MIRA
INFORM REPORT
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Report Date : 08.07.2008 |
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IDENTIFICATION
DETAILS
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Name : |
PRINCE SWR SYSTEMS PRIVATE LIMITED |
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Registered Office : |
101/102, Sunshine Plaza, 1st Floor, Naigaon Cross Road,
Dadar (West), Mumbai – 400 014, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.03.1995 |
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Com. Reg. No.: |
11-86960 |
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CIN No.: [Company
Identification No.] |
U25206MH1995PTC086960 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP07797G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Plastics. |
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 800000 |
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Status : |
Good |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. General financial
position is good. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Lalji |
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Designation : |
Account Assistant |
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Contact No.: |
91-9321811683 |
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Date : |
28.06.2008 |
LOCATIONS
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Registered Office : |
101/102, Sunshine Plaza, 1st Floor, Naigaon Cross Road,
Dadar (West), Mumbai – 400 014, Maharashtra, India |
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Tel. No.: |
91-22-40303333/44/55 |
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Fax No.: |
91-22-4030 3322 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Survey No. 100/1/3, Post Box No. 104, Village – Sayli, Silvassa, Dadra
and Nagar Haveli – 396 230, India |
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TeleFax : |
91-260-263 2655/66/77 |
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Factory 2 : |
Survey No. 245/5/1, 3 and 4, Demni Road, Village-Dadra, Silvassa,
Dadra and Nagar Haveli – 396 230, India |
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TeleFax : |
91-260-266 9266/77 |
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Factory 3 : |
Plot No. 5B, Sector-3, IIE, BHEL, SIDCUL, Ranipur, Haridwar – 249403,
Uttarakhand, India |
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Tel. No.: |
91-1334-314400 / 233811 |
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TeleFax : |
91-1334-233812 |
DIRECTORS
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Name : |
Mr. Mahendra Gangji Chheda |
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Designation : |
Whole Time Director |
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Address : |
801, 8th Floor, Raj Baug, Sir Balchandra Road, Matunga (C R
), Mumbai – 400 019, Maharashtra, India |
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Date of Birth/Age : |
29.03.1953 |
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Date of Appointment : |
17.03.2000 |
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Name : |
Mr. Piyush Gangji Chheda |
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Designation : |
Managing Director |
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Address : |
Flat No. 601, Plot No. 360, K N Building, Bhandarkar Road, Matunga (C
R ), Mumbai – 400 019, Maharashtra, India |
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Date of Birth/Age : |
29.05.1966 |
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Date of Appointment : |
17.03.2000 |
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Name : |
Mr. Sameer Mahendra Chheda |
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Designation : |
Whole Time Director |
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Address : |
801, 8th Floor, Raj Baug, Sir Balchandra Road, Matunga (C R
), Mumbai – 400 019, Maharashtra, India |
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Date of Birth/Age : |
09.03.1978 |
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Date of Appointment : |
01.10.2000 |
KEY EXECUTIVES
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Name : |
Mrs. Varsha Manohar Sawant |
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Designation : |
Secretary |
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Address : |
H-11/205, Ravikiran , L. T. Road, Borivali (West), Mumbai – 400 091,
Maharashtra, India |
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Date of Birth/Age : |
06.06.1974 |
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Date of Appointment : |
18.03.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Piyush Gangji Chheda |
1699150 |
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Gangji Shamji Chheda (HUF) |
1445000 |
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Kala Mahendra Chheda |
1190000 |
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Mahendra Gangji Chheda (HUF) |
977500 |
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Prabhavati Gangji Chheda |
935000 |
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Sameer Mahendra Chheda |
850000 |
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Rupal Piyush Chheda |
850000 |
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Mahendra Gangji Chheda |
382500 |
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Prabhavati Gangji Chheda |
170000 |
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Piyush Gangji Chheda (HUF) |
850 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Plastics. |
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Exports : |
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Products : |
Plastics |
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Countries : |
All over the world |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Japan ·
China ·
Korea ·
Taiwan |
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Terms : |
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Selling : |
L/C – Advance |
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Purchasing : |
Cash, Credit – 90 days |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers |
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No. of Employees : |
235 (In Office 35 and In Factory 200) |
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Bankers : |
Bank of India D N Road Branch, Sadhana Rayon, D N Road, Mumbai – 400 001,
Maharashtra, India |
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Facilities : |
CC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L. D. Joshi and Company Chartered Accountants |
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Address : |
2, G, Court Chambers, 2nd Floor, 35, Marine Lines, Mumbai –
400 020, Maharashtra, India |
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Associates/Subsidiaries
: |
Prince Industries |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11700000 |
Equity Shares |
Rs.10/- each |
Rs.117.000 millions |
|
800000 |
Preference Shares |
Rs.10/- each |
Rs.8.000 millions |
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Total |
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Rs.125.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6654000 |
Equity Shares |
Rs.10/- each |
Rs.66.540
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
66.540 |
85.000 |
85.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
93.285 |
107.272 |
120.066 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
159.825 |
192.272 |
205.066 |
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LOAN FUNDS |
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1] Secured Loans |
160.879 |
115.668 |
120.909 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
160.879 |
115.668 |
120.909 |
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DEFERRED TAX LIABILITIES |
1.831 |
2.027 |
3.178 |
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TOTAL |
322.535 |
309.967 |
329.153 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
71.539 |
79.334 |
88.760 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.045 |
21.120 |
27.579 |
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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 |
28.032
|
42.250 |
34.654 |
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Sundry Debtors |
191.372
|
162.095 |
182.068 |
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Cash & Bank Balances |
1.075
|
1.549 |
3.284 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
91.188
|
31.109 |
16.239 |
|
Total
Current Assets |
311.667
|
237.003 |
236.245 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
60.716
|
27.490 |
23.646 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
60.716
|
27.490 |
23.646 |
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Net Current Assets |
250.951
|
209.513 |
212.599 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.215 |
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TOTAL |
322.535 |
309.967 |
329.153 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
607.221 |
681.834 |
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Total Income |
|
607.221 |
681.834 |
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Profit/(Loss) Before Tax |
|
35.825 |
44.638 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
35.825 |
44.638 |
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Expenditures : |
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Interest |
|
12.408 |
8.941 |
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Depreciation & Amortization |
|
12.241 |
14.652 |
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Other Expenditure |
|
546.747 |
613.603 |
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Total Expenditure |
|
571.396 |
637.196 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.89
|
6.54 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
5.89
|
6.54 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.34
|
14.11 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.23 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
0.74 |
0.70 |
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Current Ratio (Current Asset/Current Liability) |
|
5.13
|
8.62 |
9.99 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References :
·
Prince Systems – Mumbai, Hyderabad, Chennai, Secundarabad
·
Pintoo Udyog
Form
No. 8
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Corporate
identity number of the company |
U25206MH1995PTC086960 |
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Name of the
company |
PRINCE SWR SYSTEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
101/102, Sunshine Plaza, 1st Floor, Naigaon Cross Road,
Dadar (West), Mumbai – 400 014, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Bank of India D N Road Branch, Sadhana Rayon, D N Road, Mumbai – 400 001,
Maharashtra, India |
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Nature of
instrument creating charge |
·
Memorandum
of Entry / Oral Assent ·
Term Loan
Agreement (Both instrument
constitute single charge) |
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Date of
instrument Creating the charge |
19.04.2008 |
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Amount secured by
the charge |
Rs.45.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest Interest : 1% Below BPLR at present 11.75% p.a. with monthly rest ·
Terms of
repayment Term Loan 60 EMIs of Rs.0.750 each ·
Margin Margin : 25% ·
Extent and
operation of the charge Bank of India B/O D. N. Road Branch Fort First charge holder |
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Particulars of
the property charged |
Unit No.101 and
102 situated on first floor of the building “Sunshine Plaza” being
constructed by Aarts Module International Private Limited on the plot bearing
C. S. No.1of Dadar Naigaon Division, Naigaon Cross Road, Dadar (East), Mumbai
– 400 014, Maharashtra, India |
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Name of the company |
PRINCE SWR SYSTEMS PRIVATE LIMITED |
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Presented By |
Prince SWR Systems Private Limited and Bank of India, D. N. Road,
Mumbai – 400 001. |
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1) Date and description of instrument creating the change |
8th
August 2002. Equitable
Mortgage by deposit of Title Deeds. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.102.600
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 |
Land at survey No. 100/1, 100/2, 100/3, at Dadra Nagar
Haveli, Village Sayali, Silvassa Union Territory of Dadra and Nagar Haveli 396230 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Dr. D N Road, Mumbai – 400 001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
8th
August, 2003 Extension of
Equitable Mortgage |
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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. |
Original charge
dated 08.08.2002 for Rs. 102.600 millions. Modification
dated 09.11.2002
Rs.30.000 millions out of Rs.102.600 millions shall be repayable in 0.600
million US $ being the amount converted into US $ currency The total charge
remains uncharged at Rs.102.600 millions. By present
modification charge increased from Rs.102.600
millions to Rs.118.600 millions. |
Web Detailes :
Subject are the initiator and trendsetter in uPVC
SWR Systems in India, including the recent 90 mm range of SWR Systems. Over the
years subject, have responded to
the need of the market. All the while, a high standard of quality has been
maintained during the innovation and additions to their product range which
lead to the achievement of the ISI mark for pipes.
Subject is a name to be reckoned and cherished not
only nationally but also internationally in over 25 countries. The Govt. of
India acknowledged the fact year after year by conferring PRINCE with the top Exporter Award.
Subject a firm, which immensely believes in "The systems is quality &
Reliability", have been certified by quality Assurance Services,
Australia. The ISO 9001 certification a recent development with a high
prestigious certification.
In 1988, subject took the
lead in introducing uPVC Soil, Waste and Rainwater Drainage systems in India,
every single component of PRINCE
SWR - Drainage System is world-class, because it meets the international
standards like BS (British) and DIN (German) standards.
Subject Products are within the reach of customers
across the length and breadth of the country. The one and only exclusive
manufacturer who have the largest range of Drainage Systems in India.
No wonder that subject
products are recommended by leading architects and used by reputed Builders and
Developers across the country.
Achievements:
·
Quality Assurance Services Private Limited (QAS) Australia has certified
them as a “QUALITY ENDORSED COMPANY”
for Quality Management System for the manufacture and supply of rigid PVC pipes
and fittings for soil, waste and rain water (SWR) applications. All the systems
complies with the requirements of AS/NZS ISO 9001:2000 Quality systems-Model
for quality assurance in production installation and servicing.
·
They achieved the "Quality
Management System Certificate" Licence No: QEC 8542 for the scope
and for the standard ISO 9001: 2000 from The International Certification
Network (IQNet), Switzerland.
Subject Drainage Systems include a wide
range of pipes and fittings which have an equally wide range of applications.
Tougher and economical, PRINCE
uPVC SWR pipes and Drainage Systems as well as for Vent Lines when compared to
Cast iron and Asbestos Cement Drainage Systems. What's more, PRINCE SWR Drainage Systems are
approved by CPWD, MES, BMC, CIDCO, MHADA.
This product is certified with "Certificate of Conformity" from
Kenya Bureau of Standard.
Applications
·
For
SWR Drainage Systems at homes, offices, hotels, industries, hospitals as well
as public places such as airports, railway stations, bus-stands, etc.
·
For
overflow lines and chemical waste lines at industries, dairy plants, food
processing plants, etc.
·
For
vent lines in drainage systems and in mining pits.
Advantages
Right from the inherent properties of uPVC to a virtual
lifetime of trouble-free performance, PRINCE
SWR Drainage Systems are far more superior to Cast Iron and Asbestos Cement
drainage systems.
·
Corrosion Resistant : uPVC material is
unaffected by most of the chemical and is rustproof.
·
Fire Resistant : uPVC is self-extinguishing and so special
precautions are necessary during installations.
·
Longer Lasting: Longer lasting due to its internees to most
chemical and superior mechanical properties. Also, it remains unharmed by
insects or rodents.
·
Smooth : Smooth inside surface insures effective
discharge and high flow rate.
·
Light Weight : Easy to transport and handle
·
Easy to install : Easy to install
and less time consuming than CI or AC systems. Rubber ring sealing ensures
leakproof joint.
·
Strong : Strong with high Impact strength, can withstand rough
handling.
·
Easy to maintain : Smooth inside
bore and threaded door caps provide ease of inspection and cleaning.
·
Durable : No scale formations.
·
Economical : Economical in every way. All these
advantages add up to a significant cost reduction.
·
Technicality : Backed up by technical services, offered by
the company's trained personal.
Sizes : Available in 50mm, 75mm, 90mm,
110mm Fittings
Type :
SOC
= SOCKET (FEMALE) fittings
SPI = SPIGOT (MALE) fittings.
Available In color: Light Gray, Dark Gray, Golden Brown, Ivory and
White.
Test
The toughest test comes at the performance stage. PRINCE SWR pipes and fittings are
specially designed to withstand the extremes from the freezing cold
temperatures of the Ladakh to the blazing heat of Rajasthan. Continuous quality
control is exercised on all the products, which conform to the following
standard:
Pipes IS : 13592
Fittings DIN : 19531
Rubber Rings IS : 5382 : 1985
SWR Injection Moulded Fittings
Standard : IS 14735 : 1999
uPVC Pipe For Potable water supplies
: IS 4985 : 2000
UPVC Plumbing Pipe : ASTM D 1785
CMT
REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or
conviction registered against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered against subject: None
7] Criminal
Records
No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation
with Government :
No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.
10] Press
Report :
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.37 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.68.08 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we have no basis upon which to recommend credit dealings |
No Rating |
|