MIRA
INFORM REPORT
|
Report Date : |
17.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PIONEER WINCON PRIVATE LIMITED |
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Registered Office : |
No. 30/1A, Harrington Chambers, 2nd Floor, “A And B “ Block,
Abdul Razzaq, 1st Street Saidapet, Chennai – 15, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.12.1996 |
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Com. Reg. No.: |
18-37121 |
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CIN No.: [Company
Identification No.] |
U40101TN1996PTC037121 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP02367B |
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PAN No.: [Permanent
Account No.] |
AAACP5834E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Importer of Wind Turbine Generators |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 360000 |
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Status : |
Satisfactory - Improving |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having satisfactory track.
Its profitability is improving and is expected to wipe – off previous losses
soon. Trade relations are fair. Business
is active. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. S Rajendran |
|
Designation : |
VP Commercial |
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Date : |
16.05.2008 |
LOCATIONS
|
Registered Office : |
No. 30/1A, Harrington Chambers, 2nd Floor, “A And B “
Block, Abdul Razzaq, 1st Street Saidapet, Chennai – 15, Tamil
Nadu, India |
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Tel. No.: |
91-44-24314790 |
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Fax No.: |
91-44-24314796 |
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E-Mail : |
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Website : |
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Area : |
6000 Sq.fts (approximately) |
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Location : |
Rented |
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Corporate Office : |
SP 16, Developed Plots Industrial Estate, Chennai – 600 032, Tamil
Nadu, India |
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Tel. No.: |
91-44-2326596 |
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Factory : |
R S No. 104/9, Evr Street, Sedarpet, Pondicherry – 605 111, India |
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Area : |
20000 Approximately |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. S Annamalai |
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Designation : |
Director |
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Address : |
239/2, pioneer Avenue , New Natham Road, Narayanapuram, Madurai – 625
014, Tamil Nadu, India |
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Date of Birth/Age : |
26.01.1947 |
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Date of Appointment : |
13.12.1996 |
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E-Mail: |
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Name : |
Mr. S Maheshwaran |
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Designation : |
Director |
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Address : |
174/A, Gnanagiri Road, Sivakasi- 626 189, Tamil Nadu, India |
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Date of Birth/Age : |
07.09.1948 |
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Date of Appointment : |
13.12.1996 |
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E-Mail: |
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Name : |
Mr. S Ashok |
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Designation : |
Director |
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Address : |
56, Shield Road, Sivakasi – 626 124, Tamil Nadu, India |
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Date of Birth/Age : |
25.03.1954 |
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Date of Appointment : |
13.12.1996 |
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E-Mail; |
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Name : |
Mr. A Tenzing |
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Designation : |
Director |
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Address : |
174 A, Ganagiri Road, Sivakasi – 626 123, Tamil Nadu, India |
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Date of Birth/Age : |
03.04.1953 |
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Date of Appointment : |
13.12.1996 |
KEY EXECUTIVES
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Name : |
Mr. D V Giri |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Rajendran |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (as on 31.03.2007) |
|
No. of Shares |
|
Mr. S Annamalai |
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2 |
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Mr. S Maheshwaran |
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2 |
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Mr. S Ashok |
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1 |
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Mrs. A Rameshwari |
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1 |
|
M/S Niranjansankar Enterprises Private Limited |
|
279998 |
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M/S Pradeepsankar Enterprises Private Limited |
|
279998 |
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M/S Boopathy Investment Private Limited Liability Company Limited |
|
279998 |
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Total
|
840000 |
Equity Shares Breakup (Percentage of Total Equity): (as on 31.03.2007):-
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies Corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Wind Turbine Generators |
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Imports : |
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Products : |
Components |
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Countries : |
Denmark , Sweden, Germany |
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Terms : |
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Selling : |
Cash, Credit (15 days), |
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Purchasing : |
L/C, Cash, Credit (30-180 days) or direct payment |
GENERAL
INFORMATION
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Customers : |
· End Users · Others:- - Industries (use power) - Corporate (want to save tax) |
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No. of Employees : |
180 |
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Bankers : |
· Axis Bank, Madurai Branch, No. 4, Goods Shed Street, Madurai – 625 001, Tamil Nadu, India · State Bank of India, Guindy Chennai · Indian Overseas Bank, Madurai |
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Facilities : |
Working Capital Credit Facility – Rs. 450.000 millions comprising from
all banks |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jagannathan and Sarabeswaram Chartered Accountants |
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Address : |
35 Luz Avenue 1st Floor , Mylapore – 600 004, Chennai,
Tamil Nadu, India |
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Group Companies: |
·
Sree Ayyanar Spining and Weaving
Mills Limited. ·
Pioneer Jellice India Private
Limited ·
Pioneer Asia Packaging (P) Limited. ·
Pioneer Asia Industries Private
Limited. ·
Pioneer Overseas Private Limited. ·
Arun Shankar Inks
and Chemicals ·
Asia Timber Products Private
Limited. ·
Tenzing Transports Private Limited. · Ashok Matches and Timber Industries Private Limited |
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Associates/Subsidiaries : |
·
Standard Fire Works Limited. ·
The Metal Powder Company Limited. ·
Overseas Ventures |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
850000 |
Equity Shares |
Rs. 100/- each |
Rs. 85.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
840000 |
Equity Shares |
Rs. 100/-
each |
Rs.84.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
84.000 |
84.000 |
84.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.501 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[22.387] |
[50.115] |
[120.033] |
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NETWORTH |
89.114 |
33.885 |
[36.033] |
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LOAN FUNDS |
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1] Secured Loans |
240.339 |
49.216 |
50.529 |
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2] Unsecured Loans |
86.022 |
67.306 |
83.422 |
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TOTAL BORROWING |
326.361 |
116.522 |
133.951 |
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DEFERRED TAX LIABILITIES |
3.178 |
0.153 |
0.000 |
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TOTAL |
418.653 |
150.560 |
97.918 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
27.613 |
5.689 |
3.976 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
243.094
|
143.065 |
77.806 |
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Sundry Debtors |
180.105
|
74.475 |
60.148 |
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Cash & Bank Balances |
113.634
|
26.579 |
16.141 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
159.621
|
85.474 |
61.039 |
|
Total
Current Assets |
696.454
|
329.593 |
215.134 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
290.138
|
175.863 |
120.246 |
|
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Provisions |
15.276
|
9.450 |
2.130 |
|
Total
Current Liabilities |
305.414
|
185.313 |
122.376 |
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Net Current Assets |
391.040
|
144.280 |
92.758 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.591 |
1.184 |
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TOTAL |
418.653 |
150.560 |
97.918 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
1868.600 |
1042.557 |
605.410 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
1868.600 |
1042.557 |
605.410 |
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Profit/(Loss) Before Tax |
29.717 |
77.257 |
7.380 |
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Provision for Taxation |
1.988 |
7.339 |
0.900 |
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Profit/(Loss) After Tax |
27.729 |
69.918 |
6.480 |
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Expenditures : |
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Financial Charges |
NA |
19.802 |
8.231 |
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Depreciation & Amortization |
1.765 |
1.344 |
1.084 |
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Other Expenditure |
1837.118 |
944.154 |
588.715 |
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Total Expenditure |
1838.883 |
965.300 |
598.030 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.48
|
6.71 |
1.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.59
|
7.41 |
1.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.09
|
23.04 |
3.37 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
2.28 |
[0.20] |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.08
|
8.91 |
[7.11] |
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Current Ratio (Current Asset/Current Liability) |
|
2.28
|
1.78 |
1.76 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U40101TN1996PTC037121 |
|
Name of the company |
PIONEER WINCON PRIVATE LIMITED |
|
Address |
No. 30/1A, Harrington Chambers, 2nd Floor, “A And B “
Block, Abdul Razzaq, 1st Street Saidapet, Chennai – 15, Tamil
Nadu, India |
|
This Form is for |
Modification of charge |
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Type of Charges |
· Book Debts · Movable property |
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Particular of the charge holder
|
Axis Bank Limited Address: No. 4, Goods Shed Street, Madurai
– 625 001, Tamil Nadu, India E-Mail: madurai.branchhead@axisbank.com
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Nature or description of the instrument creating charge |
· Composite hypothecation deed CCD 20 dated 16.08.2007 · General Undertaking / Indemnity for letter of credit CCD – 6 dated 16.08.2007 |
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Date of the instrument creating charge |
16.08.2007 |
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Amount Secure by the charge |
Rs. 250.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest · Interest @ BPLR -2% (presently 13% p.a ) payable monthly for CC Limited · Interest @ BPLR +1% (presently 16% p.a IN case of devolvement of LC Bills Term of repayment On Demand Margin: 25% on stock and 30 % on book debts for CC limit 10% cash margin for LC limit Extent and operation of the charge: Goods procured under LC , hypothecation of entire current assets of the company (excluding the current assets relating to gamesa Brand 850 KW wing Mill business) |
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Short particulars of the Property charged |
Goods
procured under LC , hypothecation of entire current assets of the company
(excluding the current assets relating to gamesa Brand 850 KW wing Mill
business) |
|
Particulars of the present modification |
Cash Credit Limit enhanced by Axis Bank Limited From Rs. 100.000 millions to Rs. 150.000 millions, thereby total limit enhanced from Rs. 200.000 millions to Rs. 250.000 millions |
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Name of the
company |
PIONEER WINCON PRIVATE LIMITED |
||||||||
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Presented By |
Mr. S Annamalai,
Director, Pioneer Wincon Private Limited and The Assistant Vice
president , Axis Bank Limited, madurai
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1) Date and
description of instrument creating the change |
General
undertaking / indemnity for letter of credit dated 28.09.2004 Agreement for
hypothecation of current assets dated 28.0.92004 Deed of hypothecation
of machinery and other movables fixed
assets dated 28.09.2004 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Import and inland
Letter of credit limit Rs. 20.000 millions |
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3) Short particular
of the property charged. If the property acquired is subject to charge, date
of the acquired of the property should be given |
Materials /
spares purchased / Import under the
letter of credit |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
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5) Name and Address
and description of the person entitled to the charge. |
The Assistant Vice president Axis Bank Limited 80, Feet Road, K K Nagar, Madurai – 625
020 |
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6) Date and brief description of instrument
modifying the charge |
Short term Loan
agreement (CCD4) dated 01.12.2004 for Rs. 50.000 millions Indemnity for
letter of credit (CCD6) dated 01.12.2004 for Rs. 50.000 millions Deed of
hypothecation of current assets (CCD13) dated 01.12.2004 for Rs. 100.000 millions Deed of
hypothecation of machinery and other movable fixed assets (CCD15) dated
01.12.2004 for Rs. 100.000 millions |
||||||||
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the modification.
|
Letter of credit
limit enhanced from Rs. 20.000 millions
to Rs. 50.000 millions Limit: Rs. 50.000
millions Margin: 10% Commission : as
per bank guidelines Short term
corporate loan of Rs. 50.000 millions (fresh limit) Short Term Loan: Rs.
50.000 millions Rate of Interest
: 9.5% p.a payable monthly Processing Fee:
Rs. 0.100 million applicable service
tax payable up front Security :
Materials / spares purchased / imported under the letter of credit hypothecation of
current assets Hypothecation of
machinery and other movable fixed assets Personal
guarantee of India Promoters Director
|
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 records 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 records 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.42.64 |
|
UK Pound |
1 |
Rs.83.00 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|