MIRA
INFORM REPORT
|
Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
POWER GEARS LIMITED |
|
|
|
|
Registered
Office : |
Plot No.15, and 16, 3rd Phase, Peenya Industrial Area,
Banglore-560058, Karnataka. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
26.03.1980 |
|
|
|
|
Com. Reg. No.: |
11-003787 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 23.713 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109KA1980PLC003787 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufactures for IPBs and generator terminal enclosures. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. 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 : |
Plot No.15, and 16, 3rd Phase, Peenya Industrial Area,
Banglore-560058, |
|
Tel. No.: |
91-80-28396076 |
|
Fax No.: |
91-80-28371488 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
25,000 sq ft. shop area |
|
Location 1: |
Chennai Unit |
|
Area : |
50000Sq.ft. |
|
|
|
|
Location 2: |
Hindpur Unit |
|
Area : |
37000Sq.ft. |
|
|
|
|
Location 3: |
VCB Unit |
|
Area : |
6000Sq.ft. |
|
|
|
DIRECTORS
AS ON : 20.10.2010
|
Name : |
MR. Xavier Durairaj |
|
Designation : |
Chairman and Whole Time Director |
|
Address : |
S Block, Old No.40, New No.9, |
|
Date of Birth/Age : |
19.04.1948 |
|
Date of Appointment : |
11.09.2000 |
|
DIN No : |
00514197 |
|
PAN No : |
AAGPD0236R |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U32201TN1997PTC037428 |
REEP INDUSTRIES PRIVATE
LIMITED |
Director |
31/01/1997 |
31/01/1997 |
- |
Active |
NO |
|
2 |
U32109KA1980PLC003787 |
POWER GEARS LIMITED |
Director |
11/09/2000 |
11/09/2000 |
- |
Active |
NO |
|
3 |
U63010TN2007PTC065019 |
HERCULES LOGISTICS PRIVATE
LIMITED |
Director |
10/10/2007 |
10/10/2007 |
- |
Active |
NO |
|
4 |
U74900TN2010PTC076309 |
R.L POWER OIL & GAS
INDIA PRIVATE LIMITED |
Director |
25/06/2010 |
25/06/2010 |
- |
Active |
NO |
|
5 |
U74990TN2011PTC080844 |
GESTAMP POWERGEAR
WINDSTEEL PRIVATE LIMITED |
Director |
30/05/2011 |
30/05/2011 |
- |
Active |
NO |
|
Name : |
Mr. Subbarao Govindrao Subbarao |
|
Designation : |
Managing Director |
|
Address : |
58, 16th Cross, 12th Main, Malleshwaram,
Banglore-560055, |
|
Date of Birth/Age : |
16.11.1944 |
|
Date of Appointment : |
26.03.1980 |
|
DIN No : |
00635626 |
|
PAN No : |
AESPS6647D |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U32109KA1980PLC003787 |
POWER GEARS LIMITED |
Managing director |
26/03/1980 |
26/03/1980 |
- |
Active |
NO |
|
Name : |
MR. Darbe Krishnananda Chowta |
|
Designation : |
Director |
|
Address : |
242 C, 3rd Block, IV Phase, Basaveshwaran nagar, West Of
Chord Road, Banglore-560079, |
|
Date of Birth/Age : |
18.06.1939 |
|
Date of Appointment : |
16.08.1993 |
|
DIN No : |
00629521 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U28920KA1990PTC010772 |
P C EXPORTS PRIVATE
LIMITED |
Managing director |
31/03/1990 |
31/03/1990 |
- |
Active |
|
|
2 |
U55100MH1992PLC069865 |
PRAKRUTI RESORTS LIMITED |
Director |
03/12/1992 |
03/12/1992 |
12/06/2008 |
Active |
NO |
|
3 |
U32109KA1980PLC003787 |
POWER GEARS LIMITED |
Director |
16/08/1993 |
16/08/1993 |
- |
Active |
NO |
|
4 |
U25190KA1978PTC003315 |
WELFLEX POLYMER PRIVATE
LIMITED |
Director |
20/08/2007 |
20/08/2007 |
16/08/2008 |
Active |
|
Name : |
Mr. Puppala Panduranga Jagan Mohan Rao |
|
Designation : |
Director |
|
Address : |
114, 5th C Main, R. P. C. Layout, Vijayanagar,
Banglore-560040, |
|
Date of Birth/Age : |
18.02.1946 |
|
Date of Appointment : |
16.09.1988 |
|
DIN No : |
00635708 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U32109KA1980PLC003787 |
POWER GEARS LIMITED |
Director |
16/09/1988 |
16/09/1988 |
- |
Active |
NO |
|
2 |
U72200KA2007PTC043851 |
TetherMedia Software
Private Limited |
Director |
13/09/2007 |
13/09/2007 |
- |
Active |
NO |
|
Name : |
Mr. Bannapalli Laxminarayan Hegde |
|
Designation : |
Director |
|
Address : |
# 402, Ashoka Hights, Mahalakshmipuram, Banglore-560086, |
|
Date of Birth/Age : |
10.06.1937 |
|
Date of Appointment : |
29.08.1998 |
|
DIN No : |
00680194 |
|
PAN No : |
AACPL7888B |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U32109KA1980PLC003787 |
POWER GEARS LIMITED |
Director |
29/08/1998 |
29/08/1998 |
- |
Active |
NO |
|
Name : |
MR. Rajesh Xavier Durairaj |
|
Designation : |
Director |
|
Address : |
S Block, Old No.40, New No.9, |
|
Date of Birth/Age : |
03.06.1981 |
|
Date of Appointment : |
28.09.2007 |
|
DIN No : |
01774431 |
|
PAN No : |
AGOPD3381R |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U32109KA1980PLC003787 |
POWER GEARS LIMITED |
Director |
28/09/2007 |
28/09/2007 |
- |
Active |
NO |
|
2 |
U63010TN2007PTC065019 |
HERCULES LOGISTICS PRIVATE
LIMITED |
Director |
10/10/2007 |
10/10/2007 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.10.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Subbarao Govindrao Subbarao |
|
74514 |
|
S. G. Subbarao and Nagamani S. Rao |
|
67740 |
|
S. G. Subbarao and Nagamani S. Rao and Lakshmidevi Raju |
|
14605 |
|
Lalithamani |
|
6908 |
|
Srikant Rao |
|
53980 |
|
Suman Rao |
|
54084 |
|
Nagamani S. Rao |
|
33060 |
|
Lakshmidevi Raju and Nagamani S. Rao |
|
14320 |
|
S. G. N. Rao |
|
6417 |
|
Lashmidevi Raju |
|
22500 |
|
B. R. Shankar Rao |
|
11667 |
|
Nagaraj A. R. (NRI) |
|
52570 |
|
M. N. Manjunath and Mala Mysore |
|
5000 |
|
N. Leela |
|
1750 |
|
B. R. Anantha Rao |
|
930 |
|
K. R. Ramprasad |
|
1167 |
|
K. V. Ramchandra |
|
1167 |
|
Girija Ramchandra |
|
2400 |
|
B. S. Mahesh |
|
2000 |
|
Niranjan Prabhu |
|
1200 |
|
S. G. Kirshnamurthy |
|
834 |
|
T. L. Lalithamaba |
|
2500 |
|
Sunitha S. Rao |
|
1752 |
|
Shubhashree and Sharada S. Rao |
|
6000 |
|
Sudha Tinaikar |
|
6000 |
AS ON 30.09.2010
|
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] |
|
13.00 |
|
Bodies corporate |
|
9.00 |
|
Directors or relatives of directors |
|
77.00 |
|
Other top fifty shareholders |
|
1.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures for IPBs and generator terminal enclosures. |
|
|
|
|
Products : |
|
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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|
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|
No. of Employees : |
250 (Approximately) |
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|
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|
Bankers : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BP Rao and Company Chartered Accountant |
|
Address : |
No.5, Poornaprasad Raod, High Grounds, Banglore-560001, |
|
Tel. No.: |
91-80-22200200 |
|
Fax No.: |
91-80-22205030 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2371324 |
Equity Shares |
Rs. 10/- each |
Rs. 23.713
millions |
|
|
|
|
|
NOTE :
20000 Share issued to the shareholders of
erstwhile P. S. P. L. in pursuance of amalgamation, for consideration, for consideration
other than cash.
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 |
23.713 |
23.713 |
23.713 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
243.963 |
171.581 |
119.739 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
267.676 |
195.294 |
143.452 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
60.707 |
141.952 |
178.661 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
60.707 |
141.952 |
178.661 |
|
|
DEFERRED TAX LIABILITIES |
0.877 |
4.596 |
5.726 |
|
|
|
|
|
|
|
|
TOTAL |
329.260 |
341.842 |
327.839 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
118.947 |
114.548 |
97.748 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.006 |
0.006 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
112.913
|
132.850 |
84.278 |
|
|
Sundry Debtors |
140.727
|
186.788 |
211.443 |
|
|
Cash & Bank Balances |
46.100
|
46.268 |
25.570 |
|
|
Other Current Assets |
57.751
|
54.737 |
0.000 |
|
|
Loans & Advances |
31.091
|
31.216 |
67.328 |
|
Total
Current Assets |
388.582
|
451.859 |
388.619 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
91.451
|
124.937 |
128.509 |
|
|
Other Current Liabilities |
52.571
|
54.384 |
3.135 |
|
|
Provisions |
34.709
|
45.858 |
27.643 |
|
Total
Current Liabilities |
178.731
|
225.179 |
159.287 |
|
|
Net Current Assets |
209.851
|
226.680 |
229.330 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.456 |
0.608 |
0.760 |
|
|
|
|
|
|
|
|
TOTAL |
329.260 |
341.842 |
327.839 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
864.981 |
945.453 |
692.219 |
|
|
|
Other Income |
5.130 |
23.435 |
4.530 |
|
|
|
Erection and Supervision Charges |
10.147 |
7.450 |
3.943 |
|
|
|
Freight Charge Received |
4.801 |
1.022 |
2.576 |
|
|
|
Labour Charges Received |
0.000 |
2.484 |
1.298 |
|
|
|
TOTAL (A) |
885.059 |
979.844 |
704.566 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
531.628 |
712.227 |
513.667 |
|
|
|
Employees Remuneration |
101.750 |
82.420 |
65.089 |
|
|
|
Increase/(Decrease) in Finished Goods |
12.466 |
(14.532) |
(2.068) |
|
|
|
Selling and Distribution Expenses |
98.687 |
66.812 |
54.870 |
|
|
|
Bad Debts |
21.597 |
11.487 |
1.102 |
|
|
|
Pre-Operative Expenses Written Off |
0.152 |
0.152 |
0.000 |
|
|
|
Advance Written Off |
3.901 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
770.181 |
858.566 |
632.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
114.878 |
121.278 |
71.906 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.715 |
24.484 |
18.197 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
99.163 |
96.794 |
53.709 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.330 |
6.310 |
3.489 |
|
|
|
|
|
|
|
|
|
Less |
Prior Year
Adjustment |
0.303 |
0.644 |
0.776 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
91.530 |
89.840 |
49.444 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.213 |
26.900 |
17.202 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
79.317 |
62.940 |
32.242 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
131.990 |
86.442 |
64.360 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
7.932 |
6.294 |
3.224 |
|
|
|
Dividend |
5.928 |
9.485 |
5.928 |
|
|
|
Tax on Dividend |
1.008 |
1.612 |
1.007 |
|
|
BALANCE CARRIED
TO THE B/S |
196.439 |
131.991 |
86.443 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
817.624 |
864.816 |
NA |
|
|
|
Other Earnings |
5.848 |
32.055 |
NA |
|
|
TOTAL EARNINGS |
823.472 |
896.871 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
129.187 |
203.018 |
NA |
|
|
|
Capital Goods |
0.000 |
4.329 |
NA |
|
|
|
Others |
28.058 |
23.864 |
NA |
|
|
TOTAL IMPORTS |
157.245 |
231.211 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
33.45 |
26.54 |
13.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.96
|
6.42 |
4.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.58
|
9.50 |
7.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.03
|
15.86 |
10.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.46 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.90
|
1.90 |
2.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17
|
2.01 |
2.44 |
LOCAL AGENCY FURTHER INFORMATION
GENERAL SCENARIO
AND REVIEW OF OPERATIONS (AS ON 31.03.2010) :
After the severe recession during the previous year in the auto and engineering
industry, there have been sign of recovery towards the second half of the
period under report. On account of global scenario company has registered a
marginally lower turnover of Rs. 869.665 millions as against Rs. 950.033
millions in the previous year. This is primarily on account of reduced domestic
order book position. Out of the total sales Export sales are at Rs. 807.852
millions and domestic sales are at Rs. 61.813 millions. Total sales include
Rs.410.378 millions from SEZ Unit.
The profit before tax for the year was Rs.91.530 millions as against
previous year profit of Rs.89.839 millions.
As on 31.03.2010 Rs.698.196 millions orders are on hand pending
execution. The Directors are hopeful for a better performance in the current
year.
FORM 8
|
Corporate
identity number of the company |
U32109KA1980PLC003787 |
|
Name of the
company |
POWER GEARS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.15, and 16, 3rd Phase, Peenya Industrial Area,
Banglore-560058, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Letter regarding
the grant of indidual Limits within the overall limit Memorandum of
deposit for creation of further charge for term loan/ overall limit |
|
Date of
instrument Creating the charge |
13.01.2009 |
|
Amount secured by
the charge |
Rs.647.800
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest WC : Interest @
SBAR, present effective rate 13% p. a. with monthly rests EPC : Interest @
2.75% below SBAR, effective rate 10.25% p.a. with monthly rests TL : Interest @
SBAR, present effective rate 13% for a period of two years from 29.11.2008,
to be reset thereafter. Terms of repayment WC : Repayable on
demand TL : Repayable as
per schedule Margin CC : 25% LC and BG : 10% Extent and operation of the charge Charge extends by
way of first charge on all the assets throughout the period of sanctioned
limits. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation of
the whole of the present and future stocks, book debts, machineries, etc.
belonging to the co. EM on Company’s immovable properties situated at Plot
No.15 and 16, Peenya Industrial Area, Blr, No.17, 18, 19, 20, 29, 30, 31, 32,
Thumakunta Village, Hindupur Taluk, Plot No. GF 3, KSIIDC building, 14th
Cross, Peenya I Stage, Blr, and Leasehold Rights on Land and Building at No.
V-18 and 19, Peenya Industrial Estate, Blr, Second charge on Land and
Building at No. B-33, Phase II, Zone B of MEPZ- SEZ |
|
Charge
identification number of the charge to be modified |
80022624 |
|
Date of
instrument modifying the charge |
31.01.2007 |
|
Particulars of
the present modification |
Total limits
enhanced from Rs.447.800 millions EM on company’s immovable prosperities
situated at Plot No.15 and 16, Peenya
Industrial Area, Blr, No.17, 18, 19, 20, 29, 30, 31, 32, Thumakunta Village,
Hindupur Taluk, Plot No. GF 3, KSIIDC building, 14th Cross, Peenya
I Stage, Blr, and Leasehold Rights on Land and Building at No. V-18 and 19,
Peenya Industrial Estate, Blr, Second charge on Land and Building at No.
B-33, Phase II, Zone B of MEPZ- SEZ. All other terms, conditions and existing
securities to continue. |
FIXED ASSETS
- Goodwill
- Land
- Buildings
- Plant and
Machinery
- Vehicles
- Furniture’s
and Fittings
- Office
Equipments
- Computers
- Computer
Software
- Testing
Equipments
- Electrical
Equipments
- Tools and
Tackles
- Computer
Software - WIP
- Buildings -
WIP
WEB SIDE DETAILS
Powergear Is
- Professionally managed by a team of
Directors qualified from reputed institutions such as IIT, L.S.E (
- Headed by Mr.X.Durairaj an Electrical
Engineer and an awardee of CII - The Hindu Business Line "EMERGING
ENTREPRENEURS OF TAMILNADU"
- Involved in R and D activities led by
an experienced PhD from
- Supported by a team of 150 qualified
and experienced Electrical & Mechanical Engineers and a combined
employee strength of more than 600 people
- Sustained by manufacturing bases in 4
different locations in southern
- Represented in
History
- Inception in
- Second unit in Hindupur, 1988
- Third unit in
- Fourth unit in MEPZ Chennai, 2008
GROUP COMPANIES
REEP Industries Private
Limited, Maraimalainagar, Chennai
- Bus duct manufacturer
- 30 Years standing in the industry
- 110,000Sq.ft land, 30,000Sq.ft modern
shop area, 40,000 Sq.ft under construction
RL Power Oil and
Gas India Private Limited
- Located in
- Design, manufacture, sell, service a
range of control panel products
- MCC (Motor Control Centers), Gas
Turbine Control Systems, PLC Control Panels, Generator Control Panels,
Charger & Inverter Control Panels, Distributed Control Systems and
SCADA
Hercules Logistics
Private Limited, Anna Nagar, Chennai
- Freight forwarding company
- Started in 2007
- Air and sea freight packing, Insurance and transportation
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. 50.27 |
|
|
1 |
Rs. 80.07 |
|
Euro |
1 |
Rs. 68.44 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.