MIRA
INFORM REPORT
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Report Date : |
23.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPECTRUM ETHERS LIMITED |
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Registered Office : |
Gate No. 367, Rasegaon, Village Nashik Peth Road, Nashik – 422 202,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
02.02.1993 |
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Com. Reg. No.: |
70620 |
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CIN No.: [Company
Identification No.] |
U24100MH1993PLC070620 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS18720C |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Pesticides Formulations. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 212888 |
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Status : |
Poor |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a sick unit and has been referred to BIFR, as per its last available
financial of 31.03.2004. No subsequent financial have been filed by the
company with the Government Authorities. It has huge accumulated losses.
Payments are reported as slow and delayed. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
Gate No. 367, Rasegaon, Village Nashik Peth Road, Nashik – 422 202,
Maharashtra |
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E-Mail : |
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Head Office: |
201, Saba place, 2nd floor, 415 Road, Khar (West),
Mumbai - 400 052, Maharashtra, India |
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Tel. No.: |
91-22-26487769 / 26054452 |
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Fax No.: |
91-22-26447762 |
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E-Mail : |
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Factory : |
2503, Sai Prasad Complex, 4th Road, Khar (West), Mumbai –
400 052, Maharashtra, India |
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E-Mail : |
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Corporate Office : |
No.5 1st Floor, Daulat Sagar Apartments, Nehru Road,
Santacruz (East), Mumbai – 400 055, Maharashtra, India |
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Tel. No.: |
91-22-26195152 / 26195399 |
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Fax No.: |
91-22-26195458 |
DIRECTORS
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Name : |
Mr. Milind Kothe |
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Designation : |
Chairman and director |
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Address : |
1201 Vaitarna Worli Sagar CHS Shrio Pochkhanwala Road, Worli, Mumbai –
400 025, Maharashtra, India |
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Date of Birth/Age : |
18.05.1959 |
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Date of Appointment : |
08.04.1994 |
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Name : |
Mr. Jugal Kishore Agrawal |
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Designation : |
Director |
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Address : |
Agrawal Building P/No. 926, C A road, Deshpande L/SD, Wardhman Nagar,
Nagpur – 440 008, Maharashtra, India |
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Date of Birth/Age : |
23.12.1957 |
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Date of Appointment : |
11.12.1995 |
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Name : |
Mr. Shaliesh Babariya |
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Designation : |
Director |
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Name : |
Mr. N S Shetty |
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Designation : |
Director |
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Name : |
Mr. Anil Khanchandani |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pesticides Formulations. |
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Products : |
· Phorate (Technical) · Phorate (10% CG) · Ethion Technical |
PRODUCTION STATUS as on 31.03.2004:-
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Licensed @ Class
of goods |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Technical |
MT |
1500 |
1350 |
962.05 |
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Phorate 10% CG |
MT |
--- |
2400 |
2423.33 |
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Others |
MT |
--- |
---- |
444.58 |
GENERAL
INFORMATION
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Bankers : |
· State Bank of India Address: Commercial Branch , Madma Cama Road, Mumbai – 400 021,
Maharashtra, India · State Bank of India Address:
Commercial Branch, Justice G N Vaidya Marg, Mumbai- 400 023, Maharashtra,
India · IDBI Bank Address: Andheri |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
S K Kavathekar and Company Chartered accountants |
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Associates/Subsidiaries : |
Nil |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5322200 |
Equity Shares |
Rs. 10/-
each |
Rs.53.222
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
53.222 |
53.222 |
53.222 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[111.251] |
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NETWORTH |
53.222 |
53.222 |
[58.029] |
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LOAN FUNDS |
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1] Secured Loans |
215.505 |
211.899 |
213.061 |
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2] Unsecured Loans |
11.921 |
16.256 |
14.998 |
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TOTAL BORROWING |
227.426 |
228.155 |
228.059 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
280.648 |
281.377 |
170.030 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
130.738 |
137.453 |
143.475 |
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Capital work-in-progress |
2.554 |
0.000 |
0.000 |
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INVESTMENT |
0.191 |
0.190 |
0.191 |
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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 |
50.602 |
42.512 |
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Sundry Debtors |
37.128 |
36.304 |
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Cash & Bank Balances |
0.976 |
0.496 |
74.977 |
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Other Current Assets |
0.000 |
0.000 |
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Loans & Advances |
4.893 |
2.944 |
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Total
Current Assets |
93.599 |
82.256 |
74.977
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
85.668 |
67.902 |
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Provisions |
0.000 |
0.000 |
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Total
Current Liabilities |
85.668 |
67.902 |
48.850
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Net Current Assets |
7.931 |
14.354 |
26.127
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MISCELLANEOUS EXPENSES |
139.076 |
129.183 |
0.237 |
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PRELIMINARY EXPENDITURE |
0.158 |
0.197 |
111.251 |
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TOTAL |
280.648 |
281.377 |
170.030 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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Sales Turnover |
135.930 |
85.036 |
65.743 |
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Other Income |
0.056 |
0.044 |
0.000 |
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Total Income |
135.986 |
85.080 |
65.743 |
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Profit/(Loss) Before Tax |
[9.893] |
[17.931] |
[30.433] |
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Provision for Taxation |
[129.182] |
[111.251] |
0.000 |
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Profit/(Loss) After Tax |
[139.075] |
[129.182] |
[30.433] |
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Expenditures : |
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Manufacturing Expenses |
114.995 |
67.183 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[5.550] |
6.044 |
0.000 |
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Administrative Expenses |
20.001 |
13.352 |
0.000 |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
7.431 |
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Rent
& Royalty |
0.000 |
0.000 |
0.858 |
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Interest |
8.997 |
9.059 |
33.650 |
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Depreciation & Amortization |
7.435 |
7.371 |
0.000 |
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Total Expenditure |
145.878 |
103.009 |
41.939 |
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KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
31.03.2002 |
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PAT / Total Income |
(%) |
[102.27]
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[151.83] |
[46.29] |
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Net Profit Margin (PBT/Sales) |
(%) |
[7.27]
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[21.08] |
[46.29] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[4.36]
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[8.16] |
[13.93] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.18]
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[0.33] |
0.52 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.88
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5.56 |
4.77 |
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Current Ratio (Current Asset/Current Liability) |
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1.09
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1.21 |
1.53 |
LOCAL AGENCY
FURTHER INFORMATION
DIRECTOR REPORT:
Despite the problems in the economy due to drought condition prevailing in
40% of the states the company has performed better as compared to previous
years. The net sales have gone upto Rs. 135.930 millions in 2003-04 as against
Rs. 85.036 millions in the previous years. However the company continues to
make loss. The price realization has been on the lower side because of
competition and market conditions.
The net loss was Rs. 9.893 millions (after depreciation and tax) in the
financial year 2003-04 as against Rs. 17.931 millions in 2002-03. The
accumulated losses stood at Rs. 139.075 millions as on 31.03.2004 as against
Rs. 129.182 as on 31.03.2003
Future prospect
The management of the company has been endeavoring to bring the company
out of problems and put it on track of positive surplus. It has been
endeavoring to reduce the cost continuously. The board is hopeful that
particularly due to better monsoon and expected higher level of performance of
the agricultural economy, the company is expected to perform much better in the
current financial years.
BIFR
Company has made references with BIFR and
matter is pending before the bench of BIFR.
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
L24100MH1993PLC070620 |
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Name of the company |
SPECTRUM ETHERS LIMITED |
|
Address |
Gate No. 367, Rasegaon, Village Nashik Peth Road, Nashik – 422 202,
Maharashtra, India |
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This Form is for |
Modification of charge |
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Type of Charges |
· Simple mortgage · Hypothecation |
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Particular of the charge holder
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State Bank of India Address: Commercial Branch, Justice G N
Vaidya Marg, Mumbai- 400 023, Maharashtra, India Email: pramod.patil@sbi.co.in |
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Amount Secure by the charge |
Rs. 51.200 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Existing security by way of first charge
on current assets and movable assets of the borrowers was extended to cover
the total credit facilities. Memorandum of entry executed for creating
first charge on immovable property situated at Gate no. 349, 358, 359 / 6,
360, 361 and 367 at Rasegaon, Taluka Dindori, Nashik |
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Particulars of the Property charged
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Existing security by way of first charge
on current assets and movable assets of the borrowers was extended to cover
the total credit facilities. Memorandum of entry executed for creating
first charge on immovable property situated at Gate no. 349, 358, 359 / 6,
360, 361 and 367 at Rasegaon, Taluka Dindori, Nashik |
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Brief description of the instrument modifying the charge under section
135 |
Second supplemental agreement of loan for
increase in overall limit memorandum of deposit for creation of further
charge for term loan / Overall Limit. |
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Name of the company
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SPECTRUM ETHERS LIMITED |
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Presented
By |
Dr. Milind
Kohle, Managing director |
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation of goods and assets letter regarding the grant of individuals limits
within overall limits. Both the
documents dated 17th day of June 2005 constitute a single charge. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
term Loan Rs. 30.000 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 |
First charge on
all the borrowers goods book debts and other movable assets Hypothecation of
the machinery mentioned in the list of machinery attached to the agreement of
hypothecation dated 17.06.2005. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rate of interest – 13.25% p.a Repayment Period – 60 months from April
2006 Installments – Rs. 0.500 millions p.m |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of India Address: Commercial Branch , Madma Cama
Road, Mumbai – 400 021, Maharashtra, India |
OTHER INFORMATION:
Contingent liabilities:
Demand against Company not acknowledged as debt:
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Particulars |
Current Year |
Previous years |
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(Rs. in
millions) |
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Excise Demand |
0.704 |
0.704 |
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Penalty
|
0.015 |
0.015 |
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Letter of Credit |
4.811 |
2.433 |
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Bill Discounting |
Nil |
1.185 |
FIXED ASSETS:
· Land
· Factory building
· Plant and Machinery
· Electrical Installation
· Free Fighting Equipments
· Furniture and fixtures
· Office Equipments
· Computers
· Vehicles
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 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.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
--- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
--- |
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--LEVERAGE |
1~10 |
--- |
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--RESERVES |
1~10 |
--- |
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--CREDIT LINES |
1~10 |
--- |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
|
7 |
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 |
|