MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PRIMEX PLASTICS PRIVATE LIMITED |
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Registered Office : |
A 317 & 318, 7th Main Peenya Industrial, Bangalore
560058, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.12.1990 |
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Com. Reg. No.: |
08-011461 |
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CIN No.: [Company
Identification No.] |
U25206KA1990PTC011461 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP00960B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Synthetic Rubber and Plastic Products |
RATING &
COMMENTS
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MIRAs 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 60000 |
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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/Factory : |
A 317 & 318, 7th Main Peenya Industrial, Bangalore
560058, Karnataka |
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Tel. No.: |
91-80-28360779/28361774 |
DIRECTORS
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Name : |
Mr. Kamal Neel |
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Designation : |
Director |
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Address : |
Flat No. 101, Varun Apartment, No. 9 & 10 Krishnappa Layout, RMV
II Stage, Bangalore 560094 |
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Date of Birth/Age : |
09.07.1965 |
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Date of Appointment : |
07.12.1990 |
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Name : |
Mr. Pradeep Sethi |
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Designation : |
Director |
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Address : |
No. 577, 2nd Main, Mico Colony, BTM II Stage, Bangalore
560076 |
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Date of Birth/Age : |
07.12.1964 |
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Date of Appointment : |
07.12.1990 |
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Name : |
Mr. Vishal Sethi |
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Designation : |
Director |
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Address : |
No. 302, Block No. 8, Unitech Heriage, Yelahanka, Bangalore 560064 |
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Date of Birth/Age : |
22.06.1969 |
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Date of Appointment : |
01.12.1993 |
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Name : |
Mr. Inder Neel |
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Designation : |
Director |
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Address : |
No. 302, Block No. 8, Unitech Heriage, Yelahanka, Bangalore 560064 |
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Date of Birth/Age : |
17.03.1967 |
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Date of Appointment : |
01.12.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Kamal Neel |
5945 |
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Mr. Pradeep Sethi |
5945 |
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Mr. Vishal Sethi |
3345 |
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Mr. Inder Neel |
3345 |
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Mr. S Bhaskars S |
150 |
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Total |
18730 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Synthetic Rubber and Plastic Products |
GENERAL
INFORMATION
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No. of Employees |
About 50 |
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Bankers : |
Canara Bank, Specialised SSI Branch, Peenya Industrial Area, Bangalore
- 560050 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
PNR & Company Chartered Accountant |
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Address : |
No. 186/1, JC Complex Annexe, Sirur Park Road, Seshadripuram,
Bangalore 560020 |
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs. 100/- Each |
Rs. 2.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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18730 |
Equity Shares |
Rs. 100/- Each |
Rs. 1.873
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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1.873 |
1.873 |
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2] Share Application Money |
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0.032 |
0.032 |
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3] Reserves & Surplus |
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13.630 |
11.888 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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15.535 |
13.793 |
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LOAN FUNDS |
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1] Secured Loans |
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30.275 |
10.604 |
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2] Unsecured Loans |
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1.891 |
1.638 |
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TOTAL BORROWING |
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32.166 |
12.242 |
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DEFERRED TAX LIABILITIES |
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0.955 |
1.231 |
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TOTAL |
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48.656 |
27.266 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.849 |
21.943 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.374 |
0.374 |
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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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10.147 |
7.536 |
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Sundry Debtors |
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25.162 |
7.677 |
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Cash & Bank Balances |
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6.422 |
2.537 |
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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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7.274 |
4.997 |
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Total
Current Assets |
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49.005 |
22.747 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.131 |
15.362 |
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Provisions |
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2.441 |
2.436 |
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Total
Current Liabilities |
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24.572 |
17.798 |
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Net Current Assets |
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24.433 |
4.949 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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48.656 |
27.266 |
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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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3.65 |
2.17 |
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Current Ratio (Current Asset/Current Liability) |
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1.99 |
1.27 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
PRIMEX PLASTICS PRIVATE LIMITED |
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Presented By |
Canara Bank, Specialised SSI Branch, Peenya Industrial Area, Bangalore
- 560050 |
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1) Date and description of instrument creating the change |
25.10.2002 Regd. on 11.11.2002 Cash Credit Agreement Agreement for Discounting of Supply Bills |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 6.000 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 present and future stock of raw materials, goods in
process of manufacturer and all finished and manufacturer goods One 80 ton Injection moulding machine costing Rs. 1.345 Millions One LTM 150 Machinery costing Rs. 0.700 Millions |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of Interest CC 2.75% over ongoing PLR with a minimum of
14.25% TL 14% TL repayment in 60 monthly installments comprising 59 monthly
installments of Rs. 0.004 Millions
Each and last installment of Rs. 0.002 Millions |
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5) Name and Address and description of the person entitled to the
charge. |
Canara Bank, Specialised SSI Branch, Peenya Industrial Area, Bangalore
- 560050 |
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6) Date and brief description
of instrument modifying the charge |
7.11.2005 Supplemental Agreement Deed of Hypothecation machinery
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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. |
By the above the amount secured by charged in respect of movables
comprising stocks, book debts, plant, machinery and other assets limit of Rs.
28.700 Millions OCC enhanced from Rs. 3.500 Millions to Rs. 17.500 Millions Rate of Interest OCC @ 10.75% , TL @ 9.75% TL 25% ILC/FLC 25% Repayment New TL repayable in 60 monthly |
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 Intl
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 companys 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.98 |
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UK Pound |
1 |
Rs.85.59 |
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Euro |
1 |
Rs.58.49 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
This score serves as a reference to assess SCs 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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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