MIRA INFORM REPORT
|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PREMIUM TRANSMISSION LIMITED [w.e.f. 14.06.2010] |
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|
|
|
Formerly Known
As : |
PREMIUM ENERGY TRANSMISSION LIMITED [w.e.f. 22.04.2004] BILT INFRASTRUCTURE PRIVATE LIMITED [w.e.f. 31.07.2000] EVEREST FOOD ( |
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Registered
Office : |
Premium House, Mumbai Pune Road, Chinchwad, Pune – 411019, Maharashtra |
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Country : |
India |
|
|
|
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Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
26.04.1983 |
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Com. Reg. No.: |
11-133199 |
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Capital
Investment / Paid-up Capital : |
Rs. 432.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01119PN1983PLC133199 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKP02127G NSKP02126F PNEP08128B |
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PAN No.: [Permanent Account No.] |
AADCP2916N |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Gearboxes and Transmission
Units. |
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No. of Employees
: |
1250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having good track record. The management has seen a drastic fall in its net profitability during
2013. However, financially the company seems to be strong. Performance
capability is high. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal 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.
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 |
FITCH |
|
Rating |
Long term rating: A+ |
|
Rating Explanation |
The default risk is low. The capacity for payment of financial
commitments is considered strong. |
|
Date |
20.06.2013 |
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. Ashish |
|
Designation : |
Manager |
|
Contact No.: |
91-20-66314100 |
|
Date : |
20.05.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Premium House, Mumbai Pune Road, Chinchwad, Pune – 411019,
Maharashtra, India |
|
Tel. No.: |
91-20-66314100/ 27475141 |
|
Fax No.: |
91-20-27450287 |
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E-Mail : |
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Website : |
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Corporate/ Head
Office : |
The Westin, 402, Business Plaza, 36/3-B, Koregaon Park Annex, Mundhwa
Road, Pune – 411001, Maharashtra, India |
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Tel No.: |
91-20-67269713 |
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Fax No.: |
91-20-67269728 |
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Email : |
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European Branch
Office : |
Stephan B. V. D-31789, Germany, Ohsener Strasse 79-83. |
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Tel No.: |
+49 (0) 5151/780-0 |
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Fax No.: |
+49 (0) 5151/780-441 |
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Email : |
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Regional Office
: |
Akash Tower, 5th floor, 781, Anandapur, Near Ruby Hospital, Kolkata 700 107, West Bengal. India |
|
Tel No.: |
91-33-40120915 |
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Fax No.: |
91-33-40120914 |
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Branch Office : |
Located At
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DIRECTORS
As on 14.06.2013
|
Name : |
Mr. Suresh Kumar Mamanchand Jain |
|
Designation : |
Director |
|
Address : |
159, Siddharth Enclave, Ashram Chowk, Ring Road, New Delhi - 110014,
India |
|
Date of Birth/Age : |
12.03.1957 |
|
Date of Appointment : |
09.11.2006 |
|
DIN : |
00003500 |
|
|
|
|
Name : |
Mr. Karan Thapar |
|
Designation : |
Director |
|
Address : |
8, |
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Date of Birth/Age : |
20.03.1957 |
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Date of Appointment : |
05.09.2008 |
|
DIN : |
00004264 |
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|
|
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Name : |
Mr. Sunil Nawal Phatarphekar |
|
Designation : |
Director |
|
Address : |
Satguru Simran, 5th Floor, 3rd Road, Almieda
Park, Bandra, Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1963 |
|
Date of Appointment : |
08.06.2004 |
|
DIN : |
00005164 |
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|
|
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Name : |
Mr. Tapan Kumar Makhanlal Chattopadhyay |
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Designation : |
Director |
|
Address : |
Flat No. 902, Building C1, Montvertapristine, Kirkee, Pune - 411020, |
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Date of Birth/Age : |
09.12.1938 |
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Date of Appointment : |
03.05.2007 |
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DIN : |
00114708 |
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|
Name : |
Mr. Santanoo Medhi |
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Designation : |
Managing Director |
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Address : |
Villa No.10 and 10A, Caswani Ashton Woods SY No38/2, Village Varthu,
Bangalore – 560103, Karnataka, India |
|
Date of Birth/Age : |
01.03.1967 |
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Date of Appointment : |
02.10.2012 |
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DIN No. : |
03066413 |
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|
|
Name : |
Mr. Vijay Kishore Sharma |
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Designation : |
Director |
|
Address : |
12, Totnes Walk, East Finchley, London – N20AD |
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Date of Birth/Age : |
29.09.1954 |
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Date of Appointment : |
27.07.2012 |
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DIN No. : |
05313925 |
KEY EXECUTIVES
|
Name : |
Mr. Ratanlal Tikaram Goel |
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Designation : |
Secretary |
|
Address : |
Flat No.201/202, Vedant Apartment, Sadashivpeth, Pune - 411030,
Maharashtra, India |
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Date of Birth/Age : |
09.02.1962 |
|
Date of Appointment : |
08.06.2004 |
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PAN : |
ABJPG4245P |
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|
Name : |
Mr. Ashish |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.06.2013
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
DBH International Private Limited, India |
|
12499980 |
|
Marble Arch Investments PCC Limited, Mauritius |
|
10000000 |
|
Karan Thapar |
|
5 |
|
Karam Thapar |
|
5 |
|
Suresh Kumar Mamanchand Jain |
|
2 |
|
S P Saini |
|
2 |
|
Surinder Singh Chugh |
|
2 |
|
Ratanlal Tikaram Goel |
|
2 |
|
Praveen Sachdev |
|
2 |
|
Total |
|
22500000 |
|
Names of Shareholders (Preference
Shares) |
|
No. of Shares |
|
Greaves Leasing Finance Limited, India
|
|
207500 |
|
Total |
|
207500 |
As on 14.06.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
44.44 |
|
Bodies corporate |
55.56 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Gearboxes and Transmission
Units. |
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Products : |
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Exports : |
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Products : |
Gear Boxes |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
1250 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
Address : |
401, Century
Arcade, Narangi Baug Road, Off Boat Club Road, Pune - 411001, Maharashtra, India |
|
PAN No.: |
AAAFW4298E |
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Holding Company : |
DBH International Private Limited, India CIN : U74899DL1950PTC057209 |
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Subsidiary company: |
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CAPITAL STRUCTURE
As on 14.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26000000 |
Equity Shares |
Rs.10/- each |
Rs.260.000 Millions |
|
3450000 |
Preference Shares |
Rs.100/- each |
Rs.345.000 Millions |
|
|
Total |
|
Rs.605.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22500000 |
Equity Shares |
Rs.10/- each |
Rs.225.000 Millions |
|
2075000 |
Preference Shares |
Rs.100/- each |
Rs.207.500 Millions |
|
|
Total |
|
Rs.432.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
432.500 |
432.500 |
598.567 |
|
(b) Reserves & Surplus |
1375.206 |
1184.198 |
971.806 |
|
(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) |
1807.706 |
1616.698 |
1570.373 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
231.250 |
93.750 |
30.000 |
|
(b) Deferred tax liabilities (Net) |
83.309 |
64.375 |
61.164 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
27.057 |
|
Total Non-current Liabilities
(3) |
314.559 |
158.125 |
118.221 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
316.415 |
233.086 |
304.349 |
|
(b) Trade payables |
0.000 |
0.000 |
601.367 |
|
(c) Other current
liabilities |
1071.096 |
930.485 |
96.888 |
|
(d) Short-term
provisions |
134.743 |
158.792 |
110.118 |
|
Total Current
Liabilities (4) |
1522.254 |
1322.363 |
1112.723 |
|
|
|
|
|
|
TOTAL |
3644.519 |
3097.186 |
2801.316 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1614.804 |
977.545 |
915.115 |
|
(ii) Intangible Assets |
21.588 |
9.753 |
13.254 |
|
(iii) Capital work-in-progress |
21.273 |
144.023 |
23.579 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
226.288 |
226.288 |
340.903 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
47.364 |
122.769 |
16.315 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1931.317 |
1480.378 |
1309.166 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
2.798 |
0.000 |
|
(b) Inventories |
560.145 |
557.660 |
477.946 |
|
(c) Trade receivables |
922.189 |
873.996 |
755.144 |
|
(d) Cash and cash
equivalents |
131.678 |
87.978 |
127.704 |
|
(e) Short-term loans and
advances |
99.190 |
94.376 |
131.356 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1713.202 |
1616.808 |
1492.150 |
|
|
|
|
|
|
TOTAL |
3644.519 |
3097.186 |
2801.316 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3714.699 |
3877.970 |
2558.623 |
|
|
|
Other Income |
31.666 |
48.566 |
20.640 |
|
|
|
TOTAL (A) |
3746.365 |
3926.536 |
2579.263 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
1857.279 |
2070.556 |
1317.964 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
32.631 |
(67.129) |
(27.505) |
|
|
|
Employee benefit
expense |
437.428 |
360.608 |
238.983 |
|
|
|
Other expenses |
785.959 |
791.280 |
496.795 |
|
|
|
TOTAL (B) |
3113.297 |
3155.315 |
2026.237 |
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
633.068 |
771.221 |
553.026 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
57.475 |
48.543 |
30.543 |
|
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
575.593 |
722.678 |
522.483 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
160.000 |
125.027 |
90.648 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
415.593 |
597.651 |
431.835 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
120.661 |
120.418 |
128.896 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
294.932 |
477.233 |
302.939 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
365.250 |
271.806 |
272.194 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
150.000 |
250.000 |
200.000 |
|
|
|
Preference Dividend (including Corporate Dividend Tax) |
12.138 |
16.114 |
13.155 |
|
|
|
Proposed Final Dividend (including Corporate Dividend Tax) |
39.486 |
65.201 |
45.086 |
|
|
|
Interim Dividend (including Corporate Dividend Tax) |
52.300 |
52.474 |
45.086 |
|
|
BALANCE CARRIED
TO THE B/S |
406.258 |
365.250 |
271.806 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
201.453 |
233.537 |
125.560 |
|
|
TOTAL EARNINGS |
201.453 |
233.537 |
125.560 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
66.019 |
|
|
|
Components and Spare Parts |
NA |
NA |
2.360 |
|
|
|
Capital Goods |
NA |
NA |
1.799 |
|
|
TOTAL IMPORTS |
NA |
NA |
70.178 |
|
|
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (Rs.) |
12.57 |
18.51 |
11.24 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
3710.000 |
|
|
|
|
|
The above information has been parted by Mr. Ashiah
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.87
|
12.15
|
11.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.12
|
15.41
|
16.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.23
|
21.92
|
17.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.37
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30
|
0.20
|
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.22
|
1.34 |
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 |
598.567 |
432.500 |
432.500 |
|
Reserves & Surplus |
971.806 |
1184.198 |
1375.206 |
|
Net
worth |
1570.373 |
1616.698 |
1807.706 |
|
|
|
|
|
|
long-term borrowings |
30.000 |
93.750 |
231.250 |
|
Short term borrowings |
304.349 |
233.086 |
316.415 |
|
Total
borrowings |
334.349 |
326.836 |
547.665 |
|
Debt/Equity
ratio |
0.213 |
0.202 |
0.303 |
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 |
2558.623 |
3877.970 |
3714.699 |
|
|
|
51.565 |
(4.210) |
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 |
2558.623 |
3877.970 |
3714.699 |
|
Profit |
302.939 |
477.233 |
294.932 |
|
|
11.84% |
12.31% |
7.94% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
31.250 |
36.250 |
40.000 |
|
|
|
|
|
|
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 |
Yes |
|
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 |
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 |
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 |
Note:
The registered office of the company has been shifted from
Premium House, Old Mumbai Pune Road, Chinchwad, Pune – 411019, Maharashtra,
India to
present address w.e.f. 20.10.2010
OPERATIONS
The Company has achieved a net income of Rs. 3746.365 Millions during the year as against Rs.3926.536 Millions in the previous year, registering a de-growth of 5% in respect of continuing operations. Revenue was impacted due to economic slowdown in India; and the world in general.
The Net Profit after tax for the year in respect of continuing operations is also lower at Rs.294.932 Millions as against Rs.477.233 Millions in the previous year.
The revenue from exports during the year was Rs. 197.500 Millions against Rs.227.600 Millions in the previous year, as performance was impacted by the recessionary trends in the international markets. The Company has appointed new Annual Report 2012 - 13 3 dealers in East Europe and has strengthened its presence in other markets by introducing new products in order to achieve growth in the coming years. The company has drawn up ambitious plans for growth in its international operations by leveraging its European subsidiary. New products, especially for the export markets, are under development.
FUTURE OUTLOOK
As per reports from various sources, the Indian economy is at its slowest growth rate in nearly a decade. The marginal growth in the Industrial Sector Index coupled with a cautious monetary policy and tight credit controls signal a very challenging period ahead.
As the company has a diversified product portfolio and customer base, it is expected that its business is partially insulated from major impact due to global economical issues. Despite adversities, the Indian economy is growing at a reasonable pace; GDP is expected to grow at over 5% in the current financial year. This augurs reasonably well for future growth prospects of the Company inspite of challenges that the manufacturing sector is facing. The Company is continuously focusing on the development of new products, greater penetration in existing markets and expanding the geographies to cater to new markets.
The Directors are cautiously optimistic of an improved performance in the current year, barring any unforeseen circumstances.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short-term
borrowings |
|
|
|
Other loans and advances |
66.645 |
58.850 |
|
Total |
66.645 |
58.850 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
|
10449918 |
26/08/2013 |
65,947,622.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR.
ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - |
B85343911 |
|
2 |
10412928 |
15/03/2013 |
100,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B71173173 |
|
3 |
10345159 |
28/02/2012 |
100,000,000.00 |
AXIS BANK LIMITED |
214- 215 CITY MALL, 2ND FLOOR, PLOT NO 1, S. NO 1 |
B36131514 |
|
4 |
10343653 |
24/02/2012 |
200,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B35615905 |
|
5 |
10303841 |
01/08/2013 * |
340,200,000.00 |
AXIS BANK LIMITED |
214-215,CITY MALL,2ND FLOOR, PLOT NO.1, S.NO.132,GANESH KHIND ROAD(UNIVERSITY ROAD), PUNE, MAHARASHTRA - 411007, INDIA |
B85529212 |
|
6 |
10143416 |
02/08/2011 * |
75,000,000.00 |
AXIS BANK LIMITED |
1262/B STERLING PLAZA, JANGALI MAHARAJ ROAD, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA |
B21618368 |
|
7 |
10144455 |
14/12/2011 * |
201,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, PUNE, MAHARASHTRA - 411003, INDIA |
B29119641 |
|
8 |
10127475 |
28/01/2009 * |
75,000,000.00 |
AXIS BANK LIMITED |
1262/B STERLING PLAZA, JANGALI MAHARAJ ROAD, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA |
A56968530 |
|
9 |
10066696 |
02/08/2011 * |
150,000,000.00 |
AXIS BANK LIMITED |
1262/B STERLING PLAZA, JANGALI MAHARAJ ROAD, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA |
B21619770 |
|
10 |
10074675 |
28/02/2012 * |
300,000,000.00 |
AXIS BANK LIMITED |
214/215, CITY MALL, 2ND FLOOR, GANESHKHIND (PUNE |
B35877943 |
|
11 |
10019534 |
24/07/2006 |
340,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A04680542 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and
fixtures
- Vehicles
- Office equipment
- Computer equipments
AS PER WEBSITE
PRESS RELEASES
INDSUR GLOBAL
ACQUIRES PREMIUM TRANSMISSION'S AUTOMOTIVE GEAR DIVISION
10 August 2011
Indsur Global manufactures insulator castings for the automobile sector at its Halol plant. The acquisition provides Indsur access to key customers and a strong platform for expansion. For Premium, the exit would facilitate to focus on its core business of industrial transmission solutions.
Premium's automotive gear division is located at Aurangabad and caters to three wheelers and four wheelers and Auto Majors like Piaggio, MandM, Atul Auto, etc.
Oromoted by Karan Thapar (brother of Avantha Group's cheif Gautam Thapar), Premium Transmission manufactures mechanical power transmission products such as gearboxes, geared motors, fluid couplings across its four manufacturing units in India - Pune, Falta (near Kolkata) and 2 units in Aurangabad.
It recently acquired Germany-based Stephan Rexnord Stephan GmbH and CoKG, a manufacturer of industrial gear boxes and geared motors. Premium Transmission Limited is setting up a new facility at Shendra in Aurangabad to compliment the German acquisition. This facility is being set up with an investment of Rs. 25 crores and is expected to be commissioned by March 2012.
Premium serves clients in material handling, sugar mills and machine manufacturing, iron and steel, passenger lifts, cooling towers, chemicals, cement, paper, leather and plastics, food processing and tea, collieries mines and haulages and pharma.
Karan Thapar's other group companies include Greaves Cotton Limited and English Indian Clays Limited
Premium Transmission reported an increase of 17% in sales from Rs.271.9 Cr in FY2009 to Rs.318.6 Cr in FY2010. Its PAT increased by 15% from Rs.24 Cr in FY2009 to Rs.27.79 Cr in FY2010. Industrial transmission solutions contributed 92% of its turnover, while the automotive gear manufacturing division contributed only about 7% to the company's turnover.
PREMIUM TRANSMISSION
ACQUIRES GERMAN FIRM
Pune July 27, 2011
Pune-based, Premium Transmission Limited has announced the acquisition of the entire business of Rexnord Stephan GmbH and CoKG, Germany.
The acquisition has been done through Netherlands based SPV- Premium Stephan for an undisclosed sum.
"The acquisition of Stephan is a major step forward in the Company's desire to build a global gear business. The focus of the group is to specialise in the supply of industrial gearboxes, ensuring that our resources are dedicated to the provision of innovative gearing solutions. We intend to significantly grow the Hameln business by offering our customers flexibility in the design and supply of a wider range of products and services, enabling us to meet the demands of our customers, more effectively and efficiently," said Praveen, Chairman, Premium Transmission commenting on the development.
"This acquisition is a strategic move to combine the inherent strengths of Indian and German entities and use it to provide elaborate and better industrial power transmission solutions to domestic and European customers. The two companies not only have complementing products but also share common technology, quality assurance and customer service philosophies, thus providing a win- win situation to Premium as well as to its global customers," added Atulya Gupta, MD, Premium Transmission, which manufactures industrial gearboxes in India.
Stephan manufactures geared motors, industrial gearboxes, customised solutions and high precision robotic drive systems with current sales of over euro 21million.
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.58.75 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
:7 |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.