MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PAN ELECTRO TECHNIC ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
G – 9 to 11 Bhavya Sree Arcade, Erragadda, Hyderabad - 500018, Andhra
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.02.1988 |
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Com. Reg. No.: |
01-8310 |
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CIN No.: [Company
Identification No.] |
U31909AP1988PTC008310 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Power and Distribution Transformer |
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 300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Financial position of the company is satisfactory. Trade relations are fair. The
company is doing well. However it’s payments are reported as slow but correct. Subject can be considered good for normal business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Rao |
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Designation : |
Manager [Business Development] |
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Contact No.: |
91-9848067443 |
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Date : |
17.06.2008 |
LOCATIONS
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Registered Office : |
G – 9 to 11 Bhavya’s Sree Arcade, Erragadda, Hyderabad - 500018,
Andhra Pradesh, India |
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Tel. No.: |
91-40-23813593 / 65570312 / 23812291 |
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Mobile No.: |
91-9848990184 |
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Fax No.: |
91-40-23706741 / 23706741 |
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E-Mail : |
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Website : |
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Office / Factory : |
6A, IDA Pashamailaram –
502309, Medak District, Andhra Pradesh |
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Tel. No.: |
91 8455 – 224124 |
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Mobile No.: |
91-9848990190 |
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Fax No.: |
91 8455 – 224125 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Reddy Linga Kolli |
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Designation : |
Chairman |
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Address : |
Plot No- 63, Flat – C, Saisadan, Sundernagar, Hyserabad – 500038,
Andhra Pradesh, India |
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Date of Birth/Age : |
25.06.1944 |
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Date of Appointment : |
20.09.1989 – Director 04.11.2005 – Chairman |
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Name : |
Mr. Ravikrishna Kolli |
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Designation : |
Managing Director |
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Address : |
Plot No- 63, Flat – C, Saisadan, Sundernagar, Hyserabad – 500038,
Andhra Pradesh, India |
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Date of Appointment : |
04.11.2005 |
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Name : |
Mr. Suguna Kolli |
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Designation : |
Director |
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Address : |
Plot No- 63, Flat – C, Saisadan, Sundernagar, Hyserabad – 500038,
Andhra Pradesh, India |
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Date of Birth/Age : |
28.08.1952 |
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Date of Appointment : |
04.11.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Reddy Linga Kolli |
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9340 |
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A Premsudhakar Reddy |
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600 |
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Suguna Kolli |
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2020 |
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Alla Anji Reddy |
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1300 |
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Katragadda Srilakshmi |
|
520 |
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T Koteswara rao |
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380 |
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Alla Padma |
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640 |
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Karumanchi Chandubabu |
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200 |
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Krishna Ravi Kolli |
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5000 |
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Total |
|
20000 |
Equity share breakup [As on 30.09.2007]
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Names of Shareholders |
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Percentage |
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Bodies Corporate |
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18.00 |
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Directors or relatives of directors |
|
82.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Power and Distribution Transformer |
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Products : |
PETE designs and manufactures transformers
of the following types upto 15 MVA 33 KV class Power / distribution Furnace / rectifier / mining Earthing / starting auto / neutral grounding Traction / booster Voltage regulators Dry type Transformers (Cast Resin/Varnish Impregnated) Corrugated sealed type transformers New Products in the Pipeline 220 KV Class Transformers Power / Distribution Furnace (12 pulse / 18 pulse / 24 pulse) Corrugated Sealed type Arc / Submerged arc / Ladle furnace Earthing / Neutral grounding / Starting auto Mining / Booster / Traction Dry Type Unitised
Substation with (Cast Resin / Varnish Impregnated Transformers) |
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Terms : |
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Selling : |
Advance |
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Purchasing : |
L/C and Advance |
GENERAL
INFORMATION
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Customers : |
End Users
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No. of Employees : |
340 |
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Bankers : |
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Facilities : |
Rs. 25.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rao and Company Chartered Accountants |
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Address : |
8-3-945, 305 E, 3rd Floor, Pancom Business Centre,
Ameerpet, Hyderabad – 500073, Andhra Pradesh, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/-
each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20330 |
Equity Shares |
Rs. 100/-
each |
Rs. 2.033
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.033 |
1.263 |
1.263 |
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2] Share Application Money |
0.000 |
0.770 |
0.000 |
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3] Reserves & Surplus |
56.980 |
37.752 |
21.568 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.013 |
39.785 |
22.831 |
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LOAN FUNDS |
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1] Secured Loans |
9.822 |
10.529 |
10.978 |
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2] Unsecured Loans |
0.009 |
0.119 |
0.125 |
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TOTAL BORROWING |
9.831 |
10.648 |
11.103 |
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DEFERRED TAX LIABILITIES |
0.404 |
0.464 |
0.558 |
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TOTAL |
69.248 |
50.897 |
34.492 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.414 |
19.912 |
15.344 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
43.445
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37.290 |
35.738 |
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Sundry Debtors |
48.110
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52.679 |
23.119 |
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Cash & Bank Balances |
29.629
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14.271 |
5.740 |
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Other Current Assets |
12.703
|
5.672 |
4.010 |
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Loans & Advances |
3.634
|
1.566 |
2.266 |
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Total
Current Assets |
137.521
|
111.478 |
70.873 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
90.687
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80.493 |
51.725 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
90.687
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80.493 |
51.725 |
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Net Current Assets |
46.834
|
30.985 |
19.148 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
69.248 |
50.897 |
34.492 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
430.146 |
305.104 |
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Other Income |
|
0.943 |
0.416 |
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Profit on sale of vehicles |
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0.006 |
0.000 |
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Total Income |
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431.095 |
305.520 |
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Profit/(Loss) Before Tax |
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30.523 |
25.343 |
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Provision for Taxation |
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10.826 |
9.158 |
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Profit/(Loss) After Tax |
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19.697 |
16.184 |
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Expenditures : |
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Depreciation & Amortization |
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3.216 |
2.774 |
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Other Expenditure |
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397.356 |
277.403 |
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Total Expenditure |
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400.572 |
280.177 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.57
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5.30 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.10
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8.31 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.08
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19.29 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.52
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0.64 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.70
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2.29 |
2.75 |
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Current Ratio (Current Asset/Current Liability) |
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1.52
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1.38 |
1.37 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Dr. Reddy Laboratory – Hyderabad
- Arbondro Pharma – Hyderabad
- Devis Laboratory
- Enercon – Mumbai
Bankers Charges
Report as per Registry
|
Name of the company |
PAN
ELECTROTECHNIC ENTERPRISES PRIVATE LIMITED |
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Presented By |
Mr. K. Linga Reddy, Managing Director |
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1) Date and description of instrument creating the change |
Dated 10.08.1998 General Agreement
of working capital ancillary agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Pledge /
Hypothecation of stocks of Raw Material, Work in Process, finished goods and
lien on bills, book debts Pledge /
Hypothecation of Land, Building and Machinery
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4) Gist of the terms and conditions and extent and operation of the charge. |
Pledge /
Hypothecation of Stocks Raw materials,
stock in process, finished goods and lien on bills book debts for working
capital of Rs. 1.480 Millions Payable on demand
Interest @ 15.3 %
p.a. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Secunderabad
Branch D. B. [SIB]
Division Secunderabad –
500003 |
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6) Date and brief description of instrument modifying the charge |
Dated 31.03.2005 Agreement for the
grant of Small Industrial
Advances General Agreement
for the Grant of Small Industrial advances and Hypothecation of Goods Book
Debts and other assets. Ancillary agreement
for the grant of small industrial advances [working capital] Guarantee
agreement for small indusial advances [working capital] Omnibus Counter
Guarantee General agreement
for the grant of medium term advances. Ancillary
agreement for medium term loan Guarantee
agreement for small industrial advances [Term Loans] Letter of
Hypothecation / pledge Sanction letter
No. Bil dated 31.03.2005 |
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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. |
The working
capital limits have been enhanced as detailed herebelow : Rs in Millions
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U31909AP1988PTC008310 |
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Name of the
company |
PAN ELECTROTECHNIC ENTERPRISES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
G – 9 to 11 Bhavya Sree Arcade, Erragadda, Hyderabad - 500018, Andhra
Pradesh |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Punjab National
Bank Sanathnagar
Branch, Sanathnagar, Hyderabad – 500018, Andhra Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of Sanction
dated 10.03.2007 Letter of
Hypothecation dated 16.03.2007 |
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Date of
instrument Creating the charge |
16.03.2007 |
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Amount secured by
the charge |
Rs. 0.271 Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 9.75 % p.a. at
monthly rests. Terms of
Repayment In 35 equated
monthly instalments of Rs. 0.009 Million p.m. commencing from April, 2007 Margin 15 % Extent and
Operation of the charge Hypothecation of alto
Lxi vehicles |
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Short particulars
of the property charged |
Hypothecation of
alto Lxi vehicles |
As Per Website
Profile
Subject offers
Power Transformers with innovative designs and consistent quality of high order
at competitive prices. Subject is
a leading manufacture of Power and Distribution transformer in Andhra Pradesh,
India with over 20 years or manufacturing and servicing experience. PETE
manufactures transformers up to 33 KV Class 15 MVA capacity / ultra high vacuum
filter of 6000 LPH.
Total
Transformer Care
Subject has complete facilities for undertaking maintenance of transformers at
their factory or Onsite. These are supplemented by a fully equipped, modern mobiles
service units to cater to on –site servicing. Subject thus extends a total
maintenance cover for its products in South India located in the capital of
Andhra Pradesh.
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.42.97 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.66.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
|