MIRA INFORM REPORT
|
Report Date : |
19.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
PEC LIMITED (w.e.f. 25.11.1997) |
|
|
|
|
Formerly Known
As : |
THE PROJECTS AND EQUIPMENT CORPORATION OF INDIA LIMITED |
|
|
|
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Registered
Office : |
Hansalaya, 15, |
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|
Country : |
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|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
21.04.1971 |
|
|
|
|
Com. Reg. No.: |
55-005600 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.600.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1971GOI005600 |
|
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|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELP00390F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACT0101G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Trader of Agricultural, Industrial and Engineering Products etc. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a public sector undertaking under ministry of commerce and
Industry, Department of Commerce, Government of India. It is a well-established company having a satisfactory track record. There seems a drastic decline in the profit of the company during 2014
however, net worth of the company is satisfactory. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long term A- |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
May 2012 |
|
Rating Agency Name |
FITCH |
|
Rating |
Short term A2+ |
|
Rating Explanation |
Very strong degree of safety and low credit risk. |
|
Date |
May 2012 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Suresh Banka |
|
Designation : |
Senior Accounts Manager |
|
Contact No.: |
91-11-23315507 |
|
Date : |
18.11.2014 |
LOCATIONS
|
Registered/ Head Office : |
Hansalaya, 15, Barakhamba Road, New Delhi - 110001, India |
|
Tel. No.: |
91-11-23313619 / 23316372 / 23316397 / 23315506 |
|
Fax No.: |
91-11-23315279 / 23314797 / 23313664 / 23315506 |
|
E-Mail : |
pec@peclimited.com |
|
Website : |
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|
Branch Office : |
Located At :
|
DIRECTORS
As on 30.09.2014
|
Name : |
Mrs. Aditi Das Rout |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
D-508, Purvasha Anand Lok Society, Mayur Vihar, Phase-I, New Delhi -
110091, India |
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|
Date of Birth/Age : |
17.11.1963 |
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Date of Appointment : |
30.03.2010 |
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DIN No.: |
03049172 |
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Other Directorship :
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Name : |
Rajani Ranjan Rashmi |
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|
Designation : |
Managing director |
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|
Address : |
Sanjenthong Officer Colony, Imphal - 795001, Manipur, India |
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|
Date of Birth/Age : |
23.09.1957 |
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Date of Appointment : |
09.07.2014 |
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DIN No.: |
02079727 |
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Other Directorship :
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||||||||||||||||||||||||||||||||||||
|
Name : |
Mathi Cecil Luther |
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Designation : |
Director |
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|
Address : |
1311, Sector - A, PKT – B and C, Vasant Kunj, Delhi - 110070, India |
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Date of Birth/Age : |
10.11.1958 |
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Date of Appointment : |
11.03.2014 |
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DIN No.: |
06857675 |
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|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ravi Shanker Janardhanan |
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|
Designation : |
Director |
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|
Address : |
112-A, Pocket C - 3, Lawrence Road, Keshav Puram, Delhi - 110035, India |
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|
Date of Birth/Age : |
21.07.1965 |
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|
Date of Appointment : |
05.08.2014 |
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PAN No.: |
AAAPK2115L |
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DIN No.: |
06961483 |
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KEY EXECUTIVES
|
Name : |
Mr. Pardeep Kumar |
|
Designation : |
Secretary |
|
Address : |
4/90, Nirankari Colony, Near Pradhan Market, Delhi - 110009, India |
|
Date of Birth/Age : |
08.01.1983 |
|
Date of Appointment : |
01.08.2014 |
|
PAN No.: |
AZTPK1467D |
|
|
|
|
Name : |
Mr. Suresh Banka |
|
Designation : |
Senior Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
The President of India |
5999998 |
|
Arun Kumar Mirchandani (as a nominee of the President of
India) |
1 |
|
Aditi Das Rout (as a nominee of the President of India) |
1 |
|
|
|
|
Total |
6000000 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Government [Central and
State] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Agricultural, Industrial and Engineering Products etc. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
J. P., Kapur and Uberai Chartered Accountants |
|
Address : |
Lower Ground Floor, C-4/5, Safdarjung Development Area, New Delhi -110016, India |
|
PAN
No. : |
AAGFJ0616B |
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|
|
|
Memberships : |
-- |
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|
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Collaborators : |
-- |
|
|
|
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Subsidiaries : |
Tea Trading Corpn of India Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.100/- each |
Rs.600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.100/- each |
Rs.600.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
600.000 |
600.000 |
200.000 |
|
(b) Reserves & Surplus |
3027.500 |
3020.400 |
3276.325 |
|
(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) |
3627.500 |
3620.400 |
3476.325 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
235.900 |
261.100 |
98.326 |
|
Total Non-current
Liabilities (3) |
235.900 |
261.100 |
98.326 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
12057.600 |
2240.900 |
0.000 |
|
(b) Trade
payables |
17345.500 |
42367.000 |
48762.351 |
|
(c) Other
current liabilities |
5537.100 |
4898.500 |
5891.700 |
|
(d) Short-term
provisions |
102.500 |
231.400 |
183.067 |
|
Total Current
Liabilities (4) |
35042.700 |
49737.800 |
54837.118 |
|
|
|
|
|
|
TOTAL |
38906.100 |
53619.300 |
58411.769 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
7.600 |
7.400 |
8.213 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4.000 |
4.000 |
4.001 |
|
(c) Deferred tax assets (net) |
287.400 |
125.000 |
115.129 |
|
(d) Long-term Loan and Advances |
210.100 |
23.700 |
12.332 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.701 |
|
Total Non-Current
Assets |
509.100 |
160.100 |
140.376 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2424.400 |
6922.000 |
8087.877 |
|
(c) Trade
receivables |
26737.400 |
34355.600 |
38385.184 |
|
(d) Cash
and cash equivalents |
135.500 |
3473.000 |
4655.988 |
|
(e)
Short-term loans and advances |
8998.600 |
8518.800 |
6905.629 |
|
(f) Other
current assets |
101.100 |
189.800 |
236.715 |
|
Total
Current Assets |
38397.000 |
53459.200 |
58271.393 |
|
|
|
|
|
|
TOTAL |
38906.100 |
53619.300 |
58411.769 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
97803.700 |
116490.200 |
110413.530 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
19.800 |
1130.730 |
1185.330 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
12.700 |
161.180 |
389.810 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
7.100 |
969.550 |
795.520 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB values of Exports |
25530.000 |
30271.100 |
10759.900 |
|
|
|
Other Earnings |
0.000 |
0.000 |
2.200 |
|
|
TOTAL EARNINGS |
25530.000 |
30271.100 |
10762.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
65216.600 |
74865.900 |
|
|
|
Foreign tours |
|
6.400 |
5.100 |
|
|
|
Others |
|
583.400 |
626.400 |
|
|
TOTAL IMPORTS |
NA |
65806.400 |
75497.400 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.18 |
161.59 |
132.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.01 |
0.83 |
0.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.31 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.32 |
0.62 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.07 |
1.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
200.000 |
600.000 |
600.000 |
|
Reserves & Surplus |
3276.325 |
3020.400 |
3027.500 |
|
Net worth |
3476.325 |
3620.400 |
3627.500 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
2240.900 |
12057.600 |
|
Total borrowings |
0.000 |
2240.900 |
12057.600 |
|
Debt/Equity ratio |
0.000 |
0.619 |
3.324 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
110413.530 |
116490.200 |
97803.700 |
|
|
|
5.504 |
(16.041) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
110413.530 |
116490.200 |
97803.700 |
|
Profit |
795.520 |
969.550 |
7.100 |
|
|
0.72% |
0.83% |
0.01% |
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 |
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee tem loans from banks |
2000.000 |
0.000 |
|
Working capital loans from bank |
239.800 |
0.000 |
|
|
|
|
|
Total |
2239.800 |
0.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10487886 |
02/04/2014 |
3,000,000,000.00 |
ORIENTAL BANK OF COMMERCE |
ORIENTAL BANK OF COMMERCE, M-33 GREATER KAILASH
PART-2, NEW DELHI, Delhi - 110048, INDIA |
C02224996 |
|
2 |
10368070 |
06/07/2012 |
1,000,000,000.00 |
DBS Bank Ltd |
Upper Ground Floor, Birla Tower, 25,
Barakhamba Road, NEW DELHI, Delhi - 110001, INDIA |
B44702108 |
|
3 |
10296122 |
19/02/2013 * |
9,000,000,000.00 |
INDIAN BANK |
NEW DELHI MAIN BRANCH, G-41, CONNAUGHT
CIRCUS, NEW DELHI, Delhi - 110001, INDIA |
B70292164 |
|
4 |
10225645 |
31/05/2010 |
3,000,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, 5 JEEVAN TARA BUILDING, |
A88084496 |
|
5 |
10194379 |
22/12/2009 |
500,000,000.00 |
STATE BANK OF INDORE |
COMMERCIAL BRANCH, M-47, CONNAUGHT CIRCUS,
NEW DELHI, Delhi - 110001, INDIA |
A76487941 |
|
6 |
10148641 |
24/01/2013 * |
7,000,000,000.00 |
UNITED BANK OF INDIA |
OVERSEAS (DELHI) BRANCH, HS-32, KAILASH
COLONY MA |
B69164382 |
|
7 |
10123144 |
10/12/2009 * |
7,000,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36,
JANPATH, NEW DELHI, Delhi - 110001, INDIA |
A75347849 |
|
8 |
10123434 |
01/02/2011 * |
10,000,000,000.00 |
CORPORATION BANK OVERSEAS BRANCH |
M-93,CONNAUGHT CIRCUS, NEW DELHI, Delhi -
110001, INDIA |
B05490198 |
|
9 |
10079211 |
12/02/2008 * |
3,000,000,000.00 |
IDBI LIMITED |
SURYA KIRAN BUILDING, 11TH FLOOR, K. G.
MARG, NEW DELHI, Delhi - 110001, INDIA |
A35083799 |
|
10 |
10058259 |
24/12/2009 * |
6,040,000,000.00 |
INDIAN OVERSEAS BANK |
7, TOLSTOY MARG, NEW DELHI, Delhi - 110001,
INDIA |
A78008984 |
|
1 |
10013266 |
20/03/2013 * |
5,000,000,000.00 |
STATE BANK OF TRAVANCORE |
PARLIAMENT STREET BRANCH, NEW DELHI, Delhi
- 110001, INDIA |
B72480692 |
|
12 |
80027375 |
24/05/2011 * |
8,000,000,000.00 |
Bank of Baroda |
Corporate Financial Services (Large
Corporate) Br., 16, Parliament Street, New Delhi, Delhi - 110001, INDIA |
B14767081 |
|
13 |
90043932 |
27/12/2013 * |
15,000,000,000.00 |
Syndicate Bank |
International Business Branch, F-40,
Connaught Place, New Delhi, Delhi - 110001, INDIA |
B94318359 |
|
14 |
80044476 |
12/01/2010 * |
450,000,000.00 |
SOCIETE GENERALE |
6TH FLOOR, MOHANDEV, 13, TOLSTOY MARG, NEW
DELHI, Delhi - 110001, INDIA |
A77857753 |
|
15 |
90043544 |
12/06/2014 * |
4,000,000,000.00 |
PUNJAB NATIONAL BANK |
ECE HOUSE, 28-A, K. G. MARG, NEW DELHI,
Delhi - 110001, INDIA |
C09487075 |
|
16 |
90043066 |
29/07/2004 * |
750,000,000.00 |
ICICI BANK LTD. |
9A; CONNAUGHT PLACE, NEW DELHI, Delhi -
110001, INDIA |
- |
|
17 |
90042602 |
20/12/2013 * |
4,000,000,000.00 |
Vijaya Bank |
17,Barakhamba Road Branch, Vijaya Bank, New
Delhi, Delhi - 110001, INDIA |
B96184882 |
|
18 |
80033630 |
10/03/2004 * |
4,000,000,000.00 |
INDIAN OVERSEAS BANK |
TOLSTOY MARG BRNCH, NEW DELHI, Delhi -
110001, INDIA |
- |
|
19 |
80033629 |
10/03/2004 * |
4,200,000,000.00 |
INDIAN OVERSEAS BANK |
TOLSTOY MARG BRANCH , NEW DELHI, Delhi -
110001, INDIA |
- |
|
20 |
90040244 |
04/07/2008 * |
25,000,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, JAWAHAR VYAPAR BHAWAN, NO. 1,
TOLSTOY MARG, NEW DELHI, Delhi - 110001, INDIA |
A42498402 |
* Date of charge modification
BUSINESS
Over the years, business
profile of PEC has changed with industrial raw materials, agro commodities,
bullion, engineering and manufactured goods constituting major part of its
turnover. Some of the key initiatives have been creating a distinctive and
sustainable competitive advantage, diversifying into new markets and pushing
more products. The Company achieved sales turnover of `9780.37 Crore in the
financial year 2013-14.
EXPORTS
Engineering and
manufactured goods exports include supply of electrical equipment such as
Distribution Transformers, Cables, Conductors, and Hardware equipment, Steel
Cross Arms, Overhead Line Fittings etc. to Ethiopia, Tanzania, Liberia and
Kenya. Other major exports were Wheat, Rice and Maize.
IMPORTS
PEC achieved import turnover
of Rs. 56808.500 millions during the year. Gold, Manganese Ore, Coal, Yellow
Peas, Palm Olein, were the major items of import during the year.
EXPORT AWARD
During the year, Engineering Export Promotion Council has selected PEC for EEPC INDIA (NR) Award for 2011-12 under the category Star Performers in Product Groups for 2011-12 (Shield), Ferro Alloys (Large Enterprise).
MANAGEMENT
DISCUSSION & ANALYSIS REPORT
WORLD ECONOMY
IN 2013
The world
economy experienced subdued growth for a second year in 2013, but some
improvements in the last quarter have led to the UNs more positive forecast.
The euro area has finally ended a protracted recession. Growth in the United
States strengthened somewhat.
Western Europe
emerged from recession in 2013, but growth prospects remain weak, as fiscal
austerity will continue and the unemployment rates remain elevated.
Growth
prospects among large developing countries and economies in transition are
mixed. Growth in Brazil has been hampered by weak external demand, volatility
in international capital flows and tightening monetary policy, but growth is
expected to rebound to 3 per cent in 2014. A slowdown in China has been
stabilized and growth is expected to maintain at a pace of about 7.5 per cent
in the next few years. India experienced its lowest growth in two decades,
along with large current account and government budget deficits plus high
inflation, but growth is forecast to improve to above 5 percent in 2014. In the
Russian Federation growth weakened further in 2013, as industrial output and
investment faltered, and is expected to recover modestly to 2.9 per cent in
2014.
Industrial
production in the EU had to face significant uphill challenges in recent times
which have contributed to a decline in industry’s share of total production.
Since the turn of the millennium, emerging markets have economically decoupled
from the advance economies and a strong and sustainable converges between the
poor and rich world has gained momentum. This process is driven by more vibrant
economic growth in emerging and developing countries. Thus they become more
dynamic drivers of the world economy. Their share of world GDP has almost
doubled from 20% on average in the 1980s and 1990s to 38% in 2013. The EU has
given from this evolution by increasing their exports to these countries.
INDIAN ECONOMY
IN 2013-14
The Indian
industry ended the fiscal year 2013-14 on a negative note. Index of Industrial
Production (IIP), the official measure of industrial activity in India,
declined by 0.5 per cent in March, 2014 compared to the year-ago month. The
Indian economic growth rate dropped to 4.7% from 4.8% growth in previous fiscal
year, marking a second straight year of below 5 per cent growth this is the
second rate. Consecutive year
of below five per cent growth in the last 25 years.
Showing signs
of recovery, production grew at 19-month high of 4.7 per cent in May due to
improved performance of manufacturing, mining and power sectors and higher
output of capital goods. IIP data for April remained unchanged at 3.4 per cent
after revision of the provisional estimates released last month, according to
the information released by the Central Statistics Office (CSO).
The fiscal policy
of 2013-14 has been calibrated with two fold objectives - first, to aid economy
in growth revival; and second, to bring down the deficit from 2012-13 level so
as to leave space for private sector credit as the investment cycle picks up.
Having undertaken mid-year course correction to contain government spending
within sustainable limits during the current financial year, Budget 2013-14
provides for a measured increase in plan expenditure by 6.6 per cent over the
budgeted estimates of last year.
PERFORMANCE
In year 2013-14, the
Company’s performance was strongly driven by volumes in Agro Commodities
segment. The company achieved turnover of Rs. 97803.700 Millions as against Rs.
116490.200 Millions in previous year signifying 16% decline due to economic
slowdown.
CHARGES
CBI REGISTERS A CASE AGAINST CERTAIN OFFICIALS OF PROJECT AND
EQUIPMENT CORPORATION (PEC) LTD. & OTHERS IN AN ALLEGED LOSS OF RS.120.75
CRORE (APPROX)
New Delhi, 13.03.2014
The
Central Bureau of Investigation has registered a case against certain officials
of Project and Equipment Corporation (PEC) Ltd (a Public Sector Undertaking),
New Delhi and Mumbai based private company U/s 120-B r/w 409, 420, 467, 468,
471 & 474 of IPC and Sec.13(2) r/w 13(1)(d) of PC Act, 1988 on the
allegations that the accused persons during the year 2007 to 2013 were party to
a criminal conspiracy to cheat PEC Ltd. in the matter of floating accommodative
and fraudulent paired contracts for trading of agro commodities on the platform
of Mumbai based company without actually undertaking any genuine trade. In
pursuance of the said criminal conspiracy, certain officials PEC Ltd. abused
their official position as Public Servants and allegedly invested in purchase
of agro commodities of PEC Ltd. on the platform of Mumbai based company without
ensuring any physical delivery of the commodities and without obtaining
documents of title. An alleged loss of Rs.120.75 crore (approx.) was caused to
PEC Ltd.
Searches were conducted at 15 places which include 04
places in Mumbai; 02 places in Karnal and 09 places in Delhi.
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.61.80 |
|
|
1 |
Rs.96.76 |
|
Euro |
1 |
Rs.77.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KLS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
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.