MIRA
INFORM REPORT
|
Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRIMACY INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Udayam Building, Manipal – 576104, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.09.2004 |
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Com. Reg. No.: |
08-34633 |
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CIN No.: [Company
Identification No.] |
U24242KA2004PLC034633 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP04931D / BLRP0524E |
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PAN No.: [Permanent
Account No.] |
PANAPPLIED |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Exporter of Paraffin Wax Candles |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 254792 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having thin profitability. Directors
and Promoters are experienced, respectable and resourceful. They are
educationalist and bankers, as well. Their trade relations are fair. 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 : |
Udayam Building, Manipal – 576104, Karnataka, India |
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Tel. No.: |
91-824-2405220/21 / 820-2575398 |
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Fax No.: |
91-824-2405219 / 820-2575398 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 7A, Baikampady Industrial Area, Mangalore –
575011, Karnataka, India |
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Tel. No.: |
91-824-240 5220 /24 /21 |
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Fax No.: |
91-824-240 5219 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Raghubir K Sehgal |
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Designation : |
Director |
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Address : |
No. 1015, Sector 278, Chandigarh – 160019 |
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Date of Appointment : |
03.09.2004 |
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Name : |
Mr. Mahendra Srivastava |
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Designation : |
Director |
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Address : |
3/89, Vikas Khad, Gomtinagar, Luckow – 10 |
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Date of Appointment : |
03.09.2004 |
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Name : |
Mr. T Gautham Pai |
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Designation : |
Director |
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Address : |
38, Ananth Nagar, Manipal |
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Date of Appointment : |
03.09.2004 |
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Name : |
Ms Sandhya S Pai |
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Designation : |
Director |
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Address : |
38, Ananth Nagar, Manipal – 576 104, Karnataka |
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Date of birth: |
26.02.1947 |
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Date of Appointment : |
13.09.2004 |
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Name : |
Mr. Kurian James |
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Designation : |
Director |
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Address : |
Renjitha house, 16/131 – 1A, Ananth Nagar, Manipal |
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Date of Appointment : |
13.09.2004 |
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Name : |
Ms. Francis Van De Venter Propes |
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Designation : |
Additional Director |
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Address : |
232 Delahow St, Daniel Island, SC, US |
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Date of birth: |
29.04.1952 |
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Date of Appointment : |
26.01.2006 |
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Name : |
Mr. Travis Ryan Propes |
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Designation : |
Additional Director |
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Address : |
212 King George St Daniel Island, Charleston , US |
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Date of birth: |
06.06.1975 |
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Date of Appointment : |
26.01.2006 |
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Name : |
Ms. Mary Propes |
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Designation : |
Director |
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Name : |
Mr. V K Talithaya |
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Designation : |
President Director |
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Name : |
Mr. Prabhakar D. Kamath |
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Designation : |
Director (Chief Manager) |
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Name : |
Mr. Raghavendra Rao |
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Designation : |
Director (Factory Manager) |
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Name : |
Mr. Srinidhi L. Acharya |
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Designation : |
Director (Manager Operation) |
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Name : |
Mr. Arvinda Upadhya |
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Designation : |
Director (Manager – Human Resources) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2006)
|
Name of Shareholders |
No of Shares |
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Mr. Dr. Mahendra Srivastava |
1000 |
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Mr. Rughubir Sehgal |
1000 |
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Mr. T Gautam Pai |
1000 |
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Total |
3000 |
(As on 31.03.2006)
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Category |
Percentage |
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Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Paraffin Wax Candles |
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Products: |
· Pillars · Glass Jars · Cups and Glasses · Travel Tins · Tea - Light and Votives · Novelties and Collectibles |
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Exports : |
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Products : |
· Perfumed · Decorative
Candles |
GENERAL
INFORMATION
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Customers : |
· Wall Mart · Michael’s · Big Lots · Candle Artisans · Family Dollar · Stein Mart · QSP · MVP Group
International Inc. |
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No. of Employees : |
200 |
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Bankers : |
· Syndicate Bank Address: Manipal Main Branch, Manipal –
576104, Karnataka, India E Mail: ka.0111mnpl@syndicatebank.co.in · ICICI Bank |
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Facilities : |
Credit Limit: Rs. 0.1000 million ( from Syndicate Bank) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sriramulu Naidu and Company Charter Accountant |
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Address : |
3 -12 -1394/52, Ram Bhavan Complex, Kodiabail, Manglore -
575003, Karnataka. |
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Tel. No.: |
2441164/0464 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 100/- each |
Rs. 50.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
548780 |
Equity shares |
Rs. 100/-
each |
Rs. 54.878
millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
54.878 |
0.300 |
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2] Share Application Money |
|
8.758 |
0.000 |
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3] Reserves & Surplus |
|
0.062 |
9.337 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
63.698 |
9.637 |
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LOAN FUNDS |
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1] Secured Loans |
|
324.897 |
52.842 |
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2] Unsecured Loans |
|
44.317 |
0.000 |
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TOTAL BORROWING |
|
369.214 |
52.842 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
432.912 |
62.479 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
198.989 |
15.373 |
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Capital work-in-progress |
|
0.000 |
44.121 |
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INVESTMENT |
|
0.005 |
0.005 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
101.558 |
0.782 |
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Sundry Debtors |
|
151.368 |
0.000 |
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Cash & Bank Balances |
|
1.888 |
3.225 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
25.882 |
4.909 |
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Total
Current Assets |
|
280.696 |
8.916 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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|
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Current Liabilities |
|
46.685 |
6.329 |
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Provisions |
|
0.607 |
0.000 |
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Total
Current Liabilities |
|
47.292 |
6.329 |
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Net Current Assets |
|
233.404 |
2.587 |
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MISCELLANEOUS EXPENSES |
|
0.514 |
0.393 |
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TOTAL |
|
432.912 |
62.479 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
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Sales Turnover (including Other Income) |
|
|
406.363 |
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Total Income |
|
|
406.363 |
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|
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Profit/(Loss) Before Tax |
|
|
0.669 |
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Provision for Taxation |
|
|
0.607 |
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Profit/(Loss) After Tax |
|
|
0.062 |
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Import Value |
|
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155.713 |
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Export Value |
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375.466 |
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Expenditures : |
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Financial Charges |
|
|
16.076 |
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Depreciation |
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|
6.215 |
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Other Expenditure |
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|
383.403 |
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Total Expenditure |
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|
405.694 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.01 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
0.16 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.14 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.01 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
6.53 |
6.13 |
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Current Ratio (Current Asset/Current Liability) |
|
|
5.93 |
1.40 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporation identity number or foreign company registrations number of
the company |
U24242KA2004PTC034633 |
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Name of the company |
PRIMACY INDUSTRIES PRIVATE LIMITED |
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Address |
Udayavani Building,
Manipal 576104, Karnataka, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Movable property |
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Particular of the charge holder
|
Syndicate Bank Address: Manipal Main Branch, Manipal – 576
104, Karnataka, India E Mail: ka.0111mnpl@syndicatebank.co.in
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||||||||
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Nature or description of the instrument creating charge |
Supplemental hypothecation pledge
agreement DTD 05.08.2006 |
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Date of the instrument creating charge |
05.08.2006 |
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Amount Secure by the charge |
Rs. 555.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: 7.75% p.a being 3.5% below Syndicate Bank PLR Terms of repayment: Repayable on Demand Margin: As per Scheduled – I of the agreement attached herewith Extent and operation of the
charge: Charge extends on all the aforesaid assets through out the period
sanctioned limit by way of first charge Others Nil |
||||||||
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Shorts particulars of the
Property charged |
Movable Fixed assets like Electrical
Equipments, Electrical Fittings, Lab Equipments, Plant and Machinery, Canteen
Equipments, Computers and Printers, Fire Fighting, Furniture and Fixtures, office
Vehicles, Office Equipments, situated in press Corner, Manipal 576 104, and
plot No. 47A Baikampady industrial Area, Mangalore – 575 011 |
||||||||
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Particulars of the present modification |
Working Capital / Credit Facility (PCL/ FDBP/ FUBP/FLC/ILC/BG) stands
increased from Rs. 327.500 millions to Rs. 445.000 millions. The over all
Limit stands increased from Rs. 437.500 millions to Rs. 555.000 millions
which is arrived as under:-
|
|
Name of the
company |
PRIMACY INDUSTRIES PRIVATE LIMITED |
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Presented
By |
T Gautam Pai,
Director |
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1) Date and
description of instrument creating the change |
Composite
Hypothecation Agreement dated 11.12.2004 Confirmation of
deposit of Title Deed of 11.12.2004 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 167.500
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 |
Charge on land, building
and Machinery with a total value of Rs. 79.627 millions and hypothecation of
inventory (raw material, stock in trade, finished goods, stores and spares.) |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
As per the sanction letter of the bank
enclosed. Interest @7.5% p.a being over and above Syndicate Bank PLR |
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5) Name and
Address and description of the person entitled to the charge. |
Syndicate Bank Address : Manipal Branch, Manipal |
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6) Date and brief description of instrument
modifying the charge |
Supplemental
hypothecation Pledge Agreement dated 29.06.2005 Supplemental
Hypothecation Pledge Agreement dated 29.06.2005 Confirmation of
creation of second /. Subsequent Equitable Mortgage dated 29.06.2005 |
|
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 loan facility
for which the charge originally created was fro Rs. 167.500 millions which
consist break up amount of Rs. 60.000 millions towards Term Loan and rs.
107.500 millions towards working capital / credit facility (separate
composite hypothecation agreements have been drawn then and registered vide
Document no. 8 and 9 dated 13.01.2005 Under the First
modification, the term loan facility sanctioned by the bank stands increased
from Rs. 60.000 millions to Rs. 75.000 millions and working capital/ Credit
facility remain Unchanged at rs. 107.500 millions, thereby the overall limit
stands increased from Rs. 167.500 millions to Rs. 182.500 millions (Registered vide Document No. 10 and 11
dated 06.07.2005) Under the present
(second) modification the term loan facility sanctioned by the Bank stands
increased from Rs. 75.000 millions to Rs. 100.000 millions to Rs. 190.000
millions. The overall limit
stand increased from Rs. 182.500 millions to Rs. 290.000 millions Interest
applicable for the revised limit shall be 3% below PLR/ PTLR with monthly
rests or such other rate as may be revised by the bank from time to time
depending on the change in PLR / PTLR or directives of RBI or policy of the
Bank from time to time. There is no
change in composition of the security. Existing security continues for the
revised / enhanced limit also the terms remains the same. |
WEBSITE DETAILS:
One of the largest
manufacturers of designer candles in the world, Subject caters to leading
outlets in Europe and the US. Based in the port town of Mangalore, a fast-growing city in Karnataka
(India), they manufacture high-quality aromatic candles in delightful packaging
styles. They make candles in more than 200 fragrances, in various shapes.
Promoters: -
MVP Group, Charleston
MVP Group International Inc. is one of the fastest growing wholesalers
of candles in the US. Having started with Lighting Accessories, they have
diversified into manufacturing and have operations in Guatemala and China.
Manipal Group
India's pioneers in the fields of Education, Healthcare, Banking,
Printing, Publishing and IT, the Manipal Group is synonymous with the Pai
family which founded it. Gautham Pai, an engineering graduate from the London
College of Printing and management specialist, is the MD of Primacy.
R.K. Sehgal
An Indian settled in USA with experience across businesses -
construction industry to politics, he is the man responsible for the venture to
actually take shape. He is also the Chairman of Law Companies Group, the second
largest consultancy in the world. Mr. Sehgal has been the Commissioner for
industry, trade and tourism in Georgia, US
Dr. Mahendra Srivastava
Mahendra is an Indian settled in US with a Doctorate in Political
Economy. He is the founder and President of MPS Associates USA and also the CEO
of ASI Services Organization. He is also a frequent speaker at the Georgia
University.
Management:-
The reason why they have been successful in such a short period of time
is because of their vibrant and entrepreneurial team from diverse backgrounds.
Their total workforce is 983 out of which 900 people are with the Production
and Maintenance division. Others help in management and other support functions
V.K. Talithaya, President
Qualifications: Master of Commerce
Experience: 40 years of experience in administration at large companies such as
Steel Authority of India, Metallurgical and Engineering Consultants (I)
Limited. Bharath Electronics, Kinetic Honda Motors, Deccan Herald Group etc.
Before joining Subject, he was Senior Vice President at Mangalore Refinery and
Petrochemicals Limited.
P.D. Kamath, Chief Manager
Qualifications: Chartered Accountant
Experience: 18 years of experience in Das Prakash Private
Limited., Karim Silk International Limited., Manipal Media Network, Zeta Info
Tech.
S. Raghavendra Rao, Factory Manager
Qualifications: Master of Chemical Technology
Experience: 12 years across Harihar Polyfibers (an Aditya Birla
Group company), Al Ahlia Group (Muscat)
Guruprasad Bhat, QC In-Charge
Qualifications: Bachelor of Engineering (Chemical) Experience:
4 years experience with Cipla Limited, a leading pharma company.
A. Upadhya, Manager (HR)
Qualifications: Master of Social Welfare, Bachelor of Law
Experience: 28 Years across Canara Work Shop Limited, Yenepoya Group of companies,
Manipal Finance Corporation, Robosoft Technologies, etc.
H. Hegde: Manager, Procurement
Qualifications: Bachelor of Engineering
Experience: 40 Years of experience in Purchase and Materials Departments in large
companies like Greaves Cotton and Co., Tata Oil Mills and Hindustan Lever Co.,
Al Ahlia Detergent Co.,(Muscat)
Srinidhi Acharya, Manager, Operations
Qualifications: Diploma in Mechanical Engineering
Experience: 16 years of experience across Manipal Power Press, Heidelberg
(Germany), Manipal Media Network Limited, etc.
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.42.59 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
39 |
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 |
|