MIRA
INFORM REPORT
|
Report Date : |
05.12.2012 |
- Summary Information
|
|
|
Country |
|
|
Company Name |
SHEELA FOAM
PRIVATE LIMITED |
Principal Name 1 |
Mr. Rahul Gautam |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Sheela
Gautam |
|
|
|
Registration # |
55-005679 |
|
Street Address |
C-55, Preet
Vihar, First Floor, Vikas Marg, |
||
|
Established Date |
18.06.1971 |
SIC Code |
-- |
|
Telephone# |
91-11-22467764 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-11-22220624 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Mattress |
|
|
# of employees |
Not Available |
Product Name 2 |
Foam Pillow
Covers |
|
Paid up capital |
Rs.240,952,000/- |
Product Name 3 |
Bed Cushions |
|
Shareholders |
Bodies Corporate 51.42%, Directors or relatives of directors 42.57%,
Other top fifty shareholders 0.01% |
Banking |
Central Bank of |
|
Public Limited Corp. |
No |
Business Period |
41 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (42) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
Company |
Australia
|
Joyce
Foam Pty Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,819,182,000 |
Current Liabilities |
868,109,000 |
|
Inventories |
426,735,000 |
Long-term Liabilities |
1,051,350,000 |
|
Fixed Assets |
691,299,000 |
Other Liabilities |
551,683,000 |
|
Deferred Assets |
16,539,000 |
Total Liabilities |
2,471,142,000 |
|
Invest& other Assets |
1,277,626,000 |
Retained Earnings |
1,519,287,000 |
|
|
|
Net Worth |
1,760,239,000 |
|
Total Assets |
4,231,381,000 |
Total Liab. & Equity |
4,231,381,000 |
|
Total Assets (Previous Year) |
3,052,020,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
7,758,900,000 |
Net Profit |
267,200,000 |
|
Sales – (Total Income) (Previous yr) |
6,422,300,000 |
Net Profit(Prev.yr) |
202,700,000 |
IDENTIFICATION DETAILS
|
Name : |
SHEELA FOAM
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-55, Preet
Vihar, First Floor, Vikas Marg, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
18.06.1971 |
|
|
|
|
Com. Reg. No.: |
55-005679 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 240.952
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1971PTC005679 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
DELS21008B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACS0189B |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of
Business : |
Manufacturers of
Flexible Polyurethane Foam products such as Mattress, Foam Pillow Covers, Bed
Cushions and Covers. |
|
|
|
|
No. of Employees
: |
Not available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7040000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
The last financial is missing from the government department. However, from the previous year record the company appears good.
Financially performed well. Trade relations are reported to be fair. Business
is active. Payments are reported to be usually correct and as per
commitments. The company can be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office : |
C-55, Preet Vihar,
First Floor, Vikas Marg, |
|
Tel. No.: |
91-11-22467764/22222722 |
|
Fax No.: |
91-11-22220624 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
Plot No. 37/2,
Site IV, Sahibabad Industrial Area, District |
|
Tel. No.: |
91-120-2770045/2770087/2775425/2770539/
2770087 |
|
Fax No.: |
91-120-2770366/2775427 |
|
E-Mail : |
|
|
|
|
|
Factory : |
·
Sahibabad,
·
Plot No.
51 – A, Udyog Vihar, Greater Noida, District Gautam Budh Nagar, Noida –
201306, ·
Sarajpur,
·
·
Plot
No. 37/2, Site IV, Sahibabad Industrial Area, District Ghaziabad-201010, Uttar
Pradesh, India Tel. No. 91-120-270045/2770087/2775425 Fax No. 91-120-2770366/2775427 ·
Survey
No. 261/1/2/3, Saily Umar Kui Road, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli ·
·
·
A-10,
Sector 8, Noida – 201,301, District Gautam Budh Nagar, ·
·
Plot
No. 102/1, |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Rahul Gautam |
|
Designation : |
Managing Director
|
|
Address : |
D – 2, Diwanshree
Apartment, 30, Ferozesaha Road, New Delhi – 110001, India |
|
Date of
Birth/Age : |
18.11.1952 |
|
Qualification
: |
B. Tech. M.S. (Chemical Engineering) MS ( |
|
Date of
Appointment : |
01.04.1996 |
|
DIN No.: |
00192999
|
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL1988PTC031115 |
CORE
MOULDINGS PRIVATE LIMITED |
Director |
18/04/1988 |
18/04/1988 |
Active |
NO |
|
2 |
U74899DL1971PTC005679 |
SHEELA
FOAM PRIVATE LIMITED |
Managing
director |
01/04/1996 |
01/04/1996 |
Active |
NO |
|
3 |
U74930DL1998PTC097723 |
STARLITE
INDIA PRIVATE LIMITED |
Director |
31/12/1998 |
31/12/1998 |
Active |
NO |
|
4 |
U74899DL1999PTC102553 |
RG
PILLOW (INDIA) PRIVATE LIMITED |
Director |
26/11/1999 |
26/11/1999 |
Active |
NO |
|
5 |
U25206DL2006PTC152496 |
SHEELA
WOODBRIDGE URETHANES PRIVATE LIMITED |
Director |
26/08/2006 |
26/08/2006 |
Active |
NO |
|
6 |
U25191DL2008PTC185158 |
SNB
BEDDING INTERNATIONAL PRIVATE LIMITED |
Director |
24/11/2008 |
24/11/2008 |
Active |
NO |
|
7 |
U74899DL1996PTC082937 |
POLYFLEX
MARKETING PRIVATE LIMITED |
Director |
20/10/2009 |
20/10/2009 |
Active |
NO |
|
8 |
U74899DL1990PTC041853 |
RANGOLI
RESORTS PRIVATE LIMITED |
Director |
30/09/2010 |
05/07/2010 |
Active |
NO |
|
Name : |
Ms. Namita Gautam
|
|
Designation : |
Director |
|
Address : |
D – 2, Diwanshree
Apartment, 30, |
|
Date of
Birth/Age : |
17.07.1953 |
|
Date of
Appointment : |
14.11.2003 |
|
DIN No.: |
00190463
|
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL1988PTC031115 |
CORE
MOULDINGS PRIVATE LIMITED |
Director |
01/06/1989 |
01/06/1989 |
Active |
NO |
|
2 |
U74899DL1990PTC041853 |
RANGOLI
RESORTS PRIVATE LIMITED |
Director |
24/06/1997 |
24/06/1997 |
Active |
NO |
|
3 |
U74930DL1998PTC097723 |
STARLITE
INDIA PRIVATE LIMITED |
Director |
31/12/1998 |
31/12/1998 |
Active |
NO |
|
4 |
U74899DL1971PTC005679 |
SHEELA
FOAM PRIVATE LIMITED |
Director |
14/11/2003 |
14/11/2003 |
Active |
NO |
|
5 |
U74899DL1999PTC102553 |
RG
PILLOW (INDIA) PRIVATE LIMITED |
Director |
30/09/2010 |
20/10/2009 |
Active |
NO |
|
6 |
U74899DL1996PTC082937 |
POLYFLEX
MARKETING PRIVATE LIMITED |
Director |
20/10/2009 |
20/10/2009 |
Active |
NO |
|
7 |
U25191DL2008PTC185158 |
SNB
BEDDING INTERNATIONAL PRIVATE LIMITED |
Director |
30/09/2010 |
19/01/2010 |
Active |
NO |
|
8 |
U74899DL1994PTC062005 |
SLEEPWELL
ENTERPRISES PRIVATE LIMITED |
Alternate
director |
15/06/2010 |
15/06/2010 |
Active |
NO |
|
Name : |
Mr. Tushaar
Gautam |
|
Designation : |
Director |
|
Address : |
603 Ashadeep – 9,
|
|
Date of
Birth/Age : |
21.05.1978 |
|
Date of
Appointment : |
01.04.2007 |
|
DIN No.: |
01646487
|
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74899DL1971PTC005679 |
SHEELA
FOAM PRIVATE LIMITED |
Director |
01/04/2007 |
01/04/2007 |
Active |
NO |
|
2 |
U25206DL2006PTC152496 |
SHEELA
WOODBRIDGE URETHANES PRIVATE LIMITED |
Director |
30/09/2010 |
29/10/2009 |
Active |
NO |
|
3 |
U25191DL2008PTC185158 |
SNB
BEDDING INTERNATIONAL PRIVATE LIMITED |
Director |
30/09/2010 |
19/01/2010 |
Active |
NO |
|
Name : |
Mrs. Sheela
Gautam |
|
Designation : |
Chairman |
|
Address : |
D – 2, Diwanshree
Apartment, 30, |
|
Date of
Birth/Age : |
15.11.1931 |
|
Date of
Appointment : |
18.06.1971 |
|
DIN No.: |
00117059 |
|
|
|
|
Name : |
Mr. Ravindra Kumar Sharma |
|
Designation : |
Director |
|
Address : |
289 – A, Road No.
12, MLA Colony, Banjara Hills - 500034, Hyderabad, India |
|
Date of
Birth/Age : |
03.01.1957 |
|
Date of
Appointment : |
14.11.2003 |
|
DIN No.: |
00235687
|
|
|
|
|
Name : |
Mr. Rakesh Chahar |
|
Designation : |
Whole Time
Director |
|
Address : |
12 -7, Nehru
Enclave, Kalkaji Extension, |
|
Date of
Birth/Age : |
15.12.1964 |
|
Date of
Appointment : |
14.11.2003 |
|
DIN No.: |
00180587
|
KEY EXECUTIVES
|
Name : |
|
|
Designation : |
Secretary |
|
Address : |
25 – A, Gaffor
Nagar, Jamia Nagar, |
|
Date of Birth
: |
20.05.1975 |
|
Date of
Appointment : |
17.11.2008 |
|
PAN No.: |
ALRPA0540K |
|
|
|
|
Name : |
Mr. Ravinder Singh |
|
Designation : |
Manager |
|
Address : |
141, Sitaram Apartment, 102, I P Extension New Delhi-110092, India |
|
Date of Birth/Age : |
30.03.1963 |
|
Date of Appointment : |
09.05.2005 |
|
PAN No.: |
AIDPS0199R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Sheela Gautam and
Tushaar Gautam |
5853960 |
|
Rahul Gautam |
3293640 |
|
Namita Gautam |
1893480 |
|
Tushaar Gautam |
662640 |
|
K.K. Gautam |
1 |
|
Polyflex
Marketing Private Limited, |
4492312 |
|
Serta India Private
Limited, |
7567960 |
|
Starlite India
Private Limited, |
330000 |
|
|
1 |
|
Ashish Sharma and
J. K. Sharma |
1 |
|
Versha H. Patel |
1200 |
|
Kalpna Shrish
Amin |
1 |
|
Shobha Jagdish
Amin |
1 |
|
Uma Gautam |
1 |
|
Radhey Shyam
Sharma |
1 |
|
Mala Tandon |
1 |
|
TOTAL
|
24095200 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
51.42 |
|
Directors or relatives of Directors |
48.57 |
|
Others |
0.01 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Flexible Polyurethane Foam products such as Mattress, Foam Pillow Covers, Bed
Cushions and Covers. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
The Hongkong and Shanghai Banking Corporation
Limited, Birla Towers, 25 Barakhamba Road, New Delhi - 110001, India ·
Yes Bank Limited, 9th Floor, Nehru
Centre, Disovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018,
Maharashtra, India ·
Axis Bank Limited, 4/10, OPG House, Asaf Ali
Road, New Delhi-110002, Delhi, India ·
Central Bank of India,
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Gupta and Gupta Chartered
Accountants |
|
Address : |
4/8, |
|
Tel. No.: |
91-11-23279527/23276456 |
|
Fax No.: |
91-11-23280660 |
|
PAN No.: |
AAAFG2405F |
|
|
|
|
Subsidiaries : |
Auora Foam Private Limited CIN No.:- U25209DL2000PTC108174 Kanpav Overseas Private Limited CIN No.:- U51909DL1998PTC092164 Serta ( India ) Private Limited CIN No.:- U17214DL1997PTC088132
|
|
|
|
|
Associates : |
Sheela Woodbridge Urethanes Private Limited CIN No.:- U25206DL2006PTC152496 SNB Bedding International Private Limited CIN No.:- U25191DL2008PTC185158 |
CAPITAL STRUCTURE
AS ON 31.03.2011
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 |
|
|
|
|
|
|
24095200 |
Equity Shares |
Rs.10/- each |
Rs. 240.952
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
240.952 |
240.952 |
240.952 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1519.287 |
1252.084 |
989.416 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1760.239 |
1493.036 |
1230.368 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
853.312 |
234.399 |
239.796 |
|
|
2] Unsecured Loans |
198.038 |
182.079 |
97.977 |
|
|
TOTAL BORROWING |
1051.350 |
416.478 |
337.773 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2811.589 |
1909.514 |
1568.141 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
691.299 |
517.928 |
547.223 |
|
|
Capital work-in-progress |
412.703 |
101.128 |
16.764 |
|
|
|
|
|
|
|
Preoperative Expenses (pending for allocation)
|
0.000 |
0.000 |
1.666 |
|
|
INVESTMENT |
864.525 |
785.281 |
232.146 |
|
|
DEFERREX TAX ASSETS |
16.539 |
18.447 |
14.234 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
426.735
|
261.667 |
238.939 |
|
|
Sundry Debtors |
777.829
|
742.289 |
777.220 |
|
|
Cash & Bank Balances |
253.322
|
34.409 |
21.322 |
|
|
Other Current Assets |
14.537
|
576.540 |
16.170 |
|
|
Loans & Advances |
773.494
|
14.331 |
428.749 |
|
Total
Current Assets |
2245.917
|
1629.236 |
1482.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
98.344
|
597.260 |
387.172 |
|
|
Other Current Liabilities |
769.765
|
172.613 |
79.752 |
|
|
Provisions |
551.683
|
372.633 |
260.141 |
|
Total
Current Liabilities |
1419.792
|
1142.506 |
727.065 |
|
|
Net Current Assets |
826.125
|
486.730 |
755.335 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.398 |
0.000 |
0.773 |
|
|
|
|
|
|
|
|
TOTAL |
2811.589 |
1909.514 |
1568.141 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7758.900 |
6422.300 |
5310.500 |
|
|
|
Other Income |
59.100 |
|
|
|
|
|
TOTAL (A) |
7818.000 |
6422.300 |
5310.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
4894.900 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
7258.400 |
5947.900 |
4894.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
559.600 |
474.400 |
415.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
68.500 |
18.000 |
41.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
491.100 |
456.400 |
374.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
69.000 |
59.800 |
69.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
422.100 |
396.600 |
304.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
154.900 |
193.900 |
102.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
267.200 |
202.700 |
201.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
100.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
167.200 |
162.700 |
101.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of FOB |
NA |
106.974 |
82.547 |
|
|
|
Export of FOB of |
NA |
31.699 |
28.211 |
|
|
|
Management Fees Received |
NA |
2.416 |
2.139 |
|
|
TOTAL EARNINGS |
NA |
141.089 |
112.897 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
912.384 |
611.225 |
|
|
|
Stores, packing Material Spare Parts and Components |
NA |
12.681 |
3.571 |
|
|
|
Capital Goods |
NA |
27.124 |
53.301 |
|
|
TOTAL IMPORTS |
NA |
952.189 |
668.097 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.09 |
8.41 |
8.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.42
|
3.16 |
3.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.44
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.29
|
18.47 |
15.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.27 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.40
|
1.04 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.43 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FINANCIALS
Sales including
other income for the year 2010-11 was Rs. 7818.000 Millions registering a
growth of 21.46% over last year sale including other income of Rs. 6436.600
Millions. This growth was attributable to the continued dynamism of the Indian
economy resulting in high consumer confidence, favourable demography of our
primary market – India, the unique position Sheela and its brand Sleepwell
occupy in the consumer’s mind space and commitment exhibited by the company’s
employees and business associates.
The company
achieved an export turnover of Rs 133.800 Millions during the year and was able
to maintain the previous year level inspite of tough competition in overseas
market. The export market caters to countries like UAE, Sri Lanka, Maldives and
Bangladesh.
Profit before tax for the current year was Rs 422.100 Millions while
profit after tax Rs 267.200 Millions.
Flexi Polyurethane
Foam production witnessed upward trend of 12.67% over last year. As against
24,661 tons in previous year, the company produced 27,786 tons in current year
2010-11. Today PU Foam is produced at four different locations ie. in Greater
Noida ( North Zone), Silvassa (West Zone) , Hyderabad (South Zone) and Sikkim
(East Zone). Sheela’s market share in production of Flexible Polyurethane Foam
is 30% and is largest producer in country. In nutshell, Sheela Foam has emerged
as a force to reckon as producer of Flexible Polyurethane Foam. It manufactures
wide range of PU Foam – both Ester and Ether type for a number of industrial
applications like automobile, electronics, footwear, furniture and apparel etc.
under Feather Foam brand beside for consumer segment viz mattress, cushions,
pillows etc. under Sleepwell brand.
Over 40 years of
its inception, Sleepwell has blossomed into a trusted brand in consumer
segment. This year witnessed expansion of the company retail network with
opening of exclusives franchisee stores under style Sleepwell World and
Sleepwell Gallery. As on 31st March 2011 the company has total of
around 100 Stores established during the year, delivering a retail turnover in
excess of Rs. 600.000 Millions. The marketing of Sleepwell and Industrial products
is channelized through 75 distributors and 4000 dealers spread across the
country.
There has been an
all around good performance of the Company. This along with various measures
undertaken by the management has resulted in substantial improvement in the net
worth of the Company. Consistent quality, innovative products and practices,
excellent serviceability and best prices are the foundations on which Sheela
Foam has built a reputation for itself.
The following bar
chart shows increased turnover on year to year since 2003-04. During the last
eight years the Company increased its turnover by approx three times over year
2004.
FUTURE OUTLOOK
The successful
expansion of exclusive stores network has reinforced Sleepwell position as
India’s most trusted brand in mattress and related consumer foam products like
pillows, cushions, sofa ‘n’ bed, to name a few . The company is positioning in
retail marketing through exclusive and branded franchisee stores that sell
variety of Sleepwell products under one roof. Opening of Sleepwell World,
Gallery and Shoppe formats all across the country will revolutionize the foam
products marketing in India. The company is hopeful to reach mark of 200
exclusive retail outlets by end of this financial year. Besides, the company is
confident to take step forward into trading of new product in related
accessories viz bed sheets by beginning of year 2012-13.
Technical foam, a
relatively new segment in Industrial Foam category, has specific usage and
imported in India but Sheela Foam has production capability to manufacture this
category of foam at its plant. This segment is expected to grow further in
coming years. It’s use: in generators and theaters with sound absorption
property ,in shoes and inner wears with ultra violet stable foam property, in
electronic packaging with anti-static property, in automotive industry with
filteration property is getting popular among related consumers in the country
and Sheela Foam manufacturing capability is giving them advantage over imports by
better serviceability, variety and price . The company is also expanding its
exports market by going to European countries. There exist large potential in
both technical foam and export market. Sheela Foam has bright future ahead in
this segment and is expected to grow by around 30% to 40% next year.
The step towards
Research and Development activity encouraged the company to develop new foam
applications with lesser cost and enhanced quality. The Company shall continue
its emphasis on R and D activity in future and endeavour to introduce new and
economical price products that give increased usage of foam substituting
alternative materials like cotton. Company’s participation in PU Tech in India
and overseas exhibitions gave opportunity of direct interaction with customer
and suppliers. For in-organic growth and expansion, the company is open to
acquire similar foam units outside India preferably in Europe subcontinent. To
bring input cost further down it will go for backward integration by acquiring
units producing raw material used by Sheela Foam.
JOINT VENTURE COMPANY
(a)
SHEELA WOODBRIDGE
URETHANES PRIVATE LIMITED
Sheela Woodbridge
Urethanes Private Limited is 50% joint venture with M/s Woodbridge Foam
International Limited, Canada for manufacturing moulded polyurethane foam and
foam –in - place products for Indian market. Sahibabad plant commenced
commercial production in May, 2009 and second unit at Sanand near Ahmedabad
established primarily for Nano vehicle manufactured by Tata Motors, resumed
manufacturing in April, 2011.
The JV company is
committed to achieve 100% growth in turnover in current year 2011-12 as against
the previous year figures of Rs. 92.736 Millions. This is inspite of the
downward trend of automotive sales in India. The growth is largely expected
because of the new programmes company is associated which includes Mahindra XUV
5OO, Honda Brio and Tata Magic. Further the Honda Jazz sales are also improving
because of the price correction the OE has done to push up sales. In the non -
automotive segment the company manufactured pillows are showing positive
increase in sales. The JV company is in close interaction with Sheela Foam
Private Limited is launching molded mattresses .The company decision to invest
in Sanand while initially is creating pressures due to low volumes of the
single vehicle programme it services but with new automobile companies decision
to move in Sanand, the Sanand plant shall be fully utilized by the year
2013-2014. This shall be achieved as Ford and Peugeot are all committed to be
operational in Sanand by then. The bottom line of company continues to be under
pressure due to fixed overheads in general and low capacity utilisation which
is improving gradually.
(b)
SNB BEDDING
INTERNATIONAL PRIVATE LIMITED
SNB Bedding International
Private Limited (SNB) a joint venture company with 50% share holding held by
A.H. Beard (Mauritius) Limited. The JV company commenced production of spring
mattresses and spring core in July 2009 and was able to achieve turnover of Rs.
110.679 Millions during the year 2010-11. The Company expects to do better in
current year 2011-12 and expected to achieve record growth of over 200% with
the improved profitability.
The joint venture
partner, M/s AH. Beard, decided to sell their 50% stake to the existing
shareholder Sheela Foam Private Limited. Their share holding were purchased in
financial year 2011-12 and SNB consequently became wholly owned subsidiary of
Sheela Foam Private Limited.
FORM 8
|
Corporate
identity number of the company |
U74899DL1971PTC005679 |
|
Name of the
company |
SHEELA FOAM
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
C-55, Preet Vihar, First Floor, Vikas Marg, E-Mail : ravinder.singh@sheelafoam.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Movable
property (not being pledge) ·
Others |
|
Particular of
charge holder |
The Hongkong and Shanghai Banking Corporation Limited, Birla Towers,
25 Barakhamba Road, New Delhi - 110001, India |
|
Nature of
instrument creating charge |
Hypothecation
Deed for Plant and Machinery dated 20 July 2012 |
|
Date of instrument
Creating the charge |
20.07.2012 |
|
Amount secured by
the charge |
Rs. 50.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest shall be
payable by the company on the banking facilities as per banks tariff, subject
however that the bank shall have the right to change the rate of interest
after giving notice to the Co. Terms of repayment In Consideration
of Banking facilities sanctioned/to be sanctioned by the bank to the company,
the company has charged to the bank by way of First Pari Passu charge on all
movable fixed assets including movable plant and machinery both present and
future of the company as mentioned in Deed of Hypothecation to secure the
repayments of the advances together with interest cost and all other charges. Margin The Company shall
maintain such margin as may be specified by the bank from time to time. Extent and operation of the charge In case the
Company fails to fulfill its obligation under the Hypothecation Agreement,
the Bank shall be entitled to take possession of the hypothecated assets and
sell them by public auction or private contract and utilize the proceeds in
full or part settlement of its claims |
|
Short particulars
of the property charged (Including location of the property) |
First pari passu
charge on whole of the movable properties of the Borrower including its
movable fixed assets, plant and machinery, machinery spares, tools and
accessories, both present and future, (more particularly described in the
Schedule of Hypothecation Deed for Plant and Machinery). |
FIXED ASSETS
·
Land
·
Building
·
Plant
and Machinery
·
Material
Handling Equipment
·
Packing
Machine
·
Tools
and Equipments
·
Electrical
Equipments
·
Storage
and Pipelines
·
Fire
Preventive Equipments
·
Laboratory
Equipments
·
Pollution
Control Equipments
·
Moulds
and Dies
·
Electrical
Fittings
·
Furniture
and Fixtures
·
Office
Equipments
·
Communication
Equipments
·
IT
Equipments
·
Vehicles
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 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 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. 54.94 |
|
|
1 |
Rs. 88.42 |
|
Euro |
1 |
Rs. 71.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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.