MIRA
INFORM REPORT
|
Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
PCM CEMENT CONCRETE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
10C, Middleton Row, Kolkata – 700071, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.10.1991 |
|
|
|
|
Com. Reg. No.: |
21-053397 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 28.659
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909WB1991PTC053397 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALP04787G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCP1669D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Railway Track Products, Flash Butt Welding and
Operating Two Radio Stations and Event Management. |
|
|
|
|
No. of Employees
: |
Information Declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (19) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “PCM Group”. It is an established company having
a moderate track record. The company is performing well. However, the rating takes into consideration the instances delay by
the company in servicing is debt obligation. Business is active. Payment terms are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. . |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits – Term loans = D |
|
Rating Explanation |
The company is in default or expected to be
in default soon |
|
Date |
October 2013 |
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
31-03-2012.
INFORMATION DENIED
Management Non Co-operative
Contact No.: 91-353-2777028
LOCATIONS
|
Registered Office : |
10C, Middleton Row, Kolkata – 700071, West Bengal, India |
|
Tel. No.: |
91-33-22264855/ 22264856 |
|
Fax No.: |
91-33-22264857 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
PCM Tower, 2nd Mile, Sevoke Road, Siliguri – 734001, West
Bengal, India |
|
Tel. No.: |
91-353-2777028/ 29/ 40 |
|
Fax No.: |
91-353-2540734 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Kamal Kumar Mittal |
|
Designation : |
Director |
|
Address : |
Mittal House, Hasimara, Jalpaiguri – 735215, West Bengal, India |
|
Date of Birth/Age : |
28.12.1959 |
|
Date of Appointment : |
01.08.1995 |
|
DIN No.: |
00240334 |
|
|
|
|
Name : |
Mr. Niranjan Kumar Mittal |
|
Designation : |
Director |
|
Address : |
Mittal House, Hasimara, Jalpaiguri – 735215, West Bengal, India |
|
Date of Birth/Age : |
29.11.1963 |
|
Date of Appointment : |
14.10.1991 |
|
DIN No.: |
00240497 |
|
|
|
|
Name : |
Mr. Anand Kumar Mittal |
|
Designation : |
Director |
|
Address : |
8, Pretoria Street, 1st Floor, Kolkata – 700071, West
Bengal, India |
|
Date of Birth/Age : |
02.10.1972 |
|
Date of Appointment : |
14.10.1991 |
|
DIN No.: |
00250975 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Niranjan Kumar Mittal |
|
238920 |
|
Neelam Mittal |
|
259720 |
|
Anand Kumar Mittal |
|
237670 |
|
Saroj Mittal |
|
277120 |
|
Kamal Kumar Mittal |
|
244370 |
|
Archana Jhunjhunwala |
|
1000 |
|
Sourav Mittal |
|
260920 |
|
Nishant Mittal |
|
264870 |
|
Kamal Kumar Mittal and Brothers (HUF) |
|
40800 |
|
Kamal Kumar Mittal and Sons (HUF) |
|
123914 |
|
Niranjan Kumar Mittal and Sons (HUF) |
|
103000 |
|
HTC Finance Private Limited, India |
|
279000 |
|
(Partner) Niranjan Kumar Mittal |
|
80000 |
|
(Partner) Kamal Kumar Mittal |
|
70000 |
|
Anand Kumar Mittal and Sons (HUF) |
|
115570 |
|
Sangita Mittal |
|
264070 |
|
Sathi Builders Private Limited, India |
|
4950 |
|
|
|
|
|
Total |
|
2865894 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
9.91 |
|
Directors
or relatives of directors |
|
90.06 |
|
Other
top fifty shareholders |
|
0.03 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Railway Track Products, Flash Butt Welding and
Operating Two Radio Stations and Event Management. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Actual
Production Qty. |
|
Broad Gauge Sleepers |
214240.00 |
|
Broad Gauge Sleepers (Mixed Design) |
20.00 |
|
SEJ Sleeper |
1520.00 |
|
RCC Retainer |
110.00 |
|
PSC Slab |
110.00 |
|
1 in 12 Turn Out Sleepers |
11940.00 |
|
1 in 8.5 Turn Out Sleepers |
9884.00 |
|
Drailing Switch Sleeper |
3025.00 |
|
Mixed Gauge (BG + BG) |
71848.00 |
Note:
Licensed Capacity and Installed Capacity: Not Applicable
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
Ø Axis Bank Limited,
Spectrum House, Sevoke Road, Siliguri – 734001, West Bengal , India Ø State Bank of
India, Commercial Branch, Sky Star Building Sevoke Road, Siliguri – 734001,
West Bengal , India Ø Bank of Baroda,
Siliguri Branch, Hill Cart Road, Siliguri – 734001, West Bengal , India Ø Punjab National
Bank, Hill Cart Road, Siliguri – 734001, West Bengal , India |
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Facilities : |
Note : Principal
Securities Hypothecation of
Plant & Machinery purchased to be purchased out of Bank Finance and all
other movable fixed assets of the company. .Hypothecation of
Land and Car purchased out of Bank Finance. Hypothecation charge over stocks,
receivables and other Current Assets of the Company, present and future. Loan from LIC
against Keyman Insurance Policy is secured by surender value of LIC no.
651358585,451358586, 451344327. Collateral
Securities Hypothecation on
immovable structure and movable plant and machineries of the company. Equitable
Mortgage of vacant land, surrounded by boundary wall in all four sides,
situated at adjacent to the road connecting Snudangi Hat with Bhutki, Telani
Pam, Snudangi, in the outskirts of Sili,guri, under Bimaguri Gram Panchayat
in the District of Jalpaiguri. Total area 4.134 acres of Land. Extension of
Equitable Mortgage over land and building property (named PCM Tower). Total
Area: 0.4056 acres of land and 10,000 sq ft. of building. Pledge of
TDR in the form of Margin on Bank Guarantee Letter of Credit. Guarantees * Guarantee by
Ws PCM Concrete Poles (a partnership firm). Personal
~guarantee f Directors and their relatives. |
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gujrani and Company Chartered Accountants |
|
Address : |
42A, C. R. Avenue, 3rd Floor, Near Yogayog Bhawan, Kolkata – 700012,
West Bengal, India |
|
Tel. No.: |
91-33-22121594/ 95 |
|
Fax No.: |
91-33-22121596 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AACFG6855D |
|
Website
: |
|
|
|
|
|
Enterprise over which any person described in above is able to
exercise significant influence : |
·
HTC Finance Private
Limited ·
PCM Alloys Steels Private Limited ·
PCM Tea Processing Private Limited ·
PCM Power Trading Corporation Limited ·
Himalayan Alloys Steel Trading Company ·
Subh Stone ·
Shree Om Lefins Private Limited ·
Railtrack Concrete Product Private Limited ·
PCM Concrete Poles ·
PCM Strescon International Private Limited ·
PCM Hydel Power Corporation Limited ·
PCM Strescon Overseas Ventures Limited ·
PCM Alloys Steels Private Limited ·
PCMs Infrastructure Company Private Limited ·
Sathi Builders Private Limited ·
Anand
Kumar Mittal and Sons ·
Kamal Kumar Mittal and Sons ·
Nirajan Kumar Mittal and Sons |
|
|
|
|
Subsidiaries : |
Ø PCM Strescon
Overseas Ventures Limited [U45203WB2006PLC108486] Ø PCM Hydel Power
Corporation Limited [U40105WB2005PLC103660] Ø PCM Cement
Conceret Private FZE, Dubai Ø PCM Germany,
GmbH |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2865894 |
Equity Shares |
Rs. 10/- each |
Rs. 28.659
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
28.659 |
17.407 |
17.357 |
|
(b) Reserves & Surplus |
1,510.398 |
898.589 |
269.896 |
|
(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) |
1,539.057 |
915.996 |
287.253 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
69.885 |
25.693 |
46.886 |
|
(b) Deferred tax liabilities
(Net) |
1.227 |
0.569 |
1.174 |
|
(c) Other long term
liabilities |
122.721 |
124.097 |
86.372 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
193.833 |
150.359 |
134.432 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
85.944 |
125.442 |
153.337 |
|
(b) Trade payables |
142.138 |
49.427 |
76.089 |
|
(c) Other current liabilities |
113.027 |
74.534 |
59.498 |
|
(d) Short-term provisions |
10.030 |
10.010 |
5.452 |
|
Total
Current Liabilities (4) |
351.139 |
259.413 |
294.376 |
|
|
|
|
|
|
TOTAL |
2,084.029 |
1,325.768 |
716.061 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
880.707 |
840.030 |
125.262 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
3.480 |
9.279 |
4.470 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
123.336 |
105.098 |
105.098 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
83.210 |
79.285 |
80.218 |
|
(e) Other Non-current assets |
325.469 |
11.725 |
75.814 |
|
Total
Non-Current Assets |
1,416.202 |
1,045.417 |
390.862 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
106.143 |
47.338 |
54.223 |
|
(c) Trade receivables |
127.533 |
42.092 |
92.962 |
|
(d) Cash and cash equivalents |
29.954 |
22.626 |
55.008 |
|
(e) Short-term loans and
advances |
396.880 |
77.506 |
47.912 |
|
(f) Other current assets |
7.317 |
90.789 |
75.094 |
|
Total
Current Assets |
667.827 |
280.351 |
325.199 |
|
|
|
|
|
|
TOTAL |
2,084.029 |
1,325.768 |
716.061 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
641.052 |
627.052 |
556.162 |
|
|
Other Income |
14.067 |
50.863 |
20.819 |
|
|
TOTAL
(A) |
655.119 |
677.915 |
576.981 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
332.691 |
333.815 |
349.299 |
|
|
Purchases of Stock-in-Trade |
4.824 |
7.060 |
3.400 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
6.164 |
20.792 |
(19.047) |
|
|
Employees benefits expense |
35.231 |
28.423 |
23.303 |
|
|
Other expenses |
191.787 |
208.011 |
158.685 |
|
|
TOTAL
(B) |
570.697 |
598.101 |
515.640 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
84.422 |
79.814 |
61.341 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.279 |
24.882 |
21.814 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
56.143 |
54.932 |
39.527 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
23.251 |
26.094 |
21.789 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
32.892 |
28.838 |
17.738 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
10.688 |
9.405 |
5.894 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
22.204 |
19.433 |
11.844 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
89.925 |
70.492 |
58.648 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
112.129 |
89.925 |
70.492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
11.710 |
11.190 |
6.820 |
|
|
Diluted
|
11.710 |
11.190 |
6.820 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.39
|
2.87 |
2.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.13
|
4.59 |
3.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.68
|
2.38 |
2.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.03 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.10
|
0.16 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.08 |
1.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
17.357 |
17.407 |
28.659 |
|
Reserves & Surplus |
269.896 |
898.589 |
1510.398 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
287.253 |
915.996 |
1,539.057 |
|
|
|
|
|
|
long-term borrowings |
46.886 |
25.693 |
69.885 |
|
Short term borrowings |
153.337 |
125.442 |
85.944 |
|
Total
borrowings |
200.223 |
151.135 |
155.829 |
|
Debt/Equity
ratio |
0.697 |
0.165 |
0.101 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
556.162 |
627.052 |
641.052 |
|
|
|
12.746 |
2.233 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
556.162 |
627.052 |
641.052 |
|
Profit After Tax |
11.844 |
19.433 |
22.204 |
|
|
2.13% |
3.10% |
3.46% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
SHORT TERM
BORROWING |
(Rs. In Millions) |
|
|
Loans and advances from related parties |
4.961 |
0.000 |
|
Total |
4.961 |
0.000 |
VIEW
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10421293 |
26/03/2013 |
2,530,000,000.00 |
STATE BANK OF
INDIA |
Commercial
Branch, Kolkata, 24, Park Street, Kolk |
B73630485 |
|
2 |
10252569 |
27/01/2014 * |
242,900,000.00 |
AXIS BANK
LIMITED |
SPECTRUM HOUSE,
SEVOKE ROAD, SILIGURI, West Benga |
B95842142 |
|
3 |
10052409 |
19/04/2007 |
2,819,408.00 |
PUNJAB NATIONAL
BANK |
HILL CART ROAD
BRANCH, SILIGURI, West Bengal - 734 |
A14657118 |
* Date of charge modification
COMPANY OVERVIEW
Subject was formed
in the year 1991. This company has five divisions namely sleeper, Division,
Flash Bun Division, FM Division-Siliguri, FM Division-Gangtok and Construction
Division. The Sleeper division is engaged in manufacturing and supplying of
Pre-Stressed mono block concrete Sleepers to Indian Railway. It has the
capacity of manufacturing all types of Sleepers, which are also supplied to the
Bangladesh Railways. The Flash Butt Welding Division undertakes welding of mils
using state of the art mobile flash butt welding as per the stringent
International norms. The company was pioneer in introducing technology of
welding on running track line in India. The Company operates two FM Radio
Stations Radio Misty 94.3 FM at Siliguri in West Bengal and Radio Misty Sikkim
95 FM in Gangtok in Sikkim. The Construction Division is engaged in real estate
business.
WEBSITE DETAILS
NEWS
PCM Cement buys German firm for
€36 millioN
Cement grinding Manufacturer – Energy Cement MIill from China. Reliable Quality, Affordable Price !
KOLKATA, APRIL
8:
PCM Cement Concrete
Private Limited, a concrete Railway sleeper manufacturer, said on Monday that
it has acquired German company Rail.One GmbH for €36 million.
The Rs 3500.000
Millions PCM has a total of five units – one unit in West Bengal and Assam
each, two in Saudi Arabia and one in Abu Dhabi.
Kamal Kumar Mittal,
Chairman, PCM Group, told Business Line that PCM Germany GmbH, a special
purpose vehicle of the Group, acquired Rail.One GmbH and all its subsidiaries
for €36 million.
The deal was done
after the owners made the company debt-free. KPMG did the due-diligence study
for PCM.
“Some 11 European
bankers had lent €86 million to Rail.One in 2006. Though the company was making
operating profit from operations of all its existing seven plants, interest
burden was eating into its profits,” said Mittal.
Rail.One manufactures
main-track and turnout ties made of concrete. With over 600 employees at its
plants in Germany, Romania, Saudi Arabia, Spain, South Korea, Turkey, and
Hungary, Rail.One has total annual capacity for four million main-track ties,
as well as for over 0.580 million linear metres of switch ties.
Last month, the German
company announced plans to construct a production plant in US.
The 6-lakh-tonne-unit
in Iowa was proposed to be set up through its US subsidiary Rail.One USA Corp
at an investment of €15 million.
The total turnover of
Rail. One and its subsidiaries stands at €130 million.
Mittal said PCM would
carry through the US proposal for Rail.One.
PCM before the takeover
had a total capacity of 0.310 million tonnes. Commissioning of the plant was
targeted for the end of this calendar year.
The current annual
replacement of around 22 million wooden ties on American railroads is expected
to result in greater replacement with concrete ties.
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 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 governmen 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. 59.88 |
|
UK Pound |
1 |
Rs. 100.98 |
|
Euro |
1 |
Rs. 82.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
19 |
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.