MIRA
INFORM REPORT
|
Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SARKAR PLYWOOD PRIVATE LIMITED |
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Registered Office : |
3/2940-48, Subhan Badshah Swadi Chalamwad Rudtopura, Surat – 395 003,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.10.1994 |
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Com. Reg. No.: |
04-23170 |
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CIN No.: [Company
Identification No.] |
U20291GJ1994PTC023170 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTS00552G |
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PAN No.: [Permanent
Account No.] |
AADCS3414Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Plywood |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 16000 |
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Status : |
Moderate |
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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 financial
position. The company has accumulated losses. It’s payments are reported as slow but correct. The company can be considered for normal business dealings at usual
trade terms and conditions with slight caution. |
LOCATIONS
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Registered Office : |
3/2940-48, Subhan Badshah Swadi Chalamwad Rudtopura, Surat – 395 003,
Gujarat, India |
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Tel. No.: |
91-261-2326693 |
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Fax No.: |
91-261-2325457 |
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E-Mail : |
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Factory : |
Shop No. 5, Shiv Pooja Complex, Above Bank of Baroda, City Light, Surat
– 395 007, Gujarat, India |
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Tel. No.: |
91-261-3201352 |
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Fax No.: |
91-261-2258466 |
DIRECTORS
|
Name : |
Mr. Jaffer Abdeally Ebrahim |
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Designation : |
Director |
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Address : |
41-E, Estoril Court, 55, Garden Road, Hong Kong |
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Date of Birth/Age : |
06.09.1927 |
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Date of Appointment : |
10.04.1994 |
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Name : |
Mr. Iqbal Firoz Sarkar |
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Designation : |
Director |
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Address : |
805, Sterling Apartment, Athwa Lines, Surat – 395 007, Gujarat, India |
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Date of Birth/Age : |
18.07.1947 |
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Date of Appointment : |
10.04.1994 |
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Name : |
Mr. Anees Firoz Sarkar |
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Designation : |
Director |
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Address : |
8-B, Priya Apartment, Nanpura, Surat – 395 001, Gujarat, India |
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Date of Birth/Age : |
02.01.1950 |
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Date of Appointment : |
10.04.1994 |
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Date of Ceasing : |
16.12.2000 |
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Name : |
Mr. Adnan Iqbal Sarkar |
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Designation : |
Director |
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Address : |
805, Sterling Apartment, Athwa Lines, Surat – 395 007, Gujarat, India |
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Date of Birth/Age : |
29.11.1976 |
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Date of Appointment : |
15.12.2000 |
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Name : |
Mr. Hussain Iqbal Sarkar |
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Designation : |
Director |
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Address : |
805, Sterling Apartment, Athwa Lines, Surat – 395 007, Gujarat, India |
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Date of Birth/Age : |
01.01.1979 |
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Date of Appointment : |
15.12.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2004)
|
Names of Shareholders |
No. of Shares |
|
Iqbal Firoz Sarkar |
1120 |
|
Anees Firoz Sarkar |
1130 |
|
Goenka Industries and Company |
10 |
|
Dhirajlal Vithalji and Company |
10 |
|
Rukshana Iqbal Sarkar |
10 |
|
Durriya Anees Sarkar |
10 |
|
Adnan Iqbal Sarkar |
10 |
|
Altaf Anees Sarkar |
10 |
|
Burhani Quardan Hasana Trust |
10 |
|
Jafer Abdealy Ebrahim |
37000 |
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Nematullah J Ebrahim |
37000 |
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Taha J Ebrahim |
37000 |
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Rashida T Ebrahim |
37000 |
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Abdoolally Ebrahim and Company Limited |
37000 |
|
Ikhlas Products Limited |
37000 |
|
Ikhlas of Shore Shipping Company Limited |
37000 |
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|
|
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Total |
261320 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Plywood |
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Products : |
·
Film Faced Plywood ·
WBP Marine Plywood ·
Commercial Plywood ·
MR Plywood Wire Mesh Plywood ·
Shuttering Plywood |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
Oriental Bank of
Commerce Ring Road, Surat |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C S Jariwala and Company Chartered Accountants |
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Address : |
6th Floor, C-Block, President Plaza, Ring Road, Athwagate, Surat
– 395 002, Gujarat, India |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
461320 |
Equity Shares |
Rs.10/- each |
Rs.4.613
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.613 |
4.613 |
4.613 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(1.353) |
(2.420) |
(4.173) |
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NETWORTH |
3.260 |
2.193 |
0.440 |
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LOAN FUNDS |
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1] Secured Loans |
1.065 |
0.458 |
0.339 |
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2] Unsecured Loans |
8.339 |
6.542 |
6.619 |
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TOTAL BORROWING |
9.404 |
7.000 |
6.958 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.664 |
9.193 |
7.398 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.991 |
4.447 |
4.030 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.150 |
0.150 |
0.000 |
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DEFERREX TAX ASSETS |
0.415 |
0.926 |
1.279 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.997
|
2.138 |
0.722 |
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Sundry Debtors |
10.609
|
1.789 |
4.442 |
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Cash & Bank Balances |
1.402
|
3.549 |
3.424 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
4.946
|
2.169 |
1.672 |
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Total
Current Assets |
18.954
|
9.645 |
10.260 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.856
|
6.074 |
8.171 |
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Provisions |
0.329
|
0.326 |
0.000 |
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Total
Current Liabilities |
9.185
|
6.400 |
8.171 |
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Net Current Assets |
9.769
|
3.245 |
2.089 |
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MISCELLANEOUS EXPENSES |
0.339 |
0.425 |
0.000 |
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TOTAL |
12.664 |
9.193 |
7.398 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
94.029 |
68.018 |
40.138 |
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Other Income |
4.784 |
3.076 |
1.728 |
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Total Income |
98.813 |
71.094 |
41.866 |
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Profit/(Loss) Before Tax |
1.906 |
2.328 |
(0.179) |
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Provision for Taxation |
0.839 |
0.575 |
0.081 |
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Profit/(Loss) After Tax |
1.067 |
1.753 |
(0.260) |
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Earnings in Foreign Currency : |
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FOB Value |
92.839 |
66.984 |
36.974 |
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Total Earnings |
92.839 |
66.984 |
36.974 |
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Imports : |
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CIF Value |
7.615 |
8.122 |
7.174 |
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Total Imports |
7.615 |
8.122 |
7.174 |
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Expenditures : |
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Financial charges |
0.343 |
0.212 |
0.000 |
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Increase/(Decrease) in Finished Goods |
0.000 |
0.000 |
0.233 |
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Depreciation & Amortization |
0.421 |
0.515 |
0.426 |
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Other Expenditure |
96.143 |
68.039 |
41.386 |
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Total Expenditure |
96.907 |
68.766 |
42.045 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.08
|
2.47 |
(0.62) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.03
|
3.42 |
(0.45) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.10
|
16.52 |
(1.25) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
1.06 |
(0.41) |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.70
|
6.11 |
34.38 |
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Current Ratio (Current Asset/Current Liability) |
|
2.06
|
1.51 |
1.26 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
SARKAR PLYWOOD PRIVATE LIMITED |
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Presented By |
- |
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1) Date and description of instrument creating the change |
03.07.2000;
Hypothecation of Assets Agreement for Cash Credit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.250 million |
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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 |
Heavy Duty wide
belt sandor with accessories. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 17.5%
at only rests. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of
Commerce Ring Road, Surat |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Web Details
Subject is a well-known name in the arena of
Plywood business. As a renowned manufacturer, exporter and importer, they offer
the widest product range i.e. Film Faced Plywood, WBP Marine Plywood, Commercial
Plywood, MR Plywood Wire Mesh Plywood and Shuttering Plywood. They hold
an ISO 9001:2000 certificate. As a quality conscious manufacturer, they have
placed themselves as a trusted trademark of reliable and authentic plywood
To manufacture Film Faced Shuttering Plywood, they use natural Rubber Wood
impregnated with specially formulated 125 gsm STORAENSO (Finland) Phenolic
Resin Film, imported from Finland. The special features of our Film Faced Shuttering
Plywood are:
- The Film Faced Shuttering Plywood is
most effective in RCC Constructions.
- It has a smooth mirror like superior
finishing on both surfaces.
- It saves upto 45% of cost compared to
other similar products.
- It is laminated under high pressure.
- It is balance between Face veneer, Core
veneer and the Film.
In a very short span of time, they have reached at this height of
success and created a niche for ourselves in national as well as international
market. They strongly believe in maintaining the consistent standard of quality
and offering huge variety of best plywood at highly competitive rates.
They have a rich manufacturing set-up equipped with the modern
machineries and tools that enables us to produce smooth, superior and durable
range of plywoods in different categories of Film Faced Plywood, WBP Marine Plywood,
Commercial Plywood, MR Plywood Wire Mesh Plywood and Shuttering Plywood.
To make sure that there should not be any defect in the plywood and it should
be highly resistant to any type of rough and tough condition, they have the own
in-house quality check unit. Here, each and every piece of plywood is properly
tested before the final delivery. In fact, the selection of raw materials is
also done under the supervision of qualified professionals having vast
experience of the same field.
The strategy is to manufacture premium quality of plywood, adopting safe
and harmless procedures without affecting environment and make them readily
available to the clients at best offered prices.
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.45.94 |
|
UK Pound |
1 |
Rs.82.84 |
|
Euro |
1 |
Rs.65.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|