1. Summary Information
|
|
|
Country |
India |
|
Company Name |
POGGEN-AMP
NAGARSHETH POWERTRONICS PRIVATE LIMITED |
Principal Name 1 |
Gauttam Nipinbhai Nagarsheth |
|
Status |
Moderate |
Principal Name 2 |
Gaurang Nipinbhai Nagarsheth |
|
|
|
Registration # |
04-017786 |
|
Street Address |
C-1/B 4402, Phase-IV, GIDC Estate, Vatva, Ahmedabad – 382445, Gujarat |
||
|
Established Date |
08.06.1992 |
SIC Code |
-- |
|
Telephone# |
91-79-61603908 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-79-25842808 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Motor
Laminations |
|
|
# of employees |
450 (Approximately) |
Product Name 2 |
Transformer
Laminations |
|
Paid up capital |
Rs. 30,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate 7.00%, Directors or relatives of directors 60.00%,
Others 33.00% |
Banking |
UCO
Bank |
|
Public Limited Corp. |
No |
Business Period |
21 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
B (30) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associate Promoter And Majority Common
Director |
-- |
Poggen-Amp Nagarsheth Electricals
Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
425,733,000 |
Current Liabilities |
160,503,000 |
|
Inventories |
279,523,000 |
Long-term Liabilities |
850,824,000 |
|
Fixed Assets |
220,720,000 |
Other Liabilities |
48,046,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,059,373,000 |
|
Invest& other Assets |
391,396,000 |
Retained Earnings |
227,999,000 |
|
|
|
Net Worth |
257,999,000 |
|
Total Assets |
1,317,372,000 |
Total Liab. & Equity |
1,317,372,000 |
|
Total Assets (Previous Year) |
769,556,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
NA |
Net Profit |
51,460,000 |
|
Sales (Previous yr) |
734,592,000 |
Net Profit
(Prev.yr) |
68,091,000 |
MIRA
INFORM REPORT
|
Report Date : |
15.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
POGGEN-AMP NAGARSHETH POWERTRONICS PRIVATE LIMITED [w.e.f.07.07.2009] |
|
|
|
|
Formerly Known
As : |
POGGEN-AMP NAGARSHETH POWERTROMICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-1/B 4402, Phase-IV, GIDC Estate, Vatva, Ahmedabad – 382445, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
08.06.1992 |
|
|
|
|
Com. Reg. No.: |
04-017786 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 30.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200GJ1992PTC017786 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP9130B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer
and Exporter of Motor Laminations and Transformer Laminations. |
|
|
|
|
No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1030000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The management has failed to file the latest financials as on 2012 with
the Government Department. Even though the sales turnover of the company has seen a significant
increase, there appears a slight dip in the profitability. External
borrowings seem to be huge and are increasing over year which may affect the
liquidity. However, trade relations are fair. Business is active. Payment terms
are slow but correct. In view of experienced promoters, the company can be considered for
business dealings with some caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BBB- [Suspended] |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
March 20, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A3 [Suspended] |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
March 20, 2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Bharat |
|
Designation : |
Senior Commercial Manager |
|
Contact No.: |
91-79-61603908 |
|
Date : |
08.07.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
C-1/B 4402,
Phase-IV, GIDC Estate, Vatva, Ahmedabad – 382445, Gujarat, India |
|
Tel. No.: |
91-79-61603908/ 25842908 / 25842909 |
|
Mobile No.: |
91-9925100511 [Mr. Parshva] |
|
Fax No.: |
91-79-25842808/ 25840445 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
207, 2nd Floor, Mauryansh Elanza, Shyamal Cross Road,
Satellite, Ahmedabad – 380015, Gujarat, India |
|
Tel. No.: |
91-79-61603908 |
|
Fax No.: |
91-79-66632808 |
|
|
|
|
Factory 2 : |
Survey No. – 121/122 Kheda-Dholka Highway, Village-Vavdi,
District – Kheda |
DIRECTORS
AS ON 29.09.2011
|
Name : |
Gauttam Nipinbhai Nagarsheth |
|
Designation : |
Managing director |
|
Address : |
462, “Kaivaal” Satyagrah Chhavni Lane 20, Satelite Road, Ahmedabad –
380015, Gujarat, India |
|
Date of Birth/Age : |
29.08.1956 |
|
Date of Appointment : |
08.06.1992 |
|
PAN No.: |
AAKPN7077J |
|
DIN No.: |
01014853 |
|
|
|
|
Name : |
Gaurang Nipinbhai Nagarsheth |
|
Designation : |
Director |
|
Address : |
462, “Kaivaal” Satyagrah Chhavni Lane 20, Satelite Road, Ahmedabad –
380015, Gujarat, India |
|
Date of Birth/Age : |
16.11.1958 |
|
Date of Appointment : |
08.06.1992 |
|
PAN No.: |
AAKPN7076K |
|
DIN No.: |
01136324 |
|
|
|
|
Name : |
Parshva Nagarsheth |
|
Designation : |
Director |
|
Address : |
462, “Kaivaal” Satyagrah Chhavni Lane 20, Satelite Road, Ahmedabad –
380015, Gujarat, India |
|
Date of Birth/Age : |
12.02.1983 |
|
Date of Appointment : |
25.05.2004 |
|
PAN No.: |
ACKPN3779R |
|
DIN No.: |
01136219 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat |
|
Designation : |
Senior Commercial Manager |
|
|
|
|
Name : |
Sejal Bhatia |
|
Designation : |
Company Secretary |
|
PAN No.: |
AHKPB7900R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nagarsheth N Gauttam |
|
586575 |
|
Nagarsheth N Gaurang |
|
774300 |
|
Nagarsheth N Parshva |
|
32500 |
|
Nagarsheth N Parav |
|
35000 |
|
Nagarsheth G Param |
|
20000 |
|
Nagarsheth N Bhanuben |
|
197500 |
|
Nagarsheth N Rachna |
|
8625 |
|
Nagarsheth G Poma |
|
10000 |
|
Nagarsheth G Gaurali |
|
50000 |
|
Nagarsheth N Parthvai |
|
15000 |
|
Gauttam Nipinbhai Nagarsheth HUF |
|
70000 |
|
Poggen AMP Nagarseth Electrical Private Limited, |
|
200000 |
|
Doshi S Dungarval |
|
169250 |
|
Doshi D Mukesh |
|
386250 |
|
Doshi D Mahendra |
|
440000 |
|
Mehta M Raichand |
|
5000 |
|
|
|
|
|
Total |
|
3000000 |
AS ON 29.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
7.00 |
|
Directors
or relatives of directors |
|
60.00 |
|
Others
|
|
33.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Motor Laminations and Transformer Laminations. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
||||||||
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|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Laminations
for Motors and Transformers |
||||||||
|
Countries : |
Europe South Africa Middle East Australia |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Cash and Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and OEM’s
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
450 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
UCO Bank, Gandhinagar Branch, Near Pragna Petrol Pump, GH 5 Circle, Sector 16, Gandhinagar - 382022, Gujarat, India Axis Bank Limited, Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India Standard Chartered Bank, Abhijeet II, Ground Floor, Near Mithakali Sx Roads, Ahmedabad - 380006, Gujarat, India Export - Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India Indusind Bank Limited, 2401 Gen Thimmayya Road, Cantonment, Pune - 411001, Maharashtra, India HDFC Bank, Mumbai - 400013, Maharashtra,
India |
||||||||||||||||||
|
|
|
||||||||||||||||||
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Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dhiren Shah and Company Chartered Accountants |
|
Address : |
2nd Floor, 2nd Avenue, Swastik Cross Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-26420854/ 26423324/ 26445013 |
|
Fax No.: |
91-79-26561431 |
|
E-Mail: |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AIOPS3733L |
|
|
|
|
Associate Promoter
And Majority Common Director : |
Poggen-Amp Nagarsheth Electricals Private Limited Posco-Poggenamp Electrical Steel Private Limited NKP
Infrastructure Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000
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 |
30.000 |
30.000 |
30.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
227.999 |
188.823 |
125.997 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
257.999 |
218.823 |
155.997 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
760.995 |
371.618 |
149.500 |
|
|
2] Unsecured Loans |
89.829 |
56.734 |
81.148 |
|
|
TOTAL BORROWING |
850.824 |
428.352 |
230.648 |
|
|
DEFERRED TAX LIABILITIES |
22.406 |
19.935 |
18.375 |
|
|
|
|
|
|
|
|
TOTAL |
1131.229 |
667.110 |
405.020 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
220.720 |
185.763 |
180.907 |
|
|
Capital work-in-progress |
391.361 |
99.691 |
12.211 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.035 |
0.035 |
0.035 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
279.523
|
157.696 |
134.984
|
|
|
Sundry Debtors |
214.460
|
149.859 |
106.235
|
|
|
Cash & Bank Balances |
52.054
|
75.692 |
10.074
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
159.219
|
100.819 |
67.300
|
|
Total
Current Assets |
705.256
|
484.066 |
318.593 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
122.659
|
43.179 |
54.276 |
|
|
Other Current Liabilities |
37.844
|
25.993 |
35.979
|
|
|
Provisions |
25.640
|
33.274 |
16.472
|
|
Total
Current Liabilities |
186.143
|
102.446 |
106.727
|
|
|
Net Current Assets |
519.113
|
381.620 |
211.866
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.001 |
|
|
|
|
|
|
|
|
TOTAL |
1131.229 |
667.110 |
405.020 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
734.592 |
556.074 |
|
|
|
Other Income |
|
17.231 |
14.029 |
|
|
|
TOTAL |
NA |
751.823 |
570.103 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA
|
633.284 |
510.489 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
104.653 |
118.539 |
59.614 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
22.127 |
16.945 |
13.971 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
82.526 |
101.594 |
45.643 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
31.066 |
33.503 |
15.591 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
51.460 |
68.091 |
30.052 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
172.255 |
112.804 |
87.012 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.613 |
3.405 |
0.750 |
|
|
|
Total Dividend |
10.500 |
4.500 |
3.000 |
|
|
|
Tax on Dividend |
1.784 |
0.765 |
0.510 |
|
|
|
|
14.897 |
8.67 |
4.26 |
|
|
BALANCE CARRIED
TO THE B/S |
208.818 |
172.225 |
112.804 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basis |
130.903 |
37.818 |
30.803 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
337.578 |
350.723 |
|
|
|
Others (Die Material) |
|
2.859 |
0.662 |
|
|
TOTAL IMPORTS |
NA
|
340.437 |
351.385 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
17.15 |
22.70 |
10.02 |
|
|
Particulars |
|
31.03.2013 |
31.03.2012 |
|
Sales Turnover (Approximately) |
|
1030.000 |
1090.000 |
|
|
|
[Due to market
fluctuation] |
|
Expected Sales (2013-2014): Rs. 1250.000 Millions
The above information has been parted by Mr. Bharat [Senior Commercial
Manager]
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
9.06 |
5.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
13.83 |
8.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.91
|
14.52 |
9.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.46 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.30
|
1.96 |
1.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.79
|
4.73 |
2.99 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
Yes |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
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
|
Unsecured Loans |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
|
|
Rupee term loans banks unsecured |
64.334 |
28.179 |
|
Loans directors unsecured |
0.000 |
0.160 |
|
Other debt unsecured |
25.495 |
28.395 |
|
Total |
89.829 |
56.734 |
OPERATIONS
The performance of the company for the year is encouraging but still mixed as commendable growth is achieved in turnover however profit , though satisfactory not upto to expectation. The sale is including exports during the year increase to 1006.779 Millions as against 734.591 Millions in the previous year, a growth of 37.05%. However the net profit after all provision etc could be of rupee of Rs.51.459 Millions which is less that Rs.68.091 Millions in previous year. Due to the market conditions company was required to reduce sales price of its product and certain other factors the percentage of Net Profit to Net Sales (5.11%) is less than for previous year (9.26%). Company has installed additional machineries amounting to Rs. 37.675 Millions during the year under review and there is further Machineries under installation amount to Rs. 76.427 Millions. These additional capex is for company Motor Stamping business expansion. In addition company has incurred other capex of Rs.300.671 Millions towards project under implementation for manufacture of Transformer Lamination. By virtue of Joint venture Agreement with Posco-India Pune Processing Centre Private Limited, this Capital work in Process of Rs. 300.671 Millions is decided to be transferred to Joint Venture Company. Further details for the same is given in a subsequent para.
Keeping the potential and anticipated future growth the Company had concentrated to increase the production at Vavdi plant for optimum utilization of existing capacity and reduce the overheads. The plant and Machinery at Vavdi factory is most sophisticated and sourced from the internationally reputed manufacturers which would enable the company to manufacture International quality of final product and most advanced testing facilities meeting the International standard of quality production.
To counter the escalating cost of basic Raw Material, the company has acquired and is installing decarb annealing and blueing furnace where by a lower grade of electrical steel would give the same performance after processing in the furnace.
FUTURE OUTLOOK
The company foresee a very bright future in upcoming few years for its products because of the industry in which the company operate where industry outlook is consider is very bright and because of cost saving equipment and other measures company will be even more competitive and cost effective in the future.
Though the present industrial growth is comparatively low, the demand is bound to increase in upcoming few years as product of the company is basically affiliated with Electricity and Power, which is basic need for an Industry and Industrial growth. With most of the Power plants are at advance stage of completion and would be operational in a year or two the future of the company is bright. The company is also trying to increase the exports by entering into new territories.
The directors are confident to improve upon the financials in coming years.
JOINT VENTURE
AGREEMENT WITH POSCO
The directors are pleased to announce a path breaking leap forward by entering into a joint venture with Posco Group for handling and expanding transformer laminations business. Posco is world No.1 integrated steel manufacturing multinational giant. The company has signed a Joint Venture (JV) Agreement during the year under review with Posco- India Pune Processing Center Private Limited, a Wholly Owned Subsidiary of Posco Steel Korea and Promoters of the Company. Accordingly, the company will continue to make Motor Stampings and other laminations but Transformer Laminations manufacturing business including its project under implementation with related capital expenditure and corresponding liabilities and other obligations thereof will be demerged, transferred and carried on in a new JV Company. To implement the Joint Venture a new JV Company namely Posco-Poggenamp Electrical Steel Private Limited is incorporated. As per the JV Agreement Plants and Machineries acquired and under installation by the company for Transformer Lamination business, amounting to Rs. 300.671 Millions as on 31.03.2011, are to be transferred to the JV company and hence are shown separately under the head “CWIP-Posco-Poggenamp Electrical Steel Private Limited – JV Project”. The company had obtained term loans against the said Plant and Machineries from Axis Bank, UCO Bank and Exim Bank which shall also stand transferred to JV Company. It is proposed that the JV Company shall be a 51% subsidiary of the company with Posco holding 26% therein and the company together with it promoters and associates shall hold 74% therein.
The JV Project is expected to commence production during current year. It is expected that the JV company shall contribute a large turnover and profit to the operations of the company as its subsidiary.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U72200GJ1992PTC017786 |
|
Name of the
company |
POGGEN-AMP NAGARSHETH
POWERTRONICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-1/B 4402,
Phase-IV, GIDC Estate, Vatva, Ahmedabad – 382445, Gujarat, India Email: info@poggen.com |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10220223 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
UCO Bank, Gandhinagar Branch, Near Pragna Petrol Pump, GH 5 Circle, Sector 16, Gandhinagar - 382022, Gujarat, India Email: gangar@ucobank.co.in
|
|
Nature of
description of the instrument creating or modifying the charge |
Deed of Mortgage
and Deed of Hypothecation dated 30.11.2012 and 20.10.2012 respectively. |
|
Date of
instrument Creating the charge |
20.10.2012 |
|
Amount secured by
the charge |
Rs. 60.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 4.75 above the
base rate of RBI subject to minimum of 15.25% Terms of Repayment Ad-hoc cash
credit limit of Rs.6.00 crores will be adjusted within 90 days. Margin 25% against Stock
and 40% against Book Debts. Extent and Operation of the charge The charge will
be operative as per bank's rules and regulation and the during the operation
of charge stocks should be adequately insured. |
|
Short particulars
of the property charged |
Hypothecation of
stock of raw materials, stock in process, consumable stores, finished goods
and book debts. Plot No. 4401,
4402, 4405, 4406, 4407 and 4408 GIDC, Phase IV, Vatva and SRV No. 121, 122/P
at Vavdi Kheda |
|
Particulars of
the present modification |
The Charge amount
has been enhance by Rs.6/- crores towards UCO Bank. |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in Millions) |
|
|
|
|
Octroi |
2.009 |
|
Inland Letter of Credit -for RM |
30.340 |
|
Inland Letter of Credit -for machine import |
0.000 |
|
Outstanding Bank Guarantee |
2.234 |
FIXED ASSETS:
Land
Building
Plant and machinery
Computer equipments
Office equipments
Furniture and fixtures
Vehicles
PRESS RELEASE:
POSCO, POGGENAMP JV
TO BEGIN PLANT BY FEB END
Mumbai/ Ahmedabad February 6, 2012
The JV partners eye Rs 2500.000 Millions turnover by 2014
Having signed a joint venture (JV) for manufacturing transformer laminate, Korean steel giant Posco and Ahmedabad-based Poggenamp Nagarsheth Powertronics Private Limited (PNPPL) are eyeing a Rs 2500.000 Millions turnover by 2014.
The 74:26 per cent equity based JV between PNPPL and Posco recently launched the facility for manufacturing cold rolled non grain oriented (CRNGO) steel at Vavdi, Kheda near Ahmedabad. Both PNPPL and Posco have together invested around Rs 720.000 Millions in the ratio of 74:26.
Spread across an area of 46,000 sq mts, the plant has a capacity of around 24,000 metric tonnes per annum. The CRNGO, according to Gautam Nagarsheth, chairman of PNPPL, will be used in making laminates for transformers.
With the CRNGO raw material being in short supply in India, PNPPL used to source the same from Posco. "However, we have now entered into a JV wherein apart from equity Posco will also assist us in sales of the laminates for transformers. While in 2013 we are looking at a Rs 1500.000 Millions turnover out of the JV, by 2014 we expect it to rise to Rs 2500.000 Millions. We will commission the plant by February end this fiscal," said Nagarsheth. The group turnover of Poggenamp is expected to be around Rs 4000.000 Millions by 2014, including Rs 1500.000 Millions turnover of PNPPL.
Apart from catering to the domestic market, the new plant will look at exporting 25 per cent by 2012 to over 20 countries in regions like Middle East, South East Asia, the US, Canada, Europe and Africa.
By 2013, the company is looking at 70 per cent capacity utilisation.
"While we targeting 25 per cent exports in 2012, by next year we intend to raise to 35 per cent. On the domestic front, the plant will initially supply to three exclusive territories including Gujarat, Rajasthan and Madhya Pradesh," Nagarsheth added.
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. 59.90 |
|
|
1 |
Rs. 90.88 |
|
Euro |
1 |
Rs. 78.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.