MIRA
INFORM REPORT
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Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPAN PACKERS PRIVATE LIMITED |
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Registered Office : |
Shed No. 4 And 7, Shree Building , Sagar Manthan Industrial Complex,
Off Satvali Road, Bhoidapada, Vasai (East), Thane – 401 208, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1994 |
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Com. Reg. No.: |
11-79110 |
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CIN No.: [Company
Identification No.] |
U28129MH1994PTC079110 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS43317B |
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PAN No.: [Permanent
Account No.] |
AAGCS8195M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Plain and Printed Aluminium Foils, Plain and Printed Glassine Foils, Bopp Pouches. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 14000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company in its field. Trade relations are
fair. Business is active. Scale of activity is limited. Payments are reported
as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
Shed No. 4 And 7, Shree Building , Sagar Manthan Industrial Complex,
Off Satvali Road, Bhoidapada, Vasai (East), Thane – 401 208, Maharashtra,
India |
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Tel. No.: |
95250 -2453703 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vivek Y Bhagat |
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Designation : |
Director |
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Address : |
202, Padma Society 164, S V Road, Vile Parle (West), Mumbai – 400 056,
Maharashtra, India |
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Date of Birth/Age : |
15.11.1970 |
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Date of Appointment : |
22.06.1994 |
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Name : |
Mrs. Bela V Jalan |
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Designation : |
Director |
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Address : |
301/302, Holm Craft S V road, Santacruz (West), Mumbai – 400 056,
Maharashtra, India |
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Date of Birth/Age : |
10.07.1969 |
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Date of Appointment : |
22.05.1994 |
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Name : |
Mr. Kalpesh R Shah |
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Designation : |
Director |
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Address : |
A/ 7, Arvind Kunj 3rd Floor, Tardeo Road, Mumbai 400 034,
Maharashtra , India |
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Date of Birth/Age : |
17.10.1965 |
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Date of Appointment : |
22.06.1994 |
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Name : |
Mrs, Varsha P Shah |
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Designation : |
Director |
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Address : |
403, Sompuri Market, station Road, Santacruz (West), Mumbai – 400 056,
Maharashtra, India |
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Date of Birth/Age : |
23.10.1967 |
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Date of Appointment : |
13.10.1998 |
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Name : |
Mr. Gaurang A Shah |
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Designation : |
Director |
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Address : |
403, Sompuri Market, station Road, Santacruz (West), Mumbai – 400 056,
Maharashtra, India |
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Date of Appointment : |
28.02.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vivek Bhagat |
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51850 |
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Mrs. Bela Jalan |
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86810 |
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Mr. Kalpesh R Shah |
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27230 |
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Mr. Gaurang A Shah |
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9100 |
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Mrs. Aruna P Zaveri |
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7390 |
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Mr. Nalin M Gandhi |
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7800 |
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Mrs. Shilpa Gandhi |
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10000 |
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Mrs. Varsha Shah |
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39030 |
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Mrs. Bhanumati Shah |
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4050 |
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Mr. Prakash Zaveri |
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4050 |
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Mrs. Falguni Zaveri |
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8800 |
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Mrs. Dharini Zaveri |
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5800 |
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Mr. Yogesh Bhagat |
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8800 |
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Mrs. Bhavna Bhagat |
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8050 |
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Mr. Kanubhai Bhagat |
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5000 |
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Mr. Kalpesh Shah |
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5625 |
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Mr. Parag Shah |
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8275 |
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Mr. Vinit Gandhi |
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19900 |
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Others |
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1800 |
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Total
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319360 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Plain and Printed Aluminium Foils, Plain and Printed Glassine Foils, Bopp Pouches. |
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Products : |
· Plain and Printed Aluminium Foils · Plain and Printed Glassine Foils · Bopp Pouches |
GENERAL
INFORMATION
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Bankers : |
The Shamrao Vithal Co-operative Bank
Limited Santacruz (West)
Branch, Mumbai – 400 054, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hemang and Bhaven Chartered Accountants |
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Address : |
10, Arvind Villa, 2nd Floor, Opposite Railway Station,
Ghatkopar (West), Mumbai – 400 086, 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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400000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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319360 |
Equity Shares |
Rs. 10/- each |
Rs. 3.194
millions |
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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3.193 |
3.193 |
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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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0.278 |
0.286 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.471 |
3.479 |
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LOAN FUNDS |
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1] Secured Loans |
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10.845 |
10.256 |
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2] Unsecured Loans |
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5.629 |
4.572 |
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TOTAL BORROWING |
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16.474 |
14.828 |
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DEFERRED TAX LIABILITIES |
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0.495 |
0.452 |
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TOTAL |
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20.440 |
18.759 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.782 |
4.775 |
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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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0.051 |
0.051 |
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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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Inventories |
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8.605 |
9.029 |
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Sundry Debtors |
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14.304 |
16.789 |
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Cash & Bank Balances |
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5.724 |
5.872 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.979 |
2.682 |
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Total
Current Assets |
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30.612 |
34.372 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.903 |
20.371 |
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Provisions |
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0.102 |
0.068 |
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Total
Current Liabilities |
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15.005 |
20.439 |
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Net Current Assets |
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15.607 |
13.933 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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20.440 |
18.759 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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9.07 |
10.14 |
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Current Ratio (Current Asset/Current Liability) |
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2.04 |
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
SPAN PACKERS PRIVATE LIMITED |
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Presented
By |
The Shamrao Vithal Co-op Bank Ltd, Santacruz
)West), Mumbai – 400 054 |
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1) Date and
description of instrument creating the change |
Agreement of
hypothecation of Tangible movable property dated 22.11.1990 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 2.000
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 |
All present and
future hypothecation of stock of raw materials of aluminum foils, inks, semi
finished goods and finished goods including products, goods and every
tangible movable property of the borrower. |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
To secure Cash credit facility granted by
the bank to the borrower Rate of Interest: 16.5% p.a Margin: 30% |
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5) Name and
Address and description of the person entitled to the charge. |
The Shamrao Vithal Co-operative Bank
Limited Santacruz (West) Branch, Mumbai – 400 054 |
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6) Date and brief description of instrument
modifying the charge |
Supplementary
Deed to Separate Deed hypothecation dated 28.11.2005 |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
By 1st
modification dated 18.01.2002, the charge had been enhanced from Rs. 2.000
millions to Rs. 7.500 millions (Registered on 26.02.2002 under document
serial No. 49) By 2nd
Modification dated 16.02.2004, the charge had been enhanced from Rs. 7.500
millions to Rs. 12.000 millions (being cash credit facility of Rs. 9.000
millions and WCDL facility of Rs. 3.000 millions ) (Registered on 16.04.2004
under document serial No. 73) By this
modification, the securities as mentioned in the column No. 3 hereinabove
shall now hold goods to secure the following credit faculties granted by the
bank to the borrower.
Repayment of WCDL
of Rs. 1.500 millions Repayment by way of monthly installments of Rs. 0.034
millions each Therefore, the
overall charges now stands at Rs. 9.500 millions. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.81 |
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UK Pound |
1 |
Rs.78.94 |
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Euro |
1 |
Rs.60.12 |
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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33 |
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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