MIRA INFORM REPORT

 

 

 

Report Date :

02.09.2008

 

IDENTIFICATION DETAILS

 

Name :

PREMIER ENTERPRISES

 

 

Registered Office :

S F No. 39/2, South Street Sankarapandiapuram Chatrapatti, Rajapalayam – 626102. Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Year of Establishment :

1981

 

 

IEC No.:

2888000946

 

 

PAN No.:

[Permanent Account No.]

AABFP1482E

 

 

Legal Form :

Partnership concern with an unlimited liability of the partners.

 

 

Line of Business :

Manufacturers, Exporters and suppliers of medical gauze and hygiene care products

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 50000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory track records. The concern is doing well. It’s trade relations are fair. Payments are usually correct and as per commitments. It can be considered good for normal business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Murga Mani

Designation :

Executive

 

 

Name :

Mr. A. Rajendramani

Designation :

Managing Director

Mobile No. :

91-9790099304

Date :

28.07.2008

 

 

LOCATIONS

 

Registered Office/Factory :

S F No. 39/2, South Street Sankarapandiapuram Chatrapatti, Rajapalayam – 626102. Tamilnadu, India

Tel. No.:

91-4563-257552

Mobile No.:

91-9790099304

Fax No.:

91-4563-257432

E-Mail :

premgaze@vsnl.net

premier@eth.net

premgaze@sancharnet.in

Website :

www.premierdazeglobal.com

Area :

500000 sq ft ( Factory)

Location :

Owned

 

 

PARTNERS

 

Name :

Mr. Rajendramani

Designation :

Partner

Address :

784/ 15 North Street, Chatrapatti – 626102, Rajapalayam (Via), Virudhunagar District, Tamilnadu, India.

Date of Birth/Age :

55 Years

Qualification :

M.A. Economics

Experience :

28 Years

 

 

Name :

Mrs. R. Raja Papathi

Designation :

Partner

Address :

784/ 15 North Street, Chatrapatti – 626102, Rajapalayam (Via), Virudhunagar District, Tamilnadu, India.

Date of Birth/Age :

46 Years

Experience :

23 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers, Exporters and suppliers of medical gauze and hygiene care products

 

 

Products :

v      Gauze Swabs - Plain

v      Gauze Swabs With X-ray

v      Gauze Swabs Bulk Packing

v      Slitted Gauze Roll

v      Four Folded Gauze

v      Gauze Balls

v      Lap Sponge With X-ray With Loop

v      Rolled Bandage

v      Zig Zag Cotton

v      Adult Diaper

v      Underpad

v      Cotton Yarn

 

 

Exports :

 

Products :

Cotton Grey Gauze, Cotton Bleached Gauze, Gauze Swabs, Lap Sponge, Cotton Yarn, Sanitary Napkins, Adult Diapers

Countries :

Austria, Australia, Argentina, Belgium, Bulgaria, Brazil, China, Canada Croatia, Czech, Republic, Egypt, France, Germany, Hungary, Holland, Italy, Jordan, Lebanon, Mexico, Poland, Portugal, Romania, Spain, Slovenia, South Africa, Tunis, Thailand, United States, United Kingdom, Yemen, Europe and Venezuela.

Trade References :
  • Tzmo – Poland
  • Artsana Spa – Italy
  • Newmor – U.K.
  • Afri Medical Co. – Egypt
  • Compress Mali – Mali
  • Omnova – Thailand
  • Vescom America – USA
  • Deroyal – USA
  • BSN Medical – USA
  • Leroy – Mexico
  • BSN Medical - Venezuela

 

 

Imports :

 

Products :

Machinery Technical knowhow Joint Ventures, Spare parts

Countries :

Europe, Sweden, Italy, France, Austria, Germany, Japan and Czech Republic.

Trade References :
  • Mabotex - France

 

 

Terms :

 

Selling :

L/C, Credit 30 days

 

 

Purchasing :

Cash

 

PRODUCTION STATUS

 

Particulars

Unit

Installed Capacity

Actual Production

Spinning

Kgs

Spindles 22320

Rotars 800

14000 kgs yarn per day

Sizing

Metres

Warping ans Sizing machines-6 sets

500000 metres per day

Weaving

 

Powerloom-622

Upgraded looms-180

Airjet looms 76 batching and

Inspection machine-90

NA

Bleaching

Metres

Most Modern Bleaching Unit

200000 metres per day

Finished goods

Nos.

Modern Medical Clean Room

One million swabs per day

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

250

 

 

Bankers :

Canara Bank, Rajapalayam – 626117, Tamilnadu, India

 

 

Associates/Subsidiaries :

Premier Tex Products private Limited

Address: 1230, Srivilliputtur Road, Achanthavirthan Village, Srivilliputtur – 626137.

Line of Business: Manufacturers of Cotton Yarn

 

Bellapremier Happy Hygienecare Private Limited Liability Company Limited

Address: No.19/4, Madurai National Highways, Ambathurai – 624309, Dindigul District.

Line of Business: Manufacturers of Hygiene care products for women and men – Sanitary Napkins and Adult Diapers. 

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 10.000 Millions

Borrowed :

0.000

Total :

Rs. 10.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Partner’s Capital

 

 

179.351

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

1.073

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

180.424

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

189.091

2] Unsecured Loans

 

 

56.795

TOTAL BORROWING

 

 

245.886

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

426.310

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

158.306

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

22.000

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

96.075

 

Sundry Debtors
 

 

88.881

 

Cash & Bank Balances
 

 

31.486

 

Other Current Assets
 

 

4.108

 

Loans & Advances
 

 

44.755

Total Current Assets
 

 

265.305

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

15.164

 

Provisions
 

 

4.137

Total Current Liabilities
 

 

19.301

Net Current Assets
 

 

246.004

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

426.310

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2008 (Provisional)

Sales Turnover

 

 

511.092

Other Income

 

 

0.000

Total Income

 

 

511.092

 

 

 

 

Profit/(Loss) Before Tax

 

 

13.110

Provision for Taxation

 

 

--

Profit/(Loss) After Tax

 

 

13.110

 

 

 

 

Expenditures :

 

 

 

 

Purchases made for re-sale

 

 

235.608

 

Payment to Auditors

 

 

0.149

 

Interest

 

 

4.441

 

Insurance Expenses

 

 

0.416

 

Depreciation & Amortization

 

 

24.123

 

Other Expenditure

 

 

74.125

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2008

PAT / Total Income

(%)
 

 

2.57

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

2.57

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

2.94

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.07

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

1.47

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

13.75

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trustseal Acceptance Chart

 

 

Existence Verification

 

Name

Premier Enterprises

Address

S F No. 39/2, South Street Sankarapandiapuram Chatrapatti, Rajapalayam – 626102. Tamilnadu, India

Phone/ Mobile Numbers

91-4563-257552

Fax Numbers

91-4563-257432

 

 

Statutory Approvals

 

Legal Status of Firm

Partnership Firm

Income Tax Registration

AABFP1482E

VAT/ TIN Registration

33226061646

Import Export Code

2888000946

Name of Bank

Canara Bank

Current Account Number

2007

 

 

Credibility Factors

 

Years of Establishment

Since 1981

 

 

Trade Affiliations

 

SSI Registration

483/SIA/IMO/2003 Dt. 20.02.2003

Export Promotion Council

Cotton Textile Export Promotion Council

Chambers of Commerce Membership

Indo German, Indo Belgium, Indo Poland

D&B D-U-N-S Number

No

Govt. Recognised Export House Status

Two Star Export House

Other Affiliations

FIEO

Texprocil

Fieco

Indo- Germany, Belgium

Polish Chamber of Commerce

The council of EU chambers of Commerce in India.

 

 

Standards & Certifications

 

Quality Management Systems

ISO 9001 : 2000 and ISO 13485 : 2003

Environment Management Systems

ISO 14001 : 2004

Product Certificates

CE Certificate, GMP Certificate

Other Certificates

WHO GMP Compliance

 

 

Trade References:

 

Address: Avinashi Road, Coimbatore – 641014.

Tel. No.: 91-422-4323800

Fax No. : 91-422-2627782

 

Vice President – Materials

Apollo Hospital

Address: Ali Towers, 4th Floor, 55 Greams Road, Chennai – 600006.

Tel. No.: 91-44-28294774/ 28296686

Fax No.: 91-44-28296571/ 28294774

E-Mail: narothamreddy_apollohospitals.com

 

Dy General Superintendent

Materials Department

Christian Medical College

Vellore – 632004

Tel. No.: 91-416-2282733

Fax No.: 91-416-2232502

E-Mail: materials@cmcvellore.ac.in

 

 

Profile:-


Subject is engaged in the production, export and supply of medical gauze and hygiene care products. The concern was incorporated in the year 1981 by Mr. A. Rajendramani  The firm has achieved the export status of being a TWO STAR EXPORT HOUSE by Indian government.


Started with a weaving unit of 6 weaving machines and a bleaching plant, the concern has grown by leaps and bounds. Today they have own spinning mill and are counted among the leaders in medical dressing products. With Their wide experience and ideologies they have attained the position of global supplier of industrial fabrics and medical gauze to meet the requirements of the medical fraternity.

 

 

 

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.44.21

UK Pound

1

Rs.79.76

Euro

1

Rs.64.72

 

 

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

6

--PROFITABILIRY

1~10

6

--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

NO

--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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions