MIRA INFORM REPORT
|
Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PCS TECHNOLOGY LIMITED (w.e.f.22.11.2004) |
|
|
|
|
Formerly Known
As : |
PCS INDUSTRIES LIMITED (w.e.f.25.03.1994) PCS DATA PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
Office Premise No.1, Gat No. 478, Alandi Markaal Road, Alandi Taluka,
Khed, Pune – 412106, Maharashtra |
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Country : |
India |
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|
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.04.1981 |
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|
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Com. Reg. No.: |
11-024279 |
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Capital
Investment / Paid-up Capital : |
Rs.249.257 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L74200MH1981PLC024279 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNEP08887E |
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PAN No.: [Permanent Account No.] |
AABCP0316J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Trader of Computers, Peripherals, Computer Parts and Maintenance of
Computers and Related IT Services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3890000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. Even though sales of the company has dipped, profit has increased in
2012-13. Overall financial position appears to be good. Rating also takes into consideration strong promoters group and
company diversification into IT services and solution business. Trade relations reported to be fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. Note: Company has stopped manufacturing activities 2 years back. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB- (Fund Based Limits) |
|
Rating Explanation |
Moderate credit quality and average credit
risk |
|
Date |
May 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A3 (Non Fund Based Limits) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
May 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. Sunil |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-41296111 |
|
Date : |
05.05.2014 |
LOCATIONS
|
Registered Office : |
Office Premise
No.1, Gat No. 478, Alandi Markaal Road, Alandi Taluka, Khed, Pune – 412106,
Maharashtra, India |
|
Tel. No.: |
91-22-28521177 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
|
Locality : |
Commercial |
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Head Office |
6th and 7th Floor, Technocity, Plot No. X 5/3, MIDC, Mahape,
Opposite MBP, Next to Sarovar Portico, Navi Mumbai – 400701, Maharashtra,
India |
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Tel. No.: |
91-22-39166111 |
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|
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Branch Office : |
Located at: Ř Hyderabad Ř Vishakhapatnam Ř Assam Ř Bihar Ř Chhattisgarh Ř New Delhi Ř Goa Ř Ahmedabad Ř Baroda Ř Mohali Ř Jharkhand Ř Bangalore Ř Kerala Ř Navi Mumbai Ř Mumbai Ř Pune Ř Nagpur Ř Bhopal Ř Indore Ř Odisha Ř Kolkatta Ř Rajasthan Ř Uttar Pradesh Ř Tamilnadu |
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Overseas Office : |
Located at: Ř U.A.E. Ř USA Ř Africa |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Gajendrakumar S Patni |
|
Designation : |
Chairman |
|
Address : |
42-A, Jolly Maker Apartment, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth : |
24.03.1941 |
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Qualification : |
B.Chem. |
|
Date of Appointment : |
22.04.1981 |
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DIN No. : |
00014163 |
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|
|
|
Name : |
Mr. Ashokkumar S Patni |
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Designation : |
Vice Chairman |
|
Address : |
22-A, Jolly Maker Apartment, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth : |
01.08.1951 |
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Qualification : |
B. Tech. |
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Date of Appointment : |
22.04.1981 |
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|
|
|
Name : |
Mr. H. C. Tandon |
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Designation : |
Managing Director and Chief Executive Officer |
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|
Name : |
Mr. N. K. Patni |
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Designation : |
Director |
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|
|
|
Name : |
Mr. Apoorva Ashokkumar Patni |
|
Designation : |
Director |
|
Address : |
22-A, Jolly Maker Apartment No. 1, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth |
18.06.1982 |
|
Date of Appointment : |
18.12.2007 |
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DIN No. : |
01647791 |
|
|
|
|
Name : |
Mr. Satish B. Ajmera |
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Designation : |
Director |
|
Address : |
B. L. Ajmera and Company, Malji Chhoganlalji Trust Building, M J Road,
Jaipur – 302001, Rajasthan, India |
|
Date of Birth : |
26.10.1944 |
|
Date of Appointment : |
25.06.1990 |
|
DIN No. : |
00208919 |
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|
|
|
Name : |
Mr. Dadi B. Engineer |
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Designation : |
Director |
|
Address : |
Sea Shells, 1st Floor, 13 Darabsha Road, Off Nepeansea
Road, Mumbai – 400036, Maharashtra, India |
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Date of Birth : |
02.05.1933 |
|
Date of Appointment : |
29.09.1995 |
|
DIN No. : |
00047028 |
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|
|
|
Name : |
Mr. Girish Mohanlal Dave |
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Designation : |
Director |
|
Address : |
1st Floor, Sethna Building, 55 Maharshi Karve Road, Marine
Lines, Mumbai – 400002, Maharashtra, India |
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Date of Birth : |
12.07.1938 |
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Qualification : |
M.Com., LLB, C.A.I.I.B. |
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Date of Appointment : |
29.09.1995 |
|
DIN No. : |
00036455 |
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|
|
|
Name : |
Mr. Prakash V. Mehta |
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Designation : |
Director |
|
Address : |
123-A, Maker Apartments, Cuffe Parade, Mumbai – 400005, Maharashtra,
India |
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Date of Birth : |
12.02.1942 |
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Date of Appointment : |
23.07.1987 |
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|
|
|
Name : |
Mr. Kamal Kumar Barjatya |
|
Designation : |
Director |
|
Address : |
39 Worli Sea Face, Mumbai – 400025, Maharashtra, India |
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Date of Birth : |
25.03.1938 |
|
Date of Appointment : |
30.10.1995 |
KEY EXECUTIVES
|
Name : |
Mr. Bhaskar J. Patel |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Sunil |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
1750504 |
8.36 |
|
|
5704679 |
27.23 |
|
|
7245112 |
34.58 |
|
|
7245112 |
34.58 |
|
|
14700295 |
70.17 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
14700295 |
70.17 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
131583 |
0.63 |
|
|
995 |
0.00 |
|
|
213383 |
1.02 |
|
|
700 |
0.00 |
|
|
346661 |
1.65 |
|
|
|
|
|
|
181944 |
0.87 |
|
|
|
|
|
|
3670543 |
17.52 |
|
|
1891938 |
9.03 |
|
|
159296 |
0.76 |
|
|
748 |
0.00 |
|
|
32328 |
0.15 |
|
|
100800 |
0.48 |
|
|
25420 |
0.12 |
|
|
5903721 |
28.18 |
|
Total Public
shareholding (B) |
6250382 |
29.83 |
|
Total (A)+(B) |
20950677 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
20950677 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the Shareholder |
Details of
Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Rajnikanta G Patni |
2386116 |
11.39 |
|
2 |
PCS Finance Limited |
1901560 |
9.08 |
|
3 |
Ashoka Computer Systems Private Limited |
1901560 |
9.08 |
|
4 |
PCS Cullinet Private Limited |
1901559 |
9.08 |
|
5 |
Sadhana A Patni |
1652122 |
7.89 |
|
6 |
Vasundhara Apoorva Patni |
1000000 |
4.77 |
|
7 |
Poonam Narendrakumar Patni |
601547 |
2.87 |
|
8 |
Gajendrakumar S Patni |
579685 |
2.77 |
|
9 |
Ashokkumar S Patni |
575995 |
2.75 |
|
10 |
Anirudh Narendrakumar Patni |
559270 |
2.67 |
|
11 |
Apoorva Ashok Kumar Patni |
389676 |
1.86 |
|
12 |
Arihant Gajendra Kumar Patni |
283056 |
1.35 |
|
13 |
Amit Kumar Patni |
261899 |
1.25 |
|
14 |
Ruchi Amit Kumar Patni |
152540 |
0.73 |
|
15 |
Sobhagmal Patni |
130936 |
0.62 |
|
16 |
Apoorva Ashok Kumar Patni |
111069 |
0.53 |
|
17 |
Arihant Gajendrakumar Patni |
101130 |
0.48 |
|
18 |
Narendra Kumar Patni |
94079 |
0.45 |
|
19 |
Kanchanbai S Patni |
60286 |
0.29 |
|
20 |
Sadhana A Patni |
42814 |
0.20 |
|
21 |
Rajnikanta G Patni |
4965 |
0.02 |
|
22 |
Aakriti Amitkumar Patni |
2830 |
0.01 |
|
23 |
Ayushi Amitkumar Patni |
2830 |
0.01 |
|
24 |
Kanchanbai Patni |
1300 |
0.01 |
|
25 |
Rajkumar Barjatya |
760 |
0.00 |
|
26 |
Sooraj Barjatya |
145 |
0.00 |
|
27 |
Rajrani Gangwal |
128 |
0.00 |
|
28 |
Pankaj Patni |
86 |
0.00 |
|
29 |
Meeta Devi Gangwal |
64 |
0.00 |
|
30 |
Munish Kumar Gangwal |
64 |
0.00 |
|
31 |
Munish Kumar Gangwal |
56 |
0.00 |
|
32 |
Rajrani Gangwal |
56 |
0.00 |
|
33 |
Rajrani Gangwal |
56 |
0.00 |
|
34 |
Meeta Devi Gangwal |
56 |
0.00 |
|
|
Total |
14700295 |
70.17 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Balram Bharwani |
597125 |
2.85 |
|
|
2 |
Mukesh Mohanlal Kelawala HUF |
255300 |
1.22 |
|
|
|
Total |
852425 |
4.07 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Computers, Peripherals, Computer Parts and Maintenance of
Computers and Related IT Services. |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. C. Bandi and Company Chartered Accountants |
|
Address : |
812, Maker Chamber V, 221, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-22834298 |
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Subsidiary
Companies : |
|
|
|
|
|
Affiliates (Enterprises
over which Key Management personnel or their relatives have significant
influence) : |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21025000 |
Equity Shares |
Rs.10/- each |
Rs.210.250 Millions |
|
3975000 |
Redeemable, Non-Convertible and Non-Cumulative Preference Shares |
Rs.10/- each |
Rs.39.750 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20950677 |
Equity Shares |
Rs.10/- each |
Rs.209.507 Millions |
|
3975000 |
9% Redeemable, Non-Convertible and Non-Cumulative Preference Share |
Rs.10/- each |
Rs.39.750 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.249.257 Millions |
a) Reclassification of Authorised Share Capital:
During the current year, the Company has reclassified the Authorised Share Capital of Rs.250.000 Millions into 2,10,25,000 Equity Shares of Rs.10 each and 3,975,000 Redeemable, Non Convertible and Non-Cumulative Preference Shares of Rs.10 each.
b) Terms/ Rights attached to Equity Shares:
The Company has only one class of equity
shares having a par value of Rs.10 per share. Each holder of equity share is
entitled to one vote per share. In the event of liquidation of the company, the
holders of equity shares will be entitled to receive remaining assets of the
company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
c) Terms/ Rights attached to Preference Shares:
The Company has only one class of preference
shares having a par value of Rs.10 per share, redeemable at par in the 12th and
13th year from the date of allotment. Each holder of preference share is
entitled to one vote per share. In the event of liquidation of the company,
before any entitlement of assets to holders of equity shares, the holders of
preference shares will be entitled to receive remaining assets of the company,
after distribution of all other preferential amounts. The distribution will be
in proportion to the number of preferencial shares held by the shareholders.
d) Reconciliation of the
shares outstanding at the beginning and end of the year 31st March 2013.
|
Particulars |
Equity Shares |
|
|
|
Number |
Rs. IN Millions |
|
Shares outstanding at the beginning of the year |
20950677 |
209.507 |
|
Shares issued during the year |
- |
- |
|
Shares brought back during the year |
- |
- |
|
Shares outstanding at the end of the year |
20950677 |
209.507 |
e) Details of
shareholding more than 5% Equity Shares of total Equity Shares in the company:
|
Name of shareholder |
As at 31.03.2013 |
|
|
|
No. of shares |
% holding |
|
Rajnikanta Patni |
2386116 |
11.39 |
|
PCS Finance Private Limited |
1901560 |
9.08 |
|
Ashoka Computer Systems Private Limited |
1901560 |
9.08 |
|
PCS Cullinet Private Limited |
1901559 |
9.08 |
|
Sadhana A. Patni |
1652122 |
7.89 |
f) Details of
shareholding more than 5% Preference Shares of total Preference Shares in the
company:
|
Name of shareholder |
As at 31.03.2013 |
|
|
|
No. of shares |
% holding |
|
Mr. Ashok Kumar Patni |
1965000 |
49.43 |
|
Mr. Gajendra Kumar Patni |
1480000 |
37.23 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
249.257 |
210.240 |
210.240 |
|
(b) Reserves & Surplus |
723.324 |
217.076 |
923.590 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
972.581 |
427.316 |
1133.830 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
107.706 |
627.023 |
691.103 |
|
(b) Deferred tax liabilities (Net) |
32.934 |
29.956 |
40.860 |
|
(c) Other long term liabilities |
3.671 |
5.750 |
6.269 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
144.311 |
662.729 |
738.232 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
143.888 |
215.776 |
245.363 |
|
(b) Trade payables |
128.347 |
205.182 |
466.977 |
|
(c) Other current liabilities |
60.032 |
136.840 |
193.706 |
|
(d) Short-term provisions |
1.103 |
1.116 |
1.167 |
|
Total Current
Liabilities (4) |
333.370 |
558.914 |
907.213 |
|
|
|
|
|
|
TOTAL |
1450.262 |
1648.959 |
2779.275 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
267.499 |
372.276 |
540.838 |
|
(ii) Intangible Assets |
1.380 |
0.000 |
76.608 |
|
(iii) Capital work-in-progress |
0.000 |
2.188 |
82.167 |
|
(iv) Intangible assets under development |
5.872 |
5.452 |
7.677 |
|
(b) Non-current Investments |
65.735 |
65.735 |
65.725 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
103.758 |
134.993 |
95.029 |
|
(e) Other Non-current assets |
3.384 |
8.585 |
17.324 |
|
Total Non-Current
Assets |
447.628 |
589.229 |
885.368 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
82.125 |
87.455 |
107.037 |
|
(c) Trade receivables |
758.833 |
734.046 |
1503.337 |
|
(d) Cash and cash equivalents |
31.280 |
89.742 |
93.638 |
|
(e) Short-term loans and advances |
61.612 |
64.680 |
83.889 |
|
(f) Other current assets |
68.784 |
83.807 |
106.006 |
|
Total Current
Assets |
1002.634 |
1059.730 |
1893.907 |
|
|
|
|
|
|
TOTAL |
1450.262 |
1648.959 |
2779.275 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
975.392 |
1332.425 |
1817.584 |
|
|
|
Other Income |
7.835 |
32.471 |
31.025 |
|
|
|
TOTAL (A) |
983.227 |
1364.896 |
1848.609 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
0.000 |
9.931 |
233.198 |
|
|
|
Purchases of stock-in-trade |
132.229 |
327.149 |
628.430 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
2.436 |
17.754 |
(2.514) |
|
|
|
Employee benefits expense |
567.842 |
633.467 |
598.314 |
|
|
|
Other expenses |
178.373 |
243.439 |
243.614 |
|
|
|
Extra-ordinary items |
0.000 |
1.334 |
0.000 |
|
|
|
TOTAL (B) |
880.880 |
1233.074 |
1701.042 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
102.347 |
131.822 |
147.567 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
45.881 |
70.974 |
88.987 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
56.466 |
60.848 |
58.580 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.332 |
39.101 |
49.186 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
49.134 |
21.747 |
9.394 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.752 |
7.306 |
1.525 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
35.382 |
14.441 |
7.869 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
24.441 |
237.888 |
230.019 |
|
|
|
|
|
|
|
|
|
|
TRANSFER TO
STATEMENT OF PROFIT AND LOSS |
0.000 |
227.888 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
59.823 |
24.441 |
237.888 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export sales and services |
9.572 |
3.028 |
39.720 |
|
|
TOTAL EARNINGS |
9.572 |
3.028 |
39.720 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material, Store & spares and Computer Peripherals |
2.659 |
5.420 |
72.181 |
|
|
TOTAL IMPORTS |
2.659 |
5.420 |
72.181 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Before
extraordinary items |
1.69 |
0.75 |
0.38 |
|
|
|
- After
extraordinary items |
1.69 |
0.69 |
0.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.60 |
1.06
|
0.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.04 |
1.63
|
0.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.56 |
1.38
|
0.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.05
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.26 |
1.97
|
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.01 |
1.90
|
2.09 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
210.240 |
210.240 |
249.257 |
|
Reserves & Surplus |
923.590 |
217.076 |
723.324 |
|
Net
worth |
1,133.830 |
427.316 |
972.581 |
|
|
|
|
|
|
long-term borrowings |
691.103 |
627.023 |
107.706 |
|
Short term borrowings |
245.363 |
215.776 |
143.888 |
|
Total
borrowings |
936.466 |
842.799 |
251.594 |
|
Debt/Equity
ratio |
0.826 |
1.972 |
0.259 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1,817.584 |
1,332.425 |
975.392 |
|
|
|
(26.693) |
(26.796) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1,817.584 |
1,332.425 |
975.392 |
|
Profit |
7.869 |
14.441 |
35.382 |
|
|
0.43% |
1.08% |
3.63% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG TERM DEBT
(Rs. In Millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long term debt |
3.118 |
1.978 |
1.315 |
|
|
|
|
|
|
Total |
3.118 |
1.978 |
1.315 |
|
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 |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
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 |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
|||
|
Bench:- Bombay |
|||
|
Lodging No:- |
ITXAL/945/2014 |
Failing Date:- |
ITXAL/945/2014 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME-TAX-II.PUNE |
Respondent:- |
PCS TECHNOLOGY LTD. |
|
Petn.Adv:- |
VIPUL ARUN BAJPAYEE (I4135) |
||
|
District:- |
MUMBAI |
||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
|
Status:- |
Pre-Admission |
Stage:- |
|
|
Next Date:- |
09/06/2014 |
||
|
|
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
||
|
Act:- |
Income Tax Act, 1961 |
||
|
Under Section:- |
260A |
||
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Directors |
98.800 |
544.800 |
|
Inter corporate deposits |
0.950 |
72.500 |
|
Total |
99.750 |
617.300 |
Notes:
The loan taken from Directors and Inter Corporate Deposits
are interest free and are returnable after 31st March, 2015.
OPERATIONS
In the year the Company continued to witness the challenges in the price competition.
During the year, the Company has achieved Gross Sales of Rs.981.700 Millions as against Rs.1361.900 Millions in the previous year.
As planned in the interest of the Company, the Company has started focusing more on expanding IT and Facility Management Services which is now a major key driver over IT Hardware business operations, for improvement of margins and profitability. In view of the above restructuring of the business operations, the sales turnover of the Company of the current year will not be comparable with previous year’s sales turnover.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INDUSTRY SCENARIO AND
REVIEW
The domestic IT sector comprises of Computer hardware – manufacturing and selling, IT services- software development, implementation, IT infrastructure and facility management services. The Company is mainly engaged in the activities of IT infrastructure facility management services. The financial year 2012-13 witnessed challenges. The pricing competition continued with MNC and major players putting pressure on margins.
PERFORMANCE AND
REVIEW
IT Services
After careful evaluation and to utilize available resources and expertises to optimal level, the company decided to focus more on IT infrastructure and facility management services and discontinued the manufacturing of computer hardware.
The Company has achieved the Gross Turnover of Rs. 983.227 Millions and net profit of Rs.35.382 Millions as against previous year’s Gross Turnover of Rs. 1364.896 Millions and the net profit of Rs.15.775 Millions. Post this scenario the turnover the current year is not comparable with the sale turnover of previous year.
OPERATIONS
In view of restructuring of business, the management has discontinued IT hardware manufacturing activities and diverted its focus more on IT and Facility Management Services, where margin are better.
Other products such as Laboratory and Hospital Management solutions have performed in promoting sales and the Company has established overseas market in Africa, Nigeria and UAE.
FUTURE OUTLOOK
The Company is one of the leading managed services provider for IT infrastructures. With the growth in IT Infrastructure and Company’s PAN India presence coupled with strong existing client relationship, the Company is well placed and able to meet potential business opportunities. The Company will continue to develop and improve service offerings in IT infrastructure and Facility Management to clients.
However, we may face competition from IT and ITES companies operating on large volume services.
The company will continue to give its focus on other products i.e. Laboratory and Hospital Management solutions.
In order to meet the challenging environment, the Company is taking all measures to remain financially stable and cost efficient.
FIXED ASSETS
Tangible Assets
- Freehold Land
- Leasehold Land
- Building
- Plant and Equipment
- Furniture and Fixture
- Vehicle
- Office Equipment
Intangible Assets
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.60.05 |
|
|
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
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.