MIRA INFORM REPORT

 

 

Report Date :

13.06.2007

 

IDENTIFICATION DETAILS

 

Name :

SHIV HARI PLYWOOD LIMITED

 

 

Registered Office :

101, Shyam Chamber, 1st Floor, 2943 / 3, Chuna Mandi, Paharganj, New Delhi - 110055

 

 

Country :

India

 

 

Financials (as on) :

31.03.2005

 

 

Date of Incorporation :

15.10.1987

 

 

Com. Reg. No.:

029522

 

 

CIN No.:

[Company Identification No.]

U20211DL1987PLC029522

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELS22052C

 

 

Legal Form :

Closely held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Importer of Plywood and Face Veneer Products

 

 

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

 

Maximum Credit Limit :

USD 133072

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced 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

 

Registered Office :

101, Shyam Chamber, 1st Floor, 2943 / 3, Chuna Mandi, Paharganj, New Delhi – 110055

Tel. No.:

91-11-23581768 / 23586636 / 91-120-2894629

Mobile No.:

91-9811091261 / 9250000199 (Mr. D.K. Gupta)

Fax No.:

91-11-23582522

Website :

http://shivhariplywood.tradeindia.com

 

 

DIRECTORS

 

Name :

Shri. Pushpende Mohan

Designation :

Director

Address :

P.O. Jaspur, Dist: U.S. Nagar, Uttranchanl

Date of Appointment :

15.10.1987

 

 

Name :

Shri. Shalender Mohan

Designation :

Director

Address :

P.O. Jaspur, Dist: U.S. Nagar, Uttranchanl

Date of Appointment :

15.10.1987

 

 

Name :

Smt. Shobha Singhal

Designation :

Director

Address :

P.O. Jaspur, Dist: U.S. Nagar, Uttranchanl

Date of Appointment :

15.10.1987

 

 

Name :

Smt. Naresh Kumar Singhal

Designation :

Director

Address :

P.O. Jaspur, Dist: U.S. Nagar, Uttranchanl

Date of Appointment :

15.10.1987

 

 

 

 

KEY EXECUTIVES

 

Name :

Shri H.G. Singhal

Designation :

chief Exceutive Officer

Address :

P.O. Jaspur, Dist: U.S. Nagar, Uttranchanl

Date of Appointment :

15.10.1987

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mrs. Rachna Singhal

 

320550

Mrs. Shobha Singhal

 

53650

Mrs. Renu Aggarwal

 

10770

Mr. Shailender Monan HUF

 

14000

Mrs. Kalpana Goel

 

10600

Mr. H.G. Singhal

 

454995

Dr. Shailender Mohan

 

260650

Mrs. Pushpender Mohan

 

293150

Mr. Kashmir Singh

 

20000

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importer of Plywood and Face Veneer Products.

 

 

Products :
  • MR Grade Plywood
  • BWP & BWR Grade Plywood
  • Block Boards
  • Flush Doors
  • Molded Panel Doors
  • Designer Doors
  • Pre-Fab Panel Doors
  • Laminated Doors
  • Laminated Flush Doors
  • Lead Doors
  • Specialized Doors
  • Teak Doors
  • Designer Doors
  • Lead Doors for Hospitals
  • Film Faced Plywood
  • Door Frames
  • Commercial Face Veneer

 

 

Exports :

 

Countries :

Middle – East, Europe and Other Countries

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

250

 

 

Bankers :

Punjab National Bank

Thana Road, Jaspur – 244712, Uttaranchal

gaurav_02102@rediffmail.com

 

 

Facilities :

Particular

31.03.2005

Rs. In Millions

Secured Loan

 

1) State Bank of India Term Loan

secured against hypothecation under plant and machinery

 

2) State Bank of India – Cash Credit

secured against hypothecation of stock in trade and book debts and also personally guarantee by directors of the company

 

3) ICIC Bank Car Loan

6.859

 

 

 

16.604

 

 

 

0.301

 

Total

22.565

Unsecured Loan

 

Deposit from Directors, Shareholders and Others

11.966

Total

11.966

 

 

 

Banking Relations :

Satisfactory

 

 

Memberships;

EEPC, NIPMA, ISI and FICCI

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2500000

Equity Shares

Rs.10/- each

Rs.25.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

2168195

Equity Shares

Rs.10/- each

Rs.21.681 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2005

31.03.2004

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

21.681

21.681

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

11.587

9.146

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

33.268

30.827

LOAN FUNDS

 

 

 

1] Secured Loans

 

22.565

22.344

2] Unsecured Loans

 

      11.967

11.909

TOTAL BORROWING

 

34.532

34.253

DEFERRED TAX LIABILITIES

 

3.709

2.360

 

 

 

 

TOTAL

 

71.510

67.440

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

24.279

22.720

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.005

0.005

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

43.387

39.160

 

Sundry Debtors
 

18.599

25.668

 

Cash & Bank Balances
 

34.453

4.948

 

Other Current Assets
 

30.137

0.002

 

Loans & Advances
 

1.069

2.791

Total Current Assets
 

67.371

72.569

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

21.721

29.476

 

Provisions
 

0.000

0.154

Total Current Liabilities
 

21.721

29.630

Net Current Assets
 

45.650

42.938

 

 

 

 

MISCELLANEOUS EXPENSES

 

1.575

1.776

 

 

 

 

TOTAL

 

71.510

67.440

 

 

 

 

 

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2005

31.03.2004

Sales Turnover (including Other Income)

 

103.221

104.799

 

 

 

 

Profit/(Loss) Before Tax

 

3.790

1.524

Provision for Taxation

 

0.296

0.000

Profit/(Loss) After Tax

 

3.494

1.524

 

 

 

 

Expenditures :

 

 

 

 

Manufacturing Expenses

 

88.023

94.269

 

Administrative Expenses

 

1.495

1.785

 

Interest

 

2.714

2.142

 

Insurance Expenses

 

0.323

0.358

 

Depreciation & Amortization

 

3.414

2.148

 

Other Expenditure

 

3.460

2.570

Total Expenditure

 

99.430

103.275

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2005

31.03.2004

PAT / Total Income

(%)
 

3.38

1.45

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

3.67

1.45

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

4.13

1.59

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.11

0.04

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.65

0.96

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

3.10

2.44

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Company Details:

 

Subject has carved a niche in the plywood industry. They are a manufacturer, exporter and importer of a range of plywood and face veneer products. Today the manufacturing range covers Total Door Solutions. The company has two manufacturing units, viz.

  • Plywood Product Unit
  • Face Veneer Unit.

From a modest beginning with the manufacturing of MR & BWR grade of Plywood, today subject has a product range which practically covers all segments of Plywood like MR Grade Plywood, BWP & BWR Grade Plywood, Block Boards, Flush Doors, Molded Panel Doors, Pre-Fab Panel Doors, Laminated Doors, Lead Doors, Film Faced Plywood and Door Frames. All the products are marketed in the brand name of Corbett.

They have paintable, decorative and laminated Flush Doors to meet varying individual needs. Their Molded Panel Doors are designed with home-owner's needs in mind. They are elegant, stylish and durable. They offer the ultimate finish and a wide array of wood colour to complement any decor.

 

Their Hallmark 


They are the first in India to have received the ISI Mark for Molded Panel Doors, manufactured in association with Masonite International Corporation, USA, the largest Door & Door Component manufacturer in the world

Infrastructure & Quality 


Well established in-house R&D and their own PILOT PLANT with equipments like hot press with (2000 tonne capacity) resin kettle etc. in miniature form, etc. enables them to perform the full operation required for a complete unit. All their products are tested and approved by Bureau of Indian Standard. They manufacture Doors using chemically treated selected grade of seasoned, kiln dried, eco-friendly wood meeting all National and International Standards.


Their strong marketing network, spread over the country assures quick and direct contact with Architects, Builders, Contractors, Institutions, Consultants for any technical support, consultation, commercial negotiation, followed by execution.

Advantages of Their Doors

  • Water Proof: Bonded with improved synthetic Phenol Resin makes every Door resistant to water, best suited even for extreme conditions like bathroom
  • Termite Resistant: Every component of the door is chemically treated before assembly and hot pressed
  • Borer Proof: Since all the input of the doors are chemically treated, the door is borer proof
  • Durable: Completely factory made by experienced staff using latest equipments and technology, all their doors are durable.

 

 

 

 

 

Name of the company

SHIV HARI PLYWOOD LIMITED

Presented By

State Bank of India, Kashipur

1) Date and description of instrument creating the change

Loan Agreement for overall limit and hypothecation of goods and assets dated – 19.05.1998 and registered on 09.09.1998

2) Amount secured by the charge/amount owing on the securities of charge

Rs.37.885 millions

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

Agreement attached herewith in form No. “C – 1” and “D – 2” i.e. all book debts and all immovable properties and other assets

4) Gist of the terms and conditions and extent and operation of the charge.

a) Right to charge interest at Bank rate determined by bank

b) To display Bank name on immovable assets of the company

5) Name and Address and description of the person entitled to the charge.

 State Bank of India, Kashipur

 

6) Date  and brief description of instrument modifying the charge

Letter dated – 27.03.2002 from State Bank of India, Kashipur

(earlier modified on 14.12.2001 to enhance the limit upto Rs.46.860 millions

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.

The operation of the aforesaid credit facilities have now been transferred from State Bank of India, Jaspur to State Bank of India, Kashipur

 

 

 

Corporate identity number (CIN) Foreign company registration number

U20211DL1987PLC029522

Name of the Company

SHIV HARI PLYWOOD LIMITED

Address

101, Shyam Chamber, 1st Floor, 2943 / 3, Chuna Mandi, Paharganj, New Delhi - 110055

This form is for

Creation of charge

Type of Charge

Immovable Property, Movable property (not being pledge)

Particulars of the charge holder 

Punjab National Bank

Thana Road, Jaspur – 244712, Uttaranchal

gaurav_02102@rediffmail.com

Amount secured by the charge

Rs.24.259 millions

Brief of the principal terms and conditions 

Rate of Interest

6.25% OBR minimum 12.25%

 

Term of Repayments

1)Term Loan (Rs.22.000 millions) 23 quarterly installments of Rs.0.950 millions plus interest

2)Term Loan (Rs.2.259 millions) – 2 half yearly installments of Rs.1.130 millions plus interest

 

Margin

Term Loan – 25%

 

Extent and Operation of the charge

on the whole unit

 

 

 

 

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.40.93

UK Pound

1

Rs.80.76

Euro

1

Rs.54.46

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

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

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--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

 

49

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions