borrowings |
3969.065 |
3460.507 |
1047.921 |
|
Debt/Equity
ratio |
(1.854) |
(1.032) |
(0.312) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4518.222 |
3093.669 |
3156.795 |
|
|
|
(31.529) |
2.040 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4518.222 |
3093.669 |
3156.795 |
|
Profit / (Loss) |
(1031.384) |
(1222.902) |
(3.133) |
|
|
(22.83%) |
(39.53%) |
(0.10%) |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
326.967 |
326.967 |
|
(b) Reserves & Surplus |
(3687.826) |
(3680.468) |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(3360.859) |
(3353.501) |
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
369.863 |
886.714 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
|
(d) long-term provisions |
30.647 |
21.201 |
|
Total
Non-current Liabilities (3) |
400.510 |
907.915 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
496.303 |
1798.329 |
|
(b) Trade payables |
191.862 |
510.973 |
|
(c) Other current liabilities |
4773.846 |
3210.722 |
|
(d) Short-term provisions |
2.264 |
2.185 |
|
Total
Current Liabilities (4) |
5464.275 |
5522.209 |
|
|
|
|
|
TOTAL |
2503.926 |
3076.623 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
658.952 |
745.645 |
|
(ii) Intangible Assets |
7.522 |
2.580 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.168 |
|
(c) Deferred tax assets (net) |
0.0000 |
0.000 |
|
(d) Long-term Loan and Advances |
30.984 |
30.654 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
|
Total
Non-Current Assets |
697.458 |
779.047 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
133.105 |
538.798 |
|
(c) Trade receivables |
1162.010 |
1282.732 |
|
(d) Cash and cash equivalents |
284.768 |
280.370 |
|
(e) Short-term loans and
advances |
197.934 |
178.424 |
|
(f) Other current assets |
28.651 |
17.252 |
|
Total
Current Assets |
1806.468 |
2297.576 |
|
|
|
|
|
TOTAL |
2503.926 |
3076.623 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
3156.796 |
3093.669 |
|
|
Other Income |
43.170 |
24.356 |
|
|
TOTAL
|
3199.966 |
3118.025 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials Consumed |
2532.916 |
2678.409 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
328.709 |
156.890 |
|
|
Employees benefits expense |
151.229 |
131.272 |
|
|
Exceptional Items |
(714.204) |
0.000 |
|
|
Other expenses |
634.122 |
566.475 |
|
|
TOTAL |
2932.772 |
3533.046 |
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
267.194 |
(415.021) |
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
189.528 |
737.907 |
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
77.666 |
(1152.928) |
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
81.658 |
85.835 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
(3.992) |
(1238.763) |
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(3.992) |
(1238.763) |
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(0.03) |
(9.89) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL RESULTS
The Company achieved gross turnover including other income of INR 3156.795 Million and incurred a net loss of INR 3.133 Million for the financial year 2016-2017 as against gross turnover including other income of INR 3093.669 Million and net loss of INR 1222.902 Million in financial year 2015-2016. Losses before exceptional items have been INR 717.337 Million as against net loss of INR 1238.163 Million during previous year 2015-2016.
FUTURE OUTLOOK
As a result of policies formulated by the Government of India, the domestic Optical Fibre Cables industry is expected to grow at a good pace. Other sectors like Power, Railway and Copper Telecom Cables are also expected to grow at a better pace as compared to last year. However, competitive conditions are likely to persist over the medium-term in the cable industry. The Company’s focus in future, shall be to sustain and increase the momentum in its business segments namely, Optical Fibre and Copper Telecom Cables, power cables and railway signaling cables etc. by leveraging its inherent strength of product development as per evolving industrial standards and superior project execution capabilities to drive both the short term and long term growth. The Company’s vision for the coming year is to be a key participant in every relevant initiative of the Government so as to improve growth and development prospects of the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS
Paramount Communications Limited (PCL) is one of India’s leading cable manufacturing Companies, having valuable experience of over half a century. Over the years, the Company has widened its portfolio and is an established name in the cable industry. The Company caters to a wide span of industries including Power, Railways, Telecom and IT, Petrochemicals, Construction, Defense and Space Research projects etc. Paramount has a prestigious clientele that includes government, institutional and private sector organizations, both domestic and international.
Paramount is emerging as a ‘One Stop Provider’ for all cable products by providing complete cabling solutions to its customeINR The wide product base includes Low Tension and High Tension Power Cables, Aerial Bunch Cables (ABC), Control and Instrumentation Cables, Thermocouple Extension and Compensating Cables, Fire Performance Cables, Signalling Cables, Axle Counter Cables, Jelly Filled Telephone Cables (JFTC), Optical Fibre Cables (OFC), Installation Cables for Electronic Exchanges, Hook-up/ Jumper/ Drop wire, House wiring and Cables for Submersible Pumps, amongst others.
PCL is an eminent player in the Indian Cable Industry and is renowned for its quality products and strong business ethics, always laying a great emphasis on manufacturing excellence, technological advancement and customer satisfaction.
ECONOMIC OVERVIEW
GLOBAL ECONOMIC
OVERVIEW AND PROSPECTS
Economic growth of around 7.5 percent makes India among the fastest-growing G20 economies. In the current scenario, when many emerging markets are struggling, India has a strong growth trajectory, which coupled with its
commitment to fiscal discipline exhibited over the last three years suggests that its deficit and debt ratios are likely to decline significantly over the coming yeaINR The Indian Economy has continued to consolidate the gains achieved in restoring macroeconomic stability. Real GDP growth in the first half of the year was 7.2 percent, on the weaker side of the 7.0-7.75 percent (Source: Economic Survey 2016-17). On the positive side, the economy was buoyed by government consumption, as the 7th Pay Commission salary were implemented and by the long-awaited start of an export recovery as demand in advanced countries began to accelerate.
India is expected to be the third largest consumer economy in the world as its consumption may triple to US$ 4 trillion by 2025. Owing to the shift in consumer behaviour and expenditure pattern, India is estimated to surpass USA to become the second largest economy in terms of purchasing power parity (PPP) by the year 2040. Indian Government is confident and has stated that, India has become the world’s fastest growing large economy, and is expected to grow five-fold by 2040, owing to a series of policy measures.
INDUSTRY DEVELOPMENT
AND TRENDS
Price pressures remained on the upside at the start of 2016, with input costs and output prices both rising during the year. Many companies indicated that higher demand for raw materials had led to cost increases.
Veteran economists, while analyzing Indian Manufacturing PMI survey data, stated that, opening month of 2016-17 saw a rebound in new business - from both domestic and external clients.
The expenditure on manufacturing activities should boost the ‘Make in India’ initiative of the Government. Also, the Central Government’s ‘Housing for All by 2022’ (20mn houses for urban poor and 30mn for rural poor) and Smart Cities (development of 100 cities) missions promise to trigger fast-paced rollout of new homes. This should usher in multi-year growth for electrical products and appliances.
PRODUCT WISE BUSINESS
ANALYSIS AND PERFORMANCE
POWER AND RAILWAY
CABLES
The Company supplies various kinds of electric cables such as LT/HT Power Cables, Control Cables, Instrumentation Cables, Thermocouple Cables, Railway Signaling Cables, Copper Flexible & Industrial Wires. During the year the Company sold power cables amounting to INR 2597.600 Million as compared to INR 2898.500 Million in the previous year. Power and Railway Cables constitute approximately 74.19% of gross turnover of the Company for the financial year 2016-2017.
JELLY FILLED
TELEPHONE CABLES (JFTC)
The Company sold Jelly Filled Telephone Cables amounting to INR 502.800 Million against INR 182.600 Million in the previous year. Jelly Filled Telephone Cables segment comprises 14.36% of Company’s gross turnover for the financial year 2016-2017.
OPTICAL FIBRE CABLES
(OFC)
The growth in this segment has been long foreseen, the turnover of the Company in OFC has risen in the fiscal 2016-2017. The Company sold Optical Fibre Cables amounting to INR 374.500 Million as compared to INR 326.400 Million in the previous year. Optical Fibre Cables comprises of 10.70% of gross turnover of the Company for the financial year 2016-2017. The Company needs to focus in this segment as the demand of OFC is likely to rise at a rapid pace in future.
COMPETITIVE BUSINESS
STRATEGY AND OUTLOOK
Paramount is known for the quality of its cables and the Company’s research team is fully committed to develop tailor made and innovative cables in order to suit the requirements of the customeINR Paramount is sure to continually improve its performance with its following key strengths:
1. The Company stands amongst a few with the widest spectrum of cables and wires serving virtually all industrial
sectors and with an unrivalled presence in three of the five core infrastructure sectors.
2. Its diversified and de-risked business model enhances its revenue enhancing ability from multiple sectors.
3. Paramount is known for the quality of its cables and Company’s research team is fully committed to develop
custom-made, innovative cables to the satisfaction of its customers.
4. The Company serves the core and prime infrastructure sectors including power, telecom, real estate, railways
and domestic building wires. The Company is an approved supplier of cables to Government and public sector
enterprises along with major players in the private sector and derives its major revenues from government and
institutional sales.
5. The Company’s products meet the technological parameters and specifications of national and international
agencies and holds major accreditations and approvals from its clients.
6. Swing capability (ability to use the same manufacturing infrastructure to manufacture different varieties of cables) has made the Company capable of offering the widest product basket.
EXPORTS
Despite the global economic meltdown, recession and poor economic conditions in the UK market, the Company’s export business increased from INR 1.200 Million during previous year to INR 149.900 Million during the year.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
B67781070 |
10342026 |
STATE BANK OF INDIA |
02/03/2012 |
07/12/2012 |
- |
1556700000.0 |
INDUSTRIAL FINANCE BRANCHJAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARGNEW DELHIDL110001IN |
|
2 |
B09347931 |
10237483 |
STATE BANK OF INDIA |
20/08/2010 |
10/03/2011 |
- |
450575000.0 |
STATE BANK OF INDIA, INDUSTRIAL FINANCE BRANCH,14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARGNEW DELHIDL110001IN |
|
3 |
B09347261 |
10165449 |
STATE BANK OF INDIA |
17/06/2009 |
10/03/2011 |
- |
200000000.0 |
STATE BANK OF INDIA, INDUSTRIAL FINANCE BRANCH,14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARGNEW DELHIDL110001IN |
|
4 |
A42236695 |
10096851 |
STANDARD CHARTERED BANK |
10/04/2008 |
08/07/2008 |
- |
250000000.0 |
CREDIT RISK CONTROL,NARAIN MANZIL, BARAKHAMBA ROADNEW DELHIDL110001IN |
|
5 |
B09658865 |
10051628 |
STATE BANK OF INDIA |
04/05/2007 |
10/03/2011 |
- |
100000000.0 |
STATE BANK OF INDIA, INDUSTRIAL FINANCE BRANCH,14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARGNEW DELHIDL110001IN |
|
6 |
B09347584 |
10027132 |
STATE BANK OF INDIA |
21/11/2006 |
10/03/2011 |
- |
265100000.0 |
STATE BANK OF INDIA, INDUSTRIAL FINANCE BRANCH,14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARGNEW DELHIDL110001IN |
|
7 |
B14827661 |
10018550 |
STATE BANK OF INDIA |
05/08/2006 |
10/06/2011 |
- |
3558000000.0 |
INDUSTRIAL FINANCE BRANCHJAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG,NEW DELHIDL110001IN |
|
8 |
B61044533 |
10263793 |
STATE BANK OF PATIALA |
27/12/2010 |
- |
22/10/2012 |
169400000.0 |
COMMERCIAL BRANCH,CHANDRALOK BUILDING, 36, JANPATH ,NEW DELHIDL110001IN |
|
9 |
B38681128 |
10263378 |
STATE BANK OF INDIA |
29/12/2010 |
- |
01/05/2012 |
661700000.0 |
STATE BANK OF INDIA, INDUSTRIAL FINANCE BRANCH,14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARGNEW DELHIDL110001IN |
|
10 |
B38195335 |
90054000 |
STATE BANK OF INDIA |
26/08/2000 |
- |
23/04/2012 |
135000000.0 |
INDUSTRIAL FINANCE BRANCHNEW DELHIDLIN |
CONTINGENT LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims Against the
Company not acknowledged as Debt |
9.115 |
9.202 |
|
Guarantees: |
|
|
|
1. Financial Bank Guarantees outstanding |
38.228 |
35.530 |
|
2. Guarantee of INR 10,000,000/- (Previous Year INR 10,000,000/-) given to a Bank for credit facilities sanctioned to Paramount Wires and Cables Limited |
|
-- |
|
- Credit Facilities availed by Paramount Wires and Cables Limited. |
|
|
|
Duties & Taxes: |
|
|
|
i. Income Tax |
|
|
|
- Demands under appeal |
0.000 |
44.299 |
|
ii. Excise demands under appeal |
217.499 |
222.103 |
|
iii. Service tax demands under appeal |
31.577 |
31.587 |
|
iv. Custom duty demand due to denial of concessional custom duty, under appeal |
5.911 |
6.435 |
|
Other money for
which company is contingently liable: |
|
|
|
i. Unutilised Letter of Credits |
0.000 |
6.840 |
|
ii. Outstanding Bill discounted |
75.192 |
179.941 |
|
iii. Right of recompense of CDR lenders for reliefs/ sacrifices/waivers extended by respective CDR lenders to the company |
Amount unascertainable |
Amount unascertainable |
|
iv. Letter of demand from a bank due to guarantee given for borrowings of “06196375 Cables Limited” (formerly AEI Cables Limited), United Kingdom (Subsidiary). In opinion of the company the amount of demand is yet to be finalised and agreed by the company. (This is co guaranteed by the Chairman and CEO and Managing Director of the Company in their individual capacity due to which company expects no final liability will arise on the company). |
25.725 |
33.281 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2017
(INR In Million)
|
Particulars |
|
|
Quarter ended |
|
|
|
30.06.2017 |
|
|
|
|
Unaudited |
|
|
Income from Operations |
|
|
|
|
Net sales/ Income from operations (Net of excise duty) |
|
|
859.079 |
|
Other Operating Income |
|
|
11.780 |
|
Total income from operations (net) |
|
|
870.859 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
|
|
648.289 |
|
Purchases of stock-in trade |
|
|
0.000 |
|
Changes in inventories of finished goods. work-in-progress and stock in trade |
|
|
5.878 |
|
Excise duty on sales |
|
|
89.285 |
|
Employee benefits expense |
|
|
40.628 |
|
Depreciation and Amortisation Expenses |
|
|
20.571 |
|
Finance Costs |
|
|
12.837 |
|
Other Expenses |
|
|
153.016 |
|
Total expenses |
|
|
970.504 |
|
|
|
|
|
|
Profit/ (Loss) from ordinary activities
before exceptional items |
|
|
(99.645) |
|
Exceptional items |
|
|
227.514 |
|
Profit/ (Loss) from ordinary activities
before tax |
|
|
127.869 |
|
Tax expenses |
|
|
0.000 |
|
Net Profit / (Loss) from ordinary
activities after tax |
|
|
127.869 |
|
Extraordinary item (net of tax expense) |
|
|
0.000 |
|
Net Profit / (Loss) for the period |
|
|
127.869 |
|
Other comprehensive income, net of income tax – Items that will not be reclassified subsequently to profit and loss Acturial gain / (loss) on employees defined benefit plans |
|
|
0.730 |
|
Total comprehensive income for the period
|
|
|
128.599 |
|
Paid up equity share capital (Face Value of INR 2/- each) |
|
|
250.467 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
|
|
|
|
Earnings per share (of INR 2/- each) |
|
|
|
|
(a) Basic |
|
|
1.03 |
|
(b) Diluted |
|
|
1.03 |
Note:
- The figures have been regrouped/ rearranged wherever considered necessary to facilitate comparison.
- There are no separate reportable segments as per the Indian Accounting Standard (Ind AS-108) on segment reporting.
- The aforesaid results were placed before and reviewed by the Audit Committee at its meeting held on 14th September, 2017 and approved by the Board of Directors at its meeting held on the same date.
- The Company has adopted Indian Accounting Standards (Ind AS) from April 1, 2017 with a transition date of April 1, 2016 and these Financial Results have been prepared in accordance with the recognition and measurement principles prescribed under Section 133 of Companies Act,2013 read with relevant rules issued there under.
- In terms of the circular no. CIR/ CFD/FAC/62/2016 dated July 05, 2016 issued by the Securities and Exchange Board of India, the Ind AS compliant Unaudited Financial Results for the quarter ended June 30, 2016 have not been subjected to Limited Review by the Statutory AuditoINR However, the management has exercised necessary due diligence to ensure that the Financial Results for the said period provide a true and fair view of its affairs.
- Reconciliation of Net Profit reported under Indian GAAP for the quarter ended 30th June, 2016 with Ind AS is furnished below).
- The Statement does not include the Ind AS Compliant results for preceding quarter and previous year ended March 31, 2017 as the same are not mandatory as per SEBI's Circular dated July 5, 2016.
- The Independent Auditors have qualified as per para 5 of their Limited Review Report on statement of standalone financial results for the quarter ended 30th June,2017 as follows:
- From 1st July, 2016 the company has not provided for interest and other dues on borrowings from a bank which have become NPA account as per bank classification and are outstanding at the quarter end and in respect of which interest has been reversed/not charged in statements provided by the Bank Amount of interest not provided for the quarter ended 30th June, 2017 as per the estimate by the management is INR 10.889 Million. If this interest would have been provided, total comprehensive income for the quarter would have been INR 117.710 Million as against reported figure of INR 128.599 Million.
Independent Auditors of the
company have without qualifying their opinion drawn attention to the following:
(a) The accompanying statement has been prepared on a going concern basis
despite negative net worth, overdue in repayment of loan installments, interest
to banks, working capital facilities from banks, overdue in redemption of
Foreign Currency Convertible Bonds (FCCBs) The appropriateness of the said
basis is inter-alia dependent on Company's ability to generate profit in future
years and meet its financial obligations.
(b) In respect of dues to Asset Reconstruction Company (ARC) which have been
assigned by banks, no interest has been provided, since, the company is in the
process of making settlement with the ARC and in the opinion of the Management,
no interest will be payable As per terms & conditions of Settlements with
ARC entered during the previous year, no interest was charged by ARC.
Management Response to 8 & 9 above
a) Company has obtained statement from aforesaid bank as on 30th June,2017 and
there are no material difference between outstanding as per the bank &
company Management is of the opinion that no further interest is to be provided
other than already accounted for.
b) The accompanying financial statements have been prepared on a going concern
basis based on cumulative impact of following mitigating factors:
1) The company has not defaulted in payment of statutory dues or its trade
creditors etc.
2) In terms of agreements / negotiations with ARC and Banks, the negative net
worth of the company has improved and is likely to improve further.
3) The Company and promoters have undertaken to raise and had raised adequate
finances by way of disposal of assets and induction of fresh funds by promoters
and/or associates companies.
4) The company has good order book position.
- During the quarter ended 30th June, 2017 the company has entered into Settlement with a bank Dues of settlement are to be paid to the bank on or before 31st March, 2018.
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Plant & Equipment
- Furniture & Fixtures
- Leasehold Building Improvement
- Vehicles
- Office Equipment
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.91 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the business is not
traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.