MIRA
INFORM REPORT
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Report Date : |
28.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PREMIER SYNTHETICS INDIA PRIVATE LIMITED |
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Registered Office : |
“Anand” Old No. 223, New No. 272, Race Course, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.01.1980 |
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Com. Reg. No.: |
896 |
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CIN No.: [Company
Identification No.] |
U17119TZ1980PTC000896 |
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IEC No.: |
0488007186 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBP03678D |
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PAN No.: [Permanent
Account No.] |
AABCP3021C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and Exporters of Thermoplastics Components. |
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 34000 |
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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
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Registered Office : |
“ANAND” Old No. 223, New No. 272, Race Course, |
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Tel. No.: |
91-422-2220977, 2223363 |
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Fax No.: |
91-422-2220977 |
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E-Mail : |
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Website : |
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Area : |
624 sq. ft. [Owned] |
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Factory 1 : |
30, |
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Tel. No.: |
91-422-2216616 / 2217568 |
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Fax No.: |
91-422-2220977 |
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Area : |
16117 sq. ft. [Owned] |
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Factory 2 : |
S.P. 274, |
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Tel. No.: |
91-422-2512141 |
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Fax No.: |
91-422-2220977 |
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Area : |
174240 sq. ft. |
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Branches : |
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Tel. No.: |
91-80-51204680 |
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Fax No.: |
91-80-51204982 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. V. Chinnaswamy |
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Designation : |
Chairman and Managing Director |
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Address : |
‘Anand’ |
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Date of Birth/Age : |
72 Years |
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Qualification : |
BSC |
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Experience : |
40 Years |
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Name : |
Mrs. C. Suriya Kumari |
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Designation : |
Director |
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Address : |
‘Anand’ |
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Date of Birth/Age : |
61 Years |
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Qualification : |
PUC |
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Experience : |
20 Years |
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Name : |
Mr. C. Anand Prasad |
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Designation : |
Joint Managing Director |
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Address : |
‘Anand’ |
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Date of Birth/Age : |
40 Years |
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Qualification : |
MS (Electronics Ms Plastics) |
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Experience : |
15 Years |
KEY EXECUTIVES
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Name : |
Mr.S. Balasubramaniam |
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Designation : |
Chief Executive |
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Email / Tel No. : |
91-98864 09230 |
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Name : |
Mr.S.Mohan |
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Designation : |
Regional Manager |
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Email / Tel No. : |
91-98862 06280 |
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Name : |
Mr.A.Mohanraj |
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Designation : |
Marketing Manager |
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Email / Tel No. : |
91-94440 04438. Ph: 044 24834438 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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V. Chinnaswamy |
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93,000 |
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C. Suriya Kumari |
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115,500 |
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C. Anand Prasad |
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114,600 |
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V. Chinnaswamy – BHUF |
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11,400 |
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V. Chinnaswamy – SHUF |
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6,000 |
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Suganya Seethalakshmi |
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43,500 |
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Sugantha Dhanalakshmi |
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45,000 |
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Total |
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429,000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Thermoplastics Components. |
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Brand Names : |
‘PREMIER’ brand Textile Bobbins, ring tubes, pulleys
‘RAINGOD’ brand HDPE Pipes |
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Imports : |
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Products : |
Rainbird International, INC Product of Agriculture Sprinkler Irrigation System |
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Countries : |
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Terms : |
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Purchasing : |
Credit [60 days] and L/C |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Bobbins |
Nos |
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0.137 Millions |
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Ringtube |
Nos |
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1.007 Millions |
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Cheesetube |
Nos |
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0.033 Millions |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
60 [In Office : 20; In Factory : 40] |
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Bankers : |
Ř
State Bank of Commercial Branch, Ř
HDFC Bank Limited, Ř
ICICI Bank Limited, Ř
Corporation Bank, Main Branch, |
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Facilities : |
CC Rs. 2.000 Millions BG Rs. 3.000 Millions |
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Banking Relations
: |
Satisfactory |
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Auditors : |
RTC Associates Chartered Accountants FIB Block, Aditya Apartments, 1152, Tel No. : 91-422-2216544 K. Narayanan and Company Chartered Accountants, 458, Ponne Qowder Station, Tel. No. 91-422-2233529 Fax No. 91-422-2230844 |
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Associates/Subsidiaries : |
·
Premier Equipments & Agencies 272, Race course, Distributor of- 1) Bayer ABS Limited 2) 3) Consignment
stockist for HDPE, Limited 4) LLDPE plastic
granules-GAIL 5) Consignment Stockist for Gas Authority
of India Limited, Noida
272, Race course, Traders of ABS
Plastic Granules |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
429,000 |
Equity Shares |
Rs.10/- each |
Rs. 4.290
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
4.290 |
4.290 |
4.290 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.303 |
2.833 |
4.184 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
8.593 |
7.123 |
8.474 |
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LOAN FUNDS |
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1] Secured Loans |
24.925 |
22.397 |
15.604 |
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2] Unsecured Loans |
3.032 |
3.943 |
2.047 |
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TOTAL BORROWING |
27.957 |
26.340 |
17.651 |
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DEFERRED TAX LIABILITIES |
0.730 |
0.730 |
0.730 |
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TOTAL |
37.280 |
34.193 |
26.855 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.630 |
8.449 |
8.764 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.016 |
0.823 |
0.522 |
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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 |
7.714 |
7.412 |
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Sundry Debtors |
19.300 |
17.300 |
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Cash & Bank Balances |
0.645 |
4.815 |
24.860 |
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Other Current Assets |
2.468 |
2.624 |
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Loans & Advances |
6.191 |
5.745 |
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Total
Current Assets |
36.318 |
37.896 |
24.860
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.824 |
11.000 |
7.291 |
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Provisions |
1.860 |
1.975 |
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Total
Current Liabilities |
7.684 |
12.975 |
7.291
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Net Current Assets |
28.634 |
24.921 |
17.569
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.280 |
34.193 |
26.855 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
46.985 |
39.499 |
40.919 |
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Other Income |
15.316 |
7.835 |
7.287 |
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Total Income |
62.301 |
47.334 |
48.206 |
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Profit/(Loss) Before Tax |
2.171 |
0.319 |
2.110 |
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Provision for Taxation |
0.700 |
0.600 |
1.233 |
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Profit/(Loss) After Tax |
1.471 |
[0.281] |
0.877 |
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Expenditures : |
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Opening Stock |
7.119 |
4.891 |
1.873 |
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Raw Material Consumed |
5.948 |
5.943 |
6.224 |
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Material for Automated Sprinkler Irrigation
Systems |
27.201 |
18.620 |
18.531 |
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Manufacturing Expenses |
9.440 |
9.019 |
10.895 |
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Administrative Expenses |
4.591 |
3.122 |
2.536 |
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Repairs and Maintenance |
0.580 |
0.520 |
0.853 |
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Financial Charges |
3.037 |
2.763 |
1.762 |
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Sales Expenses |
0.326 |
0.217 |
1.602 |
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Directors Remuneration |
1.032 |
1.032 |
0.988 |
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Depreciation & Amortization |
0.842 |
0.886 |
0.832 |
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Total Expenditure |
60.116 |
47.013 |
46.096 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.36
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[0.59] |
1.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
4.62
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0.81 |
5.16 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.94
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0.69 |
6.28 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25
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0.04 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.15
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5.52 |
2.94 |
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Current Ratio (Current Asset/Current Liability) |
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4.73
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2.92 |
3.41 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
- V. R.
Foundries,
- Anandhkumar
Nills,
- Saravana
Balaji Textiles Private Limited, SF No. 88/2, NTP Road, Narasima Naicken
Palayam, Ph. No. : 91-422-2461861, C. B. Vichandran, Managing Director
Profile
Subject was established in 1967 under the name of Premier Plastic to
manufacture injection molded components which were previously made out of wood
or metal for the textile industry. This was a pioneering effort since th
injection molding industry in
PSIPL as a
Manufacturer of Injection Moulded Components
Machines – Molding
Auxiliary equipment
Tool Room
Quality assurance
Design facilities
Technical and Supervisory Personnel
Products
Automotive – instrument panel housing
Industrial – textiles pulleys and yarn carriers, photo film spools
Telecom – telephone enclosures
Consumer - TV enclosures, food processors etc
Premier Synthetics added a new dimension to the Textile Industry of
their country when it introduced for the first time, plastic injection
components in place of wood, paper and metal products, Ever since, this Pioneer
Company has been manufacturing quality products in tune with International
Standards with the use of the latest company controlled machinery and
auxillaries to suit the modern day industrial requirements.
Ringtubes
Doubling Tubes
Simplex Bobbins
Cheese Tubes
Open End Tubes
Cones
Separators
Drive Pulleys
AS PER WEBSITE
Infrastructure
The company is headquartered in
Associates
They
represent Rain Bird International Inc. U.S.A in 9 Indian states and they have
had a very long and fruitful relationship with them. Rain Bird International
Inc. is the world’s leaders in Irrigation technology and their association with
them ensures the best quality for their clients. RainBird is the world’s leader
in Irrigation Systems and are undisputed leaders in Golf Course Irrigation
Systems in the world.
In
Irrigation
Division
They are the Distributors for RainBird International Inc.,
U.S.A for all their products in 11
Plastics
Division
They represent Gas Authority of
India Limited for their raw material.
They also represent Bayer ABS
for their ABS and other plastic raw material.
Expertise
Their experience in execution of
various mega projects has made their teams the best in the industry and can
meet all challenges arising in the most demanding situation. The wide variety
of projects that they have executed has enriched them and they give maximum
quality inputs to the clients. They have special expertise in designing and
executing COMPUTERISED IRRIGATION SYSTEMS.
Their team of experienced Irrigation engineers has handled diverse projects of
varying needs and has been successful in fulfilling the needs and requirements
of clients as varied as Plantations, Golf Courses, Race Courses and
They meet all the technical
needs of their clients’ right from designing a system, material sourcing, and
tailor-made solutions, to execution of the projects on a turnkey basis. Their
in-house design teams ensure a fail-safe system, which is very crucial for the
success of the system.
Specialization
in Golf Courses and
Golf courses, public parks and stadiums have unique
requirements. While designing a Irrigation system, many parameters unique to the
site are to be considered. This calls for actual hands-on experience in
execution of mega Irrigation Systems. Their teams are well equipped for this
and their principals M/s Rainbird International Inc. have also trained them, in
designing and installing the state-of-the-art Irrigation systems.
Products
They manufacture HDPE Pipes and other components for the
Irrigation System. They represent RainBird International as their exclusive
Golf Distributor for 9 Indian states and
Post
Effective service is the key to customer satisfaction and
repeat orders. This is also the point on which many companies fail to deliver.
They are the only company that can boast of a full-fledged
service team in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.40.54 |
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|
1 |
Rs.82.02 |
|
Euro |
1 |
Rs.55.31 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--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/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 |
|