MIRA
INFORM REPORT
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Report Date : |
30.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRINCE PIPES AND FITTINGS PRIVATE LIMITED |
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Registered Office : |
Ruby House, 4th Floor, B Wing, J.K. Sawant Marg, Dadar (West),
Mumbai-400028, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.11.1987 |
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Com. Reg. No.: |
11-45287 |
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CIN No.: [Company
Identification No.] |
U26932MH1987PTC045287 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP06179F |
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PAN No.: [Permanent
Account No.] |
AAACP2319J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of PVC Pipes, Fittings and Valves and as
such are the only reportable segment as per Accounting Standard on Segment
Reporting. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1300000 |
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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 company having fine track.
Directors are reported as experienced, respectable and resourceful industrialists.
Their trade relations are fair. Payments are correct and as per commitments.
The company can be considered good for any normal business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Ruby House, 4th Floor, B Wing, J.K. Sawant Marg, Dadar
(West), Mumbai-400028, Maharashtra, India |
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Tel. No.: |
91-22-24382555 |
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Fax No.: |
91-22-24382220 |
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E-Mail : |
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Website : |
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Area : |
7163 sq. fts. (Owned) |
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Head Office : |
312, Chyrchgak Chambers, New Marine Lines, Mumbai,
Maharastra, India |
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Factory 1 : |
Athal Road, Village Athal, Survey No. 132/1/1/3, Naroli, Silvassa
– 396235, Dadra and Nagar Haveli |
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Tel. No.: |
91-260-2640007 |
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Fax No.: |
91-260-2640082 |
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Area : |
19905 sq. fts. (Owned) |
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Factory 2 : |
Jayant Desai Marg, Survey No. 53 & 92, Vaghdhra Road,
Dadra – 396191 |
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Tel. No.: |
91-260-2668091 |
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Fax No.: |
91-260-2668090 |
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Area : |
18100 sq. fts. (Owned) |
DIRECTORS
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Name : |
Mr. Jayant S. Chheda |
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Designation : |
Managing Director |
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Address : |
756, 5th Floor, Garden View Building, M. J. Road,
Dadar (East), Mumbai – 400014 |
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Date of Birth/Age : |
59 years |
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Qualification : |
Inter Arts |
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Experience : |
35 years |
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Name : |
Mr. Parag J. Chheda |
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Designation : |
Whole Time Director |
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Address : |
756, 5th Floor, Garden View Building, M. J.
Road, Dadar (East), Mumbai – 400014 |
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Date of Birth/Age : |
34 years |
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Qualification : |
Associated Business Administration – USA |
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Experience : |
9 years |
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Name : |
Mr. Vipul J. Chheda |
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Designation : |
Whole Time Director |
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Address : |
756, 5th Floor, Garden View Building, M. J.
Road, Dadar (East), Mumbai – 400014 |
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Date of Birth/Age : |
30 years |
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Qualification : |
B. Com. |
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Experience : |
8 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 22.07.2005
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Names of Shareholders |
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No. of Shares |
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Jayant Shamji Chheda |
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240000 |
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Tarla Jayant Chheda |
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857000 |
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Parag Jayant Chheda |
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58998 |
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Vipur Jayant Chheda |
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900000 |
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Parag Jayant Chheda |
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840000 |
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Jayant Shamji Chheda HUF |
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3000 |
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Prince Multiplast privat Limited |
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100 |
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Pinnacle Electronics Private Limited |
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100 |
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Heena Parag Chheda |
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100 |
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Ashwini Vipul Chheda |
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100 |
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Parag Jayant Chheda |
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2 |
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Total |
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2899400 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of PVC Pipes, Fittings and Valves and as
such are the only reportable segment as per Accounting Standard on Segment
Reporting. |
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Products : |
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Brand Names : |
PRINCE |
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Terms : |
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Selling : |
Credit (45-60 days) or Document Against Payment |
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Purchasing : |
Cash or L/C (90 days) |
GENERAL
INFORMATION
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No. of Employees : |
390 |
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Bankers : |
State Bank of India, Commercial Branch, N.G. N. Vaidya Marg, Fort,
Mumbai-400001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L.D. Joshi and Associates Chartered Accountant |
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Address : |
2-G, Court Chambers, 2nd Floor, 35, New Marine Lines,
Mumbai-400020, Maharashtra, India |
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Associates/Subsidiaries : |
Ø
Prince Marketing C/o. Ruby House, 4th Floor, ‘B’ Wing, J. K. Sawant Marg, Dadar (West), Mumbai – 400028 Line of Business: Trading Ø
Pinnacle Electronics Private Limited |
CAPITAL STRUCTURE
As on 28.07.2006
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs. 10/- each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000600 |
Equity Shares |
Rs. 10/-
each |
Rs. 60.006
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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60.006 |
30.003 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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214.787 |
223.557 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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274.793 |
253.560 |
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LOAN FUNDS |
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1] Secured Loans |
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288.677 |
249.486 |
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2] Unsecured Loans |
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1.672 |
19.362 |
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TOTAL BORROWING |
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290.349 |
268.848 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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565.142 |
522.408 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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299.519 |
208.459 |
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Capital work-in-progress |
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4.875 |
3.243 |
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INVESTMENT |
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9.328 |
7.073 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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105.698 |
160.754 |
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Sundry Debtors |
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150.727 |
148.923 |
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Cash & Bank Balances |
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37.972 |
13.355 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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75.031 |
55.670 |
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Total
Current Assets |
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369.428 |
378.702 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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87.483 |
65.452 |
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Provisions |
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30.584 |
9.696 |
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Total
Current Liabilities |
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118.067 |
75.148 |
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Net Current Assets |
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251.361 |
303.554 |
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MISCELLANEOUS EXPENSES |
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0.059 |
0.079 |
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TOTAL |
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565.142 |
522.408 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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1109.638 |
1010.774 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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1109.638 |
1010.774 |
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Profit/(Loss) Before Tax |
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42.124 |
38.807 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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42.124 |
38.807 |
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Earnings in Foreign Currency : |
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Export Earnings |
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45.096 |
26.909 |
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Commission Earnings |
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0.067 |
0.015 |
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Other Earnings |
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0.000 |
0.000 |
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Total Earnings |
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45.163 |
26.924 |
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Expenditures : |
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Interest |
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21.831 |
20.957 |
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Depreciation & Amortization |
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27.773 |
25.649 |
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Other Expenditure |
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1017.910 |
925.631 |
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Total Expenditure |
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1067.514 |
971.967 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.79 |
3.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.79 |
3.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.29 |
6.61 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
0..15 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.49 |
1.36 |
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Current Ratio (Current Asset/Current Liability) |
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3.13 |
5.04 |
LOCAL AGENCY
FURTHER INFORMATION
The company’s Fixed Assets of important value includes:
Ø Land
Ø Building
Ø Plant and Machinery
Ø Electrical Installations
Ø Computer
Ø Moulds and Dies
Ø Office Equipments
Ø Furniture and Fixtures
Ø Vehicles
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U26932MH1987PTC045287 |
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Name of the
company |
PRINCE PIPES AND FITTINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Ruby House, 4th Floor, B Wing, J.K. Sawant Marg, Dadar
(West), Mumbai-400028, Maharashtra, India |
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Type of charge |
Movable Property Others |
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Particular of
charge holder |
3i Infotech
Trusteeship Services Limited, 3rd to 6th Floor,
International Infotech Park, Tower No. 5, Vashi Railway Station Complex,
Vashi, Navi Mumbai – 400703, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of instrument
Creating the charge |
01.03.2008 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: The interest
shall be 3.40% p.a. below the I-BAR. The I-BAR as on date is at 15.75% p.a.,
CC premia is 0.50% p. a. and the applicable interest rate as on date is
12.85% p.a. Letter of Credit
: NA Bank Guarantee :
NA Terms of
Repayment Cash Credit : 12
Months Letters of Credit
: 1 Year Bank Guarantee: 1
Year Margin Cash Credit-
Inventory – Uniform margin of 25% against all components of inventory, Book
Debts – Cover Period 90 days and margin – 25% Extent and
Operation of the charge First Pari Passu
Charge on the whole of Current Assets of the Company both present and future
and First Pari Passu charge on all the movable properties situated at Athal
Plant, Dadra Plant and Haridwar Plant. |
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Short particulars
of the property charged |
The whole of the
Hypothecator’s stocks of raw materials, goods- in-process, semi-finished and
finished goods, consumable stores and spares and such other movable,
including book debts, bills, whether documentary or clean, outstanding
monies, receivables both present and future, and the The whole of the Hypothecator’s
movable properties ( save and except current assets) situated at Athal Plant,
Dadra Plant and Haridwar Plant. |
AS PER WEBSITE
Profile:
In 1983, PRINCE
started manufacturing uPVC Pipes & Fittings for use in water supply & distribution
system in Agriculture, Construction, Industries, and Commercial &
Residential Premises
PRINCE introduces the world's most advanced Potable water
system used for both Hot and Cold Water supply.
The PP-R Pipes & Fittings are manufactured according to
the International Standards using Polypropylene Random Copolymer (PP-R). The
most important property of this raw material is its excellent resistance to
Heat and Chemicals.
Major advantages of PP-R Pipes & Fittings
- Very long
lasting for more than 50 years·
- Suitable for
long term hot water transmission·
Quality Management Systems
PRINCE ISO 9001 certified quality assurance process integrates a system of
continual product and process verifications to exacting standards and
requirements.
PRINCE has initiated several new quality methods and ensures
compliance to the same during each stage of functioning. Its quality practices
are relevant to Indian and international standards. Company has license to use
the prestigious ISI mark on its products covered under Indian standards.
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 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.43.79 |
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UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
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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 |
|
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. |
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 |
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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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