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|
MIRA INFORM REPORT
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Report No. : |
488734 |
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Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHILPI CABLE TECHNOLOGIES LIMITED |
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Registered
Office : |
A-19 / B-1, Extension, Mohan Co-Operative Industrial Estate, Badarpur,
Mathura Road, New Delhi - 110044 |
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Tel. No.: |
91-11-43117900 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
09.07.2006 |
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Com. Reg. No.: |
55-150753 |
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Capital
Investment / Paid-up Capital : |
INR 1106.323 Million |
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CIN No.: [Company Identification
No.] |
L64201DL2006PLC150753 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCR3380E |
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GSTIN : |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company is carrying on the business of manufacturing and trading of Cables, wires and Accessories used in Telecom, Automobile, Consumer Durables and selling of Wires, MCBs, Switches, etc. through distributors under its brand name “SAFE”. [Registered Activity] |
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No. of Employees
: |
946 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Poor |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated on 9th July 2006 and is engaged in manufacturing of radio frequency corrugated feeder cables. Its products include foamed cables, drop cables, radio frequency feeder cables, connectors, jumper cables, accessories, power and control cable, coaxial cable, auto cable, battery cable, telecom, automobile and power cables. The company serves telecom, automobile and power sectors. For the financial year 2017, the revenue of the company has increased by 5.18% but has incurred operational loss. The moderate financial profile of the company is reflected by negative networth base along with comfortable debt coverage indicators. Rating is constrained on account of delays in debt servicing. The National Company Law Tribunal, Principal bench New Delhi has ordered the commencement of a corporate insolvency resolution process against the shilpi cable technologies Limited on 24th May 2017. Payments seems be slow and delayed. In view of aforesaid, the company can be considered for business dealings on safe and secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non Convertible Debenture (issuer not
cooperating) = C |
|
Rating Explanation |
Poor-credit-quality and limited prospects of
recovery |
|
Date |
13.07.2017 |
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
31-03-2016.
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 30.01.2018
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.
LOCATIONS
|
Registered Office : |
A-19 / B-1, Extension, Mohan Co-Operative Industrial Estate, Badarpur,
Mathura Road, New Delhi – 110044, India |
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Tel. No.: |
91-11-43117900 / 901 |
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Fax No.: |
91-11-43117902 |
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E-Mail : |
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Website : |
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Factory 1 : |
SP 1037, Chopanky, RIICO Industrial Area, Chopanki, Bhiwadi, Tehsil-Tijara, District Alwar, Rajasthan, India |
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Tel. No.: |
91-1493-302414 |
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Fax No.: |
91-1493-302402 |
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Factory 2 : |
E-138 RIICO Industrial Area, Phase - I, Bhiwadi, District Alwar, Rajasthan, India |
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Tel. No.: |
91-1493-222281 |
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Factory 3 : |
Behind Tech Auto Private Limited ChinnaBelagondapalli Nagondapalli
Post, Mathigiri – 635110, Hosur, Tamil Nadu, India |
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Factory 4 : |
Gat No. 175 / 2 (Old Gat No.2216) At Post
Nanekarwadi Chakan, Taluka-Khed, Pune – 410501, Maharashtra, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Manish Goel |
|
Designation : |
Managing Director |
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Address : |
B-8, Chirag Enclave, Greater Kailash, New Delhi - 110019, India |
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Date of Birth/Age : |
08.03.1982 |
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Qualification : |
Bachelor’s Degree in Business Management from Rai University |
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Date of Appointment : |
01.03.2007 |
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DIN No.: |
00163105 |
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Name : |
Mr. Mukesh Kumar Gupta |
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Designation : |
Director |
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Address : |
B-8, Chirag Enclave, Greater Kailash, New Delhi - 110019, India |
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Date of Appointment : |
08.11.2006 |
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DIN No.: |
00163044 |
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Name : |
Mr. Sandeep Gupta |
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Designation : |
Director |
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Address : |
D-21, East of Kailash, New Delhi – 110065, India |
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Date of Appointment : |
01.10.2008 |
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DIN No.: |
00638932 |
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Name : |
Ms. Nalini Malhotra |
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Designation : |
Additional Director |
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Address : |
1379, Chandni Chowk Old, Delhi-110006, India |
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Date of Appointment : |
30.06.2017 |
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DIN No.: |
02015870 |
KEY EXECUTIVES
|
Name : |
Shailendra Kumar |
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Designation : |
Chief Financial Officer (KMP) |
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Address : |
30, IP Extension, Patparganj, Laxmi Nagar, Gandhi Nagar East, Delhi-110092, India |
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Date of Appointment : |
29.05.2017 |
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PAN No.: |
AGPPK2052D |
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Name : |
Gurvinder Singh |
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Designation : |
Company Secretary |
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Address : |
C-1/135, Sector 5 Rohini, New Delhi-110085, India |
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Date of Appointment : |
01.07.2017 |
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PAN No.: |
CYLPS4613Q |
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Board Committees: |
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Audit Committee : |
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Nomination and Remuneration Committee: |
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Stakeholders Relationship Committee: |
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Corporate Social Responsibility Committee: |
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Finance Committee: |
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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 |
|
|
Promoter and Promoter Group |
33572000 |
30.35 |
|
|
Public |
77060272 |
69.65 |
|
|
Grand Total |
110632272 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares |
|
|
A1) Indian |
0.00 |
||
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Individuals/Hindu undivided Family |
72000 |
0.07 |
|
|
Manish Goel |
14000 |
0.01 |
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Mukesh Gupta |
16000 |
0.01 |
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Sharda Rani |
14000 |
0.01 |
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Shilpi Goel |
14000 |
0.01 |
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Vishal Goel |
14000 |
0.01 |
|
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Any Other (specify) |
33500000 |
30.28 |
|
|
Shilpi Communication Private Limited |
33500000 |
30.28 |
|
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Sub Total A1 |
33572000 |
30.35 |
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A2) Foreign |
0.00 |
||
|
A=A1+A2 |
33572000 |
30.35 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares |
|
|
B1) Institutions |
0.00 |
||
|
Foreign Portfolio Investors |
6730365 |
6.08 |
|
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Emerging Market Opportunities Fund |
5081294 |
4.59 |
|
|
Ubs Principal Capital Asia Ltd |
1648314 |
1.49 |
|
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Financial Institutions/ Banks |
1237 |
0.00 |
|
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Sub Total B1 |
6731602 |
6.08 |
|
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B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
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B3) Non-Institutions |
0.00 |
||
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Individual share capital upto INR 0.200 Million |
22403753 |
20.25 |
|
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Individual share capital in excess of INR 0.200 Million |
7472870 |
6.75 |
|
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Any Other (specify) |
40452047 |
36.56 |
|
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Bodies Corporate |
30040384 |
27.15 |
|
|
Able Management Consultants Private Limited |
1236600 |
1.12 |
|
|
Bdr Builders and Developers Private Limited |
8434748 |
7.62 |
|
|
Touchstone Holdings Private Limited |
2448570 |
2.21 |
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Viable Management Consultants Private Limited |
1238886 |
1.12 |
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Shilpi Cables Private Limited |
12000000 |
10.85 |
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Overseas corporate bodies |
7788760 |
7.04 |
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Global Focus Fund |
7788760 |
7.04 |
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Clearing Members |
220066 |
0.20 |
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NRI – Non- Repat |
269172 |
0.24 |
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NRI – Repat |
1418529 |
1.28 |
|
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HUF |
715136 |
0.65 |
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Sub Total B3 |
70328670 |
63.57 |
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B=B1+B2+B3 |
77060272 |
69.65 |
BUSINESS DETAILS
|
Line of Business : |
The company is carrying on the business of manufacturing and trading of Cables, wires and Accessories used in Telecom, Automobile, Consumer Durables and selling of Wires, MCBs, Switches, etc. through distributors under its brand name “SAFE”. [Registered Activity] |
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Products : |
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Brand Names : |
“SAFE” |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
946 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : SHORT-TERM
BORROWINGS Details of Guarantees, Important terms and
conditions 1. (From Bankers under Consortium Arrangement Secured against hypothecation of Company’s Stocks, Book Debts and other current assets and First charge over Fixed Assets of the company and Personal guarantees of directors namely Sh. Manish Goel, Sh. Mukesh Kumar Gupta their relative Sh. Vishal Goel and Corporate Guarantee of M/s Shilpi Communication Private Limited, Shilpi Cables Private Limited and MVM Impex Private Limited. 2. Securities Details (i) Equitable Mortgage of property at E-138, Bhiwadi, Rajasthan, measuring 4001 sq. mtr (belonging to Shilpi Cables Private Limited) (ii) Pledge of 33.500 Million shares of SCTL from Shilpi Communications P Limited on first pari passu basis (iii) Equitable Mortgage of Property situated at MCD No. 269, Khasra No. 358, AALI INDL Complex Mathura Road, Delhi measuring approximately 300 Sq yards in the name of Sh. Mukesh Kumar Gupta (iv) Equitable Mortgage of Property situated at MCD No. 268, Khasra No. 358, AALI INDL Complex Mathura Road, Delhi measuring approximately 324 Sq. yards in the name of Sh. Vishal Goel
(Equitable Mortgage of property situated at D- 1112, New Friends Colony measuring approximately 382.50 Sq. yards in the name of Sh. Vishal Goel (vi) Equitable Mortgage of property at MCD No. 21, Khasra No. 358, Aali Indl Complex, Mathura Road, Delhi measuring approximately 167 sq. yard in the name of Sh. Mukesh Kumar Gupta (b) Reporting of Default, if any: There is TOD/ LC Overdue of INR 954.200 Million, in repayment of the above loans as on 31st March, 2017 |
|
Statutory Auditors : |
|
|
Name : |
RMA and Associates Chartered Accountants |
|
Address : |
48, Hasanpur, I. P. Extension, Delhi – 110092, India |
|
Tel. No.: |
91-11-45261214 / 43465985 |
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Fax No.: |
91-11-22248165 |
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E-Mail : |
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Website : |
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Cost Auditors : |
|
|
Name : |
MM and Associates Cost Accountants |
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Address : |
10D, Sector – 7, Pocket – 1, Dwarka, New Delhi – 110075, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates Companies : |
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Subsidiaries Companies : |
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Joint Venture Companies : |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
INR 10/- each |
INR 1250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110632272 |
Equity Shares |
INR 10/- each |
INR 1106.323 Million |
|
|
|
|
|
Reconciliation of number of equity shares
outstanding at the beginning and at end of the year
|
Particulars |
As at 31.03.2017 |
|
Number of shares outstanding as at beginning of the year |
110632272 |
|
|
|
|
Number of shares outstanding as at end of the year |
110632272 |
Sub Note:
(i) During the year 15000000 convertible warrants were issued by the Company on preferential allotment basis pursuant to the applicable provisions of the Companies Act 2013 and the SEBI (ICDR) Regulations 2009. Out of 15000000 convertible warrants 8000000 warrants have been converted into equity shares of INR 10 each at a premium of INR 50 per share on 28.03.2016 and at the close of the financial year there are 7000000 convertible warrants pending for conversion. Further there are no other securities or any other instrument pending in the Company which may be converted into equity shares.
Shares in the company
held by each shareholder holding more than 5% shares
|
Name of
Shareholder |
As On 31.03.2017 |
|
|
Number
of Shares |
% holding |
|
|
Shilpi Communication Private Limited |
33500000 |
30.28% |
|
Shilpi Cables Private Limited |
12000000 |
10.85% |
|
Trustee of SCTL Securities Trust(Anand Gupta) |
10434748 |
9.43% |
|
Global Focus Fund |
10082000 |
9.11% |
|
Emerging Market Opportunities Fund |
8470099 |
7.66% |
Sub Notes:
(i) 2300000 equity shares held by Shilpi Cables Private Limited are locked in upto 28.04.2018
(ii) 1700000 equity shares held by Shilpi Cables Private Limited are locked in upto 21.05.2018
(iii) 8000000 equity shares held by Shilpi Cables Private Limited are locked in upto 12.05.2019
(iv) The Company has only one class of equity shares having a par value of INR 10 per share. Each holder of the equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed, if any, by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year 2016-17, in AGM held on 30.09.2016, dividend of INR 1 per fully paid up equity share declared and paid to equity share holders.
(v) The Company has set up a Trust (SCTL Securities Trust) as directed by Delhi High Court at the time of merger Shilpi Cabletronics Limited. With Shilpi Cable Technologies Limited in the sole benefit of the Shilpi Cable Technologies Limited.
(vi) The shareholders in the Annual General meeting of the Company held on 30th September, 2014 had approved an Employees Stock Option Scheme. The scheme has been framed and necessary in-principle approval of the stock exchanges has been obtained on the Scheme. Further, NRC committee of the Board had approved and granted 436826 Stock Options to the Eligible Employees under Shilpi Employees Stock Option Scheme 2014. As at the end of the financial year (2016-2017) 159163 exercisable Stock Option are exist.
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 |
1106.323 |
1106.323 |
1026.323 |
|
(b) Reserves &
Surplus |
(4524.597) |
2519.025 |
1709.900 |
|
(c) Money received
against share warrants |
105.000 |
105.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
(3313.274) |
3730.348 |
2736.223 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1279.443 |
428.463 |
368.165 |
|
(b) Deferred tax
liabilities (Net) |
149.225 |
134.755 |
129.414 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
14.206 |
14.463 |
9.420 |
|
Total Non-current
Liabilities (3) |
1442.874 |
577.681 |
506.999 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3678.521 |
1934.865 |
1631.52 |
|
(b) Trade payables |
14155.578 |
11034.662 |
3846.213 |
|
(c) Other current
liabilities |
2349.831 |
2655.736 |
93.691 |
|
(d) Short-term provisions |
53.645 |
0.703 |
169.051 |
|
Total Current Liabilities
(4) |
20237.575 |
15625.966 |
5740.475 |
|
|
|
|
|
|
TOTAL |
18367.175 |
19933.995 |
8983.697 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1271.958 |
1065.219 |
1024.433 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
6.820 |
121.725 |
48.875 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
4.311 |
|
(b) Non-current Investments |
149.374 |
149.374 |
149.374 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1293.903 |
415.591 |
84.818 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2722.055 |
1751.909 |
1311.811 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1321.886 |
2160.620 |
1728.020 |
|
(c) Trade receivables |
10922.769 |
8494.094 |
4640.735 |
|
(d) Cash and cash
equivalents |
601.930 |
852.969 |
598.731 |
|
(e) Short-term loans and
advances |
3.132 |
1.019 |
1.238 |
|
(f) Other current assets |
2795.403 |
6673.384 |
703.162 |
|
Total Current Assets |
15645.120 |
18182.086 |
7671.886 |
|
|
|
|
|
|
TOTAL |
18367.175 |
19933.995 |
8983.697 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
20044.292 |
19058.113 |
14076.779 |
|
|
Other Income |
143.273 |
36.696 |
39.382 |
|
|
TOTAL |
20187.565 |
19094.809 |
14116.161 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4232.165 |
3281.295 |
12449.015 |
|
|
Purchases of
Stock-in-Trade |
15738.404 |
13259.546 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(89.417) |
(205.027) |
(303.737) |
|
|
Employees benefits
expense |
312.831 |
337.971 |
254.761 |
|
|
Prior Period Expense |
4.404 |
0.000 |
0.000 |
|
|
Other expenses |
5855.550 |
713.042 |
490.045 |
|
|
TOTAL |
26053.937 |
17386.827 |
12890.084 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(5866.372) |
1707.982 |
1226.077 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
864.757 |
740.138 |
616.259 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(6731.129) |
967.844 |
609.818 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
108.284 |
97.993 |
83.629 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(6839.413) |
869.851 |
526.189 |
|
|
|
|
|
|
|
Less |
TAX |
14.470 |
306.815 |
176.363 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(6853.883) |
563.036 |
349.826 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
401.107 |
2041.950 |
618.375 |
|
|
Others |
84.080 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
485.187 |
2041.950 |
618.375 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
8454.137 |
9515.220 |
7573.625 |
|
|
Capital Goods |
108.280 |
22.138 |
18.501 |
|
|
TOTAL IMPORTS |
8562.417 |
9537.358 |
7592.126 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(61.95) |
5.48 |
3.54 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
58.921 |
59.628 |
40.244 |
|
from operations |
(922.176) |
871.662 |
386.751 |
|
Net cash flow from operating activity |
(927.647) |
663.439 |
246.754 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
|
Net Sales |
2202.260 |
720.820 |
|
Total Expenditure |
3344.070 |
1722.760 |
|
PBIDT (Excl OI) |
(1141.810) |
(1001.940) |
|
Other Income |
14.920 |
90.010 |
|
Operating Profit |
(1126.890) |
(911.930) |
|
Interest |
128.720 |
227.010 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
(1255.610) |
(1138.940) |
|
Depreciation |
29.580 |
29.700 |
|
Profit Before Tax |
(1285.190) |
(1168.640) |
|
Tax |
(15.630) |
(133.600) |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
(1269.560) |
(1035.040) |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
(1269.560) |
(1035.040) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
198.90 |
162.68 |
120.33 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.84 |
2.24 |
3.03 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
258.72 |
243.50 |
112.77 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
(4.44) |
0.79 |
0.71 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(4.59) |
1.44 |
1.14 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.17 |
0.81 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(1.51) |
0.65 |
0.75 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(6.11) |
4.19 |
2.10 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(0.39) |
0.32 |
0.39 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(6.78) |
2.31 |
1.99 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
(34.19) |
2.95 |
2.49 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(37.32) |
2.82 |
3.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
206.86 |
15.09 |
12.78 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.77 |
1.16 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.71 |
1.03 |
1.04 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.18) |
0.19 |
0.30 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
4.53 |
2.19 |
1.99 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.77 |
1.16 |
1.34 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- each |
|
Market Value |
INR 11.40/- each |
FINANCIAL ANALYSIS
[all figures are
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 |
1026.323 |
1106.323 |
1106.323 |
|
Reserves & Surplus |
1709.900 |
2519.025 |
(4524.597) |
|
Money received against share
warrants |
0.000 |
105.000 |
105.000 |
|
Net
worth |
2736.223 |
3730.348 |
(3313.274) |
|
|
|
|
|
|
Long Term borrowings |
368.165 |
428.463 |
1279.443 |
|
Short Term borrowings |
1631.520 |
1934.865 |
3678.521 |
|
Current Maturities of Long term debt |
40.244 |
59.628 |
58.921 |
|
Total
borrowings |
2039.929 |
2422.956 |
5016.885 |
|
Debt/Equity
ratio |
0.746 |
0.668 |
(1.468) |
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
|
14076.779 |
19058.113 |
20044.292 |
|
|
|
35.387 |
5.175 |
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
|
14076.779 |
19058.113 |
20044.292 |
|
Profit
/ (Loss) |
349.826 |
563.036 |
(6853.883) |
|
|
2.49% |
2.95% |
(34.19%) |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1106.323 |
1106.323 |
|
(b) Reserves &
Surplus |
|
(2497.894) |
6186.211 |
|
(c) Money received
against share warrants |
|
18.963 |
25.242 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
105.000 |
105.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
(1267.608) |
7422.776 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2647.570 |
2542.574 |
|
(b) Deferred tax liabilities
(Net) |
|
149.225 |
134.755 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
17.103 |
16.778 |
|
Total Non-current
Liabilities (3) |
|
2813.898 |
2694.107 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
5462.255 |
2945.119 |
|
(b) Trade payables |
|
18509.303 |
7241.952 |
|
(c) Other current
liabilities |
|
3471.082 |
1581.812 |
|
(d) Short-term provisions |
|
65.710 |
1.829 |
|
Total Current Liabilities
(4) |
|
27508.350 |
11770.712 |
|
|
|
|
|
|
TOTAL |
|
29054.640 |
21887.595 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1392.792 |
1186.931 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
6.820 |
121.726 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
142.483 |
142.853 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1385.728 |
1293.710 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
2927.823 |
2745.220 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1574.045 |
2653.147 |
|
(c) Trade receivables |
|
18463.954 |
13228.912 |
|
(d) Cash and cash
equivalents |
|
1004.088 |
1408.432 |
|
(e) Short-term loans and
advances |
|
498.712 |
350.448 |
|
(f) Other current assets |
|
4586.018 |
1501.436 |
|
Total Current Assets |
|
26126.817 |
19142.375 |
|
|
|
|
|
|
TOTAL |
|
29054.640 |
21887.595 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
38338.853 |
38955.31 |
|
|
Other Income |
|
65.966 |
44.335 |
|
|
TOTAL |
|
38404.819 |
38999.645 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
21782.969 |
21558.724 |
|
|
Purchases of
Stock-in-Trade |
|
15738.404 |
13259.546 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(89.417) |
(205.027 |
|
|
Employees benefits
expense |
|
427.475 |
432.654 |
|
|
Prior Period items |
|
4.404 |
0.000 |
|
|
Other expenses |
|
7671.279 |
829.518 |
|
|
TOTAL |
|
45535.114 |
35875.415 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
(7130.295) |
3124.230 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
1088.705 |
1046.74 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(8219.000) |
2077.490 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
115.146 |
105.265 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(8334.146) |
1972.225 |
|
|
|
|
|
|
|
Less |
TAX |
|
14.470 |
315.807 |
|
|
|
|
|
|
|
|
PROFIT (LOSS) FOR THE PERIOD BEFORE MINORITY INTEREST / OTHERS |
|
(8348.616) |
1656.418 |
|
|
|
|
|
|
|
|
Minority Interest |
|
(5.244) |
21.635 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(75.46) |
15.92 |
LEGAL
CASE
|
$~C~21 * IN THE HIGH COURT OF DELHI AT NEW DELHI + O.M.P.(I) (COMM.) 429/2017 HERO FINCORP LIMITED ..... Petitioner
Through: Mr. Astha and Mr. Divij Kumar, Advs. versus SHILPI CABLE TECHNOLOGIES LIMITED AND ORS. .....Respondents Through: Mr. Sumit K. Batra, Adv. For R-1 CORAM: HON'BLE MR. JUSTICE
YOGESH KHANNA O R D E R %
11.01.2018 It is submitted that since respondent No. 1 company has gone into liquidation, the proceeding cannot even against the guarantors. List on 23rd April, 2018.
YOGESH KHANNA, J JANUARY 11, 2018 VLD |
|
$~C~18 * IN THE HIGH COURT OF DELHI AT NEW DELHI + CO.PET. 78/2015 CREDIT SUISSE AG .....Petitioner Versus SHILPI CABLE TECHNOLOGIES LIMITED AND ORS. .....Respondents Through: None CORAM: HON'BLE MR. JUSTICE
YOGESH KHANNA O R D E R 16.10.2017 % CA No.1675/2017 Learned counsel for the petitioner says that the affidavit dated 13th September, 2017 was though filed in the registry on 15th September, 2017 was not placed on record and as such the permission is sought to bring the same on record. The registry to place it on record. The application is disposed of. YOGESH KHANNA, J OCTOBER 16, 2017 VLD |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
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 |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The company being a company incorporated under the provisions of the Companies Act, 1956, and having its registered office at A-19/B-1 Extension, Mohan Co-operative Industrial Estate, Mathura Road, New Delhi-110 044.The Company was initially incorporated under the provisions of the Companies Act, 1956, as a public limited company with the name and style of Rosenberger Shilpi Cable Technologies Ltd vide Certificate of Incorporation No. (CIN) U 64201 DL 2006 PLC 150753 dated 9th July, 2006 issued by the Registrar of Companies, NCT of Delhi and Haryana. The Company obtained Certificate for Commencement of Business on 13th July, 2006. Name of the Company was changed to its present name-‘Shilpi Cable Technologies Ltd’ vide fresh Certificate of Incorporation dated 21st October, 2008 issued by the ROC, NCT of Delhi and Haryana.The company is carrying on the business of manufacturing of Cables, wires, copper rod and Accessories and trading of copper, wires, and accessories used in Telecom, Automobile, Consumer Durables and selling of wires, MCBs, Switches etc. through distributor under its Brand Name SAFE.
COMPANY PERFORMANCE
The Company’s revenue during the year are INR 20187.565 Million as compared to revenue of INR 19094.809 Million in the previous year. The Company’s loss before tax is INR 6839.413 Million during the year as compared to profit of INR 869.851 Million in the previous year. The Company incurred a loss of INR 6853.883 Million as against a net profit of INR 563.036 Million in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Industry Overview
India has emerged as the fastest growing economy in the world as per the Central Statistics Organization (CSO) and International Monetary Fund (IMF). The Government of India has forecasted that the Indian economy will grow by 7.1% in FY 2016-17. As per the Economic survey 2016-17, the Indian economy should grow between 6.75% and 7.5% in FY 2017-18. India has retained its position as the third largest startup based in the world with over 4,750 technology startups, with about 1400 new start-ups being founded in 2016, according to a report by NASSCOM. The Government of India announced demonetization of High denomination bank notes of INR 1000 and ` 500 with effect on November 8, 2016, in order to eliminate black money and to tackle the growing menace of fake Indian Currency notes, thereby creating opportunities for improvement in economic growth. By passing the risk of slowdown due to demonetization, the Indian economy is estimated to have grown rate at 7.1% in Financial Year 2016-17 according to CSO. However this growth would be still be lower compared with the impressive 7.9% growth rate in FY 2015-16.The Indian economy is expected to embark on a higher economic growth trajectory in FY 2017-18 owing to many proactive measures taken by the government, complimented by favorable economic conditions expected to prevail during the course of the year. The economy is expected to grow at 7.5% in FY 2017-18 on the back of increased agricultural production, owing to prediction of near normal monsoons this fiscal, increased government spending in infrastructure, expected surge in consumer spending with pent up demand being satiated and implementation of the Goods and Services Tax (GST). Besides, Government has also come up with Digital India Initiative, which focuses on three core components: creation of digital infrastructure, delivering services digitally and to increase the digital literacy.
Future prospects
The key drivers of business growth are identified as:
1. To leverage our world class manufacturing facility for energy cables in the telecom sector which uses these
cables for their network rollouts.
2. To maximize sale of RF cables in rollouts, IBS segment, Jumper business.
3. Company is aiming at maximum utilization of enhanced capacities created in the previous year.
4. To explore alternate energy sector for energy cables.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Debentures |
|
|
|
13.05 % Debentures (1080 nos. of INR 0.100 Million each) Unsecured, Unlisted, redeemable and non convertible |
108.000 |
0.000 |
|
2% Debenture 124 nos. of INR 1.000 Million each has been repaid) Unsecured, Unlisted, redeemable and non convertible |
0.000 |
124.000 |
|
Loan and advances
from Others |
|
|
|
Unsecured loans from Corporates and others |
1037.680 |
201.300 |
|
|
|
|
|
Total |
1145.680 |
325.300 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Amount |
Address |
|
1 |
G43931187 |
100097698 |
CANARA BANK |
04/05/2017 |
35000000.0 |
74, Janpath, New Delhi-110001, India |
|
2 |
G41532904 |
100091318 |
Bank of India |
22/03/2017 |
300000000.0 |
10th Floor, Chanderlok Building 36, Janpath, New Delhi-110001, India |
|
3 |
G33632696 |
100072760 |
Bank of India |
02/01/2017 |
100000000.0 |
10th Floor, Chanderlok Building 36, Janpath, New Delhi-110001, India |
|
4 |
G33700717 |
100072901 |
Syndicate Bank |
31/12/2016 |
100000000.0 |
Vasant Vihar, New Delhi-110057, India |
|
5 |
G17507468 |
100056361 |
IDBI Bank Limited |
20/10/2016 |
400000000.0 |
Indian Red Cross Society Building, 3rd Floor 1, Red Cross Road, New Delhi-110001, India |
|
6 |
G32376808 |
100072907 |
PUNJAB NATIONAL BANK |
07/10/2016 |
50000000.0 |
SME, 372 FIE, Industrial Area, Patparganj, Delhi-110092, India |
|
7 |
G18846626 |
100057095 |
Indian Bank |
30/09/2016 |
38000000.0 |
New Delhi Main Branch G-41, Connaught Circus, New Delhi-110001, India |
|
8 |
G46402368 |
100106010 |
HERO FINCORP LIMITED |
24/09/2016 |
250000000.0 |
34, Community Centre, Basant Lokvasant Vihar, New Delhi-110057, India |
|
9 |
G05539697 |
100032443 |
State Bank of Hyderabad |
14/06/2016 |
250000000.0 |
Commercial Branch, 74 Janpath, Connaught Place, New Delhi-110001, India |
|
10 |
C81216111 |
10624896 |
SIEMENS FINANCIAL SERVICES PRIVATE LIMITED |
29/02/2016 |
33000000.0 |
Branch office-Ground Floor, Tower B, JIL Building, Plot No 78, Near SBI Academy, Sector 18, Gurugram-122015, Haryana, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Export Obligation against EPCG/Advance License |
169.382 |
169.382 |
|
Claims against the company not acknowledged as debts |
333.257 |
341.217 |
|
Claims against the company Vat Credit disallowed by Sales Tax Dptt. Not acknowledged as liability by the company |
9446.027 |
0.000 |
|
Guarantees |
|
|
|
Bank Guarantees (For EPCG and Performance and others) |
22.775 |
99.150 |
|
Corporate Guarantees (For O/s WC loans to Subsidiary / JV Companies) |
5967.948 |
6286.100 |
Sub Note: the net exposure against corpoorate guarantees given by the company to subsidies/JV Companies is INR 4072.576 Million.
During July 2017, the company has received a Sales Tax demand of INR 9446.027 Million pertaining to F.Y. 2011-12, 2012-13,2013-14 2014-15 and 2015-16 from Office of the Commercial Taxes Officer, Anti evasion department, Jaipur which has been disclosed as contingent liability. The company is in appeal before Appellate Authority, Commercial Taxes Department, Alwar (Rajasthan). The TRA bank account with IDBI bank of the company has been frozen by the Sales Tax Authority. The company has relied upon settled judgement and is of the opinion that there would not be any liability.
FIXED ASSETS
- Land
- Factory
Building
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipment
- Computer and
Accessories
- Vehicles
- Computer
Software
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER, 2017
(INR
in Million)
|
|
|
Particulars |
30.09.2017 (Quarter Ended) |
30.06.2017 (Quarter Ended) |
30.09.2017 (Half Year Ended) |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
720.822 |
2202.264 |
2923.086 |
|
|
|
b) Other Operating Income |
90.009 |
14.924 |
104.933 |
|
|
Total Income from
Operations (Net) |
810.831 |
2217.188 |
3028.019 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
50.017 |
290.347 |
340.364 |
|
|
b) |
Purchase of Stock-in-trade |
0.000 |
1644.998 |
1644.998 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
507.934 |
261.674 |
769.608 |
|
|
d) |
Employee benefit expenses |
33.660 |
51.865 |
85.525 |
|
|
e) |
Finance Costs |
227.006 |
128.722 |
355.728 |
|
|
f) |
Depreciation and amortization expense |
29.703 |
29.575 |
39.279 |
|
|
g) |
Excise duty on sales |
0.000 |
98.197 |
98.197 |
|
|
h) |
Other expenses |
1131.150 |
996.340 |
2127.490 |
|
|
i) |
Exceptional items |
0.000 |
0.655 |
0.655 |
|
|
Total Expenses |
1979.470 |
3502.373 |
5461.844 |
|
|
|
|
|
|
|
|
|
3 |
Profit before Tax |
(1168.640) |
(1285.185) |
(2453.825) |
|
|
4 |
Tax Expense |
(133.595) |
(15.630) |
(149.225) |
|
|
5 |
Net Profit for the period
after tax |
(1035.045) |
(1269.555) |
(2304.600) |
|
|
|
|
|
|
|
|
|
6 |
Other Comprehensive Income |
|
|
|
|
|
|
Remeasurement
of defined benefit plans |
4.030 |
0.230 |
4.260 |
|
|
|
Items that will be reclassified to profit and loss |
77.084 |
(10.130) |
66.954 |
|
|
|
Other Comprehensive Income |
81.114 |
(9.900) |
71.214 |
|
|
|
|
|
|
|
|
|
|
Total
Comprehensive Income |
(953.931) |
(1279.455) |
(2233.386) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
(8.62) |
(11.56) |
(20.19) |
|
STATEMENT OF ASSETS AND LIABILITIES
(INR
in Million)
|
SOURCES
OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
(Unaudited) |
|
|
|
|
|
Non-Current Assets |
|
|
|
|
(a) Property, Plant and Equipment
|
|
|
1230.650 |
|
(b) Capital Work-in-progress |
|
|
14.184 |
|
(c) Investment property |
|
|
15.546 |
|
(d) Financial Assets |
|
|
|
|
(i)
Investment |
|
|
0.040 |
|
(ii)
Loans |
|
|
0.000 |
|
(iii)
Other
Financial Assets |
|
|
0.724 |
|
(e) Other Non-Current Assets |
|
|
7.958 |
|
|
|
|
|
|
Total
Non- Current Assets |
|
|
1269.102 |
|
|
|
|
|
|
Current
Assets |
|
|
|
|
(a) Inventories |
|
|
608.991 |
|
(b) Financial Assets |
|
|
|
|
(i)
Trade Receivables |
|
|
9037.533 |
|
(ii)
Cash and cash equivalents |
|
|
34.575 |
|
(iii)
Bank Balance other than (ii) above |
|
|
0.389 |
|
(iv)
Other Financial Assets |
|
|
1290.004 |
|
(c) Other Current Assets |
|
|
1597.079 |
|
Total
Current Assets |
|
|
12568.571 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
13837.673 |
|
|
|
|
|
|
(B)
EQUITY AND LIABILITIES |
|
|
|
|
1
EQUITY |
|
|
|
|
(a)
Equity Share Capital |
|
|
1106.323 |
|
(b)
Other Equity |
|
|
(6656.117) |
|
Total
Equity |
|
|
(5549.794) |
|
|
|
|
|
|
2.
Non-current Liabilities |
|
|
|
|
(a) Financial Liabilities |
|
|
|
|
(i)
Borrowing |
|
|
108.000 |
|
(b) Provisions |
|
|
9.767 |
|
|
|
|
|
|
Total
Non-current Liabilities |
|
|
117.767 |
|
|
|
|
|
|
2.Current
Liabilities |
|
|
|
|
|
|
|
|
|
(a) Financial Liabilities |
|
|
|
|
(i) Borrowing |
|
|
10352.175 |
|
(ii) Trade payables |
|
|
8099.386 |
|
(b) Other Current Liabilities |
|
|
818.139 |
|
|
|
|
|
|
Total
Current Liabilities |
|
|
19269.700 |
|
|
|
|
|
|
TOTAL
EQUITY AND LIABILITIES |
|
|
13837.673 |
1. The above financial results have been reviewed by the Audit Committee and were approved by the Board of Director at their meeting held on 25th December, 2017.
2. The Company has adopted Indian Accounting Standards (Ind-AS) with the transition date of 01st April, 2017. Accordingly, the financial results for quarter and half year ended 30th September, 2017 have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 "Interim Financial Reporting" prescribed under Section 133 of the Companies Act 2013 read with the relevant rules thereunder and in terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular dated 05th July, 2016.
3. The statutory auditors have carried out a limited review of the results for
the quarter and half year ended 30th September, 2017. The Ind- AS compliant
corresponding figures of quarter and half year ended 30th September, 2016 have
not been subjected to limited review or audit by the Statutory Auditors. The
Company has exercised necessary due diligence to ensure that standalone
financial results provide a true and fair view of its affairs.
4. The statement does not includes Ind AS compliant results for the preceding
quarter and previous year ended 31st March, 2017 as the same is not mandatory
as per SEBI's circular dated 5th July, 2016.
5. The format for the unaudited quarterly results as prescribed in SEBI's Circular No. CIR/CFD/CMD/15/2015 dated 30th November 2015 has been modified to comply with the requirements of SEBI's Circular No. CIR/CFD/FAC/62/2016 dated 5th July, 2016, Ind AS and Schedule III to the companies Act, 2013 applicable to the company that is required to comply with Ind AS.
6. As the Company has a single reportable segment, the segment wise disclosure requirement of Ind AS 108 on Operating Segment is not applicable to it.
7. The above financial results will be available on the Company website and stock exchange's websites.
8. Previous period figure been regrouped / rearranged wherever necessary, to make them comparable.
9. Insolvency proceedings against the company
(i) Pursuant to the order dated May 24, 2017, passed by
Hon'bIe National Company Law Tribunal, the Corporate Insolvency Resolution
Process had been initiated in respect of the company on an application filed by
Macquaric bank Limited, an operational creditor under section 9 of the
Insolvency and Bankruptcy Code, 2016 (IBC, 2016)
(ii) The Company filed an appeal before NCLAT against the above cited NCLT
orders. The learned NCLAT allowed the appeal and the orders of NCLT dated
24.05.2017 were set aside. during the intervening period Ms. Rita Gupta was
appointed as IRP who took control of the affairs of the company including
banking between the period from 13.07.2017 to 01.08.2017. After setting aside
of NCLT orders independent functioning of the company through the board of
directors was restored.
(iii) Macquaric Bank Limited further filed an appeal in Supreme Court against the above cited NCLAT order and Hon'ble Supreme has pronounced Order on 15.12.2017 setting aside the NCLAT order.
(iv) Among other developments the following creditors have also moved to NCLT under section 7 & 9 of Insolvency and Bankruptcy code, 2016.
(a) M/s Sonarg Plastics Private Limited (operational creditor).
(b) M/s Rainbow Digital Services Private Limited -'Rainbow' (financial creditor).
(c) M/s Jain Sons Finlease Limited (financial creditor).
(d) M/s American Express Banking Corp (financial creditor).
(e) M/S BDR Builders and Developers Private Limited (financial creditor).
Principal Bench, NCLT New Delhi has on 19-12-2017 ordered
all the above matters to be listed for further hearing on 24-01-2018 mentioning
that IRP against the corporate debtor (the Company) has already been appointed
and by the intervention of the Hon'ble Supreme Court, the appointment of the
Resolution Professional will revive.
The management is hopeful that the operations of the company would continue for
atleast one year and the financial statement have been prepared on going
concern basic.
PRESS RELEASE
India: Macquarie Bank Limited vs. Shilpi Cable
Technologies
January 15, 2018
Facts of the Case
The Corporate Debtor/Respondent (Uttam Galva Metallics) defaulted in the payment to the Operational Creditor/Appellant (Macquarie Bank) amounting to USD 6,321,337 equivalent to Rs. 43,11,15,190. Although repeated reminders as to the payment of the debt via emails were made, but such communications could not influence the Debtor to make the payment, pursuant to which a Statutory Notice was sent by the Appellant under Section 433 and 434 of the Companies Act. The reply to such notice denied the existence of any such outstanding debt on the part of the Respondent. After, the Insolvency and Bankruptcy Code was enacted in 2016, the Appellant furnished a Demand Notice to the Corporate Debtor under Section 8 of the Code. The Respondent replied to the notice saying that there existed no outstanding default on its part and simultaneously, also questioned the validity of the Purchase Agreement. The Appellants approached the National Company Law Tribunal and applied for the initiation of the Corporate Insolvency Resolution Process.
India: Macquarie Bank Limited vs. Shilpi Cable
Technologies Limited
January 23, 2018
FACTS
Hamera International Private Limited executed an agreement with, Macquarie Bank Limited, Singapore (hereinafter called ‘appellant’), where the appellant purchased the original supplier's right, title and interest in a supply agreement in favour of Shilpi Cable Technologies (hereinafter referred to as the “respondent”).
Appellant had issued two invoices against the respondent for payment of the amount due, wherein term of payment was stated as 150 days from the date of bill of ladings. Upon the amounts becoming due for payment the appellant sent an email demanding payment of such amounts. On receiving a denial from any such default in payment the Appellant issued a statutory notice under Section 433 and Section 434of the Companies Act 1956 (as applicable that time) to the respondent to retrieve the outstanding amount.
Further the appellant also issued a demand notice under the Insolvency and Bankruptcy Code 2016(hereinafter called ‘the Code’) under Section 8 of the Code at the registered office of the Respondent, calling upon it to pay the outstanding amount. Through reply, the contesting Respondent stated that nothing was owed by them to the Appellant and further went on to question the validity of the purchase agreement in favour of the appellant. Thus the Appellant initiated insolvency proceedings by filing a petition Under Section 9 of the Code.
Judgement appealed
The National Company Law Tribunal (hereinafter called ‘NCLT’) rejected the petition holding that Section9(3) (c) of the Code was not complied with as the certificate required to accompany application under Section 9 was omitted. It therefore dismissed the application for non-compliance of mandatory provision as laid under Section 9 (3) (c) of the Code. The NCLT also acknowledged the dispute raised by the reply to the statutory notice sent under Sections 433 and 434 of the Companies Act, 1956 and therefore, under Section 9(5) (ii) (d), the application would have to be dismissed. The National Company Law Appellate Tribunal (hereinafter referred as ‘NCLAT’) reaffirmed and upheld the grounds of dismissal as held by NCLT. NCLAT further held that an advocate/lawyer cannot issue a notice under Section 8 on behalf of the operational creditor
Ratio Decidendi
i.Section 9 (3) (c)
mandatory or directory
Supreme Court has relied on the recent judgement of Mobilox Innovations Private Limited v. Kirusa Software Private Limited [1] Civil Appeal No. 9405 of 2017, to answer the first question raised in this case that whether Section 9(1) contains the conditions precedent for initiating the Code insofar as an operational creditor is concerned. The components required to invoke the Code are:
i. Existence of default in payment;
ii. Delivery of a demand notice for an unpaid operational debt or invoice demanding payment of the amount of payment; and
iii. The fact that the operational creditor has not received payment from the corporate debtor within a period of 10 days of receipt of the demand notice or copy of invoice demanding payment, or received a reply from the corporate debtor which does not indicate the existence of a pre-existing dispute or repayment of the unpaid operational debt.
A copy of the invoice demanding payment or demand notice delivered by the operational creditor to the corporate debtor has to be mandatory furnished by joint reading of Sections 8 and 9(1) of the Code.
Further the court held that sub-clause (c) of Section 9(3), reads that the requirement for a copy of operational creditors financial account is certainly not a condition precedent for bringing the insolvency machinery in motion under this Code. Further the honorable court held that Section 9(3) (c) would have to be construed as being directory in nature as otherwise it would amount to a situation wherein serious general inconvenience would be caused to innocent persons, such as caused to the Appellant herein, without very much furthering the object of the Act, as has been held in the case State of Haryana v.Raghubir Dayal 1995 SCC (1) 133, 1994 SCALE
(4)1084.
ii.Authorized Agent
As the second point is concerned, Section 8 of the Code speaks of an operational creditor delivering a demand notice. In Forms 3 and 5 the signature of the person "authorized to act" on behalf of the operational creditor must be added to both the demand notice as well as the application under Section 9 of the Code. Further both forms require authorized agent to state his position with or in relation to the operational creditor. A position with the operational creditor would perhaps be a position in the company or firm of the operational creditor, but the expression "in relation to" is significant. It is a very wide expression, as has been held in Renusagar Power Co. Ltd. v. General Electric Co., and State of Karnataka v. Azad Coach Builders (P) Ltd, (1984) 4 SCC 679 at 704 which specifically includes a position which is outside or indirectly related to the operational creditor. It is clear, therefore, that both the expression "authorized to act" and "position in relation to the operational creditor" go to show that an authorized agent or a lawyer acting on behalf of his client is included within the aforesaid expression.
iii. Harmonious
construction between Advocates Act,1961 and the code
The overriding clause contained in Section 238 of the Code will not override the Advocates Act, 1961(hereinafter referred to as ‘the Advocates Act’) as there is no inconsistency between Section 9, read with the Adjudicating Authority Rules and Forms. The court relied on Balchand Jain v. State of M.P. (1976) 4 SCC 572 to answer upon the overriding effect of the non obstante clause.
The court held that, “there should be a clear inconsistency between the two enactments before giving an overriding effect to the non-obstante Clause but when the scope of the provisions of an earlier enactment is clear the same cannot be cut down by recourse to non-obstante clause. Harmonious interpretation, it is clear that both the statutes must be read together. Section 30 of the Advocates Act deals with the right of advocates to practice which is in consonance with Article 19(1) (g) of the Constitution. Therefore, a conjoint reading of Section 30 of the Advocates Act and Sections 8 and 9 of the Code together with the Adjudicatory Authority Rules and Forms thereunder would yield the result that a notice sent on behalf of an operational creditor by a lawyer would not be out of order”.
Conclusion: Since the Code is in its natal stage, this particular judgment has become a landmark event as it has provided clarity as to the directory nature rather than mandatory nature of Section (9) (c) as well as to what is inclusive under the head of authorized person for serving a demand notice.
Insolvency petition filed against Shilpi Cable
Technologies
November 09, 2017
A petition has been filed against the company by BDR Builders and Developers Private Limited under section 7 of the Insolvency and Bankruptcy Code, 2016 before the National Company Law Tribunal, Principal Bench, New Delhi.
A petition has been filed against the company by BDR
Builders and Developers Private Limited under section 7 of the Insolvency and
Bankruptcy Code, 2016 before the National Company Law Tribunal, Principal
Bench, New Delhi.
A notice has been issued to the company and directions have been issued to file
a reply on November 7, 2017. The hearing in this matter is posted on November
30, 2017.
A petition was also filed by American Express Bank against the company under IBC, 2016, the same was listed for hearing on November 8, 2017. The company has been issued notice to file its response. The hearing in this matter is posted on November 30, 2017.
Rajasthan VAT Department had created a demand of Sales Tax against the company of INR 9440.000 Million which has been shown as a contingent liability in the balance sheet of the company. The company had challenged the demand before the competent authority and the appeals filed by the company have been allowed vide order dated October 26, 2017 which was received by the company on November 7, 2017. The matter has been remanded back to the adjudicating authority for fresh adjudication by taking on record the documents and in possession of the company.
The stock is locked at a lower circuit price of INR 15.55, down by 4.89% or INR 0.80 on NSE at 9.30 am.
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 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 63.64 |
|
|
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.