Crown Lifters Performance
Fundamentals of Crown Lifters
|P/E Ratio (TTM)||NA|
|Debt to Equity||NA|
Financials of Crown Lifters
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About Crown Lifters
Crown Lifters Limited was incorporated in December 27, 2002. The company is a professional crane hiring company, operating as one of the preferred supplier of construction equipments servicing all ind ... ustrial sectors and is engaged in trading and renting of cranes. During the year 2021, however, a suit was filed against the company in the matter of Import Duty. (a) Appeal No. 900/2013: The Company purchased a second hand Crane and the parts of Cranes in auction conducted by the world renowned auctioneers, namely from M/s. Ritchie Bros, USA. Investigation was started by the Directorate of Revenue Intelligence regarding certain cranes imported in past and the said crane and the parts were also subjected to provisional assessment. The Company was asked to provide bank guarantee of Rs. 1,72,16,000/- for crane which was returned and for parts of the crane bank guarantee of Rs. 91,187/- was furnished along with bond and Certificate of Chartered Engineer. Then, the Company received no communication from the department. The Company than received Original Order No. 2161/2013 on April 27, 2013 issued stating that the consignment containing refurbished parts of the used cranes, is liable to confiscation under the provisions of Section 111 (d) of Customs Act, 1962 with a redeemed fine of Rs. 1,80,000/-. Penalty of Rs. 90,000/- was also imposed under Section 112 (a) of the Customs Act. 1962. The Company has filed an appeal on August 8, 2013 for setting aside the impugned Order and for stay on operation of the impugned order till the final decision on the appeal. The Matter is still pending with Commissioner to Customs (Appeal), Mumbai-II, JNCH, Sheva. (b) Appeal No. C/86803, 86804, 86805, 86415/14: The Company had purchased used cranes and parts of cranes. The Company imported 35 consignments of cranes and accessories. The Custom authorities had determined that out of 35 consignments, 14 were cleared on understated values. The Commissioner of Customs (Import) had passed the Order No. 12/2014/CAC/CC(1)/AB/Gr.v dated January 31, 2014 and give as under: 1) Redemption Fine Imposed in respect of imports through Crown Lifters Rs. 65,00,000/- and in respect of imports through Crown Lifters Private Limited, Rs 26,00,000/-. 2) Imposed total Penalty in respect of imports through Crown Lifters Rs. 45,00,000/- and in respect of imports through Crown Lifters Private Limited, Rs 68,74,773/- 3) Duty along with Interest in respect of imports through Crown Lifters Private Limited Rs. 37,94,773/- The Company filed an appeal against the said order and the Customs, Excise and Service Tax Appellate Tribunal, West Zonal Bench at Mumbai, Court No. II which allowed the appeal by passing Order No. A/1850-1853/15/CB dated June 24, 2015 in which the penalty is waived and the deposit paid against import of cranes which more than 5 year old from the date of show cause notice is to be refunded. The Department has taken the same matter to the CESTAT and the same is pending before the Tribunal. Read More
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