MIRA
INFORM REPORT
|
Report Date : |
14.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
MACK SPRINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
37, Barrister Nath Pai Marg, Cotton Green, Mumbai- 400033, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
06.12.1980 |
|
|
|
|
Com. Reg. No.: |
11-023536 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 15.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29290MH1980PTC023536 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM23026D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM8652J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter
and Manufacturer of Automobile Accessories, Automobile Leaf Springs,
Automobile Suspension Components |
|
|
|
|
No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 110000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The
profitability of the company appears to be low. However trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for small 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.
INFORMATION PARTED BY
|
Name : |
Mr. Pradeep |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-23733167 |
|
Date : |
13.12.2011 |
LOCATIONS
|
Registered Office/ Corporate Office : |
37, Barrister Nath Pai Marg, Cotton Green, Mumbai- 400033, |
|
Tel. No.: |
91-22-23733167/ 23733168/ 23733193 |
|
Mobile No.: |
91-9833538431 (Mr. Santosh) |
|
Fax No.: |
91-23733194 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 Sq ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
|
|
Area : |
4500 Sq Mt |
|
Location : |
Owned |
|
|
|
|
Distributors: |
Mack Product- 21, Tec Streer, |
|
Tel. No.: |
631-7489750/ 6494170 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Sukhvindersingh Manmohansingh Bhasin |
|
Designation : |
Director |
|
Address : |
66, Vidhya Vihar, Dr. Ambedkar Road, Khar (West), Mumbai-400052,
Maharashtra, India |
|
Date of Appointment : |
01.06.1998 |
|
DIN No.: |
00122054 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U35999GJ1992PTC017363 |
EAGLE
SUSPENSION PRIVATE LIMITED |
Director |
01-06-98 |
01-06-98 |
- |
Active |
NO |
|
2 |
U29130MH1986PTC039458 |
BHASIN
SPRING INDUSTRIES PRIVATE LIMITED |
Director |
01-06-98 |
01-06-98 |
- |
Active |
NO |
|
3 |
U29290MH1980PTC023536 |
MACK
SPRINGS PRIVATE LIMITED |
Director |
01-06-98 |
01-06-98 |
- |
Active |
NO |
|
4 |
U28991MH2000PLC127741 |
TINSLEY
BRIDGE ABBROS SPRINGS INDIA LIMITED |
Director |
07-07-01 |
07-07-01 |
10-12-09 |
Active |
NO |
|
Name : |
Mr. Jasvindersingh Manmohansingh Bhasin |
|
Designation : |
Director |
|
Address : |
66, Vidhya Vihar, Dr. Ambedkar Road, Khar (West), Mumbai-400052,
Maharashtra, India |
|
Date of Appointment : |
01.06.1998 |
|
DIN No.: |
00121394 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U29130MH1986PTC039458 |
BHASIN
SPRING INDUSTRIES PRIVATE LIMITED |
Director |
01-06-98 |
01-06-98 |
- |
Active |
NO |
|
2 |
U29290MH1980PTC023536 |
MACK
SPRINGS PRIVATE LIMITED |
Director |
01-06-98 |
01-06-98 |
- |
Active |
NO |
|
3 |
U28991MH2000PLC127741 |
TINSLEY
BRIDGE ABBROS SPRINGS INDIA LIMITED |
Director |
01-10-03 |
01-10-03 |
10-12-09 |
Active |
NO |
|
4 |
U24100MH2010PTC206655 |
MAGNUM
PETROCHEM PRIVATE LIMITED |
Director |
15-05-11 |
15-05-11 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Sukhvindersingh Manmohansingh Bhasin |
32750 |
|
Taranjikaur Bhasin |
12000 |
|
Jasvindersingh Manmohansingh Bhasin |
20000 |
|
Surinder Singh Sawhney |
1000 |
|
Anand Tejender Singh |
7500 |
|
Manmohan Singh Bhasin |
26750 |
|
Total |
100000 |
|
|
|
|
Names of Preference Shareholders |
No. of Shares |
|
Manmohan Singh Bhasin |
8000 |
|
Sukhvinder Singh M Bhasin |
900 |
|
Satbirkaur Bhasin |
3300 |
|
Manmeetkaur Bhasin |
1800 |
|
Total |
14000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Automobile Accessories, Automobile Leaf Springs, Automobile
Suspension Components |
|
|
|
|
Exports : |
|
|
Countries : |
·
Australia ·
USA ·
UK ·
France ·
UAE |
|
|
|
|
Terms : |
|
|
Selling : |
L/C (90 days) and Advance |
|
|
|
|
Purchasing : |
L/C (90 days) and Advance |
GENERAL INFORMATION
|
Suppliers : |
·
Magnum Steel Limited |
||||||||||||
|
|
|
||||||||||||
|
Customers : |
Wholesalers, Dealers and Distributors ·
Mahindra and Mahindra |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
70 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
v Punjab Sind
Bank, Link Road, Khar (West), Mumbai-400052, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Punjab Sind Bank Overdraft Limit Rs. 40.000 Millions |
|
|
|
|
Banking Relations
: |
|
|
|
|
|
Auditors : |
|
|
Name : |
L D Joshi And Company Chartered Accountants |
|
Address : |
2 G, Court Chamber, 35, New Marine Lines, Mumbai- 400020, Maharashtra,
India. |
|
Pan No.: |
AAACL1195N |
|
|
|
|
Associates/Subsidiaries : |
v B S International
Activity: Exporter of Goods Manufactured by Mack Springs Private
Limited v Max Spring
Private Limited v Max Spring
Industries |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
14000 |
Preference Shares |
Rs.1000/- each |
Rs. 14.000 Millions |
|
|
Total |
|
Rs. 15.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs. 1.000 Million |
|
14000 |
Preference Shares |
Rs.1000/- each |
Rs. 14.000 Millions |
|
|
Total |
|
Rs. 15.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
15.000 |
15.000 |
15.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12.572 |
10.341 |
7.759 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27.572 |
25.341 |
22.759 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.282 |
3.400 |
0.000 |
|
|
2] Unsecured Loans |
77.092 |
14.841 |
6.115 |
|
|
TOTAL BORROWING |
79.374 |
18.241 |
6.115 |
|
|
DEFERRED TAX LIABILITIES |
0.316 |
0.380 |
0.263 |
|
|
|
|
|
|
|
|
TOTAL |
107.262 |
43.962 |
29.137 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
20.675 |
22.378 |
22.511 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.003 |
0.003 |
0.003 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
77.733
|
69.945 |
80.639
|
|
|
Sundry Debtors |
49.676
|
25.842 |
24.235
|
|
|
Cash & Bank Balances |
0.631
|
0.139 |
0.334
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
19.571
|
13.473 |
14.644
|
|
Total
Current Assets |
147.611
|
109.399 |
119.852 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
0.000
|
0.000 |
0.000
|
|
Total
Current Liabilities |
61.027
|
87.818 |
113.229 |
|
|
Net Current Assets |
86.584
|
21.581 |
6.623
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
107.262 |
43.962 |
29.137 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
TURNOVER |
|
327.706 |
273.936 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
11.910 |
8.917 |
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
|
6.466 |
2.888 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
5.392 |
6.029 |
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
|
3.285 |
3.330 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
2.107 |
2.699 |
|
|
|
|
|
|
|
|
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
2.107 |
2.699 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
21.07 |
26.99 |
Expected Sales (2011-2012) : Rs. 400.000 Millions
The above information has been parted by Mr. Pradeep.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.64
|
0.99 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.25
|
2.05 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.11 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.10
|
4.20 |
5.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42
|
1.25 |
1.06 |
LOCAL AGENCY FURTHER INFORMATION
Note: Sundry
Creditors Details are not available
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------ |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
Yes |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
OPERATING RESULTS:
During the year Net Turnover of Rs. 327.706 millions on higher than last
year’s turnover of Rs. 273.936 Millions. Directors of the Company are
optimistic about future prospects of the Company and expect better results in
the programmed to current year.
FUTURE PROSPECTS:
The demand for the Company’s product is very high with assured market
and optimum capacity utilization and the future products of the Company are
very bright.
FORM 8
|
Corporate
identity number of the company |
U29290MH1980PTC023536 |
|
Name of the
company |
MACK SPRINGS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
37, Barrister Nath Pai Marg, Cotton Green, Mumbai- 400033,
Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Any interest in
immovable property Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Punjab Sind Bank, Link Road, Khar (West), Mumbai-400052, Maharashtra,
India |
|
Nature of
instrument creating charge |
Form 193(R)
Agreement for Hypothecation of Book Debts Form Exp 37/96(R)
Agreement for Hypothecation of Debts and Assets Form 191(RR) Letter
of Hypothecation for Inland/Foreign Bills Purchased, Advances against bills
for collection Form 192 (RR)
Hypothecation of goods to secure a demand cash credit. |
|
Date of
instrument Creating the charge |
08.02.2011 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 14.05% (Base Rate
+4.55%) Terms of repayment On Demand Margin Stock 25%, Book
Debts 40% Extent and operation of the charge Exclusive 1st
Hypothecation charge on entire current assets (both present and future)
including stock & book debts, DP not older than 90 days, Exclusive first
charge on all present and future fixed assets of the Company (except vehicles
of Rs. 5.955 millions) valued at Rs. 16.422 millions (as per ABS 31/03/2010)
including land and building and plant and machinery etc. Personal Guarantee
of Manmohan Singh Bhasin, Sukhvinder Singh Bhasin and Jasvinder Singh Bhasin |
|
Short particulars
of the property charged (Including location of the property) |
Exclusive 1st
Hypothecation charge on entire current assets (both present and future)
including stock & book debts, DP not older than 90 days Exclusive first
charge on all present and future fixed assets of the Company (except vehicles
of Rs.5.955 millions) valued at Rs.16.422 millions (as per ABS 31/03/2010)
including land and building, plant and machinery Personal
Guarantee of Manmohan Singh Bhasin, Sukhvinder Singh Bhasin and Jasvinder
Singh Bhasin |
|
Charge
identification number of the charge to be modified |
10227049 |
|
Date of
instrument modifying the charge |
28.06.2010 |
|
Particulars of
the present modification |
First charge on all
present and future fixed assets of the company (except vehicles) valued Rs.
17.907 millions as per ABS 31.03.2009 (including land and building, plant and
machinery etc.). First charge on all the current assets including stock and
book debts. |
TRADE REFRENCES:
·
Mahindra and Mahindra
·
Magnum Steel Limited
FIXED ASSETS
v Land
v Plant and Machinery
v Electric Installation
v Type Writer
v Air Conditioner
v Office Equipments
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. 53.40 |
|
|
1 |
Rs. 83.32 |
|
Euro |
1 |
Rs. 70.44 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
30 |
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.