MIRA
INFORM REPORT
|
Report Date : |
02.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
PIX TRANSMISSIONS LIMITED |
|
|
|
|
Registered Office : |
J-7,
MIDC, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
22.07.1981 |
|
|
|
|
Com. Reg. No.: |
11-024837 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 240.952
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L25192MH1981PLC024837 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16300E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACP6016C |
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|
|
|
Legal Form : |
Public
Limited Liability Company. The company’s
shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturer
of “V” Belts, Raw Edge, Poly V-Belts, Variable Speed Belts, Fire Resistant
Belts, Antistatic Belts, Oil and Heat Resistant Belts, Dry Cover Belts, etc. |
|
|
|
|
No. of Employees : |
1200
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2100000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an 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 small to mediocre 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 : |
J-7,
MIDC, |
|
Tel. No.: |
91-7104-236501
(5 Lines) / 236503/504/ 237051 / 237729 |
|
Fax No.: |
91-7104-236505
/ 236506 / 235753 |
|
E-Mail : |
|
|
Website : |
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|
|
|
Mumbai Office : |
Pals |
|
Tel. No.: |
91-22-26404556 / 26402229 |
|
Fax No.: |
91-22-26402225 |
|
|
|
|
Factory : |
Ř (Unit no. 1) J-7, MIDC Hingna,
Ř (Unit no. 2) K-36, K-37, k-38,
MIDC Hingna, Ř (Unit no. 3) Bazargaon, Amravati Road, Nagpur-440 023, Ř (Unit no. 4) Khasra No.57,
Mouza Nagalwadi, Tehsil-Hingna Nagpur-40016, |
DIRECTORS
As on 21.09.2011
|
Name : |
Mr.
Amarpal Sethi |
|
Designation : |
Chairman
and Managing Director |
|
|
|
|
Name : |
Mr.
Sukhpal Singh Sethi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Sonepal Singh Sethi |
|
Designation : |
Join
Managing Director |
|
|
|
|
Name : |
Mr.
Haresh Eidnani |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.10.1964 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
21.09.1999 |
|
|
|
|
Name : |
Mr.
Jose Jacob |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Joe Paul |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.03.1962 |
|
Qualification : |
B.Com., MIRPM |
|
Date of Appointment : |
01.05.2000 |
|
|
|
|
Name : |
Mr. Darshan Singh Chadha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rishipal Sethi |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.06.1973 |
|
Qualification : |
B.Sc. (Elec. |
|
Date of Appointment : |
29.12.2004 |
|
|
|
|
Name : |
Mr. Karanpal Sethi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeep Havnur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Aqueel A Mulla |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director
|
KEY EXECUTIVES
|
Name : |
Mr.
Shybu Varghese |
|
Designation : |
Company
secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6708717 |
51.90 |
|
|
6708717 |
51.90 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
6708717 |
51.90 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
Foreign Institutional Investors |
4100 |
0.03 |
|
Sub Total |
4100 |
0.03 |
|
|
|
|
|
|
978139 |
7.57 |
|
|
|
|
|
|
2772030 |
21.45 |
|
|
2246147 |
17.38 |
|
Any others (Specify) |
|
|
|
Market Maker |
1395 |
0.01 |
|
Directors
and Their Relatives and Friends |
155526 |
1.20 |
|
Non Resident Indian |
53147 |
0.41 |
|
Clearing Members |
672 |
0.01 |
|
Hindu Undivided Families |
2727 |
0.02 |
|
Overseas Corporate Bodies |
2600 |
0.02 |
|
|
6212383 |
48.06 |
|
Total
Public shareholding (B) |
6216483 |
48.10 |
|
Total
(A)+(B)+(C) |
12925200 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of “V” Belts, Raw Edge, Poly V-Belts, Variable Speed Belts, Fire Resistant
Belts, Antistatic Belts, Oil and Heat Resistant Belts, Dry Cover Belts, etc. |
||||||
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Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
PARTICULAR |
Unit |
Amount (Rs. In
Millions.) |
|
1. i) Licensed Capacity |
|
|
|
A) V-BELTS |
Nos. |
31.000 |
|
B) High Pressure Braided Hoses |
|
|
|
Hoses |
Mtrs. |
25.000 |
|
C) End Fitting |
Tons |
70.000 |
|
|
|
|
|
ii) Installed Capacity |
|
|
|
A) V-BELTS |
Nos. |
15.900 |
|
B) High Pressure Braided Hoses |
|
|
|
Hoses |
Mtrs. |
17.200 |
|
C) End Fitting |
Tons |
10.300 |
|
|
|
|
|
2. Production in quantity |
|
|
|
A) V-BELTS |
|
11681402 |
|
B) High Pressure Braided Hoses |
|
|
|
Hoses |
Mtrs. |
4430433 |
|
|
Nos. |
361254 |
|
C) End Fitting |
Nos. |
298190 |
|
D) Hose Assemblies |
Nos. |
186454 |
GENERAL INFORMATION
|
Suppliers : |
·
Exclusive Diamond Products ·
Gujrat Polymers ·
Ideal Enterprises ·
John Steel Tech. Private Limited ·
Kailash Timber Corp. ·
Merchem Limited ·
Noble Catalyst ·
N. C. Corporation ·
Om Tex Chem. Private Limited ·
Plasto Pack (I) Private Limited ·
Paper Combines ·
Progressive Products ·
Roshan Industries ·
SOS Enterprises ·
Shrjnath Packers ·
Unipack ·
Uttkarsh Packers Private Limited |
||||||||||||||||||||||||||||||||||||||||||
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No. of Employees : |
1200
(Approximately) |
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Bankers : |
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Facilities : |
Note : 1.
Term Loan from bank are secured by first pari
passu charge on all fixed assets and second charge on current assets of the
company. 2.
Corporate loan and working capital from bank are secured
first pari passu charge on current assets and second charge on all fixed
assets 3.
Term / Corporation Loan and Working Capital
facilities are further secured by personal guarantee of three promoters
directors.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. C. Bandi and
Company Chartered Accountants |
|
Address : |
Mumbai,
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|
|
|
|
Subsidiaries : |
·
Pix ·
De Correias E Mangueiras Limited ·
Pix Middle |
|
|
|
|
Joint Venture Company |
·
Pix Europe Limited ·
Pix QCS Limited |
CAPITAL STRUCTURE
As On : 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20500000 |
Equity Shares |
Rs. 10/- each |
Rs. 205.000 millions |
|
2950000 |
Non Convertible 6 % Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 295.000 millions |
|
|
Total |
|
Rs. 500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11685200 |
Equity Shares |
Rs. 10/- each |
Rs. 116.852
millions |
|
1240000 |
Addition During the year after conversion warrant in Equity |
Rs. 10/- each |
Rs. 12.400
millions |
|
|
Total (A) |
|
Rs. 129.252 millions |
|
|
|
|
|
|
12925200 |
Equity Shares (A) |
Rs. 10/- each |
Rs. 129.252
millions |
|
|
Less: Allotment Money in Arrears from Public
Other than Directors |
|
Rs. 0.011
million |
|
|
Total (B) |
|
Rs. 129.241 millions |
|
|
|
|
|
|
Non –
Convertible 6% Cumulative Redeemable Preference Shares |
|||
|
1117110 |
Non – Convertible 6% Cumulative Redeemable
Preference Shares |
Rs. 100/- each |
Rs. 111.711
millions |
|
647500 |
Redeemed Preference Shares |
Rs. 100/- each |
Rs. 64.750
millions |
|
|
Total (C) |
|
Rs. 46.961 millions |
|
|
|
|
|
|
Paid Up Capital |
|||
|
|
Application Money of Warrants (B+C) |
|
Rs. 240.952 millions |
|
|
|
|
|
|
2385000 |
Warrants (Application Money Received) |
Rs. 30/- each |
Rs. 3.720
millions |
|
1240000 |
(Less) :Warrants concerted into Equity
Shares |
|
Rs. 3.720
millions |
|
|
Total |
|
Rs. 0.000 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
240.952 |
228.552 |
162.891 |
|
|
2] Equity Share Warrants |
0.000 |
3.720 |
7.155 |
|
|
3] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
292.367 |
242.473 |
212.646 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
533.319 |
474.745 |
382.692 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1463.234 |
1624.168 |
1519.796 |
|
|
2] Unsecured Loans |
587.473 |
397.830 |
459.617 |
|
|
TOTAL BORROWING |
2050.707 |
2021.998 |
1979.413 |
|
|
DEFERRED TAX LIABILITIES |
109.381 |
98.077 |
75.368 |
|
|
|
|
|
|
|
|
TOTAL |
2693.407 |
2594.820 |
2437.473 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1890.606 |
1847.599 |
1182.795 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
408.891 |
|
|
|
|
|
|
|
|
INVESTMENT |
18.172 |
17.531 |
17.231 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
614.932
|
565.891
|
505.074
|
|
|
Sundry Debtors |
418.870
|
354.002
|
284.142
|
|
|
Cash & Bank Balances |
83.467
|
58.021
|
75.156
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
260.441
|
164.711
|
181.317
|
|
Total
Current Assets |
1377.710
|
1142.625
|
1045.689 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
556.443
|
365.376
|
185.801 |
|
|
Other Current Liabilities |
34.532
|
15.132
|
6.204
|
|
|
Provisions |
41.805
|
34.392
|
27.409
|
|
Total
Current Liabilities |
632.780
|
414.900
|
219.414 |
|
|
Net Current Assets |
744.930
|
727.725
|
826.275
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
39.699 |
1.965 |
2.281 |
|
|
|
|
|
|
|
|
TOTAL |
2693.407 |
2594.820 |
2437.473 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2282.935 |
1693.412 |
1788.369 |
|
|
|
Other Income |
0.803 |
1.999 |
0.000 |
|
|
|
TOTAL (A) |
2283.738 |
1695.411 |
1788.369 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
1171.598 |
766.698 |
980.681 |
|
|
|
Manufacturing Expenses and Other
Expenditure |
652.103 |
567.980 |
540.601 |
|
|
|
Extra Ordinary Item foreign exchange loss |
0.000 |
0.000 |
47.324 |
|
|
|
TOTAL (B) |
1823.701 |
1334.678 |
1568.606 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
460.037 |
360.733 |
219.763 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
198.712 |
178.291 |
132.180 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
261.325 |
182.442 |
87.583 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
199.586 |
146.669 |
125.335 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
61.738 |
35.773 |
(37.752) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
25.304 |
28.809 |
2.113 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
36.434 |
6.964 |
(39.865) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
117.270 |
110.342 |
150.208 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Wealth Tax for earlier year |
0.000 |
0.036 |
0.000 |
|
|
|
Capital Redemption Reserve |
64.750 |
0.000 |
0.000 |
|
|
|
Proposed Dividend |
9.694 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
1.646 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
77.613 |
117.270 |
110.342 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1126.715 |
867.091 |
1077.076 |
|
|
|
Dividend |
0.000 |
1.511 |
0.000 |
|
|
TOTAL EARNINGS |
1126.715 |
868.602 |
1077.076 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
393.464 |
319.923 |
441.160 |
|
|
|
Capital Goods |
25.399 |
10.435 |
203.616 |
|
|
TOTAL IMPORTS |
418.863 |
330.358 |
644.776 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.91 |
0.65 |
(3.92) |
|
QUARTERLY RESULTS
(Rs. In Millions)
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
573.600 |
548.800 |
548.800 |
|
Total Expenditure |
454.400 |
427.500 |
448.600 |
|
PBIDT (Excl OI) |
119.200 |
121.300 |
99.400 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
119.200 |
121.300 |
99.400 |
|
Interest |
59.800 |
60.500 |
68.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
59.400 |
60.800 |
31.100 |
|
Depreciation |
49.700 |
55.700 |
46.600 |
|
Profit Before Tax |
9.700 |
5.100 |
(15.500) |
|
Tax |
(5.200) |
7.000 |
(23.900) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
14.900 |
(1.900) |
8.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
14.900 |
(1.900) |
8.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.60
|
0.41
|
(2.23) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.70
|
2.11
|
(2.11) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.89
|
1.20
|
(1.69) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.07
|
(0.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.24
|
5.34
|
5.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
2.75
|
4.77 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
--------- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
------------ |
|
Litigations that the firm/ Promoters Involved in |
------------ |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
------------- |
|
Buyer visit details |
------------ |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
No |
INCREASE IN SHARE CAPITAL
The Directors and Promoters were allotted equity shares on conversion
of convertible warrants during the year. Consequent to the above, the issued,
subscribed and paid up share capital of the company is 1,29,25,200 Equity
Shares of Rs.10/- (Previous Year 1,16,85,200) each aggregating to Rs.
12,92,52,000/- (Previous Year Rs. 11,68,52,000/-) as on 31.03.2011.
PROCEEDS OF PREFERENTIAL ISSUE OF WARRANTS
The company issued shares and warrants on preferential basis
to Promoters and Promoters group. The company has mobilized
total funds to the extent of Rs. 37.200 Millions, were deployed towards
expansion of manufacturing facilities and for working capital.
Issue of 647500 6% Cumulative Convertible
Preference Shares of Rs.100/-
During the year
company has converted 647,500 6% Redeemable Cumulative Preference Shares
out of 11, 17,100 6% Redeemable Cumulative Preference Shares of Rs.100/- each
issued to the promoters of the company into 6% Cumulative Convertible Preference Shares of Rs.100/- each which was
approved by the members at their duly convened and constituted extra-ordinary
general meeting held on 22nd September, 2010.
Joint Ventures
1. PIX Europe Limited,
U.K.-Joint Venture PIX Europe Limited promoted to carry on business of PIX
Products and other products in the market of European Countries,
2. PIX QCS Limited, Ireland - Joint Venture PIX QCS Limited promoted to carry on business of PIX Products and other products in the market of Ireland,
Subsidiaries
Pix South America Importacao E Exportacao De Correias E
Mangueiras Limited,
Pix Middle East FZC, UAE.: Pix Middle East FZC promoted to carrying on business of Pix Products in the market of Middle East Countries.
Management Discussion and Analysis Overview of the Economy
The global economic crisis did impact the economic growth
story in
Retention of talent remains a big challenge especially in
view of the growth momentum of the Indian economy and alternate avenues that
may open up. We have rich talent pool of the technical manpower, skilled
workers who have grown with PIX.
REVIEW OF OPERATIONS
Total Turnover for the year is Rs.
2380.329 Millions. The profit before interest and
depreciation and tax is Rs. 460.037 Millions
The profit before tax is Rs. 61.738
Millions after providing Rs. 178.712 Millions for interest and Rs. 199.586
Millions for Depreciation.
With the real rate of interest still high compared to the
global standard, there is a further scope to reduce the interest rate and the growth of the corporate sector will depend much upon the
availability of credit at the right time and right price. Though it is expected
that softening commodity prices and stimulus packages would have a positive
impact on the industrial production in the months ahead, the
economic recovery on a sustainable basis requires a revival of the global
economy.
CORPORATE GOVERNANCE
Corporate Governance sets forth guidelines for maintaining and sustaining a transparent, information oriented culture wherein authority and responsibilities are co-existent and co-extensive. It also provides guidelines on accountability of various positions within the organization. These values govern not only the Board of Directors, but also the management and the employees of the Company. This Governance protects and balances the interests of all stakeholders thereby enhancing shareholder value.
Fixed Assets:
- Plot
- Plant and Machinery
- Electrical Instrument
- Furniture and Fixture
- Office Equipments
- Vehicles
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED ON DECEMBER 31, 2011
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31/12/2011 (Unaudited) |
30/09/2011 (Unaudited) |
31/12/2011 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
548.000 |
548.000 |
1670.400 |
|
|
|
|
|
|
|
2. |
Expenditure |
448.600 |
427.500 |
1330.500 |
|
|
|
|
|
|
|
3. |
Profit From Operations before, Interest and Exceptional
Items (1-2) |
99.400 |
121.300 |
339.900 |
|
|
|
|
|
|
|
4. |
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
99.400 |
121.300 |
339.900 |
|
|
|
|
|
|
|
6. |
Interest |
68.300 |
60.500 |
188.600 |
|
|
|
|
|
|
|
7. |
Profit before Deprecation (5-6) |
31.100 |
60.800 |
151.300 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
(15.500) |
5.100 |
(0.700) |
|
|
|
|
|
|
|
10. |
Tax
Expense |
|
|
|
|
|
a) Current tax |
0.000 |
0.000 |
0.000 |
|
|
b) Deferred tax |
(23.900) |
7.000 |
(23.900) |
|
|
Total |
(23.900) |
7.000 |
(23.900) |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
8.400 |
(1.900) |
23.200 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
8.400 |
(1.900) |
23.200 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
129.252 |
129.252 |
129.252 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
0.062 |
(0.014) |
0.180 |
|
|
b) Cash EPS |
0.426 |
0.416 |
1.356 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
6216483 |
6216483 |
6216483 |
|
|
- Percentage of Shareholding |
48.10 |
48.10 |
48.10 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
57000 |
57000 |
57000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
0.84 |
0.84 |
0.84 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
0.44 |
0.44 |
0.44 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
6651717 |
6651717 |
6651717 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
99.16 |
99.16 |
99.16 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
51.56 |
51.56 |
51.56 |
|
|
Operating Profit Margin |
1.814 |
2.210 |
2.035 |
|
|
Net Profit Margin |
0.153 |
(0.035) |
0.139 |
Note:
- The above
results are subject to a limited
review by the Auditor of the company as per Listing Agreement with
the Stock Exchange and has been taken on record by the Board of Director
at their meeting held on 13.02.2012
- The company
did not have any investors complaint pending at the beginning of the
quarter, 23 complaints were received during the quarter and hence there
are no complaints being unresolved at the end of quarter 31st December, 2011
- Revenues
during the quarter ended December, 2011 have been lower be Rs. 0.597
Millions as compared to the December quarter of the year 2011.
- There has
been a general slow down in the growth though the order book position is
substantial.
- The profit
margin during the quarter ended December, 2011 is affected due to
fluctuations in the raw material prices and exchange rate.
- The company
is engaged in the business of Industrial Rubber Products and there is no
Reported Segment as per Accounting Standard (AS 17) Segment Reporting.
- Previous
period figures have been re-grouped where ever considered necessary.
CONTINGENT LIABILITY NOT PROVIDED IN RESPECT
OF :-
i)
Letters of Credit
opened by Bank Rs. 278.630 Millions
ii)
Foreign bills
discounted by Banks Rs. 148.162 Millions
iii)
Dividend Payable on
6% non convertible cumulative redeemable preference shares of Rs. 1786129.500
Millions and 6% convertible preference shares of Rs. 1.61875.000 Millions.
AS PER WEB DETAILS
PROFILE
Subject
is one of the fastest emerging manufacturers in the global Mechanical Power and
Fluid Transmission Industry. Headquartered in
PIX
manufactures an extensive range of Industrial V-Belts, Automotive Belts,
Agricultural Belts, Special Construction Belts, Hydraulic Wire Braided/Spiral
Hoses, Hose Assemblies and End Fittings to suit a wide array of applications.
The
product range includes, but not limited to the following:
- X’set Wrapped Construction V-Belts
- X’tra Moulded Raw-Edge V-Belts X’çeed Ribbed / Poly V-Belts
- Xáct Synchronous / Timing Belts and application specific,
- Variable Speed Belts, Banded Belts, and Hexagonal belts in Wrapped and Raw-Edge construction to suite industrial and agricultural applications.
- Other special construction belts such as Double-Cogged, Double- Ribbed, Ribbed/Timing, Honey Comb, PT-0, PT-6, and PT-7 Belts.
- The range is sensitized to application-specific demands and includes a variety of constructions based on the polymer, tensile member, and cover/cushion/base compounds.
The
Hydraulic range is equally exhaustive and includes a hose of medium and high
Pressure wire-braided Hydraulic Hoses, Spiral Hoses, Hose Assemblies and
End-Fittings that cater to most Industrial, Agricultural/Forestry, Marine,
Mining, Construction and Plant Machinery applications where safety and
performance norms are of utmost importance.
Each
hose is designed based on the pressure, dimensional, and environmental
requirements of the application. The state-of-the-art rigid mandrel facility
facilitates the production of 60mt/200ft single coils for Hose from 1” to 5” in
diameter. The products are also vigorously tested using an array of
sophisticated test equipment to ensure unmatched reliability.
PIX
is one of the very few Hydraulic companies worldwide that manufactures Hoses
and End-Fittings itself in the same facility to provide for a fully compliant,
matched Hydraulic solution for complete peace of mind.
INFRASTRUCTURE
PIX has been on the forefront of development and innovation. The culmination of
continual investment, rich and diverse experience, technology, state of the art
facilities which include a design centre, fabrication workshop, and elaborate
testing facilities has positioned PIX as a highly-prolific manufacturer.
The
fully-computerized Mixing plant as well as its ultra-modern production facilty
reflects favourably on the company’s emphasis on automation as well as Quality.
It is this facet that allows the company to offer a compelling performance to
price ratio to its customers.
Global Presence
Keeping
its overseas customers in mind, PIX has backed its products by building an
impressive support infrastructure in several key markets across the globe
including
The
key strength of PIX is its growing network of independent, committed, and loyal
Channel partners in
CERTIFICATIONS AND AWARD
PIX pride themselves on achieving highly prestigious Quality System and Product approvals as well as recognition from various esteemed Global Certifying authorities.
- ISO/TS 16949:2009, ISO 14001 and OHSAS 18001
- ATEX
certification from
- Special award for 'Outstanding Export Performance' given by Export Promotion Council, Government of India, consistently for last several years.
- Prestigious 'Niryat Shree' award for achieving outstanding performance in the export of its products.
CORPORATE GOVERNANCE
PIX is known as a company which helps to foster a culture of good Corporate governance, keeping high the interests of its customers, employees, investors and stakeholders, by following best practices, processes and ethics towards achieving stability and growth. PIX is also acutely aware of its Corporate Social Responsibility and has implemented several initiatives to ensure safe, ethical and environmentally-friendly practices.
PIX
Manufactures entire range of in several constructions such as-
•
Wrap Belts
•
Cut Edge Belts
•
Ribbed / Poly V-Belts
•
Synchronous / Timing Belts
and
application specific: special construction belts such as Double Cogg, Double
Poly, Poly + Timing, Honey Comb, PT-0, PT-6, PT-7, 2TP Belts, Variable Speed
Belts, Elasticated Belts, Banded Belts, Kevlar Cord Belts, Antistatic Oil and
Heat Resistant Belts, Dry Cover Belts and many more.
It’s
range in Hoses include extensive range of medium and high Pressure wire braided
Hydraulic Hoses, Spiral Hoses, Hose Assemblies and End Fittings.
PIX
is the only Indian company to manufacture Hoses and Fittings in-house, and can
cater to its customers by providing a complete fluid power transfer solution,
in terms of Hose Assemblies of various types and sizes.
History
Ř
June 1982: Established
PIX Transmissions Limited.
Ř
January 1994:
Commencement of production at K-36 plant,
Ř June 1999: Established PIX Bazargaon Plant
Ř
April 1999: Established
PIX Europe Limited,
Ř
April 2000: Acquired
Distag Euro Limited
Ř
February 2004:
Commencement of production at K-37/38 facilities,
Ř
April 2004:
Established PIX
Ř
June 2004:
PIX Europe Limited, purchase of new 33,000 sq. feet unit at
Ř
April 2007:
Established PIX Middle
Ř
February 2007:
Established PIX Flexequip Hydraulics Limited,
Ř
April 2009:
Established PIX Hydraulics and Transmissions (
Ř
October 2009: PIX
centralised fully-automated mixing plant at Nagalwadi,
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. 55.91 |
|
|
1 |
Rs. 86.03 |
|
Euro |
1 |
Rs. 69.12 |
INFORMATION DETAILS
|
Report Prepared by
: |
ACH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.