MIRA INFORM REPORT
|
Report Date : |
13th May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
PREMIER
IRRIGATION EQUIPMENT LIMITED |
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Registered Office : |
17/1-C,
Alipore Road, Kolkata - 700 027, West Bengal, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
07.07.1965 |
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Com. Reg. No.: |
21-26536 |
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CIN No.: |
U27203WB1965PTC026536 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
CALP00596B |
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Legal Form : |
A
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer&
Trader of Drip & Sprinkle irrigation, Drip and Micro Irrigation, Pumps
and Pump set |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. Payments are correct and as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions |
LOCATIONS
|
Registered Office/ Head
Office : |
17/1-C, Alipore Road,
Kolkata - 700 027, West Bengal, India. |
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Tel. No.: |
91-33-4795155 / 7455 / 9530
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Fax No.: |
91-33-4797626 |
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E-Mail : |
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Website : |
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Area: |
26000 Sq. ft |
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Location : |
Leased |
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Factory 1 : |
Boral,
24 Pargs, South, West Bengal |
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Area : |
30000
Sq. ft |
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Location : |
Leased |
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Factory 2 : |
Butibari,
Nagpur |
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DIRECTORS
|
Name : |
Mr. Krishna Kumar Goenka |
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Designation : |
Director |
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Address : |
F-251, W S Land, Western
Avenue, New Delhi-110062 |
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Date of Birth/Age : |
20.12.1939 |
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|
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Name : |
Mr. Micheal John Pook |
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Designation : |
Director |
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Address : |
Middle
Sex, UK |
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Date of Birth/Age : |
27.09.1936 |
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|
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Name : |
Mr. Kamlesh K. Sinha |
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Designation : |
Director |
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Address : |
10,
U.A. Mani Towers |
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Date of Birth/Age : |
27.09.1936 |
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|
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Name : |
Mr.
Arabinda De |
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Designation : |
Director |
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Address : |
31/41,
BB Road, Kolkatta-7000038, West Bengal |
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Date of Birth/Age : |
31.12.1943 |
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Name : |
Mr.
Gopal Poddar |
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Designation : |
Director |
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Address : |
5,
S R Das Road, Kolkatta-7000026, West Bengal |
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Date of Birth/Age : |
31.12.1942 |
KEY EXECUTIVES
|
Name: |
Mr. Krishna Kumar Goenka |
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Designation: |
Managing Director |
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Address: |
27, Raja Santosh Road,
Kolkata - 700 027, West Bengal |
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Date of Birth: |
20th December,
1939 |
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Qualification: |
B. Com. |
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Experience: |
45 years |
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Previous Employment: |
Own Business |
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Other Directorships: |
Premier Irrigation Exports
Limited |
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MAJOR SHAREHOLDERS
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Krishna Kumar Goenka |
|
60,000 |
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Mr. Micheal John Pook |
|
20,000 |
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Mr. Kamlesh K. Sinha |
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40,000 |
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Mr. Arabinda De |
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30,000 |
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Mr. Gopal Poddar |
|
40,000 |
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|
|
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Total |
|
190,000 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer
& Trader of Drip & Sprinkle irrigation, Drip and Micro Irrigation,
Pumps and Pump set |
|
|
|
|
Products : |
v
Aluminum Irrigation
pipes / tubes 50 to 150 mm OD v
Aluminum couplers,
valves and fittings v
Agricultural
sprinklers v
Pumps and pumpsets v
Air and vacuum valves v
Filters-media and
screen v
Nozzles and equipment
for dust suppression v
Architectural,
packaged, musical dancing and entertainment fountains v
Ride and theatre
simulators v
LLDPE tubing upto 32
mm OD v
Drip in and thin wall
integrated emitter tubing (under implementation) v
HDPE pipes upto 160 mm
OD v
PVC pipes upto 110 mm
OD v
Coupling systems for
HDPE pipes v
HDPE fittings and
fabrications v
Drip emitters v
Drip fittings v
Moulded components |
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|
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Exports of: |
Forwater
Screens and provide Scintilating light and laser shows |
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Exports to : |
Gulf,
UK, China & Africa |
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Terms : |
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Selling : |
L/C
& Credit 30 days |
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Purchasing : |
L/C
& Credit 30 days |
PRODUCTION STATUS
|
Particulars |
|
|
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|
Pump, Distribute and
Regulate for Irrigation, advance Sprinkler and Drip Irrigation Systems, Water
Jump, Twist, Dance and More in Elaborate computer control Musical Dancing,
Fountains |
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GENERAL INFORMATION
|
Suppliers : |
v
Greaves Limited v
Ashok Leyland Limited v
Tata Steel |
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|
|
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Customers : |
Wholesalers
& Retailers Some of its' major
customers are as under : K
FAO K
UNDP K
ICRISAT K
IRRI K
Asian Development Bank K
World Bank K
European Union K
USAID K
Binani Industries
Limited K
Blue Star Limited K
Central Coalfields Limited K
Durgapur Steel Plant K
Engineering Projects
(India) Limited K
F Harley & Company
Limited K
Flakt India Limited K
Hindalco Industries
Limited K
Larsen & Toubro
Limited K
Madras Cement Limited K
Mahanadi Coalfields
Limited K
Northern Coalfields
Limited K
South Eastern Coalfields
Limited K
Tata Steel K
Tata Robin - Fraser
Limited K
Thermax Limited K
All State Agricultural
Ministries K
Irrigation Departments |
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|
|
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No. of Employees : |
Office
15, Factory 200. Total 215 |
|
|
|
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Bankers : |
Oriental
Bank of Commerce |
|
Address: |
25,
Braborne Road, Kolkatta-700001, West Bengal |
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Credit Limit: |
Rs.
15.000 millions |
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
De
and Bose Chartered
Accountant |
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Tel. No.: |
91-33-22485039 |
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Fax No.: |
91-33-22434864 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,500,000 |
Equity
Shares |
Rs. 10 each |
Rs. 75.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,828,130 |
Equity
Shares |
Rs. 10 each |
Rs. 48.281 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
48.281 |
47.240 |
|
|
2] Reserves & Surplus |
|
23.100 |
11.902 |
|
NETWORTH
|
|
71.381 |
59.142 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
354.328 |
331.177 |
|
|
2] Unsecured Loans |
|
20.720 |
24.186 |
|
TOTAL
BORROWING
|
|
375.048 |
355.363 |
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|
DEFERRED TAX LIABILITIES |
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|
|
|
|
|
|
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TOTAL
|
|
446.429 |
414.505 |
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|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
|
116.087 |
119.481 |
|
Capital work-in-progress
|
|
- |
- |
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|
|
|
|
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INVESTMENT
|
|
0.407 |
0.407 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
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Inventories
|
|
145.906 |
147.113 |
|
|
Sundry Debtors
|
|
256.066 |
208.700 |
|
|
Cash & Bank Balances
|
|
2.589 |
4.441 |
|
|
Loans & Advances
|
|
42.667 |
38.024 |
Total Current Assets
|
|
447.228 |
398.278 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
117.293 |
103.661 |
|
Total Current Liabilities
|
|
117.293 |
103.661 |
|
Net Current
Assets
|
|
329.935 |
294.617 |
|
|
|
|
|
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MISCELLANEOUS EXPENSES
|
|
- |
- |
|
|
|
|
|
|
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TOTAL
|
|
446.429 |
414.505 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
462.734 |
352.046 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
8.822 |
20.500 |
Provision for Taxation
|
|
0.249 |
1.100 |
Profit/(Loss) After Tax
|
|
8.573 |
19.400 |
|
|
|
|
|
Total Expenditure
|
|
471.307 |
371.446 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
|
1.85 |
5.51 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
1.91 |
5.82 |
|
|
|
|
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|
Return on Total Assets
(PBT/Total Assets} |
(%) |
|
1.57 |
3.95 |
|
|
|
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|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.12 |
0.35 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
|
6.90 |
7.76 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
|
3.81 |
3.84 |
LOCAL AGENCY FURTHER INFORMATION
PROFILE
For
over three decades the use and control of water has been both our business and
our inspiration.
We pump,
distribute and regulate it for irrigation. Our two factories uniquely
manufacture practically all the components for advanced sprinkler and
drip irrigation systems and today we are the largest manufacturer of irrigation
systems in South and South East Asia.
We make water
jump, twist, dance and more in elaborate computer controlled musical dancing
fountains. We use it for water screens and provide scintillating light and
laser shows. We cater for a demanding clientele in the Gulf, UK, China, South
East Asia and Africa.
As a development
of our involvement in the entertainment field we have used our hardware and
software skills and hydraulic expertise to produce ride simulators for the
first time in India.
We use water
to carry chemicals to control and suppress dust in industrial environments thus
helping to clean our world.
We are
multi-product and diversified but remain close to our core competency.........
making water work for the good of humanity.
PREMIER FUNTECHTM
Entertainment Technology
THRILLRIDERTM - Adventures Unlimited
With in-house manufacturing facilities covering all
types of welding, fabrication and machining, electrical engineering, fiberglass
reinforced plastic molding, and software and systems engineering, plus a very
creative design team, PREMIER FUNTECH manufactures the THRILLRIDERTM range of ride
simulation products and can integrate them into almost any concept. From our
low cost-manufacturing base we offer exceptional value for money without
sacrificing quality or technology. The current range -
StarRider 8TM
Eight seat state of the art six axis electric capsule built in
association with Motionbase PLC a leading UK supplier to the ride simuation
industry and for 
professional training applications. Exceptionally smooth and quiet and
operates from single phase power. MPEG2 video for high quality and flexibility.
We can motion programme your material and assist in developing themes and
films. StarRider is available on a mobile trailer or vehicle and as a ten seat
platform for ride simulation theatres where it can operate with a ceiling
height of only 3 m and therefore make use of almost any indoor space
Flight Avionics RangeTM
This range is built under licence in collaboration with Flight Avionics Ltd
of the UK and considered the developers of modern ride simulation.
Starting in 1980, their machines are used all over the world and they
have vast experience in building and operating rugged high performance
simulators.
All models are
hydraulic with an exceptionally large range of movement for a really dramatic
ride. MPEG2 video ensures quality images with the ease of loading new
ride films.
PREDATOR Class - 8 seat capsule and 10 seat platform for theatres.
GALAXY Class - 15 and 17 seat capsules and 18 - 20 seat platforms.
TITAN Class - 25 and 30 seat capsules and platforms.
Mobile Ride Simulator
Selected models can also be built in mobile trailer configurations.
SIMPULSETM
Individual motion chair built in collaboration with Studysim Ltd
UK.
Three axis chair giving a vigorous ride in a compact space.
Pneumatically operated so clean and safe in any environment. This flexible
system means ride simulation theatres can be installed in almost any available
space and as small as six seat
Cine Motion - Ride Simulation Theatre
Large screen projection with options of motion chairs or platforms for
large capacity theatres
Pre and After Sales Service
We support our products with advice on site selections, layout and
theming. Installation and engineering drawings and commissioning service.
On-site customer support engineers or service from convenient locations. Ride
film library and programming of client's material, custom films, spares stocks,
spares packages, maintenance contracts.
Premier offers a complete package, from installation to maintenance, for every
fountain. Along with tailor-made solutions for all your needs.
We have a complete range, economically priced, catering to every budget.
Backed by decades of experience in hydraulic engineering, sophisticated
computer technology and stringent quality controls.
Designed by specialists, Premier Fountains can be installed anywhere and
require practically no maintenance. Which has brought Premier global
appreciation and an increasing clientele.
You can choose from a wide range of beautiful formations:
PREMIER IN THE WORLD OF IRRIGATION
About us:
For over 30 years our engineers and irrigation specialists have been designing,
installing and operating Sprinkler and Drip Systems for practically all the
crops grown by man on soils ranging from porous sand to the heaviest clay, and
in climatic conditions from tropical through desert to Himalayan Alpine. These
embrace not only the diversity of India but also successful executions in other
parts of Asia, Africa and the Middle East.
We offer:
a wide range of products
complete irrigation systems
custom manufacture of
irrigation components
extensive
manufacturing facilities
innovation through R
& D
Our clientele:
Leading names in plantations, commercial farming,
floriculture, distributors of irrigation equipment and contracting.
International agencies and funded projects of FAO, UNDP, ICRISAT, IRRI, Asian
Development Bank, World Bank, European Union, USAID and more.
THRILLRIDER -
AdventuresUnlimited
Imagine yourself, zooming
through the stars in an alien universe, making death-defying leaps across
chasms, or burning the formula one track in your racing car. Yes, Premier
Funtech has for you an adventure that stretches the imagination - a journey
into the fabulous world of ride simulation with is THRILLRIDER range of ride.
For the first time in India, there is
a ride simulator with full variable motion control integrated with image
protection and theatre surround sound. Giving the audience a fantastic real-life
experience they'll never forget. With THRILLRIDER, each ride is so realistic,
even four-minutes is enough.
Premier had first introduced the theatre style ride
simulator under the THRILLRIDER banner. In collaboration with STUDYSIM LTD.,
UK, this SIMPULSE RIDE SIMULATION SHOW uses individual chairs for a dynamic,
fast moving total involvement. The number of chairs can be tailored to the
budget and space available - typically six to fifteen and almost any regularly
shaped space can be used. This is a flexible system where only occupied chairs
run - taking care of lighter traffic periods. Extra chairs can be added to cope
with expansion. Motive power is compressed air - clean and safe and the
compressor can be located anywhere.
A SIMPULSE SHOW is giving great rides at Mumbai's
first ride simulation show at FUNLAND, Goregaon and will also open at the
prestigious XS entertainment complex by the Arvind Mills Group at Ahmedabad in
January 2000. Premier Funtech aims to offer ride simulation attractions for all
requirements. Hence the launch of a range of capsules with 8 to 30 seats in
collaboration with world leaders FLIGHT AVIONICS LTD., UK. Another
collaboration with Motionbase PCL has produced StarRider 8, an eight-seat
electrically powered capsule with six-axis motion.
All capsules are self contained, hence can be
located practically anywhere including outdoors - a canopy is advised.
State-of-the-art MPEG2 video projected is on a screen as wide as the capsule
and high quality surround sound completes the immersing experience.
Ride simulation is a top attraction abroad, and a
highly profitable crowd-puller. Now, the THRILLRIDER range brings all of that
to India. With entertainment and leisure enjoying a boom, the THRILLRIDER range
is a 'must try' attraction suitable for amusement, theme and water parks,
family entertainment centres, shopping mails, resorts, hotels, airports,
museums and more. While for the visitors, it's pure thrill, for the organiser,
it's pure profit.
The company offers a complete
package from installation to maintenance for every fountain. It has wide range of beautiful formations
such as :
K
Crystal Fountains
K
Riviera Fountains
K
Musical Fountains
K
Fantasia
K
Mobile Fountains
K
Architectural Fountains
K
Floating Fountain
K
Interactive Fountains
Contact Us
CALCUTTA - Corporate Office
17/1C,
Alipore Road.
Calcutta - 700027. India.
Phone - 91-033-24795155/7455/9530,24497830/31.
Fax - 91-033-24797626
Email - sales@premierworld.com
Web Site - www.premierworld.com
International operations - 91-033-24798126
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.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
51 |
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
|
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/normal. |
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 |