MIRA
INFORM REPORT
|
Report Date : |
07.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PARKSONS
PACKAGINGS LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 2,
Survey No. 11 & 13, Ringanwada, Nani Daman, Daman 396210 U.T. |
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2006 |
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|
|
|
Date of
Incorporation : |
26.04.1996 |
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|
|
|
Com. Reg. No.: |
54-110 |
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|
|
|
CIN No.: [Company Identification No.] |
U25202GJ1996PTC000110
/ U21029DD2004PLC003450 |
|
|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
MUMP15027F /
MUMP17332A |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCP6598E |
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|
|
|
Legal Form : |
A closely Held
Public Limited Liability Company |
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|
|
|
Line of
Business : |
Manufacturer and Exporter
of Packaging Material like Cartons, Boxes, Cases, Paperboard Packaging
Cartons, Corrugated Boxes. |
RATING &
COMMENTS
|
MIRA’s Rating
: |
Ba |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
|
Maximum Credit
Limit : |
USD 1000000 |
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|
|
|
Status : |
Satisfactory |
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|
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|
Payment
Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Their trade relations
are fair. Business is active. Payments are usually correct and as per commitments.
The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered
Office : |
Unit No. 2,
Survey No. 11 & 13, Ringanwada, Nani Daman, Daman 396210 U.T. |
|
Tel. No.: |
91-260-2240762 |
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Fax No.: |
91-260-2243340 |
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E-Mail : |
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|
Website : |
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|
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Head Office : |
6, Mamgatirth
Apartments, Opp. Cottage Hospital, P O Silvassa –
396 230, Dadra Nagar Haveli |
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|
|
|
Factory : |
Unit No. 2,
Survey No. 11 & 13, Ringanwada, Nani Daman, Daman 396210 U.T. |
|
Tel. No.: |
91-260-2240762 |
|
Fax No.: |
91-260-2243340 |
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E-Mail : |
parksons@daman.parksonspackaging.com,
anilg@parksonspackging.com |
|
Website : |
|
|
|
|
|
Corporate
Office : |
41/B, Lalbaug
Industrial Estate, Dr. Ambedkar Road, Mumbai – 400 012,
Maharashtra, India |
|
Tel. No.: |
91-22-56667200 |
|
Fax No.: |
91-22-56635201 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Ramesh B.
Kejriwal |
|
Designation : |
Director |
|
Address : |
1101, Saarthi, 33,
K M Munshi Marg, Chowpatty, Mumbai-400007, Maharashtra, India |
|
Date of
Birth/Age : |
05.10.1950 |
|
Date of
Appointment : |
26.04.1996 |
|
|
|
|
Name : |
Ms. Anjali R.
Kejriwal |
|
Designation : |
Director |
|
Address : |
1101, Saarthi, 33,
K M Munshi Marg, Chowpatty, Mumbai-400007, Maharashtra, India |
|
Date of
Birth/Age : |
28.09.1954 |
|
Date of
Appointment : |
02.07.2001 |
|
|
|
|
Name : |
Mr. Siddarth R.
Kejriwal |
|
Designation : |
Whole Time
Director |
|
Address : |
91, Laxmi Vilas,
Napeansea Road, Mumbai – 400 006, Maharashtra, India |
|
Date of
Birth/Age : |
19.07.1973 |
|
Date of
Appointment : |
26.04.1996 |
|
|
|
|
Name : |
Ms. Chaitanya R.
Kejriwal |
|
Designation : |
Director |
|
Address : |
1201, Saarthi, 33,
K M Munshi Marg, Chowpatty, Mumbai-400007, Maharashtra, India |
|
Date of
Birth/Age : |
08.10.1979 |
|
Date of
Appointment : |
19.11.2001 |
|
|
|
|
Name : |
Mr. Ashok
Chokhani |
|
Designation : |
Director |
|
Address : |
502, Gamdevi, Mumbai
– 400 007, Maharashtra, India |
|
Date of
Birth/Age : |
10.11.1944 |
|
|
|
|
Name : |
Mr. Suresh S.
Seksaria |
|
Designation : |
Director |
|
Address : |
Sea Shell,
Napeansea Road, Mumbai – 400 006, Maharashtra, India |
|
Date of
Birth/Age : |
02.01.1949 |
|
|
|
|
Name : |
Mr. Manoj Jaju |
|
Designation : |
Director |
|
Address : |
14.02.1972 |
|
Date of
Birth/Age : |
605, Dahisar
(East), Mumbai – 400 068, Maharashtra, India |
|
|
|
|
Name : |
Mr. Kunal
Kumudchandra Shroff |
|
Designation : |
Director |
|
Address : |
8, Jay Mahal, 1st
Floor, A Road, Churchgate, Mumbai-400020, Maharashtra, India |
|
Date of
Birth/Age : |
01.12.1974 |
|
Date of
appointment : |
30.09.2006 |
|
Other
Directorships : |
|
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names
of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Ramesh B.
Kejriwal |
|
1434766 |
|
Ms. Anjali D.
Kejriwal |
|
320000 |
|
Mr. Siddarth K.
Kejriwal |
|
1686230 |
|
Ramesh B.
Kejriwal (HUF) |
|
708440 |
|
Mr. Sajjan B.
Kejriwal |
|
1306940 |
|
Ms. Nidhi S.
Kejriwal |
|
1196880 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturer and
Exporter of Packaging Material like Cartons, Boxes, Cases, Paperboard
Packaging Cartons, Corrugated Boxes. |
|
|
|
|
Products : |
·
Cartons ·
Boxes ·
Cases ·
Paperboard
Packaging Cartons ·
Corrugated
Boxes ·
Rent ·
Miscellaneous
Income |
GENERAL INFORMATION
|
Customers : |
v Hindustan Lever v L'oreal v Godrej v McDonalds v Kelloggs v Heinz v Wipro v Wockhardt v Ipca Laboratories v Ranbaxy v Cipla |
|
|
|
|
Bankers : |
State Bank of
India, H-2, Connaught Circus, new Delhi-110001, Delhi, India State Bank of India,
Raheja Chambers, Backbay Reclamation, Nariman Point, Mumbai-400021,
Maharashtra, India |
|
|
|
|
Facilities : |
·
T/L : Rs.
35.150 millions ·
W/C : Rs.
68.775 millions ·
L/C : Rs.
31.871 millions ·
Vehicles
Loan : Rs.3.182 million |
|
|
|
|
Bankers : |
UCO Bank |
|
|
|
|
Facilities : |
T/L : Rs. 75.000
millions L/C : Rs. 80.775
millions |
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
Desai Associates Chartered
Accountants |
|
Address : |
103, Anand Estates,
189, Arthur Road, Chinchpokli, Mumbai – 400 011,
Maharashtra, India |
|
Tel. No.: |
91-22-23080788 |
|
Fax No.: |
91-22-23072981 |
|
|
|
|
Sister
Concerns : |
Parksons Press
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- |
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12658202 |
Equity Shares |
Rs. 10/- |
Rs. 126.582 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
99.999 |
93.568 |
93.567 |
|
|
2] Reserves &
Surplus |
196.189 |
117.907 |
90.621 |
|
NETWORTH
|
296.188 |
211.475 |
184.188 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
431.387 |
399.109 |
294.756 |
|
|
2] Unsecured
Loans |
26.302 |
34.293 |
29.787 |
|
TOTAL BORROWING
|
457.689 |
433.402 |
324.543 |
|
|
DEFERRED TAX
LIABILITIES |
50.223 |
47.656 |
24.825 |
|
|
|
|
|
|
|
TOTAL
|
804.100 |
692.533 |
533.556 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
566.232 |
487.609 |
370.257 |
|
Capital work-in-progress
|
1.703 |
6.460 |
2.228 |
|
|
|
|
|
|
|
INVESTMENT
|
0.375 |
0.375 |
0.375 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
115.610
|
94.789
|
57.034
|
|
|
Sundry Debtors
|
116.697
|
100.513
|
67.454
|
|
|
Cash & Bank Balances
|
12.177
|
1.834
|
21.664
|
|
|
Loans & Advances
|
139.680
|
113.775
|
98.671
|
Total Current Assets
|
384.164
|
310.911 |
244.823
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
139.061
|
108.932
|
79.274
|
|
|
Provisions
|
10.110
|
4.105
|
5.115
|
Total Current Liabilities
|
149.171
|
113.037 |
84.389
|
|
Net Current Assets
|
234.993
|
197.874 |
160.434
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.797 |
0.215 |
0.262 |
|
|
|
|
|
|
|
TOTAL
|
804.100 |
692.533 |
533.556 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2004 |
Sales Turnover [including other
income]
|
|
|
557.976 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
|
68.933 |
Provision for Taxation
|
|
|
3.923 |
Profit/(Loss) After Tax
|
|
|
65.010 |
|
|
|
|
|
Export Value
|
|
|
28.075 |
|
|
|
|
|
Import Value
|
|
|
146.401 |
|
|
|
|
|
Total Expenditure
|
|
|
10.933 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
NA
|
NA |
11.65
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
NA
|
NA |
12.35
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
NA
|
NA |
11.16
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
NA
|
NA |
0.37
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.05
|
2.58 |
3.35
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.57
|
2.75 |
2.90
|
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for creation
or modification of charges
|
Corporation identity number or foreign
company registrations number of the company
|
U21029DD2004PLC003450 |
|
Name of the company |
PARKSONS
PACKAGINGS LIMITED |
|
Address |
Unit No. 2, Survey
No. 11 & 13, Ringanwada, Nani Daman, Daman 396210 U.T. |
|
This Form is for |
Modification of
charge |
|
Type of Charges |
Book debts Movable property (not being pledge) |
|
Particular of the charge holder |
State Bank of India, Raheja Chambers, Backbay Reclamation, Nariman
Point, Mumbai-400021, Maharashtra, India |
|
Nature or description of the instrument
creating charge |
Supplemental agreement for hypothecation of goods and assets for
increase in overall limit (Form C-2-A) Form C A-1 Supplemental agreement of
loan for increase in the overall limit. |
|
Date of the instrument creating charge |
22.01.2007 |
|
Amount Secure by the charge |
Rs.643.900 millions |
|
Brief of the principal terms and conditions
and extent and operation of the charge |
Rate of interest : Presently SBI will charge 9.25% p.a. may be altered from time to time Terms of Repayment : New TL to be repaid in 24 EMI with a moratorium of 3 years. Existing TL as per existing schedule. Margin : 25% Extent and Operation of the charge: Hypothecation first charge on P and M and other movable assets at
Daman in favour of SBI for TL Rs.81.4 millions, parri passu with SCB and 2nd
charge for WCL (NFB and FB) Rs.337.500 millions. Hypothecation fo current
assets, present and future for WCL (NFB abd FB) Rs.337.5 millions, pari passu
with SCB. Hypothecation 1st charge in favour of SBI on P an dM and
other movable assets at Pune for TL Rs.225.000 millions and extension of
hypothecation charge for WCL (NFB and FB) Rs.337.5 millions |
|
Particulars of the Property charged |
Hypothecation of current assets, present and future, plant and
machinery and other movable assets at Daman and Pune. |
|
Particulars of the present modification |
Extension of hypothecation charge in favour of SBI pari apssu with
SCB, on current assets (present and future) for WCL (NFB and FB) of Rs.33.750
millions. Extension of hypothecation charge in favour of SBI for TL of Rs.81.4
millions parri passu with SCB, on plant and machinery and other movable
assets at Daman. 1st hypothecation charge in favour of SBI on plant and
other movable assets at Pune for TL Rs.225 millions and extension for WCL of
Rs.337.5 millions. |
AS PER WEBSITE
Profile
Parksons Packaging
is one of the leading convertors of paperboard cartons in India. It combines
its forty years of experience in the printing industry with a global and
forward thinking approach to provide its customers with the best packaging
solutions. They have been accredited by KPMG with ISO 9001:2000 certification
for maintaining quality systems.
Mission:
To be a
complete solution provider to customers, partnering with them in the
development of high quality, innovative and cost-effective packaging solutions.
They are committed to maintaining the highest standards of quality and
continuously invest in the latest technology at all levels of development, from
the pre-press stage to the final execution.
They are focused on consistently delivering products of
international quality for their clients.
The values at Parksons Packaging reflect their commitment to following fair
business practices with complete honesty and integrity.
Clients
At Parksons Packaging Limited, they believe in building lasting
win-win partnerships with their clients. They are a customer centric
organization. They try harder to go the extra mile to meet and exceed customer
expectations.
Parksons Packaging caters to the domestic as well as the
International markets. They have successfully delivered solutions from the
engineering and concept design to the execution stage, to clients in diverse
industry segments such as liquor, detergents, cosmetics, food, pharmaceuticals
and others.
They are focused on being the supplier of choice for customers of international
repute in the Pharmaceuticals, FMCG's and Food & Beverages Industries.
Quality Policy
They are
committed to establish their leadership in the manufacturing of printed cartons
by:
Stringent in-process testing and inspection ensures that
every pack on the shelf is flawless. An ultra modern QC lab, an IGT tester for
inks and coating, a Gretag Spectromat colour control system and a Kurandt
online quality control system on the folder gluer are just a few of the
mechanisms they employ to ensure that the quality of their products is
impeccable.
They are the first carton company in India to use optical online quality
control equipment to check for missing colours, faulty die cut positions,
excess gluing and carton mix-ups. The online facility then automatically ejects
any defective packs.
Technology
Parksons Packaging is a fully integrated manufacturing unit
providing total packaging solutions with state of the art equipment in all
spheres of the manufacturing chain.
They are in tune with global technological advancements and
have successfully installed best of breed equipment.
Pre-press:
They work with the latest designing software both graphic and structural to
create the carton concept. They have 15 high-end computer stations with the
latest software to aid the graphic and structural pack designing.
They use Artios software for computer aided designing (CAD) and are able to
provide instant dummies to their customers with a Kongsberg Samplemaker (CAM)
to get structural approval.
The complete graphic re-production workflow, from Esko graphics (Barco) and an
in-house image setter for film output, not only ensure that they meet their
customer’s expectations in terms of colour and graphic reproduction, but also
ensure a reduced turnaround time for reproduction of films and plates for
quality printing with absolute confidentiality of the job.
Further more, their pre-press is equipped with an Esko-Graphics Kaleidoscope
Colour Management System with X-RITE Spectrophotometer to provide digital
proofs on actual substrate.
Printing
:
Their facility currently boasts of top-quality Heidelberg Speedmaster and
Mitsubishi multi-colour presses capable of printing 6 colours with inline
coating.
All their presses have additional features like auto plate, ink temperature
control and doctor blade coating technology to guarantee international quality
reproduction.
Their printing machines also have Cip3 interface with prepress to ensure faster
make-ready and accurate colour reproduction.
In addition, all their printing machines are controlled online with the help of
a Gretag Spectromat for image reading of the printed sheet, thereby ensuring
online correction during the printing process.
Finishing:
Their value-added services help them to provide their customers with attractive
cartons in a variety of finishes. Their finishing department has in-house
facilities to provide various services such as UV and water-based coating,
glossy and matt lamination, window lamination, embossing, foil stamping,
corrugation and window patching.
They also have the capabilities to print on plastic and metallic substrates to
create cartons with striking visual effects. They use top-of-the-line Bobst and
Iberica die cutters with stripping for precise cutting and creasing.
To complement these die cutters, they have fully automatic Bobst folder gluers
with advanced features to ensure smooth running of the cartons on automatic
packing lines. These machines have hot melt gluing facilities and are capable
of manufacturing straight line, crash lock bottom, and 4/6 corner cartons. This
goes a long way in providing creative pack shapes and structures for their
customers.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|