MIRA
INFORM REPORT
|
Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SPECTRUM INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
33 - A, New Marine lines, J Lotus House, 5th Floor, Mumbai
- 400 020, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.02.1991 |
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Com. Reg. No.: |
11-60155 |
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CIN No.: [Company
Identification No.] |
U51900MH1991PTC060155 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP06223A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the
business of crafting the textile items of all types of yarns, grey and finished
fabrics, bed sheets, shirting, suiting, towels etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 37844 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track records.
Its trade relations are fair. Directors are reported as experienced,
respectable and resourceful businessmen. Their trade relations are fair.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
33 - A, New Marine lines, J Lotus House, 5th Floor, Mumbai
- 400 020, Maharashtra |
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Tel. No.: |
91-22-56315801 |
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Mobile No.: |
91-9324544918 |
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Fax No.: |
91-22-56315809 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Atul Hansraj Dedhia |
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Designation : |
Director |
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Address : |
17, Abrahim Society, 4th floor, Simpoholi Road, Kastur Park , Borivali, Mumbai – 400
092, Maharashtra |
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Date of Birth/Age : |
16.11.1974 |
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Date of Appointment : |
21.04.2003 |
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Name : |
Mr. Amit Bharat Shah |
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Designation : |
Director |
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Address : |
223 B, 2nd Floor, Maker Tower B, Cuffe Parade, Mumbai – 400
005, Maharashtra |
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Date of Birth/Age : |
16.11.1974 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Mrs. Nipa Amit Shah |
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Designation : |
Director |
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Address : |
223 B, 2nd Floor, Maker Tower B, Cuffe Parade, Mumbai – 400
005, Maharashtra |
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Date of Birth/Age : |
16.11.1974 |
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Date of Appointment : |
21.04.2003 |
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Name : |
Mr. Parantap Priyakant Dave |
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Designation : |
Director |
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Address : |
9, Bharat Mahal, 37 Lajpatrai Road, Vile Parle (West), Mumbai – 400
056, Maharashtra |
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Date of Birth/Age : |
29.04.1961 |
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Date of Appointment : |
01.11.2006 |
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Name : |
Mr. Amitabh Kumar Singh |
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Designation : |
Director |
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Address : |
702 Ajramar Apartments Jintan Road, Swastik Cross road, Surendranagar
– 363 002, Gujarat |
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Date of Birth/Age : |
15.10.1968 |
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Date of Appointment : |
10.01.2007 |
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Name : |
Mr. Dhirendra Parekh |
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Designation : |
Director |
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Address : |
100, Deepalaya, Gama lane, Ghatkopar (West), Mumbai – 400 008,
Maharashtra |
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Date of Birth/Age : |
28.02.1946 |
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Date of Appointment : |
04.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Bharat Punamchand Shah HUF |
|
1150 |
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Mrs. Smita Bharat Shah |
|
115100 |
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Mrs. Nipa Amit Shah |
|
210100 |
|
Amit Business Services Private Limited |
|
297150 |
|
Mr. Punamchand R Shah |
|
10 |
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Mrs. Savita P Shah |
|
10 |
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Mr. Tejal M Shah |
|
10 |
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Mrs. Varsha M Shah |
|
10 |
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Mr. S Shenoy |
|
10 |
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Mr. Amit Bharat Shah |
|
14600 |
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Mrs. Aparna Bharat Shah |
|
56700 |
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Mr. Bipin T Shah - HUF |
|
10 |
|
Mr. Bharat Punamchand Shah |
|
120 |
|
Mrs. Ashita Kantilal Sheth |
|
305000 |
|
Mr. Tulsidas Vallabhji Shah
HUF |
|
10 |
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Mr. Yogendra Tulsidas Shah |
|
10 |
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Total |
|
1000000 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies corporate |
29.71 |
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2 |
Directors or relatives of directors |
39.77 |
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3 |
Other top fifty (50) shareholders |
30.52 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business
of crafting the textile items of all types of yarns, grey and finished
fabrics, bed sheets, shirting, suiting, towels etc. |
GENERAL
INFORMATION
|
No. of Employees : |
25 |
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|
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Bankers : |
· Centurion Bank of Punjab Limited Address: Durga
Niwasm G road, Panaji, Goa – 403 001, India Email ID: vikas.gadre@centurionbop.co.in
· Bank of Punjab Limited Address:
Chowpatty Branch, Mumbai |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Maniar and Maniar Chartered Accountants |
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Address : |
182A, Girgaum Road, Gaiwadi , 1st Floor, Mumbai – 400 004,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
|
10.000 |
10.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
1.000 |
1.000 |
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4] (Accumulated Losses) |
|
[1.539] |
[4.198] |
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NETWORTH |
|
9.461 |
6.802 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
|
26.449 |
11.288 |
|
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2] Unsecured Loans |
|
9.392 |
7.681 |
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TOTAL BORROWING |
|
35.841 |
18.969 |
|
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DEFERRED TAX LIABILITIES |
|
0.151 |
0.000 |
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TOTAL |
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45.453 |
25.771 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
2.048 |
2.105 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
11.185 |
12.575 |
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Sundry Debtors |
|
35.135 |
13.269 |
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Cash & Bank Balances |
|
3.779 |
4.447 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
7.397 |
7.663 |
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Total
Current Assets |
|
57.496 |
37.954 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
12.522 |
13.763 |
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Provisions |
|
1.569 |
0.525 |
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Total
Current Liabilities |
|
14.091 |
14.288 |
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Net Current Assets |
|
43.405 |
23.666 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
45.453 |
25.771 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
205.104 |
149.074 |
|
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
205.104 |
149.074 |
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|
|
|
|
|
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Profit/(Loss) Before Tax |
|
3.853 |
1.717 |
|
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
3.853 |
1.717 |
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Expenditures : |
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Interest |
|
3.787 |
3.933 |
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Insurance Expenses |
|
0.000 |
0.000 |
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Power & Fuel |
|
0.000 |
0.000 |
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Depreciation & Amortization |
|
0.078 |
0.233 |
|
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Other Expenditure |
|
197.385 |
143.190 |
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Total Expenditure |
|
201.250 |
147.356 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.88 |
1.16 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
1.88 |
1.16 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.47 |
4.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.41 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
5.27 |
4.88 |
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Current Ratio (Current Asset/Current Liability) |
|
|
4.08 |
2.65 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8
|
Corporation identity number or foreign company registrations number of
the company |
U519001MH1991PTC060155 |
|
Name of the company |
SPECTRUM
INTERNATIONAL PRIVATE LIMITED |
|
Address |
33 - A, New Marine lines, J Lotus House, 5th Floor, Mumbai
- 400 020, Maharashtra |
|
This Form is for |
Modification of charge |
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Type of Charges |
· Book debts · Movable property |
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Particular of the charge holder
|
Centurion Bank of Punjab Limited Address: Durga Niwasm G road, Panaji, Goa – 403 001, India Email ID: vikas.gadre@centurionbop.co.in
|
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Nature or description of the instrument creating charge |
Supplemental agreement of hypothecation of goods and assets for
increase in the overall limit |
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Date of the instrument creating charge |
01.12.2006 |
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Amount Secure by the charge |
Rs. 60.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interests: NA Terms of repayments: NA Margin: NA Extent and operation of
charge Security created by way of first charge and to cover the principal
amount together with interest, costs, charges, expenses. |
|
Shorts particulars of the
Property charged |
1) All goods of the company including stocks thereof for the time being
whether raw material or manufactured or in process of manufacture, all
producers goods and every tangible movable property; 2) All present and future book debts,. Outstanding , decree, moneys
receivable, etc 3) All the present and future goods , book debts, other movable assets
including document of title to goods, outstanding moneys, receivables,
claims, present and future machinery, etc, more particularly described in
annexure hereto |
|
Particulars of the present modification the |
The total amount secure now stands enhanced from Rs. 47.500 millions
to Rs. 60.000 millions |
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Name of the
company |
SPECTRUM
INTERNATIONAL PRIVATE LIMITED |
|
Presented
By |
Jointly company and charge holder |
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1) Date and description
of instrument creating the change |
Agreement for
cash credit dated 10.08.2004 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 5.000
millions |
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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 |
Goods viz, stocks
of cotton yarn and finished products stored bat Mumbai and other places and
in transit to be informed from time to time to the bank including ball
products, goods and movable property of any kind belonging to the company
which now or hereafter from time to time be brought into stored or be in or
about the company premises or godowns at Mumbai or any other godowns or be in
course of transit from one godowns to another or where else the same may be. All movable
property of every description coming into the possession and control of the
bank on account of the company or any
one of them or for the time being held by the bank on behalf f the company
or any one of them elsewhere
including moneys, bank draft, deposit receipt for money, promissory notes,
bills of exchange, hundies, stocks and share, goods and merchandise bills of
lading, railway receipts, lorry receipts, government bills, bill with inspection notes and
other bills in course of collection , articles of collection , articles in
safe custody and other documents of title
to goods and any other negotiable or
transferable instrument or securities instrument and documents of title of movable property and mercantile
documents of every description including hire purchase agreement or contracts
other than those affecting
immovable property and requiring registration and other documents
evidencing the title of the company as creditor to any corporation,
association, registered society, company or syndicate in India or elsewhere. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
· Margin at such rates as may be fixed by the bank from time to time · Interest with a minimum of 9% p.a subject to changes as per the policy of the bank / reserve bank of India · Security to cover principal together with interests, cost, charges, expenses, etc |
|
5) Name and Address
and description of the person entitled to the charge. |
Bank of Punjab Limited Address: Chowpatty Branch, Mumbai |
WEBSITE
DETAILS:
Business:
Crafted textile items like all types of yarns, grey and finished
fabrics, bed sheets, shirting, suiting, towels, curtains, table cloths,
blankets, covers etc.crafted textile items like all types of yarns, grey and
finished fabrics, bed sheets, shirting, suiting, towels, curtains, table
cloths, blankets, covers etc.
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.39.36 |
|
UK Pound |
1 |
Rs.80.58 |
|
Euro |
1 |
Rs.57.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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/normal. |
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 |
|