MIRA INFORM REPORT
|
Report Date : |
26.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHEELA FOAM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C-55, Preet
Vihar, First Floor, Vikas Marg, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.06.1971 |
|
|
|
|
Com. Reg. No.: |
55-005679 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.162.609 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, Exporter
and Importer of Flexible Polyurethane Foam products such as Mattress, Foam
Pillow Covers, Bed Cushions and Covers.
|
|
|
|
|
No. of Employees
: |
450(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6516000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects sound financial risk profile supported by adequate
liquidity position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
September 24, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
September 24, 2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Divay Tyagi |
|
Designation : |
Financial Executive |
|
Contact No.: |
91-120-4162200 |
|
Date : |
04.03.2014 |
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 / 4162200 / 4512260 |
|
Fax No.: |
91-120-2770366 /
2775427 / 4162282 / 4162283 |
|
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, Tel. No. : 91-120-2770045 /
2770087 / 2775425 Fax No. : 91-120-2770366 /
2775427 ·
Survey
No. 261/1/2/3, Saily ·
·
·
A-10,
Sector 8, Noida – 201, 301, District Gautam Budh Nagar, Uttar Pradesh, India ·
·
Plot
No. 102/1, |
DIRECTORS
As on 30.09.2013
|
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. Rahul Gautam |
|
Designation : |
Managing Director |
|
Address : |
D – 2, Diwanshree Apartment, 30, |
|
Date of Birth/Age : |
18.11.1952 |
|
Qualification : |
B. Tech. M.S. (Chemical
Engineering) MS ( |
|
Date of Appointment : |
01.04.1996 |
|
DIN No.: |
00192999
|
|
|
|
|
Name : |
Ms. Namita Gautam |
|
Designation : |
Director |
|
Address : |
D – 2, Diwanshree Apartment, 30, |
|
Date of Birth/Age : |
17.07.1953 |
|
Qualification : |
Post Graduate in Law |
|
Date of Appointment : |
14.11.2003 |
|
DIN No.: |
00190463
|
|
|
|
|
Name : |
Mr. Tushaar Gautam |
|
Designation : |
Director |
|
Address : |
603 Ashadeep – 9, |
|
Date of Birth/Age : |
21.05.1978 |
|
Qualification : |
B.Sc, |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
01646487
|
|
|
|
|
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 |
|
Qualification : |
Post Graduate in Economics with Law Degree |
|
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 |
|
Qualification : |
Graduate in Commerce from |
|
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, |
|
Date of Birth/Age : |
30.03.1963 |
|
Date of Appointment : |
09.05.2005 |
|
PAN No.: |
AIDPS0199R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Sheela Gautam and
Tushaar Gautam |
5853960 |
|
Rahul Gautam |
3317265 |
|
Namita Gautam |
1905293 |
|
Tushaar Gautam |
662640 |
|
Polyflex
Marketing Private Limited, |
4512558 |
|
Ravi Dhariwala
and Rashmi Dhariwala |
1 |
|
Versha H. Patel |
1200 |
|
Kalpna Shrish
Amin |
1 |
|
Shobha Jagdish
Amin |
1 |
|
Uma Gautam |
1 |
|
Mala Tandon |
1 |
|
Rohini Chaudhry |
1 |
|
Jagdish Bhai D
Amin |
1 |
|
Asha Sharma |
1 |
|
Core Moulding
Private Limited |
4006 |
|
Rangoli Resorts
Private Limited |
4006 |
|
|
|
|
Total |
16260936 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
27.89 |
|
Directors or relatives of Directors |
72.11 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers,
Exporter and Importer of Flexible Polyurethane Foam products such as
Mattress, Foam Pillow Covers, Bed Cushions and Covers. |
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|
|
|
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|
Products : |
|
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|
|
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Exports : |
|
||||||||
|
Products : |
Finished Goods |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
Chemicals |
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
Credit |
GENERAL INFORMATION
|
Customers : |
Others (Distributors) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
450 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
Tel No.: 91-11-237338989 (Ringing) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
Gupta and Gupta Chartered
Accountants |
|
Address : |
4/8, |
|
Tel. No. : |
91-11-23279527/23276456 |
|
E-Mail : |
91-11-23280660 |
|
PAN
No. : |
AAAFG2405F |
|
|
|
|
Name 2 : |
S. P Chopra and Company Chartered Accountants |
|
Address : |
31-F, Conought Place, New Delhi - 110001, India |
|
PAN
No. : |
AAAFS2450C |
|
|
|
|
Subsidiaries : |
Auora Foam Private Limited CIN No.: U25209DL2000PTC108174 Kanpav Overseas Private Limited CIN No.:
U51909DL1998PTC092164 Serta ( CIN No.:
U17214DL1997PTC088132
|
|
|
|
|
Associates : |
Sheela Woodbridge Urethanes Private Limited CIN No.:
U25206DL2006PTC152496 SNB Bedding International Private Limited CIN No.:
U25191DL2008PTC185158 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44010500 |
Equity Shares |
Rs.10/- each |
Rs.440.105 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16260936 |
Equity Shares |
Rs.10/- each |
Rs.162.609 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
162.609 |
165.293 |
|
(b) Reserves & Surplus |
|
1466.390 |
1224.022 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1628.999 |
1389.315 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
616.199 |
760.316 |
|
(b) Deferred tax liabilities (Net) |
|
64.780 |
5.961 |
|
(c) Other long term liabilities |
|
174.114 |
113.703 |
|
(d) long-term provisions |
|
53.734 |
35.079 |
|
Total
Non-current Liabilities (3) |
|
908.827 |
915.059 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
534.359 |
610.915 |
|
(b) Trade payables |
|
562.200 |
547.852 |
|
(c) Other current liabilities |
|
626.634 |
375.642 |
|
(d) Short-term provisions |
|
36.052 |
25.325 |
|
Total
Current Liabilities (4) |
|
1759.245 |
1559.734 |
|
|
|
|
|
|
TOTAL |
|
4297.071 |
3864.108 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1705.801 |
1190.835 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
14.570 |
410.480 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
307.083 |
315.914 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
58.571 |
37.769 |
|
(e) Other Non-current assets |
|
5.630 |
3.178 |
|
Total
Non-Current Assets |
|
2091.655 |
1958.176 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
853.405 |
577.901 |
|
(c) Trade receivables |
|
783.450 |
841.877 |
|
(d) Cash and cash equivalents |
|
292.692 |
149.567 |
|
(e) Short-term loans and advances |
|
223.282 |
274.661 |
|
(f) Other current assets |
|
52.587 |
61.926 |
|
Total
Current Assets |
|
2205.416 |
1905.932 |
|
|
|
|
|
|
TOTAL |
|
4297.071 |
3864.108 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
240.952 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1519.287 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1760.239 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
853.312 |
|
|
2] Unsecured Loans |
|
|
198.038 |
|
|
TOTAL BORROWING |
|
|
1051.350 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2811.589 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
691.299 |
|
|
Capital work-in-progress |
|
|
412.703 |
|
|
|
|
|
|
|
Preoperative Expenses
(pending for allocation)
|
|
|
0.000 |
|
|
INVESTMENT |
|
|
864.525 |
|
|
DEFERREX TAX ASSETS |
|
|
16.539 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
426.735
|
|
|
Sundry Debtors |
|
|
777.829
|
|
|
Cash & Bank Balances |
|
|
253.322
|
|
|
Other Current Assets |
|
|
14.537
|
|
|
Loans & Advances |
|
|
773.494
|
|
Total
Current Assets |
|
|
2245.917
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
98.344
|
|
|
Other Current Liabilities |
|
|
769.765
|
|
|
Provisions |
|
|
551.683
|
|
Total
Current Liabilities |
|
|
1419.792
|
|
|
Net Current Assets |
|
|
826.125
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.398 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2811.589 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
10008.600 |
8167.800 |
7758.900 |
|
|
|
Other Income |
133.700 |
203.400 |
59.100 |
|
|
|
TOTAL |
10142.300 |
8371.200 |
7818.000 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
TOTAL |
9458.100 |
7801.200 |
7258.400 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
684.200 |
570.000 |
559.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
150.400 |
162.600 |
68.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
533.800 |
407.400 |
491.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION
|
193.000 |
141.200 |
69.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
340.800 |
266.200 |
422.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
122.300 |
81.300 |
154.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
218.500 |
184.900 |
267.200 |
|
|
|
|
|
|
|
|
|
|
Loss of Serta
India Private Limited For 2010-11 on amalgamation |
0.000 |
0.100 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
100.000 |
|
|
BALANCE CARRIED
TO THE B/S |
218.500 |
184.800 |
167.200 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
13.43 |
11.37 |
11.09 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.15
|
2.21 |
3.42
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.41
|
3.26 |
5.44
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.57
|
8.48 |
14.29
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.19 |
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.71
|
0.99 |
0.59
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25
|
1.22 |
1.58
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
165.293 |
162.609 |
|
Reserves & Surplus |
1224.022 |
1466.390 |
|
Net worth |
1389.315 |
1628.999 |
|
|
|
|
|
long-term borrowings |
760.316 |
616.199 |
|
Short term borrowings |
610.915 |
534.359 |
|
Total
borrowings |
1371.231 |
1150.558 |
|
Debt/Equity
ratio |
0.987 |
0.706 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7758.900 |
8167.800 |
10008.600 |
|
|
|
5.270 |
22.537 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
7758.900 |
8167.800 |
10008.600 |
|
Profit |
267.200 |
184.900 |
218.500 |
|
|
3.44% |
2.26% |
2.18% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
|
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 |
Yes |
LITIGATION DETAILS
|
IN THE HIGH COURT OF DELHI AT NEW DELHI ITA 1375/2009 THE COMMISSIONER OF INCOME TAX III..... Appellant Through: Mr. Sanjeev Sabharwal Versus SHEELA FOAM PRIVATE LIMITED..... Respondent Through: Mrs Kavita Jha CORAM: HON'BLE MR. JUSTICE V.K. JAIN ORDER 05.05.2010 CM No. 17899/2009 ( for condonation of
delay) The delay in re-filling the appeal is
condoned. The application stands disposed
of. ITA No. 1375/2009 We have heard the counsel for the
parties. Admit. The following substantial questions of law arise for the consideration
of this Court:- 1. Whether the Income Tax Appellate Tribunal
erred in applying Net profit percentage in ratio of Eligible / Non Eligible
unit turnover for determining market value of transferred semi-finished goods
from the Non-Eligible unit for 2. Whether the Income Tax Appellate Tribunal
erred in setting aside the disallowance under Section 80 HHC while
computing Minimum Alternative Tax (MAT) under Section 115 JB of the
Income Tax Act, 1961? 3. Whether the Income Tax Appellate Tribunal
erred in deleting the addition of interest charged under Section 234 D
by the Assessing Officer The appellant shall file the paper books
within three months as per rules. List in due course. BADAR DURREZ AHMED,J V.K. JAIN, J MAY 05, 2010 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Rupee term loans from others |
21.917 |
22.951 |
|
Deferred sales tax loan |
19.800 |
27.544 |
|
Interoperate borrowings |
56.693 |
81.431 |
|
Other loans and advances |
(55.735) |
(26.283) |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
522.551 |
603.659 |
|
Other loans and advances |
11.808 |
7.256 |
|
|
|
|
|
Total |
577.034 |
716.558 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10478185 |
13/02/2014 |
220,000,000.00 |
Citibank N.A |
Jeevan Bharti Building, 4th Floor, 124 Connaught |
B96635842 |
|
2 |
10366195 |
20/07/2012 |
50,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
Birla Towers, 25 Barakhamba Road, New Delhi - 110001, INDIA |
B44025732 |
|
3 |
10308920 |
26/09/2011 * |
200,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
25 Barakhamba Road, New Delhi - 110001, INDIA |
B22081798 |
|
4 |
10300946 |
26/12/2012 * |
450,000,000.00 |
AXIS BANK LTD. |
2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, New Delhi - 110001,
INDIA |
B66151853 |
|
5 |
10218458 |
25/03/2010 |
630,000,000.00 |
CENTRAL BANK OF INDIA |
PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, PARLIAMENT STREET, New
Delhi - 110001, INDIA |
A84892892 |
|
6 |
10207442 |
25/01/2012 * |
300,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD,
WORLI, MUMBAI - |
B32770851 |
|
7 |
90039217 |
05/08/2004 |
15,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, HINDUSTAN TIMES HOUSE; K.G. MARG, NEW DELHI, Delhi, INDIA |
- |
|
8 |
80025322 |
30/03/2013 * |
1,545,000,000.00 |
Central Bank Of India |
PARLIAMENT STREET BRANCH, JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW
DELHI - 110001, INDIA |
B72017924 |
* Date of charge modification
FINANCIAL
During the current
year, Gross Revenue increased from Rs. 8370.000 millions to Rs. 10140.000
millions, registering a growth of more than 21%. The Profit before tax for the
current year also increased to Rs. 340.800 millions, as against the profit
before tax of Rs. 266.200 millions of last year.
The company
achieved an export turnover of Rs 146.700 millions during the year and was able
to increase over the level of pervious year despite tough competition in
overseas market
PROJECTS AND FINANCES:
During the year,
the Company has started commercial production at Erode w.e.f 1st
June 2012. Company is doing substantial expansion at Kala Amb and the scale of production
from Kala Amb will be ramped up from second half of 2013-14. The financing for
Kala Amb expansion is being done through internal accruals.
FUTURE OUTLOOK:
Company has
crossed the land mark turnover of Rs. 10000.000 millions in 2012-13. The company
is the largest Foam Manufacturer of India. Its mattresses Brand SLEEPWELL, is a
household name in India. Also the Foam produced by the company for furniture
application, sold under the Brand of Feather foam, is considered to be the best
in industry. The Company is continuously increasing its dealer network, with
special emphasis on Exclusive Showrooms.
The domestic
industry is expected to grow between 10 to 15% per annum. Considering the high
quality product sold by the company, its growth rate is expected to be better
than that of Industry.
JOINT VENTURE COMPANY
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. The operations of the Joint Venture are adversely
effected by negative growth in Automobile Industry. To minimise the overheads,
the JV Company has decided to concentrate production at Sanand Plant from
2013-14.The profitability of the Company depends upon the success of Tata
motors in increasing the scale of production from its Sanand Plant. Also the
Company expects to procure large orders for upcoming plant of Ford,who are
interested in setting up a manufacturing hub to meet the Global demand of
various car Models from Sanand.
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.61.12 |
|
|
1 |
Rs.102.70 |
|
Euro |
1 |
Rs.84.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.