%20PRIVATE%20LIMITED%2025-Dec-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
25.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SPECTRUM FABRICATORS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
J -76/1, MIDC Area Behind Lokmat Office, Jalgaon – 425 003,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
26.02.2004 |
|
|
|
|
Com. Reg. No.: |
11-144756 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51420MH2004PTC144756 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKS06989D |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business : |
To carry on the business of Industrial Fabricators, Metallic and
Platic Fabricators, Metallic and Plastic Coating. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established company having satisfactory track. The
company has steady business of around Rs. 6 millions per annum. Trade
relations are fair. Payments are usually correct and as per commitments.
Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
J -76/1, MIDC Area Behind Lokmat Office, Jalgaon – 425 003,
Maharashtra, India |
|
Tel. No.: |
91-257-2290193 |
|
Fax No.: |
91-257-2290193 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Ajantha Road, MIDC , Jalgaon – 425 003, Maharashtra, India |
|
Tel. No.: |
91-257-2270906 |
DIRECTORS
|
Name : |
Mr. Deepak Suresh Chaudhari |
|
Designation : |
Director |
|
Address : |
Plot No. J -76/1, MIDC Industrial Area, Ajanta road, Jalgaon – 425
003, Maharashtra, India |
|
Date of Birth/Age : |
20.10.1973 |
|
Date of Appointment : |
26.02.2004 |
|
|
|
|
Name : |
Mr. Hitendra Sanjay Firake |
|
Designation : |
Director |
|
Address : |
Plot No. J -76/1, MIDC Industrial Area, Ajanta road, Jalgaon – 425
003, Maharashtra, India |
|
Date of Birth/Age : |
13.11.1976 |
|
Date of Appointment : |
26.02.2004 |
|
|
|
|
Name : |
Mrs. Vandana Bhagwati Patil |
|
Designation : |
Director |
|
Address : |
201, Anup Apartments, G K Gokhale Marg, Mulund East, Mumbai – 400 062,
Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Deepak Chaudhari |
|
600 |
|
Mr. Hitendra Firake |
|
300 |
|
Mrs. Vandana Patil |
|
300 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the business of Industrial Fabricators, Metallic and
Platic Fabricators, Metallic and Plastic Coating. |
GENERAL
INFORMATION
|
Customers : |
· Jain Irrigation System Limited, Jalgaon · Spectrum Electroplaters, Nashik · Bhandari Carbonic · Delite Thermal Engineers · Ishan Agencies · Pankaj electrical · Prabhat Cement Agency · Prabhat Steel Corporation · Pranjal Enterprises · Sonalkar Electroplating, Jalgaon · Spectrum Electroplaters, Jalgaon |
|
|
|
|
No. of Employees : |
20 |
|
|
|
|
Bankers : |
The Jalgaon Peoples Co-Operative Bank Limited Address: 152,
Polan Peth, Dana Bazar, Jalgaon – 425 001, Maharashtra, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S D Chopde and Company Chartered Accountants |
|
Address : |
Jai 54, Gandhi Naagr, Jillha Peth, Jalgaon – 425 001, Maharashtra,
India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.120
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.120 |
0.120 |
0.121 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.311 |
0.016 |
0.002 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
0.431 |
0.136 |
0.123 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.692 |
|
|
2] Unsecured Loans |
1.113 |
0.181 |
0.000 |
|
|
TOTAL BORROWING |
1.113 |
0.181 |
0.692 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
[0.002] |
|
|
OTHER LOAN |
0.000 |
0.957 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
1.544 |
1.274 |
0.813 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.117 |
0.122 |
0.051 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.009
|
0.017 |
|
|
|
Sundry Debtors |
5.238
|
1.266 |
0.906 |
|
|
Cash & Bank Balances |
0.132
|
0.006 |
|
|
|
Other Current Assets |
0.003
|
0.006 |
|
|
|
Loans & Advances |
0.000
|
0.000 |
|
|
Total
Current Assets |
5.382
|
1.295 |
0.906 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
3.969
|
0.164 |
|
|
|
Provisions |
0.000
|
0.000 |
|
|
Total
Current Liabilities |
3.969
|
0.164 |
0.172 |
|
|
Net Current Assets |
1.413
|
1.131 |
0.734 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.014 |
0.021 |
0.028 |
|
|
|
|
|
|
|
|
TOTAL |
1.544 |
1.274 |
0.813 |
|
%20PRIVATE%20LIMITED%2025-Dec-2007_files/image003.gif){kind=small}
%20PRIVATE%20LIMITED%2025-Dec-2007_files/image004.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
6.220 |
2.139 |
1.319 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income |
6.220 |
2.139 |
1.319 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
0.308 |
0.024 |
0.004 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.003 |
|
|
Profit/(Loss) After Tax |
0.308 |
0.024 |
0.001 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
0.176 |
|
|
Raw Material |
0.000 |
0.000 |
1.093 |
|
|
Administrative Expenses |
0.000 |
0.000 |
0.045 |
|
|
Interest |
0.002 |
0.036 |
0.000 |
|
|
Depreciation & Amortization |
0.019 |
0.026 |
0.000 |
|
|
Other Expenditure |
5.701 |
2.053 |
0.000 |
|
Total Expenditure |
5.911 |
2.115 |
1.314 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
4.95
|
1.12 |
0.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.95
|
1.12 |
0.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.60
|
1.69 |
0.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.71
|
0.17 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
11.79
|
2.53 |
7.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
7.89 |
5.26 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U51420MH2004PTC144756 |
|
Name of the company |
SPECTRUM
FABRICATORS (INDIA) PRIVATE LIMITED |
|
Address |
J-76/1,
MIDC Area Behind Lokmat Office, Jalgaon, – 425 003, Maharashtra, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
A charge on book debts, movable property (not being pledge), others |
|
Particular of the charge holder
|
The Jalgaon Peoples Co-Operative Bank Limited Address: 152, Polan Peth, Dana Bazar, Jalgaon – 425 001, Maharashtra,
India |
|
Nature or description of the instrument creating charge |
Agreement for purchase / discount / negotiation of Inland bills of
exchange and advances against bills under collection. |
|
Date of the instrument creating charge |
12.07.2007 |
|
Amount Secure by the charge |
Rs. 10.000 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: Rate of interest @ 12.00% p.a with monthly rests. Terms of repayment: Repayment: subject to the renewal or review. Margin: Margin: 10% Extent and operation of the
charge: At the request of the borrower the bank has enhanced the BDLC limit by
Rs. 5.000 millions From Rs. 5.000 milli9ons to Rs. 10.000 millions to secure
due repayment the above BDLC limit along with interest and other charges
thereon, first charge on the movable properties of the company. |
|
Short particulars of the Property charged |
The borrower hereby pledge, hypothecate, assign, transfer, endorse
absolutely and irrevocably in the banks favour all rights and claims arising
from bills of exchange / hundies/ drafts, actionable claims, insurance
policies / claims and other receivables, monies payable, Cheques, benefits
under the letter credit, transport receipts including documents of title
goods, delivery of title goods, goods delivery orders and all other monies
movable properties of the company. |
|
Particulars of the present modification |
By way of present modification, the charge modified by Rs. 5.000
millions from Rs. 5.000 millions to Rs. 10.000 millions to secure due
repayment the above BDLC limit along with interest and other charges thereon
, first charge on the movable properties of the company. |
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.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
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 |
NO |
|
--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 |
|