MIRA
INFORM REPORT
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Report Date : |
15.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
PITCHI PRODUCTS PRIVATE LIMITED |
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Registered Office : |
D-29, Jangpura Extension, New Delhi 110014 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.04.1990 |
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Com. Reg. No.: |
55-39919 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC039919 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELP03291B |
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PAN No.: [Permanent
Account No.] |
AAACP5892N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporters of Engineering Goods |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 17400 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old 2 years established company having moderate
track. Company’s profitability is low. It has some accumulated losses. Payments are reported as slow but correct. The Company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
D-29, Jangpura Extension, New Delhi 110014, India |
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E-Mail : |
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Website : |
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Postal and Physical address : |
B-148, Phase-II, Noida – 201305, Uttar
Pradesh, India |
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Tel. No.: |
91-120-2563237 / 2563238 / 2563239 /
2563240 |
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Fax No.: |
91-120-2562105 / 2562036 |
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E-Mail : |
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DIRECTORS
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Name : |
Mr. Reeta Kaul |
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Designation : |
Director |
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Address : |
C-48, Sector 33, Noida 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
09.02.1955 |
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Date of Appointment : |
11.12.2006 |
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Name : |
Mr. Vinod Kumar Kaul |
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Designation : |
Director |
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Address : |
C-48, Sector 33, Noida 201303, Uttar Pradesh, India |
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Date of Birth/Age : |
16.05.1951 |
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Date of Appointment : |
20.04.1990 |
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Name : |
Mr. Girdhari Lal Kaul |
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Designation : |
Director |
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Address : |
D – 16, Kalka Ji, New Delhi 110019, India |
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Date of Birth/Age : |
30.12.1928 |
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Date of Appointment : |
20.04.1990 |
KEY EXECUTIVES
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Name : |
M. L. Arora and Company |
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Designation : |
Company Secretary |
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Mobile No. : |
91-9810125105 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Vinod Kumar Kaul |
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145510 |
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Girdhari Lal Kaul |
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47500 |
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Saroj Kumar Kaul |
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139490 |
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V. K. Kaul HUF |
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75000 |
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Vijay Laxmi Kaul |
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26500 |
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Reeta Kaul |
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15000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporters of Engineering Goods |
GENERAL
INFORMATION
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Bankers : |
Ø ICICI Bank Ø The Jammu and
Kashmir Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Manoj Kumar Garg Chartered Accountants |
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Address : |
D-118, First Floor, Sector 26, Noida 201301, Uttar Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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450500 |
Equity Shares |
Rs. 10/- each |
Rs. 4.505
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.505 |
4.505 |
4.505 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[0.133] |
[0.220] |
[0.196] |
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NETWORTH |
4.372 |
4.285 |
4.309 |
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LOAN FUNDS |
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1] Secured Loans |
0.610 |
1.942 |
2.499 |
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2] Unsecured Loans |
2.565 |
0.000 |
0.767 |
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TOTAL BORROWING |
3.175 |
1.942 |
3.266 |
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DEFERRED TAX LIABILITIES |
0.023 |
0.031 |
0.042 |
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TOTAL |
7.570 |
6.258 |
7.617 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.341 |
2.641 |
2.398 |
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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 |
1.479
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1.173 |
0.727 |
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Sundry Debtors |
0.342
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1.270 |
1.721 |
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Cash & Bank Balances |
0.715
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0.530 |
2.047 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.935
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2.266 |
1.340 |
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Total
Current Assets |
6.471
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5.239 |
5.835 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.127
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1.470 |
0.623 |
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Provisions |
0.121
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0.158 |
0.000 |
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Total
Current Liabilities |
1.248
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1.628 |
0.623 |
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Net Current Assets |
5.223
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3.611 |
5.212 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.006 |
0.007 |
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TOTAL |
7.570 |
6.258 |
7.617 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
20.973 |
16.530 |
9.134 |
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Total Income |
20.973 |
16.530 |
9.134 |
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Profit/(Loss) Before Tax |
0.232 |
0.178 |
0.065 |
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Provision for Taxation |
0.146 |
0.201 |
0.038 |
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Profit/(Loss) After Tax |
0.086 |
[0.023] |
0.027 |
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Total Expenditure |
20.741 |
16.352 |
9.069 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.41
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[0.13] |
0.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.10
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1.07 |
0.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.63
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2.25 |
0.78 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05
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0.04 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.01
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0.83 |
0.90 |
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Current Ratio (Current Asset/Current Liability) |
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5.18
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3.21 |
9.36 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Corporate identity
number of the company |
U74899DL1990PTC039919 |
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Name of the
company |
PITCHI PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
D – 16, Kalkaji, New
Delhi 110019, India |
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This form is for |
Creation of
charge |
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Type of charge |
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
The Jammu and
Kashmir Bank Limited P – 2, JOP Plaza,
Sector 18, Noida 201301, Uttar Pradesh, India |
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Nature of
instrument creating charge |
Hypothecation
deed, demand promissory note and memorandum of deposit of title deeds |
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Date of
instrument Creating the charge |
31.08.2006 |
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Amount secured by
the charge |
Rs. 7.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
PCL Rs. 2.500
Millions, PSL Rs. 3.000 Millions, CC Limit Rs. 0.500 Million and ILC/FLC Rs. 1.500 Millions aggregating
to Rs. 7.500 Millions with interest payable on monthly basis till final
adjustments |
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Description of
the property charged |
Ø
Stock in
trade Ø
Immovable
Properties Ø
Plant and
Machinery Ø
Book Debts Ø
Furniture
and Fixtures Ø
Vehicles |
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Particulars of
the property charged |
All the assets of
the company including stocks of all type and factory, land and building
situated at B-148, Phase II, Noida |
AS PER WEBSITE
DETAILS:
PROFILE
Subject is an ISO- 9001-2000 certified company, they are involved in manufacturing & Exporting of
stainless steel annular corrugated hoses, stainless steel wire braid, Interlock
Hoses, Hose Fittings and hose-assemblies.
Their
company was established in 1990 and is situated in Industrial Area of Noida Phase-II
near New Delhi & spread in other states of India. Currently they are
exporting to more then 40 countries in the globe. They are registered with EEPC
(Engineering export promotion council of India) & PHD CHAMBER OF COMMERCE
& INDUSTRIES (PHDCCI) in their country.
The
company is professionally managed with a team of Well qualified engineers.
Their engineers are always in the process of research and development and they
keep a close eye on their primary job that is quality control.
TYPE
TEST
TYPE
TEST (STAINLESS STEEL FLEXIBLE HOSES)
Every
single hose-assembly is tested hydraulically at 1.5 times working pressure
before dispatch. Pneumatic testing is also carried out whenever necessary. All
raw materials used in the manufacturer of hoses, braiding and end-connection
undergo rigid inspection to ensure highest quality standards.
Ø Brust
Pressure or yield Test
Ø Flex
Fatigue or cycle life test
Ø Flame
Test
Ø Bend
radius test
TESTING AND CERTIFICATION
Ø All
unbraided Hoses are subjected to leak detection test using compressed air
Ø All
assemblies are checked for dimensional accuracy and pressure tested
Ø Test
certificates for pressure test carried out will be provided
Ø Test
stipulated by BS 6501 : Part1 : 1991 / ISO 10380 : 1994 are conducted
periodically
Ø Raw
material test certificates showing the physical and chemical properties will be
furnished on request
Ø The product can be supplied under any third party inspection
Applications:
Some of the
industries where their Hoses are used :
Ø Refineries
Ø Power
Plant
Ø Steel
Plant
Ø Nuclear
installations
Ø Fertilizer
Industries
Ø Pharmaceuticals
Industries
Ø Cryogenic
Service
Ø Chemical
Industries
Ø Boilers
Ø Paper
Plant
Ø Lubrication
System
Ø Automotive
Industries
Ø Steam,
Hot Water, Pneumatic Services
Ø Vacuum
System
Ø Air
Conditioning & Refrigeration
Ø Ports
and Ship yards
Ø Defence
Ø Industry
Ø Piping
Ø Vibration
Ø
Absorption
Ø Railways
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.65 |
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UK Pound |
1 |
Rs. 77.84 |
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Euro |
1 |
Rs. 57.78 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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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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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
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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 |
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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, we have no basis upon which to
recommend credit dealings |
No Rating |
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