MIRA
INFORM REPORT
|
Report Date : |
20.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRINCEWARE INTERNATIONAL PRIVATE LMITED (w.e.f. 16.18.2000) |
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|
|
|
Formerly Known
As : |
PRINCE PLASTICS INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
Omkar Esquare, 7th Floor, Opposite Sion Chunabhatti Signal,
Eastern |
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Country : |
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|
|
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Financials (as
on) : |
31.03.2010 |
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|
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Date of
Incorporation : |
16.11.1992 |
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Com. Reg. No.: |
11-069561 |
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Capital
Investment / Paid-up Capital : |
Rs.23.700
Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U25209MH1992PTC069561 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP07023C |
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PAN No.: [Permanent Account No.] |
AAACP3346H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Plastic Houseware. |
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No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1800000 |
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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. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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. Dharmesh Chheda |
|
Designation : |
Chief Executive Officer |
LOCATIONS
|
Registered Office : |
Omkar Esquare, 7th Floor, Opposite Sion Chunabhatti Signal,
Eastern |
|
Tel. No.: |
91-22-24082288/ 24084422 |
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Fax No.: |
91-22-24072244 |
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E-Mail : |
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Website : |
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Area : |
2500 sq. ft. |
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Location: |
Owned |
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Factory : |
21/4, |
DIRECTORS
As on 28.09.2010
|
Name : |
Mr. Kishore Shamji Chheda |
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Designation : |
Whole Time Director |
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Address : |
511, Amrut, |
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Date of Birth/Age : |
02.06.1943 |
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Date of Appointment : |
01.04.2000 |
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Din No.: |
00019180 |
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Other Directorship:
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Name : |
Mr. Raakesh Kishore Cheeda |
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Designation : |
Director |
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Address : |
801/ 802, Omkara Co-Operative Housing Society, 511/B, Matunga Estate, |
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Date of Birth/Age : |
17.03.1968 |
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Date of Appointment : |
22.10.1992 |
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Din No.: |
00019209 |
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Other Directorship:
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Name : |
Mr. Baavesh Kishore Chheda |
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Designation : |
Director |
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Address : |
664, Roshan Mansion, Panchvatika Housing Co-Operative Society Limited,
Dadar (East), Mumbai-400014, |
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Date of Birth/Age : |
07.12.1972 |
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Date of Appointment : |
02.05.2007 |
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Din No.: |
01430439 |
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Other Directorship:
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Name : |
Mr. Vijay Dilbagh Rai |
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Designation : |
Director |
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Address : |
6B, Dolphin, |
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Date of Birth/Age : |
13.10.1946 |
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Date of Appointment : |
01.12.2003 |
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Din No.: |
00075837 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Dharmesh Chheda |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kishore Shamji Chheda |
|
23700 |
|
Raakesh Kishore Chheda |
|
450300 |
|
Raakesh Kishore Chheda HUF |
|
213300 |
|
Nina Rajkesh Chheda |
|
450300 |
|
Divyansh Rakesh Chheda |
|
213300 |
|
Dhvani Rakesh Chheda |
|
94800 |
|
Bhavesh Kishore Chheda |
|
426600 |
|
Bhavesh Kishore Chheda HUF |
|
47400 |
|
Deepali Bhavesh Chheda |
|
426600 |
|
Tanisha Bhavesh Chheda |
|
23700 |
|
|
|
|
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Total |
|
2370000 |
Equity Share Breakup (Percentage of Total Equity)
As on 28.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Plastic Houseware. |
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Products : |
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Exports : |
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Products : |
Plastic Houseware |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit ( 30-60- 90 Days) |
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Purchasing : |
Cash and Credit ( 30-60- 90 Days) |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Injection/ Blow Moulding Items |
M.T. |
|
23728 |
22638763 |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers, End Users and OEM’s |
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No. of Employees : |
100 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
L and D Joshi and Company Chartered Accountant |
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Address : |
2-G, Court Chambers, 2nd Floor, 35, New Marine Lines,
Mumbai-400020, |
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Tel. No.: |
91-22-22003058 91-22-40041648/ 23685647 (R) |
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Mobile No.: |
91-9322512023 |
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Fax No.: |
91-22-22005568 |
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E-Mail : |
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Companies where common Control Exists : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares (Divided into 2500000 Equity Shares of Rs.10/- each and 2500000
Preference Shares of Rs.10/- each) |
Rs. 10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2370000 |
Equity Shares |
Rs. 10/-
each |
Rs.23.700
Millions |
Of the above:- 1835000 Equity Shares are
allotted as fully paid-up Bonus Shares by Capitalization of Reserve
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 |
23.700 |
23.700 |
23.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
436.919 |
408.265 |
378.827 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
460.619 |
431.965 |
402.527 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
328.238 |
305.758 |
151.348 |
|
|
2] Unsecured Loans |
251.960 |
96.170 |
115.565 |
|
|
TOTAL BORROWING |
580.198 |
401.928 |
266.913 |
|
|
DEFERRED TAX LIABILITIES |
40.402 |
29.257 |
19.680 |
|
|
|
|
|
|
|
|
TOTAL |
1081.219 |
863.150 |
689.120 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
616.098 |
547.874 |
294.648 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
137.005 |
|
|
|
|
|
|
|
|
INVESTMENT |
31.839 |
20.716 |
18.022 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
162.396
|
123.595 |
120.573 |
|
|
Sundry Debtors |
280.109
|
181.267 |
139.614 |
|
|
Cash & Bank Balances |
13.856
|
12.918 |
16.765 |
|
|
Other Current Assets |
9.445
|
25.661 |
20.606 |
|
|
Loans & Advances |
101.345
|
50.354 |
39.228 |
|
Total
Current Assets |
567.151
|
393.795 |
336.786 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
112.177 |
77.572 |
76.602 |
|
|
Other Current Liabilities |
10.677
|
12.388 |
13.319 |
|
|
Provisions |
11.015
|
9.275 |
7.420 |
|
Total
Current Liabilities |
133.869
|
99.235 |
97.341 |
|
|
Net Current Assets |
433.282
|
294.560 |
239.445 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1081.219 |
863.150 |
689.120 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1314.996 |
937.472 |
|
|
|
Other Income |
|
0.096 |
19.385 |
|
|
|
TOTAL (A) |
|
1315.092 |
956.857 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
742.213 |
504.897 |
|
|
|
Trading Goods |
|
0.000 |
0.115 |
|
|
|
Employees’ Remuneration and Benefits |
|
63.876 |
47.325 |
|
|
|
Manufacturing and Other Expenses |
|
371.101 |
290.562 |
|
|
|
Increase/ Decrease in Stock of Finished Goods |
|
[19.998] |
[0.734] |
|
|
|
TOTAL (B) |
|
1157.190 |
842.165 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
157.902 |
114.692 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
43.062 |
21.927 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
114.840 |
92.765 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
65.032 |
43.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
49.808 |
49.033 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
16.652 |
15.092 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
|
33.156 |
33.941 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
94.018 |
94.236 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
25.000 |
30.000 |
|
|
|
Proposed
Final Dividend |
|
3.555 |
3.555 |
|
|
|
Tax on Proposed Dividend |
|
0.604 |
0.604 |
|
|
BALANCE CARRIED
TO THE B/S |
|
98.015 |
94.018 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Others |
|
208.819 |
112.730 |
|
|
TOTAL IMPORTS |
|
208.819 |
112.730 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
13.99 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.52
|
3.55 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.79
|
5.23 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.21
|
5.21 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.11 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.55
|
1.16 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.24
|
3.97 |
3.46 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: The Registered office of the company has been
shifted from 51, Marol Co Operative Industrial Estate, M.V. Raods, Andheri East,
Mumbai, Maharashtra, India to present address w.e.f. 16.03.2009
YEAR IN RETROSPECT:
During the year the turnover of the company
has jumped from Rs. 937.472 Millions to Rs. 1314.996 Millions mainly due to Pentration
in Local Business. Operational results of the company have marginally improved
from Rs. 49.033 Millions to Rs. 49.808
Millions. The Margins were under pressure due to Foreign Exchange loss on
account of fluctuations in Dollar.
BUSINESS:
The Company has invested in Joint Venture at
Tanzana. Looking at the demand and Margin of African Market, the company is
confident of doing well. Company is under process of expanding the capacity
during the year and is also planning to increase its stake in the Joint Venture
Business.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25209MH1992PTC069561 |
|
Name of the
company |
PRINCEWARE INTERNATIONAL PRIVATE LMITED |
|
Address of the registered
office or of the principal place of
business in |
Omkar Esquare, 7th Floor, Opposite Sion Chunabhatti Signal,
Eastern |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Export and Import Bank of India, Centre One Building, Floor 21, World
Trade Centre Complex, Cuffe Parade,
Mumbai-400005, Maharashtra, India |
|
Nature of
instrument creating charge |
Unattested Deed
of Hypothecation of Movable Fixed Assets executed by Princeware International
Private Limited ("The Borrower") in favour of Export Import Bank of
India ("Exim Bank") |
|
Date of
instrument Creating the charge |
04.10.2010 |
|
Amount secured by
the charge |
Rs. 88.800
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest INR-10.5% payable
monthly on 20th day of each month,USD-500 basis points above LIBOR payable
quarterly, subject to reset in accordance with the provisions of Sch.II-A of
the Loan Agreement dated 04/10/10 Terms of
Repayment The Loan shall be
repaid in 17 substantially equal quarterly installments commencing after a
moratorium of 1 year from the date of first disbursement under the Loan Margin Nil Extent and
Operation of the charge The charge
consulting security shall operate as a continuing security by way of 1st pari
passu charge over Borrower's entire movable fixed assets, both present and future
for the due repayment of the loan of Rs.88.800 Millions together with
interest and all other monies payable by the borrower to Exim Bank under the
Dual Currency Loan Agreement dated 04/10/10. |
|
Short particulars
of the property charged |
Entire Movable
Fixed Assets of Borrower both present and future including movable plant and
machinery, equipment, machinery spares, tools, accessories at its unit at
Daman (U.T.) |
FIXED ASSETS:
·
Goodwill
·
Land
·
Building
·
Flat
·
Plant and Machinery
·
Moulds
·
Vehicles
·
Furniture and Fixtures
·
Office Equipments
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.49.17 |
|
|
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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.