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Paramount Communications Ltd.

BSE: 530555 Sector: Engineering
NSE: PARACABLES ISIN Code: INE074B01023
BSE LIVE 15:53 | 13 Dec 13.84 0.65
(4.93%)
OPEN

13.65

HIGH

13.84

LOW

13.31

NSE 15:29 | 13 Dec 13.85 0.65
(4.92%)
OPEN

13.70

HIGH

13.85

LOW

13.25

OPEN 13.65
PREVIOUS CLOSE 13.19
VOLUME 64942
52-Week high 13.84
52-Week low 2.66
P/E
Mkt Cap.(Rs cr) 198
Buy Price 13.84
Buy Qty 66542.00
Sell Price 0.00
Sell Qty 0.00
OPEN 13.65
CLOSE 13.19
VOLUME 64942
52-Week high 13.84
52-Week low 2.66
P/E
Mkt Cap.(Rs cr) 198
Buy Price 13.84
Buy Qty 66542.00
Sell Price 0.00
Sell Qty 0.00

Paramount Communications Ltd. (PARACABLES) - Company History

Paramount Communications Ltd, a part of the Paramount group of companies, is one of leading cable manufacturing companies in India. The company is engaged in manufacturing power and communication cables. They provide complete cabling solutions to almost all the sectors of the economy, such as power, telecom and information technology, railways, petrochemicals and industrial sector. The company has two manufacturing units located at Dharuhera in Haryana and Khushkhera in Rajasthan. The company offers power cables, including high tension power cables, low tension power cables, aerial bunch cables, control and instrumentation cables, thermocouple extension and compensating cables, and battery and energy cables. They also offer railway cables, including underground railway signaling cables and quad axle counter cables, optical fiber cables, and specialized instrumentation cables for underground and elevated metro projects. In addition, the company offers telecom cables, such as optical fiber cables for telecommunications; direct to home optical fiber cables for cable television; polythene insulated jelly filled cables and aerial self supporting cables for subscriber distribution networks; installation cables for digital exchanges; co-axial cables for signal distribution; and data transmission and computer cables. Paramount Communications Ltd was incorporated in the year 1978 as a partnership firm under the name & Style of Paramount Cable Corporation and was promoted by Shyam Sunder Aggarwal. The company started supplying telecom cables to the Department of Telecommunications and in the year 1980, they diversified into manufacturing of power cables. In September 5, 1994, the company became a public limited company. In April 1995, the company came out with public issue for setting up a unit for the manufacture of jelly filled telephone cable with installed capacity of 600,000 conductor kilometers. In the year 1998-99, the company received ISO 9002 Certificate for their Delhi Unit. During the year 1999-2000, Paramount Wires & Cables Ltd became a subsidiary of the company. Also, they acquired Category 'A' National Interest Service provider license during the year. During the year 2000-01, the company shifted their manufacturing unit at Prahladpur, Delhi to RICCO Industrial Area, Khushkhera, in Rajasthan. Also, they added 1447000 KM capacity of manufacturing Jelly Filled Telecom Cables in Khushkhera unit. In May 2001, the company increased the capacity of the Dharuhera unit from 3562000 KM to 3852000 KM per annum. During the year 2001-02, the company started commercial production ar Khushkhera unit in Rajasthan. The subsidiary company Paramount Wires & Cables Ltd has issued fresh 250000 equity shares of Rs 10 each as on March 31, 2002. After induction of fresh capital of Rs 25.00 lakh, the level of holding of the company declined from 51% to 49%. Therefore, Paramount Wires and Cables Ltd ceased to be a subsidiary company. During the year 2002-03, the company achieved ISO 14001:2000 certification for their Dharuhera plant and during the year 2003-04, they ISO 14001:2000 certification for their Khushkhera plant. During the year 2004-05, the company formed a wholly owned subsidiary M/s Paramount Gulf FZE in Dubai, UAE with an investment of USD 50,000 is to deal and trade in various commodities and to explore opportunities for export of various types of cables being manufactured by the company. During the year 2005-06, the company expanded their LT production capacity from 20,000 km to 25,000 km per annum. Also, they imported their major raw materials with nil custom duty to manufacture telecom cables resulting in good saving in raw material cost. During the year 2006-07, the company completed their first phase of expansion project. They commissioned 1,500 KM per annum HT power cable capacity at their Dharuhera unit. During the year 2007-08, the company completed their second phase of expansion project and started commercial production in February 2008. After completion of second phase expansion, the installed capacity for power cables increased to 58,500 KM per annum which includes all types of electric cables. During the year, Paramount Holdings Ltd, Cyprus became a wholly owned subsidiary of the company. The company through their subsidiary, Paramount Holdings Ltd, Cyprus acquired AEI Cables Ltd, United Kingdom, which is having their manufacturing facility at Birtley, New Castle. Also, Paramount Gulf FZE, UAE ceased to be subsidiary of the company with effect from December 31, 2007 upon their winding up with the Ajman Free Zone Authority, UAE. The company acquired 25 acres of land opposite to the existing plant of the company located in the Khushkhera Industrial Area, Rajasthan. In that land, the company is planning to set up third phase of expansion project for additional capacities of 35000 KM per annum of LT Power cables and 2500 KM per annum of HT Power cables. The said project is expected to be operational by the mid of the financial year 2008-09. The company entered into the vibrant domestic wires market with a range of cables that offer an environmentally friendly Lead Free, Zero Halogen, Low Smoke option. Also, the company decided to change the name of the company from Paramount Communications Ltd to Paramountcables Infratech Ltd.