MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHIRDI INDUSTRIES LIMITED |
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Registered Office : |
'A' Wing, 2nd
Floor, Mhatre Pen Building, IInd Floor, Senapati Bapat Marg, Dadar (West), Mumbai - 400 028,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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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 : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of MDF Board, Particle Board, prelaminated Board, etc |
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 3300000 |
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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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Oza Hiren |
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Designation : |
Vpin Finance |
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Contact No.: |
91-9324882600 |
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Date : |
10.12.2008 |
LOCATIONS
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Registered Office : |
'A' Wing, 2nd
Floor, Mhatre Pen Building, IInd Floor, Senapati Bapat Marg, Dadar (West), Mumbai - 400 028,
Maharashtra |
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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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Area : |
2000 Sq.fts |
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Location : |
Owned |
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Central
Marketing Office : |
18, Prime Centre,
2nd Floor, S V Road, Santacruz (West), Mumbai – 400054,
Maharashtra |
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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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Hyderabad
Branch Office : |
Shop No 104, Door
No. 5-5-1044, Raj Towers, Gosha Mahal Road, Hyderabad – 500012, Andhra
Pradesh |
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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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Delhi Branch
Office : |
A-9, Jhilmi
Industrial Area, G T Road, Shahdara, Delhi – 110095 |
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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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Tel No.: |
91-5944-250142/46 |
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Mobile No. |
91-9897593123 |
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E-Mail: |
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Website : |
DIRECTORS
|
Name : |
Mr. Rakesh Kumar Agarwal |
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Designation : |
Managing Director |
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Address : |
Plot No. 326,
Matrusmruti, New Linking Road, Khar (West), Mumbai – 400 052, Maharashtra |
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Date of Birth/Age : |
10.06.1963 |
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Date of Appointment : |
15.12.1993 |
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Name : |
Mr. Mukesh Hariram
Bansal |
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Designation : |
Director |
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Address : |
Plot No. 326,
Matrusmruti, New Linking Road, Khar (West), Mumbai – 400 052, Maharashtra |
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Date of Birth/Age : |
29.09.1961 |
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Date of Appointment : |
16.11.1996 |
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Name : |
Mr. Sarvesh Hariram
Bansal |
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Designation : |
Whole Time
Director |
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Address : |
Plot No. 326,
Matrusmruti, New Linking Road, Khar (West), Mumbai – 400 052, Maharashtra |
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Date of Birth/Age : |
30.05.1976 |
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Date of Appointment : |
30.05.2001 |
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Name : |
Mr. Hariram
Budhram Agarwal |
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Designation : |
Whole Time
Director |
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Address : |
Plot No. 326,
Matrusmruti, New Linking Road, Khar (West), Mumbai – 400 052, Maharashtra |
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Date of Birth/Age : |
03.01.1937 |
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Date of Appointment : |
16.11.1996 |
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Name : |
Mr Ashok Laddha |
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Designation : |
Director |
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Address : |
3/312 Navajivan
Lamington Road, Mumbai – 400 008, Maharashtra |
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Date of Birth/Age : |
25.09.1960 |
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Date of Appointment : |
30.09.2006 |
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Date of Ceasing : |
05.03.2007 |
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Name : |
Mr Rajesh
Sanghavi |
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Designation : |
Director |
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Address : |
89, Sanghvi
Sadan, Ranade Road, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra |
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Date of Birth/Age : |
02.11.1959 |
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Date of Appointment : |
24.10.2003 |
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Name : |
Mr Jasbir Singh |
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Designation : |
Director |
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Address : |
703, Vandana
Apartments, Jan Kalyan Nagar, Malvani, Malad (West), Mumbai – 400 0298,
Maharashtra |
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Date of Birth/Age : |
04.05.1952 |
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Date of Appointment : |
24.10.2003 |
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Name : |
Mr Sujay N
Kantawala |
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Designation : |
Director |
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Address : |
74, Dariya Mahal
– li 80, Napeansea Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
02.04.1967 |
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Date of Appointment : |
30.09.2006 |
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Name : |
Mr. Anand Kumar
Jain |
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Designation : |
Director |
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Address : |
B N Reddy Colony,
Road, No. 14, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh |
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Date of Birth/Age : |
01.06.1947 |
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Date of Appointment : |
01.11.2006 |
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Name : |
Mr. Ravish Chand
Jain |
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Designation : |
Director |
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Address : |
C -51 Vivek
Vihar, New Delhi – 110 095, India |
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Date of Birth/Age : |
01.07.1955 |
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Date of Appointment : |
01.11.2006 |
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Name : |
Mr. Chandan
Bhattacharya |
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Designation : |
Director |
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Name : |
Mr. Piyush Goel |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Ashwin Pandit putra |
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Designation : |
Secretary |
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Address : |
C -504, padmavati Nagar, dumping Nagar, Dumping Road, Mulund (West),
Maharashtra |
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Date of Appointment : |
16.11.2005 |
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Date of Ceasing : |
01.11.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Rakesh Hariram Agrawal |
|
1325440 |
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Mrs. Anita Mukesh Bansal |
|
558800 |
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Mrs. Rukamani Hariram Agarwal |
|
300250 |
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Mr. Mukesh Bansal |
|
1293690 |
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Mrs. Anu Agarwal |
|
734630 |
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Mr. Sarvesh Hariram Agarwal |
|
711770 |
|
Sajal Finance and investment Private Limited |
|
725000 |
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Rachana Finance and investment private Limited |
|
965000 |
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Pratibha Finance and investment Private Limited |
|
185000 |
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Dytel Finance and Investment Private Limited |
|
180000 |
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Manhar Properties Private Limited |
|
49000 |
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Mr. Hariram Agarwal |
|
406200 |
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Others |
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12005800 |
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Total
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|
19440580 |
List of Allotees (As
on 27.03.2007)
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Names of Allotees |
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No. of Shares |
|
Mr. Rakesh Kumar Agarwal |
|
1000000 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
10.98 |
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Bodies corporate |
|
55.13 |
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Directors or relatives of directors |
|
33.89 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of MDF Board, Particle Board, prelaminated Board, etc |
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Products : |
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Exports : |
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Countries : |
Middle East |
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Imports : |
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Products : |
Decorative Papers |
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Countries : |
South East Asia |
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Terms : |
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Selling : |
l/C, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL
INFORMATION
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Customers : |
Manufacturer, Dealers, Distributors |
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No. of Employees : |
600 |
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Bankers : |
· Union Bank of India, Lead Bank of UBI Bank Consortium Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 40 023, Maharashtra · State bank of India · ICICI Bank Limited · HDFC Bank Limited · Laxmi Vilas Bank · UCO Bank |
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Facilities : |
Total Limit – Rs. 800 millions (Union Bank of India) |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1: |
S R Batliboi and Associates Chartered Accountants |
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Address : |
Golf View Corporate Tower B, Sector 42, Sector Road, Gurgaon – 122
002, Haryana, India |
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Tel No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Name 2: |
M P Kala and Company Chartered Accountants |
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Address : |
Plot No. 163, SVP Nagar, park
Street, Andheri (West), Mumbai – 40 053, Maharashtra |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 300.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17306580 |
Equity Shares |
Rs. 10/- Each |
Rs. 173.066 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
173.066 |
194.406 |
184.406 |
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2] Share Application Money |
74.000 |
24.000 |
0.000 |
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3] Reserves & Surplus |
393.841 |
414.063 |
69.420 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
640.907 |
632.469 |
253.826 |
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LOAN FUNDS |
|
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|
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1] Secured Loans |
1380.187 |
801.467 |
320.168 |
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2] Unsecured Loans |
180.286 |
148.091 |
129.555 |
|
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TOTAL BORROWING |
1560.473 |
949.558 |
449.723 |
|
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DEFERRED TAX LIABILITIES |
41.091 |
27.169 |
0.135 |
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TOTAL |
2242.471 |
1609.196 |
703.684 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1138.595 |
1322.766 |
612.877 |
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Capital work-in-progress |
301.368 |
10.372 |
0.000 |
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INVESTMENT |
124.076 |
13.629 |
13.629 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
322.628
|
126.115 |
|
|
|
Sundry Debtors |
616.015
|
465.814 |
|
|
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Cash & Bank Balances |
43.090
|
36.073 |
312.948 |
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
|
Loans & Advances |
71.024
|
220.979 |
|
|
Total
Current Assets |
1052.757
|
848.981 |
312.948 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
351.982
|
580.659 |
|
|
|
Provisions |
22.343
|
8.037 |
|
|
Total
Current Liabilities |
374.325
|
588.696 |
238.808 |
|
|
Net Current Assets |
678.432
|
260.285 |
74.140 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
2.144 |
3.038 |
|
|
|
|
|
|
|
|
TOTAL |
2242.471 |
1609.196 |
703.684 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
2125.415 |
821.894 |
527.994 |
|
|
Other Income |
4.453 |
0.032 |
0.000 |
|
|
Total Income |
2129.868 |
821.926 |
527.994 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
117.436 |
113.658 |
65.111 |
|
|
Provision for Taxation |
19.552 |
38.569 |
[20.000] |
|
|
Profit/(Loss) After Tax |
97.884 |
75.089 |
45.111 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
NA |
NA |
431.086 |
|
|
Raw Material Consumed |
537.722 |
37.930 |
Na |
|
|
Manufacturing Expenses |
|
|
4.064 |
|
|
Administrative Expenses |
411.288 |
24.639 |
17.811 |
|
|
Selling & Other Expenses |
|
|
6.765 |
|
|
Depreciation & Amortization |
107.415 |
9.751 |
2.263 |
|
|
Purchases made for re-sale |
886.583 |
672.253 |
NA |
|
|
Increase/(Decrease) in Finished Goods |
(138.818) |
(20.411) |
NA |
|
|
Personnel Expenses |
56.262 |
6.551 |
NA |
|
|
Financial Expenses |
149.834 |
8.193 |
NA |
|
|
Other Expenditure |
2.144 |
7.292 |
0.894 |
|
Total Expenditure |
1613.526 |
708.268 |
462.883 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
4.56
|
9.14 |
8.54 |
|
|
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.53
|
13.83 |
12.33 |
|
|
|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.49
|
5.18 |
6.93 |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.18 |
0.26 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.02
|
2.43 |
2.71 |
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.81
|
1.44 |
1.31 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
Assi Group: There are approximately
17-18 companies under Asis Group all in India
Trade references:-
· Sharon Bio Tec Limited, Andheri
· Jindal Steel
· Soni Ispat, Mumbai
Fixed assets:-
· Land and Development
· Premises
· Factory Building
· Plant and Machinery
· Factory equipment
· Office Equipment
· Computer
· Vehicles
· Electrical Fittings
FORM 8:-
|
Corporate
identity number of the company |
U51900MH1993PLC075613 |
||||||||||
|
Name of the
company |
SHIRDI INDUSTRIES
LIMITED |
||||||||||
|
Address of the
registered office or of the principal place of business in India of the company |
'A' Wing, 2nd
Floor, Mhatre Pen Building, IInd Floor, Senapati Bapat Marg, Dadar (West), Mumbai - 400 028,
Maharashtra |
||||||||||
|
This form is for |
Modification of
charge |
||||||||||
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Union bank of India Lead Bank of UBI Bank
Consortium, Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort,
Mumbai – 400 023, Maharashtra E-Mail: msmcredit@unionbankofindia.com
|
||||||||||
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Nature of
instrument creating charge |
Supplementary
memorandum of entry |
||||||||||
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Date of
instrument Creating the charge |
04.10.2008 |
||||||||||
|
Amount secured by
the charge |
Rs. 2386.200
millions |
||||||||||
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest: As stipulated by
union bank of India, UCO Bank, Bank of India and Indian Bank in their
sanction letter /s and as advised from time to time plus services charges as are
applicable to the facilities granted by each bank from time to time to the
company. Terms of
repayment: As per sanction
terms of each bank. Extent and
operation of the charge: To secure the
various facilities aggregating to Rs. 2386.2 millions granted by the bank to
the company as under:-
Others: Union Bank of India
is designated and recognized as lead bank of UBI Bank consortium and UCO Bank
is designated as second Lead Bank of UBI Bank consortium UBI Bank
consortium comprises of Union Bank of India, UCO Bank, Bank of India and
Indian Bank as member Banks. |
||||||||||
|
Short particulars
of the property charged (Including location of the property) |
Extension of
mortgage in favour of UBI Bank consortium of the company properties, viz. Piece of land
known Plot No. 1, Sector -9 in Pantanagar Industrial Area, Village limits of
Shimla Bahadur and Kalyanpur Tehsil
Kiccha and within / outside the limits of Municipal council of Rudrapur,
Udhamsingh Nagar District., State of uttaranchal
Office Unit No.
226, in A Wing , Mhatre Pen building, Senapti Bapat marg, Dadar (west), Mumbai – 400 028, Maharashtra |
WEBSITE DETAILS:-
PM News
Bureau
Shirdi Industries
Ltd is setting up a manufacturing facility for medium density fibre (MDF) and
particle board (PB) plain and pre-laminated in Uttaranchal at a total project cost
of Rs 836.2 Millions. The plant will have an installed capacity of 48,58,500
sq. m of MDF board and 50,52,333 sq. m of particle board. Of this, the capacity
for re-laminated MDF and PB would be 10,70,000 and 24,10,000 sq. m respectively
In addition, the company has also decided to set up new capacities of
pre-laminated board, flooring, door skins, laminates, doors and furniture
components at an estimated cost of Rs 276.5 millions.
Both projects will be implemented in an industrial area of State Industrial
Development Corporation of Uttaranchal Ltd at Pantnagar in Udhamsingh Nagar
district. The project is expected to be completed during the first quarter of
2007.
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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|