MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
PREMIER INDUSTRIAL CORPORATION LIMITED |
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Registered
Office : |
501-507 C Wing, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.08.2007 |
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Com. Reg. No.: |
172955 |
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Capital Investment
/ Paid-up Capital : |
Rs.83.992 millions |
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CIN No.: [Company Identification
No.] |
U27101MH2007PLC172955 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP24480B |
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PAN No.: [Permanent Account No.] |
AAECP3518M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Ferro Alloy Powder, Metal Powders, Industrial Chemical
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No. of Employees
: |
50 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1314600 |
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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 has takenover the running business of Premier Industrial
Corporation Erstwhile a partnership concern. It is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are report to be
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Name : |
Mr. Lalit N Morzaria |
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Designation : |
Director |
|
Date : |
09.05.2011 |
LOCATIONS
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Registered Office /Factory: |
501-507 C Wing, Bhaveshwar Plaza, 5th Floor, L B S Marg,
Opposite Shreyas Cinema, Ghatkopar (West), Mumbai 400086, Maharashtra,
India |
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Tel. No.: |
91-22-25003802 |
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Fax No.: |
91-22-25000225 |
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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 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Subhash C Morzaria |
|
Designation : |
Director |
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Date of Birth/Age : |
08.09.1958 |
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Date of Appointment : |
08.08.2007 |
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Name : |
Mr. Dilip C Morzaria |
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Designation : |
Director |
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Date of Birth/Age : |
12.07.1957 |
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Date of Appointment : |
08.08.2007 |
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|
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Name : |
Mr. Arvind C Morzaria |
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Designation : |
Director |
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Date of Birth/Age : |
22.02.1952 |
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Date of Appointment : |
08.08.2007 |
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|
|
|
Name : |
Mr. Lalit N Morzaria |
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Designation : |
Director |
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Date of Birth/Age : |
14.09.1977 |
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Date of Appointment : |
08.08.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Arvind Chhotalal Morzaria |
2633700 |
|
Dilip Chhotalal Morzaria |
2078775 |
|
Subhash Chhotalal Morzaria |
1784550 |
|
Lalit Morzaria |
539587 |
|
Arvind Chhotalal Morzaria (Huf) |
40000 |
|
Dilip Chhotalal Morzaria (Huf) |
40000 |
|
Subhash Chhotalal Morzaria (Huf) |
40000 |
|
Chhotalal Mathurdas Morzaria |
69 |
|
Bharati Arvind Morzaria |
69 |
|
Veena Dilip Maniyar |
69 |
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Kalpana Dilip Morzaria |
69 |
|
Nirmala N. Morzaria |
138069 |
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Rushina S. Morzaria |
69 |
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Anand Dilip Morzaria |
69 |
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Meet Arvind Morzaria |
69 |
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Smeet Arvind Morzaria |
69 |
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Kiran Devji Keniya |
36800 |
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Rajendra Himatlal Gandhi |
18400 |
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Varsha Ramesh Mehta |
18400 |
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Abhishek Dilip Mehta |
18400 |
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Dilip Shantilal Mehta |
64400 |
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Shaila Dilip Mehta |
64400 |
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Madhvi M. Shah |
36800 |
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Mehul Tansukhlal Shah |
55200 |
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Dinesh Laxmishankar Gor |
64400 |
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Kishor Maganlal Hindocha |
149500 |
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Kalidas R. Raiththa |
149500 |
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Sameer Sureshchandra Shah |
34500 |
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Dinesh Laxmishankar Gor(Huf) |
18400 |
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Bharat Balkrishna Parekh |
322000 |
|
Navin P Vora |
11500 |
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Madan Singh Purohit |
18400 |
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Abhishek Dilip Mehta |
23000 |
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TOTAL |
8399233 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
14.57 |
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Other top fifty shareholders |
|
85.43 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ferro Alloy Powder, Metal Powders, Industrial Chemical
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Exports : |
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Products : |
Industrial Chemical |
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Countries : |
UAE, |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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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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Suppliers : |
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Customers : |
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No. of Employees : |
50 Approximately |
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Bankers : |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
D P Sangoi and Company Chartered Accountant |
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Address : |
4 Shree Niwas Building, |
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Name : |
Suresh Hindocha and Company Chartered Accountant |
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Address : |
3B-252, 2nd Floor, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10 each |
Rs.200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8399233 |
Equity Shares |
Rs. 10 each |
Rs.83.992 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
83.992 |
83.992 |
40.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
244.660 |
188.924 |
34.584 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
328.652 |
272.916 |
74.584 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
229.931 |
107.547 |
32.895 |
|
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2] Unsecured Loans |
87.910 |
77.943 |
86.490 |
|
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TOTAL BORROWING |
317.841 |
185.490 |
119.385 |
|
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DEFERRED TAX LIABILITIES |
1.679 |
2.239 |
0.893 |
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TOTAL |
648.172 |
460.645 |
194.862 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
191.710 |
161.372 |
85.367 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.034 |
0.002 |
0.001 |
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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 |
263.195
|
86.635 |
64.475 |
|
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Sundry Debtors |
237.765
|
312.664 |
176.782 |
|
|
Cash & Bank Balances |
6.884
|
1.372 |
11.724 |
|
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Other Current Assets |
10.655
|
11.358 |
15.761 |
|
|
Loans & Advances |
149.188
|
120.846 |
27.160 |
|
Total
Current Assets |
667.687
|
532.875 |
295.902 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
129.015
|
136.816 |
173.495 |
|
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Other Current Liabilities |
0.000
|
37.375 |
2.028 |
|
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Provisions |
84.490
|
60.850 |
12.500 |
|
Total
Current Liabilities |
213.505
|
235.041 |
188.023 |
|
|
Net Current Assets |
454.182
|
297.834 |
107.879 |
|
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MISCELLANEOUS EXPENSES |
1.246 |
1.437 |
1.616 |
|
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|
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|
|
|
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TOTAL |
648.172 |
460.645 |
194.862 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
962.888 |
979.568 |
415.369 |
|
|
|
Other Income |
0.517 |
2.620 |
0.447 |
|
|
|
TOTAL (A) |
963.405 |
982.188 |
415.816 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
731.093 |
742.198 |
335.269 |
|
|
|
Manufacturing Expenses |
48.156 |
43.838 |
11.795 |
|
|
|
Employees Remuneration |
25.463 |
19.307 |
1.854 |
|
|
|
Selling and Distribution Expenses |
5.640 |
5.156 |
1.295 |
|
|
|
Administrative Expenses |
12.439 |
9.009 |
3.451 |
|
|
|
Power and Fuel Expenses |
8.255 |
6.169 |
1.995 |
|
|
|
TOTAL (B) |
831.046 |
825.677 |
355.659 |
|
|
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
132.359 |
156.511 |
60.157 |
|
|
|
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
33.014 |
28.583 |
7.998 |
|
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|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
99.345 |
127.928 |
52.159 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
15.456 |
11.120 |
3.992 |
|
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|
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
83.889 |
116.808 |
48.167 |
|
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Less |
TAX (H) |
28.151 |
40.379 |
13.583 |
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
55.738 |
76.429 |
34.584 |
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|
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|
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|
Earnings Per
Share (Rs.) |
6.63 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.78
|
7.78 |
8.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.71
|
11.92 |
11.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.76
|
16.82 |
12.63 |
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.42 |
0.64 |
|
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|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.62
|
1.54 |
4.13 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.12
|
2.26 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS :-
Company has achieved
turnover of Rs.962.900 millions and earned profit of Rs.83.900 millions for the
financial year ended on 31.03.2010. Company has takeover Kemstar Metals Limited
and Highcourt has passed order on 1st April 2010 for the same.
TRADE REFERENCE:
- Arctic
Systems Limited,
- Honavar
Electrodes Limited, Thane
- Sun Ultra
Technologies Private Limited,
FIXED ASSETS:
- Air
Conditioner
- Computers
- Electrical
Instalation
- Plant and
Machinery
- Furniture
- MIDC Plot 140
Taloja
- Laptop
- Mobile Phone
- Printer
- Land
- Typewriter
FORM 8
|
Corporate
identity number of the company |
U27101MH2007PLC172955 |
|
Name of the
company |
PREMIER INDUSTRIAL CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in |
501-507 C Wing, Bhaveshwar Plaza, 5th Floor, L B S Marg,
Opposite Shreyas Cinema, Ghatkopar (West), Mumbai 400086, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property (not
being pledge) |
|
Particular of
charge holder |
Bank of Email: shirishshetye@gmail.com |
|
Nature of
instrument creating charge |
Supplemental
Composite Agreement of Hypothecation of Goods, Book-Debts, Moveable Machinery
and Vehicles. |
|
Date of
instrument Creating the charge |
25.08.2008 |
|
Amount secured by
the charge |
Rs. 170.495
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Interest on the
cash credit limit at the rate of 0.50% over Prime Lending Rate of the Bank
per annum with monthly rests. Terms of repayment On Demand. Margin 25% on the
Stocks. 50% on the Book
Debts. 15% cash margin
in respect of Letter of Credit. Extent and operation of the charge The charge is
modified to secure Demand Loan - Rs.5.495 millions, Term Loan - Rs.20.000
millions, Cash Credit/BP-BD/FBP-FBD/LC-DA/DP - Rs.145.000 millions [with
sub-limits under LOC : BP/BD/FBP/FBD - Rs.10.000 millions and Inland/Import
LC DA/DP - Rs.110.000 millions)], aggregating to Rs.170.495 millions together
with interest, additional interest, further interest by way of liquidated
damages, compound interest, commitment charges, commission, premia on
pre-payment, cost, charges, expenses and other moneys payable by the Borrower |
|
Short particulars
of the property charged (Including location of the property) |
All the
Borrower's stocks of RMs, SIP, FGs, consumable spares and packing materials. All the
book-debts in respect of supplies made to various Govt.Depts. or Ltd
.companies etc.as evidenced by supply bills, receipted challans/ receipited
invoices deposited with the bank from time to time All the moveable
machinery of the Borrower, including all stores and spare parts, both present
and future, belonging to the Borrower and all the vehicles. |
|
Particulars of
the present modification |
The charge is increased
upto Rs.170.495 millions to cover Demand Loan (Review) - Rs.5.495 millions,
Term Loan - Rs.20.000 millions (Fresh), Cash Credit/BP-BD/FBP-FBD/LC-DA/DP -
Rs.145.000 millions (increased from Rs.85.000 millions) [with sub-limits
under LOC : BP/BD/FBP/FBD - Rs.10.000 millions and Inland/Import LC DA/DP - Rs.110.000
millions)]. |
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.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
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 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.