MIRA
INFORM REPORT
|
Report Date : |
31.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SVP
INDUSTRIES LIMITED |
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Registered Office : |
Mansurpur,
District Muzaffarnagar – 251203, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.10.1961 |
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Com. Reg. No.: |
20-2861 |
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CIN No.: [Company
Identification No.] |
U21011UP1961PLC002861 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTS01550D |
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PAN No.: [Permanent
Account No.] |
AAECS3637L |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacture,
Marketing and Sale of Industrial Alcohol, Ethanol, Country Liquor and Indian
Made Foreign Liquor. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
700000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are fair. General financial position is
satisfactory. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
Mansurpur,
District Muzaffarnagar – 251203, Uttar Pradesh, India |
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Tel. No.: |
91-1396-252249 |
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Mobile No.: |
91-9837790223 |
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Fax No.: |
91-1396-252154 |
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E-Mail : |
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Website : |
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Corporate
Office : |
B - 67, First Floor, East of Kailash, New
Delhi – 110065, India |
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Tel.
No.: |
91-11-26924932/ 26845616 |
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Mobile
: |
91-9811045178 |
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Fax
No.: |
91-11-26843285 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mrs. VedVati Swarup |
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Designation : |
Chairperson
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Date of Birth/Age : |
89
years |
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Qualification : |
Intermediate
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Name : |
Mr. Madhav Kumar Swarup |
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Designation : |
Managing Director |
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Qualification : |
B.Sc.
from Allahabad University, B.Sc. (Mechanical
Engineering) from Associate of Royal College of Science and Technology,
Glasgow (U.K.). |
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Experience : |
47 years |
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Date of Appointment : |
30.04.1994 |
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Name : |
Mr. Prabhat Kumar Swarup |
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Designation : |
Managing Director |
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Qualification : |
B.Sc from Delhi University and B.Sc.
(Chemical Engineering) from Case Institute of Technology, Cleveland, Ohio,
USA. |
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Experience : |
32 years |
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Date of Appointment : |
30.04.1994 |
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Name : |
Mr. Govind Swarup |
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Designation : |
Managing Director |
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Qualification : |
B.Sc. from Delhi University and B.A.
(Mech. Engineering) from Cambridge University, UK. |
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Experience : |
31 years |
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Date of Appointment : |
30.04.1994 |
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Name : |
Mr. Arun Kumar Swarup |
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Designation : |
Director |
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Qualification : |
Graduate in Electrical Engineering from
the Associated Royal College of Science and Technology, Glasgow (United
Kingdom) |
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Experience : |
40 years |
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Date of Appointment : |
25.04.2001 |
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Name
: |
Mr. Har Saran gupta |
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Designation
: |
Executive Director |
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Date
of Birth/Age : |
53 years |
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Qualification
: |
Masters in Commerce |
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Name
: |
Mr. Kishore Kumar Lahiri |
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Designation
: |
Director |
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Date
of Birth/Age : |
48 years |
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Qualification
: |
Lawyer by profession and enrolled as an
on Advocate with the Bar Council of Delhi in 1981. |
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Name
: |
Mr. Yashbir Singh Tayal |
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Designation
: |
Director |
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Date
of Birth/Age : |
79 years |
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Qualification
: |
Chartered Accountant |
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Name
: |
Mr. Ajay Kumar Jain |
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Designation
: |
Director |
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Date
of Birth/Age : |
48 years |
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Qualification
: |
Law graduate and Fellow Member of the
Institute of Chartered Accountants of India |
KEY EXECUTIVES
|
Name
: |
Mr.
Sanjiv Swarup |
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Designation
: |
President |
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Qualification
: |
B. Com
(Hons.), MBA |
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Experience
: |
24
years |
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Name
: |
Mr.
Ajay Kumar Swarup |
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Designation
: |
President
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Qualification
: |
B.A. (Hons) in Economics, MBA, IIMC |
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Experience
: |
24 years |
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Name
: |
Mr. Harsh Swarup |
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Designation
: |
Vice President |
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Qualification
: |
B. Sc (Hons.) in Chemistry |
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Experience
: |
21 years |
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Name
: |
Mr. Adarsh Swarup |
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Designation
: |
Vice President |
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Qualification
: |
B.COM |
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Experience
: |
4 years |
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Name
: |
Mr. Rahul Kumar Swarup |
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Designation
: |
Vice President |
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Qualification
: |
B.A. (Hons.) Economics, PGDBM, IMI |
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Experience
: |
4 years |
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Name
: |
Mr. Siddharth Swarup |
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Designation
: |
Vice President |
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Qualification
: |
B.A. (Hons.) in Maths |
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Experience
: |
1 year |
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Name
: |
Mr. Romesh Pandita |
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Designation
: |
Executive Vice President |
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Qualification
: |
MBA |
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Experience
: |
25 years |
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Name
: |
Mr. M.K. Kamboj |
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Designation
: |
Finance Controller |
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Qualification
: |
B. Com (Hons.), LL.B |
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Experience
: |
25 years |
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Name
: |
Dr. Bhaskar Roy |
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Designation
: |
Vice President (Finance) |
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Qualification
: |
PhD, FCA, MIIA |
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Experience
: |
18 years |
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Name
: |
Mr. J.P. Tripathi |
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Designation
: |
General Manager (Works) |
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Qualification
: |
B.Sc., DIFAT (Kanpur) |
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Experience
: |
21 years |
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Name
: |
Mr. S.L. Sharma |
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Designation
: |
General Manager (C & A) |
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Qualification
: |
M. Sc. |
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Experience
: |
29 years |
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Name
: |
Ajay Kumar Jain |
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Designation
: |
Company Secretary |
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Qualification
: |
M. Com, LL.B., ACS, NET |
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Experience
: |
4 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacture,
Marketing and Sale of Industrial Alcohol, Ethanol, Country Liquor and Indian
Made Foreign Liquor. |
GENERAL
INFORMATION
|
No. of Employees : |
1200 |
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Bankers : |
State
Bank of India Muzzaffar
Nagar |
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Banking Relations : |
-- |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 70.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
8621500 |
Equity
Shares |
Rs. 10/- each |
Rs. 86.215 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
86.215 |
53.884 |
53.884 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
94.471 |
80.802 |
72.397 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
180.686 |
134.686 |
126.281 |
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|
LOAN FUNDS |
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1] Secured Loans |
86.304 |
78.155 |
109.717 |
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2] Unsecured Loans |
70.806 |
50.286 |
51.541 |
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TOTAL BORROWING |
157.110 |
128.441 |
161.258 |
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DEFERRED TAX LIABILITIES |
15.003 |
10.958 |
9.912 |
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TOTAL |
352.799 |
274.085 |
297.451 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
213.284 |
176.468 |
180.604 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
57.840 |
57.683 |
57.683 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
77.897
|
54.014 |
55.278 |
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Sundry Debtors |
71.417
|
59.555 |
47.890 |
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Cash & Bank Balances |
66.168
|
46.925 |
85.880 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
81.489
|
65.643 |
40.437 |
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Total Current Assets |
296.971
|
226.137 |
229.485 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
215.296
|
186.203 |
170.321 |
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Total Current Liabilities |
215.296
|
186.203 |
170.321 |
|
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Net Current Assets |
81.675
|
39.934 |
59.164 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
352.799 |
274.085 |
297.451 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
1064.467 |
758.068 |
705.093 |
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|
|
|
|
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Profit/(Loss)
Before Tax |
77.809 |
21.604 |
19.874 |
|
Provision
for Taxation |
24.129 |
7.055 |
6.398 |
|
Profit/(Loss)
After Tax |
53.680 |
14.549 |
13.476 |
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|
|
|
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|
Total
Expenditure |
986.658 |
736.464 |
685.219 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
5.04
|
1.91 |
1.91 |
|
|
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|
|
Net
Profit Margin (PBT/Sales) |
(%) |
7.30
|
2.84 |
2.81 |
|
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|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
15.24
|
5.36 |
4.84 |
|
|
|
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|
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|
Return
on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.16 |
0.15 |
|
|
|
|
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|
Debt
Equity Ratio (Total
Liability/Networth) |
|
2.06
|
2.33 |
2.62 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.37
|
1.21 |
1.34 |
LOCAL AGENCY
FURTHER INFORMATION
Business
:
Sir Shadi Lal Distillery & Chemical Works (SSLD & CW) is the sole unit of SVP Industries Limited. The manufacturing facility is situated in Mansurpur in District Muzaffarnagar in the western belt of the Indian state of Uttar Pradesh. The region is considered a hub for availability of Molasses, as the plant is surrounded by major Sugar Mills of the region. The plant is currently engaged in the manufacturing of Alcohol (comprising Rectified Spirit, Denatured Spirit and Extra Neutral Alcohol (ENA)), Ethanol, Country Liquor (CL) and Indian Made Foreign Liquor (IMFL).
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.44.11 |
|
UK
Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.57.44 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|