|
Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
PIONEER CRANES AND ELEVATORS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Opposite |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.04.2008 |
|
|
|
|
Com. Reg. No.: |
16-031812 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 12.963 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29241PB2008PTC031812 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JLDP03142G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECP5976D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers
and Exporters of E.O.T. Cranes, Goliath Crane, Wire Rope Hoists, Chain Pulley
Blocks, Electric Wire Rope Hoists. |
|
|
|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 86000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a successor of Pioneer Cranes and Elevators, a proprietory concern
started in the year 1991. It is an established company having moderate track.
Profitability of the company appears to be low. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.09.2011) |
Current Rating (31.12.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Arshdeep Singh |
|
Designation : |
Director |
|
Contact No.: |
91-9815823236 |
|
Date : |
19.04.2012 |
LOCATIONS
|
Registered Office : |
Opposite |
|
Tel. No.: |
91-161-2491935/2491936/2501937 |
|
Mobile No.: |
91-9878823236 (Mr. S.B. Singh) 91-9815823236 (Mr. Arshdeep Singh) |
|
Fax No.: |
91-161-2491935/2491936/2501937 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2500 Sq.ft. |
|
Location : |
Owned |
|
|
|
|
Located at: |
|
|
Factory : |
|
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mrs. Harinder Kaur |
|
Designation : |
Managing Director |
|
Address : |
3774 Opposite I.T.I Gill Road, Ludhiana-141 003, Punjab |
|
Date of Birth/Age : |
01.05.1955 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
02016638 |
|
|
|
|
Name : |
Mr. Arshdeep Singh |
|
Designation : |
Director |
|
Address : |
3774 Opposite I.T.I Gill Road, Ludhiana-141 003, Punjab |
|
Date of Birth/Age : |
11.07.1982 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
02016607 |
|
|
|
|
Name : |
Mr. Salochan Bir Singh |
|
Designation : |
Director |
|
Address : |
3774 Opposite I.T.I Gill Road, Ludhiana-141 003, Punjab |
|
Date of Birth/Age : |
25.07.1954 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
01.04.2008 |
|
DIN No.: |
02013669 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Harinder Kaur |
|
1303724 |
|
Salochanbir Singh |
|
50290 |
|
Arshdeep Singh |
|
18380 |
|
Salochanbir Singh (HUF) |
|
5380 |
|
Surinder Kaur |
|
42495 |
|
Karandeep Kaur |
|
51750 |
|
Sukhwinder Kaur |
|
3955 |
|
Rajinder Kaur |
|
1815 |
|
Gurcharan Singh Channi |
|
1815 |
|
Total |
|
1479604 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of E.O.T. Cranes, Goliath Crane, Wire Rope Hoists, Chain Pulley
Blocks, Electric Wire Rope Hoists. |
|
|
|
|
Products : |
·
EOT Cranes ·
Double Girder EOT Cranes ·
Goliath Cranes ·
Single Girder Cranes ·
Elevators ·
Hospital Elevators ·
Car Elevators ·
Cargo Elevators ·
Wire Rope Hoist ·
Chain Pulley Block ·
Hydraulic Concrete Block making machine ·
Glass Facia Cleaning System |
|
|
|
|
Exports : |
|
|
Products : |
·
EOT Cranes ·
Double Girder EOT Cranes ·
Goliath Cranes ·
Single Girder Cranes ·
Elevators ·
Hospital Elevators ·
Car Elevators ·
Cargo Elevators ·
Wire Rope Hoist ·
Chain Pulley Block ·
Hydraulic Concrete Block making machine ·
Glass Facia Cleaning System |
|
Countries : |
UAE, |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Cash |
|
|
|
|
Purchasing : |
L/C and Cash |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
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No. of Employees : |
70 (Approximately) |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Bank of |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Dinesh Mehtani and Company Chartered Accountants |
|
Address : |
B-XI-1916, Old Civil |
|
PAN No.: |
ABIPM4723H |
|
Tel. No.: |
91-151-2225786 |
|
Email ID: |
|
|
|
|
|
Auditor 2 : |
Rakesh Grover and Company Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
Salochan Enterprises |
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1750000 |
Equity Shares |
Rs. 10/- each |
Rs. 17.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1479604 |
Equity Shares |
Rs. 10/- each |
Rs. 14.796
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1296344 |
Equity Shares |
Rs. 10/- each |
Rs. 12.963 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.963 |
12.963 |
12.963 |
|
|
2] Share Application Money |
5.513 |
2.859 |
1.283 |
|
|
3] Reserves & Surplus |
3.071 |
1.989 |
1.193 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
21.547 |
17.811 |
15.439 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
42.937 |
45.964 |
49.872 |
|
|
2] Unsecured Loans |
8.658 |
8.101 |
7.139 |
|
|
TOTAL BORROWING |
51.595 |
54.065 |
57.011 |
|
|
DEFERRED TAX LIABILITIES |
0.524 |
0.331 |
0.181 |
|
|
|
|
|
|
|
|
TOTAL |
73.666 |
72.207 |
72.631 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
25.483 |
24.364 |
19.281 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.171
|
41.721 |
43.286 |
|
|
Sundry Debtors |
21.026
|
24.663 |
26.667 |
|
|
Cash & Bank Balances |
0.999
|
0.940 |
1.081 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.483
|
7.597 |
9.311 |
|
Total
Current Assets |
91.679
|
74.921 |
80.345 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
27.748
|
16.849 |
19.097 |
|
|
Other Current Liabilities |
15.524
|
10.208 |
7.859 |
|
|
Provisions |
0.297
|
0.130 |
0.185 |
|
Total
Current Liabilities |
43.569
|
27.187 |
27.141 |
|
|
Net Current Assets |
48.110
|
47.734 |
53.204 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.073 |
0.109 |
0.146 |
|
|
|
|
|
|
|
|
TOTAL |
73.666 |
72.207 |
72.631 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
TOTAL RECEIPTS |
143.065 |
85.320 |
122.434 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.603 |
1.076 |
1.250 |
|
|
|
|
|
|
|
Less |
TAX |
0.521 |
0.280 |
0.365 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1.082 |
0.796 |
0.885 |
|
|
|
|
|
|
|
|
Earning Per
Share (Rs.) |
0.83 |
0.61 |
N.A. |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
N.A. |
0.94 |
0.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.12
|
1.26 |
1.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.37 |
1.08 |
1.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.06 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.42 |
4.56 |
5.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10 |
2.76 |
2.96 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
Yes |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
-- |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
-- |
|
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 |
FINANCIAL RESULTS:
The Overall performance of the company is
satisfactory.
FUTURE OUTLOOK:
The Directors look to the future with
confidence. It is hoped that the Company will achieve better results in the
current year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U29241PB2008PTC031812 |
|
Name of the company
|
PIONEER CRANES
AND ELEVATORS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Opposite ITI, |
|
This form is for |
Modification of charge
|
|
Charge
identification number of the modified |
10172712 |
|
Type of charge |
Immovable property Book Debts Movable Property Others (Stock and
All The Fixed Assets) |
|
Particular of
charge holder |
Bank of Email id: cpc.sme.ludhiana@bankofbaroda.com
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Supplemental Composite
Agreement of Hypothecation of Goods, Book Debts, Movable Machinery and
Vehicles. 2) Sanction
Letter |
|
Date of
instrument Creating the charge |
13.09.2011 |
|
Amount secured by
the charge |
Rs. 49.077
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest On Cash Credit
and Term Loan (existing and fresh) 4%
p.a. Above base rate of bank per annum with monthly rests. On EPC 1.25%
Above Base Rate i.e.12%p.a. With monthly rests. Terms of Repayment Working Capital
Repayable on Demand Term
loan(Existing) as Per Existing Schdule Term loan(fresh):
16 Equally Quarterly Instalment Starting from Dec 2011. Margin On Stock @25% On Book-debts
@40% On Machinery
@27.27% On Bank Guarantee
@20% Cash Margin Extent and Operation of the charge 100% |
|
Short particulars
of the property charged |
(i) Primary
security- (i) First Charge by way Hypothecation of the entire Current Assets including
of all Stocks and Book Debts of the Company Existing as well as Future. (ii)
First charge by way of the (ii)
Hypothecation of the entire fixed assets including plant and machinery
proposed to be purchased existing as well as future. (iii) (a) Equitable
mortgage of factory land and building measuring 2617.50 sq. Yards bearing
Wasika No. 406 dated 07.04.2005 in the name of M/S Pioneer Cranes and
Elevators through Smt. Harinder Kaur w/o Sh. Salochanbir Singh. (b) Equitable
Mortgage of factory land and building measuring 468 sq. Yards bearing Wasika
No. 405 dated 07.04.2005 in the name of Mr. Salochanbir Singh s/o Harbans
Singh. (c) EM of land
and building measuring 217 sq. Yards bearing no. B-XXI-3775 situated at |
|
Date of latest
modification prior to the present modification |
03.03.2009 |
|
Particulars of
the present modification |
Overall Credit facilities
reduced to Rs. 49.077 Millions from Rs. 52.046 Millions which includes:- Cash Credit limit
Rs. 42.500 Millions PC Cum FBP (Sub
Limit) Rs. 7.500 Millions within CC limit Term loan I
(Existing) Rs. 0.139 Millions Term loan II
(Existing) Rs. 1.410 Millions Term loan III
(Existing) Rs. 1.828 Millions Term loan (Fresh)
Rs. 1.200 Millions Bank Guarantee
Rs. 2.000 Millions |
FIXED ASSETS :
·
Air Conditioners
·
Building
·
Car
·
Computer Software
·
Computers
·
Electric Fittings
·
Fan
·
Fire Equipment
·
Furniture and Fittings
·
Intercom
·
Land Development
·
Lawn Movers
·
Machinery
·
Motor Cycle
·
Pattern
·
Plot
·
Scooter
·
Security and Safety
·
Three Wheeler
·
Transformers
·
Water Dispenser
·
Weighting Scale
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 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. 53.34 |
|
|
1 |
Rs. 86.11 |
|
Euro |
1 |
Rs. 69.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.