MIRA
INFORM REPORT
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Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHAMKEN MULTIFAB LIMITED |
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Registered Office : |
94 KM Stone, Delhi Mathura Road, Khasra No. 316 and 318, Village Kotwan,
Mathura, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.11.1986 |
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Com. Reg. No.: |
26886 (New) 26041 (Old) |
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CIN No.: [Company
Identification No.] |
L17123UP1986PLC026886 / U99999DL1986PLC026041 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21643G |
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PAN No.: [Permanent
Account No.] |
AAACS0356C |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
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Line of Business : |
Manufacturer and Exporters of Furnishing Fabrics, Garments,
Mattresses, Pillows and Export Oriented Yarn Textile based products,
Designing and Development of Auto Interior Fabrics, Production, Testing of
Auto Interior Fabrics and Lamination of Fabrics. |
RATING &
COMMENTS
|
MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Poor |
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Payment Behaviour : |
Delayed |
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Litigation : |
Unknown |
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Comments : |
Subject is in bad shape. Ways and means position is difficult.
Directors are involved in fraud as well. In view of the aforesaid, the company can be considered for any
business dealings on safe and secured trade terms and conditions only. |
LOCATIONS
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Registered Office/ Factory : |
94 KM Stone, Delhi Mathura Road, Khasra No. 316 and 318, Village
Kotwan, Mathura, Uttar Pradesh, India |
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E-Mail : |
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Corporate Office : |
Shamken House, B-1/A-20, Mohan Cooperative Industrial Estate, Mathura
Road, New Delhi-110044, India |
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Tel. No.: |
91-11-269456591/ 26951122 |
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Fax No.: |
91-11-26954110/ 26948634 |
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Factory : |
B-7 and 8, E-31 and 32, UPSIDC Industrial Area, Kosi-Kalan, District
Mathura, Uttar Pradesh, India |
DIRECTORS
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Name : |
Dr. H.B. Chaturvedi |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Amit Chaturvedi |
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Designation : |
Director and Vice Chairman |
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Name : |
Mr. Sanjay Chaturvedi |
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Designation : |
Joint Managing Director |
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Name : |
Mr. K. P. Saxena |
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Designation : |
Director |
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Name : |
Mr. Ameresh Jha |
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Designation : |
Director |
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Name : |
Mr. D. K. Singh |
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Designation : |
Nominee, UPSIDC |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Furnishing Fabrics, Garments,
Mattresses, Pillows and Export Oriented Yarn Textile based products,
Designing and Development of Auto Interior Fabrics, Production, Testing of
Auto Interior Fabrics and Lamination of Fabrics. |
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Products : |
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Brand Names : |
SHAMKEN |
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Exports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Plush Fabric Plain and Dobby |
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1972000 |
288864 |
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Plush Fabric Jacquard |
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292560 |
218970 |
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Flatwoven Jacquard |
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1409900 |
782883 |
GENERAL
INFORMATION
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No. of Employees : |
220 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
J. P. Chaturvedi and Company Chartered Accountant |
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Address : |
9-Rajashila, 599, J.S.S. Road, Mumbai-400003, Maharashtra, India |
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Cost Auditors : |
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Name : |
S.K. Mittal and Company Chartered Accountant |
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Address : |
D-251/10, Vikas Marg, Laxmi Nagar, Delhi-110092, India |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
7500000 |
Equity Shares |
Rs. 10/- each |
Rs. 75.000 Millions |
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15000000 |
Preference Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
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Total |
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Rs. 625.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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22298800 |
Equity Shares |
Rs. 10/-
each |
Rs. 222.988
Millions |
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Less:- Calls in Arrear |
|
Rs. 0.410
Million |
|
5195000 |
Equity Shares |
Rs. 10/-
each |
Rs. 51.950
Millions |
|
166663 |
Redeemable Cumulative Preference Shares |
Rs. 10/-
each |
Rs. 1.667
Millions |
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Total |
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Rs. 276.194 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 12 Months |
31.03.2006 15 Months |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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276.194 |
276.194 |
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2] Share Application Money |
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75.000 |
75.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[781.524] |
[672.268] |
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NETWORTH |
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[430.330] |
[321.074] |
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LOAN FUNDS |
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1] Secured Loans |
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2858.175 |
2858.175 |
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2] Unsecured Loans |
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53.630 |
56.650 |
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TOTAL BORROWING |
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2911.805 |
2914.825 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2481.475 |
2593.751 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2344.237 |
2446.565 |
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Capital work-in-progress |
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0.000 |
2.085 |
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INVESTMENT |
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18.078 |
18.078 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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50.964 |
58.616 |
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Sundry Debtors |
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69.971 |
71.193 |
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Cash & Bank Balances |
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1.446 |
3.336 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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82.637 |
60.401 |
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Total
Current Assets |
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205.018 |
193.546 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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85.858 |
66.522 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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85.858 |
66.522 |
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Net Current Assets |
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119.160 |
127.023 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2481.475 |
2593.751 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 12 Months |
31.03.2006 15 Months |
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Sales Turnover |
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374.004 |
666.765 |
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Other Income |
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0.519 |
0.820 |
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Total Income |
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374.523 |
667.585 |
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Profit/(Loss) Before Tax |
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[108.594] |
[171.481] |
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Provision for Taxation |
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0.663 |
0.620 |
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Profit/(Loss) After Tax |
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[109.257] |
[172.101] |
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Imports : |
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Raw Materials |
|
1.045 |
0.970 |
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Stores & Spares |
|
4.497 |
3.997 |
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Total Imports |
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5.542 |
4.967 |
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Expenditures : |
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Raw Material Consumed |
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185.546 |
381.088 |
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Expenses |
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177.082 |
278.419 |
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Financial Charges |
|
0.915 |
1.131 |
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Increase/(Decrease) in Finished Goods |
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8.503 |
38.199 |
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Depreciation & Amortization |
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111.071 |
140.229 |
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Total Expenditure |
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483.117 |
839.066 |
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SUMMARISED RESULTS
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PARTICULARS |
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31.03.2007 Full Year |
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Sales Turnover |
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250.300 |
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Other Income |
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|
0.800 |
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Total Income |
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|
251.100 |
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Total Expenditure |
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249.300 |
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Operating Profit |
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|
1.800 |
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Interest |
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0.000 |
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Gross Profit |
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|
1.800 |
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Depreciation |
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|
112.200 |
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Tax |
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|
0.700 |
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Reported PAT |
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[111.100] |
QUARTERLY RESULTS
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PARTICULARS |
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30.06.2007 1st
Quarter |
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Sales Turnover |
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|
72.200 |
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Other Income |
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|
0.100 |
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Total Income |
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|
72.300 |
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Total Expenditure |
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|
67.200 |
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Operating Profit |
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|
5.100 |
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Interest |
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0.000 |
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Gross Profit |
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|
5.100 |
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Depreciation |
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|
28.100 |
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Tax |
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|
0.200 |
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Reported PAT |
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[23.200] |
KEY RATIOS
|
PARTICULARS |
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31.03.2007 12 Months |
31.03.2006 15 Months |
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Debt-Equity Ratio |
|
0.00 |
0.00 |
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Long Term Debt-Equity Ratio |
|
0.00 |
0.00 |
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Current Ratio |
|
0.26 |
0.27 |
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TURNOVER RATIOS |
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Fixed Assets |
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0.11 |
0.16 |
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Inventory |
|
6.82 |
6.93 |
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Debtors |
|
5.30 |
6.38 |
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Interest Cover Ratio |
|
[119.67] |
[141.92] |
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Operating Profit Margin(%) |
|
0.91 |
[4.51] |
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Profit Before Interest And Tax Margin(%) |
|
[28.80] |
[25.54] |
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Cash Profit Margin(%) |
|
0.51 |
[4.78][ |
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Adjusted Net Profit Margin(%) |
|
[29.20] |
[25.81] |
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Return On Capital Employed(%) |
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0.00 |
0.00 |
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Return On Net Worth(%) |
|
0.00 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from 1-B, Girdhaar
Lal Apartments North Tower Feroze Shah Road, New Delhi, India to present
address.
OPERATIONS AND OUTLOOK
The company Account for the current year has
been prepared for the period of 12 months. i.e. from 01.01.2006 to 31.03.2007.
During the period the company has clocked a turnover of Rs. 374.003 Millions
excluding decrease in Stock and other income. The Company has incurred a net
loss of Rs. 109.257 Millions after providing a depreciation of Rs. 111.070
Millions. The company has been able to reduce its losses singnificantly as net
losses for the corresponding 12 months period. This depicts the overall
improvement in the financials of the company despite the Company being in red.
This is attributed to the severe strict
measures to revive the Company in order to put it on track as early as
possible.
As the economy booming and the demands of the
Company’s product improving they expect to make significant turnaround very
soon.
The company is negotiating with financial
institutions, Banks, State Government to support the restructuring program
formulated by the company so that the financial health of the company be put on
track.
Fixed Assets:
- Land
- Building
- Plant and Machinery
- Vehicles
- Air Conditioners
- Office Equipments
- Electrical Fittings
- Furniture and Fixture
- Computers
PRESS RELEASE
Delhi: Police
unearth major corporate fraud, one held
June 26, 2006 18:25 IST
The Delhi police unearthed a multi-crore corporate fraud
and arrested the kingpin of the racket, a hotelier who allegedly cheated as
many as six major banks in Delhi by extracting loans furnishing forged
documents.
Parveen Juneja, the owner of restaurant chains, was arrested
by the Economic Offences Wing of the Crime Branch on Sunday after a
complaint was filed against him by the Okhla branch of the Jammu and Kashmir
[Images] bank, Additional Deputy Commissioner of Police K K Vyas told
reporters.
According to the complaint, Juneja, posing as the corporate
finance director of Shamkeen Spinners Limited, had taken a loan of Rs 5 crore
from the bank in 2002 for purchase of machinery from three companies.
However, later it came to light that the three firms -- Amba
Traders, Abro Marketing and Machines Private Limited and Shiv Shakti
Enterprises -- were fake and the documents furnished in their names were
forged.
Police soon found out that the accused and his partners H B
Chaturvedi and Amit Chaturvedi, managing director and joint director of
Shamkeen Spinners respectively, had transferred the money to the accounts of
their sister concerns -- Shamkeen Multifab Limited, Shyam Fab Enterprises
Private Limited and Vrindavan Marketing.
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.44.21 |
|
UK Pound |
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
-- |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
|
-- |
|
--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
-- |
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--LEVERAGE |
1~10 |
-- |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
-- |
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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 |
NO |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
06 |
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 |
|