MIRA
INFORM REPORT
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Report Date : |
27.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AGSA SPRINGS PRIVATE LIMITED |
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Formerly Known As : |
SPRING TEKNICS AND ENGINEERING COMPANY PRIVATE LIMITED |
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Registered Office : |
Gat No. 169, Ganesh Nagar, Talawade Road, Talawade, Pune – 411114,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.07.1995 |
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Com. Reg. No.: |
11-90648 |
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CIN No.: [Company
Identification No.] |
U29299MH1995PTC090648 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES08034F |
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PAN No.: [Permanent
Account No.] |
AACCS5444F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Industrial and Coil Springs |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Gat No. 169, Ganesh Nagar, Talawade Road, Talawade, Pune – 411114,
Maharashtra, India |
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E-Mail : |
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Website : |
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Factory : |
X-14, M. I. D. C., Bhosari,
Pune - 411 026, Maharashtra, India |
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Tel. No.: |
91-20-27120127 |
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Fax No.: |
91-20-27121238 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Arvind Khandkar |
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Designation : |
Director |
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Address : |
Plot No. 336, Sector 24, Pradhikaran, Nigdi, Pune – 411044,
Maharashtra, India |
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Date of Birth/Age : |
16.09.1951 |
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Date of Appointment : |
14.07.1995 |
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Name : |
Mr. Ashutosh Khandkar |
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Designation : |
Director |
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Address : |
Plot No. 336, Sector 24, Pradhikaran, Nigdi, Pune – 411044,
Maharashtra, India |
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Date of Birth/Age : |
20.10.1981 |
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Date of Appointment : |
01.04.2001 |
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Name : |
Ms. Geeta Khandkar |
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Designation : |
Director |
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Address : |
Plot No. 336, Sector 24, Pradhikaran, Nigdi, Pune – 411044,
Maharashtra, India |
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Date of Birth/Age : |
20.07.1952 |
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Date of Appointment : |
01.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Arvind Khandkar |
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5000 |
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Ashutosh Khandkar |
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5000 |
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Total |
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10000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Industrial and Coil Springs |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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Bankers : |
Bank of India Pimpri Branch,
Pune – 411018, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. S. Prachande and Company Chartered Accountants |
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Address : |
Surabhi, 2 Uttara Nagar, B. P. Road, Bopodi, Pune – 411020,
Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.898 |
1.489 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.998 |
1.589 |
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LOAN FUNDS |
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1] Secured Loans |
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4.621 |
1.187 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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4.621 |
1.187 |
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DEFERRED TAX LIABILITIES |
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0.140 |
0.154 |
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TOTAL |
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6.759 |
2.930 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.632 |
1.623 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Sundry Debtors |
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2.872 |
1.812 |
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Cash & Bank Balances |
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0.041 |
0.021 |
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Other Current Assets |
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1.454 |
1.247 |
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Loans & Advances |
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3.556 |
0.023 |
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Total
Current Assets |
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7.923 |
3.103 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.796 |
1.796 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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2.796 |
1.796 |
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Net Current Assets |
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5.127 |
1.307 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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6.759 |
2.930 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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9.619 |
7.272 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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9.619 |
7.272 |
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Profit/(Loss) Before Tax |
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1.150 |
0.384 |
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Provision for Taxation |
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0.000 |
0.288 |
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Profit/(Loss) After Tax |
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1.150 |
0.096 |
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Total Expenditure |
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8.469 |
6.888 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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11.96 |
1.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
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11.96 |
5.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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12.04 |
8.13 |
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Return on Investment (ROI) (PBT/Networth) |
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0.58 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.71 |
1.88 |
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Current Ratio (Current Asset/Current Liability) |
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2.83 |
1.73 |
LOCAL AGENCY
FURTHER INFORMATION
BANKERS CHARGES
REPORT AS PER REGISTRY
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
80026950 |
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Corporate
identity number of the company |
U29299MH1995PTC090648 |
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Name of the
company |
AGSA SPRINGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Gat No. 169, Ganesh Nagar, Talawade Road, Talawade, Pune – 411114,
Maharashtra, India |
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Type of charge |
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Particular of
charge holder |
Bank of India Pimpri Branch, Pune
– 411018, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement |
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Date of
instrument Creating the charge |
30.07.2007 |
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Amount secured by
the charge |
Rs. 1.000 Million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 0.25 % below BPLR
i.e. 13 % p.a. Terms of
repayment : As per sanction
letter of bank Margin : Stock : 25 % Book debts : 35 %
[As per sanction letter of bank] Extent and
operation of the charge : To cover fund
based limits extended by the bank |
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Short particulars
of the property charged |
Hypothecation cash
credit against stock and book debts [90 days] |
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Particulars of
the present modification |
By present
agreement dated 30.07.2007 Cash Credit has been enhanced from Rs. 0.500
Million to Rs. 1.000 Million |
AS PER
WEBSITE
Profile
Established in 1987, Agsa Spring
has built its repertoire in the arena of manufacturing and supplying an
extensive range of high precision and highly durable springs used in various
machines and vehicles. Their product range consists of all types of steel springs
(0.1mm wire dia. to 8.0 mm) in spring steel and stainless steel, automobile
springs and dipsticks.
They have developed their expertise in manufacturing precision springs, as per
their customers' requirements. They have a young team of engineers to support
and cross verify the design-data to certify the functionality of springs and
steel springs. They strongly believe in supporting their customers in
development and designing the product to their satisfaction.
They have a state-of-the-art shop with latest CNC spring forming machines, CNC
controlled stress-relieving furnace and a shot penning machine. The fully
automatic production setup and in-house tool room facility enables them to
manufacture quality springs with high accuracy. 
Unmatched Quality
They are an ISO 9001:2000
certified manufacturer, hence they follow high quality
standards. With a well equipped in house inspection facility and well defined
quality systems, they can guarantee the quality of their products. The
inspection facility consists of a wide range of digital load testing machines;
torque testing machines and UTS testing machines to certify quality from raw
material to finish products. 
Sophisticated Infrastructure
They are empowered by a
state-of-the-art infrastructure that is equipped with sophisticated technology
to develop world-class springs with accuracy. They are supported by a dedicated
and skilled work team and the management adheres to customers' specification at
the time of manufacturing simultaneously observing high quality standards that
match international standards. Their manufacturing unit is equipped with the
latest CNC spring forming machines, CNC controlled stress-relieving furnace and
a shot penning machine with a tool room facility.
Professional Work Team
Their backbone is their work
team that comprises of a qualified team of engineers and technocrats. Their
hard work and rich technical experience enables them in efficiently executing
client order. Fueled by the ambition to excel in their sphere of activity, they
work closely with the client to completely understand their requirements and
design and develop customized springs.
Research and Development
They believe continuous Research
and Development is the key to survive and grow in the competitive business
world. With this belief, they undertake regular R&D to learn and
incorporate latest technical advancements and incorporate them in their
products. Their department is equipped with sophisticated instruments and is
manned by a skilled team of researchers.
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 |
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US Dollar |
1 |
Rs.39.44 |
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UK Pound |
1 |
Rs.78.73 |
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Euro |
1 |
Rs.57.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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