MIRA
INFORM REPORT
|
Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
SHIV HARI PLYWOOD LIMITED |
|
|
|
|
Registered Office : |
101, Shyam Chamber, 1st Floor, 2943 / 3, Chuna Mandi, Paharganj,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
15.10.1987 |
|
|
|
|
Com. Reg. No.: |
55-29522 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U20211DL1987PLC029522 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELS22052C |
|
|
|
|
Legal Form : |
A 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 240000 |
|
|
|
|
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/ Factory : |
101, Shyam Chamber, 1st Floor, 2943 / 3, Chuna Mandi,
Paharganj, New Delhi – 110055, India |
|
Tel. No.: |
91-11-23581768/ 23586636 / 91-120-2894629 |
|
Mobile No.: |
91-9811091261/ 9250000199 (Mr. D.K. Gupta) |
|
Fax No.: |
91-11-23582522 |
|
Email : |
DIRECTORS
|
Name : |
Mr. Pushpende Mohan |
|
Designation : |
Managing Director |
|
Address : |
P.O. Jaspur, Dist: U.S. Nagar, Uttranchanl, India |
|
Date of Appointment : |
15.10.1987 |
|
|
|
|
Name : |
Mr. Shalender Mohan |
|
Designation : |
Director |
|
Address : |
P.O. Jaspur, Dist: U.S. Nagar, Uttranchanl, India |
|
Date of Appointment : |
15.10.1987 |
|
|
|
|
Name : |
Mrs. Shobha Singhal |
|
Designation : |
Director |
|
Address : |
P.O. Jaspur, Dist: U.S. Nagar, Uttranchanl, India |
|
Date of Appointment : |
15.10.1987 |
|
|
|
|
Name : |
Mrs. Naresh Kumari Singhal |
|
Designation : |
Director |
|
Address : |
P.O. Jaspur, Dist: U.S. Nagar, Uttranchanl, India |
|
Date of Appointment : |
15.10.1987 |
KEY EXECUTIVES
|
Name : |
Mr. H.G. Singhal |
|
Designation : |
Chief Executive Officer |
|
Address : |
P.O. Jaspur, Dist: U.S. Nagar, Uttranchanl |
|
Date of Appointment : |
15.10.1987 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Rachna Singhal |
|
322550 |
|
Shobha Singhal |
|
55650 |
|
Sidharth Singhal |
|
1500 |
|
Renu Aggarwal |
|
10770 |
|
Shailender Monan HUF |
|
14000 |
|
Sri Kishan Gupta |
|
650 |
|
Nikhil Singhal |
|
1500 |
|
Kalpana Goel |
|
10600 |
|
H.G. Singhal |
|
454995 |
|
N K Singhal |
|
45050 |
|
Sugandha Singhal |
|
2000 |
|
Dr. Shailender Mohan |
|
260650 |
|
Gopal Kishan Gupta |
|
7500 |
|
Pushpender Mohan |
|
293150 |
|
Premvati Singhal |
|
2010 |
|
Nirmal Mittal |
|
13000 |
|
Balker Singh |
|
2510 |
|
Bassab Singh |
|
5010 |
|
Begraj Singh |
|
15000 |
|
Dljit Dass |
|
10000 |
|
Dev Prakah |
|
15000 |
|
Foja Singh |
|
15000 |
|
Gurmeet Singh |
|
35000 |
|
Gurnam Singh |
|
35000 |
|
Gyan Singh |
|
10000 |
|
Hans Raj |
|
20000 |
|
Harjender Kaur |
|
15000 |
|
Jitendra Singh |
|
15000 |
|
Jogendra Singh |
|
40000 |
|
Jogindra Singh |
|
35000 |
|
Kartar Singh |
|
20000 |
|
Kashmir Singh |
|
20000 |
|
Kuldeep Singh |
|
20000 |
|
Parag Mittal |
|
15000 |
|
Pushpender Mohan HUF |
|
35000 |
|
Bassab Singh |
|
30000 |
|
Kuldeep Singh |
|
20000 |
|
Kunal Singh |
|
40000 |
|
Mukhtya Singh |
|
15000 |
|
Nirmal Singh |
|
20000 |
|
Sadhu Singh |
|
20000 |
|
Sohan Singh |
|
35000 |
|
Sohsn Singh |
|
15000 |
|
Sucha Singh |
|
35000 |
|
Sukhwant Singh |
|
30000 |
|
Virendra Singhal |
|
20000 |
|
Sukhdev Singh |
|
20000 |
|
Petty Shareholders |
|
1100 |
|
|
|
|
|
Total |
|
2174195 |
(As on 31.03.2007)
|
Category |
|
Percentage
|
|
|
|
|
|
Directors or relatives of director |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Plywood and Face Veneer Products. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
|
GENERAL INFORMATION
|
No. of Employees : |
250 |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
Thana Road,
Jaspur – 244712, Uttaranchal, India
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Mittal Jindal and Associates Chartered Accountant |
|
Address : |
7/18, Ansari Road, Darya Ganj, New Delhi – 110002, India |
|
Tel No.: |
91-11-23275297/ 23281054 |
|
|
|
|
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 |
|
|
|
|
|
|
2174195 |
Equity Shares |
Rs.10/- each |
Rs.21.742
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
||
|
SHAREHOLDERS FUNDS |
|
|
|
|
||
|
1] Share Capital |
21.742 |
21.742 |
21.681 |
|
||
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
||
|
3] Reserves & Surplus |
26.037 |
20.874 |
11.587 |
|
||
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
||
|
NETWORTH |
47.779 |
42.616 |
33.268 |
|
||
|
LOAN FUNDS |
|
|
|
|
||
|
1] Secured Loans |
28.397 |
20.975 |
22.565 |
|
||
|
2] Unsecured Loans |
11.227 |
11.774 |
11.967 |
|
||
|
TOTAL BORROWING |
39.624 |
32.749 |
34.532 |
|
||
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
3.709 |
|
||
|
|
|
|
|
|
||
|
TOTAL |
87.403 |
75.365 |
71.510 |
|
||
|
|
|
|
|
|
||
|
APPLICATION OF FUNDS |
|
|
|
|
||
|
|
|
|
|
|
||
|
FIXED ASSETS [Net Block] |
20.390 |
21.525 |
24.279 |
|
||
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
||
|
|
|
|
|
|
||
|
INVESTMENT |
0.010 |
0.005 |
0.005 |
|
||
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
||
|
|
|
|
|
|
||
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
||
|
|
Inventories |
37.039
|
35.079 |
43.387 |
|
|
|
|
Sundry Debtors |
25.879
|
22.011 |
18.599 |
|
|
|
|
Cash & Bank Balances |
3.897
|
4.358 |
34.453 |
|
|
|
|
Other Current Assets |
0.000
|
0.000 |
30.137 |
|
|
|
|
Loans & Advances |
6.873
|
2.925 |
1.069 |
|
|
|
Total
Current Assets |
73.688
|
64.373 |
67.371 |
|
||
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
||
|
|
Current Liabilities |
5.638
|
10.456 |
21.721 |
|
|
|
|
Provisions |
2.223
|
1.455 |
0.000 |
|
|
|
Total
Current Liabilities |
7.861
|
11.911 |
21.721 |
|
||
|
Net Current Assets |
65.827
|
52.462 |
45.650 |
|
||
|
|
|
|
|
|
||
|
MISCELLANEOUS EXPENSES |
1.176 |
1.373 |
1.575 |
|
||
|
|
|
|
|
|
||
|
TOTAL |
87.403 |
75.365 |
71.510 |
|
||
|
|
|
|
|
|
|
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
135.423 |
103.905 |
102.973 |
|
|
Other Income |
0.045 |
0.155 |
0.248 |
|
|
Total Income |
135.288 |
104.060 |
103.221 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
6.614 |
5.578 |
3.791 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
6.614 |
5.578 |
3.791 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
110.964 |
70.307 |
87.424 |
|
|
Consumption of stores and spares parts |
3.996 |
4.487 |
4.118 |
|
|
Increase/(Decrease) in Finished Goods |
(4.387) |
6.624 |
(7.484) |
|
|
Salaries, Wages, Bonus, etc. |
2.826 |
2.499 |
2.702 |
|
|
Managerial Remuneration |
0.255 |
0.240 |
0.240 |
|
|
Payment to Auditors |
0.050 |
0.050 |
0.050 |
|
|
Interest |
3.341 |
2.734 |
2.715 |
|
|
Insurance Expenses |
0.000 |
0.009 |
0.005 |
|
|
Power & Fuel |
3.995 |
3.254 |
3.174 |
|
|
Depreciation & Amortization |
2.948 |
3.347 |
3.414 |
|
|
Other Expenditure |
4.686 |
4.931 |
3.072 |
|
Total Expenditure |
128.674 |
98.482 |
99.430 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.89
|
5.36 |
3.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.88
|
5.37 |
3.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.03
|
6.49 |
4.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.13 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.99
|
1.05 |
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.37
|
5.40 |
3.10 |
LOCAL AGENCY FURTHER INFORMATION
Operation Review:
Suring the current year of working the turnover of the company was satisfactory.
It is expected that company’s Annual Profit in the ensuring year will increase.
Form 8:
|
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, India |
|
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 |
Fixed Assets:
- Land and Site Development
- Building
- Plant and Machinery
- Electric Installation
- Workshop Equipment
- Boiler Accessories
- Lab Equipment
- Jig and Fixture
- Furniture
- Generator Set
- Vehicles
- Office Equipment
- Tools and Dyes
- Computers
- Weighing Scale
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 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.49.95 |
|
UK Pound |
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
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. |
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 |
|