MIRA
INFORM REPORT
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Report Date : |
06.01.2007 |
IDENTIFICATION DETAILS
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Name : |
SHIRDI
INDUSTRIES LIMITED |
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Registered Office : |
'A'
Wing, 2nd Floor, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
15.12.1993 |
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Com. Reg. No.: |
11-75613 |
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CIN No.: [Company
Identification No.] |
U51900MH1993PLC075613 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS26935G |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of the finest quality MDF Board, Particle Board, Pre-laminated
Board, Decorative laminate, Flooring, Doors and Furniture components |
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 : |
USD900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having moderate track. Trade relations are
fair. Profit margin is under severe pressure. Payments are reported as slow
but correct. The
company can be considered for normal business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
'A'
Wing, 2nd Floor, |
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Tel. No.: |
91-22-24318550 |
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Mobile No. |
91-9820291655 |
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Fax No.: |
91-22-24372200 |
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E-Mail : |
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Website : |
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Central
Marketing Office : |
18,
Prime Centre, 2nd Floor, |
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Tel.
No.: |
91-22-67101111 |
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Fax
No.: |
91-22-67101122 |
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E-Mail
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Website : |
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Shop
No 104, Door No. 5-5-1044, |
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Tel.
No.: |
91-40-65761176
/ 23092354 |
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Fax
No.: |
91-40-23098124 |
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E-Mail
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Website : |
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A-9,
Jhilmi Industrial Area, |
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Tel.
No.: |
91-11-22110001 |
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Fax
No.: |
91-11-22136476 |
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E-Mail
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Website : |
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Factory : |
Integrated
Industrial Estate, Pantnagar, Uttaranchal |
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Mobile No. |
91-9897593123 |
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E-Mail: |
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Website : |
DIRECTORS
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Name : |
Mr
Rakesh Kumar Agarwal |
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Designation : |
Managing
Director |
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Name : |
Mr
Mukesh Hariram Bansal |
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Designation : |
Director |
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Name : |
Mr
Sarvesh Hariram Bansal |
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Designation : |
Whole
Time Director |
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Name : |
Mr
Hariram Budhram Agarwal |
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Designation : |
Whole
Time Director |
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Name : |
Mr
Ashok Laddha |
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Designation : |
Director |
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Name : |
Mr
Rajesh Sanghavi |
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Designation : |
Director |
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Name : |
Mr
Jashbir Singh |
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Designation : |
Director |
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Name : |
Mr Sujay
N Kantawala |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of the finest quality MDF Board, Particle Board, Pre-laminated
Board, Decorative laminate, Flooring, Doors and Furniture components |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
About
25 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3,00,00,000 |
Equity
Shares |
Rs 10/- each |
Rs 300.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1,84,40,580 |
Equity
Shares |
Rs 10/- each |
Rs 184.405 Millions |
As on 31.03.2005
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1,63,10,000 |
Equity
Shares |
Rs 10/- each |
Rs 163.100 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
163.100 |
145.100 |
95.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
60.800 |
11.800 |
8.500 |
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4] (Accumulated Losses) |
---- |
---- |
---- |
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NETWORTH |
223.900 |
156.900 |
103.600 |
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LOAN FUNDS |
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1] Secured Loans |
50.600 |
38.800 |
24.700 |
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2] Unsecured Loans |
0.000 |
0.000 |
14.000 |
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TOTAL BORROWING |
50.600 |
38.800 |
38.700 |
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DEFERRED TAX LIABILITIES |
---- |
----- |
---- |
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TOTAL |
274.500 |
195.700 |
142.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
92.500 |
76.800 |
3.900 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
16.800 |
21.300 |
68.800 |
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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 |
32.000
|
22.300 |
29.600 |
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Sundry Debtors |
68.100
|
85.800 |
85.300 |
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Cash & Bank Balances |
60.200
|
9.000 |
6.400 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
45.600
|
8.700 |
34.100 |
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Total Current Assets |
205.900
|
125.800 |
155.400 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
29.500
|
24.900 |
83.700 |
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Provisions |
11.800
|
3.900 |
2.400 |
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Total Current Liabilities |
41.300
|
28.800 |
86.100 |
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Net Current Assets |
164.600
|
97.000 |
69.300 |
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MISCELLANEOUS EXPENSES |
0.600 |
0.600 |
0.300 |
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TOTAL |
274.500 |
195.700 |
142.300 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
403.700 |
372.500 |
315.400 |
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Profit/(Loss)
Before Tax |
20.400 |
5.000 |
1.700 |
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Provision
for Taxation |
7.400 |
1.600 |
0.700 |
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Profit/(Loss)
After Tax |
13.000 |
3.400 |
1.000 |
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Total
Expenditure |
383.300 |
367.500 |
313.700 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
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3.22
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0.91 |
0.31 |
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Net
Profit Margin(PBT/Sales) |
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5.05
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1.34 |
0.53 |
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Return
on Total Assets(PBT/Total Assets} |
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6.83
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2.46 |
1.06 |
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Return
on Investment (ROI)(PBT/Networth) |
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0.09
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0.03 |
0.01 |
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Debt
Equity Ratio(Total Liability/Networth) |
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0.23
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0.30 |
0.31 |
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Current
Ratio(Current Asset/Current Liability) |
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4.73
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2.45 |
2.57 |
LOCAL AGENCY FURTHER INFORMATION
The Spirit of Interiors
Form Importing
to Investing to Innovation..
Among its many
stories of success, ASIS’s tryst with the panel and laminate industry
may
well be the
most fascinating.
Just less than a decade ago, this ASIS venture began with being importer and
trader in the MDF/Particle board and laminate market. In a few years, ASIS also
commenced manufacturing of Panel Doors, Door Skins & Furniture components.
In the process, the Company gained tremendous knowledge and familiarity with
market trends and realities, and turned it to its advantage – The year is 2006,
and ASIS has broken new ground with its one-of-a-kind most integrated manufacturing
plant.
Discover a Technological Marvel… and a
New Company!
ASIS has pioneered noting less than a technological miracle in
Uttaranchal – The largest, most advanced and integrated manufacturing plant for
a diversified product range in the interior industry at a single location,
anywhere in
Manufacturing of the finest quality MDF Board, Particle Board, Pre-laminated
Board, Decorative laminate, Flooring, Doors and Furniture components at its
Uttaranchal plant, has been taken up under the name of Shirdi Industries Ltd.
The move towards manufacturing from importing is not just a matter of pure
ambition, it is the result of insightful research on the emerging needs of the
market place.
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 |
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US
Dollar |
1 |
Rs.44.32 |
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|
1 |
Rs.86.11 |
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Euro |
1 |
Rs.57.38 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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41 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded
healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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