MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPAN INDIA PRIVATE LIMITED |
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Registered Office : |
220, Okhla Industrial Estate, Phase -3, New Delhi -110 020, Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.07.1977 |
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Com. Reg. No.: |
55-08672 |
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CIN No.: [Company
Identification No.] |
U74899EDL1977PTC008672 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21543E |
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PAN No.: [Permanent
Account No.] |
AAACS0079A |
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Legal Form : |
Private Limited Liability of Company |
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Line of Business : |
Manufacturer of Readymade Garments |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 10030800 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
At First instance, no Profit and Loss A/C could be available. However,
efforts are continued and it would be supplemented, soon. Subject is an established company having strong Reserve and Surplus
position. Trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Naresh Gujral |
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Designation : |
Director |
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Date : |
01.10.2008 |
LOCATIONS
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Registered Office/ Factory : |
220, Okhla Industrial Estate, Phase -3, New Delhi -110 020, Delhi,
India |
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Tel. No.: |
91-11-26836476/ 26924162 |
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Fax No.: |
91-11-26969322 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sudhir Kharbanda |
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Designation : |
Director |
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Address : |
C-23, Geetanjali Enclave, New Delhi – 110 017, Delhi, India |
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Date of Birth/Age : |
25.10.1951 |
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Date of Appointment : |
25.07.1985 |
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Name : |
Mr. Naresh Gujral |
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Designation : |
Director |
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Address : |
5, Amrita Shergill, Marg, New Delhi – 110 003, Delhi, India |
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Date of Appointment : |
01.10.2001 |
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Name : |
Mrs. Anjali Gujral |
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Designation : |
Director |
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Address : |
5, Amrita Shergill, Marg, New Delhi – 110 003, Delhi, India |
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Date of Appointment : |
15.10.1992 |
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Name : |
Naresh Kumar Manchanda |
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Designation : |
Director |
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Address : |
194, Asmirbad Apartment, I.P. Extension, New Delhi – 110 092, Delhi,
India |
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Date of Birth/Age : |
09.07.1957 |
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Date of Appointment : |
17.05.2004 |
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Name : |
Rajan Bhayia |
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Designation : |
Director |
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Address : |
135, Jor Bhag, New Delhi – 110 003, Delhi, India |
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Date of Appointment : |
17.05.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As On 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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South East Fashions Private
Limited |
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2998 |
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Stallion Creations Private Limited |
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2 |
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Total |
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3000 |
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Equity share
breakup (percentage of total equity) |
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Category |
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Percentage |
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Bodies corporate (not mentioned above) |
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100 |
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Total |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Readymade Garments |
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Exports : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
ABN Amro Bank N.V Hansalaya Building, 15, Barkhamba Road, New Delhi – 110 001, Delhi,
India |
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Facilities : |
Rs.20.000 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Shanta Shastry and Company |
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Address : |
B7D, Munirka, New Delhi – 110 067, Delhi, India |
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Associates/Subsidiaries : |
Positive Securities Private Limited U67120DL2005PTC138967 Span Holdings Private Limited U74899DL1988PTC034333 Alokit Exports Private Limited U74899DL1993PTC053964 Span Freight Private Limited U74899DL1991PTC046624 Stallion Housings Private Limited U45201DL2003PTC123261 Advantage Fashions Private Limited U51311DL2004PTC12899 Advantage Housing Private Limited U4520DL2006PTC148047 Positive Buildwell Private Limited U45201DL2006PTC147895 One World Design Private Limited |
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Holding Company : |
South East Fashions Private
Limited |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000 |
Equity shares |
Rs.1000/- each |
Rs.3.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000 |
Equity shares |
Rs.1000/- each |
Rs.3.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.020 |
1.020 |
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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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2005.140 |
1771.354 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2006.160 |
1772.374 |
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LOAN FUNDS |
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1] Secured Loans |
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39.221 |
0.000 |
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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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39.221 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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2045.381 |
1772.374 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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58.054 |
43.739 |
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Capital work-in-progress |
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2.723 |
0.000 |
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INVESTMENT |
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781.607 |
1004.985 |
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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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Inventorie |
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57.968 |
52.724 |
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Sundry Debtors |
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31.616 |
49.276 |
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Cash & Bank Balances |
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9.940 |
12.945 |
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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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1194.471 |
644.310 |
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Total
Current Assets |
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1293.995 |
759.255 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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90.998 |
35.605 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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90.998 |
35.605 |
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Net Current Assets |
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1202.997 |
723.650 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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2045.381 |
1772.374 |
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Particulars |
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31.03.2006 (Rs. In Million
) |
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Sales Turnover |
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Rs.180.000
Millions |
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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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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`0.06 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
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14.22 |
21.32 |
LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Creation of
charge |
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Charge
identification number of the modified
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Corporate
identity number of the company |
U74899DL1977PTC008672 |
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Name of the
company |
Span India
Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
220, Okhla Industrial Estate, Phase -3, New Delhi -110 020, Delhi,
India |
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Type of charge |
Others |
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Particular of charge
holder |
ABN Amro Bank N.V Hansalaya Building, 15, Barkhamba Road, New Delhi – 110 001, Delhi,
India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 10.08.207 |
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Date of
instrument Creating the charge |
10.08.2007 |
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Amount secured by
the charge |
Rs.20.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest/ such other
rate as may be prescribed by the bank from time to time Terms of
Repayment OD Repayable on demand STPLR Maximum 12 Month EPC/EPB Maximum 180 days Margin The company shall
maintain such margin as may be specified by the bank from time to time. Extent and
Operation of the charge 100% and on pari
passu basis. Others The above charge
is to secire total facility of Rs.20.000 Millions |
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Short particulars
of the property charged |
Pari passu charge
by way of hypothecation over entire current assets of the company both
present and future. |
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.46.96 |
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UK Pound |
1 |
Rs.83.91 |
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Euro |
1 |
Rs.66.367 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
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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63 |
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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