MIRA
INFORM REPORT
|
Report Date : |
10.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PRINCE PLASTICS INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
51/3, Marol co-operative Industrial Estates, M.v.raod, Andheri(East),
Mumbai;400059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.11.1992 |
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Com. Reg. No.: |
069561 |
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CIN No.: [Company
Identification No.] |
U25209MH1992PTC069561 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer And Exporter Of Plastics Houseware, Thermoware And
Furniture |
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 1200000 |
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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 records. 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 : |
51/3, Marol co-operative Industrial Estates, M.v.raod, Andheri(East),
Mumbai;400059, Maharashtra |
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Tel. No.: |
91-22-28504212 |
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e-mail: |
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Website : |
DIRECTORS
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Name : |
Mr. Kishore Shamji Chheda |
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Designation : |
Director |
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Address : |
511 Amrut, Dr. Adenwala road, Matunga, Mumbai;400019, Maharashtra |
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Date of Birth/Age : |
02.06.1942 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr. Raakesh Kishore Chheda |
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Designation : |
Director |
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Address : |
664 Roshan Mansion Panchavatira Co.op. Housing Society. Parsi Colony,
Mmbia;400014, Maharashtra |
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Date of Birth/Age : |
17.03.1968 |
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Date of Appointment : |
22.10.1992 |
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Name : |
Mr. Dharmesh Kishore Chheda |
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Designation : |
Director |
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Address : |
511 Amrut, Dr. Adenwala road, Matunga, Mumbai;400019, Maharashtra |
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Date of Birth/Age : |
01.12.1970 |
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Date of Appointment : |
27.04.1996 |
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Name : |
Mr. Vijay Dilbagh Rai |
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Designation : |
Director |
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Address : |
6B, Dolphin Pilot Bunder Road, Colaba, Mumbai;400005, Maharashtra |
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Date of Birth/Age : |
13.10.1946 |
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Date of Appointment : |
01.12.2003 |
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Name : |
Mr. Baavesh Kishore Chheda |
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Designation : |
Director |
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Address : |
511 Amrut, Dr. Adenwala road, Matunga, Mumbai;400019, Maharashtra |
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Date of Birth/Age : |
07.12.1972 |
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Date of Appointment : |
01.06.2005 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Kishoire Shamji Chheda |
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195000 |
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Raakesh Kishore Chheda |
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140000 |
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Kishore Shamji Chheda |
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117000 |
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Amrut Kishore Chheda |
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175500 |
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Raakesh Kishore Chheda |
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35500 |
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Neena Raakesh Chheda |
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312000 |
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Dharmesh Kishore Chheda |
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370500 |
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Ekta Dharmesh |
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117000 |
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Baavesh Kishore Chhdea |
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273000 |
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Deepali Baavesh Chheda |
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214500 |
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Four Seasons Plastics Private Limited |
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420000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer And Exporter Of Plastics Houseware, Thermoware And
Furniture |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed
Capacity |
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Injection/ Blow moulding Items |
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M.T |
12665 |
GENERAL
INFORMATION
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Bankers : |
Bank of India, D. N. Road
Branch, Sadhan Rayon house , Fort, Mumbia;400001. ICIC Bank Limited |
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Facilities : |
Working Capital, Term Loan, ECB and FCL from Bank of India are secured
by Equitabel Mortgage of the company’s Immovable Properties at Village Ringanwada,
Damna, U.T. and Hypothecation of Movable Plant and Machineries at company’s
Daman Factory, Inventories and Receivables and also by the Personal Guarantee
of the Director
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L. D. Joshi and Company Chartered Accountant |
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Address : |
2-G, court Chambers, 2nd Floor, Behind Income Tax Office,
35, New Marine Lines, Mumbai;400020, Maharashtra |
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Tel No.: |
91-22-22003058 / 22005568 |
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Associates/Subsidiaries : |
♠
Ksons Plastics ♠
Anupam Plastics ♠
Gayatri Construction ♠
Four Seasons Plastics Private Limited ♠
Bombay Synthetics private Limited ♠
Prince Plastics India Private Limited ♠
Prince Design ♠
Arihant Investment |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
2500000 |
Preference Shares |
Rs.10/- each |
Rs.25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2370000 |
Equity Shares |
Rs.10/- each |
Rs.23.700
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 |
23.700 |
23.700 |
23.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
319.329 |
294.764 |
279.338 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
343.029 |
318.464 |
303.038 |
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LOAN FUNDS |
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1] Secured Loans |
20.023 |
79.137 |
45.800 |
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2] Unsecured Loans |
17.850 |
0.180 |
2.875 |
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TOTAL BORROWING |
37.873 |
79.317 |
48.675 |
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DEFERRED TAX LIABILITIES |
12.103 |
8.996 |
10.896 |
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TOTAL |
393.005 |
406.777 |
362.607 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
179.373 |
152.038 |
171.303 |
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Capital work-in-progress |
1.458 |
1.320 |
1.313 |
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INVESTMENT |
29.296 |
1.784 |
28.178 |
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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 |
33.703
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51.565
|
50.515 |
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Sundry Debtors |
87.770
|
138.674
|
74.481 |
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Cash & Bank Balances |
27.665
|
29.180
|
14.284 |
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Other Current Assets |
12.610
|
8.693
|
19.201 |
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Loans & Advances |
56.386
|
47.176
|
27.685 |
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Total
Current Assets |
218.134
|
275.288
|
186.166 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.256
|
23.653
|
24.353 |
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Provisions |
|
0.000
|
0.000 |
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Total
Current Liabilities |
35.256
|
23.653
|
24.353 |
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Net Current Assets |
182.878
|
251.635
|
161.813 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
393.005 |
406.777 |
362.607 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
632.392 |
618.947 |
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Other Income |
|
0.000 |
1.142 |
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Total Income |
|
632.392 |
620.089 |
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Profit/(Loss) Before Tax |
|
41.641 |
22.664 |
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Provision for Taxation |
|
0.000 |
2.841 |
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Profit/(Loss) After Tax |
|
41.641 |
19.823 |
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Imports : |
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Raw Materials |
|
0.000 |
13.753 |
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Plant and Machinery |
|
0.000 |
0.000 |
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Moulds |
|
0.000 |
0.000 |
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Computers |
|
0.000 |
0.000 |
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Spares and Office Equipments |
|
0.000 |
0.000 |
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Total Imports |
|
0.000 |
13.753 |
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Expenditures : |
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Interest |
|
4.090 |
0.000 |
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Depreciation & Amortization |
|
17.614 |
0.000 |
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Other Expenses |
|
0.000 |
597.425 |
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Total Expenditure |
|
21.704 |
597.425 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
06.58 |
3.19
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NA |
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Net Profit Margin (PBT/Sales) |
(%) |
06.58 |
3.66
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NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
09.72 |
5.30
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NA |
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Return on Investment (ROI) (PBT/Networth) |
|
12.13 |
0.07
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NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.21 |
0.32
|
0.24 |
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Current Ratio (Current Asset/Current Liability) |
|
6.18 |
11.63
|
7.64 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
PRINCE PLASTICS
INTERNATIONAL PRIVATE LIMITED |
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Presented By |
Bank of India, D.
N. Road Branch, Sadhan Rayon house , Fort, Mumbia;400001. |
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1) Date and description of instrument creating the change |
16th August 2003 Agreement of Hypothecation of Plant and Machinery, Stocks and Book
Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.140.000
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 |
Stocks, Book
Debts and Machineries |
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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 D.N.Raod Branch, Sadhana Rayon House, Fort, Mumbai;400001 |
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6) Date and brief description of instrument modifying the charge |
20th
January 2005. Continuing Oral
Assent. |
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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 Charges
dated 16.08.2003 for Rs.140.000 Millions Miodification
dated: 16.10.2003 Registered Modification
31.10.2003 DN- 112. 06.12.2003 Rs.140.000 Millions Secured by immovable
properties. 17.02.2004 Total Charge remains at 140.000
Millions Limits
restructured 27.04.2004
Charge
increased from Rs.140.000 Millions to Rs.172.500 Millions 15.05.2004
Charge
increased from R.s250.000 Millions to Rs.340.000
Millions 31.05.2004
Charge reduced fro Rs.340.000 Millions
to Rs.300.000
Millions By the present
modification charge increased from Rs.300.000 Millions to Rs.360.000 Millions
to cover the following facilities. Facilities
granted to Prince Plastics International
Private limited
Rs. 230.000 Millions Facilities
granted to M/s. Ksons Plastics. Rs. 20.000 Millions Facilities granted to M/s. Anupam Industries Rs.110.000
Millions Total: Rs.360.000
Millions |
Fixed Assets:
© Land
© Building
© Flat
© Plant and machinery
© Moulds
© Vehicles
© Furniture and Fixture Office Equipments and Computer
© Contingent Liability not provided for in respects of :
© Outstanding Letters of Credit of Rs.3.894 Millions
© Guarantee given by banks on behalf of the company Government and Semi government Authorized
upto Rs.4.228 Millions
Estimated amount of Contract remaining to be
excuted on Capital Account and not provided for (Net Advance) Rs.Nil
As Per Web Site;
Company is India's No.1 manufacturer and exporter of plastics houseware,
thermoware and furniture. We manufacture quality products as per the highest
international standards. Their process involves usage of 100% virgin plastics
raw material, moulded at state-of-the-art manufacturing facilities, complying
with ISO 9001 certification standards. Needless to say, we
have been winning India's most prestigious exports award PLEXCONCIL,
since 1984
About Them
The Management
The growth and success of PRINCE can be attributed to meticulous and ethical
values inherited by everyone at Prince. Mr. Kishore S. Chheda, Chairman &
Mentor has varied experience since the early seventies. The philosophy has essentially
been one of prudence and caution. The directors, supported by a team of
qualified, experienced and committed professionals form the core team and an
integral part of the extended PRINCE FAMILY.
Company's
Outlook
Today,
PRINCE with its unique monogram enjoys a high brand image globally. Needless to say, PRINCE being Certified Company by DNV
Certification B.V. under accreditation of the Dutch Council for Accreditation
(RvA) as a 'Quality Management System Standard' for design,
development, manufacturing and marketing of all the products. A full fledged
testing lab is also established. They are the only ISO 9001:2000 certified
Houseware Company in India.
Manufacturing facilities
The manufacturing plant at Daman, India, is 180000 square feet
with storage and office area of 45000 square feet. The plant has several
state-of-the-art machines and tools. Periodic maintenance of all moulds are
carried out in-house to ensure consistency in production quality. The raw
materials like polyethylene and polypropylene are sourced from Reliance
Industries Ltd. And Indian Petrochemicals. Some raw materials are also imported
from Saudi Arabia, Kuwait, South Korea and Japan.
Value addition in Service
Keeping the customer’s needs in mind, they have been extending PRIVATE LABEL
facility to select clients for bulk supplies of products. They also provide
in-house designs to help the client make a choice. With a view to reduce their
dependability and turnaround time, they have established their own facilities for
designing for labels, bar codes, printing, catalogs and leaflets. This reduces
the lead time in a big way resulting in faster delivery to clients. These
systems have been of great help to their clients.
Exports
Starting their exports in 1976, today PRINCE products find their way to
over 50 countries from South America, USA, Africa, and Gulf to Fiji Islands in
the east. Their efforts are now directed to make their presence stronger in
Europe as well.
The company has had an excellent export track record and has been winning
India's most prestigious export award in the 'Houseware' category consistently,
since 1983. The company has been enjoying Export House status since 1996.
Domestic Markets
They are rapidly developing the domestic markets with a network of 150
distributors, dealers, stockists already in place. The growth is expected to
compound soon. Their focus is also concentrating on institutional selling, for
which a special team has been setup to develop this business. Their clients
include among others of Unilever (India), P&G, Nirma, Godrej, Colgate
Palmolive, Boots India, Wockhardt, Pepsi Foods, Reliance Industries, Coca Cola,
Adani-Wilmar, Paras Pharmaceuticals to name a few.
Institutional
Enquiries
"PRINCE" range of products has always been for
active consideration by varius Corporate, Industries and Business Houses over
the years. Gifting, product promotions, incentives are gestures widely
practiced by various Corporates and Institutions to motivate business
associates, clients and colleagues since years.
Over the years, PRINCE products have carved a special place as a premium brand
ideal for bulk distribution as gifts, product promotion, incentives due to the
high utility value and usefulness of their products to the consumers. Sheer
novelty, aesthetics, appeal and a variety of products to suit every price point
make their products a meaningful proposition.
Unilever (India), P&G, Nirma, Godrej, Colgate Palmolive, Pepsi Foods, Coca
cola, Boots India Ltd., Reliance Industries Ltd., Henkel Spic, Adani Wilmar
Ltd., Paras Pharmaceuticals Ltd. are Some of their reputed clients to whose
requirements they have regularly been catering to.
Customization
As part of their corporate strategy, PRINCE offers customization of their
products to suit corporate requirements in bulk quantities for e.g. Corporate
Logo printing, printing of Product Names, special branding, attractive
packaging etc. to name a few.
At PRINCE, the enquiries are handled by a specialized team to fully understand
the individual requirements. They accord topmost priority and offer very
special rates to make the business proposition very cost-effective.
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.48.01 |
|
UK Pound |
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.65.20 |
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 |
YES |
|
--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/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 |
|