MIRA
INFORM REPORT
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Report Date : |
24.10.2007 |
IDENTIFICATION DETAILS
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Name : |
PREMIUM ENERGY TRANSMISSION LIMITED |
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Formerly Known As : |
EVEREST FOOD [ |
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Registered Office : |
Thapar House 124, Janpath, |
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Country : |
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Financials (as on) : |
30.06.2006 |
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Date of Incorporation : |
06.04.1983 |
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Com. Reg. No.: |
55-15615 |
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CIN No.: [Company
Identification No.] |
U01119DL1983PLC015615 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP08128B / MUMP21911B |
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PAN No.: [Permanent
Account No.] |
ACDCP2916N |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers of industrial gearboxes and fluid couplings |
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 1500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track. It has taken over the power transmission business as a going concern from Greaves Cotton Limited w.e.f. 30th June, 2004. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. 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 : |
Thapar House 124, Janpath, |
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Tel. No.: |
91-11-23368811 |
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Fax No.: |
91-11-23368729 |
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E-Mail : |
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Website : |
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Head Office / Factory : |
P.B. No. 5, |
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Tel. No.: |
91-20-27475141/42/43/44 |
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Fax No.: |
91-20-27450287 /27476601 |
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E-Mail : |
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Factory : |
Falta Industrial Growth Centre, Sector-III, Falta, South 24 Parganas, |
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Tel. No.: |
91-3174-222230/31/32/33/37 |
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Fax No.: |
91-3174-222234 |
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E-Mail : |
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Factory : |
G-56/57, MIDC Industrial Area, Chikalthana-431 210, P.B. No. 779, |
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Tel. No.: |
91-240-2485521 |
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Fax No.: |
91-240-2485756 |
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E-Mail : |
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Factory : |
31-P, MIDC Industrial Area, Chikalthana-431 210, |
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Tel. No.: |
91-240-2482858 |
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Fax No.: |
91-240-2482857 |
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Branches : |
Located at :
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Representative Offices : |
Located at :
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DIRECTORS
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Name : |
Mr. Sunil Nawal Phatarphekar |
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Designation : |
Director |
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Address : |
A 64, Queen Apatments, 59, Pali Hill Bandra [West], Mumbai
– 400050, |
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Date of Birth/Age : |
02.10.1963 |
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Date of Appointment : |
08.06.2004 |
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Name : |
Mr. B. Hariharan |
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Designation : |
Director |
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Address : |
F 201, 202 Polaris, |
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Date of Birth/Age : |
18.04.1957 |
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Date of Appointment : |
20.07.2000 |
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Name : |
Mr. Mohan Brij Thapar |
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Designation : |
Director |
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Address : |
Gangotri 60 Avdhoot lane, Rasnenagar, Savedi – 414003, Ahmednagar, |
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Date of Birth/Age : |
08.10.1922 |
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Date of Appointment : |
06.05.2004 |
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Name : |
Mr. Kumar Ramesh Daivamoney |
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Designation : |
Managing Director |
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Address : |
Flat 7 Building No. 2, River Crest Apartment, 14 A Boat Club Road,
Pune – 411001, Maharashtra, India |
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Date of Birth/Age : |
29.04.1947 |
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Date of Appointment : |
06.05.2004 |
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Name : |
Mr. Chandraprakash Badrilal Dusad |
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Designation : |
Director |
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Address : |
D 2/3 First Floor, Vasant Vihar Paschim Marg, |
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Date of Birth/Age : |
28.12.1937 |
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Date of Appointment : |
08.06.2004 |
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Name : |
Mr. Bimalendrarun Kumar Mukherjee |
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Designation : |
Director |
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Address : |
E 16 Pushpanjali Farm Bijwasan, |
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Date of Birth/Age : |
26.09.1937 |
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Date of Appointment : |
08.06.2004 |
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Name : |
Mr. Suresh Kumar Jain |
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Designation : |
Director |
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Address : |
159, Siddharth Enclave, Ashram Chowk, |
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Date of Birth/Age : |
12.03.1957 |
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Date of Appointment : |
09.11.2006 |
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Other Directorship : |
Deoria Sugar Mills Limited U15421WB1936PLC008512 Tula Traders Private Limited U51900MH2004PTC076764 Bharat Projects Private Limited U74899DL1995PTC066073 Pembril Industrial and Engineering Company Private Limited U29291MH1973PTC016361 |
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Name : |
Mr. Tarun Kumar Mukharjee |
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Designation : |
Director |
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Address : |
C/o CG Coreel Logic Systems Limited, Surya Bhavan, 2nd Floor, 1181, |
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Date of Appointment : |
08.06.2004 |
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Name : |
Mr. Sachin Gupta |
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Designation : |
Director |
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Address : |
RU – 462, Pitampura, |
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Date of Birth/Age : |
08.06.2004 |
KEY EXECUTIVES
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Name : |
Mr. Ratanlal Tikaram Goel |
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Designation : |
Secretary |
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Address : |
Shanti Sadan 151, Mukund Nagar, Pune – 411037, |
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Date of Birth/Age : |
09.02.1962 |
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Date of Appointment : |
08.06.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
DBH International Limited |
|
2880000 |
|
Khandelwal S K |
|
5 |
|
V Santhi Kumar |
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2 |
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Bhudiraja Sandeep |
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2 |
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Gulati Poonam |
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2 |
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Hariharan B |
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2 |
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Sharma Neerja |
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5 |
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Aurora Vijay |
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2 |
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Solaris Holding Private Limited |
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12896294 |
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Marble Arch Investments PCC Limited |
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10000000 |
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Total |
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25776314 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
38.79 |
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Bodies corporate |
|
61.20 |
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Other top fifty shareholders |
|
0.01 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of industrial gearboxes and fluid couplings |
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Export to : |
Australia, China, Germany, Gulf countries, Indonesia, Malaysia, SAARC Countries, Singapore, South Africa, South Korea, USA, UK, Zambia |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
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AAC |
Cum |
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-- |
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Gear Boxes |
Nos. |
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40000 |
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Fluid Couplings |
Nos. |
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2000 |
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Geared Motors |
Nos. |
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3600 |
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Auto Components |
Sets |
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40000 |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountants |
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Address : |
Ravindra Annexe, 194, Church gate Reclamation, |
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Associates/Subsidiaries : |
Deoria Sugar Mills Limited U15421WB1936PLC008512 Tula Traders Private Limited U51900MH2004PTC076764 Bharat Projects Private Limited U74899DL1995PTC066073 Pembril Industrial and Engineering Company Private Limited U29291MH1973PTC016361 D B H International Private Limited U74899DL1950PTC057209 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25,776,314 |
Equity Shares |
Rs. 10/- each |
Rs. 257.763
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2006 [12 months] |
30.06.2005 [12 months] |
30.06.2004 [3 months] |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
257.763 |
257.763 |
7.763 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
125.228 |
17.941 |
5.181 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
382.991 |
275.704 |
12.944 |
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LOAN FUNDS |
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1] Secured Loans |
345.814 |
355.556 |
400.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
250.000 |
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TOTAL BORROWING |
345.814 |
355.556 |
650.000 |
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DEFERRED TAX LIABILITIES |
32.679 |
27.344 |
0.000 |
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TOTAL |
761.484 |
658.604 |
662.944 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
489.771 |
452.718 |
386.973 |
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Capital work-in-progress |
3.754 |
2.671 |
5.273 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
10.124 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
259.215 |
247.991 |
213.027 |
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Sundry Debtors |
391.887 |
247.447 |
230.786 |
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Cash & Bank Balances |
83.881 |
113.661 |
78.209 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
56.982 |
52.166 |
20.247 |
|
Total
Current Assets |
791.965
|
661.265 |
542.269 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
430.763 |
338.798 |
280.567 |
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Provisions |
93.243 |
119.252 |
1.128 |
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Total
Current Liabilities |
524.006
|
458.050 |
281.695 |
|
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Net Current Assets |
267.959 |
203.215 |
260.574 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
761.484 |
658.604 |
662.944 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
30.06.2006 [12 months] |
30.06.2005 [12 months] |
30.06.2004 [3 months] |
|
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Sales Turnover |
1692.229 |
1181.062 |
0.000 |
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Other Income |
11.687 |
12.014 |
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Total Income |
1703.916 |
1193.076 |
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Profit/(Loss) Before Tax |
317.810 |
187.863 |
(1.083) |
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Provision for Taxation |
116.470 |
82.968 |
10.400 |
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Profit/(Loss) After Tax |
201.340 |
104.895 |
9.317 |
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Expenditures : |
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Raw Material Consumed |
755.070 |
483.588 |
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Salaries, Wages, Bonus, etc. |
207.924 |
163.699 |
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Managerial Remuneration |
3.551 |
3.289 |
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Payment to Auditors |
0.666 |
0.739 |
1.083 |
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Interest |
37.177 |
38.684 |
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Insurance Expenses |
4.394 |
3.798 |
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Power & Fuel |
183.371 |
133.999 |
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Other Expenditure |
193.954 |
178.415 |
|
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Total Expenditure |
1386.107 |
1006.211 |
1.083 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2006 [12 months] |
30.06.2005 [12 months] |
30.06.2004 [3 months] |
|
PAT / Total Income |
(%) |
11.82 |
8.79 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
18.78 |
15.91 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
24.80 |
16.86 |
[0.12] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.83 |
0.68 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.27 |
2.95 |
71.98 |
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Current Ratio (Current Asset/Current Liability) |
|
1.51 |
1.44 |
1.93 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U01119DL1983PLC015615 |
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Name of the
company |
PREMIUM ENERGY TRANSMISSION LIMITED |
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Address of the
registered office or of the principal place of business in |
Thapar House 124, Janpath, |
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Type of charge |
Movable Property |
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Particular of charge
holder |
Axis Bank Limited
1262 / B, |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
28.12.2006 |
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Amount secured by
the charge |
Rs. 100.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the bank to the company from time to time with
monthly rests on daily balances. Terms of
repayment Repayment on
demand Margin Margin of
security as 1.3 times of loan amount or as may be agreed mutually by the
company and the bank. Extent operation
of the charge First charge on
assets hypothecated |
|
Short particulars
of the property charged |
Hypothecation in
favour of the bank, the specific movable plant and machinery, both present
and future viz. Hanel – Leanlift bearing storage system, victor CNC turing
lathe, Emuk Gear shaping machine and gear grinding machine. |
FIXED ASSTES:
The Company’s fixed assets of important values includes land and buildings, plant and equipments, furniture and fixtures, vehicles and computer and office equipments.
AS PER WEBSITE
Subject is a part of a large industrial conglomerate The Thapars. Major group of companies include Grompton Greaves, Greaves Cotton Limited, Ballarpur Industries etc.
Subject pioneered the manufacturing of gearboxes in
The second unit started its operation in the year 1993 at Falta - near
kolkata (
The third unit at
The fourth unit at
Units manufacturing gearboxes and fluid couplings are ISO 9001 certified
for many years, supplying quality power transmission products to various
developed countries like Australia, China, Germany, Gulf countries, Indonesia,
Malaysia, SAARC Countries, Singapore, South Africa, South Korea, USA, UK,
Zambia.
Subject bought over all
the four units in the year 2004 from M/s Greaves Cotton & Company limited.
Subject has sales and
service offices all over
dealer network. Qualified and experienced application engineers deployed all
over
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.38 |
|
|
1 |
Rs.80.96 |
|
Euro |
1 |
Rs.56.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|