MIRA
INFORM REPORT
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Report Date : |
30.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
SPRING
FRESH WATER TREATMENT LIMITED |
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Registered Office : |
606
Eros Apartments, Nehru Place, New Delhi 110 019 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.06.1999 |
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Com. Reg. No.: |
55 –
100437 |
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CIN No.: [Company
Identification No.] |
U00000DL1999PLC100437 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS12848D |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Manufacturer & Supplier of Water Treatment Equipment |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Maximum Credit Limit : |
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Status : |
Moderate
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Payment Behaviour : |
Slow
and delayed |
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Litigation : |
Clear |
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Comments : |
Financial
position of the company is poor having negative networth. The company’s
payments are slow and delayed. The
company can be considered for any business dealings on safe and secured trade
terms and conditions, only. |
LOCATIONS
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Registered Office : |
606
Eros Apartments, Nehru Place, New Delhi 110 019, India |
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Tel. No.: |
91-11-26419319 /1306111 / 41306112 / 41306113 / 26217331 / 26217345 |
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Fax No.: |
91-11-26464340 |
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E-Mail : |
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Website : |
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Area : |
1,300
Sq. ft. approx |
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Location : |
Owned
- Commercial |
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Factory : |
·
Sector
57, NOIDA ·
Molarbandh Village, Delhi |
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Branches
: |
Chennai 148, Second Floor, Thambu
Chetty Street, Chennai 600 001, Tamil Nadu, India Coimbatore Tulsi Chambers, 3rd
Floor, First Building, 195 Thiruvankatasamy Road, RS Puram, Coimbatore 641
002, Tamil Nadu, India Aligarh 75 Vidya Marg, Vishnu Puri,
Aligharh, Uttar Pradesh, India Hyderabad 68 Raghav Ratna Towers, CA
Lane, Hyderabad, Andhra Pradesh Bangalore MRG Sales Corporation, Gate-1, One Union Street, Shivaji Nagar,
Bangalore 560 051, Karnataka, India |
DIRECTORS
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Name : |
Mr. Naresh Mediratta |
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Designation : |
Director |
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Address : |
D-85, Gulmohar Park, New Delhi 110 049 |
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Date of Birth/Age : |
23/02/1950 |
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Date of Appointment : |
28/06/1999 |
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Name : |
Ms. Rina Mediratta |
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Designation : |
Director |
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Address : |
D-85, Gulmohar Park, New Delhi 110 049 |
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Date of Birth/Age : |
04/01/1957 |
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Date of Appointment : |
28/06/1999 |
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Name : |
Ms. Neha Mediratta |
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Designation : |
Director |
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Address : |
D-85, Gulmohar Park, New Delhi 110 049 |
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Date of Birth/Age : |
17/10/1980 |
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Date of Appointment : |
28/06/1999 |
KEY EXECUTIVES
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Name
: |
Mr. Naresh Mediratta |
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Designation
: |
Chief
Executive Officer |
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Mobile
No.: |
91-98101
27021 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Mr. Naresh Mediratta |
16,940 |
33.88 % |
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Ms. Rina Mediratta |
33,010 |
66.02 % |
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Ms. Neha Mediratta |
10 |
0.02 % |
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Mr. Kanwal Preet Singh Ahluwalia |
10 |
0.02 % |
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Mr. Rakesh Kashyap |
10 |
0.02 % |
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Mr. Vipin Kumar Khanna |
10 |
0.02 % |
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Mr. Satish Kumar |
10 |
0.02 % |
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Total |
50,000 |
100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturer & Supplier of Water Treatment Equipment. |
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Products : |
·
Non
Electric Water Purifier ·
Bacteria
Removal Filter ·
The
3-Stage Water Purifier ·
The
4-Stage Water Purifier ·
The
Reverse Osmosis Systems ·
RO
Converter ·
Filter
Sentry ·
Cation
Sentry ·
Iron
Sentry ·
Carbon
Sentry ·
Whole
house UV Steralizer ·
Scaletron ·
Water
Filter ·
Water
Filter cum Contaminant Remover ·
Water
Purifier ·
Water
Purifier-cum-Contaminant Remover ·
Reverse
Osmosis Systems for Water Coolers ·
Commercial
Reverse Osmosis System ·
Large
Reverse Osmosis Systems ·
Commercial
Ultra Violet Sterilizer ·
Colloid-A-Tron
Non Chemical Water Treatment Equipment |
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Imports from : |
Vessel,
valves, ROs (Commercial) from Taiwan and China |
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Terms : |
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Selling : |
On CAD & Credit: upto 30 days |
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Purchasing : |
On DP basis |
GENERAL
INFORMATION
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Customers : |
·
Adani
Exports Limited, Ahmedabad ·
Aditya
Aluminium Private Limited ·
Aerocomfort,
Ghaziabad ·
All
India Radio, Ahmedabad ·
American
Express Bank Limited, New Delhi ·
ANS
Oxygen Private Limited, Chennai ·
Ansal
Properties & Industries, New Delhi ·
Apurva
Alluminium Corporation, Vadodara ·
Asher
Textiles Limited, Tirupur ·
Ashok
Leyland Limited, Chennai ·
Ashwinram
Spinning Mills Private Limited, Coimbatore ·
Bindal
Agro Chem Limited, new Delhi ·
Bharti
Telecom, Gurgaon ·
Bharat
Heavy Electricals Limited ·
Britannia
Industries Limited ·
Carborundum
Universal Limited, Chennai ·
Chennai
Port Trust ·
Cimmco
India Limited, Bharatpur ·
Clutch
Auto Limited, Faridabad ·
Dodballapur
Spinning Mills Limited, Coimbatore ·
Durairaj
Mills Private Limited ·
Eicher
Motors Limited ·
Godfrey
Phillips India Limited ·
Goyal
Gasses Limited ·
Grindwell
Norton Limited ·
HSBC ·
Hotel
Maurya ·
Hotel
Ambassador ·
Jyoti
Overseas Limited ·
Indian
Institute of Technology, Chennai ·
Rane
Madras Limited ·
Rasipuram
Textiles Private Limited ·
RITES,
New Delhi ·
Rock
Stone Industries ·
Rosschem
Industries Limited ·
RPG
Telecom Limited ·
Rustagi
Texturisers ·
Sakthi
Finance Limited, Coimbatore ·
Sri
Govind Mills ·
Sri
Karunambikai Mills Limited, Coimbatore ·
Sri
Nachammai Cotton Mills Limited, Karaikudi ·
Voltas
Limited ·
Widia
India Limited ·
Woodward
Governor India Private Limited ·
Xpro
India Limited ·
Yorco
Sales Private Limited |
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No. of Employees : |
Around 50 |
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Bankers : |
IndusInd Bank ICICI Bank Limited |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
Nath Ahuja & Company Chartered Accountants (Mr N N Ahuja, Proprietor,
Membership No. 80178) S-400, Greater Kailash-II, New
Delhi-110 048 |
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Tel. No.: |
91-11-29217969, 29215052 |
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Fax No.: |
91-11-29215353 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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100,000 |
Equity
Shares |
Rs.10/- each |
Rs. 1.000 Millions |
Issued,
Subscribed & Paid-up 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 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
1.113 |
1.413 |
1.413 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
[2.018] |
[1.910] |
[1.656] |
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NETWORTH |
[0.405] |
0.003 |
0.257 |
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LOAN FUNDS |
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1] Secured Loans |
0.408 |
0.479 |
0.572 |
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2] Unsecured Loans |
1.161 |
0.887 |
0.926 |
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TOTAL BORROWING |
1.569 |
1.366 |
1.498 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
1.164 |
1.369 |
1.755 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.300 |
0.397 |
0.527 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.650
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0.772 |
0.830 |
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Sundry Debtors |
0.470
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0.407 |
0.481 |
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Cash & Bank Balances |
0.065
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0.112 |
0.124 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.145
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0.143 |
0.101 |
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Total Current Assets |
1.330
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1.434 |
1.536 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
1.084
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1.183 |
1.132 |
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Provisions |
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Total Current Liabilities |
1.084
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1.183 |
1.132 |
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Net Current Assets |
0.246
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0.251 |
0.404 |
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MISCELLANEOUS EXPENSES |
0.618 |
0.721 |
0.824 |
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TOTAL |
1.164 |
1.369 |
1.755 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other
income] |
2.503 |
2.135 |
2.833 |
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Profit/(Loss)
Before Tax |
[0.095] |
[0.254] |
[0.392] |
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Provision
for Taxation |
-- |
-- |
-- |
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Profit/(Loss)
After Tax |
[0.095] |
[0.254] |
[0.392] |
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Total
Expenditure |
2.413 |
2.108 |
3.019 |
KEY
RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
[3.80]
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[11.90] |
[13.84] |
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Net
Profit Margin (PBT/Sales) |
(%) |
[3.80]
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[11.90] |
[13.84] |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
[5.83]
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[13.87] |
[19.00] |
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Return
on Investment (ROI) (PBT/Networth) |
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[0.23]
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[84.67] |
[1.53] |
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Debt
Equity Ratio (Total
Liability/Networth) |
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[6.55]
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849.66 |
10.23 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.23
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1.21 |
1.36 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Plant and Machinery
- Office Equipments
- Vehicles
Technical & Financial Collaboration
Fluid
Dynamics International Limited, U.K.
Subject exports its products and
supply in the domestic market directly and through their distributors.
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Particulars |
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Sales [Qty] |
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Filters, Purifiers, RO |
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33 |
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Softeners, Filters, Iron Remo |
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17 |
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UVs, DM Plants, Softeners |
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303 |
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Spares etc., |
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Incorporated on June 28, 1999 the
subject is engaged in the business of Manufacturer & Supplier of Water
Treatment Equipment
The Promoter, Mr. Naresh Mediratta, has extensive experience
in the field of water treatment. In 1985 he promoted a Company M/s Inteco
Colloids PrivateLimited., which entered into a technical and financial
collaboration with Fluid Dynamics International Limited, U.K. for the
manufacture of Colloid-A-Tron and Scaletron Non Chemical Water Treatment
Equipment for scale prevention. Over the years the subject company developed
significant expertise in other areas of water treatment and considering the
huge population of India.
The Water Police tackles and removes all water
problems
The
'freshwater' that flows from the tap is probably an undrinkable mixture of
industrial waste, pollutants, undesirable minerals (like arsenic, fluorides.
lead, manganese, iron, nitrates), dirt, heavy metals, chlorine, bacteria, viruses
and even fertilizers, pesticides and herbicides. These contaminants can cause a
wide range of diseases.
SPRING
FRESH offers a wide range of water treatment products to offer complete
solutions to every segment of the market. These products include Water Filters,
Water Softeners, Iron Removers, Carbon Filters, Ultra-Violet Sterilisers,
Reverse Osmosis Systems, Pollutant Removers, Contaminant Removers,
De-mineralisers, 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 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.44.27 |
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UK
Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
- |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
- |
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--LEVERAGE |
1~10 |
3 |
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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 |
NO |
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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 |
NO |
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TOTAL |
|
6 |
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 |
|