MIRA
INFORM REPORT
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Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PREMIER SPINNING AND WEAVING MILLS PRIVATE LIMITED |
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Formerly Known As : |
PREMIER MILLS PRIVATE LIMITED |
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Registered Office : |
244, A.T.D. Street, Race Course, Coimbatore – 641018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
-- |
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Date of Incorporation : |
19.01.1945 |
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Com. Reg. No.: |
18-146 |
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CIN No.: [Company
Identification No.] |
U17111TZ1945PTC000146 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CMBP03134F |
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PAN No.: [Permanent
Account No.] |
AABCP3032D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Fabric. |
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 100000 |
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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 : |
244, A.T.D. Street, Race Course, Coimbatore – 641018, Tamilnadu, India |
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Tel. No.: |
91-422-2221225 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. R Jagdish Chandran |
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Designation : |
Chairman and Managing Director |
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Address : |
245, A.T.D. Street, Race Course, Coimbatore – 641018, Tamilnadu, India |
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Date of Birth/Age : |
06.03.1941 |
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Date of Appointment : |
14.08.1964 |
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Name : |
Mr. D Rajendran |
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Designation : |
Managing Director |
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Address : |
# 233 Tea Estate, Race Course, Coimbatore – 641018, Tamilnadu, India |
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Date of Birth/Age : |
17.12.1948 |
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Date of Appointment : |
10.03.2006 |
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Other Directorship : |
Premier Fine Yarns Private Limited U17111TZ1994PTC005511 Sree Narasimha Textiles Private Limited U17111TZ1976PTC000755 Prima Products Private Limited U17111TZ1957PTC001972 Premier Texturisers Private Limited U17115TZ1984PTC001383 Premier Polyweaves Private Limited U17111TZ1995PTC005901 Premier Textiles Private Limited U17111TZ1994PTC005512 Premier Textile Traders Private Limited U17111TZ1981PTC001106 Bagalur Investments Private Limited U65993TZ1986PTC001690 Belathur Investments Private Limited U65993TZ1965PTC001691 |
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Name : |
Mr. K V Srinivasan |
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Designation : |
Director |
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Date of Birth/Age : |
13.03.1961 |
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Date of Appointment : |
07.09.1991 |
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Name : |
Ms. Sabitha Chandran |
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Designation : |
Director |
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Address : |
245, A.T.D. Street, Race Course, Coimbatore – 641018, Tamilnadu, India |
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Date of Birth/Age : |
07.04.1942 |
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Date of Appointment : |
19.08.1996 |
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Name : |
Mr. Sridhar Varadaraj |
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Designation : |
Director |
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Address : |
# 9 VP Naidu Street Avanashi Road, Coimbatore – 641018, Tamilnadu,
India |
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Date of Birth/Age : |
24.11.1969 |
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Date of Appointment : |
29.08.1997 |
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Name : |
Mr. Rohit Rajendran |
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Designation : |
Director |
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Address : |
# 233 Tea Estate, Race Course, Coimbatore – 641018, Tamilnadu, India |
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Date of Birth/Age : |
04.07.1979 |
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Date of Appointment : |
01.10.2004 |
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Date of Ceasing : |
03.08.2005 |
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Name : |
Mr. Thiagarajan |
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Designation : |
Director |
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Address : |
C-18, United Nagar, Veerakeralam Post, Coimbatore, Tamilnadu, India |
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Date of Birth/Age : |
15.09.1954 |
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Date of Appointment : |
01.10.1990 |
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Date of Ceasing : |
30.09.2004 |
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Name : |
Mr. L Sayee Mohan |
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Designation : |
Company Secretary |
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Address : |
A-15, III Floor, Thasami Enclave, 28 Kulatheri Main Road,
Uppilipalayam Post, Coimbatore – 641015, Tamilnadu, India |
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Date of Birth/Age : |
03.03.1962 |
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Date of Appointment : |
01.10.2004 |
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Date of Ceasing : |
27.04.2005 |
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Name : |
Mr. AR Vishwanathan |
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Designation : |
Company Secretary |
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Address : |
22/227 “Srivalsam” Thirunellayi Village, Palakkad – 678020, Kerala,
India |
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Date of Birth/Age : |
07.04.1968 |
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Date of Appointment : |
27.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Bagalur Investments Private Limited |
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499044 |
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Belathur Investments Private Limited |
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484190 |
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Othakkalmandapam Investment and Finance Private Limited |
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928177 |
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Primera Investments Private Limited |
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1206042 |
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Premier Textile Traders Private Limited |
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90277 |
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R Jagadish Chandran – HUF |
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11830 |
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R Jagadish Chandran |
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14220 |
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Rohit Rajendran |
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46830 |
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D Rajendran |
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13470 |
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D Rajendran – HUF |
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19690 |
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D Rajendran Karta D Rajendran – HUF |
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7500 |
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Sabitha Chandran |
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32940 |
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Sheela Rajendran |
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29340 |
As on 31.03.2006
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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96.32 % |
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Directors or relatives of directors |
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3.68 % |
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Total |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Fabric. |
GENERAL
INFORMATION
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Bankers : |
Union Bank of India Opposite Anakarar Street, Coimbatore – 641001, Tamilnadu, India Andhra Bank 17 Mill Road, Coimbatore – 641001, Tamilnadu, India |
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Banking Relations
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Satisfactory |
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Associates : |
Premier Fine Yarns Private Limited U17111TZ1994PTC005511 Sree Narasimha Textiles Private Limited U17111TZ1976PTC000755 Prima Products Private Limited U17111TZ1957PTC001972 Premier Texturisers Private Limited U17115TZ1984PTC001383 Premier Polyweaves Private Limited U17111TZ1995PTC005901 Premier Textiles Private Limited U17111TZ1994PTC005512 Premier Textile Traders Private Limited U17111TZ1981PTC001106 Bagalur Investments Private Limited U65993TZ1986PTC001690 Belathur Investments Private Limited U65993TZ1965PTC001691 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 52.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,400,000 |
Equity Shares |
Rs. 10/- each |
Rs. 34.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
Not Available
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
PREMIER MILLS
PRIVATE LIMITED |
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Presented By |
Mr. M R
Thiagarajan – Company Secretary |
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1) Date and description of instrument creating the change |
01.04.1999 Agreement for
open Cash Credit 01.04.1999 Agreement for
Hypothecation of Book Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 106.100
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 |
Stock of raw
materials, stock in process, finished goods and stores and spares belonging
to the company. All the book
debts now owing to the company and also the book debts which may at any time
during the continuance of this security become owing to the company in the
course of its business. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as security for the due repayment and discharge and discharge by the
company of the working capital credit facilities aggregating to Rs. 106.100
Millions sanctioned by Andhra Bank |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank 17 Mill Road, Coimbatore – 641001, Tamilnadu, India |
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6) Date and brief description of instrument modifying the charge |
28.04.2004 Composite
Agreement dated 28.04.2004 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The amount
secured by the Hypothecation is charge is increased to Rs. 171.200 Millions from
Rs. 171.000 Millions. However the amount secured by the mortgage remains at
Rs. 171.300 Millions |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.39 |
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UK Pound |
1 |
Rs.85.16 |
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Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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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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51 |
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
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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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