MIRA
INFORM REPORT
|
Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PRIME HOUSEWARES LIMITED |
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Registered Office : |
# 31, Jivaji Bhavan, Old Post Office Lane, Kalbadevi, Mumbai,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.01.1995 |
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Com. Reg. No.: |
84793 |
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CIN No.: [Company
Identification No.] |
U25206MH1995PLC084793 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP1513PF / MUMP16368C |
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PAN No.: [Permanent
Account No.] |
AABCP6379F |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers of plastic household containers, hangers,
baskets, gift products, kids products, plastic buckets, mugs, chopping boards |
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 250000 |
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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 fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
# 31, Jivaji Bhavan, Old Post Office Lane, Kalbadevi, Mumbai,
Maharashtra, India |
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Tel. No.: |
91-22-22092653 / 22092830 / 2206 3713 |
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Fax No.: |
91-22-22055571 |
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E-Mail : |
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Website : |
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Factory : |
39 / 39A,
G.D.D.I.D.C., Somnath Road, Daman - 396 210, INDIA |
DIRECTORS
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Name : |
Mr. Pyarelal Agarwal |
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Designation : |
Director |
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Address : |
5/2, Jeevan Vihar Building, Manav Mandir Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
04.09.1927 |
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Date of Appointment : |
19.01.1995 |
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Name : |
Mr. Surendra Sanganeria |
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Designation : |
Director |
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Address : |
5/2, Jeevan Vihar Building, Manav Mandir Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
05.11.1951 |
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Date of Appointment : |
19.01.1995 |
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Election Commission Identity :
|
MT/04/024/141152 |
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Name : |
Mr. Jitendra Agarwal |
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Designation : |
Director |
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Address : |
5/2, Jeevan Vihar Building, Manav Mandir Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
07.03.1959 |
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Date of Appointment : |
19.01.1995 |
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Election Commission Identity :
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MT/04/024/141622 |
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Name : |
Ms. Lalita Agarwal |
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Designation : |
Director |
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Address : |
5/2, Jeevan Vihar Building, Manav Mandir Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
03.03.1959 |
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Date of Appointment : |
19.01.1995 |
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Election Commission Identity :
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MT/04/024/141621 |
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Name : |
Ms. Anju Sanganeria |
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Designation : |
Director |
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Address : |
5/2, Jeevan Vihar Building, Manav Mandir Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
29.10.1956 |
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Date of Appointment : |
19.01.1995 |
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Election Commission Identity :
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MT/04/024/141388 |
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Name : |
Mr. Prayas Sanganeria |
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Designation : |
Director |
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Address : |
5/2, Jeevan Vihar Building, Manav Mandir Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
29.10.1976 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Pulkit Sanganeria |
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Designation : |
Director |
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Address : |
5/2, Jeevan Vihar Building, Manav Mandir Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
22.08.1980 |
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Date of Appointment : |
01.11.2004 |
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Name : |
Mr. Arun Agarwal |
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Designation : |
Director |
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Address : |
25, Bala Sinor Society, S. V. Road, Kandivali [West], Mumbai – 400067,
Maharashtra, India |
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Date of Birth/Age : |
03.09.1965 |
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Date of Appointment : |
01.11.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Pyarelal Agarwal |
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8100 |
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Surendra Sanganeria |
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8100 |
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Jitendra Agarwal |
|
8100 |
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Geetabai Agarwal |
|
10100 |
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Anju Sanganeria |
|
10100 |
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Lalita Agarwal |
|
10100 |
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Meena Agarwal |
|
400 |
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J P Enterprises |
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25000 |
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Prayas Sanaganeria |
|
5000 |
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Pulkit Sanganeria |
|
5000 |
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Ankit Agarwal |
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5000 |
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Aditi Agarwal |
|
5000 |
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Total |
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100000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of plastic household containers, hangers,
baskets, gift products, kids products, plastic buckets, mugs, chopping boards |
PRODUCTION STATUS
|
Particulars |
Unit |
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Installed
Capacity |
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Plastic Moulded |
MT |
|
1800 p.a. |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
Bank of Baroda Princess Street Branch, Mumbai – 400002, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. C. Deora and Company Chartered Accountants |
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Address : |
3, V. K. Building, 173/175 Princess street, Kalbadevi, Mumbai –
400002, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
51.752 |
32.706 |
19.934 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
61.752 |
42.706 |
29.934 |
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LOAN FUNDS |
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1] Secured Loans |
39.928 |
24.336 |
20.149 |
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2] Unsecured Loans |
0.809 |
1.619 |
1.465 |
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TOTAL BORROWING |
40.737 |
25.955 |
21.614 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
102.489 |
68.661 |
51.548 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.596 |
20.949 |
19.968 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.055 |
0.055 |
1.015 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.938
|
10.350 |
14.698 |
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Sundry Debtors |
28.050
|
23.527 |
10.831 |
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Cash & Bank Balances |
2.048
|
1.095 |
3.348 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
58.267
|
24.382 |
8.289 |
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Total
Current Assets |
100.303
|
59.354 |
37.166 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.241
|
6.445 |
4.094 |
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Provisions |
11.224
|
5.252 |
2.511 |
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Total
Current Liabilities |
17.465
|
11.697 |
6.605 |
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Net Current Assets |
82.838
|
47.657 |
30.561 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
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TOTAL |
102.489 |
68.661 |
51.548 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
163.843 |
133.065 |
123.270 |
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Other Income |
1.155 |
0.159 |
0.000 |
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Total Income |
164.998 |
133.224 |
123.270 |
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Profit/(Loss) Before Tax |
25.343 |
16.210 |
10.519 |
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Provision for Taxation |
6.297 |
3.929 |
1.335 |
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Profit/(Loss) After Tax |
19.046 |
12.281 |
9.184 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
NA |
2.753 |
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Expenditures : |
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Raw Material Consumed |
69.937 |
55.027 |
0.000 |
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Consumption of stores and spares parts |
1.888 |
1.032 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[0.517] |
3.426 |
0.000 |
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Salaries, Wages, Bonus, etc. |
2.714 |
2.380 |
2.347 |
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Managerial Remuneration |
3.660 |
1.710 |
0.410 |
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Payment to Auditors |
0.020 |
0.020 |
0.015 |
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Interest |
0.000 |
0.722 |
1.300 |
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Insurance Expenses |
0.197 |
0.188 |
0.247 |
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Power & Fuel |
4.456 |
3.949 |
4.423 |
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Depreciation & Amortization |
4.256 |
4.449 |
6.090 |
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Other Expenditure |
53.044 |
44.111 |
97.919 |
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Total Expenditure |
139.655 |
117.014 |
112.751 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
11.54
|
9.22 |
7.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
15.47
|
12.18 |
8.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.14
|
20.19 |
18.41 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.38 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.94
|
0.88 |
0.94 |
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Current Ratio (Current Asset/Current Liability) |
|
5.74
|
5.07 |
5.63 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Plant and Machinery
- Transformer
- Generator
- Plant electrification
- Air Conditioner
- Furniture and Fixture
- Motor Vehicles
- Computer
- Mould
- Motor Lorry
Bankers Charges
Report as per Registry
|
Name of the company |
PRIME HOUSEWARES
LIMITED |
|
Presented By |
Bank of Baroda,
Princess Street Branch, Mumbai – 400002, Maharashtra, India |
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1) Date and description of instrument creating the change |
Memorandum of
Entry to creation of equitable mortgage by deposit of title deeds dated 28th
June 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 26.509
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 |
Leasehold right
in Plot No. 39 and 39 adm 2371 sq. mtrs. In the property known as Daman
Industrial Estate bearing S No. 34/1 A situate at Village Ringanwada within
the village Panchayat Limit of Ringwada, Taluka Daman Sub-District Daman and
damn district together with factory building and structures standing thereon
with fixed plant and machinery erected to be erected both present and
future. Plot No. A 1/7
adm. 1080 sq. mtrs. In the property known as Daman property known as Daman Industrial Estate bearing
Pat of S No. 672/2 and registered in the land registered in the land
registration office if Daman under No. 1 and 3/55 at folio 385, Book No. B –
1 old and registered in the Taluka Revenue office of Daman under No. 85 and
86 of the respective matriz predial within the village Panchayat Limit of
Dabhel, Taluka Daman, District Daman together with factory building and
structures standing thereon with fixed plant and machinery erected to be
erected both present and future. Plot No. A 1/6
adm. 1350 sq. mtrs. In the property known as Daman property known as Daman Industrial Estate bearing
Pat of S No. 672/2 and registered in the land registered in the land
registration office if Daman under No. 1 and 3/55 at folio 385, Book No. B –
1 old and registered in the Taluka Revenue office of Daman under No. 85 and
86 of the respective matriz predial within the village Panchayat Limit of
Dabhel, Taluka Daman, District Daman together with factory building and
structures standing thereon with fixed plant and machinery erected to be
erected both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge is
created to secure the due repayment, discharge and redemption of the term
loan and working capital facilities upto as aggregate limit of Rs. 26.509
Millions sanctioned by with interest, further interest by way of liquidated
damages, penal inters, interest tax commission, costs, charges, expenses and
the moneys payable by the company to Bank of Baroda, Princess Street Branch,
Mumbai |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Princess Street Branch, Mumbai – 400002, Maharashtra,
India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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.39.36 |
|
UK Pound |
1 |
Rs.80.58 |
|
Euro |
1 |
Rs.57.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|