MIRA
INFORM REPORT
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Report Date : |
06.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPIRE INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
7th Floor, Echjay House, 31-A, Carmichael Road, Mumbai 400026,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.03.2007 |
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Com. Reg. No.: |
168640 |
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CIN No.: [Company
Identification No.] |
U27209MH2007PTC168640 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS55631C |
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PAN No.: [Permanent
Account No.] |
AAKCS6769D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Steel forgings |
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 66000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new Company and its first financials are awaited. Trade relations are reported as fair. Payments are reported as slow but correct.
The company can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Veeral Nagin Doshi |
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Designation : |
Director |
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Date : |
04.06.2008 |
LOCATIONS
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Registered Office : |
7th Floor, Echjay House, 31-A, Carmichael Road, Mumbai
400026, Maharashtra, India |
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Tel. No.: |
91-22-2676225544 |
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E-Mail : |
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Area : |
3000 Sq. fts. |
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Location : |
Owned |
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Factory 1 : |
Located at Gujarat, Baroda |
DIRECTORS
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Name : |
Nagin Mansukhlal Doshi |
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Designation : |
Director |
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Address : |
31-A, Echjay House, 7th Floor, Carmichael Road, Mumbai
400026, Maharashtra, India |
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Date of Birth/Age : |
20.02.1949 |
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Date of Appointment : |
12.03.2007 |
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Name : |
Mr. Premal Doshi |
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Designation : |
Director |
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Address : |
31-A, Echjay House, 7th Floor, Carmichael Road, Mumbai
400026, Maharashtra, India |
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Date of Birth/Age : |
17.02.1976 |
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Qualification : |
MBA |
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Date of Appointment : |
12.03.2007 |
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Name : |
Mr. Veeral Nagin Doshi |
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Designation : |
Director |
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Address : |
31-A, Echjay House, 7th Floor, Carmichael Road, Mumbai
400026, Maharashtra, India |
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Date of Birth/Age : |
27.10.1980 |
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Date of Appointment : |
12.03.2007 |
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Directorship held in other companies |
Kanjur Bleaching Company Private Limited CIN NO.: U17120MH1968PTC013979 Echjay Forgings Private Limited CIN No.:U28910MH1983PTC030795 Nagin Doshi Investment Company Private Limited CIN No.: U67120MH1981PTC024937 Echjay Forging Industries Private Limited CIN No.: U28900MH2005PTC155047 Brosco Designs Private Limited CIN No: U74995MH1998PTC117379 Animated Apparels [India] Private Limited CIN No.: U18101MH1997PTC110558 Shriram Bioseed Genetics India Limited CIN No.: U01119DL1992PLC049649 Security Cards [India] Private Limited CIN No.: U66020KA1997PTC021592 First Pacific Management Consulting Private Limited CIN No.: U74140KA2001PTC029741 Bioseed Research India Private Limited CIN No: U74899DL1992PTC050504 |
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Name of the Partnership firm: |
Kanjur Village Road, Kanjur Village Road, Kanjur Marg [East], Mumbai
400042, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 15.06.2007]
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Names of Allottees |
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No. of Shares |
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Nagin Doshi |
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30000 |
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Premal Doshi |
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40000 |
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Veeral Doshi |
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40000 |
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Jasmine Doshi |
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90000 |
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Globex Corporation Limited |
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100000 |
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Total |
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300000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Steel forgings |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Machines |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
40 [In Office 20 + In Factory 20] |
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Bankers : |
Commercial
Branch. 1st Floor, Atlanta Building, Nariman Point, Mumbai 400021,
Maharashtra, India |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
CM and RS Associates Chartered Accountants |
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Address : |
G-6, Bhaveshwar Complex, Opposite Vidyavihar Station, Vidyavihar
[West], Mumbai 400086, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs. 100/- each |
Rs. 35.000 Millions |
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600000 |
Preference Shares |
Rs. 100/- each |
Rs. 60.000 Millions |
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Total |
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Rs. 95.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 100/-
each |
Rs. 30.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
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2] Share Application Money |
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3.200 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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13.200 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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13.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.010 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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8.009 |
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Other Current Assets |
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5.200 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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13.209 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.297 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.297 |
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Net Current Assets |
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12.912 |
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MISCELLANEOUS EXPENSES |
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0.278 |
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TOTAL |
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13.200 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.02 |
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Current Ratio (Current Asset/Current Liability) |
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44.47 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U27209MH2007PTC168640 |
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Name of the company
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SPIRE INDUSTRIES
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
7th Floor, Echjay House, 31-A, Carmichael Road, Mumbai
400026, Maharashtra, India |
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Type of charge |
Book Debts Movable property |
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Particular of
charge holder |
State Bank of
Patiala Commercial
Branch. 1st Floor, Atlanta Building, Nariman Point, Mumbai 400021,
Maharashtra, India |
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Nature of description
of the instrument creating or modifying the charge |
Agreement of
hypothecation of goods and assets dated 22.02.2008 |
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Date of
instrument Creating the charge |
22.02.2008 |
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Amount secured by
the charge |
Rs. 256.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Interest Term Loan :
13.50% Floating with monthly rests, reset every two years Cash Credit Limit
– 13% with monthly rests, reset every two years [b] Terms of
repayment Term Loan –
Repayment schedule – The Term loan is repayable in 20 equal quarterly
installments of Rs. 6.325 Millions each, commencing from April 2009 and
ending March 2014. Cash credit –
Repayable on demand [c] Margin Term Loan – 41% Cash Credit – Raw
Material – 25% SIP – 25% FG – 25% Receivables – 40% [d] Extent and
operation of the charge Term Loan – First
charge on fixed assets of the company present and future. Cash Credit –
First charge on all current assets present and future. |
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Short particulars
of the property charged |
Entire current
assets and fixed assets of the borrower. Equitable
mortgage on land acquired/to be acquired from GIDC by the Borrowers as
collateral security. |
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. 42.79 |
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UK Pound |
1 |
Rs. 83.77 |
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Euro |
1 |
Rs. 66.71 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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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 |
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 |
YES |
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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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27 |
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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