MIRA INFORM REPORT
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Report Date : |
21.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPECTRUM INFOTECH PRIVATE LIMITED |
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Registered
Office : |
L and T House, 38, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.06.1995 |
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Com. Reg. No.: |
018112 |
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CIN No.: [Company Identification
No.] |
U72200KA1995PTC018112 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer and Distributor of Mobile Phone Accessories, Parts and Repair Tools |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 263068 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Larsen and Toubro limited. It is a well
established and reputed company having fine track. Financial position of the
company appears to be sound. Directors are reported as experienced and
respectable businessmen. Their trade relations are fair. Business is active.
Payments are reported to be correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms an 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
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Registered Office : |
L and T House, 38, |
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Tel. No.: |
91-80-25551739 |
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Fax No.: |
91-80-25546433 |
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E-Mail : |
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Website : |
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Factory : |
158,
Lenin Sarani, 3rd Floor, Suite No.2, Kolkata – 700013, West |
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Tel. No.: |
91-33-22159455/9555/6381/1724 |
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Fax No.: |
91-33-22150749 |
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E-Mail : |
DIRECTORS
AS ON 20.09.2010
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Name : |
Mr. Satish A Gune |
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Designation : |
Director |
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Address : |
302, B Wing, Siddhivinayak V P Varde Marg, Dehind Copper Chimmey,
Bandra (West), Mumbai – 400052, |
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Date of Birth/Age : |
21.08.1953 |
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Date of Appointment : |
27.03.2006 |
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Name : |
Mr. Jayant D Patil |
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Designation : |
Director |
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Address : |
2702, |
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Date of Birth/Age : |
18.12.1954 |
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Date of Appointment : |
27.03.2006 |
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Name : |
Mr. Hnln Simha |
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Designation : |
Director |
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Address : |
414, 18 Main, 35 Cross, 4th – T Block, Jayanagar, |
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Date of Birth/Age : |
10.03.1955 |
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Date of Appointment : |
27.03.2006 |
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Date of Ceasing : |
21.12.2009 |
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Name : |
Mr. Nilendra Nigam |
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Designation : |
Director |
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Address : |
503, |
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Date of Birth/Age : |
20.09.1947 |
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Date of Appointment : |
21.12.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2010
|
Names of Shareholders |
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No. of Shares |
|
Satish A Gune |
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439950 |
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Jayant D Patil |
|
50 |
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Total |
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440000 |
AS ON 20.09.2010
|
Category |
Percentage |
|
Bodies corporate |
99.99 |
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Directors or relatives of Directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Distributor of Mobile Phone Accessories,
Parts and Repair Tools |
GENERAL INFORMATION
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Bankers : |
State Bank of India, SSI Branch Kumara Park, 179 Sc Road Seshadripuram, Bangalore - 560020, Karnataka, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K G Sathish Chartered Accountant |
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Address : |
666, 5TH Main, Hanumanthnagar, |
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Holding Company : |
Larsen and Toubro Limited CIN No.: L99999MH1946PLC004768 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs.10/- each |
Rs.6.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
440000 |
Equity Shares |
Rs.10/- each |
Rs.4.400
Millions |
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(All the share are
held by Larsen and Toubro Limited, the holding Company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.400 |
4.400 |
4.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
61.367 |
44.741 |
27.985 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
65.767 |
49.141 |
32.385 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.192 |
0.192 |
0.564 |
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TOTAL |
65.959 |
49.333 |
32.949 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.908 |
5.375 |
5.838 |
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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 |
1.586 |
1.021 |
0.749 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
46.438
|
49.921 |
45.617 |
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Sundry Debtors |
56.380
|
21.316 |
50.525 |
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Cash & Bank Balances |
8.765
|
25.986 |
17.660 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
14.285
|
14.338 |
7.767 |
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Total
Current Assets |
125.868
|
111.561 |
121.569 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
8.407
|
8.748 |
15.874 |
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Other Current Liabilities |
44.192
|
45.659 |
71.109 |
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Provisions |
14.804
|
14.216 |
8.224 |
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Total
Current Liabilities |
67.403
|
68.623 |
95.207 |
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Net Current Assets |
58.465
|
42.938 |
26.362 |
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MISCELLANEOUS EXPENSES |
0.000 |
0000 |
0.000 |
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TOTAL |
65.959 |
49.333 |
32.949 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL |
90.927 |
85.769 |
72.022 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
27.111 |
27.309 |
23.283 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
1.712 |
1.572 |
1.294 |
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PROFIT BEFORE
TAX |
25.399 |
25.737 |
21.989 |
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Less |
TAX |
8.774 |
8.980 |
5.650 |
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PROFIT AFTER TAX
|
16.625 |
16.757 |
16.339 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42.337 |
25.580 |
9.241 |
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BALANCE CARRIED
TO THE B/S |
58.962 |
42.337 |
25.580 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
18.29
|
19.53 |
22.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.27
|
22.09 |
17.26 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.52 |
0.68 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.02
|
1.39 |
2.93 |
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Current Ratio (Current Asset/Current Liability) |
|
1.87
|
1.62 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company has been shifted from 37,
FORM 8:
|
This form is for |
Creation of
charge Modification of
charge |
|
Charge
identification number of the modified |
90197327 |
|
Corporate identity
number of the company |
U72200KA1995PTC018112 |
|
Name of the
company |
SPECTRUM INFOTECH
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
L and T House,
38, |
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
STATE BANK OF |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of Loan
Cum Hypothecation Form Sme - 4 And Link Letter Sme 12 (Both Pertain To The
Same Charge) |
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Date of
instrument Creating the charge |
05/06/2008 |
|
Amount secured by
the charge |
Rs.200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As Per Sanction -
Bank Gurantee Limit - Overdue Interest In Case Non Payment. Penal Interest At
2% Per Annum Over Terms of
Repayment As Per Sanction -
Repayable On Demand. Extent and
Operation of the charge Exclusive First
Charge On The Assets Of The Company And To The Full Extent. Others Bank Guarantee
Rs.200.000 Millions; |
|
Short particulars
of the property charged |
Hypo. of company's
present & future movable fixed assets and current assets like stocks, raw
materials, semi finished and finished goods, book debts, receivables,
outstanding monies, bills, rights, stores, components, other movables, plant
and machinery, vehicles and assets to be purchased out of bank finance |
|
Date of latest
modification prior to the present modification |
19/01/2007 |
|
Particulars of
the present modification |
The amount secured
by the charge stands Increased from Rs.120.000 Millions to Rs.200.000
Millions The securities described and detailed in Col No 14 herein above
continue for the enhanced limit All other terms and conditions remain
unchanged |
FIXED ASSETS:
- Plant and Machinery
- Office Equipments
- Computers
- Air Conditioners
- Furniture
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.44.38 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.63.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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.