MIRA
INFORM REPORT
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Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SPAN PUMPS PRIVATE LIMITED |
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Registered Office : |
104, Arihant, 1187/26, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
20.11.1987 |
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Com. Reg. No.: |
11-45367 |
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CIN No.: [Company
Identification No.] |
U29120MH1987PTC045367 |
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IEC No.: |
3104007730 |
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PAN No.: [Permanent
Account No.] |
AACCS5972L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporter of Joy Pumps, Solar Hand Pump
and See Saw Pumps etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 120000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for 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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Nitin Muthiyan |
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Designation : |
Director |
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Contact No.: |
91-9822037173 |
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Date : |
15.01.2011 |
LOCATIONS
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Registered Office : |
104, Arihant, 1187/26, |
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Tel. No.: |
91-20-25536371/ 25530499 |
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Mobile No.: |
91-9822037173 (Mr. Nitin) |
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Fax No.: |
91-20-25536372 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.ft |
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Location : |
Owned |
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Factory : |
965/2, Sanaswadi, Taluka Shirur, District Pune – 412208, |
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Tel. No.: |
91-2137-252412/ 252121 |
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Fax No.: |
91-2137-252412 |
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E-Mail : |
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Area : |
2.5 acers |
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Location : |
Owned |
DIRECTORS
As On 01.06.2010
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Name : |
Mr. Ajit Manakchand Bhandari |
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Designation : |
Director |
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Address : |
10, Paradise, S No 2/10, 3/10, Baner, Pune – 411045, |
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Date of Birth/Age : |
05.07.1958 |
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Qualification : |
B.E. (Mechanical) |
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Date of Appointment : |
23.11.1992 |
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DIN No. : |
00398328 |
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Name : |
Mr. Nitin Shantilal Muthiyan |
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Designation : |
Whole Time Director |
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Address : |
D-2/7, |
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Date of Birth/Age : |
09.07.1957 |
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Qualification : |
M.B.A. (Finance) |
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Date of Appointment : |
23.11.1992 |
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DIN No. : |
00397830 |
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Name : |
Mr. Mahesh Shantilal Muthiyan |
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Designation : |
Director |
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Address : |
46/48, |
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Date of Birth/Age : |
11.11.1963 |
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Qualification : |
B. Com |
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Date of Appointment : |
20.11.1987 |
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DIN No. : |
02790795 |
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Name : |
Mr. Ashok Manikchand Bhandari |
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Designation : |
Director |
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Address : |
Flat No. 2, Friends Nook Apartment, Sakal Nagar, Pune – 411007, |
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Date of Birth/Age : |
20.08.1956 |
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Qualification : |
S.Y.B Com |
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Date of Appointment : |
20.11.1987 |
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DIN No. : |
00406980 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 01.06.2010
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Names of Shareholders |
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No. of Shares |
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Mahesh Shantilal Muthiyan |
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1040 |
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Ajit Manikchand Bhandari |
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680 |
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Ajit Bhandari Huf |
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10800 |
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Saralbhai S Muthiyan |
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6400 |
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Nitin Shantilal Muthiyan |
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2400 |
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Krian Nitin Muthiyan |
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2430 |
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Sangeeta Mahesh Muthiyan |
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230 |
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Jyoti Ajit Bhandari |
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1020 |
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Total |
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25000 |
As On 01.06.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporter of Joy Pumps, Solar Hand Pump and
See Saw Pumps etc. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit: 30 Days |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
150 (Office – 50 and Factory – 100) |
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Bankers : |
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Facilities : |
Credit Limit – Rs.40.000 Millions
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Shah Khandelwal Jain and Associates Chartered Accountant |
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Address : |
730, Sadashiv Peth, |
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Tel. No.: |
91-20-24490121/24471067 |
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Telefax No.: |
91-20-24471067 |
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Email : |
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Website : |
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Pan No.: |
AACFK3470E |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
2.500 |
2.500 |
1.105 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.681 |
26.099 |
15.336 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.181 |
28.599 |
16.441 |
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LOAN FUNDS |
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1] Secured Loans |
23.391 |
7.293 |
16.986 |
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2] Unsecured Loans |
7.800 |
12.171 |
2.207 |
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TOTAL BORROWING |
31.191 |
19.464 |
19.193 |
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DEFERRED TAX LIABILITIES |
0.119 |
0.126 |
0.000 |
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TOTAL |
63.491 |
48.189 |
35.634 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.510 |
16.116 |
9.044 |
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Capital work-in-progress |
0.000 |
0.000 |
2.801 |
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INVESTMENT |
0.350 |
0.229 |
0.321 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.090 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.803
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13.929
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15.209
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Sundry Debtors |
20.860
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23.006
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8.546
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Cash & Bank Balances |
20.112
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0.149
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0.538
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Other Current Assets |
0.382
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5.995
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2.409
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Loans & Advances |
5.292
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11.011
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7.730
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Total
Current Assets |
62.449
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54.090 |
34.432
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
8.579
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11.509
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3.652
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Other Current Liabilities |
2.023
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3.228
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1.762
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Provisions |
3.216
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7.509
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5.640
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Total
Current Liabilities |
13.818
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22.246 |
11.054
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Net Current Assets |
48.631
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31.844 |
23.378
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
63.491 |
48.189 |
35.634 |
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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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Total Income |
128.053 |
217.530 |
142.368 |
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Less |
EXPENSES |
119.567 |
196.469 |
134.313 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8.486 |
21.061 |
8.055 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
2.467 |
1.704 |
1.544 |
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PROFIT BEFORE
TAX |
6.019 |
19.357 |
6.511 |
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Less |
TAX |
1.859 |
6.715 |
2.256 |
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PROFIT AFTER TAX
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4.160 |
12.642 |
4.255 |
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Earnings Per
Share (Rs.) |
143.30 |
520.22 |
365.44 |
Expected Sales (2010-2011): Rs. 150.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
3.25
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5.81 |
2.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.82
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27.57 |
14.98 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
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0.44 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.40
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0.76 |
1.84 |
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Current Ratio (Current Asset/Current Liability) |
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4.52
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2.43 |
3.11 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
- Access Solar Limited
- AV Technocast
Operations and Prospects:
The company has reported a profit of Rs. 3.583
millions after taking into consideration the provision for income tax of Rs.
1.859 million, fringe benefit tax of Rs. Nil and a Deferred tax asset of Rs.
0.007 million.
Form 8:
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90088188 |
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Corporate
identity number of the company |
U29120MH1987PTC045367 |
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Name of the
company |
SPAN PUMPS
PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
1187/26 Hariant
Gholeroda Shivaji Nagar, Pune - 411005, |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of charge
holder |
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Nature of description
of the instrument creating or modifying the charge |
Memorandum for
recording extension of Mortgage by deposit of title deeds covering enhanced
limits and/or creation of equitable mortgage an additional Properties for
existing limits and enhanced limits and additional facilities and
Supplemental agreement of loan-cum hypothecation. |
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Date of
instrument Creating the charge |
08.08.2007 |
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Amount secured by
the charge |
Rs. 40.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- For Working Capital (17.500 millions) 1.75% above SBAR @14.5% and for Term
Loan (50Lacs) 2.25% above SBAR @ 15%. Terms of
Repayment - Term loan: 60 months equal installment (5.000 millions) amount of
Installment Rs.0.083 million Margin - 25% For
Raw Materials & Domestic Receivables, 30% For Semi finished &
Finished Goods, 10% for Export Packing Credit & Bank Guarantees And 40%
for Term Loan. Extent and
Operation of the charge - The Charge Will Continue To Operate Till Full
Repayment Of The Facility Enjoyed By The Company |
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Short particulars
of the property charged |
Property Situated
at Block No. 965/2, 82 Area at Mauje Sanaswadi, Tal: Shirur, Dist: Pune and the
Property Situated at C. T. S No.1187/26, 104 Arihant, |
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Particulars of
the present modification |
By this
Modification the amount of Charge would increse from 17500000(existing) to 40000000
and additional Property viz. Property Situated at Block No. 965/2, 82 Area at
Mauje Sanaswadi, Tal: Shirur, Dist: Pune and Documents of the Property
at C. T. S No.1187/26, 104 Arihant,
Ghole Road Shivaji Nagar, Pune 411005 are Mortgaged. |
FIXED ASSETS:
- Plant and machinery
- Electrical Installation
- Borewell
- Jigs and Fixture
- Tools and Equipment
- Typewriter
- Furniture and Fixture
- Office equipment
- Fax
- Computers and softwares
- Air Conditioner
- Cycle
- Car
- Compound Wall
- Press Shop
- Printer
- Water Purifier
- Staff Quarters
- Scooter
WEBSITE DETAILS
PROFILE
Establishment in 1987, Subject is a renowned name in manufacturing and exporting superior quality pumps. They are one of the leading Manufacturers of manually operated pumps, irrigation water pumps, India Mark II, III (VLOM - 65mm and 50mm OTC) and Extra Deepwell Handpumps. Apart from this they also manufacture Afridev Deepwell Handpumps as per SKAT revision along with their spares, accessories and maintenance fishing tool kits and Riser Pipes.
They have developed joy
pump to harness energy developed by children while playing on play device like
see saw and merry go round and to operate hand pump mechanism to lift the water
from tube well to overhead tank.
Till date they have supplied over 200 thousands Deepwell Handpumps, their
spares and accessories etc. in
All there products adhere to international standards. For continuous
development, standardisation and improvement of various versions of deepwell
Handpumps, they have been closely associated with various national and
international standards.
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.45.59 |
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|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
45 |
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.