MIRA INFORM REPORT
|
Report No. : |
333666 |
|
Report Date : |
28.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PIX TRANSMISSIONS LIMITED |
|
|
|
|
Registered
Office : |
J-7, MIDC,
Hingna Road, Nagpur – 440 016, Maharashtra |
|
Tel. No.: |
91-7104- 669000 |
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|
|
|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
22.07.1981 |
|
|
|
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Com. Reg. No.: |
11-024837 |
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|
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Capital Investment
/ Paid-up Capital : |
Rs. 136.200 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25192MH1981PLC024837 |
|
|
|
|
IEC No.: |
0388030909 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP16300E |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACP6016C |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Manufacturer of V Belts, Raw Edge, Poly V – Belts, Variable Speed Belts,
Fire Resistant Belts, Antistatic Belts, Oil and Heat Resistant Belts, Dry Cover Belts,
etc. |
|
|
|
|
No. of Employees
: |
1000 (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 : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be fair. However rating also takes into consideration, subject’s working capital
intensive operations and volatility in raw material prices. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In the view of long track record of operations and extensive
experience of promoters, the Subject can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating
= BBB- |
|
Rating Explanation |
Moderate degree
of safety and moderate credit risk. |
|
Date |
05.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating
= A3 |
|
Rating Explanation |
Moderate degree
of safety and higher credit risk. |
|
Date |
05.12.2014 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. Ashok Rajbhar |
|
Designation : |
Deputy General Manager in Account |
|
Contact No.: |
91-22-26404556 |
|
Date : |
25.07.2015 |
LOCATIONS
|
Registered Office : |
J-7,
MIDC, Hingna Road, Nagpur – 440 016, Maharashtra, India |
|
Tel. No.: |
91-22-26404556 / 26402229 |
|
Fax No.: |
91-22-26402225 |
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E-Mail : |
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|
Website : |
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Mumbai Office : |
Pals 1st Road. TPS IV Off. Water Fie LD Road Bandra (W),
Mumbai 400050, Maharashtra, India. |
|
Tel. No.: |
91-22-26404556 / 26402229 |
|
Fax No.: |
91-22-26402225 |
|
|
|
|
Factory : |
J-7, MIDC Hingna, Nagpur - 440 016, Maharashtra, India
K-36, K-37, k-38, MIDC Hingna, Nagpur - 440 016, Maharashtra, India
Bazargaon, Amravati Road, Nagpur-440 023, Maharashtra, India
Khasra No.57, Mouza Nagalwadi, Tehsil-Hingna Nagpur-40016,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr.
Amarpal Sethi |
|
Designation : |
Chairman
and Managing Director |
|
|
|
|
Name : |
Mr.
Sonepal Singh Sethi |
|
Designation : |
Join
Managing Director |
|
|
|
|
Name : |
Mr.
Sukhpal Singh Sethi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rishipal Sethi |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.06.1973 |
|
Qualification : |
B.Sc. (Elec. Engg, USA) |
|
|
|
|
Name : |
Mr. Karanpal Sethi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Joe Paul |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.03.1962 |
|
Qualification : |
B.Com., MIRPM |
|
|
|
|
Name : |
Mr.
Jose Jacob |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Haresh Eidnani |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.10.1964 |
|
Qualification : |
B. Sc |
|
|
|
|
Name : |
Mr.
Jose Jacob |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rishipal Sethi |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.06.1973 |
|
Qualification : |
B.Sc. (Elec. Engg, USA) |
|
|
|
|
Name : |
Mr. Pradeep Havnur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Aqueel A Mulla |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
Om Prakash Arora |
|
Designation : |
Director
|
KEY EXECUTIVES
|
Name : |
Mr.
Shybu Varghese |
|
Designation : |
Company
secretary |
SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a % of (A+B+C) |
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
8248102 |
60.54 |
|
|
8248102 |
60.54 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
8248102 |
60.54 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2400 |
0.02 |
|
|
2400 |
0.02 |
|
|
|
|
|
|
936157 |
6.87 |
|
|
|
|
|
|
3164431 |
23.22 |
|
|
1009751 |
7.41 |
|
|
264359 |
1.94 |
|
|
49980 |
0.37 |
|
|
1326 |
0.01 |
|
|
33712 |
0.25 |
|
|
174415 |
1.28 |
|
|
2326 |
0.02 |
|
|
2600 |
0.02 |
|
|
5374698 |
39.45 |
|
Total Public shareholding
(B) |
5377098 |
39.46 |
|
Total (A)+(B) |
13625200 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13625200 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares
held |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
||
|
1 |
Sonepal Singh Sethi |
14,98,295 |
11.00 |
|
2 |
Singh Rishipal Sethi |
11,54,807 |
8.48 |
|
3 |
Amarpal Singh Sethi |
10,08,325 |
7.40 |
|
4 |
Nirmal Sethi |
9,59,212 |
7.04 |
|
5 |
Karanpal Sethi |
9,61,360 |
7.06 |
|
6 |
Sukhpal Singh Sethi |
8,53,645 |
6.27 |
|
7 |
Inderjeet Sethi |
8,41,901 |
6.18 |
|
8 |
Davinder Sethi |
6,54,057 |
4.80 |
|
9 |
Kamalpreet Sethi |
2,22,700 |
1.63 |
|
10 |
Saba Sethi |
93,800 |
0.69 |
|
|
Total |
82,48,102 |
60.54 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Public and holding more than 1% of the total number
of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total
No. of Shares |
|
|
1 |
Arcadia Share & Stock
Brokers Private Limited |
375490 |
2.76 |
|
|
2 |
Rajyog Share and Stock
Brokers Limited |
295303 |
2.17 |
|
|
3 |
Shashank S Khade |
162857 |
1.20 |
|
|
4 |
Shirley Paul |
151515 |
1.11 |
|
|
|
Total |
985165 |
7.23 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
Karanpal Sethi |
2,33,514 |
1.71 |
|
2 |
Singh Rishipal Sethi |
2,32,972 |
1.71 |
|
3 |
Sonepal Singh Sethi |
2,33,514 |
1.71 |
|
|
Total |
7,00,000 |
5.14 |
Details of disclosure
made by the Trading Members holding 1% or more of the Total No. of shares of
the company.
|
Sl. No. |
Name of the Trading
Member |
Name of the
Beneficial Owner |
No. of shares held |
% of total no. of
shares |
Date of reporting
by the Trading Member |
|
1 |
ARCADIA SHARE AND STOCK
BROKERS PRIVATE LIMITED |
Arcadia Share & Stock
Brokers Private Limited |
3,89,000 |
2.86 |
17/04/2015 |
|
2 |
ARCADIA SHARE AND STOCK BROKERS
PRIVATE LIMITED. |
17 client/s (individual
holding less than 1%) |
10,310 |
0.08 |
17/04/2015 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of V Belts, Raw Edge, Poly V – Belts, Variable Speed
Belts, Fire Resistant Belts, Antistatic Belts, Oil and Heat Resistant Belts, Dry Cover Belts,
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 : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
L/C and Cheque |
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Purchasing : |
L/C and Cheque |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Notes: (AS ON 31.03.2014) LONG TERM
BORROWING: 1. Term loan from banks are secured by first pari passu charge on all fixed assets and second charge on current assets of the company. 2. Term Loan and working Capital Facilities are further secured by personal guarantee of four Promoter's Directors. 3. Loan received against Hypothecation of vehicle is fully secured against vehicles. SHORT TERM
BORROWING: 1. Working Capital from banks are secured by first pari pasu charges on current assets and second charges on all fixed assets. 2. Term loan from banks are secured by first pari passu charge on all fixed assets and second charge on current assets of the company. 3. Term loan/Working capital facilities are further
secured by personal guarantee of four promoter's directors. |
|
Auditors : |
|
|
Name : |
S. C. Bandi and
Company Chartered Accountants |
|
Address : |
Mumbai,
Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies: (AS ON 31.03.2014) |
|
|
|
|
|
Fellow
Subsidiaries: (AS ON 31.03.2014) |
(Subsidiary company of PIX Transmissions (Europe) Limited)
(Subsidiary company of PIX Middle
East FZC, UAE) |
|
|
|
|
Joint Venture
Company: (AS ON 31.03.2014) |
|
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|
|
|
Enterprises over which
key Management Personnel or Relatives have influence: (AS ON 31.03.2014) |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital: Rs. 500.000 Million
Issued, Subscribed & Paid-up Capital: Rs. 136.200 Million
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20500000 |
Equity Shares |
Rs.10/- each |
Rs.205.000 Million |
|
1450000 |
Preference shares |
Rs. 100/- each |
Rs.145.000 Million |
|
1500000 |
Convertible 6% Cumulative Redeemable preference shares |
Rs. 100/- each |
Rs. 150.000 Million |
|
|
Total |
|
Rs. 500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13625200 |
Equity Shares |
Rs.10/- each |
Rs.136.252
Million |
|
Less: |
Allotment money in arrears from public other than Directors. |
|
(Rs.0.011
Million) |
|
|
Total |
|
Rs. 136.241 Million |
Notes:
(As On 31.03.2014)
Reconciliation of numbers
of shares:
|
Particulars |
Amount |
|
Equity Shares |
|
|
Opening Balance |
Rs. 13.625
Million |
|
Changes during the year |
--` |
|
Closing balance |
Rs.13.625
Million |
|
Particulars |
Amount |
|
Preference Shares |
|
|
Convertible 6% Preference
Shares |
|
|
Opening Balance |
--` |
|
Changes during the year |
--` |
|
Closing balance |
--` |
|
Particulars |
Amount |
|
Non-convertible
6% cumulative Redeemable Preference Shares |
|
|
Opening Balance |
Rs. 0.469
Million |
|
Changes during the year |
(Rs. 0.469
Million) |
|
Closing balance |
--` |
Note:
(As On 31.03.2014)
Rights, preferences
and restrictions attached to shares:
a. Equity Shares
The company has one class of shares having par value of Rs. 10 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
b. Preference
Shares:
Convertible
Preference Shares
During the year, 469610 6% Redeemable Cumulative Preference Shares has been redeemed at par.
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company
|
Equity Shares |
31.03.2014 |
|
|
|
No of Shares |
% |
|
Nirmal Sethi |
959,212 |
7.04% |
|
Amarpal Singh Sethi / Inderjeet Sethi |
993,825 |
7.29% |
|
Sukhpal Singh Sethi / Davinder Sethi |
839,145 |
6.16% |
|
Sonepal Singh Sethi / Kamalpreet Sethi |
1,457,421 |
10.70% |
|
Davinder Sethi / Sukhpal Singh Sethi |
558,126 |
4.10% |
|
Inderjeet Sethi / Amarpal Sethi |
712,065 |
5.23% |
|
Rishipal Sethi / Saba Sethi Karanpal Sethi |
1,145,007 938,217 |
8.40% 6.89% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
136.200 |
136.241 |
183.202 |
|
(b) Reserves &
Surplus |
1386.200 |
1368.090 |
1319.939 |
|
(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) |
1522.400 |
1504.331 |
1503.141 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
542.200 |
465.888 |
224.919 |
|
(b) Deferred tax
liabilities (Net) |
98.700 |
85.417 |
123.019 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
58.600 |
51.278 |
49.276 |
|
Total Non-current
Liabilities (3) |
699.500 |
602.583 |
397.214 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
752.000 |
690.323 |
583.053 |
|
(b) Trade payables |
157.600 |
305.123 |
351.503 |
|
(c) Other current
liabilities |
102.400 |
116.300 |
131.051 |
|
(d) Short-term provisions |
46.100 |
431.224 |
399.685 |
|
Total Current Liabilities
(4) |
1058.100 |
1542.970 |
1465.292 |
|
|
|
|
|
|
TOTAL |
3280.000 |
3649.884 |
3365.647 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1631.000 |
1370.148 |
989.321 |
|
(ii) Intangible Assets |
8.500 |
15.248 |
9.425 |
|
(iii) Capital
work-in-progress |
0.000 |
66.380 |
151.936 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
13.700 |
13.392 |
13.402 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
92.800 |
454.552 |
144.762 |
|
(e) Other Non-current
assets |
80.400 |
155.872 |
156.188 |
|
Total Non-Current Assets |
1826.400 |
2075.592 |
1465.034 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
129.500 |
145.296 |
0.000 |
|
(b) Inventories |
469.200 |
479.479 |
541.205 |
|
(c) Trade receivables |
595.300 |
557.463 |
597.064 |
|
(d) Cash and cash
equivalents |
151.100 |
177.857 |
322.230 |
|
(e) Short-term loans and
advances |
103.400 |
190.807 |
437.776 |
|
(f) Other current assets |
5.100 |
23.390 |
2.338 |
|
Total Current Assets |
1453.600 |
1574.292 |
1900.613 |
|
|
|
|
|
|
TOTAL |
3280.000 |
3649.884 |
3365.647 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
2030.335 |
1939.237 |
2320.919 |
|
|
Other Income |
26.202 |
36.698 |
56.108 |
|
|
TOTAL (A) |
2056.537 |
1975.935 |
2377.027 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
864.846 |
810.510 |
1322.108 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(26.014) |
72.986 |
(52.153) |
|
|
Employees benefits
expense |
367.830 |
347.352 |
298.093 |
|
|
Other expenses |
483.345 |
394.703 |
376.260 |
|
|
Exceptional Items |
0.000 |
0.000 |
(1339.619) |
|
|
TOTAL (B) |
1690.007 |
1625.551 |
604.689 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
366.530 |
350.384 |
1772.338 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
187.295 |
153.167 |
188.285 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
179.235 |
197.217 |
1584.053 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
118.993 |
130.476 |
132.818 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
60.242 |
66.741 |
1451.235 |
|
|
|
|
|
|
|
Less |
TAX (H) |
25.754 |
-9.602 |
385.811 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H)
(I) |
34.488 |
76.343 |
1065.424 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
928.559 |
1227.487 |
|
|
TOTAL EARNINGS |
NA |
928.559 |
1227.487 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
274.032 |
451.166 |
|
|
Capital Goods |
NA |
87.291 |
4.653 |
|
|
TOTAL IMPORTS |
NA |
361.323 |
455.819 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
2.50 |
5.60 |
78.20 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
312.566 |
1409.933 |
|
Net cash flows from (used in) operations |
NA |
312.566 |
1409.933 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.70 |
3.94 |
45.91 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
18.05 |
18.07 |
76.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.84 |
1.87 |
45.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.04 |
0.97 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.85 |
0.77 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37 |
1.02 |
1.30 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.48.35/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
183.202 |
136.241 |
136.200 |
|
Reserves & Surplus |
1319.939 |
1368.090 |
1386.200 |
|
Net worth |
1503.141 |
1504.331 |
1522.400 |
|
|
|
|
|
|
long-term borrowings |
224.919 |
465.888 |
542.200 |
|
Short term borrowings |
583.053 |
690.323 |
752.000 |
|
Total borrowings |
807.972 |
1156.211 |
1294.200 |
|
Debt/Equity ratio |
0.538 |
0.769 |
0.850 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2320.919 |
1939.237 |
2030.335 |
|
|
|
(16.445) |
4.698 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2320.919 |
1939.237 |
2030.335 |
|
Profit |
1065.424 |
76.343 |
34.488 |
|
|
45.91% |
3.94% |
1.70% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
From Others (Financials Companies) |
NA |
46.131 |
|
From Directors |
NA |
174.794 |
|
Total |
NA |
220.925 |
Company Information:
(AS ON 31.03.2014)
Subject was incorporated on 22nd July 1981 as a private limited company in the State of Maharashtra, India. The status of Transmissions Limited changed from a Private Limited company to a Public Limited Company effective 27th September 1989. Subject completed its initial public offering of its equity shares in India in 4th December 1989. It is now listed on The Stock Exchange, Mumbai (BSE).
Review of operations:
(AS ON 31.03.2014)
Total Turnover (net of excise) for the year is Rs. 1975.936 Million. The profit before interest and
Depreciation and tax is Rs. 350.384 Million
The profit before tax from operations is Rs. 66.741 Million after providing Rs. 153.167 Million for Interest and
Rs. 130.475 Million for Depreciation.
With the rate of interest still high compared to the global standards, there is a further scope to reduce the interest rate and the growth of the corporate sector will depend much upon the availability of credit at the right time and right price. Though it is expected that softening commodity prices and stimulus packages would have a positive impact on the industrial production in the months ahead, the economic recovery on a sustainable basis requires a revival of the global economy.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10532158 |
01/11/2014 |
50,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, ASHOK MAHAL, 1204, TULLOCH, COLABA,, MUMBAI, MAHARASHTRA - 400039, INDIA |
C34189795 |
|
2 |
10515179 |
24/07/2014 |
60,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, ASHOK MAHAL, 1204, TULLOCH, COLABA,, MUMBAI, MAHARASHTRA - 400039, INDIA |
C16573107 |
|
3 |
10431947 |
24/05/2013 |
280,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, ASHOK MAHAL, 1204, TULLOCH, COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA |
B77452191 |
|
4 |
10135543 |
18/03/2009 * |
781,500,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, 1204 TULLOCH
ROAD, MUMBAI, MAHAR |
A60195369 |
|
5 |
10090745 |
29/02/2008 |
30,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 5, SAI COMPLEX, AMRAVATI ROAD, BHARAT NAGAR, NAGPUR, MAHARASHTRA - 440033, INDIA |
A33569005 |
|
6 |
10059393 |
14/06/2007 |
50,000,000.00 |
INDUSIND BANK LTD. |
ACME PLAZA CST NO.32, ANDHERI -KURLA ROAD, ANDHERI - EAST, MUMBAI, MAHARASHTRA - 400059, INDIA |
A18374975 |
|
7 |
10078418 |
15/11/2007 * |
100,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, ASHOK MAHAL, 1204, TULLOCH ROAD, COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA |
A29517695 |
|
8 |
10027762 |
24/05/2013 * |
1,563,200,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, ASHOK MAHAL, 1204, TULLOCH, COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA |
B77451839 |
|
9 |
10027966 |
10/11/2006 |
713,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 5 SAI COMPLEX, BHARAT NAGAR, AMRAVATI ROAD, NAGPUR, MAHARASHTRA - 440010, INDIA |
A07344518 |
|
10 |
90242821 |
22/12/2005 |
7,290,000.00 |
STATE BANK OF INDIA |
INDUSTIRAL BRANCH, NUGPUR, MAHARASHTRA, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
|
31.03.2014 |
|
Letters of Credit |
|
112.489 |
|
Bill Discounting |
|
NIL |
|
Bank Guarantee |
|
0.339 |
FIXED ASSETS
- Plot
- Factory Premises
- Plant and Machinery
- Furniture’s and Fixtures
- Electrical Installations
- Office Equipments
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.64.00 |
|
UK Pound |
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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.