MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
PARRYWARE GLAMOUROOMS PRIVATE LIMITED |
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Formerly Known As : |
EAST INDIA SUGARS PRIVATE LIMITED |
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Registered Office : |
INDIA |
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Country : |
INDIA |
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Financials (as on) : |
31.03.2006 |
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Com. Reg. No.: |
18-10243 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Trading in Sugars |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Comments : |
Subject is a part of EID Parry Group. The company has closed down its
activities in February 2006 as per its last available financials of
31.03.2006. The company had huge accumulated losses as per last available
financials. The company can be considered for any business dealings on fully safe
and secured terms only. |
LOCATIONS
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Registered Office : |
India |
DIRECTORS
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Name : |
Mr. K E Ranganathan |
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Designation : |
Director |
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Name : |
Mr. D Kumaraswamy |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Trading in Sugars |
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Products : |
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PRODUCTION STATUS
(As on 31.03.2006)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Sanitary Ware |
MT/Year |
34500 |
2885* |
* Production figures are shown only for
Mar-06, i.e. the date from which the Parryware undertaking was acquired.
GENERAL
INFORMATION
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No. of Employees : |
About 1500 |
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
Not Available |
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Associates : |
Espiem Plastics Limited |
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Fellow Subsidiaries : |
·
Coramandel Fertiliser Limited ·
Parry Sugars Limited ·
Parry Investment Limited ·
Coramandel Bathware Limited ·
Parry America Inc. ·
Parry Chemicals Limited |
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Holding Company : |
EID Parry (India) Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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15.000 |
15.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
6.700 |
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4] (Accumulated Losses) |
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(101.400) |
0.000 |
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NETWORTH |
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(86.400) |
21.700 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
672.200 |
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2] Unsecured Loans |
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101.200 |
0.000 |
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TOTAL BORROWING |
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101.200 |
672.200 |
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DEFERRED TAX LIABILITIES |
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119.100 |
0.000 |
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TOTAL |
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133.900 |
693.900 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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718.300 |
0.000 |
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Capital work-in-progress |
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293.400 |
0.000 |
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INVESTMENT |
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44.400 |
4.800 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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385.100 |
923.800 |
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Sundry Debtors |
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125.400 |
4.000 |
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Cash & Bank Balances |
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196.000 |
1.000 |
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Other Current Assets |
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1.600 |
0.000 |
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Loans & Advances |
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420.800 |
54.800 |
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Total
Current Assets |
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1128.900 |
983.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2031.500 |
294.300 |
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Provisions |
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19.600 |
0.200 |
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Total
Current Liabilities |
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2051.100 |
294.500 |
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Net Current Assets |
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(922.200) |
689.100 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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133.900 |
693.900 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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1116.400 |
869.600 |
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Other Income |
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2.700 |
2.400 |
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Total Income |
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1119.100 |
872.000 |
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Profit/(Loss) Before Tax |
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12.600 |
39.700 |
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Provision for Taxation |
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120.700 |
15.400 |
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Profit/(Loss) After Tax |
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(108.100) |
24.300 |
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Earnings in Foreign Currency : |
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4.300 |
0.000 |
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Imports : |
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Stores & Spares |
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1.000 |
0.000 |
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Traded Goods |
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0.900 |
0.000 |
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Total Imports |
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1.900 |
0.000 |
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Expenditures : |
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Cost of Material |
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968.900 |
786.800 |
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Employee Cost |
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21.300 |
0.000 |
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Other Costs |
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88.700 |
19.400 |
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Interest |
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22.800 |
26.100 |
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Depreciation & Amortization |
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4.800 |
0.000 |
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Total Expenditure |
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1106.500 |
832.300 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(9.66) |
2.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.13 |
4.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.68 |
4.04 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.15) |
1.83 |
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Debt Equity Ratio (Total Liability/Networth) |
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(24.91) |
44.55 |
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Current Ratio (Current Asset/Current Liability) |
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0.55 |
3.34 |
LOCAL AGENCY
FURTHER INFORMATION
The Company’s sole activity upto February 28, 2006 was trading in sugar,
which has been discontinued. The turnover of the sugar trading division for the
period from April 1, 2005 to February 28, 2006 is Rs.934.800 millions and the
net loss for the said period is Rs.17.400 millions.
Notes on Accounts
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Class of Assets |
Rate
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Buildings |
1.67% to 3.65% |
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Plant and Machinery |
4.82% to 25.89% |
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Furniture and Fittings |
6.33% |
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Computers |
19.00% |
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Office Equipment |
4.75% |
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Vehicles |
9.50% |
Fixed Assets
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Leasehold Land
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Freehold Land
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Buildings
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Plant and Machinery
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Furniture and Office Equipment
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Vehicles
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.28 |
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UK Pound |
1 |
Rs.73.43 |
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Euro |
1 |
Rs.68.22 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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