MIRA INFORM REPORT
|
Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
PALMETTO INDUSTRIES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.46, 1/4, Saidarbar, Second Main Road, R A Puram, Chennai-600028,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
06.06.2006 |
|
|
|
|
Com. Reg. No.: |
18-060116 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 80.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U25209TN2006PTC060116 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of FIBCs and PP Woven BOPP Bags. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 220000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appear accumulated losses recorded by the company. The company has also
recorded delay in its debt payment due to weak liquidity. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow. The company can be considered for business dealings with great
caution. Note : Current year profit and loss account is not available. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
D (Long Term Rating) |
|
Rating Explanation |
This rating is in default or expected to be default soon. |
|
Date |
September 2012 |
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.
LOCATIONS
|
Registered Office : |
No.46, 1/4, Saidarbar, Second Main Road, R A Puram, Chennai-600028,
Tamilnadu, India |
|
Tel. No.: |
91-44-28270310 |
|
Fax No.: |
91-44-28272539 |
|
E-Mail : |
|
|
|
|
|
Factory : |
No.105/1, China Kalapet, ECR, Pondicherry-605014, India |
|
Tel. No.: |
91-413-2656996 |
|
Fax No.: |
91-413-2656996 |
DIRECTORS
AS ON 30.09.2012
|
Name : |
Mr. Shankar Balan |
|
Designation : |
Director |
|
Address : |
692, Firestone CT, Maritinez Ga, Martiz, United State of America |
|
Date of Birth/Age : |
17.07.1965 |
|
Date of Appointment : |
06.06.2006 |
|
DIN No.: |
01398697 |
|
|
|
|
Name : |
Mr. Pichumani Devasena |
|
Designation : |
Director |
|
Address : |
Type IV/4, 92, Gandhi Nagar Road, Baja Nagar, Jaipur-302017,
Rajasthan, India |
|
Date of Birth/Age : |
27.08.1969 |
|
Date of Appointment : |
06.06.2011 |
|
DIN No.: |
03551387 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Names of Shareholders |
No. of Shares |
|
Shankar Balan |
710400 |
|
Pichumani Devasena |
89600 |
|
TOTAL
|
800000 |
AS ON 30.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of FIBCs and PP Woven BOPP Bags. |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
FIBC Bags |
|
|
|
|
Extrusions |
MT |
2100 |
2000 |
|
Weaving |
MT |
2400 |
1920 |
|
Stitching |
MT |
2100 |
1500 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Murali and Moturi Chartered Accountant |
|
Address : |
No.12, 2nd Floor, Rosy Tower, 7, Nungambakkam High Road,
Chennai-600034, Tamilnadu, India |
|
PAN No.: |
AAIPM6535E |
CAPITAL STRUCTURE
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000 |
Equity Shares |
Rs.100/- each |
Rs. 80.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
800000 |
Equity Shares |
Rs.100/- each |
Rs. 80.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
80.000 |
50.000 |
50.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(23.060) |
(25.792) |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(28.566) |
|
|
NETWORTH |
56.940 |
24.208 |
21.434 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
138.537 |
|
|
2] Unsecured Loans |
|
|
28.562 |
|
|
TOTAL BORROWING |
120.277 |
135.127 |
167.099 |
|
|
DEFERRED TAX LIABILITIES |
0.548 |
0.516 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
177.765 |
159.851 |
188.533 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
106.415 |
126.779 |
134.331 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
75.480
|
71.367 |
52.509 |
|
|
Sundry Debtors |
42.367
|
24.454 |
19.655 |
|
|
Cash & Bank Balances |
2.636
|
0.439 |
1.995 |
|
|
Other Current Assets |
8.335
|
5.040 |
8.820 |
|
|
Loans & Advances |
10.093
|
7.197 |
2.211 |
|
Total
Current Assets |
138.911
|
108.497 |
85.190 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
39.992
|
39.065 |
29.211 |
|
|
Other Current Liabilities |
26.744
|
35.638 |
5.700 |
|
|
Provisions |
0.825
|
0.722 |
0.516 |
|
Total
Current Liabilities |
67.561
|
75.425 |
35.427 |
|
|
Net Current Assets |
71.350
|
33.072 |
49.763 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
4.439 |
|
|
|
|
|
|
|
|
TOTAL |
177.765 |
159.851 |
188.533 |
|
%20PRIVATE%20LIMITED%20-223523%2004-Jun-2013_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
255.932 |
180.088 |
|
|
|
Other Income |
|
6.719 |
0.000 |
|
|
|
TOTAL (A) |
|
262.651 |
180.088 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
|
214.880 |
150.660 |
|
|
|
Administrative Expenses |
|
14.150 |
|
|
|
|
TOTAL (B) |
|
229.030 |
150.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
33.621 |
29.428 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
15.158 |
17.764 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
18.463 |
11.664 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
14.226 |
15.253 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
4.237 |
(3.589) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
1.463 |
0.103 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
2.774 |
(3.692) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
241.511 |
179.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
30.078 |
41.967 |
|
|
|
Stores & Spares |
|
6.516 |
2.092 |
|
|
|
Capital Goods |
|
0.000 |
0.391 |
|
|
TOTAL IMPORTS |
|
36.594 |
44.450 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
5.55 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
1.06 |
(2.05) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
1.66 |
(1.99) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.80 |
(1.63) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.07 |
(0.15) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.11
|
5.58 |
7.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
1.44 |
2.40 |
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
two years |
Yes |
|
12] |
Profitability for last
two 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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
Yes |
|
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 |
FORM 8
|
Corporate
identity number of the company |
U25209TN2006PTC060116 |
|
Name of the
company |
PALMETTO
INDUSTRIES (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.46, 1/4, Saidarbar, Second Main Road, R A Puram, Chennai-600028, Tamilnadu, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10045485 |
|
Type of charge |
|
|
Particular of
charge holder |
Canara Bank, Overseas Branch, Spencer Towers, Anna Salai,
Chennai-600002, Tamilnadu, India |
|
Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement enclosed. |
|
Date of
instrument Creating the charge |
20.02.2012 |
|
Amount secured by
the charge |
Rs. 235.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As per the agreement
(Rate of interest is subject to change by the bank from time to time) Terms of repayment As per the
agreement Margin As per the
agreement Extent and operation of the charge Exclusive 1st
Charge Other Credit Limit of
Rs.235.700 Millions comprising PC-Rs.30.000 Millions, FDB/FBE- Rs.50.000
Millions, LC- Rs.400 Lacs,BG-Rs.10.000 Millions, TL-I-Rs.58.000 Millions,
TL-II-Rs.40.000 Millions, TL3-Rs.3.000 Millions, DPN - Rs.4.700 Millions. |
|
Short particulars
of the property charged (Including location of the property) |
Whole of the
existing securities including whole of the stocks, plant and machinery
including those acquired and / or to be acquired out of the enhanced credit
limits made available by the bank now more fully described in the agreement
enclosed. This is in addition to all other existing securities. |
|
Date of
instrument modifying the charge |
18.02.2012 |
|
Particulars of
the present modification |
Enhanced Credit limits
of Rs.235.700 Millions is further secured by the properties given above more
fully described in the agreement enclosed. All other terms and conditions of
the original charge and the subsequent modifications remain unchanged. |
FIXED ASSETS
- Land and
Building
- Plant and
Machinery
- Computer
- Air
Conditioner
- Furniture and
Fixtures
- Dock Leveler
- Electrical
Fittings
- Genset
- Slitting
Machine
- Lamination
machine
- Photocopies
- Vehicles
- Santro Car
- Camera System
- Tubing
Machine
- Camera System
- Bicycle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 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. 56.57 |
|
|
1 |
Rs. 86.15 |
|
Euro |
1 |
Rs. 73.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.