MIRA
INFORM REPORT
|
Report Date : |
11.08.2007 |
IDENTIFICATION DETAILS
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Name : |
FRIENDS PLYWOOD PRIVATE LIMITED |
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Registered Office : |
E – 112 - 113, Riico Industrial Area, National Highway 11, Agra Road, Bassi
– 303301, Jaipur, Rajasthan |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.10.1997 |
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Com. Reg. No.: |
014326 |
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CIN No.: [Company
Identification No.] |
U20211RJ1997PTC014326 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRF00100C |
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PAN No.: [Permanent
Account No.] |
AAACF4776H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Plywood. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 28000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
E – 112 - 113, Riico Industrial Area, National Highway 11, Agra Road,
Bassi – 303 301, Jaipur, Rajasthan, India |
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Tel. No.: |
91-429-222559, 222652 |
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Mobile No.: |
91-9928890290 |
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Fax No.: |
91-141-2366401 |
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E-Mail : |
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Factory : |
1, New Mandawa, 1st Floor, Jalupura, |
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Tel. No.: |
9141-2366401 / 402 / 2363457 |
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Fax No.: |
9141-2366401 |
DIRECTORS
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Name : |
Mr. Nand Kishore Bihani |
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Designation : |
Director |
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Address : |
A – 56, Major Shaitan Singh Colony, Jaipur, |
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Date of Birth/Age : |
11.04.1957 |
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Date of Appointment : |
15.10.1997 |
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Name : |
Mr. Bal Kishan Agarwal |
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Designation : |
Director |
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Address : |
C – 42, Lajpat Marg, C – Scheme, Jaipur, |
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Date of Birth/Age : |
28.12.1954 |
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Date of Appointment : |
10.06.1998 |
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Name : |
Mr. Vijay Kumar Periwal |
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Designation : |
Director |
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Address : |
11, Shree Apartments, 1st Floor, Vidhyadhar Nagar, Jaipur, |
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Date of Birth/Age : |
18.09.1962 |
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PAN No.: |
ACYPP5643C |
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Date of Appointment : |
19.05.2005 |
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Name : |
Mr. Amit Jain |
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Designation : |
Director |
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Address : |
House No. 10,Sukhi Jeevan, |
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Date of Appointment : |
20.11.2001 |
SHAREHOLDING PATTERN
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Names of Shareholders |
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Percentage of
Holding |
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Directors or relatives of directors |
|
99.92 |
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Other top fifty (50) shareholders (Other than listed above) |
|
0.08 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Plywood. |
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Products : |
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PRODUCTION STATUS
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Products |
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Unit |
Installed
Capacity |
Actual
Production |
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Plywood |
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Nos. |
198000 |
41640 |
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Block Board |
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Nos. |
71280 |
41904 |
GENERAL INFORMATION
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Suppliers : |
v
Bharat Trade and Agency v
LRB Wood Industry v
Malpani Veneer (Private) Limited v
Roayal Traders v
Rayali Timber and Saw Mills v
Sandchem India Limited v
Swastik panel (Private) Limited v
Shakambari Veneer v
S. Tara Singh Tarlochan Singh v
Vishal and Company |
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Customers : |
v
Prabhat and Sons v
Dinesh Trading Company v
Jai Shree Traders v
Goyal Timber Trading Company v
Geeta Plywood v
v
Laxmi Hardware Store v
Mistri Mool Chand Heera Lal v
Patel Timber Mart v
Patel Sales Corporation v
Pawan Trading Company v
P K Patel and Company v
Rajasthan Plywood and Hardware Supplier v
Indian Plywood v
Royal Trading Company v
Ram Udyog v
Shreeji International |
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Bankers : |
v
Bank of v
State bank of v
Bank of v
Small
Industries Development Bank of
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Madhukar Garg and Company Chartered Accountants |
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Address : |
24, Raj Apartment, Keshav Path, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs. 10.00 each |
Rs. 7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
721050 |
Equity Shares |
Rs. 10.00 each |
Rs. 7.211
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.211 |
7.211 |
7.211 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.005 |
(0.196) |
(0.210) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.216 |
7.015 |
7.001 |
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LOAN FUNDS |
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1] Secured Loans |
5.722 |
4.981 |
6.660 |
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2] Unsecured Loans |
3.950 |
5.150 |
4.450 |
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TOTAL BORROWING |
9.672 |
10.131 |
11.110 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
16.888 |
17.146 |
18.111 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.735 |
13.122 |
13.489 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.011 |
0.011 |
0.011 |
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DEFERREX TAX ASSETS |
0.086 |
0.035 |
0.082 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.679
|
2.212 |
2.833 |
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Sundry Debtors |
2.989
|
2.953 |
2.011 |
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Cash & Bank Balances |
0.390
|
0.179 |
0.702 |
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Other Current Assets |
0.655
|
0.588 |
0.588 |
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Loans & Advances |
0.243
|
0.284 |
0.243 |
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Total
Current Assets |
7.956
|
6.216 |
6.377 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.578
|
2.296 |
1.955 |
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Provisions |
0.363
|
0.016 |
0.000 |
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Total
Current Liabilities |
3.941
|
2.312 |
1.955 |
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Net Current Assets |
4.015
|
3.904 |
4.422 |
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MISCELLANEOUS EXPENSES |
0.041 |
0.074 |
0.107 |
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TOTAL |
16.888 |
17.146 |
18.111 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
NA |
18.897 |
16.529 |
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Other Income |
NA |
0.688 |
0.072 |
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Total Income |
NA |
19.585 |
16.601 |
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CHANGE IN STOCK |
NA |
0.239 |
0.420 |
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Profit/(Loss) Before Tax |
NA |
0.082 |
0.073 |
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Provision for Taxation |
NA |
0.068 |
(0.859) |
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Profit/(Loss) After Tax |
NA |
0.014 |
(0.932) |
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Export Value |
NA |
0.992 |
1.231 |
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Expenditures : |
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Purchases/ Raw Materials |
|
15.197 |
11.858 |
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Manufacturing Expenses |
|
1.863 |
1.600 |
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Personnel Expenses |
|
0.856 |
1.183 |
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Administrative Expenses |
NA |
0.421 |
0.385 |
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Selling and Distribution |
|
0.013 |
0.005 |
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Miscellaneous Expenses to be written off |
|
0.085 |
0.622 |
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Financial Charges |
|
0.642 |
0.642 |
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Depreciation |
|
0.665 |
0.653 |
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Total Expenditure |
NA |
19.742 |
16.948 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
0.07 |
(5.61) |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.42 |
0.44 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
0.40 |
0.38 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
|
0.01 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.89
|
1.77 |
1.87 |
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Current Ratio (Current Asset/Current Liability) |
|
2.02
|
2.69 |
3.26 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
FRIENDS PLYWOOD PRIVATE LIMITED (hereinafter referred to as “the Company”) |
|
Presented By |
Shri Nand Kishore
Bihani, Director (Name and Design
of the Official of the Company) |
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1) Date and description of instrument creating the change |
A. On 10th day of November 1998, Deed of Hypothecation executed
by the company in favour of Small Industries Development Bank of B. On 12th day of November 1998, No instrument was executed.
Mortgage by way of deposit of title deeds with SIDBI was created by the
company in favour of SIDBI in respect of its immovable properties for which
separate Form 8 and 13 were filed on 13.11.1998 and particulars of charge were
registered on 13.11.1998 |
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2) Amount secured by the charge/amount owing on the securities of charge |
The Term Loan of
Rs. 7.600 millions agreed to be lent and advanced by SIDBI to the Company together
with interest, further interest liquidated damages, costs, charges, expenses,
and all other moneys payable by the Company to SIDBI in terms of the Loan
Agreement November 10, 1998, (hereinafter referred to as “Loan Agreement”)
between the company of the One Part and SIDBI of the other Part. |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
A. Whole movable properties of the company including its movables, plant,
machinery, machinery spares, tools and accessories, office equipments,
computers, furnitures and fixtures and other movables both present and future
whether installed or not and whether now lying loose or in cases or which are
now lying or stored in or stored in or about or shall hereafter from time to
time during the continuance of the security be brought into or to be stored
or be in or about the Company’s premises, factory, showrooms and godowns or
wherever else the same may be or be held by any party to the order or
disposition of the company or in the course of transit or on high seas or on
order, or delivery, howsoever and wheresoever in the possession of the
Company and either by way of substitution or addition. B. Whole of the immovable properties of the company bearing plot No. E –
112 and 113, RIICO Industrial Area, Bassi, Jaipur, admeasuring 7727 Sq. mtrs.
More particularly described in the schedule annexed hereto, together with the
building, plant and machinery and other items attached to earth or
permanently fastened to earth. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest:
17.50% per annum Repayments: 28
quarterly installments of Rs. 0.270 million and last installment of Rs. 0.310
million The Charge
operates as first charge to secure the due repayment and discharge by the
Company to SIDBI of its Term Loan of Rs. 7.600 millions together with
interest, further interest, liquidated damages, costs, charges, expenses and
all other moneys payable by the company under the said Loan Agreement The Charge in
favour of SIDBI under the said deed of hypothecation is subject to the
charge(s) created and/or to be created by the company in favour of its banker
on the company’s stocks of raw materials, semi finished goods, consumable
stores, book debts and such other movables as may be specifically permitted
to secure its working capital requirements in the ordinary course of
business. The Company has undertaken
to keep the hypothecation goods in marketable and good condition at its own
costs and to insure the same in the joint names of the Company and SIDBI. All the goods
hypothecated and all realizations and insurance proceeds thereof and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of SIDBI. The security
created under the said Deed of Hypothecation to be a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Small Industries
Development Bank of |
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6) Date and brief description of instrument modifying the charge |
On 29th
day of March, Deed of Hypothecation executed by the Company in favour of
SIDBI. A Certified copy of the said Deed of Hypothecation is enclosed. On 29th
day of march 2005, No instrument was executed Mortgage by way of deposit of title
deeds by constructive delivery with SIDBI was created by the company in
favour of SIDBI in respect of the immovable properties bearing plot No. E –
112 and E- 113 situated at RIICO Industrial area, N H 11, Bassi, District
Jaipur (Rajasthan) admeasuring 7277 Sq. mtrs more particularly described in
the schedule annexed hereto. as security,
interalia, for the due repayment and discharge by the company to SIDBI of its
Term Loan of Rs. 5.000 millions (Hereinafter referred to as “additional term
loan”) together with interest, liquidated damages, costs, charges, expenses
and all other moneys payable under the Loan Agreement dated march 29, 2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Earlier charges
created by the Company on 10.11.1998 and 12.11.1998 were created as security
for the earlier term loan of Rs. 7.600 millions The said
hypothecation charge created by the Company by executing Deed of
Hypothecation dated 10.11.1998 being the original charge has been modified by
Deed of Hypothecation dated 29.03.2005, extending the hypothecation charge to
cover SIDBI’s additional term loan of Rs. 5.000 millions. The mortgage charge
created by the company in favour of SIDBI on 12.11.1998 by deposit of title
deeds on the said immovable properties has also been extended by the Company
by the mortgage created by the Company in favour of SIDBI on 29.03.2005, by
deposit of title deeds by constructive delivery to secure the additional term
loan of Rs. 5.000 millions. |
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Corporate
identity number (CIN) Foreign company registration number |
U20211RJ1997PTC014326 |
|
Name of the
Company |
FRIENDS PLYWOOD PRIVATE LIMITED |
|
Address |
E – 112 - 113, Riico Industrial Area, National Highway 11, Agra Road,
Bassi – 303 301, Jaipur, Rajasthan |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
A charge on: v
Immovable
Property v
Book
Debts v
Movable
Property (nor being pledge) |
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Particulars of
the charge holder |
Small Industries
Development Bank of Umrao Complex, 1st
Floor, E-Mail: csthanvi@hotmail.com |
|
Amount secured by
the charge |
Rs. 2.500
millions |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation Loan Agreement |
|
Date of
Instrument |
20.01.2007 |
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Brief particulars
of the principal terms and conditions
and extent and operation of the charge |
(a) Rate of
Interest 10.50% Per Annum
Payable Monthly (b) Terms of
Payment The loan shall be
repaid in 33 monthly installments of which first 32 installments shall be of
Rs. 0.076 million each and last of Rs. 0.068 million. After a moratorium of 3
months. The date of payment of installments shall be 1st day of
each month. (C) Margin: NIL (d) Extent and
operation of the charge Extension of
first charge by way of equitable mortgage on Plot No. E – 112 and 113, Riico
Industrial Area, Bassi, admeasuring 7727 Sq. mtrs in the company. Extension of
First charge by way of Hypothecation on all Current Assets of the Factory. Extension of
First charge by way of Hypothecation on all
Current Assets of the Company Personal
Guarantee of Shri Bal Kishan Agrawal and Shri Nand Kishore Bihani |
|
Short particulars
of the property charged (including location of the property) |
Equitable mortgage
on Plot No. E – 112 and 113, Riico Industrial Area, Bassi, admeasuring 7727
Sq. mtrs in the name of Friends Plywood Private Limited as per lease
Agreement dated 06.04.1998 duly Registered At no. 3151, Book No. 1, Vol. No.
83, Page No. 65 dated 06.04.1998 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.56 |
|
|
1 |
Rs. 82.03 |
|
Euro |
1 |
Rs. 55.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|