MIRA
INFORM REPORT
|
Report Date : |
10.03.2011 |
Note:
The correct name of the company is “Rohit Spring Forms
Private Limited”.
IDENTIFICATION DETAILS
|
Name : |
ROHIT SPRING FORMS PRIVATE LIMITED |
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Formerly Known
As : |
NEW HOME ENGINEERING INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
Block T, Plot No.173, M.I.D.C. Industrial Estate, Bhosari, Pune – 411
026, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
25.01.1988 |
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Com. Reg. No.: |
25-045996 |
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CIN No.: [Company Identification
No.] |
U28939MH1988PTC045996 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNER09399F PNER06915G |
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PAN No.: [Permanent Account No.] |
AACCR8874N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Exporter and Importer of Springs. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
|
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 144000 |
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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 a well 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
|
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 (General Details)
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Name : |
Ms. Shweta |
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Designation : |
Accountant |
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Date : |
09.03.2011 |
LOCATIONS
|
Registered Office : |
Block T, Plot No.173, M.I.D.C. Industrial Estate, Bhosari, Pune – 411
026, |
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Tel. No.: |
91-20-27121188/ 27120605/ 27121128 |
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Mobile No.: |
91-9921184847/ 8605010644 (Mr. Shashidhar Wani) |
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Fax No.: |
91-20-27120605 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. Krishnan Vijay Raghavan |
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Designation : |
Director |
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Address : |
C-27, Abhimanshri Housing Society, |
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Date of Birth/Age : |
02.03.1947 |
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Date of Appointment : |
25.01.1988 |
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DIN No.: |
02849066 |
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Name : |
Mrs. Pushpa Krishnan Raghavan |
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Designation : |
Director |
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Address : |
C-27, |
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Date of Birth/Age : |
12.11.1951 |
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Date of Appointment : |
23.10.2004 |
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DIN No.: |
02849515 |
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Name : |
Ms. Priya Krishnan Raghavan |
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Designation : |
Director |
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Address : |
C-27, Lane No.6, Abhimanshri Housing Society, |
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Date of Birth/Age : |
09.12.1979 |
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Date of Appointment : |
23.10.2004 |
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DIN No.: |
02858972 |
KEY EXECUTIVES
|
Name : |
Ms. Shweta |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
|
Names of Shareholders |
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No. of Shares |
|
Krishnan Vijay Raghavan |
|
11400 |
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Pushpa Krishnan Raghavan |
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10600 |
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Total
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|
22000 |
As on 30.09.2009
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Springs. |
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Products : |
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Exports : |
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Products : |
Springs |
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Countries : |
US, |
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Imports : |
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Products : |
Machineries |
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Countries : |
US. |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (In office – 20, In factory – 80) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kishore B. Phadke and Company Chartered Accountants |
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Address : |
402, Surad Apartment, Opposite Dr. Kalmadi High School, Erandwana,
Pune – 411 004, |
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Tel. No.: |
91-20-25421860/ 25421862 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000 |
Equity Shares |
Rs.100/- each |
Rs.2.200
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
2.200 |
2.200 |
2.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
33.755 |
31.718 |
28.730 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
35.955 |
33.918 |
30.930 |
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LOAN FUNDS |
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1] Secured Loans |
17.737 |
5.081 |
6.000 |
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2] Unsecured Loans |
3.971 |
5.153 |
0.000 |
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TOTAL BORROWING |
21.708 |
10.234 |
6.000 |
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DEFERRED TAX LIABILITIES |
0.768 |
0.768 |
0.768 |
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TOTAL |
58.431 |
44.920 |
37.698 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] (Including Capital work-in-progress & Pre
Operative Expenses) |
31.421 |
19.717 |
21.523 |
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INVESTMENT |
22.429 |
22.429 |
23.622 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.800
|
0.435 |
1.200 |
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Sundry Debtors |
11.989
|
19.234 |
8.398 |
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Cash & Bank Balances |
1.523
|
3.214 |
2.286 |
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Deposits & Other Current Assets |
5.725
|
8.071 |
0.139 |
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Loans & Advances |
0.081
|
(0.630) |
(0.519) |
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Total
Current Assets |
20.118
|
30.324 |
11.504 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
Sundry Creditors |
15.012
|
20.585 |
16.054 |
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Other Current Liabilities & Provisions |
0.525
|
6.965 |
2.897 |
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Total
Current Liabilities |
15.537
|
27.550 |
18.951 |
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Net Current Assets |
4.581
|
2.774 |
(7.447) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
58.431 |
44.920 |
37.698 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
34.332 |
38.634 |
28.612 |
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Other Income |
0.034 |
0.609 |
0.000 |
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TOTAL |
34.366 |
39.243 |
28.612 |
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Less |
EXPENSES |
|
|
|
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|
26.568 |
33.550 |
23.490 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
26.568 |
33.550 |
23.490 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.798 |
5.693 |
5.122 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
4.596 |
3.204 |
1.672 |
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PROFIT BEFORE
TAX |
3.202 |
2.489 |
3.450 |
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Less |
TAX |
1.164 |
0.000 |
0.102 |
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PROFIT AFTER TAX
|
2.038 |
2.489 |
3.348 |
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Earnings Per
Share (Rs.) |
92.64 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
5.93
|
6.34 |
11.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.33
|
6.44 |
12.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.21
|
4.97 |
10.45 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.07 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
1.11 |
0.81 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.10 |
0.61 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
31.03.2007 (Rs. in millions) |
|
Sundry Creditors |
15.012
|
20.585 |
16.054 |
|
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|
COMPANY
PERFORMANCE:
Due to the prevailing economic situation the performance of the Company
has not been better than the previous years. However the performance of the current
year is expected to be better compared to the previous year and the Directors
are confident of achieving the desired projections for the current year.
FORM 8:
|
Corporate
identity number of the company |
U28939MH1988PTC045996 |
|
Name of the company
|
ROHIT SPRING FORMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Block T, Plot No.173, M.I.D.C. Industrial Estate, Bhosari, Pune – 411
026, E-Mail: rohit_springforms@vsnl.net |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Bank of E-Mail: pune.pune@bankofindia.com |
|
Nature of
description of the instrument creating or modifying the charge |
Term Loan Agreement
and Guarantee Agreement executed to create a single charge against the assets
of ANS Connectors Private Limited to secure the loan extended by the Bank to
the Borrower Company duly acknowledged by the Guarantor Company to stand
against the loan amount. |
|
Date of
instrument Creating the charge |
20/04/2010 |
|
Amount secured by
the charge |
Rs.10.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 0.50% over BPLR presently
12.50% p.a. with monthly rests. Penal interest on default as per RBI Norms. Terms of
Repayment: Term Loan is to
be repaid in 60 EMIs of Rs.0.225 million each commencing from one month after
first disbursement. Margin: 70.37% Extent and
Operation of the charge: Bank of India Pune
Main Branch will have first and exclusive charge through EQM of Land and Others: To avail the
loan, the Company, by virtue of the Board Resolution passed on 10/04/2010,
has given assent to all the Terms and Conditions, Covenants, as provided in
Bank's Sanction Letter PN:ADV:ADV:41 Dated 19/04/2010 and executed the
related loan document(s)/ Agreement(s) through the Director(s), who have received and singed the documents in physical form
for and on behalf of the Company and who have been authorized to file eform-8
for Creation of the charge against the assets of the Company. |
|
Short particulars
of the property charged |
Land and Building
of ANS Connectors Private Limited situated at Gat No.142/2/1/,Village
Koregaon Bhima, Taluka Shirur District Pune. |
FIXED ASSETS:
·
Computers
·
Furniture and Fittings
·
Plant and Machinery
·
·
Land
·
Vehicles
WEBSITE DETAILS:
PROFILE:
They use state-of-the-art CNC equipment and their manufacturing facility is equipped with modern high speed machinery and a highly skilled workforce to produce Compression, Extension and Torsion Springs, Retaining Rings, Wire Forms, Strip forms and small metal stampings. Their Secondary department can produce complex Springs and Wire / Strip Forms not suited for machine operations. In addition, they can provide value added assembly services.
For technical guidance, their engineers are a valuable resource. Their manufacturing method will assure the highest quality at the lowest cost. They are not confined to serving any one particular industry, but have on their customer list, companies from diverse sectors like Electronics, Auto Electronics, Automotive, Agriculture, Defence and Home Appliances.
SERVICES:
They offer their customers comprehensive solutions right from product designing, prototype development, failure analyses and reverse engineering.
As simple as a spring may be, as critical is the correct design of the spring for its perfect function and its optimal manufacturing. The integral approach of design, manufacturing, corrosion protection, assembly and packaging enables them to produce a superior product.
Surface Technologies
They
possess a great deal of know-how in the field of surface treatment, and this
enables them to finish the product with the right surface treatment. They can provide
you with the following services:
Finishing
Deburring
Shot
Peening
Hardening
Tempering
Stress Relieving
Surface Protection
Phosphate Coating
Paint Coating
Powder Coating
They also conduct technical seminars for their customers on their
request to help them understand the nuances of spring design and application
better.
INFRASTRUCTURE:
Sprawled over an
area of twenty thousand square feet of which eight thousand square feet is
their production area, ours was one of the first organizations to use CNC
machinery in the country.
They are well equipped with the latest automated machines for
coiling and digital equipment for testing facilities.
Their in house tool room
facilitates second operations not otherwise possible with standard machines.
They also have power presses to carry out sufficiently large orders of press
parts.
They have the capacity to manufacture 180 million springs per annum with the financial muscle to make additional investments if needed.
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.45.02 |
|
|
1 |
Rs.72.70 |
|
Euro |
1 |
Rs.62.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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.