MIRA
INFORM REPORT
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Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
PIONEER ENGINEERING SERVICES |
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Registered Office : |
Plot No. 428, GIDC, Odhav, Ahmedabad – 382 415, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2004 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMP03354B |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of Ferrous Casting and Non Ferrous Casting. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 44170 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory track.
Trade relations are fair. Payments are correct and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Paresh Patel |
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Designation : |
Partner |
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Contact No.: |
91-9825154673 |
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Date : |
22.08.2008 |
LOCATIONS
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Registered Office / Warehouse : |
Plot No. 428, GIDC, Odhav, Ahmedabad – 382 415, Gujarat, India |
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Tel. No.: |
91-79-22974605/ 22974559 |
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Mobile No.: |
91-9825154673 |
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Fax No.: |
91-79-22974559 |
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E-Mail : |
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Website : |
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Area : |
25000 Sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Paresh Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
32 Years |
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Qualification : |
B.Com |
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Experience : |
12 Years |
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Name : |
Mr. Rajesh Patel |
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Designation : |
Partner |
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Date of Birth/Age : |
33 Years |
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Qualification : |
B.E. |
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Experience : |
10 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Ferrous Casting and Non Ferrous Casting. |
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Exports : |
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Products : |
v Ferrous Casting |
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Countries : |
v Bahrain v Yemen |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
Credit ( 30 – 60 days) |
GENERAL
INFORMATION
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No. of Employees : |
82 |
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Bankers : |
HDFC Bank Sharangpur - Ahmedabad |
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Facilities : |
CC Limit – Rs. 7.000 millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Manoj Fenil and Associates Chartered Accountants |
CAPITAL STRUCTURE
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Partner’s Capital : |
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Owned : |
Rs. 8.834 millions |
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Borrowed : |
-- |
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Total : |
Rs. 8.834 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
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SHAREHOLDERS FUNDS |
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1]Partner’s Capital |
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8.834 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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8.834 |
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LOAN FUNDS |
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1] Secured Loans |
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3.264 |
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2] Unsecured Loans |
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1.862 |
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TOTAL BORROWING |
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5.126 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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13.960 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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9.806 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.261 |
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Sundry Debtors |
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7.001 |
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Cash & Bank Balances |
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0.378 |
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Other Current Assets |
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0.213 |
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Loans & Advances |
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1.775 |
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Total
Current Assets |
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13.628 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
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8.760 |
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Provisions |
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0.714 |
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Total
Current Liabilities |
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9.474 |
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Net Current Assets |
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10.563 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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13.960 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
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Sales Turnover |
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46.326 |
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Total Income |
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46.326 |
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Profit/(Loss) Before Tax |
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7.078 |
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Provision for Taxation |
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0.000 |
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Profit/(Loss) After Tax |
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7.078 |
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Expenditures : |
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Accounting Fees |
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0.019 |
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Audit Fees |
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0.018 |
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Bank Charges |
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0.070 |
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Direct Expenses |
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9.462 |
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Purchases made for re-sale |
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32.391 |
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Salaries, Wages, Bonus, etc. |
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0.510 |
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Partner’s Remuneration |
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0.818 |
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Professional Tax |
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0.001 |
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Bank Interest |
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0.226 |
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Insurance Expenses |
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0.038 |
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Bonus Expenses |
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0.102 |
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Depreciation & Amortization |
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1.517 |
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Other Expenditure |
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(5.924) |
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Total Expenditure |
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39.248 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
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PAT / Total Income |
(%) |
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15.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
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15.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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15.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.80 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.07 |
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Current Ratio (Current Asset/Current Liability) |
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1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Tata Chemicals Limited – Mithapur, Gujarat
v
Ultra Tech Private Limited – Chhatisgarh
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J K Lakshmi Cement - Rajasthan
As Per Website Details
With brilliant
engineering expertise and uncompromising attitude towards quality, they have
created a niche for them selves in the industry within a very short span of
time. Subject was
established in the year 2003, and within four years of its operation, has come
a long way to become the most prominent manufacturer,
exporter and supplier of a massive range of Industrial Application Metal
Castings. The range of products includes Abrasion Resistant Iron Casting, Austenitic Iron Casting, Ni-Hard and
Ni-Resist, Grey Iron Casting, Carbon Steel Casting for General Engineering
Purpose, Heat Resistant Alloy Steel and Nickel Base Casting, Austenitic
Manganese Steel Casting, etc. Owing to the continuous endeavor to
maintain superlative quality standards with all these products, they have
become the most reliable source for the thousands of clients spread all across
the country.
Backed by a team of highly experienced technocrats and making use of
cutting edge technology, they can today cater to the engineering requirements
of different industries with the most extensive product portfolio which
includes Earth Moving and Mining
Equipment Spares; Grinding and Crusher Parts; Cement Plants, Sugar Plants and
Air Pollution Control Spares; Fertilizer and Chemical Industry/General
Engineering Industrial Spares; etc. At Pioneer Engineering
Services, customer satisfaction is the prime concern, which they diligently
achieve by offering unmatched quality products with affordable price,
innovative technology, efficient product delivery, and highly reliable
customized services. Along with its vast product range, the concern offers the
services of:
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Parts Sourcing
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Vendor Sourcing
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Special Need Sourcing
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Pre Sales and After Sales Services.
Industrial Application Casting Portfolio
Pioneer Engineering Services caters to the requirements of varied industries
through its following range of castings-
v
Abrasion
Resistant Iron Casting
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Austenitic Iron
Casting
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Grey Iron
Casting
v
Carbon Steel
Casting for General Engineering Purpose
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Austenitic
Manganese Steel Casting
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Carbon Steel
Casting for Surface Hardening
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Corrosion
Resistant High Alloy Steel and Nickel Base Casting for General Application
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Heat Resistant
Alloy Steel and Nickel Base Casting
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High Strength
Steel Casting for General Engineering and Structural Purpose
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One Percent
Chromium Steel Casting for Resistance to Abrasion
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1.5 Percent
Manganese Steel Casting
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High Tensile
Steel Casting
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Low Alloy Types
of Abrasion Resistant Hardening Steel Casting
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Case Hardening
Steel Casting.
They Also Undertake Turn-key Projects for:
v
Foundries -
Ferrous/Non-Ferrous
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Precision and
Investment Casting Units
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Mini-Steel
Plants to Produce Ingots and Billets
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Alloy Steel
Plants
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Forging Units.
Products
Earth Moving and Mining Equipments- Tooth Point, Adapter, Side Cutters, Bolts, Edge Cutter Blade, Chain Link, Heavy Sprockets Bush
Grinding and Crusher Parts- Jaw Plates, Toggle Sets,
Pitmen, Slide Plates, Caps, Pulleys, Beaters
Cement, Sugar and Air Pollution Control Spares- Ball
Mill Liner, Rotary Kiln Liner, Diaphragm, Chain Link, HRCS Casting, Grate Bar,
Fire Bar, Bend, Tee, Reducer, Precipating Tube, Vane Ring, Separation Cell, Cyclone
Tube, Swirl Insert, Intel Vane, Sprocket, Hammer and Liner
Thermal Power Equipment and Spares- Coal Mill, Coal
Handling Plant, Ash Handling Plant, Ball Mill Plant, Bull Ring, Periphery
Liner, Hammer Ring (Toothed and Plain), Bull Ring Segment, Scrapper Guard Assy,
Separator Body Liner, Casing and Impeller, Y Piece, Center Piece, MPO Plate
with Liner, Toothed and Plain Hammer, Lower Scurt Assembly, etc.
Fertilizer and Chemical Industry/General Engineering
Industrial Spares- Roller Head, Bull Ring, Die Ring, Ball Mill and Humidity
Fire Drum Spares (Vertical Liner, Horizontal Liner, Triangular Liner, Diaphragm
Liner, Drum C.S. Outer Ring, Guide Ring), Conveyor Systems Spares
(Chain-Elevator/Den Sprocket, Den Cutter Blade), Mixer Shaft and Gland Parts
(Housing for Mixer Gland Parts, Housing for Mixer Gland, Split Housing, Sleeve
Mixer Shaft, Sleeve Pusher), Mixer Paddles (Advancer/Retarder),
Elbow-Valve-Casing and Impeller Spares, Sprockets, Hammer and Liner and Tooth,
etc.
Chemical Industry Spares- Valves (Close/Open Type),
Impellers, Pump Casings, Gland Flanges, etc.
Infrastructure
Pioneer Engineering Services is equipped with all the modern facilities for
production, quality control and R and D. The concern is further empowered by a
highly skilled and committed workforce comprising of experts with several years
of industry experience. This combination of cutting edge technology and human
expertise gives us a great edge over the competitors in the field.
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 concern is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
The 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.
The 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
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Indian Rupees |
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US Dollar |
1 |
Rs. 44.37 |
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UK Pound |
1 |
Rs. 78.09 |
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Euro |
1 |
Rs. 63.41 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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56 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, they have no basis upon which to
recommend credit dealings |
No Rating |
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