MIRA
INFORM REPORT
|
Report Date : |
11.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PME POWER SOLUTIONS (INDIA) LIMITED (w.e.f. 30.09.2010) |
|
|
|
|
Formerly Known
As : |
PME TRANSFORMERS (INDIA) LIMITED (w.e.f. 30.09.2008) P M ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
303, South Delhi House, 12, Community Centre, Zamrudpur, |
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Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
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|
Date of
Incorporation : |
27.10.1988 |
|
|
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|
Com. Reg. No.: |
55-033680 |
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Capital
Investment / Paid-up Capital : |
Rs.342.697 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U32109DL1988PLC033680 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Manufacturer and Distributor of transformers. |
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|
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established having satisfactory track record. Trade relations are fair. Business is active. Payment terms are
reported to be slow but 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) |
|
India |
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
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term loan: BB+ |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
31.03.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A4+ |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
31.03.2014 |
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 DECLINED BY
|
Name : |
Mr. Manoj Jindal |
|
Designation : |
Account Manager |
|
Contact No.: |
91-120-2560890 |
|
Date : |
10.09.2014 |
LOCATIONS
|
Registered Office : |
303, South Delhi House, 12, Community Centre, Zamrudpur, New Delhi –
110048, India |
|
Tel. No.: |
91-11-2924463/29235564/29245565 |
|
Fax No.: |
Not Available |
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E-Mail : |
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|
Website : |
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Corporate Office / Factory: |
B-10 and 11, Surajpur Industrial Area, Site ‘C’, Greater Noida - 201306, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2560890 / 92 |
|
Fax No.: |
91-120-2560891 |
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|
|
|
Overseas Branch Office : |
14 Raven Ridge, Bellairs Drive North Riding, Johannesburg, South Africa, PO Box No. – 11, Fernade, 2160 Tel: +27 – 114627738, Fax: +27 – 114627739 Number 10, off Reedbuck road, Kabulonga, Lusaka Zambia, PO Box No. – 30794 Tel. : +260 211267199 |
DIRECTORS
As on 27.12.2013
|
Name : |
Mr. Anil Kumar Aggarwal |
|
Designation : |
Managing director |
|
Address : |
H No. 32, Sector – 15A, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
04.08.1955 |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
00431798 |
|
PAN No.: |
AAEPA6148F |
|
|
|
|
Name : |
Mr. Manish Sehgal |
|
Designation : |
Director |
|
Address : |
F-20, Pocket – F, Sheikh Sarai, Phase – 1, New Delhi – 110017, India |
|
Date of Birth/Age : |
06.05.1979 |
|
Qualification: |
MBA |
|
Date of Appointment : |
27.12.2013 |
|
DIN No.: |
02966404 |
|
PAN No.: |
ARFPS5293P |
|
|
|
|
Name : |
Mr. Anilbhai Ranchhodji Mehta |
|
Designation : |
Director |
|
Address : |
A-3, Joti Park, Bh, Amar Complex, Sama Road, Baroda – 39008, Gujarat,
India |
|
Date of Birth/Age : |
14.05.1944 |
|
Qualification: |
MSC and PHD IN Science |
|
Date of Appointment : |
25.11.2004 |
|
DIN No.: |
01799875 |
|
|
|
|
Name : |
Mr. Banarsi Lal |
|
Designation : |
Director |
|
Address : |
C-175, Madhuban, Vikas Marg, Delhi 11009, India |
|
Date of Birth/Age : |
04.05.1935 |
|
Date of Appointment : |
12.09.2011 |
|
DIN No.: |
00074102 |
|
|
|
|
Name : |
Mr. Ved Prakash Chawla |
|
Designation : |
Director |
|
Address : |
Flat No. 86, Anupam Apartment, B-13, Vasundhra Enclave, Delhi –
110096, India |
|
Date of Birth/Age : |
06.07.1942 |
|
Date of Appointment : |
19.12.2009 |
|
DIN No.: |
00343901 |
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|
|
|
Name : |
Mr. Arvind Deshpande Anantrao |
|
Designation : |
Director |
|
Address : |
D-4, RH-II, Sector – 6, Vashi, Navi Mumbai – 400703, Maharashtra,
India |
|
Date of Birth/Age : |
25.03.1962 |
|
Date of Appointment : |
02.08.2010 |
|
DIN No.: |
01702137 |
|
|
|
|
Name : |
Mr. Amit Shantilal Dand |
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Designation : |
Director |
|
Address : |
D-1, Rikhav Building, 3rd Floor, 21/1, R A Kidwai Road,
Wadala, Mumbai – 400031, Maharashtra, India |
|
Date of Birth/Age : |
31.01.1974 |
|
Date of Appointment : |
02.08.2010 |
|
DIN No.: |
03089071 |
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|
|
|
Name : |
Mr. Ramakrishnan Raja Mohan |
|
Designation : |
Director |
|
Address : |
63, Nilgiri Apartments, Alaknanda Kalkaji, New Delhi – 110019, India |
|
Date of Birth/Age : |
25.09.1949 |
|
Date of Appointment : |
12.09.2011 |
|
DIN No.: |
02823299 |
KEY EXECUTIVES
|
Name : |
Mr. Mahipal Singh |
|
Designation : |
Secretary |
|
Address : |
F-331, Delta – I, Greater, Noida – 201308, Uttar Pradesh, India |
|
Date of Birth/Age : |
05.03.1984 |
|
Date of Appointment : |
01.06.2010 |
|
PAN No.: |
AZDPM6178P |
|
|
|
|
Name : |
Mr. Manoj Jindal |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.12.2013
|
Names of Shareholders |
|
No. of Shares |
|
Narendra C Shah |
|
20000 |
|
Lavina A Goenka |
|
600000 |
|
Jaysh N Shah |
|
60000 |
|
Sharad K Shah |
|
60000 |
|
Lalita Kishore Gandhi |
|
45000 |
|
Samir Rajnikan Haji |
|
40000 |
|
Pivotal Securities Private Limited, India |
|
1880000 |
|
Sanjay G Kulkarni |
|
500000 |
|
Arvind Anantrao Deshpande |
|
358800 |
|
Neena Umesh Gala |
|
60000 |
|
Babita S Gupta |
|
161200 |
|
Kuna Ashuaryu |
|
8000 |
|
Hiten Chandrashnh Udeshi |
|
12000 |
|
Alka Chaturvedi |
|
260000 |
|
Ved Prakash Chawla |
|
20000 |
|
Anibhai Ranchhdji |
|
20000 |
|
Total (A) |
|
4105000 |
MEMBERS INDEX OF NSDL BENEFICIARY OWNERS
|
Names of Shareholders |
|
No. of Shares |
|
Amit Tansukhlal Dhanki |
|
60000 |
|
Anil Kumar Parekh |
|
16609388 |
|
IL and Fs Trust Company Limited |
|
1920000 |
|
Madhu Aggarwal |
|
1600000 |
|
Ashita Bhavin Parekh |
|
5095844 |
|
Neha Aggarwal |
|
20000 |
|
Pooja Sehgal |
|
20000 |
|
Preeti Singh Arora |
|
20000 |
|
Sanjay Phulchand Kular |
|
100000 |
|
Tano Mauritius India FVCI |
|
4444444 |
|
Total (B) |
|
29889676 |
MEMBERS INDEX OF CDSL BENEFICIARY OWNERS
|
Names of Shareholders |
|
No. of Shares |
|
Amit Tansukhlal Dhanki |
|
260000 |
|
Jay Hiren Gandhi |
|
15000 |
|
Total (C) |
|
275000 |
|
|
|
|
|
Total (A+B+C) |
|
34269676 |
Equity Share Break up (Percentage of Total Equity)
As on 27.12.2013
|
Category |
Percentage |
|
Venture Capital |
12.97 |
|
Bodies corporate |
10.15 |
|
Directors or relatives of Directors |
64.68 |
|
Other top fifty shareholders |
12.20 |
|
Total |
100.00 |
%20LIMITED%20-%20285404%2011-Sep-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of transformers. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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|
Bankers : |
· Dhanlaxmi Bank Limited, Dhanalakshmi Bank Buildingnaickanal, Naickanal, Trichur - 680001, Kerala, India · Chinatrust Commercial Bank, A-1/16, Wenger House, Rajiv Chowk, Connaught Place,, New Delhi - 110001, Delhi, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India ·
Export Import Bank of India, Centre One
Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai -
400005, Maharashtra, India |
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Facilities : |
|
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Banking
Relations : |
|
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|
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|
Auditors : |
|
|
Name : |
Ravi Ramesh and Associates Chartered Accountants |
|
Address : |
26/36, East Patel Nagar, New Delhi – 110008, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFR7506E |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34269676 |
Equity Shares |
Rs.10/- each |
Rs. 342.697
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 |
342.697 |
342.697 |
342.697 |
|
(b) Reserves & Surplus |
2305.830 |
1782.075 |
1138.362 |
|
(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) |
2648.527 |
2124.772 |
1481.059 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
255.986 |
330.066 |
323.013 |
|
(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 |
55.636 |
44.164 |
27.258 |
|
Total
Non-current Liabilities (3) |
311.622 |
374.230 |
350.271 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
466.384 |
666.363 |
642.090 |
|
(b) Trade payables |
2519.049 |
2131.274 |
1089.176 |
|
(c) Other current liabilities |
356.817 |
290.668 |
118.810 |
|
(d) Short-term provisions |
735.429 |
564.051 |
432.839 |
|
Total
Current Liabilities (4) |
4077.679 |
3652.356 |
2282.915 |
|
|
|
|
|
|
TOTAL |
7037.828 |
6151.358 |
4114.245 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
621.353 |
300.988 |
79.614 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
8.286 |
250.827 |
168.881 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
7.195 |
|
(d) Long-term Loan and Advances |
42.366 |
34.287 |
150.275 |
|
(e) Other Non-current assets |
52.155 |
59.366 |
0.000 |
|
Total
Non-Current Assets |
724.160 |
645.468 |
405.965 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
282.266 |
352.329 |
336.023 |
|
(c) Trade receivables |
4955.344 |
4640.974 |
2805.943 |
|
(d) Cash and cash equivalents |
504.357 |
127.765 |
181.498 |
|
(e) Short-term loans and
advances |
161.094 |
93.970 |
122.258 |
|
(f) Other current assets |
410.607 |
290.852 |
262.558 |
|
Total
Current Assets |
6313.668 |
5505.890 |
3708.280 |
|
|
|
|
|
|
TOTAL |
7037.828 |
6151.358 |
4114.245 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
4683.741 |
5054.486 |
4112.862 |
|
|
Other Income |
52.455 |
49.839 |
38.564 |
|
|
TOTAL
(A) |
4736.196 |
5104.325 |
4151.426 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2945.111 |
3110.205 |
2424.373 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(3.047) |
(74.000) |
3.813 |
|
|
Employees benefits expense |
175.877 |
155.143 |
133.375 |
|
|
Other expenses |
346.802 |
555.612 |
299.751 |
|
|
Prior period items |
0.939 |
(2.427) |
(2.535) |
|
|
Exceptional items |
25.966 |
23.019 |
0.048 |
|
|
TOTAL
(B) |
3491.648 |
3767.552 |
2858.825 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
1244.548 |
1336.773 |
1292.601 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
144.567 |
163.199 |
76.939 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1099.981 |
1173.574 |
1215.662 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
51.727 |
30.752 |
13.258 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1048.254 |
1142.822 |
1202.404 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
424.265 |
419.451 |
450.571 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
623.989 |
723.371 |
751.833 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1548.330 |
958.870 |
323.168 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
62.399 |
54.253 |
56.387 |
|
|
Dividend |
85.674 |
68.539 |
51.405 |
|
|
Tax on Dividend |
14.560 |
11.119 |
8.339 |
|
|
Balance
Carried to the B/S |
2009.686 |
1548.330 |
958.870 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
18.21 |
21.11 |
21.94 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
13.17 |
14.17 |
18.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.38 |
22.61 |
29.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.91 |
19.37 |
30.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40 |
0.54 |
0.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.27 |
0.47 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55 |
1.51 |
1.62 |
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 |
342.697 |
342.697 |
342.697 |
|
Reserves & Surplus |
1138.362 |
1782.075 |
2305.830 |
|
Net
worth |
1481.059 |
2124.772 |
2648.527 |
|
|
|
|
|
|
long-term borrowings |
323.013 |
330.066 |
255.986 |
|
Short term borrowings |
642.090 |
666.363 |
466.384 |
|
Total
borrowings |
965.103 |
996.429 |
722.370 |
|
Debt/Equity
ratio |
0.652 |
0.469 |
0.273 |
%20LIMITED%20-%20285404%2011-Sep-2014_files/image004.gif)
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 |
4112.862 |
5054.486 |
4683.741 |
|
|
|
22.895 |
(7.335) |
%20LIMITED%20-%20285404%2011-Sep-2014_files/image006.gif)
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 |
4112.862 |
5054.486 |
4683.741 |
|
Profit |
751.833 |
723.371 |
623.989 |
|
|
18.28% |
14.31% |
13.32% |
%20LIMITED%20-%20285404%2011-Sep-2014_files/image008.gif)
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 |
No |
|
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 |
RESULTS OF
OPERATIONS:
The global economy in the financial year (FY) 2012-13 improved slowly, but was short on expectations. Several European economies experienced recession due to high unemployment, banking fragility, fiscal tightening and sluggish growth. The U.S. economy improved marginally, driven mainly by housing and the consumer sectors; however, capital investments remained sluggish. Among the Asian economies, China going through a political transition experienced considerably slow growth. Deceleration in industrial output and exports weakened Indias economic growth significantly. Industrial growth slowed significantly in 2011-2012 on account of weakened domestic compounded by interest rate sensitivity, deceleration in external demand and a subdued investment climate. New order placement declined and surplus capacities in several sectors resulted in low utilization and brought margins under pressure.
FY 2012-13 proved to be a challenging year amidst global economic uncertainties and disturbances in many parts of the world. The Indian economy continued to face challenges in the year gone by. The economic headwinds, delays with reforms, mounting SEB losses, hurdles in clearance of power projects and lack of investments had dampened optimism in the Industry thus negatively impacting the overall Transmission and Distribution market in India. The performance of the Company may be considered satisfactory during the year underreport and seen in the face of difficult and trying conditions in a contracted market for Company’s products and services, given the overall slowdown of the economy.
Notwithstanding, the Company performed rather well, you will be happy to know that the Company continued to move on the path of growth that it has set out for itself. During the year 2012-13, the Company has been conscious of margins, while selecting on orders so as to improve the level of profitability.
In the Competitive market, the Company was able to achieve Gross Sales and Other Income, in monetary terms for the year to Rs. 4791.100 Millions as compared to Rs. 5255.000 Millions in the previous year. However, the Profit Before Tax (PBT) was reduced to Rs. 1048.300 Millions as compared to Rs. 1142.800 Millions in the previous ear and Profit After Tax (PAT) reduced to Rs. 624.000 Millions as compared to Rs. 723.400 Millions in the previous year.
The Company is continuously spreading is wings for further growth every year by entering into new geographies, adding its customer base and expanding its businesses. We recognize the need to scan overseas markets for emerging opportunities.
OUTLOOK FOR THE COMPANY:
Powering India is imperative to sustained economic growth. The country’s demand for power is likely to soar to 1,993 Billion Units (BUs) from the present 937 BUs after a decade. The capacity addition requirement corresponding to this incremental demand works out to 1,69,185 MW i.e. almost doubling the installed capacity the country has as on 31st March, 2012. On an average it comes to 16,919 MW of addition per year which seems achievable if the same is compared to the capacity addition made in FY 2012-13.
With upcoming projects and added efforts being put in for power generation, transmission and distribution, the long term prospects are bright. However, due to sizable unutilized capacity in the transformer industry, prices are under pressure which leads to immense competition amongst the industry players. Increasing competition, delay in government projects, high volatility in the prices of major raw materials like copper, electrical steel sheets, transformer oil, steel and related components will continue to impact realizations, both at gross and net level, and hence might hinder the growth of the industry in the near future to some extent only for company’s business model which has substantial exposure to ever-growing African Market.
The overall business environment is expected to remain challenging. Pricing pressure on margins and cash flow would be amongst key challenges. The Company having regard to excellent order book and expectation of easing of constraints is confident that it will continue to deliver value to its shareholders and other stake-holders.
Overall, Transmission sector outlook is positive as well as challenging, driven by Power Grid and SEB led investments, to evacuate/ transport power generated by capacity added in the 11th Plan.
The Company, with strong order book and balanced portfolio of products and projects in India and Africa is well placed to retain its growth and sustainability in terms of topline as well as bottom line.
PME, with its existing bouquet of products backed by new investment plans in capacity building and technologies, is focused on extending its customer base and increase its market share in existing as well as in the emerging technologies.
The Company, however, recognizes that the market conditions in India would continue to see contraction and pressure on margins in the T and D Sector for some time. Notwithstanding, the Company’s management team remains holistically focused and committed to deliver increased value for its stakeholders.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Term loans from others |
4.853 |
10.016 |
|
Loans and advances from directors |
8.758 |
0.000 |
|
Loans and advances from others |
10.262 |
0.000 |
|
Loans and advances from directors |
0.000 |
26.758 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from others |
44.756 |
190.746 |
|
Total |
68.629 |
227.520 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10506489 |
07/04/2014 |
300,000,000.00 |
THE CATHOLIC SYRIAN BANK LIMITED |
B-1A/6,SECTOR-51,COMMERCIAL
MARKET, NOIDA, NOIDA, |
C09612946 |
|
2 |
10413676 |
22/02/2013 |
360,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B71407720 |
|
3 |
10311248 |
19/02/2014 * |
90,000,000.00 |
DHANLAXMI BANK LIMITED |
DHANALAKSHMI BANK BUILDINGNAICKANAL, NAICKANAL, TRICHUR, KERALA - 680001, INDIA |
B96733829 |
|
4 |
10310504 |
26/09/2011 |
5,100,000.00 |
FIRST LEASING COMPANY OF INDIA LIMITED |
749, ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, INDIA |
B22683296 |
|
5 |
10272802 |
28/01/2011 |
3,200,000.00 |
FIRST LEASING COMPANY OF INDIA LIMITED |
749, ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, INDIA |
B08389793 |
|
6 |
10263141 |
10/01/2011 |
200,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE COMPLEX, CUFFE PARADE, MUMBAI,MAHARASHTRA - 400005, INDIA |
B03988896 |
|
7 |
10270108 |
06/01/2011 |
200,000,000.00 |
L AND T FINANCE LIMITED |
L&T HOUSE,
BALLARD ESTATE, MUMBAI, MAHARASHTRA |
B07000029 |
|
8 |
10244567 |
11/10/2010 |
50,000,000.00 |
FIRST LEASING COMPANY OF INDIA LIMITED |
749, ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, INDIA |
A96494703 |
|
9 |
10221426 |
05/06/2014 * |
250,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTR |
C13958335 |
|
10 |
10215137 |
15/10/2013 * |
510,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B87455978 |
* Date of charge modification
FIXED ASSETS
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
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.60.83 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.