The company has received recognition as one of the "10 Most Promising Electrical Cable Manufacturers" from the Industrial Outlook Magazine.
They have established partnerships with more than 20 service centers for electric fan after-sales service in Uttar Pradesh, Uttarakhand, Jammu and Kashmir, Punjab, Haryana, and Tamil Nadu.
In 2021, the company expanded its product range by introducing miniature circuit breakers and distribution boards (DB) in India's northern and southern regions.
Their distribution network in India consists of over 1,249 authorized dealers and distributors, with branch offices in Rajasthan, Uttarakhand, and Uttar Pradesh. Additionally, they have one branch office combined with a warehouse in Maharashtra and warehouses in Uttar Pradesh, Assam, Kerala, and Delhi.
They also collaborate with a C&F agent in Punjab for the financial year ending on March 31, 2023.
As of March 31, 2023, the company's customer base extends to 31 states and union territories.
The company intends to establish a new manufacturing unit with an additional installed capacity of 837,000 coils per annum and 8,700 km per annum.
Plaza Wires' success relies on its ability to establish the Proposed Manufacturing Unit and broaden its product range, with inherent risks. Delays in implementation could lead to cost overruns, posing a significant threat to the company's business and financial health.
Another company within the same group, Plaza Cable Electric Private Limited, engages in similar activities, potentially creating conflicts of interest that might adversely affect Plaza Wires' business, finances, and operational results.
A substantial portion of Plaza Wires' sales comes from specific geographic regions. Any unfavorable developments in these regions could negatively impact revenue and operational results.
Plaza Wires' manufacturing facilities are primarily located in Himachal Pradesh. The inability to operate and expand in this region could have detrimental effects on the company's business, cash flows, and operational results.
Plaza Wires lacks long-term agreements with dealers or customers. If these parties decide not to source from the company, it could adversely affect the company's business and financial condition.
The company holds significant secured loans, amounting to Rs. 39.67 crores, Rs. 39.88 crores, and Rs. 42.98 crores as of March 31, 2023, 2022, and 2021, respectively, comprising a substantial portion of total secured borrowings.
As of March 31, 2023, the company had Rs. 33.99 crores in short-term loans, constituting 85.69% of total borrowings, and Rs. 5.67 crores in long-term loans, making up 14.29% of total borrowings, borrowed from banks and financial institutions.
Plaza Wires, its promoters, directors, and a group company are involved in legal proceedings, and unfavorable outcomes in these cases could significantly impact the company's business and financial condition.
Plaza Wires has experienced negative cash flows from operations recently and may continue to face such challenges in the future.