MIRA
INFORM REPORT
|
Report Date : |
19.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
PEC LIMITED |
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Registered Office : |
Hansalaya, 15, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.04.1971 |
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Com. Reg. No.: |
005600 |
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CIN No.: [Company
Identification No.] |
U74899DL1971GOI005600 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP00390F |
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PAN No.: [Permanent
Account No.] |
AAACT0101G |
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Legal Form : |
A Closely Held Public Limited Liability Company. It Is
owned by Government of India |
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Line of Business : |
Consultancy assignments and execution of turnkey projects
in the field of civil construction, industrial plants, water and sewerage disposal
plants, textile spinning mills, paper project, gas plant, LPG Cylinder plant,
etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 9281176 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a Government of India company. It is a well established company and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings
at usual 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office / Head Office : |
Hansalaya, 15, |
|
Tel. No.: |
91-11-23313619/ 23316372/ 23316397 |
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Fax No.: |
91-11-23315279/ 23314797/ 23313664 |
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E-Mail : |
pec@peclimited.com |
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Website : |
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Telex : |
31-65256 and 65199 PEC-in |
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Area : |
15000 Sq. ft |
|
Location : |
Rented |
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Overseas Office: |
Mr. N. G. Nghiem, C/o. Embassy of India 121-122, B-17, Kim
Lien, |
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Tel. No.: |
91-844-8523475 |
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Fax No.: |
91-844-8523914 |
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E-Mail : |
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Branches : |
Located At :
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DIRECTORS
As On 30.09.2010
|
Name : |
Mr. Arun Kumar Mirchandi |
|
Designation : |
Managing Director |
|
Address : |
C – 52, |
|
Date of Birth/Age : |
12.09.1957 |
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Date of Appointment : |
01.07.2007 |
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Name : |
Mr. Vishwanath Dewaji Alam |
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Designation : |
Director |
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Address : |
D-753, Mandir Marg, |
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Date of Birth/Age : |
18.04.1950 |
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Date of Appointment : |
23.02.2005 |
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Name : |
Mr. Ashok Kumar Monga |
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Designation : |
Director |
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Address : |
WZ 15C, Ugarsain Market, Ashok Nagar, Delhi-110018, |
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Date of Birth/Age : |
27.07.1954 |
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Date of Appointment : |
01.12.1997 |
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Name : |
Mr. Amrit Raj |
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Designation : |
Director |
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Address : |
B-10, D-II, Moti Bagh-I, Delhi-110021, |
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Date of Birth/Age : |
17.04.1971 |
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Date of Appointment : |
28.06.2010 |
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|
Name : |
Mr. Rajiv Chaturvedi |
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Designation : |
Director |
|
Address : |
34/1, East Patel Nagar, |
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Date of Birth/Age : |
05.05.1959 |
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Date of Appointment : |
31.10.2007 |
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Name : |
Mrs. Aditi Das Rout |
|
Designation : |
Director |
|
Address : |
D-508, Purvasha Anand Lok Society, Mayur Vihar, Phase-I,
Delhi-110091, |
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Date of Birth/Age : |
17.11.1963 |
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Date of Appointment : |
30.03.2010 |
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Name : |
Mr. Ravi Kumar |
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Designation : |
Whole – time Director |
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Address : |
c-11, Dronocharya Appartments, Mayur Vihar Phase-I, Extn.
Delhi-110095, |
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Date of Birth/Age : |
30.06.1960 |
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Date of Appointment : |
01.10.2008 |
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Name : |
Mr. Thirumalai Srinidhi |
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Designation : |
Director |
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Address : |
Plot No. 13, DDA Site – 1, |
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Date of Birth/Age : |
03.03.1955 |
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Date of Appointment : |
18.06.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 23.08.2010)
|
Names of Shareholders |
No. of Shares |
|
|
|
|
The President of |
1999998 |
|
Shri A. K. Mirchandani, CDM, PEC (as a nominee of the President of India) |
1 |
|
Mrs. Aditi Das Rout, Director, MOC (as a nominee of the President of India) |
1 |
|
Total |
2000000 |
(AS ON 30.09.2010)
|
Category |
Percentage |
|
|
|
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Government (Central and State) |
100.00 |
|
|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Consultancy assignments and execution of turnkey projects in
the field of civil construction, industrial plants, water and sewerage
disposal plants, textile spinning mills, paper project, gas plant, LPG
Cylinder plant, etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
250 (Approximately) |
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Bankers : |
Axis Bank
Limited, 4/10, OPG House, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Samsand and Associates Chartered Accountants |
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Address: |
4800/247, |
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Subsidiaries : |
·
Tea Trading Corporation of India Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.100/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.100/-
each |
Rs.200.000
Millions |
|
|
|
|
|
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 |
200.000 |
200.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2120.294 |
1606.919 |
1240.688 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2320.294 |
1806.919 |
1260.688 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
680.000 |
0.511 |
2122.702 |
|
|
2] Unsecured Loans |
1600.000 |
0.000 |
0.351 |
|
|
TOTAL BORROWING |
2280.000 |
0.511 |
2123.053 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4600.294 |
1807.430 |
3383.741 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10.117 |
11.665 |
10.800 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.001 |
0.001 |
77.051 |
|
|
DEFERREX TAX ASSETS |
106.482 |
68.218 |
100.597 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8873.681
|
11749.444
|
10496.687 |
|
|
Sundry Debtors |
30810.238
|
25397.218
|
13193.012 |
|
|
Cash & Bank Balances |
3238.289
|
4455.698
|
1949.395 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
12178.779
|
8455.634
|
4682.244 |
|
Total
Current Assets |
55100.987
|
50057.994
|
30321.338 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
50368.171
|
48081.413
|
27027.067 |
|
|
Provisions |
253.122
|
249.035
|
98.978 |
|
Total
Current Liabilities |
50621.293
|
48330.448
|
27126.045 |
|
|
Net Current Assets |
4479.694
|
1727.546
|
3195.293 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4600.294 |
1807.430 |
3383.741 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
110259.390 |
102747.843 |
56715.647 |
|
|
|
Other Income |
6648.494 |
9314.191 |
1343.173 |
|
|
|
TOTAL (A) |
116907.884 |
112062.034 |
58058.820 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
115452.418 |
|
|
|
|
|
Salary and Allowances |
200.801 |
249.727 |
|
|
|
|
Administrative Expenses |
97.128 |
109.073 |
|
|
|
|
Payment to Auditors |
1.104 |
0.993 |
57421.999 |
|
|
|
Bad Debts |
12.692 |
8.506 |
|
|
|
|
Provision for Doubtful Debts |
108.521 |
0.496 |
|
|
|
|
TOTAL (B) |
115872.664 |
110930.592 |
57421.999 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1035.220 |
1131.442 |
636.821 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1035.220 |
1131.442 |
636.821 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.657 |
5.679 |
5.117 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENT |
(0.656) |
(0.216) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1028.904 |
1122.620 |
631.704 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
351.736 |
400.897 |
217.931 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
677.168 |
721.723 |
413.773 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
11058.247 |
11476.763 |
5852.234 |
|
|
|
Other Earnings |
0.000 |
0.000 |
93.080 |
|
|
TOTAL EARNINGS |
11058.247 |
11476.763 |
5905.314 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
85506.570 |
91345.741 |
49705.034 |
|
|
|
Forign Offices |
0.000 |
0.000 |
0.021 |
|
|
|
Foreign tours |
2.860 |
3.933 |
3.766 |
|
|
|
Others |
613.519 |
1334.352 |
564.059 |
|
|
TOTAL IMPORTS |
86122.949 |
92684.026 |
50272.880 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.39 |
3.61 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.58 |
0.64 |
0.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.93 |
1.09 |
1.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.86 |
2.24 |
2.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44 |
0.62 |
0.50 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
22.79 |
26.75 |
23.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.04 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
During the year 2009-10, subject has achieved highest ever sales
turnover of Rs. 110259.390 millions, registering an Increase of 7 per cent over
the last year.
Subject continues to achieve high productivity in terms of sales
turnover per employee.
Key Initiatives
Subject continues with its commitment to promote export of engineering
and manufactured goods.
Over the years, business of subject has changed with industrial raw
materials, agro commodities and bullion constituting major part of its turnover
and profit. Some of the key initiatives have been consolidation of existing
line of business and selective diversification into sustainable business areas,
improving operational efficiency and cost effectiveness.
Subject has invested in equity of Indian Bullion Market Association
(IBMA), a subsidiary of National Spot Exchange Limited. Association with IMBA
shall extend us facilities of trading, clearing and settlement to give further
impetus to our bullion trade.
Exports
Export sales aggregate to Rs. 12549.050 millions during the year.
During the year, subject secured contracts for supply of electrical
equipment to
Subject has also secured contract for supply, Installation and
commissioning of Potato Products Processing Plant at
Subject has over the years become one of leading trade in agro
commodities. Subjects export of maize, barley, rice and soyameal aggregate to
Rs. 5320.870 millions during the year.
During the year, subject achieved record exports of
Imports
Subject achieved import turnover of Rs. 88815.710 millions during the
year. Bullion continues to be largest single item in subjects import basket
with import sale of Rs. 25445.910 millions.
Subject achieved highest ever turnover of Coal and Coke of Rs. 24921.680
millions during the year.
Bulk import of steel scrap, manganese ore and sugar were also
undertaken.
Domestic Trade
During the year, domestic sales in coal, edible oil, cotton yarn, jute,
etc. aggregate to Rs. 8894.630 millions.
Form 8
|
Corporate
identity number of the company |
U74899DL1971GOI005600 |
|
Name of the
company |
PEC LIMITED |
|
Address of the
registered office or of the principal place of business in |
Hansalaya 15, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Others |
|
Particular of
charge holder |
Axis Bank Limited 4/10, OPG House, |
|
Nature of
instrument creating charge |
Deed of
hypothecation of Current Assets (Stocks and Book Debts) |
|
Date of
instrument Creating the charge |
06.09.2010 |
|
Amount secured by
the charge |
1000.000 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As per sanction
letter No. AXISB/LC-DEL/KB/09-10/212 Dated 27.03.2010 to be amended from time
to time. Terms of repayment As per sanction
letter No. AXISB/LC-DEL/KB/09-10/212 Dated 27.03.2010 to be amended from time
to time. Margin As per sanction
letter No. AXISB/LC-DEL/KB/09-10/212 Dated 27.03.2010 to be amended from time
to time. Extent and operation of the charge Pari Passu
charge. Other The above to
secure the following:- (Rs.
In millions) Letter of credit
(Inland/Import) = 1000.000 LER (sub limit of
CC) = (50.000) Overdraft = (50.000) SBLC/LOU for
Buyers Credit = (500.000) Sub limit of LC |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. If yes, in whose
name it is registers |
NO |
|
Charge
identification number of the charge to be modified |
90042647 |
|
Date of instrument
modifying the charge |
03.03.2008 |
|
Particulars of
the present modification |
THERE BEING NO
CHANGE IN THE CREDIT FACILITIES OF Rs. 1000.000 millions already registered.
However the structure of limits has been revised as under :- (Rs. In
Millions) LC
(Inland/Import) =
1000.000 LER (sub limit of
CC) = (50.000) Overdraft =
(50.000) SBLC/LOU for
Buyers Credit = (50.000) (sub limit of LC) The revised
credit facilities shall cont. to be sec. by 1st P/PASSU charge
over entire current assets of the company both P/future |
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 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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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
unfavorable 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.