MIRA
INFORM REPORT
|
Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PREMIER MILLS PRIVATE LIMITED |
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Formerly Known As : |
PREMIER FINE YARNS PRIVATE LIMITED |
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Registered Office : |
244, A.T.D. Street, Race Course, Coimbatore-641018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.11.1994 |
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Com. Reg. No.: |
181-5511 |
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CIN No.: [Company
Identification No.] |
U17111TZ1994PTC005511 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBP03170G |
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PAN No.: [Permanent
Account No.] |
AABCP5924C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Yarn, Cotton Fabrics, Knitted Fabrics. |
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 4400000 |
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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 and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
244, A.T.D. Street, Race Course, Coimbatore-641018, Tamilnadu, India |
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Tel. No.: |
91-422-2221223 |
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Fax No.: |
91-422- 2221225 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. R Jagdish Chandran |
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Designation : |
Chairman and Managing Director |
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Address : |
244, A.T.D. Street, Race Course, Coimbatore-641018, Tamilnadu, India |
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Date of Birth/Age : |
06.03.1941 |
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Date of Appointment : |
16.11.1994 |
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Name : |
Mr. D. Rajendran |
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Designation : |
Managing Director |
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Address : |
233, Tea Estate, Race Course, Coimbatore-641018, Tamilnadu, India |
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Date of Birth/Age : |
17.12.1948 |
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Date of Appointment : |
16.11.1994 |
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Name : |
Mr. K V Srinivasan |
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Designation : |
Managing Director |
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Address : |
# 3 VP, Naidu Street, Avanashi, Coimbatore-641018, Tamilnadu, India |
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Name : |
Mr. Sabitha Chandran |
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Designation : |
Director |
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Address : |
245, A.T.D. Street, Race Course, Coimbatore-641018, Tamilnadu, India |
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Date of Birth/Age : |
07.04.1942 |
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Date of Appointment : |
03.08.2002 |
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Name : |
Mr. Sridhar Varadaraj |
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Designation : |
Director |
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Address : |
# 9 VP Naidu Street, Coimbatore-641018, Tamilnadu, India |
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Date of Birth/Age : |
24.11.1969 |
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Date of Appointment : |
18.06.2003 |
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Name : |
Ms. Shanthi Srinivasan |
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Designation : |
Director |
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Name : |
Ms. Kavitha Varadaraj |
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Designation : |
Managing Director |
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Name : |
Mr. V S Soundarajan |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. M R Thiagarajan |
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Designation : |
Company Secretary |
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Address : |
C-18, United Nagar, Veerakeralam Post, Coimbaotre-641007, Tamilnadu,
India |
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Date of Birth/Age : |
15.09.1954 |
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Name : |
G. Ramachandran |
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Designation : |
Company Secretary |
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Address : |
2 Ramanuja Nagar, Uppilipalayam, Coimbatore – 641 015, Tamilnadu,
India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Equity Shares |
|
|
Premier Textiles Private Limited |
23970 |
|
R Jagdish Chandran |
1335 |
|
Mr. Sabitha Chandran |
1335 |
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Total |
26640 |
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Preference
Shares |
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Mr. R Jagdish Chandran |
2700 |
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Mr. Sabitha Chandran |
1800 |
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Mr. K V Srinivasan |
1125 |
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Mrs. Shanthi Srinivasan |
1125 |
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Mr. Sridhar Varadaraj |
1125 |
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Mrs. Kavitha Varadaraj |
1125 |
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Total |
9000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Yarn, Cotton Fabrics, Knitted Fabrics. |
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Products : |
v Yarn
v Cotton
Fabrics v Knitted
Fabrics |
GENERAL
INFORMATION
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Bankers : |
v Andhra Bank, 17,
Mill Road, Coimbatore-641001, Tamilnadu, India v Bank of Baroda,
CFS Branch, 82, Bank Road, 2nd Floor, Coimbatore-641018,
Tamilnadu, India v Union
Bank of India, Oppanakara Street, Coimbatore-641001, Tamilnadu, India v Bank
of Nova Scotia v Export
Import Bank of India v Punjab
National bank v Union
Bank of India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M S Jagannathan and Visvanathan Chartered Accountants |
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Address : |
6 D B Road, R S Puram, Coimbatore – 641 002, Tamilnadu, India |
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Holding Company: |
PTL Textiles
Coimbatore Private Limited |
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Subsidiary
Companies: |
v Premier Cotton Textiles
Private Limited v Begalur Holdings
Private Limited v PPL Holdings
Private Limited v Glendale
Holdings Private Limited v Perungudi Wind
Farms Private Limited v Primero
Intimates Private Limited |
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Other Related
Companies: |
v PGF Holdings (CBE)
Private Limited v Holiday Travels
Private Limited v Coimbatore
Polytex Private Limited v Coimbatore
Twisters Private Limited v Capricom General
Finance Private Limited v Lakshmi
Narasimha Textiles Private Limited v Premier Cotton
Textiles v Premier Evolvics
Private Limited v Premier Spinning
and Weaving Mills Private Limited v Premier
Polyweaves Private Limited v Prima Products
Private Limited v Sree Narasimha
Textiles Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
|
10000 |
Preference Shares |
Rs.10/- each |
Rs.0.100 millions |
|
|
Total |
|
Rs.5.100
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26640 |
Equity Shares |
Rs.100/-
each |
Rs.2.664 millions |
|
9000 |
Preference Shares |
Rs.10/- each |
Rs.0.090 millions |
|
|
Total |
|
Rs.2.754 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
2.754 |
2.754 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
1115.247 |
997.245 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1118.001 |
999.999 |
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LOAN FUNDS |
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|
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1] Secured Loans |
|
2080.392 |
841.592 |
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2] Unsecured Loans |
|
7.722 |
0.000 |
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TOTAL BORROWING |
|
2088.114 |
841.592 |
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DEFERRED TAX LIABILITIES |
|
213.557 |
153.924 |
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TOTAL |
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3419.672 |
1995.515 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
2381.692 |
1227.257 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
93.810 |
94.464 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
391.182 |
400.703 |
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Sundry Debtors |
|
39.144 |
21.558 |
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Cash & Bank Balances |
|
141.363 |
34.195 |
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Other Current Assets |
|
9.191 |
11.657 |
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Loans & Advances |
|
419.798 |
298.808 |
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Total
Current Assets |
|
1000.678 |
766.921 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
|
49.237 |
86.962 |
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Provisions |
|
7.271 |
6.165 |
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Total
Current Liabilities |
|
56.508 |
93.127 |
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Net Current Assets |
|
944.170 |
673.794 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
3419.672 |
1995.515 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
1536.388 |
1251.854 |
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Other Income |
|
15.646 |
23.593 |
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Total Income |
|
1552.034 |
1275.447 |
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CHANGE IN STOCK |
|
56.006 |
12.460 |
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Profit/(Loss) Before Tax |
|
178.305 |
263.338 |
|
|
Provision for Taxation |
|
61.258 |
98.532 |
|
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Profit/(Loss) After Tax |
|
117.047 |
164.806 |
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|
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Export Value |
|
1434.602 |
1184.029 |
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Imports : |
|
|
|
|
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Raw Materials |
|
511.191 |
272.390 |
|
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Stores & Spares |
|
18.801 |
12.097 |
|
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Capital Goods |
|
125.153 |
73.302 |
|
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Others |
|
0.000 |
0.000 |
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Total Imports |
|
655.145 |
357.789 |
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Expenditures : |
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Total Expenses |
|
1159.024 |
881.901 |
|
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Financial Charges |
|
76.852 |
23.659 |
|
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Depreciation |
|
193.859 |
119.009 |
|
Total Expenditure |
|
1429.735 |
1024.569 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
7.54 |
12.92 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
11.61 |
21.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.27 |
13.21 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.16 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.92 |
0.93 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.71 |
8.24 |
LOCAL AGENCY
FURTHER INFORMATION
NOTE:
The subject was formerly known as “Premier Fine Yarns Private Limited”
The subject has changed to its present name i.e. “Premier Mills Private Limited”
with effect from 18.01.2007, as per registry vide Letter No. S.21/5511/2007
dated 18.01.2007
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U17111TZ1994PTC005511 |
|
Name of the company |
PREMIER FINE YARNS PRIVATE LIMITED |
|
Address |
244, A.T.D. Street, Race Course, Coimbatore-641018, Tamilnadu, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Equitable mortgage or mortgage of property by depositing the title deeds. |
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Particular of the charge holder |
Union Bank of India Oppanakara Street, Coimbatore-641001, Tamilnadu, India |
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Amount Secure by the charge |
Rs.140.000 millions |
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Description of the property charge whether it is a charge on |
Immovable properties Stock in trade Book debts |
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Brief description of instrument modifying the charge |
As per attachment – hypothecation agreement and memorandum of entry both dated 11.02.2006 |
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Particulars of the present modification |
Amount secured by hypothecation increased from Rs.110 millions to Rs.140 millions. Also additionally secured by a pari passu charge on the immovable properties. |
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Name of the company |
PREMIER FINE YARNS PRIVATE LIMITED |
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Presented By |
Mr. R Jagdish Chandran –
Chairman and Managing director |
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1) Date and description of instrument creating the change |
29.01.2001 Instrument of hypothecation of moveable machinery |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.210.000 millions |
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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 |
All plant and machinery mentioned in the annexure to the schedule to the instrument of hypothecation of movable machinery dated 29.01.2001. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge operates as security for the due repayment and discharge by the company to Andhra Bank if its Term Loan of Rs.210 millions sanctioned to the company. |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank 17, Mill Road Coimbatore-641001 |
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6) Date and brief description of instrument modifying the charge |
24.03.2001 No instrument. A mortgage by deposit of title deeds by constructive delivery was created by the company in favour of Andhra Bank in respect of the immovable properties of the company situate at Pulankinar as security on a first charge pari passu basis, interalia, for the due repayment and discharge by the company to Andhra Bank of its Term loan of Rs.210 millions grated by them to the company. The immovable properties are more clearly and particularly described in the Annexure hereto. |
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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. |
The company has created the equitable mortgage to additionally secure the Term Loan of Rs.210 millions sanctioned by Andhra Bank on a first charge pari passu basis. |
Website
Details:
Company Profile
Premier is a large textile conglomerate encompassing spinning,
weaving, dyeing and finishing, garments and home textiles having its corporate
office at Coimbatore in Tamilnadu. With an annual turnover of around Rs.750
Crorers, the Premier group exports to over 50 different countries worldwide.
Premier Mills Private Limited manufacturers’ fine and superfine yarn entirely
for the export market. Its state-of-the-art unit is located near Udumalpet in
Coimbatore District.
Premier Polyweaves Private Limited is a manufacturer of top of the line home
textile products for some of the leading brands. It has a modern weaving unit
with wide-width looms at Pollachi in Coimbatore District and a sophisticated
textile processing unit at Perundurai in Erode District.
Premier Mills Group
|
Mills |
Capacity |
Counts
spun (NE) |
|
Premier Fine Yarns Limited |
58,704
spindles Gassed
Yarns: |
40/1
C kntg. |
|
Premier Polytronics Limited., |
20,160
spindles |
30/1C
kntg. |
|
Sree Narasimha Textiles
Limited., |
27,216
spindles |
36/2
C wvg. |
|
Prime Cotton Textiles |
29,392
spindles |
20/1
C kntg. |
|
Prima Products Private Limited |
1,176
rotors |
6s -
10s & 16s O.E |
|
Lakshmi Narasimha Textiles |
792
rotors |
6s -
10s O.E. |
Premier Fine Yarns Private Limited the
total installed capacity of the group is 180,000 spindles, 1968 rotors and 450
looms including the latest Sulzer
Projectile P7200 looms and Picanol
Airjet looms. The company also has a processing capacity of 100,000
metres per day including bleaching, dyeing and printing of cotton and synthetic woven fabrics In knits, the
group has a capacity of 5 tons per day of Single jersey, Interlock and Rib Fabrics.
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. 39.56 |
|
UK Pound |
1 |
Rs. 81.39 |
|
Euro |
1 |
Rs. 58.04 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|