MIRA
INFORM REPORT
|
Report Date : |
23.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHIVDEEP INDUSTRIES LIMITED |
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Registered
Office : |
196-197, Bichwal Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.10.1995 |
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Com. Reg. No.: |
010856 |
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CIN No.: [Company Identification
No.] |
U15499RJ1995PLC010856 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JDHS01601F |
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|
Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturers and Exporters of Bhujiya, Namkeen, Sweets, Papad, Sohan Papri and Rasgulla |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1269220 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Financial
position is good. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
F-196-197, Bichwal Industrial Area, |
|
Tel. No.: |
91-151-2250350 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Deepak Agarwal |
|
Designation : |
Whole Time Director |
|
Address : |
C-57, Sadul Ganj, |
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Date of Birth/Age : |
11.01.1981 |
|
Date of Appointment : |
14.01.2007 |
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|
|
|
Name : |
Mr. Shiv Ratan Agarwal |
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Designation : |
Managing Director |
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Address : |
C-57, Sadul Ganj, |
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Date of Birth/Age : |
06.10.1955 |
|
Date of Appointment : |
01.05.2006 |
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|
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|
Name : |
Ms. Sushila Devi Agarwal |
|
Designation : |
Whole Time Director |
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Address : |
C-57, Sadul Ganj, |
|
Date of Birth/Age : |
29.10.1955 |
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Date of Appointment : |
24.01.2007 |
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|
|
|
Name : |
Ms. Shweta Agarwal |
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Designation : |
Whole Time Director |
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Address : |
C-57, Sadul Ganj, |
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Date of Birth/Age : |
05.03.1981 |
|
Date of Appointment : |
24.01.2007 |
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|
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|
Name : |
Mr. Sarvan Kumar Jesaria |
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Designation : |
Director |
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Address : |
1338,Bachchhavaton Ka Mohalla, Ward No.35, |
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Date of Birth/Age : |
03.04.1967 |
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Date of Appointment : |
16.11.2006 |
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|
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|
Name : |
Ms. Sangeeta Devi Jaisanseriya |
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Designation : |
Director |
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Address : |
1338,Bachchhavaton Ka Mohalla, Ward No.35, |
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Date of Birth/Age : |
07.06.1973 |
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Date of Appointment : |
16.11.2006 |
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Name : |
Mr. Kedar Chand Agarwal |
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Designation : |
Director |
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Address : |
1338,Bachchhavaton Ka Mohalla, Ward No.35, |
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Date of Birth/Age : |
01.07.1951 |
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Date of Appointment : |
16.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ratan Agarwal |
|
1035220 |
|
Sushila Devi Agarwal |
|
40270 |
|
Deepak Kumar Agarwal |
|
508447 |
|
Madhu |
|
38 |
|
Kedar Chand Agarwal |
|
128 |
|
Pawan Kumar Saraf |
|
128 |
|
Manju Devi Saraf |
|
128 |
|
Shiv Ratan Agarwal HUF |
|
680028 |
|
Samruddhi Reators Private Limited, Mumbai |
|
44000 |
|
Gopal Agarwal |
|
28 |
|
Total |
|
2308415 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
2.00 |
|
Directors or relatives of Directors |
98.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Bhujiya, Namkeen, Sweets,
Papad, Sohan Papri and Rasgulla |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
*Installed
Capacity |
|
Bhujia Namkin, Papad and Sweets |
KG |
13000000 |
* As certified by the management but not
verified by the auditors being the technical matter
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Surana and Company Chartered Accountant |
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Address : |
13, Industrial Area, Rani Bazar, |
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Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4450000 |
Equity Shares |
Rs.10/- each |
Rs.44.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2264415 |
Equity Shares |
Rs.10/- each |
Rs.22.644
Millions |
|
|
|
|
|
Non Voting Shares
|
No. of Shares |
Type |
Value |
Amount |
|
44000 |
Equity Shares |
Rs.10/- each |
Rs.0.440
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
23.084 |
23.084 |
23.084 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
294.221 |
247.943 |
206.264 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
317.305 |
271.027 |
229.348 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
224.197 |
110.334 |
99.393 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
224.197 |
110.334 |
99.393 |
|
|
DEFERRED TAX LIABILITIES |
49.700 |
43.968 |
39.543 |
|
|
|
|
|
|
|
|
TOTAL |
591.2023 |
425.329 |
368.284 |
|
|
|
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
543.130 |
366.896 |
316.532 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
9.768 |
9.768 |
9.213 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
74.138
|
48.391 |
37.958 |
|
|
Sundry Debtors |
31.915
|
22.751 |
20.357 |
|
|
Cash & Bank Balances |
71.882
|
105.713 |
81.211 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
56.528
|
37.017 |
26.809 |
|
Total
Current Assets |
234.463
|
213.872 |
166.335 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
158.077
|
119.075 |
95.333 |
|
|
Other Current Liabilities |
26.132
|
31.797 |
19.533 |
|
|
Provisions |
11.970
|
14.597 |
9.435 |
|
Total
Current Liabilities |
196.179
|
165.469 |
124.301 |
|
|
Net Current Assets |
38.284
|
48.403 |
42.034 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.020 |
0.262 |
0.505 |
|
|
|
|
|
|
|
|
TOTAL |
591.202 |
425.329 |
368.284 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1537.906 |
1162.963 |
945.808 |
|
|
|
Other Income |
0.034 |
0.197 |
(0.209) |
|
|
|
TOTAL (A) |
1537.940 |
1163.160 |
945.599 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1311.117 |
956.598 |
784.096 |
|
|
|
Administrative Expenses |
49.904 |
37.979 |
29.829 |
|
|
|
Selling and Distribution Expenses |
77.965 |
78.729 |
61.418 |
|
|
|
Preliminary Expenses |
0.243 |
0.243 |
0.242 |
|
|
|
Loss on |
0.274 |
2.258 |
0.627 |
|
|
|
TOTAL (B) |
1439.503 |
1075.807 |
876.212 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
98.437 |
87.353 |
69.387 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.222 |
3.210 |
6.928 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
92.215 |
84.143 |
62.459 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.692 |
18.489 |
15.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
70.523 |
65.654 |
46.760 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
24.245 |
23.975 |
17.636 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
46.278 |
41.679 |
29.124 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
299.546 |
187.867 |
158.742 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
275.824 |
229.546 |
187.867 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13.027 |
14.368 |
9.132 |
|
|
TOTAL EARNINGS |
13.027 |
14.368 |
9.132 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.01
|
3.58 |
3.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.07
|
11.30 |
9.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.24 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
1.01 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.29 |
1.34 |
LOCAL AGENCY FURTHER INFORMATION
RESULTS OF OPERATIONS
During the year, the Company has scaled new heights and set several
new benchmarks in term of sales, profits, net worth and assets. This was a
landmark year for the company as it delivered record financial and operating
performance amidst challenging and volatile market conditions. Turnover for the
year was Rs.1537.906 Millions recording as against pervious years Rs.1162.962
Millions. Reflecting a growth of 24.38% during the year
FORM 8:
|
Corporate
identity number of the company |
U15499RJ1995PLC010856 |
|
Name of the
company |
SHIVDEEP
INDUSTRIES LTD |
|
Address of the
registered office or of the principal place of business in |
196-197, Bichwal Industrial Area, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book Debts Movable Property Immovable
Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
1.Letter
regarding the Grant of individual limits within the Overall limit 2.Suplemetal Agreement
of Hypothecation of Goods and Assets for Increase in the Overall limit 3.Supplemental
Agreement of Loan for Increase in the Overall Limit 4.Various
Annexure 10 5.Board
Resolution |
|
Date of
instrument Creating the charge |
18/01/2011 |
|
Amount secured by
the charge |
Rs.180.900
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For Cash Credit
Interest @ 2.50% above Base rate , effective rate 10.75% p.a. TL-III- 2.50%
Below BPLR TLV- 2.75% Below
BPLR STCL1.50 Below
BPLR, with monthly rest subject to Change from time to time. Terms of
Repayment Cash Credit -
Repayable on Demand Margin Raw material-25% Finished
Goods-25% Plant &
Machinery-25% Book
Debts/Receivables-50% Extent and
Operation of the charge The Charge will
operate as first Charge to the Extent of Rs.180.900 Millions to Secure
Following Limits Granted to the Company by the Bank:- CC (Hypo.)
Rs.70.000 Millions, Sub Limit Against
Book debts ( Within CC) (Rs.15.000 Millions) Bank Guarantee
Rs.10.0.00 Millions, Outstanding Term
Loan-III Rs.74.900 Millions, Outstanding Term
Loan-V Rs.16.000 Millions and STCL Rs.10.000
Millions, Total limit of
Rs.180.900 Millions. |
|
Short particulars
of the property charged |
First charge by
way of hypothecation of all stocks of raw material, semi finished and
finished goods such as stock in process consumable goods, stores and
spares,packing materials all present and future Book debts, Bills, Fixed
plant and machinery and all present and future current and fixed assets of
the company to secure over all limit of Rs.1809 Lacs granted to the company
by the bank. Equitable Mortgage is extended on immovable property of the
company comprising land and building constructed or to be constructed,Fixed
plant and machinery, erected or to be erected both present and future
situated at Flat No 1603 on the 16th floor, Shop No. 5 and Shop No.6 on
Ground Floor, Office No.105 and 106 on First Floor Flat No. 403 and 404 on
4th floor of the Building Known AS Accord Nidhi situated at Plot bearing CST
No.307/71 of Villange valnai at Linking Road, malad, (West), Mumbai Land and
Building Situated at G-7, G-8, G-9, G-10A and G-10B on the Ground floor along
with 15 Nos of open car parking Space in shalimar Morya Park Co-Op Socity
Limited, Plot No. B-2 of Swastika Indus. Estate, Survey No.41 CS No.617of
Village Oshiwara, Andheri (West) Mumbai, AND Land and Building Situated at
F-178, E-188, E-1(A), E-1(B), E-1(C), F-196 to F-199, Bichhwal industrial
Area, Bikaner Land and Building Guest House Situated at C-57, Sadulganj,
Bikaner to secure over all limit of Rs.180.900 Millions Granted to the
Company by the Bank. The above Security also Cover outstanding Term Loans
that includes Term loan IV of Rs. 22.500 Millions, Term Loan- VI of Rs.4.300
Millions, Term Loan- VII of Rs.0.296 Millions, Term Loan- VIII RS.47.500
Millions Term Loan-IX Rs. 70.000 Millions, Term Loan-X Rs.10.000 Millions. |
|
Particulars of
the present modification |
By this Modification
Overall Limit Enhanced From Rs.160.900 Millions to Rs.180.900 Millions and Equitable Mortgage is also Extended on
the Immovable property of the Company to Secure Following Limits :- CC (Hypo.)
Rs.70.000 Millions, Sub Limit Against
Book debts ( With In CC) (Rs.150Lacs) Bank Guarantee
Rs.10.000 Millions, Outstanding Term
Loan-III Rs.74.900 Millions, Outstanding Term
Loan-V Rs.16.000 Millions and STCL Rs.10.000
Millions, Total limit of
Rs.180.900 Millions. Other terms and
Conditions remains unchanged. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
52 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.