MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPUN MICRO PROCESSING PRIVATE LIMITED |
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Registered
Office : |
38/15, Shakti Nagar, New Delhi-110048, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.04.1991 |
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Com. Reg. No.: |
043802 |
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CIN No.: [Company Identification
No.] |
U74899DL1991PTC043802 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKS04469D |
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PAN No.: [Permanent Account No.] |
AABCS8714R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of ferrous as well as non-ferrous material from Bars,
Forgings, Castings, Aluminium Die castings, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
38/15, Shakti Nagar, New Delhi-110048, Delhi, India |
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E-Mail : |
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Website : |
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Factory : |
Behram Pur Road, Village Begampur Khatola, Gurgaon, India |
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Tel. No.: |
91-124-2215825 / 2215826 |
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Fax No.: |
91-124-2215823 |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mr. Bharat Bhushan Seth |
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Designation : |
Director |
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Address : |
C-148, East of Kailash, New Delhi-110048, Delhi, India |
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Date of Birth/Age : |
12.09.1959 |
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Date of Appointment : |
07.03.1997 |
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DIN No : |
01905137 |
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Name : |
Mr. Narendra Kumar Gupta |
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Designation : |
Director |
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Address : |
38/15, Shakti Nagar, New Delhi-110007, Delhi, India |
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Date of Birth/Age : |
07.07.1946 |
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Date of Appointment : |
04.04.1991 |
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DIN No : |
01917800 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Narendra K. Gupta |
|
20220 |
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Usha Malhohtra |
|
2696 |
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B. B. Seth |
|
38436 |
|
Shashi Gupta |
|
16160 |
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V. K. Malhotra |
|
7736 |
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Anju Seth |
|
8644 |
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Khyati Seth, Anju Seth |
|
3892 |
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B. B. Seth, Anju Seth |
|
8696 |
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B. B. Seth and Sons (HUF) |
|
30912 |
|
Krishak Finance and Invest Lease Private Limited, India |
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10000 |
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Chandak Leasing and Finance Private Limited |
|
106304 |
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Anju Seth, B. B. Seth |
|
4492 |
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J. J. Sardana |
|
2828 |
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Shanty Devi |
|
9044 |
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Richa Gupta |
|
3000 |
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Total |
|
273060 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
41.87 |
|
Directors or relatives of directors |
|
58.13 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of ferrous as well as non-ferrous material from Bars,
Forgings, Castings, Aluminium Die castings, etc. |
GENERAL INFORMATION
|
Bankers : |
·
Canara Bank, 74, Janpath, New Delhi-110001,
Delhi, India ·
ICICI Bank Limited ·
Kotak Mahindra ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K. K. Johari and Company Chartered Accountant |
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Address : |
B-430, Nehru Ground, NIT, Faridabad-121001, Haryana, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
273060 |
Equity Shares |
Rs. 100/- each |
Rs. 27.306
millions |
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As On : 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
400000 |
Equity Shares |
Rs. 100/- each |
Rs. 40.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
388060 |
Equity Shares |
Rs. 100/- each |
Rs. 38.806
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
27.306 |
27.306 |
27.306 |
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2] Share Application Money |
0.0000 |
1.000 |
1.000 |
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3] Reserves & Surplus |
22.701 |
16.125 |
13.487 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.007 |
44.431 |
41.793 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
86.480 |
92.624 |
133.933 |
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2] Unsecured Loans |
15.940 |
16.953 |
20.499 |
|
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TOTAL BORROWING |
102.420 |
109.577 |
154.432 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
152.427 |
154.008 |
196.225 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.115 |
56.688 |
60.787 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.632 |
0.646 |
0.159 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
23.182
|
29.513 |
30.663 |
|
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Sundry Debtors |
84.339
|
95.449 |
137.763 |
|
|
Cash & Bank Balances |
12.848
|
6.918 |
8.228 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
20.918
|
24.129 |
50.436 |
|
Total
Current Assets |
141.287
|
156.009 |
227.090 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
28.928
|
53.585 |
92.320 |
|
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Provisions |
4.679
|
5.750 |
2.105 |
|
Total
Current Liabilities |
33.607
|
59.335 |
94.425 |
|
|
Net Current Assets |
107.680
|
96.674 |
132.665 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
2.614 |
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|
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|
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TOTAL |
152.427 |
154.008 |
196.225 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
141.799 |
205.602 |
258.009 |
|
|
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Other Income |
5.923 |
11.334 |
0.016 |
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TOTAL (A) |
147.722 |
216.936 |
258.025 |
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Less |
EXPENSES |
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|
|
|
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|
Materials and Manufacturing Expenses |
89.927 |
143.221 |
182.235 |
|
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|
Deferred Revenue Expenditure W/ Off |
0.000 |
2.614 |
0.291 |
|
|
|
Selling and Other Expenses |
8.340 |
14.783 |
17.338 |
|
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Administrative Expenses |
21.268 |
20.205 |
18.445 |
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TOTAL (B) |
119.535 |
180.823 |
218.309 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
28.187 |
36.113 |
39.716 |
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Less |
FINANCIAL
EXPENSES (D) |
9.997 |
17.681 |
19.088 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.190 |
18.432 |
20.628 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.849 |
7.740 |
8.548 |
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PROFIT BEFORE
TAX (E-F) (G) |
11.341 |
10.692 |
12.080 |
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Less |
TAX (H) |
4.764 |
6.448 |
4.311 |
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PROFIT AFTER TAX
(G-H) (I) |
6.577 |
4.244 |
7.769 |
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EXPORT VALUE |
122.655 |
189.604 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.45
|
1.96 |
3.01 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.01
|
5.20 |
4.68 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.10
|
5.01 |
4.19 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.24 |
0.29 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.72
|
3.80 |
5.95 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.20
|
2.63 |
2.40 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate
identity number of the company |
U74899DL1991PTC043802 |
|
Name of the
company |
SPUN
MICRO PROCESSING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
38/15, Shakti Nagar, New Delhi-110048, Delhi, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Canara Bank, 74, Janpath, New Delhi-110001, Delhi, India |
|
Nature of
instrument creating charge |
Supplemental
Collateral Security Agreement dated 06.10.2010 |
|
Date of
instrument Creating the charge |
06.1.2010 |
|
Amount secured by
the charge |
Rs. 70.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest @
9.50% p.a. at monthly rest subject to modification as per extant guidelines. Terms of
repayment Payable on demand Extent and
operation of the charge 100% Other To
secure all amounts payable under reduced FDB/FBE (O/NPBLC/PBLC) limit of Rs.
70.000 millions granted to/ enjoyed by the Company. |
|
Short particulars
of the property charged (Including location of the property) |
All
plant, machinery, motor vehicles, tools and accessories already purchased as
described in Annexure to Schedule `A' of the Agreement as also the machinery
etc. to be purchased hereafter particulars whereof will be furnished later
erected/to be erected/kept/to be kept or in transit for being erected at the
premises of the borrower situated at Behrampur Road, Village Begam Khatola,
Gurgaon (Haryana) or where so ever it may be. |
|
Charge identification
number of the charge to be modified |
90044292 |
|
Date of
instrument modifying the charge |
31.03.2008 |
|
Particulars of
the present modification |
The
charge stands reduced from Rs. 120.000 millions to Rs. 70.000 millions to secure
all amounts payable under reduced FDB/FBE (O/NPBLC/PBLC) limit of Rs. 70.000
millions granted to/enjoyed by the Company |
WEB SIDE DETAILS
HISTORY
Catering to Precision Machined Components required for Automotive and General
Engineering Industries.
Manufacturing from ferrous as well as non-ferrous material from Bars,
Forgings, Castings, Aluminium Die castings, etc.
Direct online and just-in time deliveries with warehousing facility in
Europe.
An ISO / TS 16949:2002 & ISO 14001 certified company having
accredited with “STAR EXPORT HOUSE” by Government of India. Exporting over 90%
of the gross sales.
Over 35 % annual growth in last three years. Using Six Sigma Methodology
in-house under guidance by certified Black Belt Holders.
Deployment and initiating “Best Manufacturing Practices” through Total
Employee involvement.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.