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MIRA
INFORM REPORT
|
Report Date : |
21.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
POWER MACHINES (INDIA) LIMITED (w.e.f.17.04.2007) |
|
|
|
|
Formerly Known
As : |
LMZ ENERGY ( |
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|
|
|
Registered
Office : |
69-70, L.G.F., |
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|
|
|
Country : |
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|
|
|
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Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
20.01.1995 |
|
|
|
|
Com. Reg. No.: |
55-64556 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.500.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U00000DL1995PLC064556 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELL02238F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP7860M |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Importer of Power Sector, Power Generators etc. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
69-70, L.G.F., |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
|
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Corporate Office : |
B-21, Sector – 58, Noida – 201301, |
|
Tel. No.: |
91-120-4036001 |
|
Fax No.: |
91-120-4036000 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Nikolay Grachev |
|
Designation : |
Managing Director |
|
Address : |
A-603, Royal Residency, 6th Floor, Sector – 44, Noida –
201301, |
|
Date of Birth/Age : |
03.09.1955 |
|
Date of Appointment : |
05.02.2007 |
|
Date of Ceasing : |
29.07.2011 |
|
DIN No.: |
02055951 |
|
|
|
|
Name : |
Mr. Vadim Konstantinovich Chechnev |
|
Designation : |
Director |
|
Address : |
Building 96, |
|
Date of Birth/Age : |
07.11.1970 |
|
Date of Appointment : |
24.03.2008 |
|
DIN No.: |
02212505 |
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|
|
|
Name : |
Mr. Nikolay Yurievich Tarakanov |
|
Designation : |
Director |
|
Address : |
Building 2, Vichelovskaya Str, |
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Date of Birth/Age : |
23.08.1965 |
|
Date of Appointment : |
24.03.2008 |
|
DIN No.: |
02212479 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
OJSC Power Machines, |
|
1249300 |
|
Murli K P |
|
100 |
|
Sharma Shashi |
|
100 |
|
Yadav Rajinder |
|
100 |
|
Singh Ramveer |
|
100 |
|
Rajalakshmi |
|
200 |
|
Sharma Sanjay |
|
100 |
|
Total |
|
1250000 |
|
|
|
|
List of Allotees
As on 08.06.2011
|
Names of Shareholders |
|
No. of Shares |
|
OJSC Power Machines, |
|
48750000 |
|
Total |
|
48750000 |
|
|
|
|
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
99.04 |
|
Other top fifty shareholders |
0.06 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer of Power Sector, Power Generators etc. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
N. M. Raiji and Company Chartered Accountants |
|
PAN.: |
AAAFN4217G |
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|
|
|
Holding Company : |
|
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500
Millions |
|
|
|
|
|
Note:
During
the year authorized capital of the company has been increased by Rs.47,750,000 shares
of Rs.10 each aggregating to Rs.487.500 Millions as approved by the board of
directors and shareholders of the company, for which requisite fees has been
deposited with ROC.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.500 |
12.500 |
12.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(91.116) |
(91.543) |
(101.419) |
|
|
NETWORTH |
(78.616) |
(79.043) |
(88.919) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(78.616) |
(79.043) |
(88.919) |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
95.838 |
98.673 |
100.748 |
|
|
Capital work-in-progress |
46.349 |
48.599 |
54.071 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
121.444
|
20.908 |
15.074 |
|
|
Sundry Debtors |
565.919
|
455.045 |
511.986 |
|
|
Cash & Bank Balances |
59.979
|
61.185 |
112.275 |
|
|
Other Current Assets |
2.569
|
2.466 |
2.369 |
|
|
Loans & Advances |
154.105
|
150.263 |
175.712 |
|
Total
Current Assets |
904.016
|
689.867 |
817.416 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
589.317
|
380.130 |
363.742 |
|
|
Other Current Liabilities |
451.252
|
515.232 |
665.807 |
|
|
Provisions |
84.250
|
20.820 |
31.605 |
|
Total
Current Liabilities |
1124.819
|
916.182 |
1061.154 |
|
|
Net Current Assets |
(220.803)
|
(226.315) |
(243.738) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(78.616) |
(79.043) |
(88.919) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Income |
535.648 |
1044.809 |
637.535 |
|
|
|
Service Income |
535.147 |
247.721 |
386.949 |
|
|
|
Other Income |
5.404 |
4.235 |
4.995 |
|
|
|
TOTAL (A) |
1076.199 |
1296.765 |
1029.479 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase Service Charges and Operating Expenses |
1073.985 |
1175.325 |
794.894 |
|
|
|
Payment to and provision for Employees |
34.955 |
70.190 |
72.522 |
|
|
|
Administration and Other Expenses |
60.795 |
34.099 |
26.142 |
|
|
|
(Increase) / Decrease In Stock |
(100.535) |
(5.833) |
173.818 |
|
|
|
TOTAL (B) |
1069.200 |
1273.781 |
1067.376 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6.999 |
22.984 |
(37.897) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.395 |
0.698 |
0.046 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.604 |
22.286 |
(37.943) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.670 |
3.950 |
3.970 |
|
|
|
|
|
|
|
|
|
|
|
2.934 |
18.336 |
(41.913) |
|
|
|
|
|
|
|
|
|
Less |
Provision for
diminution in the value of capital assets |
2.250 |
6.500 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
0.684 |
11.836 |
(41.913) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.257 |
1.960 |
17.849 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
0.427 |
9.876 |
(59.762) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(91.543) |
(101.419) |
(41.657) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(91.116) |
(91.543) |
(101.419) |
|
|
|
|
|
|
|
|
|
|
TOTAL EARNINGS |
365.316 |
163.035 |
181.903 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.34 |
7.90 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.04
|
0.76 |
(5.81) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.13
|
1.13 |
(6.57) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.07
|
1.50 |
(4.56) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
(0.15) |
(0.47) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(14.31)
|
(11.59) |
(11.93) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.80
|
0.75 |
0.77 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The management
of the company convey that, the turnover of the Company decreased to
Rs.1070.795 Millions from Rs.1292.530 Millions, resulted into a profit before
tax of Rs.0.684 Millions during the year in comparison to the profit of
Rs.11.836 Millions in the immediately preceding year.
In view of
the work orders/Projects in hand, the Company has started to expand its
infrastructure and human resource strength. The Company maintained a healthy
cash position throughout the year due to efficient working capital management.
In order to
provide the State-of-the-art technology to the Indian power industry and to
increase its market share, the Company is continuously upgrading its services.
With expanding business, the Company's product portfolio has also seen
necessary modifications and technological up gradations. The Company is
targeting to achieve a turnover of Rs.1500.000 Millions for the year 20010-11.
CONTINGENT
LIABILITY:
(Rs.
In Millions)
|
Particulars
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
Sales Figures |
324.170 |
69.236 |
|
Central sales |
32.417 |
6.923 |
|
Total |
356.587 |
76.159 |
FIXED ASSETS:
- Land
- Building
- Computer
- Software
- Furniture and
Fixtures
- Motor
Vehicles
- Office
Equipments
- Telephone Equipments
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.53.03 |
|
|
1 |
Rs.82.34 |
|
Euro |
1 |
Rs.69.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.