MIRA
INFORM REPORT
|
Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
PARAKH AGRO INDUSTRIES LIMITED |
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Registered Office : |
Parakh House, Plot No. 1 and 2,
Market Yard, Gultekdi, Pune – 411 037, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
20.07.1987 |
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Com. Reg. No.: |
11-132583 |
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CIN No.: [Company
Identification No.] |
U01403PN1987PLC132583 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEP00528D |
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PAN No.: [Permanent
Account No.] |
AABCP0314L |
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Legal Form : |
A Closely held Public Limited Company |
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Line of Business : |
Manufacturer of agro based product and commodities. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1274000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Its
profitability is under severe pressure and has some accumulated losses.
Payments are reported as slow at times. The company can be considered good for small to mediocre business
dealings. |
LOCATIONS
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Registered Office/ Corporate Office: |
Parakh House, Plot No. 1 and 2, Market Yard, Gultekdi, Pune – 411 037,
Maharashtra, India. |
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Tel. No.: |
91-20-24261733 |
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Fax No.: |
91-20-24263211 |
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E-Mail : |
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Website : |
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Branch Office : |
Plot No. D-230, T.T.C Industrial Area, Thane Belapur Road, Opposite Tata Press, Shirawane 400 613, Maharashtra, India. |
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Tel. No.: |
91-22 - 27632745-47 / 27685702 |
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Fax No.: |
91-22-27632755 |
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Factory : |
Gat No.45/1-2-3,Village Bhandgaon, Taluka Daund, Dist: Pune - 412 214, Maharashtra, India. |
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Tel. No.: |
91-2119-275377 |
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Fax No.: |
91-2119-275775 |
DIRECTORS
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Name : |
Mr. Prakash Harachand Parakh |
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Designation : |
Director |
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Date of Birth/Age : |
23.03.1956 |
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Date of Appointment : |
20.07.1987 |
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Name : |
Mr. Suresh Harachand Parakh |
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Designation : |
Director |
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Date of Birth/Age : |
15.04.1963 |
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Date of Appointment : |
20.07.1987 |
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Name : |
Mr. Kesharchand Harachand Parakh |
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Designation : |
Director |
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Date of Birth/Age : |
23.10.1932 |
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Date of Appointment : |
23.06.1991 |
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Name : |
Mr. Rajendra Guatamchand Tatiya |
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Designation : |
Director |
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Date of Birth/Age : |
26.05.1960 |
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Date of Appointment : |
01.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.09.2008
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of agro based product and commodities. |
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GENERAL
INFORMATION
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Bankers : |
1262/ B, Sterling Plaza, Deccan Gymkhana, Jangli Maharaj Road, Pune – 411
004, Maharashtra, India
Aditi Coerce Centre, General Thimmayya Road Camp, Pune – 411 001,
Maharashtra, India.
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Khandelwal Jain and Associates Chartered Accountants |
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Address : |
Alankar Cinema Building, Pune Station, Pune – 411 001, Maharashtra,
India. |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs.10/- Each |
Rs.300.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs.10/- Each |
Rs.300.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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300.000 |
300.000 |
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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 |
19.825 |
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4] (Accumulated Losses) |
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(45.287) |
0.000 |
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NETWORTH |
|
254.713 |
319.825 |
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LOAN FUNDS |
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1] Secured Loans |
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1306.453 |
919.117 |
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2] Unsecured Loans |
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333.246 |
203.242 |
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TOTAL BORROWING |
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1639.699 |
1122.359 |
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DEFERRED TAX LIABILITIES |
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162.820 |
92.555 |
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TOTAL |
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2057.232 |
1534.739 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1257.078 |
1115.282 |
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Capital work-in-progress |
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118.335 |
35.498 |
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INVESTMENT |
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0.000 |
0.000 |
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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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409.084 |
216.711 |
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Sundry Debtors |
|
216.526 |
146.105 |
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Cash & Bank Balances |
|
112.671 |
112.266 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
146.106 |
111.628 |
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Total
Current Assets |
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884.387 |
586.710 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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203.207 |
202.671 |
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Provisions |
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0.244 |
0.080 |
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Total
Current Liabilities |
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203.451 |
202.751 |
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Net Current Assets |
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680.936 |
383.959 |
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MISCELLANEOUS EXPENSES |
|
0.883 |
0.000 |
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TOTAL |
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2057.232 |
1534.739 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
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4377.388 |
2990.714 |
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Other Income |
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176.119 |
37.178 |
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Total Income |
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4553.507 |
3027.892 |
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Profit/(Loss) Before Tax |
|
6.484 |
(103.897) |
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Provision for Taxation |
|
71.595 |
60.519 |
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Profit/(Loss) After Tax |
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(65.111) |
(164.416) |
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Imports : |
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Raw Materials |
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139.335 |
82.788 |
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Capital Goods |
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7.069 |
203.756 |
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Total Imports |
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146.404 |
286.544 |
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Expenditures : |
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Raw Material Consumed |
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3645.441 |
2629.183 |
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Increase/(Decrease) in Finished Goods |
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(15.160) |
(41.927) |
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Salaries, Wages, Bonus, etc. |
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71.866 |
49.790 |
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Managerial Remuneration |
|
6.000 |
6.000 |
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Payment to Auditors |
|
0.213 |
0.169 |
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Interest |
|
113.201 |
27.264 |
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Insurance Expenses |
|
7.698 |
4.923 |
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Power & Fuel |
|
86.655 |
55.231 |
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Depreciation & Amortization |
|
112.625 |
195.097 |
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Other Expenditure |
|
518.484 |
206.059 |
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Total Expenditure |
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4547.023 |
3131.789 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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(1.43) |
(5.43) |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.15 |
(3.47) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.29 |
(5.98) |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
(0.32) |
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Debt Equity Ratio (Total Liability/Networth) |
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7.24 |
4.14 |
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Current Ratio (Current Asset/Current Liability) |
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4.35 |
2.89 |
LOCAL AGENCY
FURTHER INFORMATION
Note: The address of the registered office has been shifted from Plot
No.813 and 813, Sector No.III, Pithampur Industrial Area, District Dhar,
Pithampur – 454 775, Madhya Pradesh to the present address w.e.f. 16.06.2008.
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U01403PN1987PLC132583 |
|
Name of the
company |
PARAKH AGRO INDUSTRIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Parakh House, Plot No. 1 and 2, Market Yard, Gultekdi, Pune – 411 037,
Maharashtra, India. |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Axis Bank Limited 1262/ B, Sterling Plaza, Deccan Gymkhana, Jangli Maharaj Road, Pune – 411
004, Maharashtra, India E-Mail: sachin.deo@axisbank.com |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of Machinery and other Movable Fixed Assets. |
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Date of
instrument Creating the charge |
13.08.2008 |
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Amount secured by
the charge |
Rs.230.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
BPLR – 3.50% (Presently at 11.25% p.a.) payable at monthly intervals. Terms of
Repayment: In 8 equal half yearly installments after completion of 18 months
from the date of first disbursement. Margin: 38.25% Extent and
Operation of the charge: On an exclusive first charge basis. Others: Term Loan
of Rs.230.000 Millions will comprise of sub limit as detailed below:-
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Short particulars
of the property charged |
All the movable fixed assets consisting of Plant Machinery spares
tools and accessories fixtures implements fittings and other installations
furniture vehicles computers and all other articles equipments and things
both present and future located at Plot Nos: 1) L-73, Taloja Industrial Area,
Village Tondre, Tal: Panvel, District Raigad. 2) 811-A, 812 and 813 Industrial Area No. III, Pithampur Industrial
Area, Tehsil and District Dhar (MP) 3) 93 to 119, 132 to 138 and 140 to 142 at Food Processing Park Gram
Nirmani Tehsil Kasarwad, District Khargone. |
WEBSITE DETAILS
Profile:
Spearheading the
new era in Plastics Packaging
With increasing health awareness and growing
environmental concern, the demand for hygienic, eco-friendly Plastics packaging
films is on the rise. At PARAKH AGRO's Plastics Packaging Division, they are
meeting this challenge consistently.
The Company's hi-tech plant at Bhandgaon
near Pune is a futuristic setup that leverages world class technology in
Extrusion, Printing, Lamination and Slitting. Driven by an uncompromising
quality strategy, they produce premium quality food-grade Plastics packaging
films/laminates that conform to the highest industry standards. Today, PARAKH
AGRO is a trusted name that embodies exclusivity and commitment.
They cater to a diverse clientele. From Food
to Healthcare, from Consumer Durables to Chemicals, they meet the distinctive
packaging needs for a variety of end applications. These include edible oil,
dairy products, snacks, toilet soap, detergents, shaving products, medical
disposables, industrial and agricultural chemicals, among many others.
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.48.14 |
|
UK Pound |
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
27 |
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. |
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 |
|