|
Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARRY ENTERPRISES INDIA LIMITED |
|
|
|
|
Registered
Office : |
Dare House, No.234, N.S.C, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
14.12.1990 |
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|
|
|
Com. Reg. No.: |
18-020023 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 50.415 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29142TN1990PLC020023 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDP01533A CHEP00713G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACP3643D |
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|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of
polymer net and knitted fabrics, manufacture of flexible packaging trading of
food intermediary products, consignment agents and air travel agency
business. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1400000 |
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|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. There
appears continous dip in the profitability of the company and the company has
also incurred a loss during current year. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered normal for business dealings with some
caution |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
31-03-2012.
LOCATIONS
|
Registered Office/ Head Office : |
Dare House, No.234, N.S.C, Bose Road, Chennai-600001, Tamil Nadu,
India |
|
Tel. No.: |
91-44-25346457/25306400 |
|
Fax No.: |
91-44-25342378 |
|
E-Mail : |
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|
Website : |
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Branches : |
Located at: ·
Chennai ·
·
·
·
Mumbai ·
Dankuni |
DIRECTORS
As on : 20.07.2012
|
Name : |
Mr. Arunachalam Murugappa |
|
Designation : |
Managing Director |
|
Address : |
The Laurels, New No.9, (Old No.4), |
|
Date of Birth/Age : |
18.06.1967 |
|
Date of Appointment : |
18.01.2008 |
|
Pan No ; |
AACPA9626N |
|
DIN No.: |
00202958 |
|
|
|
|
Name : |
Mr. Rajan Chittur Ramakrishanan |
|
Designation : |
Director |
|
Address : |
B-1, Ashok Tapasvi , |
|
Date of Birth/Age : |
13.07.1951 |
|
Date of Appointment : |
10.08.2005 |
|
DIN No.: |
00111933 |
|
|
|
|
Name : |
Mr. Sridhar Ganesh |
|
Designation : |
Director |
|
Address : |
New No.25, Old No.10/3, |
|
Date of Birth/Age : |
31.12.1950 |
|
Date of Appointment : |
23.07.2010 |
|
DIN No.: |
01681018 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Srinivasan H.R. |
|
Designation : |
Director |
|
Address : |
72, |
|
Date of Birth/Age : |
22.03.1964 |
|
Date of Appointment : |
23.07.2010 |
|
DIN No.: |
00130277 |
|
|
|
|
Name : |
Mr. Balaraman |
|
Designation : |
Director |
|
Address : |
Guru Guha, New No.24, Third |
|
Date of Birth/Age : |
18.08.1946 |
|
Date of Appointment : |
23.07.2011 |
|
DIN No.: |
00267829 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh |
|
Designation : |
Deputy Manager Sales (Chennai ) |
|
Tel No: |
91-44-22523620 |
|
Mobile No : |
91-9840983764 |
|
Fax No : |
91-44-22523631 |
|
Email : |
|
|
|
|
|
Name : |
Mr. B.C. Brini |
|
Designation : |
Deputy Manager Sales ( |
|
Tel No: |
91-484-2666079/2667620 |
|
Fax No : |
91-9447722410 |
|
Email : |
|
|
|
|
|
Name : |
Mr. J.N. Waghray |
|
Designation : |
Branch Manager ( |
|
Tel No: |
91-80-26801016/26801015 |
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Mobile No : |
91-9845190452 |
|
Email : |
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|
|
|
|
Name : |
Mr. Ranjesh Kumar |
|
Designation : |
Branch Manager (Mumbai) |
|
Tel No: |
91-22-67252030 |
|
Fax No : |
91-22-67252030 |
|
Mobile No : |
9831777703 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Ranjan Mukherjee |
|
Designation : |
Deputy Manager Sales ( |
|
Tel/fax : |
91-33-26591037 |
|
|
91-9831777703 |
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|
|
|
Name : |
Mr. Sridharan TR |
|
Designation : |
Senior Manager - Water Business |
|
Tel No : |
91-44-25306322 |
|
Email : |
|
|
|
|
|
Name : |
Mr. R.N. Swamy |
|
Designation : |
General Manager - Sales |
|
Tel No: |
91-44-25306400 |
|
Fax No : |
91-44-25342378 |
|
Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 20.07.2012
LIST ATTACHED
Equity
Share Break up (Percentage of Total Equity)
As on : 20.07.2012
|
Category |
Percentage |
|
Bodies corporate |
74.14 |
|
Directors or relatives of Directors |
24.70 |
|
Other top fifty shareholders |
1.16 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
polymer net and knitted fabrics, manufacture of flexible packaging trading of
food intermediary products, consignment agents and air travel agency
business. |
||||||||||
|
|
|
||||||||||
|
Products : |
·
Food
Flavours ·
Acidulants ·
Dairy
Ingredients ·
Protein ·
Vegetable
Fat ·
Cocoa
Products ·
Taste
Enhancers ·
Food
Additives ·
Presevatives
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
“PARRY” |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity * |
Purchases/
Actual Production |
|
|
|
|
|
|
|
Extruded Polymer Meshes |
MT |
2090 |
2090 |
1883.97 |
|
Knitted Fabrics |
MT |
NA |
535 |
370.08 |
|
Flexible Packing |
MT |
6000 |
4200 |
1578.00 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
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|
|||||||||||||||
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Bankers : |
1.
IndusInd
Bank Limited, 2401, 2. State Bank of India, Commercial Branch, -Credit Processing Cell, Bombay Mutual Building, 232, NSC Bose Road, Chennai – 600001, Tamilnadu, India 3. ICICI Bank Limited, Landmark, Race course circle, Vadodara –
390 007, 4.
Yes Bank limited, 9th
Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – Maharashtra,
India |
|||||||||||||||
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|
|
|||||||||||||||
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Facilities : |
Rs in Millions
|
|
|
|
|
Auditors : |
|
|
Name : |
R.G.N Price and Company Chartered Accountants |
|
Address : |
|
|
Tel. No.: |
91-44-28413633 |
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PAN No.: |
AAAFR0651G |
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|
|
|
Holding
Company : |
(CIN. No: U01116TN1942PTC003659) |
|
|
|
|
Fellow Subsidiary : |
(CIN No:U01132TN2011PLC079800)
(U01119TN1977PLC070246)
|
CAPITAL STRUCTURE
As on : 20.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs. 10/-each |
Rs. 60.000 Millions |
|
6000000 |
Preference Shares |
Rs. 10/-each |
Rs. 60.000 Millions |
|
|
Total |
|
Rs. 1200.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3541461 |
Equity Shares |
Rs. 10/-each |
Rs. 35.415 Millions |
|
1500000 |
Preference Shares |
Rs. 10/-each |
Rs. 15.000 Millions |
|
|
Total |
|
Rs. 50.415
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.415 |
50.415 |
50.415 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
316.511 |
356.829 |
355.353 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
366.926 |
407.244 |
405.768 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
462.476 |
399.401 |
288.380 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
462.476 |
399.401 |
288.380 |
|
|
DEFERRED TAX LIABILITIES |
44.100 |
42.000 |
41.000 |
|
|
|
|
|
|
|
|
TOTAL |
873.502 |
848.645 |
735.148 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
451.303 |
432.414 |
428.062 |
|
|
Capital work-in-progress |
6.992 |
26.469 |
1.747 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.910 |
0.906 |
60.917 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
252.729
|
162.513 |
109.581
|
|
|
Sundry Debtors |
296.572
|
242.300 |
165.988
|
|
|
Cash & Bank Balances |
22.719
|
54.367 |
23.150
|
|
|
Other Current Assets |
11.407
|
8.286 |
0.033
|
|
|
Loans & Advances |
107.863
|
157.704 |
107.864
|
|
Total
Current Assets |
691.290
|
625.170 |
406.616 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
135.465
|
105.913 |
116.903 |
|
|
Other Current Liabilities |
129.302
|
119.762 |
39.891
|
|
|
Provisions |
12.226
|
10.639 |
5.400
|
|
Total
Current Liabilities |
276.993
|
236.314 |
162.194 |
|
|
Net Current Assets |
414.297
|
388.856 |
244.422 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
873.502 |
848.645 |
735.148 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1643.790 |
1332.536 |
1034.028 |
|
|
|
Other Income |
3.272 |
4.889 |
15.905 |
|
|
|
TOTAL (A) |
1647.062 |
1337.425 |
1049.933 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
580.076 |
401.878 |
751.455 |
|
|
|
Purchases of stock in trade |
701.064 |
648.254 |
0.000 |
|
|
|
Changes in inventories |
(24.307) |
(39.906) |
0.000 |
|
|
|
Employees benefits |
112.652 |
95.659 |
78.108 |
|
|
|
Other Expenses |
208.641 |
151.241 |
147.102 |
|
|
|
TOTAL (B) |
1578.126 |
1257.126 |
976.665 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
68.936 |
80.299 |
73.268 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.223 |
35.681 |
26.884 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.713 |
44.618 |
46.384 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
52.709 |
40.917 |
33.684 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX (E-F) (G) |
(36.996) |
3.701 |
12.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2.100 |
1.000 |
2.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
AFTER TAX (G-I) (J) |
(39.096) |
2.701 |
10.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
303.596 |
294.121 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend Tax |
NA |
NA |
1.050 |
|
|
|
Tax on Dividend |
NA |
NA |
0.175 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
303.596 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
1.326 |
1.502 |
1.066 |
|
|
|
Commission and Service Income |
10.933 |
8.346 |
20.360 |
|
|
TOTAL EARNINGS |
12.259 |
9.848 |
21.426 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
48.714 |
158.150 |
|
|
|
Stores & Spares |
NA |
256.727 |
57.860 |
|
|
TOTAL IMPORTS |
NA |
305.441 |
216.010 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.04) |
3.02 |
3.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2.37)
|
0.20 |
1.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.24)
|
0.27 |
1.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.24)
|
0.35 |
1.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10)
|
0.01 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.26
|
0.98 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.49
|
0.37 |
2.51 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------------ |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
--------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
--------------------- |
|
26] |
Buyer visit details |
--------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE:
The gross sales and other income for the year
were Rs.1647.100 Millions as against Rs.1337.400 millions for the previous year,
registering an increase of 23%.
Due to increase in prices of key raw
materials and the higher interest rates during the year, the profit before
Interest and tax was lower by 59% at Rs.162.000 Millions for the financial year
as against Rs.39.400 Millions for the previous year.
COMPANY PROFILE :
Parry Enterprises India Limited (PEIL) is
engaged in the business of Manufacture of Polymer nets and Knitted Fabrics;
Manufacture of Flexible packaging; Trading of Food intermediary products;
Consignment agents and Air Travel agency business.
PEIL is a constituent of the Murugappa Group
and is a subsidiary of M/s. Ambadi Investments Private Limited, (formerly known
as M/s. New Ambadi Estates Private Limited), which holds 66.55% of the equity
share capital of the Company. During the current year, the holding company M/s.
New Ambadi Estates Private Limited (now, known as Ambadi Investments Private
Limited) by a scheme of Arrangement (Demerger) vested the Plantation
Undertaking in M/s. New Ambadi Investments and Enterprises Private Limited (now
known as New Ambadi Estates Pvt. Ltd) The said scheme was sanctioned by High
court of Judicature at Madras vide its order dated 21 st November 2011. The
scheme became effective on 14th December 2011 upon filling the said order of
the Madras High Court with the Registrar of Companies of Tamil Nadu, Chennai.
POLYMER MESHES :
Industry Scenario : Extruded Nets and Knitted
Fabrics are two major business segments in which Polynet division operates. The
market for Extruded Net is estimated around Rs.350.000 Millions with a growth
potential of 12%. The product range includes Mosquito proofing, Packaging nets,
Bi axial geo grids, Fencing products, Sericulture nets and other Industrial
products, etc. The market size for Knitted Fabrics (Agro Shading) is estimated
at around Rs.1000.000 Millions and is likely to sustain 15-18% growth in the
near future. Development of new crop varieties, increased awareness and
acceptance of Technical farming and shift to cultivation of exotic products are
driving the growth of the industry. The end use segment for Knitted Fabrics are
Floriculture, Horticulture, Grape farming, Cultivation of Exotic vegetables,
saplings, etc.
The industry is dominated by small
manufacturers with regional presence whereas Polynet is the only large scale
player with significant market presence and commanding a market premium with a
well established brand equity . In order to sustain it’s leadership position
the division is aggressively expanding the product portfolio including entry
into adjacent products having synergy with existing distribution strengths and
to offer a wider choice to customers. Many of the new products being introduced
are technically superior to what is currently available in the local market.
The division is pursuing capacity addition in
Knitting and Extrusion to meet the projected market demand and improve market
share. All investments are in new technology capable of producing a range and
variety of new products . The division is also actively entering into job
working arrangements addressing new product segments and to derive supply chain
benefits.
They continue to actively work with various
industries in developing customized solutions and products to meet their needs.
We are also working on value engineering of products and material combinations
to remain competitive and improve our market share. Considering our product
portfolio we are now actively working on developing export markets in SAARC,
Middle East and
FLEXIBLE PACKAGING:
Industry Scenario : Flexible packaging
constitutes 33% of the Indian packaging industry which is at Rs.400000 Millions
with a 15% growth per annum. Fast Moving FMCG sector, Organized Retail, growth
of food industry, convenience, healthy and packaged foods are industry drivers.
As the Flexible packaging is the most convenient, cost effective, elegant and
visible method of packaging, it is the most preferred option for all FMCG
industries such as Diary, Oil, Healthcare, Food, Pharma, Pesticides, Cosmetics,
Beverages, etc.
The company entered into the manufacture of
Flexible packaging laminates in September2008. The Flexible packaging uses
single or multilayer polymer substrate directly or in conjunction with other
material, usually laminated using adhesives. Over the years, the division has
established itself as a reputed supplier of flexible laminates to major
customers across various industries such as food, personal care, pharmaceutical
and industrial products.
GENERAL MARKETING DIVISION:
The General Marketing Division deals in
trading of Food intermediary products, like Cocoa Products, Diary Ingredients,
Acidulants, Proteins, Bakery ingredients, Emulsifiers, Preservatives etc, and
Packaged drinking water, bulk and retail.
INDUSTRY SCENARIO:
Cocoa
Products : The Biscuits,
Diary, Health Drinks, Industrial Chocolates and Confectionery are major
industries, which drives demand for
The Cocoa crop output in Africa improved
substantially; whereas the crop in
Diary
Ingredients : A key raw
material in the manufacture of products such as Ice cream, Health drinks, Milk
reconstitution, Confectionery and Indian sweets.
The industry remained volatile during the
year. The milk output during the second half of the year has improved
substantially with higher yields in all the key regions. The prices has seen a
correction because of abundant availability of milk and drop in ingredient
consumption by key segments such as ice cream and milk reconstitution.
Packaged
Drinking Water : The current
market size of bulk packaged drinking water is around 6.5 million liter per day
in Tamil Nadu. The national players enjoy a market share of 5% while the rest
is accounted by small scale local manufacturers . Due to low entry barriers
many companies have set up factories, and despite best efforts by BIS to
enforce stringent production and quality norms Local brands are successful due
to low prices which are usually in the range of Rs 25 to Rs 30 per 20 Litre
can. Further they extend good distributor margins and focus on localized
distribution of products.
General Marketing division has established
itself as a leading supplier of high quality ingredients to the trade and end
customer segment. The division, deals in a vast product portfolio which caters
to all food segments such as beverages, Processed foods, Dairy, Baked goods
etc. Focus on sourcing of high quality ingredients, tie up with leading
manufacturers, packaging in Parry brand and width of distribution are the
factors behind the continuous growth of the business.
The range of products on offer have not only
helped to build the distribution market but also helped the division to emerge
as a leading supplier of quality ingredients to major end use customers. Entry
into the North Market, increase in distribution width, focus on major account management
and increase in the product portfolio have all helped to sustain healthy growth
rates over the years.
TRAVELS DIVISION :
Industry Scenario: The airline industry is
facing turbulence times, with many airlines facing mounting losses and cutting
routes. Though, there was an increase in Air passenger traffic, the earnings of
the travel agents is decreasing year after year.
The division of the company acts as ticketing
agent for Murugappa group companies and also offer value added services like,
Visa, Passport, Hotels, Forex, and Group Tours.
BANKERS CHARGES REPORT AS PER REGISTRY :
|
Corporate
identity number of the company |
U29142TN1990PLC020023 |
|
Name of the
company |
PARRY ENGINEERING AND EXPORTS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Dare House, No.234, N.S.C, Bose road, Madras-600001, Tamil Nadu, |
|
This form is for |
Modification of
Charge |
|
Charge identification
(ID) number of the charge to be modified |
10266144 |
|
Type of charge |
|
|
Particular of
charge holder |
IndusInd Bank Limited, 2401, |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation dated 10th February 2012. |
|
Date of
instrument Creating the charge |
10.02.2012 |
|
Rs. 295.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : As mutually
agreed Terms of repayment : Repayable on
demand Margin : Cash Credit / WCDL : Stocks - 25%, Book Debts - 25% (cover period 180
days) Medium Term Loan : 25% Extend and operation of the charge: Hypothecation of entire current assets of the company, present &
future, on paripassu basis along with other working capital financing banks. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Particulars of
the present modification |
The over all limit has been enhanced from Rs.150.000 Millions to
Rs.295.000 Millions. |
FIXED ASSETS:
·
·
Buildings
·
Plant and Machinery
·
Furniture and Office Equipment
·
Computers
·
Vehicles
·
Software
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 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 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. 54.02 |
|
|
1 |
Rs. 82.43 |
|
Euro |
1 |
Rs. 70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
|
Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARRY ENTERPRISES INDIA LIMITED |
|
|
|
|
Registered
Office : |
Dare House, No.234, N.S.C, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
14.12.1990 |
|
|
|
|
Com. Reg. No.: |
18-020023 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 50.415 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29142TN1990PLC020023 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDP01533A CHEP00713G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP3643D |
|
|
|
|
Legal Form : |
A Closely Held Public
Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of
polymer net and knitted fabrics, manufacture of flexible packaging trading of
food intermediary products, consignment agents and air travel agency
business. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1400000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears
continous dip in the profitability of the company and the company has also
incurred a loss during current year. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered normal for business dealings with some
caution |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
31-03-2012.
LOCATIONS
|
Registered Office/ Head Office : |
Dare House, No.234, N.S.C, Bose Road, Chennai-600001, Tamil Nadu, India
|
|
Tel. No.: |
91-44-25346457/25306400 |
|
Fax No.: |
91-44-25342378 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches : |
Located at: ·
Chennai ·
·
·
·
Mumbai ·
Dankuni |
DIRECTORS
As on : 20.07.2012
|
Name : |
Mr. Arunachalam Murugappa |
|
Designation : |
Managing Director |
|
Address : |
The Laurels, New No.9, (Old No.4), |
|
Date of Birth/Age : |
18.06.1967 |
|
Date of Appointment : |
18.01.2008 |
|
Pan No ; |
AACPA9626N |
|
DIN No.: |
00202958 |
|
|
|
|
Name : |
Mr. Rajan Chittur Ramakrishanan |
|
Designation : |
Director |
|
Address : |
B-1, Ashok Tapasvi , |
|
Date of Birth/Age : |
13.07.1951 |
|
Date of Appointment : |
10.08.2005 |
|
DIN No.: |
00111933 |
|
|
|
|
Name : |
Mr. Sridhar Ganesh |
|
Designation : |
Director |
|
Address : |
New No.25, Old No.10/3, |
|
Date of Birth/Age : |
31.12.1950 |
|
Date of Appointment : |
23.07.2010 |
|
DIN No.: |
01681018 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Srinivasan H.R. |
|
Designation : |
Director |
|
Address : |
72, |
|
Date of Birth/Age : |
22.03.1964 |
|
Date of Appointment : |
23.07.2010 |
|
DIN No.: |
00130277 |
|
|
|
|
Name : |
Mr. Balaraman |
|
Designation : |
Director |
|
Address : |
Guru Guha, New No.24, Third |
|
Date of Birth/Age : |
18.08.1946 |
|
Date of Appointment : |
23.07.2011 |
|
DIN No.: |
00267829 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh |
|
Designation : |
Deputy Manager Sales (Chennai ) |
|
Tel No: |
91-44-22523620 |
|
Mobile No : |
91-9840983764 |
|
Fax No : |
91-44-22523631 |
|
Email : |
|
|
|
|
|
Name : |
Mr. B.C. Brini |
|
Designation : |
Deputy Manager Sales ( |
|
Tel No: |
91-484-2666079/2667620 |
|
Fax No : |
91-9447722410 |
|
Email : |
|
|
|
|
|
Name : |
Mr. J.N. Waghray |
|
Designation : |
Branch Manager ( |
|
Tel No: |
91-80-26801016/26801015 |
|
Mobile No : |
91-9845190452 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Ranjesh Kumar |
|
Designation : |
Branch Manager (Mumbai) |
|
Tel No: |
91-22-67252030 |
|
Fax No : |
91-22-67252030 |
|
Mobile No : |
9831777703 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Ranjan Mukherjee |
|
Designation : |
Deputy Manager Sales ( |
|
Tel/fax : |
91-33-26591037 |
|
|
91-9831777703 |
|
|
|
|
Name : |
Mr. Sridharan TR |
|
Designation : |
Senior Manager - Water Business |
|
Tel No : |
91-44-25306322 |
|
Email : |
|
|
|
|
|
Name : |
Mr. R.N. Swamy |
|
Designation : |
General Manager - Sales |
|
Tel No: |
91-44-25306400 |
|
Fax No : |
91-44-25342378 |
|
Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 20.07.2012
LIST ATTACHED
Equity
Share Break up (Percentage of Total Equity)
As on : 20.07.2012
|
Category |
Percentage |
|
Bodies corporate |
74.14 |
|
Directors or relatives of Directors |
24.70 |
|
Other top fifty shareholders |
1.16 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
polymer net and knitted fabrics, manufacture of flexible packaging trading of
food intermediary products, consignment agents and air travel agency
business. |
||||||||||
|
|
|
||||||||||
|
Products : |
·
Food
Flavours ·
Acidulants ·
Dairy
Ingredients ·
Protein ·
Vegetable
Fat ·
Cocoa
Products ·
Taste
Enhancers ·
Food
Additives ·
Presevatives
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
“PARRY” |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity * |
Purchases/
Actual Production |
|
|
|
|
|
|
|
Extruded Polymer Meshes |
MT |
2090 |
2090 |
1883.97 |
|
Knitted Fabrics |
MT |
NA |
535 |
370.08 |
|
Flexible Packing |
MT |
6000 |
4200 |
1578.00 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
1.
IndusInd
Bank Limited, 2401, 2. State Bank of India, Commercial Branch, -Credit Processing Cell, Bombay Mutual Building, 232, NSC Bose Road, Chennai – 600001, Tamilnadu, India 3. ICICI Bank Limited, Landmark, Race course circle, Vadodara –
390 007, 4.
Yes Bank limited, 9th
Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – Maharashtra,
India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Rs in Millions
|
|
|
|
|
Auditors : |
|
|
Name : |
R.G.N Price and Company Chartered Accountants |
|
Address : |
|
|
Tel. No.: |
91-44-28413633 |
|
PAN No.: |
AAAFR0651G |
|
|
|
|
Holding
Company : |
(CIN. No: U01116TN1942PTC003659) |
|
|
|
|
Fellow Subsidiary : |
(CIN No:U01132TN2011PLC079800)
(U01119TN1977PLC070246)
|
CAPITAL STRUCTURE
As on : 20.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs. 10/-each |
Rs. 60.000 Millions |
|
6000000 |
Preference Shares |
Rs. 10/-each |
Rs. 60.000 Millions |
|
|
Total |
|
Rs. 1200.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3541461 |
Equity Shares |
Rs. 10/-each |
Rs. 35.415 Millions |
|
1500000 |
Preference Shares |
Rs. 10/-each |
Rs. 15.000 Millions |
|
|
Total |
|
Rs. 50.415
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
50.415 |
50.415 |
50.415 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
316.511 |
356.829 |
355.353 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
366.926 |
407.244 |
405.768 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
462.476 |
399.401 |
288.380 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
462.476 |
399.401 |
288.380 |
|
|
DEFERRED TAX LIABILITIES |
44.100 |
42.000 |
41.000 |
|
|
|
|
|
|
|
|
TOTAL |
873.502 |
848.645 |
735.148 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
451.303 |
432.414 |
428.062 |
|
|
Capital work-in-progress |
6.992 |
26.469 |
1.747 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.910 |
0.906 |
60.917 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
252.729
|
162.513 |
109.581
|
|
|
Sundry Debtors |
296.572
|
242.300 |
165.988
|
|
|
Cash & Bank Balances |
22.719
|
54.367 |
23.150
|
|
|
Other Current Assets |
11.407
|
8.286 |
0.033
|
|
|
Loans & Advances |
107.863
|
157.704 |
107.864
|
|
Total
Current Assets |
691.290
|
625.170 |
406.616 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
135.465
|
105.913 |
116.903 |
|
|
Other Current Liabilities |
129.302
|
119.762 |
39.891
|
|
|
Provisions |
12.226
|
10.639 |
5.400
|
|
Total
Current Liabilities |
276.993
|
236.314 |
162.194 |
|
|
Net Current Assets |
414.297
|
388.856 |
244.422 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
873.502 |
848.645 |
735.148 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1643.790 |
1332.536 |
1034.028 |
|
|
|
Other Income |
3.272 |
4.889 |
15.905 |
|
|
|
TOTAL (A) |
1647.062 |
1337.425 |
1049.933 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
580.076 |
401.878 |
751.455 |
|
|
|
Purchases of stock in trade |
701.064 |
648.254 |
0.000 |
|
|
|
Changes in inventories |
(24.307) |
(39.906) |
0.000 |
|
|
|
Employees benefits |
112.652 |
95.659 |
78.108 |
|
|
|
Other Expenses |
208.641 |
151.241 |
147.102 |
|
|
|
TOTAL (B) |
1578.126 |
1257.126 |
976.665 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
68.936 |
80.299 |
73.268 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.223 |
35.681 |
26.884 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.713 |
44.618 |
46.384 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
52.709 |
40.917 |
33.684 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
BEFORE TAX (E-F) (G) |
(36.996) |
3.701 |
12.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2.100 |
1.000 |
2.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
AFTER TAX (G-I) (J) |
(39.096) |
2.701 |
10.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
303.596 |
294.121 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend Tax |
NA |
NA |
1.050 |
|
|
|
Tax on Dividend |
NA |
NA |
0.175 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
303.596 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
1.326 |
1.502 |
1.066 |
|
|
|
Commission and Service Income |
10.933 |
8.346 |
20.360 |
|
|
TOTAL EARNINGS |
12.259 |
9.848 |
21.426 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
48.714 |
158.150 |
|
|
|
Stores & Spares |
NA |
256.727 |
57.860 |
|
|
TOTAL IMPORTS |
NA |
305.441 |
216.010 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(11.04) |
3.02 |
3.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2.37)
|
0.20 |
1.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.24)
|
0.27 |
1.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.24)
|
0.35 |
1.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10)
|
0.01 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.26
|
0.98 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.49
|
0.37 |
2.51 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------------ |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
--------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
--------------------- |
|
26] |
Buyer visit details |
--------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE:
The gross sales and other income for the year
were Rs.1647.100 Millions as against Rs.1337.400 millions for the previous year,
registering an increase of 23%.
Due to increase in prices of key raw
materials and the higher interest rates during the year, the profit before
Interest and tax was lower by 59% at Rs.162.000 Millions for the financial year
as against Rs.39.400 Millions for the previous year.
COMPANY PROFILE :
Parry Enterprises India Limited (PEIL) is
engaged in the business of Manufacture of Polymer nets and Knitted Fabrics;
Manufacture of Flexible packaging; Trading of Food intermediary products;
Consignment agents and Air Travel agency business.
PEIL is a constituent of the Murugappa Group
and is a subsidiary of M/s. Ambadi Investments Private Limited, (formerly known
as M/s. New Ambadi Estates Private Limited), which holds 66.55% of the equity
share capital of the Company. During the current year, the holding company M/s.
New Ambadi Estates Private Limited (now, known as Ambadi Investments Private
Limited) by a scheme of Arrangement (Demerger) vested the Plantation
Undertaking in M/s. New Ambadi Investments and Enterprises Private Limited (now
known as New Ambadi Estates Pvt. Ltd) The said scheme was sanctioned by High
court of Judicature at Madras vide its order dated 21 st November 2011. The
scheme became effective on 14th December 2011 upon filling the said order of
the Madras High Court with the Registrar of Companies of Tamil Nadu, Chennai.
POLYMER MESHES :
Industry Scenario : Extruded Nets and Knitted
Fabrics are two major business segments in which Polynet division operates. The
market for Extruded Net is estimated around Rs.350.000 Millions with a growth
potential of 12%. The product range includes Mosquito proofing, Packaging nets,
Bi axial geo grids, Fencing products, Sericulture nets and other Industrial
products, etc. The market size for Knitted Fabrics (Agro Shading) is estimated
at around Rs.1000.000 Millions and is likely to sustain 15-18% growth in the
near future. Development of new crop varieties, increased awareness and
acceptance of Technical farming and shift to cultivation of exotic products are
driving the growth of the industry. The end use segment for Knitted Fabrics are
Floriculture, Horticulture, Grape farming, Cultivation of Exotic vegetables,
saplings, etc.
The industry is dominated by small
manufacturers with regional presence whereas Polynet is the only large scale
player with significant market presence and commanding a market premium with a
well established brand equity . In order to sustain it’s leadership position
the division is aggressively expanding the product portfolio including entry
into adjacent products having synergy with existing distribution strengths and
to offer a wider choice to customers. Many of the new products being introduced
are technically superior to what is currently available in the local market.
The division is pursuing capacity addition in
Knitting and Extrusion to meet the projected market demand and improve market
share. All investments are in new technology capable of producing a range and
variety of new products . The division is also actively entering into job
working arrangements addressing new product segments and to derive supply chain
benefits.
They continue to actively work with various
industries in developing customized solutions and products to meet their needs.
We are also working on value engineering of products and material combinations
to remain competitive and improve our market share. Considering our product
portfolio we are now actively working on developing export markets in SAARC,
Middle East and
FLEXIBLE PACKAGING:
Industry Scenario : Flexible packaging
constitutes 33% of the Indian packaging industry which is at Rs.400000 Millions
with a 15% growth per annum. Fast Moving FMCG sector, Organized Retail, growth
of food industry, convenience, healthy and packaged foods are industry drivers.
As the Flexible packaging is the most convenient, cost effective, elegant and
visible method of packaging, it is the most preferred option for all FMCG
industries such as Diary, Oil, Healthcare, Food, Pharma, Pesticides, Cosmetics,
Beverages, etc.
The company entered into the manufacture of
Flexible packaging laminates in September2008. The Flexible packaging uses
single or multilayer polymer substrate directly or in conjunction with other
material, usually laminated using adhesives. Over the years, the division has
established itself as a reputed supplier of flexible laminates to major
customers across various industries such as food, personal care, pharmaceutical
and industrial products.
GENERAL MARKETING DIVISION:
The General Marketing Division deals in
trading of Food intermediary products, like Cocoa Products, Diary Ingredients,
Acidulants, Proteins, Bakery ingredients, Emulsifiers, Preservatives etc, and
Packaged drinking water, bulk and retail.
INDUSTRY SCENARIO:
Cocoa
Products : The Biscuits,
Diary, Health Drinks, Industrial Chocolates and Confectionery are major
industries, which drives demand for
The Cocoa crop output in Africa improved
substantially; whereas the crop in
Diary
Ingredients : A key raw
material in the manufacture of products such as Ice cream, Health drinks, Milk
reconstitution, Confectionery and Indian sweets.
The industry remained volatile during the
year. The milk output during the second half of the year has improved
substantially with higher yields in all the key regions. The prices has seen a
correction because of abundant availability of milk and drop in ingredient
consumption by key segments such as ice cream and milk reconstitution.
Packaged
Drinking Water : The current
market size of bulk packaged drinking water is around 6.5 million liter per day
in Tamil Nadu. The national players enjoy a market share of 5% while the rest
is accounted by small scale local manufacturers . Due to low entry barriers
many companies have set up factories, and despite best efforts by BIS to
enforce stringent production and quality norms Local brands are successful due
to low prices which are usually in the range of Rs 25 to Rs 30 per 20 Litre
can. Further they extend good distributor margins and focus on localized
distribution of products.
General Marketing division has established
itself as a leading supplier of high quality ingredients to the trade and end
customer segment. The division, deals in a vast product portfolio which caters
to all food segments such as beverages, Processed foods, Dairy, Baked goods
etc. Focus on sourcing of high quality ingredients, tie up with leading
manufacturers, packaging in Parry brand and width of distribution are the
factors behind the continuous growth of the business.
The range of products on offer have not only
helped to build the distribution market but also helped the division to emerge
as a leading supplier of quality ingredients to major end use customers. Entry
into the North Market, increase in distribution width, focus on major account management
and increase in the product portfolio have all helped to sustain healthy growth
rates over the years.
TRAVELS DIVISION :
Industry Scenario: The airline industry is
facing turbulence times, with many airlines facing mounting losses and cutting
routes. Though, there was an increase in Air passenger traffic, the earnings of
the travel agents is decreasing year after year.
The division of the company acts as ticketing
agent for Murugappa group companies and also offer value added services like,
Visa, Passport, Hotels, Forex, and Group Tours.
BANKERS CHARGES REPORT AS PER REGISTRY :
|
Corporate
identity number of the company |
U29142TN1990PLC020023 |
|
Name of the
company |
PARRY ENGINEERING AND EXPORTS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Dare House, No.234, N.S.C, Bose road, Madras-600001, Tamil Nadu, |
|
This form is for |
Modification of
Charge |
|
Charge identification
(ID) number of the charge to be modified |
10266144 |
|
Type of charge |
|
|
Particular of
charge holder |
IndusInd Bank Limited, 2401, |
|
Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation dated 10th February 2012. |
|
Date of
instrument Creating the charge |
10.02.2012 |
|
Rs. 295.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : As mutually
agreed Terms of repayment : Repayable on
demand Margin : Cash Credit / WCDL : Stocks - 25%, Book Debts - 25% (cover period 180
days) Medium Term Loan : 25% Extend and operation of the charge: Hypothecation of entire current assets of the company, present &
future, on paripassu basis along with other working capital financing banks. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Particulars of
the present modification |
The over all limit has been enhanced from Rs.150.000 Millions to
Rs.295.000 Millions. |
FIXED ASSETS:
·
·
Buildings
·
Plant and Machinery
·
Furniture and Office Equipment
·
Computers
·
Vehicles
·
Software
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 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. 54.02 |
|
|
1 |
Rs. 82.43 |
|
Euro |
1 |
Rs. 70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||