MIRA
INFORM REPORT
|
Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPECTRUM ETHERS LIMITED (w.e.f. 30.08.1994) |
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Formerly Known
As : |
SPECTRUM ETHERS PRIVATE LIMITED |
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Registered
Office : |
Gat No. 367, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.02.1993 |
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Com. Reg. No.: |
11 - 070620 |
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Capital Investment
/ Paid-up Capital : |
Rs. 69.222 Millions |
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CIN No.: [Company Identification
No.] |
U24100MH1993PLC070620 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Pesticides Formulations. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 419000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade relations
are fair. Business is active. Payments are reported to be slow but correct The company can be considered 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
Gat No. 367, |
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Tel. No.: |
91-2557-226371/ 226389/ 2570744 |
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Fax No.: |
91-2557-226390 |
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E-Mail : |
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Head Office : |
201, |
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Tel. No.: |
91-22-26487769/ 26054452 |
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Fax No.: |
91-22-26487762 |
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E-Mail : |
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Located At:
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DIRECTORS
As on 21.09.2010
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Name : |
Mr. Milind Shankarrao Kolhe |
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Designation : |
Managing Director |
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Address : |
1201, Vaitarna Worli Sagar CHS, |
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Date of Birth/Age : |
18.05.1959 |
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Date of Appointment : |
08.04.1994 |
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DIN No.: |
00270804 |
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Name : |
Mr. Shaileshbhai Vasantlal Babariya |
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Designation : |
Director |
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Address : |
74854, Shri Rampur, Taluka Shri |
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Date of Birth/Age : |
17.09.1956 |
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Date of Appointment : |
28.12.1998 |
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DIN No.: |
00441746 |
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Name : |
Mr. Jugal Kishor Agrawal |
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Designation : |
Director |
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Address : |
Agrawal Building, P/No. 926, C.A. Road, Deshpande, L/d Wardhman Nagar,
Nagpur – 440008, Maharasahtra, India |
|
Date of Birth/Age : |
23.12.1957 |
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Date of Appointment : |
11.12.1995 |
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DIN No.: |
00270955 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Global Environment Engineering Private Limited |
|
250000 |
|
Shah Ceramic Engineers Private Limited |
|
2500 |
|
Milind Shankarrao Kolhe |
|
1940300 |
|
Sneaklal Finance and Investment Private Limited |
|
244200 |
|
Jugal Kishor Agrawal |
|
216400 |
|
Shailesh Vasantlal Babariya |
|
90600 |
|
Miland S Kolhe, Mrs. Sindhutai Kolhe |
|
15000 |
|
Shailesh Vasantlal Babriya |
|
13500 |
|
Jugal Kishor |
|
10000 |
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Shankarrao Genuji Kolhe |
|
165000 |
|
Nitin shankarrao Kolhe |
|
108100 |
|
Rajnish V Kolhe |
|
45000 |
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Raju Bipin Kolhe |
|
45000 |
|
Umesh Bipin Kolhe |
|
45000 |
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Bipin shankarrao Kolhe |
|
40800 |
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Shindutai Shankarrao Kolhe |
|
39000 |
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Anita Milind Kolhe |
|
34500 |
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Kalavati Nitin Kolhe |
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34500 |
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Saurab Jugalkishor agrawal |
|
32400 |
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Anshul Navalkishore Agrawal |
|
32400 |
As on 21.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
4.74 |
|
Directors or relatives of Directors |
70.10 |
|
Other top fifty shareholders |
20.93 |
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Others |
4.23 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pesticides Formulations. |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Technical Grade Pesticidies |
MT |
3525 |
3525 |
2625.49 |
|
Phorate 10% CG |
MT |
9600 |
9600 |
5020.30 |
|
Others |
|
|
|
1231.19 |
Note: 1) Capacity is specified by the plant suppliers
and as certified by company’s officials and not verified by the auditors being
a technical matter.
GENERAL INFORMATION
|
Bankers : |
State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Bank Street,
Horniman Circle, Mumbai – 400001, Maharasahtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S K Kavathekar and company Chartered Accountant |
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Address : |
104, Shree Ganesh Co – Operative Housing Society Limited, Near Kabutar
Khana, 23F Bhavani shankar Road, Dadar (West), Mumbai – 400028, Maharasahtra,
India |
|
PAN.: |
AFZPK5200N |
CAPITAL STRUCTURE
As on 21.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs. 90.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5322200 |
Equity Shares |
Rs.10/- each |
Rs. 53.222 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
53.222 |
53.222 |
53.222 |
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|
2] Share Application Money |
48.429 |
32.629 |
32.629 |
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|
3] Reserves & Surplus |
3.314 |
11.958 |
6.543 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
104.965 |
97.809 |
92.394 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
117.033 |
43.277 |
93.321 |
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2] Unsecured Loans |
5.501 |
6.001 |
9.431 |
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TOTAL BORROWING |
122.534 |
49.278 |
102.752 |
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DEFERRED TAX LIABILITIES |
25.545 |
6.545 |
2.545 |
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TOTAL |
253.044 |
153.632 |
197.691 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
128.097 |
119.613 |
118.993 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.107 |
0.107 |
0.107 |
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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 |
168.528
|
47.563 |
87.791 |
|
|
Sundry Debtors |
106.850
|
51.976 |
82.401 |
|
|
Cash & Bank Balances |
6.737
|
0.330 |
3.097 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
53.379
|
18.873 |
16.299 |
|
Total
Current Assets |
335.494
|
118.742 |
189.588 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
188.855
|
71.571 |
97.901 |
|
|
Other Current Liabilities |
16.945
|
5.370 |
6.180 |
|
|
Provisions |
4.854
|
7.889 |
6.916 |
|
Total
Current Liabilities |
210.654
|
84.830 |
110.997 |
|
|
Net Current Assets |
124.840
|
33.912 |
78.591 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
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|
TOTAL |
253.043 |
153.632 |
197.691 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
461.017 |
426.583 |
359.987 |
|
|
|
Variation in Stock |
102.750 |
(39.558) |
(6.843) |
|
|
|
Other Income |
0.235 |
0.198 |
0.096 |
|
|
|
TOTAL (A) |
564.002 |
387.223 |
353.240 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
475.947 |
314.402 |
288.357 |
|
|
|
Administrative and Selling Expenses |
47.551 |
40.061 |
32.174 |
|
|
|
TOTAL (B) |
523.498 |
354.463 |
320.531 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.504 |
32.760 |
32.709 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.225 |
12.991 |
16.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.279 |
19.769 |
15.997 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
9.285 |
7.917 |
8.379 |
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|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
15.994 |
11.852 |
7.618 |
|
|
|
|
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|
|
|
|
Less |
TAX (I) |
5.615 |
2.203 |
6.688 |
|
|
|
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|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
10.379 |
9.649 |
0.930 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11.958 |
6.309 |
5.612 |
|
|
|
|
|
|
|
|
|
Less |
SHORT PROVISION FOR TAX (2008-09) |
0.023 |
0.000 |
0.000 |
|
|
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|
|
|
|
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|
Less |
DEFERRED TAX |
19.000 |
4.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3.314 |
11.958 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.62 |
1 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.84
|
2.49 |
0.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.47
|
2.78 |
2.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.45
|
4.97 |
2.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.12 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.17
|
1.37 |
2.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.40 |
1.71 |
LOCAL AGENCY FURTHER INFORMATION
Performance:
In current year company has achieved annual turnover of Rs. 461.000
Millions. the growth is higher by 10% as compared to previous year. In the year
2009-10,
Future Prospects:
Company is in advanced stage in getting necessary clearance for Dahej
Project located in Chemical Zone, GIDC,
Contingent
Liability not provided for:
|
Particulars |
As on 31.03.2010 (Rs. in Millions) |
As on 31.03.2009 (Rs. in Millions) |
|
Letter of Credit |
43.461 |
28.086 |
|
Bank Guarantee |
0.230 |
0.550 |
|
Total |
43.691 |
28.636 |
Form 8:
|
Corporate identity
number of the company |
U24100MH1993PLC070620 |
|
Name of the
company |
SPECTRUM ETHERS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gat No. 367, |
|
This form is for |
Modification
of Charge |
|
Charge
identification (ID) number of the charge to be modified |
80044954 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, N.G.N. Vaidya Marg, Bank
Street, Horniman Circle, Mumbai – 400001, Maharasahtra, India |
|
Nature of
instrument creating charge |
Memorandum of Deposit
for Creation of further charge for term loan overall limit where the initial
charge is created by way of mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
25.01.2011 |
|
Amount secured by
the charge |
Rs. 438.100 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Applicable
rate from Time to Time Terms of
Repayment As per sanction
Terms Margin As per sanction
Terms |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
|
Date of
instrument modifying the charge |
09.03.2010 |
|
Particulars of
the present modification |
Now by the present
modification date 25.01.2011. The company created an extension of charge by
way of an Equitable Mortgage by Deposit of Title deeds over the Immovable
Properties to secure its credit facilities to the extent of Rs. 438.100
Millions |
Fixed Assets:
- Land
- Plant and
Machinery
- Electrical
Installation
- Fire fighting
Equipment
- Laboratory
Equipment
- Furniture and
Fixture
- Office
Equipment
- Computers
- Vehicles
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.