MIRA
INFORM REPORT
|
Report Date : |
03.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
BALAJI SPRINGS PRIVATE LIMITED |
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Registered Office : |
7, Sports Complex, Enclave Delhi Road, Meerut -250002, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.09.1998 |
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Com. Reg. No.: |
023891 |
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CIN No.: [Company
Identification No.] |
U31300UP1998PTC023981 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTB00011E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Exporters, Importers and Dealers of in all types of
wire springs, coils of all sizes and descriptions. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 11480 |
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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 small company having moderate track. It’s payments are reported
as slow but correct. Trade relations are fair. The comapany can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
7, Sports Complex, Enclave Delhi Road, Meerut -250002, Uttar Pradesh,
India |
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Tel No.: |
91-121-2511730 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Mr. Satish Kumar Mittal |
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Designation : |
Director |
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Address : |
466,Brahampuri, Meerut – 250002, Uttar Pradesh, India |
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Date of Birth/Age : |
12.012.1953 |
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Date of Appointment : |
30.09.1998 |
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Pan No. |
AAXPK5849G |
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Name : |
Mr. Amit Kumar Mittal |
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Designation : |
Director |
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Address : |
466,Brahampuri, Meerut – 250002, Uttar Pradesh, India |
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Date of Appointment : |
30.09.1998 |
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Pan No. |
AASPM9582B |
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Name : |
Mr. Madhur Kumar Mittal |
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Designation : |
Director |
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Address : |
466,Brahampuri, Meerut – 250002, Uttar Pradesh, India |
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Date of Appointment : |
30.09.1998 |
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Pan No. |
ABAPM9403C |
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Name : |
Mr. Brijesh Kumar Mittal |
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Designation : |
Director |
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Address : |
466, Brahampuri, Meerut – 250002, Uttar Pradesh, India |
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Date of Birth/Age : |
25.06.1960 |
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Date of Appointment : |
14.06.2000 |
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Pan No. |
ADJPM2930R |
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Name : |
Mr. Gaurav Kumar Mittal |
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Designation : |
Director |
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Address : |
466,Brahampuri, Meerut – 250002, Uttar Pradesh, India |
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Date of Appointment : |
30.09.1998 |
KEY EXECUTIVES
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Name : |
Ramit Rastogi and Associates |
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Designation : |
Company Secretary |
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Address : |
B – 88, 1st Floor, Defence Colony, Ring Road, New Delhi –
110024 |
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Tel No.: |
91-11-41555758 |
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Fax No.: |
91-11-41555859 |
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Email: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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Mrs. Kavita Mittal |
100 |
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Mr. Amit Kumar Mittal |
1000 |
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Mr. Madhur Kumar Mittal |
1900 |
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Mr. Ram Kumar Mittal |
600 |
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Mr. Satish Kumar Mittal |
3000 |
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Mrs. Pushpa Devi |
300 |
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Mr. Om Prakash |
2000 |
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Mr. Veer Sen |
500 |
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Mr. Ajay Kumar |
100 |
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Mr. R. K. Mittal |
500 |
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Mr. Satish Kumar Mittal |
100 |
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Mr. Amit Kumar Mittal |
100 |
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Mr. Madhur Kumar Mittal |
100 |
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Total |
10300 |
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Catagory |
Percantage |
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Director or relatives of directors |
100 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters, Importers and Dealers of in all types of
wire springs, coils of all sizes and descriptions. |
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
20 |
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Bankers : |
Punjab National
Bank Begum Bridge,
Meerut – 250001, Uttar Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ravindra Aggarwal and Company Chartered Accountants |
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Address : |
1, Naval Vihar, Baghpat Road, Meerut – 250002, Uttar Pradesh, India |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity shares |
Rs.100/- each |
Rs.4.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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22500 |
Equity shares |
Rs.100/-
each |
Rs.2.250
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.250 |
2.250 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.620 |
0.053 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.119) |
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NETWORTH |
2.870 |
2.303 |
0.881 |
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LOAN FUNDS |
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1] Secured Loans |
4.855 |
2.657 |
1.499 |
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2] Unsecured Loans |
1.676 |
3.045 |
4.180 |
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TOTAL BORROWING |
6.531 |
5.702 |
5.679 |
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DEFERRED TAX LIABILITIES |
0.137 |
0.080 |
0.000 |
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TOTAL |
9.538 |
8.085 |
6.560 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.755 |
3.022 |
2.663 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.476
|
1.134 |
3.196 |
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Sundry Debtors |
3.074
|
3.978 |
1.075 |
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Cash & Bank Balances |
0.431
|
0.252 |
0.535 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.797
|
0.534 |
0.046 |
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Total
Current Assets |
6.778
|
5.898 |
4.854 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.845
|
0.825 |
0.956 |
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Provisions |
0.150
|
0.010 |
0.000 |
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Total
Current Liabilities |
0.995
|
0.835 |
0.956 |
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Net Current Assets |
5.783
|
5.063 |
3.897 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
9.538 |
8.085 |
6.560 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
|
9.938 |
7.526 |
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Other Income |
|
0.291 |
0.157 |
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Total Income |
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10.229 |
7.683 |
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Profit/(Loss) Before Tax |
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0.305 |
0.052 |
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Provision for Taxation |
|
0.132 |
0.004 |
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Profit/(Loss) After Tax |
|
0.173 |
0.048 |
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Expenditures : |
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Raw Material Consumed |
|
0.000 |
4.019 |
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Freight and charge |
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0.000 |
0.073 |
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Job Charges Paid |
|
0.000 |
0.204 |
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Salaries and Wages |
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0.000 |
0.654 |
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E.S.I. |
|
0.000 |
0.039 |
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Consumable Goods |
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0.000 |
0.379 |
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Electricity and Power |
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0.000 |
0.253 |
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Generator Runing and Maintenance |
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0.000 |
0.065 |
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Establishment Expenses |
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0.000 |
0.108 |
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Financial Expenses |
|
0.630 |
0.576 |
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Administrative and other Expenses |
|
7.784 |
0.639 |
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Depreciation |
|
0.440 |
0.503 |
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Director’s Remunerations |
|
0.000 |
0.186 |
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Machine Repair and Maintenance |
|
0.000 |
0.008 |
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Preliminary Expenses |
|
0.000 |
0.000 |
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Packing Materials |
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0.000 |
0.043 |
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Total Expenditure |
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8.854 |
7.749 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
-
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1.70 |
0.63 |
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Net Profit Margin (PBT/Sales) |
(%) |
-
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3.07 |
0.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
-
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3.42 |
0.70 |
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Return on Investment (ROI) (PBT/Networth) |
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-
|
0.14 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.63
|
2.84 |
6.64 |
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Current Ratio (Current Asset/Current Liability) |
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6.82
|
7.07 |
5.08 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8
|
Corporate
identity number (CIN) Foreign company registration number |
U31300UP1998PTC023981 |
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Name of the
Company |
BALAJI SPRINGS PRIVATE LIMITED |
|
Address |
7, Sports Complex, Enclave Delhi Road, Meerut -250002, Uttar Pradesh,
India |
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This form is for |
Modification of
charge |
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Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Punjab National
Bank Begum Bridge,
Meerut – 250001, Uttar Pradesh, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Agreement for
hypothecation of goods and book debts to secure cash credit facility |
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Date of the
instrument creating or modifying the charge |
21.10.1999 |
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Amount secured by
the charge |
Rs.1.000 Million |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
ROI: 7.75% over
RBI rate subject to minimum of 15.75% p.a. or such other rate as specified by
RBI from time to time. |
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Short particulars
of the property charged (including location of the property) |
Finished goods viz. springs, coils etc., semi finished goods and raw
materials of the company. Present and future book debts including
receivables. |
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Particular of the
present modification |
Amount of CC
reduced to 12 lacs from 17 lacs: ROI: BPLR + 1%
ie. 11.75% as on date : Margin 25% other terms are as per the agreement. |
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Name of the company |
BALAJI SPRINGS
PRIVATE LIMITED |
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Presented By |
Punjab National
Bank, Begum Bridge, Meerut,
Uttar Pradesh |
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1) Date and description of instrument creating the change |
22.09.1999 Deed of
Hypothecation of Assets to Secure Term Loan |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.340 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 |
Hypothecation of
plant and machinery existing as well as new including all assets and movable
proprty of any kind belonging to them which now or hereafter from time to
time during the continuance of this agreement shall be throught in, stored or
to be in or about their premises or godowns at meerut or any other godown or
godowns or be in course of transit from one godown to another or wherver else
the same may be. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The interest om
term loan shall be charge at the rate of 7.75 percent per annum plus interest
to a minimum of 15.75 percent per annun plus interest tax with quarterly
rests or at such other ratws(s) as may be notified by the RBI/Bank from time
to time. Repayable in 54
equated monthly instalments of Rs.8,900/-each. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Begum Bridge,
Meerut, Uttar Pradesh |
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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 |
Website
details:
Committed to deliver quality and cost- effective spring products
to customers, Subject has continuously invested in its manufacturing
facilities. The ability to provide short lead time and trustworthy service to
customers have subject capability to provide total customer satisfaction.
Subject philosophy of total quality stems from the desire to
ensure customer satisfaction not only from the product quality and on-
time delivery but also from the services offered by all staff of
subject. Statistic Process Control and periodical patrolling inspection is
part of the quality assurance effort to ensure that all products conform to
their customer's specifications.
To bring excellence in their pursuit for total quality, the
company fervently seek:
- To upgrade and train staff of all levels through internal and
external courses.
- Invest in the latest production and quality measuring
facilities.
- Constant improvement in production process and increase
productivity.
- Maintain zero customer rejection rate.
- Equipped with the most advanced machinery and equipment coupled
with a pool of highly skilled workforce has positioned subject as a
preferred supplier of an extensive quality springs to diverse suppliers.
Teamwork, a high level of
professionalism and desire to achieve results are some of cornerstones on which
Subject edifice is built.
Developing a sense of initiation, honesty, highly devoted to commitment and
competence are some of the virtues, which have contributed to their client
satisfaction over the years.
Fixed Assets:
- Land
- Plant and Machinery
- Generator
- Building
- Computers
- Crates
- Cars
- Shop at Delhi
- Furniture
- Fax Machine
- Air
- Conditioner
- Cycle and Rickshaw
- Motor Cycles
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 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.39.67 |
|
UK Pound |
1 |
Rs.81.78 |
|
Euro |
1 |
Rs.58.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|