MIRA
INFORM REPORT
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Report Date : |
28.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
PCE ELECTRO CONTROLS PRIVATE LIMITED |
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Registered Office : |
Plot No. J-91 M. I. D. C. Kupwad, Sangli – 416436, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.08.1997 |
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Com. Reg. No.: |
11-109907 |
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CIN No.: [Company
Identification No.] |
U31909MH1997PTC109907 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
KLPP01568A |
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PAN No.: [Permanent
Account No.] |
AABCP1363K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of all types of control panels used in
various industries. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 32012 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company. Directors are reported
as experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
Plot No. J-91 M. I. D. C. Kupwad, Sangli – 416436, Maharashtra, India |
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Tel. No.: |
91-233-2644430 / 2644440 |
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Fax No.: |
91-233-2644953 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Prakash Moreshwar Tade |
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Designation : |
Chairman and Managing Director |
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Address : |
6, Peth Bhag, Sangli – 416416, Maharashtra, India |
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Date of Birth/Age : |
20.11.1958 |
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Date of Appointment : |
06.08.1997 |
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Name : |
Mrs. Prachi Prakash Tade |
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Designation : |
Director |
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Address : |
6, Peth Bhag, Sangli – 416416, Maharashtra, India |
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Date of Birth/Age : |
14.10.1964 |
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Date of Appointment : |
06.08.1997 |
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Name : |
Mr. Chandrashekhar Bhalchandra Gole |
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Designation : |
Director [Production] |
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Address : |
Renuka Niwas, Vikas Chowk, Sangli – 416415, Maharashtra, India |
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Date of Birth/Age : |
01.05.1957 |
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Date of Appointment : |
01.02.2005 |
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Name : |
Mr. Vijay Bhalchandra Limaye |
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Designation : |
Director |
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Address : |
Snehankit Apartment, Hiremath Galli, Miraj – 416410 |
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Date of Birth/Age : |
26.05.1956 |
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Date of Appointment : |
01.02.2005 |
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Name : |
Mr. Anil Madhukar Shene |
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Designation : |
Director |
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Address : |
1061, Gaon Bhag, Sangli – 416416 |
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Date of Birth/Age : |
26.06.1958 |
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Date of Appointment : |
30.03.2005 |
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Name : |
Mr. Prashant Madhav Dixit |
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Designation : |
Executive Office |
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Address : |
Nandadeep, Behind Prant Office, Fort, Miraj – 416410 |
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Date of Ceasing : |
20.06.2005 |
KEY EXECUTIVES
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Name : |
Mr. Amrut K. Parakh |
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Designation : |
Company Secretary |
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Address : |
12/181, Navkar Street, Behind Sangil Bank, Ichalkranji - 416115 |
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Tel No.: |
91-230-2425616 |
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Mobile: |
91-94230-40074 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
|
Prashant Madhav Dixit |
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12740 |
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Prachi Prakash Tade |
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5740 |
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Smita Anil Shende |
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4020 |
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Total |
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22500 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all types of control panels used in
various industries. |
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Products : |
·
Auto Transformers ·
Control Panels, Fire Alarm ·
Enclosures, Instrument ·
Motor Starters ·
PLC Control Panels
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Exports : |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
Around 100 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Suresh D Kulkarni and Associates Chartered Accountants |
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Address : |
Flat No. S / 4, Anjaney Apartment, C. S. No. 438, Gaon Bhag, Behind Maruti
Mandir, Sangli – 416416, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30,000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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22,500 |
Equity Shares |
Rs. 100/- each |
Rs. 2.250
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.250 |
2.250 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.753 |
2.204 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.003 |
4.454 |
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LOAN FUNDS |
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1] Secured Loans |
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16.050 |
15.987 |
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2] Unsecured Loans |
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6.675 |
6.046 |
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TOTAL BORROWING |
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22.725 |
22.033 |
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DEFERRED TAX LIABILITIES |
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2.384 |
1.408 |
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TOTAL |
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33.112 |
27.895 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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26.317 |
16.705 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.037 |
0.036 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.999 |
22.774 |
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Sundry Debtors |
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15.357 |
10.181 |
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Cash & Bank Balances |
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1.099 |
1.733 |
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Other Current Assets |
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2.559 |
4.644 |
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Total
Current Assets |
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31.014 |
39.332 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.276 |
28.210 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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24.276 |
28.210 |
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Net Current Assets |
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6.738 |
11.122 |
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MISCELLANEOUS EXPENSES |
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0.020 |
0.032 |
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TOTAL |
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33.112 |
27.895 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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114.001 |
73.530 |
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Other Income |
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0.065 |
0.000 |
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Total Income |
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114.066 |
73.530 |
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Profit/(Loss) Before Tax |
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3.549 |
1.507 |
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Provision for Taxation |
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0.000 |
0.083 |
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Profit/(Loss) After Tax |
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3.549 |
1.424 |
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Export Value |
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N.A. |
N.A. |
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Import Value |
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N.A. |
N.A. |
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Expenditure |
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110.517 |
72.023 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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3.11 |
1.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.11 |
2.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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44.34 |
33.83 |
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Return on Investment (ROI) (PBT/Networth) |
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0.44 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.87 |
11.28 |
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Current Ratio (Current Asset/Current Liability) |
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1.28 |
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
PCE ELECTRO
CONTROLS PRIVATE LIMITED |
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Presented
By |
P. M. Tade |
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1) Date and description of instrument creating the change |
Term Loan
Agreement dated 04.11.1999 for hypothecation of vehicle. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.240
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Maruti Zen car Chasis No. 31500
443795 Registration No.
MH10E – 1796 Purchased from
Maharaj Motors |
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4) Gist of the terms and conditions and extent and operation of the charge. |
All the assets
should be insured with bank clause Personally
guaranteed by two directors viz. Mr. P. M. Tade and Mrs. P P Tade Interest at the
rat of PLR + 2.5 % + Tax Repayment : 60
months [Rs. 4000/- p.a.] + interest. First installment due on 10.01.2000 |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Vakhar – Bhag
Branch Sangli |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80019355 |
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Corporate
identity number of the company |
U31909MH1997PTC109907 |
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Name of the
company |
PCE ELECTRO CONTROLS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Plot No. J-91 M. I. D. C. Kupwad, Sangli – 416436, Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Industrial Development
Bank of India Sangli Branch,
Sangli – Miaraj Road, Opposite, Zila Parishad, Sangli – 416416,Maharashtra,
India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation dated 05.12.2006 |
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Date of
instrument Creating the charge |
05.12.2006 |
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Amount secured by
the charge |
Rs. 8.800
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 12.50 % p.a. with
monthly rests Terms of
repayment : As per terms and
conditions prescribed in agreement Margin : 25 % against
stores, 25 % against good in process, 25 % against book debts outstanding
upto 3 months Extent and
operation of the charge : Hypothecation of
stock of raw materials, work in process and finished goods situated at Plot
No. J – 91, MIDC, Kupwad - 416436 |
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Short particulars
of the property charged |
Hypothecation of
stock of raw materials, work in process and finished goods situated at Plot
No. J – 91, MIDC, Kupwad – 416436, additional property situated at Snagli
Mirah Industrial Area within limits of Kupwad an Industrial Plot Bearing No.
J – 91, having Area 4320 sq. mtrs. With all easement rights and construction
thereon. |
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Date of latest
modification prior to the present modification |
05.12.2006 |
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Particulars of
the present modification |
Cash credit limit
enhanced from Rs. 4.000 Millions to Rs. 8.800 Millions. Net increased Rs.
4.800 Millions with an additional industrial plot as a security. |
PROFILE
Subject is a well established panel manufacturers in Western and
Southern India region, with all modern setup of manufacturing and testing
equipments. For more than 15 years they are in the field of manufacturing of
all types of control panels used in various industries. Present range covers
power control centers, processing control panel, PLC based panels control
console and Bus duct A. P. F. C. Panels, Mcc. Etc.
They have undertaken and successfully completed supplying various types of
critical panel boards in various projects in Maharashtra, Karnataka, Gujarat, Madhya
Pradesh, Andhra Pradesh, Haryana and Goa. Besides this, their panels were
exported to Iraq and Russia as O. E.
Certificate for ISO-9001-2000 was issued by TUV Rhineland (India ) Private
Limited On June 27,2001. Certificate Audit for up gradation to ISO-1991:2000
has been also completed successfully.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.34 |
|
UK Pound |
1 |
Rs.78.40 |
|
Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|