MIRA
INFORM REPORT
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Report Date : |
09.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
PIONEER FEEDS AND POULTRY PRODUCTS PRIVATE LIMITED |
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Formerly Known As : |
PIONEER FEEDS PRIVATE LIMITED |
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Registered Office : |
7/67, Pongalur, Tirupur Taluk, Coimbatore – 641667, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.05.1996 |
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Com. Reg. No.: |
007206 |
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CIN No.: [Company
Identification No.] |
U01549TZ1996PTC007206 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of poultry, day breed broiler chicken, eggs and
hatcheries. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 906832 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Ms. Ammy, Secretary to Mr. V. Thimmayan (Director) up-dated business
details. Subject is an established company having satisfactory track. Financial
position is good. Trade relations are fair. Payments are correct and as per
commitments. Nothing adverse reported. The company can be considered good for any normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Ms. Ammy |
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Designation : |
Secretary |
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Date : |
09.05.2008 |
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Name : |
Mr. V. Thimmayan |
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Designation : |
Director |
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Date : |
09.05.2008 |
LOCATIONS
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Registered Office : |
7/67, Pongalur, Tirupur Taluk, Coimbatore – 641667, Tamilnadu, India |
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Tel. No.: |
91-421-2316330 |
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Fax No.: |
91-421-2316329 |
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E-Mail : |
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Website : |
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Factory : |
7/66, Trichy Road, Tirupur Taluk, Pongalpur – 641667, Tamilnadu, India |
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Tel. No.: |
91-422-4393145/ 46 |
DIRECTORS
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Name : |
Mr. V. Leelakrishnan |
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Designation : |
Managing Director |
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Address : |
1/84, Trichy Road, Pongalpur, Tirupur, Coimbatore – 641667, Tamilnadu,
India |
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Date of Birth/Age : |
02.05.1944 |
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Date of Appointment : |
21.05.1996 |
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Name : |
Mrs. R Kalavathy |
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Designation : |
Director |
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Address : |
1/85, Trichy Road, Pongalpur, Tirupur, Coimbatore – 641667, Tamilnadu,
India |
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Date of Birth/Age : |
14.12.1953 |
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Date of Appointment : |
05.11.1999 |
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Name : |
Mr. S. Renganarayanan |
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Designation : |
Director |
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Address : |
D-49 First Floor, Anna Nagar, Chennai – 600102, Tamilnadu, India |
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Date of Birth/Age : |
25.09.1947 |
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Date of Appointment : |
23.08.2000 |
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Name : |
Mr. Pongalur Venkataswami Naidu Ragupathi |
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Designation : |
Director |
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Address : |
7/67, Pongalur, Tirupur Taluk, Coimbatore – 641667, Tamilnadu, India |
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Date of Birth/Age : |
09.04.1946 |
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Date of Appointment : |
01.01.2008 |
KEY EXECUTIVES
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Name : |
Ms. Ammy |
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Designation : |
Company Secretary |
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Name : |
Mr. M. Sakkrapani |
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Designation : |
Company Secretary |
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Address : |
C-32 Ramasamy Nagar, Udumalpet, Coimbatore – 642126, Tamilnadu, India |
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Date of Birth/Age : |
08.10.1949 |
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Date of Appointment : |
01.10.2001 |
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Name : |
Mr. Pandurangan Kandaswamy |
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Designation : |
Company Secretary |
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Address : |
Old No.16, N No.9, First Floor, T Nagar, Ramanathapuram, Coimbatore –
641045, Tamilnadu, India |
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Date of Birth/Age : |
02.10.1952 |
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Date of Appointment : |
07.10.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2004)
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Names of Shareholders |
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No. of Shares |
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Mr. V. Leelakrishnan |
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130288 |
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Mrs. R Kalavathy |
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33075 |
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Mr. P V Ragupathy |
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124299 |
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Mr. V. Thimmayan |
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132628 |
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Mr. L Kamalam |
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39225 |
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Mrs. Geeta T. |
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44115 |
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Mr. L. Santosh |
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18274 |
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Mrs. S. Suganya |
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8868 |
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Mrs. Sumitra N. |
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8268 |
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Mrs. B. Sathya |
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7784 |
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Ms. R. Swapana |
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21484 |
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Ms. R. Shweeta |
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6884 |
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Minor T. Sriram |
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12134 |
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Mr. P K Balachandran |
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12374 |
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Mr. L Kamalam |
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300 |
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Total |
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600000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of director |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of poultry, day breed broiler chicken, eggs and
hatcheries. |
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Products : |
· Poultry · Day Breed
Broiler Chicken · Eggs · Hatcheries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
The Netherlands (Europe) |
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Terms : |
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Selling : |
Cash and Credit (30-60 days) |
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Purchasing : |
Cash and Credit (30-60 days) |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
1500 |
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Bankers : |
· Canara Bank Coimbatore Agri Financial Branch, Coimbatore · State Bank of
India Commercial Branch and Main Branch Coimbatore · UCO Bank 862, Raja Street, Coimbatore – 641001, Tamilnadu, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
R. Krishnamurthi and Company Chartered Accountant |
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Address : |
1533, Trichy Road, Richmond Hospital Compound, Coimbatore – 641018,
Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.100/- each |
Rs.100.000 Millions |
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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 |
100.000 |
80.000 |
80.000 |
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2] Share Application Money |
15.060 |
6.776 |
4.844 |
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3] Reserves & Surplus |
111.648 |
85.230 |
59.362 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
226.708 |
172.006 |
144.206 |
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LOAN FUNDS |
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1] Secured Loans |
450.728 |
639.953 |
323.254 |
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2] Unsecured Loans |
65.080 |
73.754 |
70.012 |
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TOTAL BORROWING |
515.808 |
713.707 |
393.266 |
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DEFERRED TAX LIABILITIES |
11.643 |
10.885 |
9.393 |
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TOTAL |
754.159 |
896.598 |
546.865 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
96.649 |
101.775 |
88.296 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.047 |
0.047 |
0.047 |
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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 |
334.606
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321.950 |
228.609 |
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Sundry Debtors |
676.817
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614.739 |
380.177 |
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Cash & Bank Balances |
7.920
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6.848 |
8.554 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
53.441
|
54.075 |
26.090 |
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Total
Current Assets |
1072.784
|
997.612 |
643.430 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
398.758
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190.479 |
178.059 |
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Provisions |
16.563
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12.357 |
6.849 |
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Total
Current Liabilities |
415.321
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202.836 |
184.908 |
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Net Current Assets |
657.463
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794.776 |
458.522 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
754.159 |
896.598 |
546.865 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover(Estimated) |
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900.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.11
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5.33 |
4.01 |
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Current Ratio (Current Asset/Current Liability) |
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2.58
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4.92 |
3.48 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· Niswin Business sources, Coimbatore
· Shiv Shankar Traders Company, Coimbatore
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U01549TZ1996PTC007206 |
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Name of the Company
|
PIONEER FEEDS AND POULTRY PRODUCTS PRIVATE LIMITED |
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Address |
7/67, Pongalur, Tirupur Taluk, Coimbatore – 641667, Tamilnadu, India |
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This form is for |
Modification of charge |
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Type of Charge |
Immovable Property Book Debts Movable Property (not being pledge) Floating Charge |
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Particulars of
the charge holder |
UCO Bank 1524/1287, Trochy Road, Coimbatore – 641018, Tamilnadu, India |
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Nature or description
of the instrument(s) creating or modifying the charge |
UCO Bank Letter
No. Gen/ Adv/ 15/ 2007-08 dated 25th June, 2007 |
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Date of the
instrument creating or modifying the charge |
25.06.2007 |
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Amount secured by
the charge |
Rs.451.800
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: For CC Limits and
Term Loans: UCO Bank BPLR Minus 1.50% (Floating) i.e. Minimum of and
currently 10.75% p.a. Terms of
Repayment: Cash Credit limit
of Rs.200.000 Millions (CC-Rs.180.000 Millions + CC- Rs.20.000 Millions) Repayable on
demand Term Loans: Rs.1.800
Millions- Repayment in 20 quarterly installment from June 2003 Rs.11.400
Millions- Repayment in 24 quarterly installment from June 2004 Working Capital
Term Loan: Rs.5.600 Millions Repayment in 8 quarterly installments from June
2007. Margin: CC Limit and Term
Loan 25% on Stock and 40% on Book Debts Not Executiding 90 days Letter of Credit
: 10% Cash/ FDR (To Be Kept Under Line to Bank) Extent and
operation of the charge: Hypothecation of
Current assets and equitable mortgage of immovable properties for the total
credit limit of Rs.451.800 Millions (Both Fund Based
and Non Fund Based) |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of
Plant and Machinery, Stocks, Book Debts of the Units at Thottampatty,
Kattoor, Gobi, Kethanur, Thalavadi, Hoskote and Tumkur and Collateral
Security of Immovable Properties situated at Thottampatty Village,
Irukkanthurai Village and Chittambalam Village. |
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Particular of the
present modification |
Entire Fund Based
Limits Viz, Cash Credit, Term Loan I, Term Loan II, WTCL etc Aggregating To Rs.221.800 Millions have been repaid in Full |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.79 |
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UK Pound |
1 |
Rs.81.60 |
|
Euro |
1 |
Rs.64.01 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
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 |
|
54 |
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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|