MIRA
INFORM REPORT
|
Report Date : |
16.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
PCI LIMITED (w.e.f. 29.09.1995) |
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|
|
|
Formerly Known As
: |
PRIME CHEMFERT INDUSTRIES LIMITED |
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|
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Registered
Office : |
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Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
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|
|
|
Date of
Incorporation : |
13.02.1986 |
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|
|
|
Com. Reg. No.: |
55-023329 |
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|
|
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Capital
Investment / Paid-up Capital : |
Euro 2205239 |
|
|
|
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CIN No.: [Company Identification
No.] |
U74899DL1986PLC023329 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP09007F |
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|
|
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PAN No.: [Permanent Account No.] |
AAACP1565E |
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|
|
Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacture and Supplier of Testing and Measuring Instrument, UPS,
Precision Engg. Mechanical Appliances. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
Euro 1203923 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well established company having satisfactory track.
General financial position is satisfactory. Trade relations are reported as
fair. Business is active. Payments are reported to be usually correct 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) |
|
|
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/ Factory : |
|
|
Tel. No.: |
91-11-41888999 (30 Lines) / 41888888 / 25762562/63/64 / 25762552/53 /
25813338 / 25813339 |
|
Fax No.: |
91-11-25755815 / 25821623 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
As on 31.08.2010
|
Name : |
Mr. Surinder Mehta |
|
Designation : |
Chairman and Managing Director |
|
Address : |
180-W-6 Lane, |
|
Date of Birth/Age : |
03.08.1956 |
|
Date of Appointment : |
13.02.1986 |
|
|
|
|
Name : |
Mr. I.P. Singh |
|
Designation : |
Director |
|
Address : |
25, |
|
Date of Birth/Age : |
03.11.1941 |
|
Date of Appointment : |
01.08.2002 |
|
|
|
|
Name : |
Mr. R.C. Sharma |
|
Designation : |
Director |
|
Address : |
N-1, |
|
Date of Birth/Age : |
24.01.1939 |
|
Date of Appointment : |
28.06.2004 |
|
|
|
|
Name : |
Dr. K.U. Mada |
|
Designation : |
Director |
|
Address : |
24, Silver Home, |
|
Date of Birth/Age : |
29.12.1933 |
|
Date of Appointment : |
03.11.2005 |
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|
|
|
Name : |
Mr. C.P. Jain |
|
Designation : |
Director |
|
Address : |
396-C, Sheikh Sarai, Phase I, New Delhi-110017, |
|
Date of Birth/Age : |
03.03.1946 |
|
Date of Appointment : |
11.12.2008 |
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|
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Name : |
Mrs. Archna Mehta |
|
Designation : |
Director |
|
Address : |
180-W-6 Lane, |
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Date of Birth/Age : |
31.03.1959 |
|
Date of Appointment : |
12.05.1988 |
|
|
|
|
Name : |
Mr. Rohan Mehta |
|
Designation : |
Director (Business Development) |
|
Address : |
180-W-6 Lane, |
|
Date of Birth/Age : |
14.12.1985 |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Vijay Sarpal |
|
Designation : |
Executive Director |
|
Address : |
6A/ 9, W.E.A Karol Bagh, New Delhi-110005, |
|
Date of Birth/Age : |
20.05.1955 |
|
Date of Appointment : |
01.04.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Raghav Shukla |
|
Designation : |
Company Secretary |
|
Address : |
742, Plot No. 13, |
|
Date of Birth/Age : |
15.09.1969 |
|
Date of Appointment : |
05.09.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Surinder Mehta |
|
7540327 |
|
Archna Mehta |
|
2216872 |
|
Surinder Mehta HUF |
|
411720 |
|
Rohan Mehta |
|
2820705 |
|
PCI Leasing and Finance Private Limited, |
|
564000 |
|
Senha Mehta |
|
80370 |
|
Prime Courier India Private Limited, |
|
141000 |
|
Vijay Sarpal |
|
7755 |
|
|
|
|
|
Total |
|
13782749 |
As on 31.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
5.12 |
|
Directors
or relatives of directors |
|
94.88 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Supplier of Testing and Measuring Instrument, UPS,
Precision Engg. Mechanical Appliances. |
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Product: |
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GENERAL INFORMATION
|
Bankers : |
Punjab National Bank, |
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|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Satish Aggarwal and Associates Chartered Accountant |
|
Address : |
4/5B, 1st Floor, |
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|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
0.16 Euro each |
3200000 |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13782749 |
Equity Shares |
0.16 Euro each |
2205239 |
FINANCIAL DATA
[all figures are
in Euro]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2205239 |
2205239 |
2205239 |
|
|
2] Share Application Money |
000 |
000 |
000 |
|
|
3] Reserves & Surplus |
3814380 |
2677430 |
1650663 |
|
|
4] (Accumulated Losses) |
000 |
000 |
000 |
|
|
NETWORTH |
6019619 |
4882669 |
3855902 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15621146 |
12279599 |
9056170 |
|
|
2] Unsecured Loans |
139833 |
371635 |
195312 |
|
|
TOTAL BORROWING |
15760979 |
12651234 |
9251482 |
|
|
DEFERRED TAX LIABILITIES |
1018315 |
1034888 |
642190 |
|
|
|
|
|
|
|
|
TOTAL |
22798913 |
18568791 |
13749574 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7184279 |
7659835 |
8117488 |
|
|
Capital work-in-progress |
4498115 |
2402665 |
321132 |
|
|
|
|
|
|
|
|
INVESTMENT |
1530399 |
83052 |
32349 |
|
|
DEFERREX TAX ASSETS |
000 |
0000 |
000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3332145
|
2616635 |
1701671 |
|
|
Sundry Debtors |
10600776
|
7654751 |
6829382 |
|
|
Cash & Bank Balances |
248729
|
156436 |
211941 |
|
|
Other Current Assets |
000
|
000 |
000 |
|
|
Loans & Advances |
2050806
|
2257357 |
1420238 |
|
Total
Current Assets |
16232456
|
12685179 |
10163232 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors and Other Current Liabilities |
6005664
|
4193429 |
4129683 |
|
|
Provisions |
770458
|
266776 |
1034877 |
|
Total
Current Liabilities |
6776122
|
4460205 |
5164560 |
|
|
Net Current Assets |
9456334
|
8224974 |
4998672 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
78102 |
146580 |
228247 |
|
|
OTHERS |
51684 |
51685 |
51686 |
|
|
|
|
|
|
|
|
TOTAL |
22798913 |
18568791 |
13749574 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
20495920 |
16756106 |
|
|
|
Other Income |
|
1150040 |
1380094 |
|
|
|
TOTAL (A) |
26544687 |
21645960 |
18136200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of traded goods and material consumed |
|
11695737 |
8326167 |
|
|
|
Job work and bought out services |
|
134201 |
89137 |
|
|
|
Power and fuel |
|
107799 |
151411 |
|
|
|
Payments to and provision for employees |
22530626 |
2486348 |
1936801 |
|
|
|
Administration and selling expenses |
|
3412614 |
4088106 |
|
|
|
Provision for after sale services expenses |
|
000 |
725214 |
|
|
|
Other expense |
|
2 |
1 |
|
|
|
TOTAL (B) |
22530626 |
17836701 |
15316837 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4014061 |
3809259 |
2819363 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1328281 |
1253044 |
655529 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2685780 |
2556215 |
2163834 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
855312 |
929519 |
705208 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1830468 |
1626696 |
1458626 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
693593 |
639560 |
653190 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1136875 |
987136 |
805436 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
000 |
39631 |
281 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1136875 |
1026767 |
805154 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1085460 |
752760 |
|
|
|
|
Commission Earnings |
10601 |
000 |
NA |
|
|
|
Other Earnings |
2069706 |
1683300 |
|
|
|
TOTAL EARNINGS |
3165767 |
2436060 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spare Parts and Material |
7984130 |
8007345 |
|
|
|
|
Furniture and Fixtures |
000 |
2192 |
|
|
|
|
Capital Work in Progress |
127115 |
000 |
|
|
|
TOTAL IMPORTS |
8111245 |
8009537 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Euro) |
0.08 |
0.07 |
0.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.28
|
4.56 |
4.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
7.93 |
8.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.82
|
8.00 |
7.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.33 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.74
|
3.50 |
3.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
2.84 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from 19 Rajendra Park, New
Delhi-110060,
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74899DL1986PLC023329 |
|
Name of the
company |
PCI LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
Book Debts Movable Property
(not being pledge) Immovable Property Others |
|
Particular of
charge holder |
Punjab National
Bank, |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Agreement of Hyp of Goods and Book Debts to Secure
Cash Credit, Agreement of
Hypothecation of Fixed/Block Assets
and Letter Regarding Equitable Mortgage |
|
Date of
instrument Creating the charge |
30.04.2011 |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 14.50%,
i.e. Br plus 5% p.a. (presently Br is 9.5%) p.a. With monthly rest Terms of
Repayment On Demand Margin As Per Sanction
Terms Extent and
Operation of the charge The charge
operates as security as first pari passu charge except specified assets of
Manesar unit at Plot No. 300, Sector 6, Imt, Manesor -Gurgaon which shall be
on 2nd charge basis (on which SIDBI holds exclusive first charge) Others This is to secure
ADHOC cash credit limit of Euro 156250 |
|
Short particulars
of the property charged |
I)
Hypothecation
of all p and f stocks of raw material,
work in progress, fin goods, cons stores/spares of the borrower in or about their premises
or godown at various godowns as per agr or any other godown including in
transit II)
Hypothecation of all book debts, outstanding, money
receivables, claims, bills, contracts, engagements, securities, investments,
rights and other mov. assets III)
Hypothecation
of all fixed/block assets described in general terms eq mortgage by deposit
of title deeds of imm prop. msg 6 acres situated at Village Rampur (Atta),
Tehsil Nuh, near Sohna, Distt. Gurgaon (hr) including land, building thereon
both present and future IV)
eq
mortgage by deposit of title deeds of Imm prop situated at Plot No. 287-288,
Phase II, Udyog Vihar, Gurgaon (hr) including land, building thereon both
present and future |
Fixed Assets:
- Land
- Land Leasehold
- Building
- Temporary Erection
- Furniture and Fixture
- Electric Fittings
- Sign Board
- Equipment
- Plant and Machinery
- Vehicles
- Computer
- Elevator
- Wind Mills
- Dies and Moulds
- Digs and Fixtures
As per website
details:
History:
They started as a printed circuit board manufacturer in the
heart of Silicon Valley,
In 1994, they went public and became listed on the Singapore
Stock Exchange. In 2000, they divested their PCB and LCD manufacturing arms to
fully focus on electronics contract manufacturing. They also foresaw the
emergence of
Corporate Profile:
They are a global electronics manufacturing services provider. Their objective is to create a competitive edge for their clients by helping them to bring products to market in the quickest possible time, at the right price and performance and with the best quality.
They offer design, component sourcing, supply chain management, manufacturing and logistics services. They also have technology solutions which clients can reference and leverage. Their product experience spans from consumer, industrial, commercial, medical to automotive.
Their headquarters is in
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.44.68 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.64.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.