MIRA INFORM REPORT

 

 

Report Date :

07.01.2011

 

IDENTIFICATION DETAILS

 

Name :

PHOENIX MECANO (INDIA) LIMITED

 

 

Registered Office :

Office No. 306, Marol Bhavan, Makwana Road, Marol, Andheri (East), Mumbai-400059, Maharashtra 

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

11.11.1994

 

 

Com. Reg. No.:

11-082819

 

 

CIN No.:

[Company Identification No.]

U74999MH1994PLC082819

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMP16715G/ MUMP08076F

 

 

PAN No.:

[Permanent Account No.]

AAACP2452L

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

To Provide Engineering Services for Product Development, Prototyping, Re Engineering of Products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 1100000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Profitability of the company appears to be low. However, trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings with some caution.

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Abhijeet Kulkarni

Designation :

Accountant

Date :

05.01.2011

 

 

LOCATIONS

 

Registered Office/ Sales Office :

Office No. 306, Marol Bhavan, Makwana Road, Marol, Andheri (East), Mumbai-400059, Maharashtra, India

Tel. No.:

91-22-42154571

Fax No.:

91-22-42154571

E-Mail :

amol@pmipl-online.com

Website :

http://www.phoenixmecano.co.in

 

 

Corporate Office/ Works :

Plot 388/389, Pirangut Industrial Area, Post Ghotawdw, Village Bhare, Taluka Mulshi, Pune-412108, Maharashtra, India.

Tel. No.:

91-20-26674500

Fax No.:

91-20-22929205

E-Mail :

admin@pmipl-online.com

 

 

Sales Office 2:

S B Complex, 1st Floor, W- 115, 3rd Avenue, Anna Nagar, Chennai- 600040, Tamilnadu, India.

Tel. No.:

91-44-42170995

Fax No.:

91-44-42710665

 

 

Sales Office 3:

Plot No. 2 A 3 Mahavir Garden, Ambattur Industrial Estate, Ambattur, Chennai-600058, Tamilnadu, India

Tel. No.:

91-44-43023018

Fax No.:

91-44-43023098

 

 

Distributors:

Located At:

 

v      Ahmedabad

v      Delhi

v      Chennai

v      Coimbatore

v      Mumbai

v      Faridabad

v      Bangalore

v      Secunderabad

v      Baroda

 

 

DIRECTORS

 

As on 28.09.2010

 

Name :

Mr. Joachim B Metzger

Designation :

Chairman

Address :

Ifina Holderlinstass, E7- D64668, Rimbach, Germany

Date of Birth/Age :

14.07.1951

Date of Appointment :

14.11.1994

 

 

Name :

Mr. Saurabh Kamlesh Shukla

Designation :

Managing Director

Address :

B-503, Rolling Hills 2, Baner Road, Pune- 411007, Maharashtra, India.

Date of Birth/Age :

24.01.1977

Date of Appointment :

09.03.2006

 

 

Name :

Mr. Anil Harinarayan Shrivastava

Designation :

Director

Address :

Flat No. 102, DI 602, Landmark Garden, East Wing, Kalyani Nagar, Pune- 411006, Maharashtra, India.

Date of Birth/Age :

12.03.1939

Date of Appointment :

01.08.1998

 

 

Name :

Mr. Shahshikant Manohar Tungare

Designation :

Director

Address :

C-31, Kumar Elixir, Baner Road, Pune- 411045, Maharashtra, India.

Date of Birth/Age :

20.10.1940

Date of Appointment :

08.12.2003

 

 

KEY EXECUTIVES

 

Name :

Mr. Abhijeet Kulkarni

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 28.09.2010

 

Names of Shareholders

 

No. of Shares

Joachim B Metzger

 

10

Phoenix Mecano AG, Switzerland

 

2692703

Saurabh K Shukla

 

9567

Asha R Shrivastava

 

27004

Anil H Shrivastava

 

10

Saurabh H Shrivastava

 

10

Gitanjali R  Shrivastava

 

10

Shilpi S Shrivastava

 

10

 

 

 

Total

 

2729324

 

As on 28.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

98.66

Directors or relatives of directors

 

1.34

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

To Provide Engineering Services for Product Development, Prototyping, Re Engineering of Products

 

 

GENERAL INFORMATION

 

No. of Employees :

150 (Approximately)

 

 

Bankers :

Not Available

 

 

Facilities :

Secured Loan

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

Loan for Bank

(Secured by cars purchased from the said loan)

0.117

0.482

Total

0.117

0.482

 

 

 

Unsecured Loan

 

 

External commercial borrowing form holding company

79.823

90.966

Total

79.823

90.966

 

Note:

 

Of the above external commercial borrowing of USD 1730000, USD 280000 was payable on 25 February 2010 for which the company has done the re-schedulement in agreement with the holding company. Accordingly USD 280000 is repayable in full on 25 August 2010.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BSR and Company

Chartered Accountant 

Address :

KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India

 

 

Holding Company:

  • Phoenix Mecano Switzerland

 

 

CAPITAL STRUCTURE

 

As on 28.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2750000

Equity Shares

Rs.100/- each

Rs.275.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2729324

Equity Shares

Rs.100/- each

Rs.272.932 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

272.932

242.820

194.120

2] Share Application Money

0.000

30.112

0.000

3] Reserves & Surplus

7.018

0.000

0.000

4] (Accumulated Losses)

0.000

(14.525)

(17.314)

NETWORTH

279.950

258.407

176.806

LOAN FUNDS

 

 

 

1] Secured Loans

0.117

0.482

1.443

2] Unsecured Loans

79.823

90.966

39.584

TOTAL BORROWING

79.940

91.448

41.027

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

359.890

349.855

217.833

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

177.584

142.300

103.613

Capital work-in-progress

2.482

26.174

5.144

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

2.747

0.468

4.717

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
115.824

108.412

99.159

 

Sundry Debtors
79.374

78.926

60.187

 

Cash & Bank Balances
17.551

57.109

26.350

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
45.219

63.502

24.468

Total Current Assets
257.968

307.949

210.164

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
72.690

110.192

98.179

 

Other Current Liabilities
5.007

14.687

6.721

 

Provisions
3.194

2.157

0.905

Total Current Liabilities
80.891

127.036

105.805

Net Current Assets
177.077

180.913

104.359

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

359.890

349.855

217.833

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

411.873

424.766

306.439

 

 

Other Income

17.335

7.353

6.946

 

 

TOTAL                                     (A)

429.208

432.119

313.385

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of material

286.064

285.320

0.000

 

 

Cost of traded goods sold

7.018

5.135

214.780

 

 

Personnel costs

40.590

42.960

25.549

 

 

Manufacturing and other expenses

48.534

67.114

45.302

 

 

TOTAL                                     (B)

382.206

400.529

285.631

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

47.002

31.590

27.754

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

4.082

4.036

3.051

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

42.920

27.554

24.703

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

23.083

19.912

13.732

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

19.837

7.642

10.971

 

 

 

 

 

Less

TAX                                                                  (H)

(1.706)

4.853

(4.292)

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

21.543

2.789

15.263

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(14.525)

(17.314)

(32.577)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

7.018

(14.525)

(17.314)

 

 

 

 

 

 

Earnings Per Share (Rs.)

7.95

1.21

10.53

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
5.02

0.65
4.87

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
4.82

1.80
3.58

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
4.55

1.70
5.28

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.07

0.03
0.06

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
0.32

0.85
0.84

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
3.19

2.42
1.96

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS:

 

Particulars

 

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

 

 

 

Dues to micro and small enterprises

2.783

0.656

0.000

Others

69.907

109.536

98.179

Total

72.690

110.192

98.179

 

OPERATIONS:

 

The total sales and other income of the company for the year ended 31st March, 2010 were Rs.411.873 millions and Rs. 17.335 millions respectively as against Rs. 424.766 millions and Rs.7.353 millions in the previous year. The company during the year under report made a profit of Rs.19.837 millions as against Rs.7.642 millions.

 

NOTE: The registered office of the company has been shifted from Office No. B-101 and 102, Madhuri, Plot No. 1, Sector No. 6, Airoli, Navi Mumbai- 400708, Maharashtra, India to the present address w.e.f. 01.01.2010.

 

FIXED ASSETS:

 

v      Freehold Land

v      Factory Premises

v      Plant and Machinery

v      Dies, Tools and Moulds

v      Electrical Installation

v      Testing Equipments

v      Furniture and Fixtures

v      Computers

v      Air Conditioners

v      Motor Car

v      Office Equipments

v      Other Assets

 

WEBSITE DETAILS

 

PROFILE:

 

In November 1994, Phoenix Mecano AG, decided to include in the sphere of its global networks, the land of plenty, India. Subject was established in Mumbai to source products for Phoenix Mecano's global sourcing operations and to market products of the Phoenix Mecano enclosure and mechanical division. Soon the high quality and sophisticated Phoenix Mecano products were creating waves in the Indian Market and subject saw itself as one of the leaders in a cut throat competition. With an increase in demand for Phoenix Mecano products, came the need to integrate manufacturing in the company. This paved the way for a state of the art manufacturing facility, which was started at Pirangut, Pune in the year 2004.

 

The products manufactured in India meet the exacting standards of the Group companies. While catering to the requirements of the domestic market, these products are also exported to the parent company in Germany as well as to markets in Singapore, USA, China and Sharjah.

 

 

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.45.31

UK Pound

1

Rs.70.26

Euro

1

Rs.59.56

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--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

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

28

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.