MIRA INFORM REPORT
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Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
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Name : |
PRINCE CONTAINERS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 668/10(2), |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.12.1999 |
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Com. Reg. No.: |
56-002782 |
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CIN No.: [Company Identification
No.] |
U25209DD1999PTC002782 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Plastic and PVC PU Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 508000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
Relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Dharmesh Chheda |
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Designation : |
Chief Executive Officer |
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Date : |
06.04.2011 |
LOCATIONS
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Registered Office/Factory : |
Plot No. 668/10(2), |
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Tel. No.: |
91-260-2241379 |
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Fax No.: |
91-260-2243074 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq.ft. |
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Location : |
Owned |
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Corporate Office 1 : |
Amar House, Plot No. 103, Road No.12, Midc, Andheri (East), Mumbai –
400093, |
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Tel. No.: |
91-22-66920022 / 66920023 / 66920024 / 66920025 / 66920026 |
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Corporate Office 2 : |
Prince Multiplast Private Limited Corporate Office : 21, 2nd Floor, Kalpataru Points, Kamani
Marg, Sion (East), Mumbai – 400022 |
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Tel. No.: |
91-22-66100202 / 303 / 404 |
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Fax No.: |
91-22-66102525 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mrs. Suner Mulchand Chheda |
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Designation : |
Director |
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Address : |
562, rustom mansion, adenwala Road, matunga, Mumbai – 400019, |
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Date of Birth/Age : |
15.12.1938 |
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Date of Appointment : |
21.12.1999 |
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DIN : |
00180022 |
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Name : |
Mrs. Payal Manish Chheda |
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Designation : |
Director |
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Address : |
562, rustom mansion, adenwala Road, matunga, Mumbai – 400019, |
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Date of Birth/Age : |
07.10.1973 |
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Date of Appointment : |
21.12.1999 |
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DIN : |
00016398 |
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Name : |
Mr. Mulchand Shamji Chheda |
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Designation : |
Director |
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Address : |
562, rustom mansion, adenwala Road, matunga, Mumbai – 400019, |
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Date of Birth/Age : |
15.03.1939 |
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Date of Appointment : |
04.03.2004 |
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DIN : |
00179932 |
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Name : |
Mr. Arvind Shamji Chheda |
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Designation : |
Director |
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Address : |
Gold Finch, 3rd Floor, 514-C, |
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Date of Birth/Age : |
13.08.1952 |
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Date of Appointment : |
04.03.2004 |
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DIN : |
00179547 |
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Name : |
Mr. Manish Mulchand Chheda |
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Designation : |
Director |
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Address : |
562, rustom mansion, adenwala Road, matunga, Mumbai – 400019, |
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Date of Birth/Age : |
22.01.1973 |
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Date of Appointment : |
04.03.2004 |
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DIN : |
00179416 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Smt.. Suner Mulchand Chheda |
|
566250 |
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Mrs. Payal Manish Chheda |
|
128750 |
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Mr. Mulchand Shamji Chheda |
|
10000 |
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Mr. Arvind Shamji Chheda |
|
382500 |
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Mr. Manish Mulchand Chheda |
|
50000 |
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Arvind Shamji Chheda HUF |
|
12500 |
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Smt. Nirmala A Chheda |
|
327500 |
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Mulchand Shamji Chheda HUF |
|
10000 |
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Manish Mulchand Chheda HUF |
|
110000 |
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Nehal A Chheda |
|
152500 |
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Prince Multiplast Private Limited, Mumbai |
|
1250000 |
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Total |
|
3000000 |
As on 29.09.2010
|
Category |
Percentage |
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|
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Bodies corporate |
41.67 |
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Directors or relatives of Directors |
58.33 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plastic and PVC PU Products |
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Terms : |
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Selling : |
Cash / Credit (30 /60 /90 days) |
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Purchasing : |
Cash / Credit (30 /60 /90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Bank of |
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Facilities : |
Cash Creditv – Rs.240.500 millions
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Banking
Relations : |
-- |
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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, 35, New Marine Lines, Mumbai – 400020, |
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Tel. No.: |
91-22-22003050 |
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Fax No.: |
91-22-22005568 |
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PAN No.: |
AACFL7859G |
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Sister Concern : |
Princeware International Private Limited Sion (East), Mumbai – 400020 Activity : Manufacturer of
Plastic House |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/-each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
3,000,000 |
Equity Shares |
Rs.10/-each |
Rs.30.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000
|
0.000 |
0.000 |
|
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3] Reserves & Surplus |
97.009 |
86.734 |
87.186 |
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4] (Accumulated Losses) |
0.000
|
0.000 |
0.000 |
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NETWORTH |
127.009 |
116.734 |
117.186 |
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LOAN FUNDS |
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1] Secured Loans |
73.413 |
64.066 |
99.001 |
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2] Unsecured Loans |
45.673 |
87.000 |
110.000 |
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TOTAL BORROWING |
119.086 |
151.066 |
209.001 |
|
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DEFERRED TAX LIABILITIES |
14.144 |
13.304 |
10.910 |
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TOTAL |
260.239 |
281.104 |
337.097 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
154.919 |
148.045 |
154.527 |
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Capital work-in-progress |
0.000
|
0.000 |
0.000 |
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|
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INVESTMENT |
46.376 |
46.376 |
46.376 |
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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 |
72.758
|
35.940 |
45.396 |
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Sundry Debtors |
83.568
|
84.184 |
52.483 |
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Cash & Bank Balances |
2.657
|
1.338 |
2.388 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
46.445
|
84.128 |
114.568 |
|
Total
Current Assets |
205.428
|
205.590 |
214.835 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
97.470
|
71.425 |
65.510 |
|
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Other Current Liabilities |
46.716
|
46.961 |
6.127 |
|
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Provisions |
2.310
|
0.545 |
7.040 |
|
Total
Current Liabilities |
146.496
|
118.931 |
78.677 |
|
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Net Current Assets |
58.932
|
86.659 |
136.158 |
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MISCELLANEOUS EXPENSES |
0.012 |
0.024 |
0.036 |
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|
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TOTAL |
260.239 |
281.10 |
337.097 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
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Sales |
499.913 |
316.372 |
475.679 |
|
|
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Other Income |
7.276 |
30.468 |
144.263 |
|
|
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TOTAL (A) |
507.189 |
346.840 |
619.942 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
463.445 |
317.899 |
518.249 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
43.744 |
28.941 |
101.693 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.597 |
14.479 |
27.847 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.147 |
14.462 |
73.846 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.644 |
12.068 |
16.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.503 |
2.394 |
57.447 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
3.175 |
2.938 |
6.000 |
|
|
|
|
|
|
|
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|
|
PROFIT AFTER TAX
(G-I) (J) |
10.328 |
(0.544) |
51.447 |
|
|
|
|
|
|
|
|
|
Add/ Less |
EXCESS (SHORT)
PROVISION OF INCOME TAX FOR EARLIER YEAR |
(0.051) |
0.091 |
0.83 |
|
|
|
EXCESS (SHORT)
PROVISION OF FRINGE BENEFIT TAX FOR EARLIER YEAR |
(0.001) |
0.001 |
(0.343) |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
84.234 |
84.686 |
33.499 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
94.510 |
84.234 |
84.686 |
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings on FOB Basis |
0.006 |
0.000 |
0.939 |
|
|
TOTAL EARNINGS |
0.006 |
0.000 |
0.939 |
|
|
|
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|
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Earnings Per
Share (Rs.) |
|
|
|
|
Expected Sales ( 2010-2011) : Rs.600.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.04
|
(0.16) |
8.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.70
|
0.76 |
12.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.75
|
0.68 |
15.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.02 |
0.49 |
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.09
|
2.31 |
2.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.73 |
2.73 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS :
(Rs.in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors For Trade |
95.145 |
68.907 |
63.282 |
|
Sundry Creditors For Expenses |
2.325 |
2.518 |
2.228 |
|
Total |
97.470 |
71.425 |
65.510 |
TRADE REFERENCES :
- Ruchi Soya Industries Limited
- Excel Crop Care
OPERATIONAL PERFORMANCE :
During the year, turnover of the company was
Rs.499.913 millions as compared to 316.372 million for the previous year,
registering an impressive growth of 58.01%. During the year company has earned
the net profit of Rs.10.328 million as against loss of Rs.0.544 million in the
previous year. The achievement of profit was mainly on account of increase in
turn over and reduction operational and selling cost.
The company hopes to achieve more improvement
in production and sales with the introduction of new better quality products
and penetrating the new markets and opportunities in the existing market.
FUTURE OUTLOOK :
The company has achieved increase in sale and
expect to achieve higher sales during the current year. The company is going to
increase its manufacturing capacity by 100% and introduction of new value added
products. The sales of Air Cooler will also be much higher as per the orders on
hand.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25209DD1999PTC002782 |
|
Name of the
company |
PRINCE CONTAINERS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
PLOT NO |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
10007799 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Email : ravinputhran@yahoo.com.in
|
|
Nature of
instrument creating charge |
Continuing oral
assent |
|
Date of instrument
Creating the charge |
16/12/2010 |
|
Amount secured by
the charge |
Rs.240.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Prince Containers : 2.75% Over Br (Term
Loan, Demand Loan and Wcfbl Cc Hypothecation Of Stocks/Book Debts) Prince Multiplast :0.50% Below Bplr
Min.11.50%P. A. Terms of
Repayment - Prince Containers: Term Loan-Office
Premises, Demand Loan, Wcfbl Cc Hypothecation Of Stocks/Book Debts 120days
Old, Term Loan Ii, L/C Dp/Da 180, Inland Guarantee Prince
Multiplast: Corporate Loan,
Cash Credit Hypothecation Of Stocks and Book Debts Upto 120days, L/C Dp/Da
180/360days, Bg (I) Margin - 25% ON
TLN -I 23.91% ON TLN -II 25% ON DEMAND
LOAN 25% ON STOCK 30% ON BOOK DEBTS L/C I__ Nil Guarantee I Extent and
Operation of the charge - Bank Of India B/O D. N. Road Branch Sadhana Rayon
Building Mumbai First Charge Holder Others -
Facilities Granted To Prince Multiplast Private Limited |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All That Piece Of
Land With Buildings, Sheds And Structures Standing Thereon, Situate At Unit
No.21, Kalpataru Point, Kamat Marg, Sion (East), Mumbai 22. Survey No. Plot
No.107 (East) Sub Plot No.A-1 Cs No.407/6 And 407/6 Of Sion, Matunga Estate,
Road No.8 Within The Limit Of "F" North Ward 01 Bmc, Registration
Sub-Dist. And Dist. Of |
|
Date of instrument
modifying the charge |
15.10.2008 |
|
Particulars of
the present modification |
Charge Reduced
From Rs.288.000 millions To Rs.240.500 millions Facilities
Granted To Prince Containers Private Limited Rs.218.400 millions Facilities
Granted To Prince Multiplast Private Limited
Rs. 22.100 million
------------------------
Total Rs.240.500 millions |
FIXED ASSETS :
- Residential Building
- Office Premises
- Plant and Machinery
- Office Equipment
- Electric Installations
- Computer and Accessories
- Computer Software
- Moulds
- Vehicles
- Furniture and Fixtures
·
CMT REPORT (Corruption, Money Laundering &
Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.