MIRA
INFORM REPORT
|
Report Date : |
10.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PICL (INDIA)
PRIVATE LIMITED (w.e.f. 14.08.2001) |
|
|
|
|
Formerly Known
As : |
POLAR
INTERCONTINENTAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st Floor,
Mohan Dev Building, Tolstoy Marg, New Delhi – 110 001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.09.1994 |
|
|
|
|
Com. Reg. No.: |
55-061471 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.36.420
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1994PTC061471 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCP4524H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Electric Motors. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 595000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track record. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
SE 1B |
|
Rating Explanation |
High performance capability and moderate financial strength. |
|
Date |
May, 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
1st
Floor, Mohan Dev Building, Tolstoy Marg, New Delhi – 110 001, India |
|
Tel. No.: |
91-11-26856010/ 46014558/ 26968845/ 26565452 |
|
Fax No.: |
91-11-26855020 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No.99 and
92, Sector-6, Faridabad – 121 006, Haryana, India |
|
Tel. No.: |
91-129-4061101-03/ 4284400-30 |
|
Fax No.: |
91-129-4061101-03 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Rakesh Bharat Veer Dewan |
|
Designation : |
Managing Director |
|
Address : |
10/9, Sarvapriya Vihar, New Delhi – 110 016, India |
|
Date of Birth/Age : |
22.09.1951 |
|
Date of Appointment : |
13.09.1994 |
|
DIN No.: |
00488008 |
|
PAN No.: |
AAAPD0924E |
|
|
|
|
Name : |
Ms. Kavita Dewan |
|
Designation : |
Director |
|
Address : |
10/9, Sarvapriya Vihar, New Delhi – 110 016, India |
|
Date of Birth/Age : |
04.12.1955 |
|
Date of Appointment : |
02.07.2001 |
|
DIN No.: |
00488057 |
|
PAN No.: |
AEOPD3452K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Kavita Dewan |
|
36000 |
|
Rakesh Dewan |
|
3606000 |
|
Total |
|
3642000 |
As on 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electric Motors. |
|
|
|
|
Products : |
·
Duct Free Split AC ·
Washing Machine Motors ·
Window AC ·
HVAC Motors ·
Evaporative Air Coolers Motors ·
Fan Coil Unit Motors ·
Food Processor Motors ·
3 Phase Industrial Motors |
GENERAL INFORMATION
|
Customers : |
·
Carrier ·
Voltas ·
Videocon ·
Onida ·
Haier ·
Elelctrolux ·
Advantec ·
Lloyd ·
Al-Essa ·
Hitachi ·
Gibson ·
Samco Sport ·
Falcon ·
Kenstar ·
Symphony ·
Bajaj |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Bankers : |
Corporation Bank,
Bhikaji Cama Place Branch, 3, Ansal Chambers-I, Bhikaji Cama Place, New Delhi
– 110 066, India |
|||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. Malik and Associates Chartered Accountants |
|
Address : |
UG-39, Ansal
Chambers-II, 6, Bhikaji Cama Place, New Delhi – 110 066, India |
|
Tel. No.: |
91-11-26182776/ 66303629 |
|
Mobile No.: |
91-9312260822 |
|
Fax No.: |
91-11-26185149 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAJPM3190N |
|
|
|
|
Associates : |
·
Star Academy Private Limited, India (CIN No.:
U48903DL1998PTC095690) ·
Home Appliances Limited, India (CIN No.:
U29290MH1941PTC003427) |
CAPITAL STRUCTURE
As on 29.09.2012
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 |
|
3642000 |
Equity Shares |
Rs.10/- each |
Rs.36.420
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
36.420 |
36.420 |
12.140 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
112.374 |
90.039 |
97.291 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
148.794 |
126.459 |
109.431 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
185.385 |
177.343 |
132.678 |
|
|
2] Unsecured Loans |
20.048 |
22.018 |
30.377 |
|
|
TOTAL BORROWING |
205.433 |
199.361 |
163.055 |
|
|
DEFERRED TAX LIABILITIES |
0.826 |
1.633 |
1.109 |
|
|
|
|
|
|
|
|
TOTAL |
355.053 |
327.453 |
273.595 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
127.341 |
127.388 |
121.506 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
1.900 |
1.900 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
183.085
|
157.612 |
129.252 |
|
|
Sundry Debtors |
116.998
|
193.113 |
185.046 |
|
|
Cash & Bank Balances |
147.005
|
12.714 |
(20.306) |
|
|
Other Current Assets |
5.068
|
3.689 |
0.000 |
|
|
Loans & Advances |
90.899
|
95.390 |
56.869 |
|
Total
Current Assets |
543.055
|
462.518 |
350.861 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
291.852
|
251.101 |
192.713 |
|
|
Other Current Liabilities |
18.578
|
8.010 |
1.628 |
|
|
Provisions |
4.913
|
5.242 |
6.412 |
|
Total
Current Liabilities |
315.343
|
264.353 |
200.753 |
|
|
Net Current Assets |
227.712
|
198.165 |
150.108 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.081 |
|
|
|
|
|
|
|
|
TOTAL |
355.053 |
327.453 |
273.595 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
NA |
1313.293 |
|
|
|
Other Income |
NA |
NA |
20.383 |
|
|
|
TOTAL |
NA |
NA |
1333.676 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
NA |
1283.400 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
1283.400 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
62.058 |
35.643 |
50.276 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
16.738 |
15.599 |
13.081 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
45.320 |
20.044 |
37.196 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
12.969 |
3.049 |
6.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
32.351 |
16.995 |
30.533 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
475.934 |
346.205 |
276.233 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.88 |
4.67 |
25.15 |
|
%20PRIVATE%20LIMITED%20-%20217135%2010-Apr-2013_files/image001.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
2.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
2.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.76
|
3.40 |
7.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.16 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.38
|
1.58 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.75 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last one year |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from directors |
20.048 |
22.018 |
|
Total
|
20.048 |
22.018 |
Note:
The registered office of the company has been shifted from 7/18A, Lower Ground Floor, Sarvapriya Vihar, New Delhi – 110 016 to the present address w.e.f. 12.11.2012.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U74899DL1994PTC061471 |
|
Name of the company |
PICL (INDIA)
PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
1st
Floor, Mohan Dev Building, Tolstoy Marg, New Delhi – 110 001, India E-Mail: star@piclindia.com |
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10137980 |
|
Type of charge |
Immovable Property Book Debts Movable Property (not being pledge) |
|
Particular of charge holder |
Corporation
Bank, Bhikaji Cama Place Branch, 3, Ansal Chambers-I, Bhikaji Cama Place, New
Delhi – 110 066, India E-Mail: gselvam.ganesan@gmail.com |
|
Nature of description of the instrument
creating or modifying the charge |
Letter of continuity. |
|
Date of instrument Creating the charge |
14.01.2013 |
|
Amount secured by the charge |
Rs.211.700 millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest: As per sanction terms and bank norms Terms of Repayment: As per sanction terms and bank norms Margin: As per sanction terms and bank norms Extent and Operation of the charge: Pari passu charges on assets is to secure
the following credit facilities: Cash Credit Rs.50.000 millions
FDBN/FDBP/FDBD/PCL cum PCFC/PSCFC Rs.70.000 millions Import/Inland LC cum BG
Rs.90.000 millions Term Loan review Rs.1.700 millions Total Rs.211.700
millions |
|
Short particulars of the property charged |
Pari passu charges of factory land and
building admeas about 2566.67 sq.yds. at Plot No.99 Sector-6, Faridabad and
owned by Amber Enterprises India Private Limited Pari passu charge on plant and machinery
and other movable assets (present and future) of the company Pari passu charge of the commercial Plot
No.92, Sector-6, Faridabad Haryana in name of company Pari passu charge on stock and book debts
present and future of the company |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company If yes, in whose
name it is registered |
Yes Amber Enterprises India Private Limited |
|
Date of latest modification prior to the
present modification |
30.05.2011 |
|
Particulars of the present
modification |
Amount secured is modified to Rs.211.700
millions to cash credit Rs.50.000 millions FDBN/FDBP/FDBD/PCL cum PCFC/PSCFC
Rs.70.000 millions Import/Inland LC cum BG Rs.90.000 millions Term Loan
review Rs.1.700 millions sanction to the company |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Computer
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 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 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.54.46 |
|
|
1 |
Rs.83.13 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.