MIRA
INFORM REPORT
|
Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PHOENIX YULE PRIVATE LIMITED (w.e.f. 05.01.2010) |
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Formerly Known
As : |
PHOENIX YULE LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
11.08.1998 |
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Com. Reg. No.: |
21-87713 |
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Capital Investment / Paid-up Capital : |
Rs.459.349
millions |
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CIN No.: [Company
Identification No.] |
U24134WB1998PLC087713 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALP03210E |
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PAN No.: [Permanent
Account No.] |
AABCP5595P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers,
Designers and Sellers of Conveyor Belting, Fan and Vee Belts and other
related products. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7129176 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. General Financial position is satisfactory. Trade relations are
reported as fair. Business is active. Payments are reported to be correct and
as per commitments. The company can be considered good for normal 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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office /
Factory : |
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Tel. No.: |
91-33-25898266 |
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Fax No.: |
91-33-25898681/ 25898527 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. ft. |
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Location : |
Rented Commercial |
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Corporate Office : |
Ideal Plaza, North Block, 4th Floor, 11/1 Sarat
Bose Road, Kolkata – 700020, West Bengal, India |
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Tel. No.: |
91-33-22806634/ 37 |
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Fax No.: |
91-33-22806638/ 22870194/
22870195 |
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E-Mail : |
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Website : |
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Factory : |
Kalyani, Post
Gayeshpur – 741234, District Nadia, West |
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91-33-25898266/ 25898727/ 25897925 |
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Fax No.: |
91-33-25828527 |
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Area : |
201600 sq. ft. |
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Location : |
Leasehold Industrial |
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Branches : |
MUMBAI OFFICE 14, Anjani Compalex,
Pareira Hill Road, Opposite Andheri Kurla Road, Andheri (East), Mumbai – 400 099, Maharashtra,
India Tel No. :
91-22-28231189/ 28315729/ 32525152 Fax No.:
91-22-28304405 E-Mail : pylmunwr@vsnl.net CHENNAI OFFICE Mount View (2nd
Floor), 646, Anna Salai, Chennai – 600 006, Tel No.
:91-44-2846881/ 28315729/ 32525152 Fax No.:
91-44-28546884 E-Mail : abose@phonixyule.com 201
Laxmi Bhawan, 72, Tel No.
:91-11-26233094/ 26437272 / 26222640 Fax No.:
91-11-26443865/ 2623 /8853 E-Mail :skumar@phonenixyule.com
5-4-487/6,
M Tel No.
:91-44-55324541 Fax No.:
91-44-55314542 |
DIRECTORS
As On 15.05.2010
|
Name : |
Mr. Tapas
Kumar Mukherjee |
|
Designation : |
Managing
Director |
|
Address : |
P-197, |
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Date of Birth/Age : |
07.07.1949 |
|
Qualification : |
M. Sc., MDP
(IIM-C) |
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Date of Appointment : |
01.02.1999 |
|
Previous
Employment: |
Bata India
Limited, General Manager (Operations) |
|
DIN No : |
00229358 |
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|
|
|
Name : |
Mr. Bernd
Edgar Kuesel |
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Designation : |
Director |
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Address : |
Schafshagenberg
31-A, |
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Date of Birth/Age : |
09.10.1950 |
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Date of Appointment : |
01.02.1999 |
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DIN No : |
01687468 |
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Name : |
Mr. Hans J. Duensing |
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Designation : |
Director |
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Address : |
Raffelbergweg, D-30853,
Langenhagen – 30853 |
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Date of Birth/Age : |
20.05.1958 |
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Date of Appointment : |
11.07.2006 |
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DIN No : |
00764477 |
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Name : |
Mr. Claus Peter Spille |
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Designation : |
Director |
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Address : |
Wedemark, Mellendorf
030900 |
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Date of Birth/Age : |
02.02.1968 |
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Date of Appointment : |
11.12.2007 |
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DIN No : |
02248277 |
|
Name : |
Mr. Andreas Huck |
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Designation : |
Director |
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Address : |
Meersmannufer -19 |
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Date of Birth/Age : |
18.07.1969 |
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Date of Appointment : |
08.11.2008 |
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DIN No : |
02502613 |
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|
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|
Name : |
Mr. Ved Prakash |
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Designation : |
Director appointed in
Casual Vacancy |
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Address : |
6105 B -09, Vasant Kunj, |
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Date of Birth/Age : |
06.08.1959 |
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Date of Appointment : |
11.06.2009 |
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PAN No : |
AADPV7303C |
KEY EXECUTIVES
|
Name : |
Mr. Partha Kamal Sen |
|
Designation : |
Company Secretary |
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Address : |
Flat 8C 1 Brook Tower, |
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Date of Birth/Age : |
26.07.1958 |
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Date of Appointment : |
19.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 15.05.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
|
|
45934899 |
|
Contitech Transportband Systeme GmbH, |
|
1 |
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Total |
|
45934900 |
(AS ON 30.06.2010)
|
Category |
|
Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Designers and Sellers of Conveyor Belting, Fan and Vee Belts and other
related products. |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
31.12.2009 |
31.12.2008 |
||||
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Steel Cord Conveyor Belt |
Tonnes |
11000 |
11000 |
7939 |
11000 |
11000 |
9630 |
|
Textile Conveyor Belt |
Tonnes |
6000 |
6000 |
6805* |
6000 |
6000 |
6377* |
|
Splicing Materials |
Tonnes |
500 |
500 |
17 |
500 |
500 |
12 |
Notes :
Installed capacities are as certified by management
and have not been verified by the auditors, being a technical matter.
*
Includes intermediaries converted into finished goods.
GENERAL INFORMATION
|
Customers : |
MINING
AND MINERALS
IRON AND STEEL
CEMENT
PORT POWER
OEM AND PROJECT
MISCELLANEOUS
|
|
|
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Bankers : |
·
Deutsche
Bank Brooke House,
9 Shakespeare Sarani, Kolkata – 700 071, West ·
ICICI
Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Associates Chartered
Accountants |
|
Address : |
Infinity Benchmark, Plot
No. G -1, 10th Floor, Block, EP and GP, Sector – V, Kolkata –
700091, West |
|
Tel. No.: |
91-33-44034000 |
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Fax No.: |
91-33-44034199 |
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|
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|
Fellow Subsidiary
Company : |
·
·
Contitech Transportband
Systeme GmbH ·
Conititech Rubber
Indutrial KFT ·
IMAS SA ·
Continental Simi Tyre ( |
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Holding Company : |
·
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Ultimate Holding Companies : |
·
Continental
AG ·
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CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.10/- each |
Rs.900.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45934900 |
Equity Shares |
Rs.10/- each |
Rs.459.349
millions |
|
|
|
|
|
NOTE:
Includes 45,934,899 (Previous Year 33,991,826)
equity shares held by Phoenix B. V., Netherland, the holding company and 1
share held by Contitech Transportbandysysteme GmbH,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
459.349 |
459.349 |
459.349 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1322.945 |
896.939 |
577.544 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1782.294 |
1356.288 |
1036.893 |
|
|
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 |
1782.294 |
1356.288 |
1036.893 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
541.997 |
354.758 |
393.603 |
|
|
Capital work-in-progress |
5.996 |
39.194 |
1.495 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
25.771 |
52.171 |
39.315 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
196.470
|
210.086
|
149.867 |
|
|
Sundry Debtors |
574.700
|
603.528
|
436.741 |
|
|
Cash & Bank Balances |
776.201
|
429.506
|
515.618 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
223.146
|
129.112
|
92.374 |
|
Total
Current Assets |
1770.517
|
1372.232
|
1194.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
126.305
|
67.066
|
89.015 |
|
|
Sundry Creditors |
338.400
|
324.392
|
324.421 |
|
|
Provisions |
97.282
|
70.609
|
178.684 |
|
Total
Current Liabilities |
561.987
|
462.067
|
592.120 |
|
|
Net Current Assets |
1208.530
|
910.165
|
602.480 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1782.294 |
1356.288 |
1036.893 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
2770.836 |
2874.635 |
2798.839 |
|
|
|
Other Income |
26.035 |
343.306 |
32.035 |
|
|
|
TOTAL (A) |
2796.871 |
2934.211 |
2830.874 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
1441.287 |
1833.513 |
1665.641 |
|
|
|
Manufacturing Expenses |
493.748 |
433.242 |
525.688 |
|
|
|
Increase/(Decrease) in Finished Goods |
34.367 |
(35.257) |
23.896 |
|
|
|
Personal Cost |
136.463 |
149.219 |
125.004 |
|
|
|
TOTAL (B) |
2105.865 |
2380.717 |
2340.229 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
691.006 |
553.494 |
490.645 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.617 |
1.302 |
0.244 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
690.389 |
552.192 |
490.401 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.316 |
66.591 |
61.103 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
631.073 |
485.601 |
429.298 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
205.067 |
166.206 |
147.873 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
426.006 |
319.395 |
281.425 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
875.832 |
556.437 |
408.057 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1301.838 |
875.832 |
689.482 |
|
|
|
|
|
|
|
|
|
|
TOTAL EARNINGS IN
FOREIGN CURRENCY |
114.616 |
319.713 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Raw Materials |
480.643 |
622.927 |
NA |
|
|
|
Stores & Spares |
18.011 |
5.180 |
NA |
|
|
|
Capital Goods |
178.531 |
3.170 |
NA |
|
|
|
Others |
0.000 |
0.000 |
NA |
|
|
|
TOTAL IMPORTS |
677.185 |
631.277 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.27 |
6.95 |
6.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
15.23
|
10.89
|
9.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.77
|
16.89
|
15.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.99
|
27.29
|
26.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.36
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
0.34
|
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.15
|
2.97
|
2.02 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND
The Company was registered as a private limited company on 18 August
1998. a Joint Venture Agreement was executed between Andrew Yuel and Company
Limited (AYCL) and Phoenix Aktiengesellschft,
(a)
33,991,826 equity shares of Rs. 10/- each, fully paid
up, were issued to Phoenix B. V., Netherlands, a group company of Phoenix AG,
in consideration for payment by them of an equivalent value to AYCL; and
(b)
11,943,074 equity shares of Rs. 10/- each, fully
paid up, were issued to AYCL, by the company.
Pursuant to such issue of shares, the company has been converted to
private limited company under Section 43A (1) of the Companies Act, 1956.
Subsequent to the year-end the company has been converted to private
limited company with effect from 5 January 2010. The name of the Company has
been changed to Phoenix Yule Private Limited as per the revised Certificate of
Incorporation issued by Registrar of Companies on 5 January 2010.
COMPLETION OF
DISINVESTMENT PROCESS
After such purchase, the company has become a wholly owned subsidiary
company in the ContiTech Coveyor Belt Group,
Further, the status of the Company has been changed to a Private Limited
Company after the completion of share purchase transactions. The new status
will provide an operational boost in all spheres of its activities. The Fresh
certificate of Incorporation, dated 5th January, 2010, consequence
to the changed of status, has been obtained from the Registrar of Companies,
OPERATION :
During the year ended on 31st December 2009, the Company achieved a turnover of Rs. 2796.876 millions as compared to Rs. 2934.211 millions in the previous year, adown growth of 5% over the previous year. However, the company recorded a profit before tax of Rs. 631.073 millions as against Rs. 485.801 millions in 2008 thus clocking a growth of 30% over the previous year.
EXPORT PERFORMANCE
The Company’s export during the year under review was Rs.
114.616 millions on FOB basis, including Rs. Nil in Rupee trade arrangements as
against exports of Rs. 319.713 millions in the previous year which included Rs.
63.073 millions in Rupee trade arrangements. Due to the global economic crisis,
there was a sharp drop in export performance, as such crisis severely affected
our export market. Further lack of sufficient order from their parent company
in
The Foreign Exchange earnings and outgo was Rs. 114.616 millions (last year Rs. 256.640 millions) and Rs. 713.082 millions (last year Rs. 668.359 millions) respectively during the year under review. It may be noted that the Foreign Exchange Outgo includes Rs. 178.531 millions (last year Rs. 3.170 millions) for import of capital goods.
FIXED ASSETS :
- Buildings
- Plant and Machinery
- Furniture and Fittings
- Motor Vehicles
- Computer Software
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
5 |
|
--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 |
|
50 |
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.