MIRA
INFORM REPORT
|
Report Date : |
29.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
PRS PERMACEL PRIVATE LIMITED |
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|
|
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Registered Office : |
63,
Bombay Samachar Marg, Sonawala Building, Fort, Mumbai – 400001, Maharashtra |
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Country : |
India |
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|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1999 |
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Com. Reg. No.: |
11-120475 |
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CIN No.: [Company
Identification No.] |
U74999MH1999PTC120475 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17560E |
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PAN No.: [Permanent
Account No.] |
AABCP4401A |
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Legal Form : |
Private
Limited Liability Company. The company is a
subsidiary of Stock Traders Private Limited. |
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Line of Business : |
Manufacturing of self adhesive tapes, labels, insulation
products, identification labels and speciality tapes which are applied in
automobile and auto ancillary industries. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
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Status : |
Good |
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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 fine track. Available information
indicates high financial responsibility of the company. Financial position is
improving. Trade relations are fair.
Payments are correct and as per commitments. The
company is doing well. It can
be considered good for any normal business dealings. The
company can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
|
Registered Office : |
63,
Bombay Samachar Marg, Sonawala Building, Fort, Mumbai – 400001, Maharashtra,
India |
|
Tel. No.: |
91-22-6635 8333 |
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Fax No.: |
91-22-6635 8383 |
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E-Mail : |
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Website : |
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Factory
1 : |
Mohile Village, Safed Pool, Andheri-Kurla Road, Mumbai – 400
072, Maharashtra, India |
|
Tel.
No.: |
91-22-851 5052 |
|
Fax
No.: |
91-22-851 0149 |
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|
|
|
Regional Offices in India: |
Northern Region: 208,Vikram Tower, 16,
Rajendra Place, New Delhi – 110 008 Tel. No. : 91-11-4102
5702/03/4153 8394 Fax No.: 91-11-4102 5704 Eastern Region: BJ/134, Sector-II,
Gr.Floor, Salt lake, Kolkata - 700
091 Tel. No. : 91-33-2358
8561/62/95 Fax No.: 91-33-2358
8594 Southern Region: Office No.5, 2nd
Floor, Ankur Plaza, 52,G.N. Chetty Road, T. Nagar Chennai – 600 017 Tel. No. : 91-44-2815
5551/2815 3096 Fax No. : 91-44-2815
3208 |
DIRECTORS
|
Name : |
Mr. Sushil Premchand |
|
Designation : |
Chairman cum Managing Director
(NRI - based in Zurich, Switzerland) |
|
Address : |
Madhukun
7 Narayan, Dhabolkar Road, Napean Sea Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
27.07.1945 |
|
Date of Appointment : |
05.08.1999 |
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|
|
|
Name : |
Mrs.
Suvarna D Haridas |
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Designation : |
Director
|
|
Address : |
Spring
Leaf, 4th Floor, flat No. 402, 12th Road, Khar [West],
Mumbai – 400052, Maharashtra, India |
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Date of Birth/Age : |
25.01.1959 |
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Date of Appointment : |
05.08.1999 |
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Name : |
Mr. Pradeep Shroff |
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Designation : |
Managing Director |
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Address : |
1802,
Wallace Apartment, Sleater Road, Mumbai – 400007, Maharashtra, India |
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Date of Birth/Age : |
06.12.1949 |
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Qualification : |
Mechanical Engineer form
I.I.T, M.S from USA |
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Previous Employment : |
Johnson & Johnson Limited |
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Date of Appointment : |
11.08.1999 |
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|
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Name : |
Mr. Viju Parmeswaran |
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Designation : |
Director (Ex-employee of Hindustan Lever Limited - IIT) |
|
Address : |
A 2,
Cornwell Rustomji No. 3, Cornwell Road, Bangalore –560025, Karnataka |
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Date of Birth/Age : |
24.01.1953 |
|
Date of Appointment : |
14.12.2000 |
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Date of Ceasing : |
24.11.2005 |
|
|
|
|
Name : |
Anmol
and Associates |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Stock
Traders Private Limited |
|
458980 |
|
Permacel
India Holding AG ZUG |
|
441000 |
|
Mr.
Sushil K Premchand |
|
10 |
|
Mr.
Hatidas D Suvarna |
|
10 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of self adhesive tapes, labels, insulation
products, identification labels and speciality tapes which are applied in
automobile and auto ancillary industries. |
||||||||
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Products : |
Ř
Aisle Marking Tape Ř
Asset Marking Labels Ř
Decorative Graphics Ř
Double Sided Tapes For Mounting And Holding Ř
Foam Tapes For Fixing Trim / Emblem Ř
Instruction Labels Ř
Insulation Tapes Ř
Paint Masking Tapes Ř
Products For Polishing And Finishing Ř
Quality Control Labels Ř
Reflective Films / Labels Ř
Safety Labels In Plant Ř
Security / Tamper Evident Labels On Spares Ř
Sound And Vibration Dampening Products Ř
Surface Protection Films |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tapes |
SQM |
3961369 |
556041 |
|
Labels |
SQM |
644579 |
685296 |
GENERAL
INFORMATION
|
No. of Employees : |
265 |
|
|
|
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Bankers : |
ICICI Bank ICICI Bank Towers, bandra Kurla Complex, Nariman Point, Mumbai - 400 051 |
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Banking Relations : |
Satisfactory
|
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Auditors : |
S.R.
Batiboi and Associates Chartered Accountants 6th
Floor, Express Towers, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel No.: |
91-22-22876485 |
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Parent Company : |
Stock Traders Limited |
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Fellow Subsidiary : |
PRS Solutions Private Limited |
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Associates/Subsidiaries : |
v
OKS Speciality Lubricants (India) Private Limited, Bangalore,
Karnataka Engaged in producing, supplying and marketing of a wide
speciality lubricants, maintenance and anti-corrosion products. v
PRS Specialities Private Limited, Mumbai Engaged in marketing of polymer additives, ink additives and
resins. v
PRS Technologies Private Limited, New Delhi Involved in the project
selection and development, the sourcing and marketing of machinery and entire
plants. v
Stock Traders Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
|
8000000 |
Preference shares |
Rs. 10/- each |
Rs. 80.000 millions |
|
|
Total |
|
Rs.
100.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
900000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
9.000 |
9.000 |
9.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[74.039] |
[152.822] |
[203.301] |
|
|
NETWORTH |
[65.039] |
[143.822] |
[194.301] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.880 |
74.518 |
114.578 |
|
|
2] Unsecured Loans |
171.32 |
172.091 |
170.080 |
|
|
TOTAL BORROWING |
180.200 |
246.609 |
284.658 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
115.161 |
102.787 |
90.357 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
81.305 |
86.771 |
102.598 |
|
|
Capital work-in-progress |
5.238 |
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 |
50.997
|
39.884 |
30.368 |
|
|
Sundry Debtors |
121.727
|
85.380 |
85.142 |
|
|
Cash & Bank Balances |
0.524
|
0.240 |
1.427 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
38.547
|
35.165 |
22.001 |
|
Total Current Assets |
211.795
|
160.669 |
138.938 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
139.234
|
110.229 |
151.179 |
|
|
Provisions |
43.943
|
34.424 |
|
|
Total Current Liabilities |
183.177
|
144.653 |
151.179 |
|
|
Net Current Assets |
28.618
|
16.016 |
[12.241] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
115.161 |
102.787 |
90.357 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
591.532 |
564.298 |
435.981 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
78.212 |
50.479 |
32.090 |
|
Provision
for Taxation |
9.669 |
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
68.543 |
50.479 |
32.090 |
|
|
|
|
|
|
Import
Value |
NA |
129.583 |
51.429 |
|
|
|
|
|
|
Total
Expenditure |
513.320 |
513.819 |
403.891 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
11.58
|
8.94 |
7.36 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
13.22
|
8.94 |
7.36 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
26.68
|
20.40 |
13.28 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
[1.20]
|
[0.35] |
[0.16] |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
[5.58]
|
[2.72] |
[2.24] |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.15
|
1.11 |
0.91 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was incorporated on 22nd June, 1999 at Mumbai
in Maharashtra under name and style of Permacel Private Limited having Company
Registration Number 120475 and changed it’s name to present with effect from 20th
August, 1999.
Subject was established to carry on the business of manufacturing
and trading of self adhesive tapes and labels.
Pursuant to an agreement for the purchase of the Permacel business
of Johnson and Johnson Limited (J & J), dated August 10, 1999 between J
& J and the company, the Permacel division of J & J was transferred to the company.
Subject was originally founded in 1927 as the industrial products
division of health care giant Johnson & Johnson to produce and market
masking tape.
In India, it started its' operations in the late 1950s as a
division of Johnson & Johnson. Being
in the forefront of innovations and technology by the late 1970s, the company
was the market leader of identification labels, insulation products and
speciality tapes business in India.
In the global restructuring process, the world-wide business of Permacel
was sold by Johnson and Johnson in the early 1980s. Permacel India was an exception and continued as part of Johnson
& Johnson (India) till it was taken over in August, 1999 by Premchand
Roychand and Sons. The new company was
christened PRS Permacel Private Limited.
The Premchand family's business activities in India date back to
1856. The Group's originator, was Seth
Premchand Roychand one of the most prominent personalities in the financial
markets of his time, was one of the founder member of Bombay Stock
Exchange. The apex entity in the family
business is the firm of Premchand Roychand & Sons (PRS). Group company Preroy AG, Zug, Switzerland,
provides assistance and specialised financial consulting services to European
and American companies interested in doing business in India.
In the post war period the Group moved away form the purely
financial world of private banking, into diversified interests in India, both
with major multinational partners and smaller, niche technology companies. Today, the principal business interest in
the areas of finance, investment and industry.
The Group is mainly involved in identifying and financing interesting
investment opportunities for new industrial projects.
The company's fixed assets of important value include goodwill,
land, plant and machinery, laboratory equipment, furniture & fixtures,
computers, office equipments and vehicles.
Permacel was originally founded in 1927 as the industrial products division of the health care giant Johnson & Johnson to produce and market masking tape. Over the years Permacel grew to be one of the world's leading companies in tapes, with a large range of innovations to its credit. It is believed that,the word PERMACEL was derived from 'Permanent Cellulose Tapes'. The ubiquitous CELLOTAPE used even today was originally made by PERMACEL. In addition, Permacel ‘Duct Tape’ was the only tape selected by ‘FORTUNE’ magazine (November 22, 1999,Page No.81) in its ‘Products of the Century’ series.
In India, Permacel
started its operations in the late 1950s as a division of Johnson &
Johnson (India). The initial years saw Permacel establishing itself as the
Indian leaders in Tapes manufacturing. In the late 1960s, Permacel entered the
label making business pioneering speciality-printing technology in India.
Being in the
forefront of innovations and technology by the late 1970s, Permacel was the
market leader in the Identification Labels, Insulation Products and Speciality Tapes business
in India.
The company plans to enter into corrosion business. It also intends to enter into another
manufacturing activity, which is kept confidential.
The company is part of Premchand Group.
PRS Permacel, having
over 25 years of experience in brand protection, appreciates the business need
for brand protection, and has established new business division Kavach to promote its brand protection business. Kavach is dedicated to
helping brand owners fight the menace of counterfeiting, duplication,
re-circulation, diversion, refilling and various other forms of brand attack.
In the global
restructuring process, the world-wide business of Permacel was sold by Johnson
& Johnson in the early 1980s. Permacel India was an exception and continued
as part of Johnson & Johnson (India) till it was taken over in August 1999
by Premchand Roychand and Sons. The new company was christened PRS
Permacel Private Limited.
Today, with over 40 years of experience in India in the manufacturing of labels and tapes, and under a financially strong and committed management, PRS Permacel can offer you 'CUSTOMISED SOLUTIONS' for varied needs of labels and tapes. In addition to its strong technically qualified sales force, PRS Permacel has a state of the art manufacturing plant in Mumbai, supported by a large R&D facility.
PRS Permacel is the only company in India in its Industry to be
awarded both the coveted ISO 9001 and ISO 14001 certifications.
Form 8 Particular for creation or
modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U74999MH1999PTC120475 |
|
Name of the company |
PRS PERMACEL PRIVATE LIMITED |
|
Address |
63,
Bombay Samachar Marg, Sonawala Building, Fort, Mumbai – 400001, Maharashtra |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
ICICI Bank ICICI Bank Towers,
bandra Kurla Complex, Nariman Point,
Mumbai - 400 051 |
|
Nature or description of the instrument creating charge |
Unattested Deed of Hypothecation |
|
Date of the instrument creating charge |
22.08.2006 |
|
Amount Secure by the charge |
Rs. 0.514 Millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest : 9.52 % Payable in 60 instalments of Rs. 0.011 millions each , Repayment schedule from 05.10.2006 to 05.08.2011, Prepayment charges 5 % of the principal outstanding, Charge per cheque bonus Rs. 250 /- , Cheque Swap charges Rs. 750/- |
|
Description of the property charge whether it is a charge on |
Vehicles |
|
Name of the company |
PRS PERMACEL PRIVATE LIMITED |
|
Presented By |
Mr. Pradeep Shroff,
Director |
|
1) Date and description of instrument creating the change |
Vehicles Loan Cum Hypothecation agreement dated 24.6.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Vehicles loan of Rs. 0.259 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Alto LX Motor Car |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 7.01 % p.a. Payable in 60 instalments of Rs. 5100 each Repayment schedule from 01.08.2005 to 01.06.2010 Prepayment charges 4 % of the principal outstanding Cheque dishonour charges RS. 200 p.a . Cheque Swap charges Rs. 500/- |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank ICICI Bank Towers, bandra Kurla Complex, Nariman Point, Mumbai - 400 051 |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
-- |
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.44.65 |
|
UK
Pound |
1 |
Rs.87.23 |
|
Euro |
1 |
Rs.58.96 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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/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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|