%20PRIVATE%20LIMITED%2008-Sep-2008_files/image002.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
08.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PILOTSMITH (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
55-B, Oragadam Road, Venkatapuram, Aambattur, Chennai – 600 053,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
06.09.2005 |
|
|
|
|
Com. Reg. No.: |
18-57413 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28939TN2005PTC057413 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHNP1881F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADCP8777H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Machines for Food and Ayurvedic Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 3000 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a 3 year old company and progressing well. Trade relations
are fair. Business is active. Payments are reported as usually correct and as
per commitments. The company can be considered good for small to mediocre bnusiness
dealings. |
INFORMATION PARTED
BY
|
Name : |
Ms. Elsy |
|
Designation : |
Accountants |
|
Date : |
05.09.2008 |
LOCATIONS
|
Registered Office : |
55-B, Oragadam Road, Venkatapuram, Aambattur, Chennai – 600 053,
Tamilnadu, India |
|
Tel. No.: |
91-480-2881908 / 2882200 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 Sq. ft. plus Factory (Manufacturing Unit) |
|
Location : |
Leased |
|
|
|
|
Corporate Office : |
Kallettumkara, Trichur Dist, Trichur – 680 683, Kerala, India |
|
Tel. No.: |
91-480-2881908 / 2881157 / 2880274 |
|
Fax No.: |
91-480-2881908 / 2881157 / 2880274 |
|
|
|
|
Manufacturing Unit : |
Pulipara Kunnur, Kerala, India |
|
Area : |
2000 Sq. ft. |
|
Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Sheen Antony Panamkoodan |
|
Designation : |
Managing Director |
|
Address : |
Panamkoodan House, Kallettunkara Post, Trissur 680 063, Kerala, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Qualification : |
B.Tech |
|
Date of Appointment : |
18.08.2005 |
|
|
|
|
Name : |
Mrs. Shina Sheen |
|
Designation : |
Director |
|
Date of Birth/Age : |
13.02.1970 |
|
Qualification : |
B.Tech |
|
Date of Appointment : |
06.09.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Sheen Antony |
6000 |
|
Shina Sheen |
4000 |
|
|
|
|
Total |
10000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Machines for Food and Ayurvedic Products |
|
|
|
|
Products : |
·
Size Reduction Equipments ·
Fruit Processing
Equipments ·
Blending Equipments ·
Cleaning and Grading Equipments ·
Roasting and Drying Equipments |
|
|
|
|
Exports : |
|
|
Countries : |
·
Saudi Arabia ·
Dubai |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 days / 60 days) |
GENERAL
INFORMATION
|
Customers : |
·
End Users ·
Peerumedu Development Society ·
Chavara Jayanti Food Industries ·
Pilot India ·
Arya Vaidhya Nilayam ·
Sigma Technical Services |
|
|
|
|
No. of Employees : |
120 |
|
|
|
|
Bankers : |
·
State Bank of Travancore Post Box No. 12, Irinjalakuda Branch,
Irinjalakuda – 680 121, Kerala, India ·
Federal Bank ·
Axis Bank Thrissur Branch, IInd Floor, City Centre,
Thrissur – 680 001, Kerala, India |
|
|
|
|
Facilities : |
Over Draft |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
C K N Kumar and Company Chartered Accountants |
|
Address : |
TC-35/1360, Thiruvonam Buildings, Shornur Road, Thrissur – 680 001, Kerala,
India |
|
Tel No.: |
91-487-2334815 |
|
Fax No.: |
91-487-2334741 |
|
|
|
|
|
|
|
Associates/Subsidiaries : |
·
Pacific Times Private Limited ·
Packlock Private Limited |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.572 |
0.352 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
0.672 |
0.452 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
4.715 |
0.689 |
|
|
2] Unsecured Loans |
|
2.192 |
0.460 |
|
|
TOTAL BORROWING |
|
6.907 |
1.149 |
|
|
DEFERRED TAX LIABILITIES |
|
0.111 |
0.039 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.690 |
1.640 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
4.010 |
2.115 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
6.690 |
0.849 |
|
|
Sundry Debtors |
|
7.416 |
2.573 |
|
|
Cash & Bank Balances |
|
0.160 |
0.191 |
|
|
Other Current Assets |
|
0.177 |
0.278 |
|
|
Loans & Advances |
|
1.612 |
0.044 |
|
Total
Current Assets |
|
16.055 |
3.935 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
12.164 |
4.301 |
|
|
Provisions |
|
0.228 |
0.130 |
|
Total
Current Liabilities |
|
12.392 |
4.431 |
|
|
Net Current Assets |
|
3.663 |
(0.496) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.017 |
0.021 |
|
|
|
|
|
|
|
|
TOTAL |
|
7.690 |
1.640 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
48.073 |
4.956 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
48.073 |
4.956 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.554 |
0.391 |
|
Provision for Taxation |
|
0.334 |
0.000 |
|
Profit/(Loss) After Tax |
|
0.220 |
0.391 |
|
|
|
|
|
|
Total Expenditure |
|
47.519 |
4.565 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.46 |
7.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.15 |
7.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.76 |
6.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.82 |
0.87 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
28.72 |
12.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.30 |
0.89 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Regional Agro Industries
·
Best Engineering Company, Kannur
Form No. 8
|
Corporate
identity number of the company |
U28939TN2005PTC057413 |
|
Name of the
company |
PILOTSMITH (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
55-B, Oragadam Road, Venkatapuram, Aambattur, Chennai – 600 053,
Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Axis Bank Thrissur Branch, IInd Floor, City Centre, Thrissur – 680 001, Kerala,
India |
|
Nature of
instrument creating charge |
Declaration cum
confirmation Deed for Deposit of title deed dated 15.07.2008. |
|
Date of
instrument Creating the charge |
15.07.2008 |
|
Amount secured by
the charge |
Rs.17.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
·
Rate of
interest PLR-2 (Presently 13.25%) per annum with monthly rests. ·
Terms of
repayment Repayable on demand ·
Margin 25% ·
Extent and
operation of the charge The company availed an overdraft (Business Empower) of Rs.17.000
millions for which the company hypothecated all the fixed assets, current
assets, book debts and other assets as security. Now the company given
additional security by creating equitable mortgage by deposit of title deed
dated 15.07.2008 |
|
Particulars of
the property charged |
Landed property
in the name of the company along with building and other structures of 18.47
cents in SY. No. 1240/3 PT, 26 Cents in SY No. 1227/6 PT, 27.675 cents in SY.
No. 1227/6, 24.875 cents in SY. No.1227/6, 40 cents in SY. No. 1227/6 PT,
1.75 cents in SY. No. 1227/15 Pt, 0.143 cents in SY No. 1227/15 PTC and 30.5
cents in SY No. 1227/6 PTC all Kodakara, Thrissur District as security. |
|
Particulars of
the present modification |
By the present
modification the company offered additional security of landed property in
the name of the company along with building and other structures of 18.47
cents in SY no. 1240/3PT, 26 cents in SY No.1227/6 PT, 27.675 cents in SY No.
1227/6, 24.875 cents in SY No. 1227/6, 40 cents in SY No.1227/6 PT, 1.75
cents in SY No. 1227/15 PT, 0.143 cents in SY No. 1227/15PT and 30.5 cents in
SY No. 1227/6 PT all in Kodakara, Thrissur District as security. |
Web Details
Subject
the pioneers in the ' Indian Food Processing and size reduction equipments' has
extensive customer base and strong dealer network. For the last 15 years Pilots
India has created and improved Food Processing and size Reduction Technology
with continuous effort and time invested in Research and Development.
Subject
undertakes design, development and production of specialized equipments and
automated process to the individual customer requirements. Subject can
undertake complete turnkey project in the field of Food Processing, Ayurvedic
medicine manufacturing, Chemical processing, Mineral processing,
Pharmaceuticals, cattle and poultry field manufacturing etc.
Subject
has a wide variety of equipments which has been patented and approved by central
Government institutions.
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 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.44.26 |
|
UK Pound |
1 |
Rs.79.00 |
|
Euro |
1 |
Rs.63.53 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
32 |
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 |
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 |
|