|
|
|
MIRA INFORM REPORT
|
Report No. : |
495546 |
|
Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
PRINCE PIPES AND FITTINGS LIMITED |
|
|
|
|
Formerly known
as : |
PRINCE PIPES AND FITTINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.1, Honda Industrial Estate, Phase II, Honda Sattari, Honda –
403530, Goa |
|
Tel. No.: |
91-22-66022222 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
13.11.1987 |
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|
|
|
Com. Reg. No.: |
24-006287 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 450.079 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26932GA1987PLC006287 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0391155652 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACP2319J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is engaged primarily in manufacturing and selling of Plastic Pipes and Fittings. (Registered activity) |
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|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1987. It is a manufacturer, exporter
and seller of plastic pipes and fittings such as UPVC, CPCV and PRP pipes,
fittings and valves. As per the financial records of 2017, the company has earned a
favourable growth of 25.13% in its revenue as compared to the previous year’s
revenue and has achieved an average net profit margin of 5.13%. The company possesses sound financial profile marked by healthy net
worth base along with strong debt coverage indicators due to low debt balance
sheet profile and comfortable liquidity parameters. As per the current press release, Prince Pipes and Fittings Limited
received approval from the Securities and Exchange Board of India on 3
November 2017, taking the tally of companies that have received regulatory
approvals for IPOs in 2017 to 39. It had filed its draft red herring
prospectus on 27 September. The IPO size is INR 700 crore ($ 106.500 million), according to the
prospectus. The company will issue fresh shares worth INR 5000.000 Million
and its promoters will sell shares worth INR 2000.000 Million. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered good for normal
business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Loans = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
26.02.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Loans = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
26.02.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 03.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE: Tel. No.: 91-22-66022222
LOCATIONS
|
Registered/ Corporate Office : |
Plot No.1, Honda Industrial Estate, Phase II, Honda Sattari, Honda –
403530, Goa, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Admin Office/Corporate Office/Correspondence Office : |
The Ruby, 8th Floor, 29, Senapati Bapat Marg (Tulsi Pipe
Road), Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Tel. No.: |
91-22-66022222 |
|
Fax No.: |
91-22-66022220 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Athal Road, Village Athal, Survey No.132/1/1/3, Naroli,
Silvassa – 396235, Dadra and Nagar Haveli, (U.T), India |
|
Fax No.: |
91-260-2640082 |
|
|
|
|
Factory 2 : |
Jayant Desai Marg, Survey No.53 and 92, Vaghdhra Road,
Silvassa– 396191 Dadar Nagar Haveli, (U.T),
India |
|
Tel. No.: |
91-260-2668091 |
|
Fax No.: |
91-260-2668090 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Jayant Shamji Chheda |
|
Designation : |
Managing Director |
|
Address : |
Room No.1001, Mount Blanc, Plot No.550, Jame Jamshed Road, Matunga-
Central Railway, Mumbai – 400019, Maharashtra, India |
|
Date of Birth/Age : |
31.07.1946 |
|
Qualification : |
Inter Arts |
|
Experience : |
46 Years |
|
Date of Appointment : |
13.11.1987 |
|
PAN No.: |
AABPC1336Q |
|
Voter ID No.: |
MT-06-033-081800 |
|
DIN No.: |
00013206 |
|
|
|
|
Name : |
Mr. Parag Jayant Chheda |
|
Designation : |
Whole Time Director |
|
Address : |
Room No.1002, Mount Blanc, Plot No.550, Jame Jamshed Road, Matunga- Central Railway, Mumbai – 400019, Maharashtra, India |
|
Date of Birth/Age : |
07.05.1971 |
|
Qualification : |
Associate in Business Administration |
|
Experience : |
19 Years |
|
Date of Appointment : |
27.04.1996 |
|
PAN No.: |
AABPC3944L |
|
Voter ID No.: |
MT-06-033-081710 |
|
DIN No.: |
00013222 |
|
|
|
|
Name : |
Mr. Vipul Jayant Chheda |
|
Designation : |
Director |
|
Address : |
Flat No. 1004, 10th Floor, Bombay Dyeing Spring Mill
Compound, Dadar (East), Mumbai - 400014, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1975 |
|
Qualification : |
B. Com |
|
Experience : |
16 Years |
|
Date of Appointment : |
11.03.1997 |
|
PAN No.: |
AABPC3945M |
|
Voter ID No.: |
MT-06-033-081688 |
|
DIN No.: |
00013234 |
|
|
|
|
Name : |
Heena Parag Chheda |
|
Designation : |
Additional Director |
|
Address : |
Room No.1002, 10th Floor, Mont Blanc, Plot No.550, Jame Jamshed Road, Matunga Central Railway, Mumbai-400019, Maharashtra, India |
|
Date of Birth/Age : |
26.06.1971 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.10.2014 |
|
PAN No.: |
ADDPC7587Q |
|
DIN No.: |
02667541 |
|
|
|
|
Name : |
Mr. Ramesh Chandak |
|
Designation : |
Additional Director |
|
Address : |
1202, Shrushti Towers, Old Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India |
|
Date of Appointment : |
16.09.2017 |
|
DIN No.: |
00026581 |
|
|
|
|
Name : |
Mr. Anup Pravin Shah |
|
Designation : |
Additional Director |
|
Address : |
Suite 8, Jal Kiran Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
|
Date of Appointment : |
16.09.2017 |
|
DIN No.: |
00293207 |
|
|
|
|
Name : |
Mohinder Pal Bansal |
|
Designation : |
Additional Director |
|
Address : |
1403/B, Casa Grade Tower - 1, Opposite Peninsula Complex,
Senapati Bapat Marg, Lower Parel, Mumbai - 400013, Maharashtra, India |
|
Date of Appointment : |
16.09.2017 |
|
DIN No.: |
01626343 |
|
|
|
|
Name : |
Mrs. Uma Manoj Mandavgane |
|
Designation : |
Additional Director |
|
Address : |
504,Sai Sharan, 5th Floor, N.C Kelkar Road, Dadar, Mumbai
– 400098, Maharashtra, India |
|
Date of Appointment : |
16.09.2017 |
|
DIN No.: |
03156224 |
KEY EXECUTIVES
|
Name : |
Mr. Shyam Kishanchand Sharda |
|
Designation : |
Chief finance officer |
|
Address : |
303, Anmol Prestige, Off S V Road, Opposite Patel Auto, Goregaon (West), Mumbai - 400104, Maharashtra, India |
|
Date of Appointment : |
01.02.2016 |
|
PAN No.: |
AGSPS3373E |
|
|
|
|
Name : |
Mr. Shailesh Kanji Bhaskar |
|
Designation : |
Company Secretary |
|
Address : |
102, Rashmi Rathi CHSL, Sector No. 06, Plot No. 190,
Kandivali (West), Mumbai - 400067, Maharashtra, India |
|
Date of Appointment : |
24.04.2017 |
|
PAN No.: |
APDPB9032R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Jayant Shamji Chheda and Tarla Jayant Chheda |
|
3840000 |
|
Parag Jayant Chheda and Tarla Jayant Chheda |
|
12898400 |
|
Vipul Jayant Chheda and Tarla Jayant Chheda |
|
12900000 |
|
Tarla Jayant Chheda and Jayant Shamji Chheda |
|
15312000 |
|
Heena Parag Chheda and Parag Jayant Chheda |
|
6308 |
|
Jayant Shamji Chheda (HUF) |
|
48000 |
|
Ashwini Vipul Chheda and Vipul Jayant Chheda |
|
3200 |
|
Total |
|
45007908 |
Equity Share Break up (Percentage of Total Equity)
As on 15.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged primarily in manufacturing and selling of Plastic Pipes and Fittings. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Khimji Kunverji and Company Chartered Accountants |
|
Address : |
Sunhsine Tower Level 19, Senapat Bapat Marg, Elphistone Road, Mumbai-400013, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFK1142M |
|
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|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
|
|
|
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|
Others : |
|
CAPITAL STRUCTURE
After 15.09.2017
Authorised Capital : INR 1500.000 Million
Issued, Subscribed & Paid-up Capital : INR 900.158
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 10/- each |
INR 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45007908 |
Equity Shares |
INR 10/- each |
INR 450.079 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
450.079 |
480.079 |
480.079 |
|
(b) Reserves and Surplus |
1954.573 |
1434.916 |
1123.767 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2404.652 |
1914.995 |
1603.846 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1057.615 |
894.629 |
714.144 |
|
(b) Deferred tax liabilities (Net) |
129.270 |
115.426 |
107.847 |
|
(c) Other long-term
liabilities |
154.506 |
139.750 |
137.880 |
|
(d) long-term
provisions |
45.475 |
43.125 |
41.835 |
|
Total Non-current
Liabilities (3) |
1386.866 |
1192.930 |
1001.706 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1887.636 |
1858.861 |
2061.394 |
|
(b) Trade
payables |
1021.193 |
991.417 |
763.290 |
|
(c) Other
current liabilities |
862.813 |
503.159 |
482.279 |
|
(d) Short-term
provisions |
24.121 |
30.725 |
20.223 |
|
Total Current Liabilities
(4) |
3795.763 |
3384.162 |
3327.186 |
|
|
|
|
|
|
TOTAL |
7587.281 |
6492.087 |
5932.738 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2636.969 |
2313.847 |
2199.580 |
|
(ii)
Intangible Assets |
37.271 |
39.295 |
42.057 |
|
(iii) Tangible assets
capital work-in-progress |
180.309 |
141.257 |
43.489 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3.228 |
3.228 |
1.568 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
11.026 |
23.828 |
4.051 |
|
(e) Other
Non-current assets |
51.705 |
53.881 |
50.326 |
|
Total Non-Current
Assets |
2920.508 |
2575.336 |
2341.071 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
9.931 |
0.000 |
|
(b)
Inventories |
1742.403 |
1005.192 |
1125.640 |
|
(c) Trade
receivables |
2367.371 |
2389.929 |
2120.360 |
|
(d) Cash and
bank balances |
123.678 |
85.724 |
60.401 |
|
(e) Short-term
loans and advances |
189.077 |
140.754 |
148.155 |
|
(f) Other
current assets |
244.244 |
285.221 |
137.111 |
|
Total
Current Assets |
4666.773 |
3916.751 |
3591.667 |
|
|
|
|
|
|
TOTAL |
7587.281 |
6492.087 |
5932.738 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
12625.799 |
10089.862 |
9571.900 |
|
|
Other Income |
12.864 |
11.305 |
20.611 |
|
|
TOTAL |
12638.663 |
10101.167 |
9592.511 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
8364.738 |
7047.056 |
7130.967 |
|
|
Purchases of
Stock-in-Trade |
1075.440 |
327.434 |
197.787 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(515.959) |
73.094 |
(74.095) |
|
|
Employee benefit expense |
610.146 |
529.872 |
487.665 |
|
|
Other expenses |
1472.471 |
1078.220 |
966.960 |
|
|
Exceptional items before tax |
110.171 |
0.000 |
0.000 |
|
|
TOTAL |
11117.007 |
9055.676 |
8709.284 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1521.656 |
1045.491 |
883.227 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
359.892 |
353.331 |
373.961 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1161.764 |
692.160 |
509.266 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
317.146 |
285.254 |
285.452 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
844.618 |
406.906 |
223.814 |
|
|
|
|
|
|
|
Less |
TAX |
196.982 |
95.757 |
52.202 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
647.636 |
311.149 |
171.612 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
15.475 |
20.802 |
0.000 |
|
|
TOTAL EARNINGS |
15.475 |
20.802 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2546.950 |
2550.410 |
7130.967 |
|
|
TOTAL IMPORTS |
2546.950 |
2550.410 |
7130.967 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
14.39 |
6.48 |
3.57 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
274.619 |
220.465 |
220.000 |
|
Net cash flows from (used in) operations |
1157.699 |
933.579 |
1261.407 |
|
Net cash flows from (used in) operating activities |
939.091 |
858.554 |
1228.402 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
68.44 |
86.46 |
80.85 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.33 |
4.22 |
4.51 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
39.48 |
49.07 |
38.01 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.87 |
1.04 |
0.78 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.53 |
0.42 |
0.39 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.68 |
0.69 |
0.72 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.34 |
1.55 |
1.87 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.58 |
1.77 |
2.07 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.19 |
1.30 |
1.42 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.23 |
2.96 |
2.36 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
5.13 |
3.08 |
1.79 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
8.54 |
4.79 |
2.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
26.93 |
16.25 |
10.70 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.23 |
1.16 |
1.08 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.77 |
0.86 |
0.74 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.32 |
0.29 |
0.27 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
7.15 |
6.19 |
6.24 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.23 |
1.16 |
1.08 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
480.079 |
480.079 |
450.079 |
|
Reserves & Surplus |
1123.767 |
1434.916 |
1954.573 |
|
Net
worth |
1603.846 |
1914.995 |
2404.652 |
|
|
|
|
|
|
Long-term borrowings |
714.144 |
894.629 |
1057.615 |
|
Short term borrowings |
2061.394 |
1858.861 |
1887.636 |
|
Current maturities of
long-term debts |
220.000 |
220.465 |
274.619 |
|
Total
borrowings |
2995.538 |
2973.955 |
3219.870 |
|
Debt/Equity
ratio |
1.868 |
1.553 |
1.339 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
9571.900 |
10089.862 |
12625.799 |
|
|
0.000 |
5.411 |
25.134 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
9571.900 |
10089.862 |
12625.799 |
|
Profit/ (Loss) |
171.612 |
311.149 |
647.636 |
|
|
1.79
% |
3.08
% |
5.13
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
Yes |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
RESULTS FROM
OPERATIONS:
The Company’s revenue from operations increased to INR 13427.378 Million in the financial year 2016-17 from INR 10840.875 Million in the previous financial year, a growth rate of 23.86% and profit after tax increased to INR 647.636 Million from INR 311.149 Million in the previous financial year a growth rate of 108.14%.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Rupee term loans from others |
0.000 |
405.896 |
|
Loans repayable on demand from banks |
580.267 |
0.000 |
|
Total |
580.267 |
405.896 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G77563997 |
100156128 |
Axis Bank Limited |
29/12/2017 |
- |
- |
5580000.0 |
TRISHUL 3RD FLOOR, OPP SAMARTHESHWAR TEMPLE,LAW GARDEN, ELLISBRIDGEAHMEDABAD |
|
2 |
G70030952 |
100139813 |
Axis Bank Limited |
16/10/2017 |
- |
- |
721000.0 |
TRISHUL 3RD FLOOR, OPP SAMARTHESHWAR TEMPLE,LAW GARDEN, ELLISBRIDGEAHMEDABADUR249403IN |
|
3 |
G70029525 |
100139808 |
Axis Bank Limited |
27/09/2017 |
- |
- |
2100000.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADDN396193IN |
|
4 |
G46769147 |
10622492 |
State Bank of India |
10/02/2016 |
05/06/2017 |
- |
4925300000.0 |
OVERSEAS BRANCH, ARCADE, 2ND FLOOR,WORLD TRADE CENTRE, CUFFE PARADE, COLABAMUMBAIMH400005IN |
|
5 |
G42350801 |
10601284 |
State Bank of India |
13/10/2015 |
07/04/2017 |
- |
4925300000.0 |
OVERSEAS BRANCH, ARCADE, 2ND FLOOR,WORLD TRADE CENTRE, CUFFE PARADE, COLABAMUMBAIMH400005IN |
|
6 |
G72261969 |
10145135 |
ICICI BANK LIMITED |
31/01/2009 |
16/01/2014 |
27/12/2017 |
91340000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
7 |
G53625539 |
10597933 |
ICICI BANK LIMITED |
13/10/2015 |
- |
12/09/2017 |
250000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
8 |
G53444618 |
10432364 |
Standard Chartered Bank |
04/06/2013 |
27/06/2014 |
12/09/2017 |
500000000.0 |
Narain Manzil23, Barakhamba RoadNew DelhiDL110001IN |
|
9 |
G54776000 |
10145128 |
ICICI BANK LIMITED |
31/01/2009 |
12/08/2013 |
12/09/2017 |
500000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
10 |
G49700073 |
100067359 |
The Federal Bank Limited |
18/11/2016 |
- |
26/07/2017 |
970000000.0 |
Mumbai Fort Branch32/34, Churchgate House, Veer Nariman Road, FortMumbaiMH400023IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against company not acknowledged as debt |
23.667 |
23.593 |
|
Guarantees |
73.760 |
21.598 |
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
Intangible assets
- Brands and trade marks
- Trade marks
- Computer software
- Copyrights
PRESS RELEASE
PRINCE PIPES AND
FITTINGS FILES IPO PAPERS TO RAISE INR 5000.000 MILLION
The public issue comprises fresh issue of shares worth up to INR 5000.000 Million besides an offer for sale by the company's promoters -- Jayant Shamji Chheda, Tarla Jayant Chheda, Parag Jayant Chheda and Vipul Jayant Chheda, according to the draft red herring prospectus (DRHP).
Prince Pipes and Fittings today filed draft prospectus with capital market regulator to raise an estimated Rs 800 crore through an initial public offering.
The public issue comprises fresh issue of shares worth up to INR 5000.000 Million besides an offer for sale by the company's promoters -- Jayant Shamji Chheda, Tarla Jayant Chheda, Parag Jayant Chheda and Vipul Jayant Chheda, according to the draft red herring prospectus (DRHP).
As per the merchant banking sources, the company's initial public offer (IPO) is expected to garner INR 8000.000 Million.
Proceeds from the issue will be utilsed for payment of certain outstanding loans; financing the project cost towards establishment of a new manufacturing facility; upgradation of equipment at manufacturing facilities; and general corporate purposes.
JM Financial Institutional Securities Limited and Edelweiss Financial Services Limited are the book running lead managers to the issue.
Prince Pipes and Fittings Limited, a leading polymer pipes and fittings manufacturers in India, has five manufacturing facilities -- two in Dadra and Nagar Haveli and one each in Haridwar, Chennai and Kolhapur.
PVC PIPE MAKER PRINCE
PIPES GETS SEBI NOD FOR IPO
06 November,
2017
Prince Pipes and Fittings Limited, a maker of PVC pipes for plumbing, irrigation and sewage works, has received regulatory approval for an initial public offering (IPO).
Prince Pipes received approval from the Securities and Exchange Board of India on 3 November, taking the tally of companies that have received regulatory approvals for IPOs in 2017 to 39.
Mumbai-based Price Pipes had filed its draft red herring prospectus on 27 September.
The IPO size is INR 7000.000 Million ($106.5 million), according to the prospectus. The company will issue fresh shares worth INR 5000.000 Million and its promoters will sell shares worth INR 2000.000 Million.
Prince Pipes joins a clutch of companies looking to go public to benefit from the stock market boom in India this year. The company will join listed peers Astral Poly Technik, Jain Irrigation Systems and Finolex Industries on the bourses.
Jain Irrigation has gained roughly 25% this year while Astral Poly has jumped 92% and Finolex has climbed about 62% on the BSE, stock-exchange data showed.
Prince Pipes will use the net proceeds of the issue to repay loans, set up a new factory and upgrade equipment at existing manufacturing facilities as well as for general corporate purposes. The proceeds of the secondary sale will go to existing shareholders.
JM Financial Institutional Securities Limited and Edelweiss Financial Services Limited are the merchant bankers managing Prince Pipes’ IPO.
The company sells its products under two brand names—Prince Piping Systems and Trubore Piping Systems—through 766 distributors spread across India as of 31 August 2017.
The company has five manufacturing plants, in Athal and Dadra (Union Territory of Dadra and Nagar Haveli), Haridwar (Uttarakhand), Chennai (Tamil Nadu) and Kolhapur (Maharashtra).
The total installed capacity of its five existing plants was 210,646 tonnes a year as of 31 August 2017.
The company plans to set up two new manufacturing plants—one at Jobner (Rajasthan) and another at Sangareddy (Telangana).
The firm reported a net profit of INR 743.600 Million on total revenue from operations of INR 12625.800 Million for 2016-17.
Its revenue was INR 10089.800 Million in 2015-16 and INR 9571.900 Million the year before. The company’s net profit was INR 293.600 Million in 2015-16 and INR 156.800 Million in 2014-15. Its revenues grew at a compounded rate of 14.85% from 2015 to 2017 while net profit rose at the rate of 118%.
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
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 89.70 |
|
Euro |
1 |
INR 79.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.