MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PREMIER TISSUES INDIA LIMITED |
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Registered Office : |
No. 230, 2nd Floor, 15th Cross, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
19.03.1998 |
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Com. Reg. No.: |
023512 |
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CIN No.: [Company
Identification No.] |
U85110KA1998PLC023512 |
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Legal Form : |
Closely Held Public limited liability Company |
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Line of Business : |
Manufacturers, Importer and Exporter of Tissue Paper. |
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 240000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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. Their 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/ Head Office : |
230, 2nd Floor, 15th Cross, Sampige
Road, Malleswara Banglore 560003, |
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Tel. No.: |
91-80-23449909/9298/23445191 |
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Fax No.: |
91-80-23445192 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. fts |
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Location : |
Rented |
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Factory 1 : |
Survey No. 58G59, |
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Area : |
40000 sq. fts. Built-up in 10 acres land |
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Location : |
Owned |
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Branches : |
MUMBAI BRANCH No. 8, MUMBAI SUPER STOCKIST CHENNAI BRANCH No. 14 ( Old No. 14), Ms. Darshan International, House No. 49, AHMEDABAD SUPER STOCKIST Ms.
Bhaniram Associated Agency, Ms. Remi Marketing Services, KERALA SUPER STOCKIST ( Krishna Novelty Stores, Noble Sales & Agencies 17/389, TRIVANDRUM STOCKIST
MANGALORE K & K Distributors, UDUPI Manasa, KARKALA Phone : 08258-733813 |
DIRECTORS
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Name : |
Mr. G. G. Shenoy |
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Designation : |
Chairman and Managing Director |
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Address : |
230, 2nd Floor, 15th Cross, Sampige
Road, Malleswara Bangalore 560003, |
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Date of Birth/Age : |
50 years |
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Date of Appointment : |
15.01.2005 |
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Name : |
Mrs. Neena Shenoy |
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Designation : |
Director |
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Address : |
230, 2nd Floor, 15th Cross, Sampige
Road, Malleswara Bangalore 560003, |
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Date of Birth/Age : |
42 years |
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Date of Appointment : |
15.01.2005 |
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Name : |
Mr. Shahul Hammed (N. R. I.) |
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Designation : |
Director |
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Address : |
230, 2nd Floor, 15th Cross, Sampige
Road, Malleswara Bangalore 560003, |
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Date of Birth/Age : |
64 years |
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Date of Appointment : |
26.12.2001 |
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Name : |
Mr. Reddappa Chetty |
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Designation : |
Director |
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Address : |
230, 2nd Floor, 15th Cross, Sampige
Road, Malleswara Bangalore 560003, |
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Date of Birth/Age : |
14.05.1949 |
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Date of Appointment : |
07.01.1999 |
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Name : |
Mr. N. Jameel Ahmed |
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Designation : |
Director |
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Address : |
230, 2nd Floor, 15th Cross, Sampige
Road, Malleswara Bangalore 560003, |
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Date of Birth/Age : |
27.06.1965 |
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Date of Appointment : |
26.09.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. G V Shenoy |
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100 |
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Mr. B Vitobha Pai |
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1000 |
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Mr. B Ravindra Pai |
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1000 |
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Mr. Damodar Shenoy |
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2500 |
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Mr. G Rajaram Shenoy |
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2500 |
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Ms. Shylaja Ramagopal |
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2500 |
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Mr. G Hariram Shenoy |
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5000 |
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Mr. B Rajagopal Shenoy |
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5000 |
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Mr. B Ramesh |
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5000 |
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Mr. T A S Mani |
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5000 |
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Ms. Jayanthi Shevgoor |
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5000 |
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M/s. Big Bags India Private Limited |
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10000 |
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Mr. K G Shenoy |
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10000 |
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Ms. S Mahamutha |
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27550 |
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Mr. V C Reddappa Chetty |
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50000 |
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Mr. Mohideen Mohammed Dawood |
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50000 |
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Ms. Neethi Shenoy |
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85000 |
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Ms. Neena Shenoy |
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100100 |
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Ms. Smitha Shenoy |
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174700 |
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Mr. Shahul Hameed |
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194400 |
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M/s. First Aryco India Limited |
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310000 |
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Mr. Anil Shenoy |
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257700 |
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Mr. Pradip Kamath |
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339900 |
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M/s. N M Zackriah and company
Private Limited |
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555500 |
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Mr. G G Shenoy |
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584300 |
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Category |
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Percentage of
Holding |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
Overseas corporate bodies or others |
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23.42 |
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Bodies corporate (not mentioned above) |
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38.54 |
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Directors or relatives of directors |
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34.21 |
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Other top fifty (50) shareholders (other than listed above) |
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3.83 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers Importer and Exporter of Tissue Paper. |
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Brand Names : |
“PREMIER” / ‘ROYAL” |
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Exports to: |
U. K., Europe, |
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Imports from: |
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PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Serviette |
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Cartons |
2670 |
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Napkins |
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Nos |
11104 |
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Kitchen Towels |
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Nos |
4710 |
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Toilet Rolls |
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MT |
7908 |
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100 X Tissue |
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MT |
6225 |
GENERAL INFORMATION
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Suppliers : |
N. T. Paper Mills, |
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Customers : |
Canara Bank, Air Infosys, Taj Oberoi, |
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No. of Employees : |
Total 100 :- Production 75 and Other25 |
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Bankers : |
Bank of |
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Facilities : |
Secured as on 31st March 2003 Term Loan Rs. 12.445 millions Cash Credit Rs. 11.018 millions Foreign Bills Disc Rs. 0.360 millions Export Packing Credit Rs. 1.852 millions Demand Loan Rs. 0.364 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. S. V. R. and Associates Chartered Accountants |
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Address : |
S-3, II Floor, Mangalam Chambers, |
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Tel. No.: |
91-80-2240210 |
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Collaborators : |
N. T. Paper Mills, |
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Associates/Subsidiaries : |
v
M/s. Big Bags India Private Limited v
M/s. First Aryco India Limited v
M/s. N M Zackriah and Company Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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6500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 65.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4945625 |
Equity Shares |
Rs. 10.00 each |
Rs. 49.456 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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46.491 |
27.888 |
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2] Share Application Money |
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0.121 |
0.002 |
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3] Reserves & Surplus |
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13.814 |
14.442 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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60.426 |
42.332 |
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LOAN FUNDS |
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1] Secured Loans |
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107.034 |
87.683 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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107.034 |
87.683 |
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DEFERRED TAX LIABILITIES |
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14.442 |
6.758 |
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TOTAL |
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181.901 |
136.773 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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127.315 |
107.029 |
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Capital work-in-progress |
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1.395 |
0.232 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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56.522 |
31.282 |
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Sundry Debtors |
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4.090 |
4.896 |
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Cash & Bank Balances |
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3.908 |
3.293 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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8.449 |
4.821 |
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Total
Current Assets |
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72.969 |
44.292 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.136 |
15.455 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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20.136 |
15.455 |
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Net Current Assets |
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52.834 |
28.837 |
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MISCELLANEOUS EXPENSES |
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0.358 |
0.674 |
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TOTAL |
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181.901 |
136.773 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Sales Turnover |
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175.000 |
125.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.10 |
2.44 |
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Current Ratio (Current Asset/Current Liability) |
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3.62 |
2.87 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
PREMIER ARYCO ( |
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Presented By |
Bank of Malleswaram
Branch, Malleswaram, |
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1) Date and description of instrument creating the change |
28.03.2000
Registered as Doc. 15 /27.04.2000 Agreements for hypothecation of Plant and Machinery,
Stocks and Book Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
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 |
Hypothecation of
all tangible movable assets of the company including in particular stocks of
pocket tissues, film rolls, facial tissues, napkins. Toilet rolls, medium
logs, large logs, duplex boxes, etc.
Wheresoever situate, lying or in transit and Charge on book-debts,
outstandings, monies receivables, bills, etc, both present and future,
belonging to the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and Margin
as applicable from time to time Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Malleswaram
Branch, No. 112, |
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6) Date and brief description of instrument modifying the charge |
21.06.2004 a. Hypothecation of Tangible movable machinery and Plant (Form L – 448 A) b. CC Agreement for Stocks (Form L – 481) c. Supplemental Deed of Hypothecation of Book-Debts (Form L – 481) d. Hypothecation
of Tangible movable property for FBP FLC (2 Forms L – 448) e. Supplemental Agreement for EPC (Form L – 481) f. Copy of oral
Assent for Extension of Mortgage. (All documents
relate to single modification) |
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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. |
Total limits
enhanced from Rs. 125.807 millions to Rs. 145.807 millions
Interest 1.85%
over BPLR min 12.60% p.a. Extension of Equitable
mortgage on Factory Land and Building situated at Survey No. 58 and 59,
Ranganathapuram, Narasipura Taluka, Bannur 0 571 135 to cover the above mentioned facilities;
All other terms, conditions and securities to continue Date: 16.06.2004 |
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Corporate
identity number (CIN) Foreign company registration number |
U21017KA1998PLC023512 |
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Name of the
Company |
PREMIER TISSUES ( |
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Address |
230, 2nd
Floor, 15th Cross, Malleswaram, |
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This form is for |
Creation of
Charge |
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Type of Charge |
A Charge on: Movable property
(not being pledge) Others: 2nd
charge on Fixed Assets – NOC from Bank of India |
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Particulars of
the charge holder |
Union Bank of Industrial Finance
Branch, Chandra Kiran, 1st Floor, 10/A, Kasturba Road, E-Mail: prasannakpk@rediffmail.com |
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Amount secured by
the charge |
Rs. 25.000
millions |
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Nature or description
of the instrument(s) creating or modifying the charge |
(a) Term Loan
Agreemetn (Hypothecation of Movables) SD – 19 (b) General Term
Loan Agreement (SD – 18) (Both documents
relate to single charge) |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: Interest at BPLR
+ 2.50% i.e. 15.00% p.a. (b) Terms of
repayment: Repayable in 60
Monthly installments Rs. 0.417 millions 18 month Moratorium
period from the date of first disbursement, interest to be serviced monthly
during the moratorium period © Margin: 24.86% (d) Extent and
operation of the charge Hypothecation
charge movable property as per schedule “A” Second charge on
Fixed Assets, Fixed Assets, First charge held by Bank of India (e) Others: Second charge on
all fixed assets of the company, first charge held / financed by Bank of
India Malleswaram branch, Bangalore –
560 003 |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of
company generation plant, machinery, viz. High pressure Boiler Steam Turbine
(including Erection and Commissioning), steam piping with supports and
necessary Valves appx. Length 130 mtrs. Chimney 30 Mtr. Ht with platforms,
ladders and lightening Arrestor, errection at site for the same, Water
Treatment Plant, Converting Machine – 2 nos. |
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Date of
Instrument |
22.02.2007 |
The company was incorporated under the name as “Premier
Aryco (
The company import Tissue Paper Jumbo Rous chemicals and exports Tissue Paper Products
Website details attached:
Established in 1998, PREMIER ARYCO
With technical collaboration from
Premier Tissues of
PREMIER is equipped with a fully
integrated modern manufacturing plant in
Currently PREMIER tissues are exported
to
PREMIER. It's what the world is turning to
Premier
is equipped with a fully integrated most modern manufacturing plant near
This environment friendly fully automatic plant is set up to meet international
standards to manufacture products untouched by hand under most hygienic
conditions, to provide you with a wide range of quality products of superior
value.
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ITEM |
PRODUCT |
PRICE/PACK |
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POCKET TISSUE |
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BOX TISSUE |
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BOX TISSUES 50's |
P-103 |
Rs.29.00 |
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KITCHEN ROLL |
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KITCHEN TOWEL SINGLE |
P-111 |
Rs.50.00 |
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TOILET ROLL & HOLDER |
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NAPKINS |
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NAPKINS 50's |
P-105 |
Rs.25.00 |
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SERVIETTES (Small
Napkins) |
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SERVIETTES (PINK) 50's |
P-107 |
Rs.22.00 |
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SPECIALITY NAPKINS (Printed
Napkins to suit the occasion) |
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FACIAL BLOTTERS |
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FACIAL BLOTTERS 10's |
P-137 |
Rs.20.00 |
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BABY DIAPERS |
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TEDDYSOFT |
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TEDDYSOFT BABY WIPES 30's |
P-144 |
Rs.15.00 |
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INSTITUTIONAL PRODUCTS ( FOR
HOTELS, RESTAURANTS & OFFICES ) |
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PAPER DOYLEYS (Supplied
against specific orders only) |
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PAPER DOYLEYS |
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C-FOLD & JRT DISPENSERS |
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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. 40.81 |
|
|
1 |
Rs. 81.57 |
|
Euro |
1 |
Rs. 54.91 |
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 |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--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 |
|