%20PRIVATE%20LIMITED%20-%20154669%2010-Oct-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
10.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPA INSTRUMENTS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
Plot No.58-59, Unit No.1, Opposite SPACO D2, Block, MIDC, Chinchwad,
Pune – 411019, Maharashtra |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
18.12.1997 |
|
|
|
|
Com. Reg. No.: |
112555 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.001 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31200MH1997PTC112555 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES10837B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS5439G |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Industrial Measuring Instruments |
|
|
|
|
No. of Employees
: |
25 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 17624 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Pradeep Wadgaonkar |
|
Designation : |
Director |
|
Contact No.: |
91-9822055686 |
|
Date : |
24.09.2011 |
LOCATIONS
|
Registered Office/Factory : |
Plot No.58-59, Unit No.1, Opposite SPACO D2, Block, MIDC, Chinchwad,
Pune – 411019, Maharashtra, India |
|
Tel. No.: |
91-20-27450791 |
|
Fax No.: |
91-20-27400791 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Shashank Shankar Phalake |
|
Designation : |
Director |
|
Address : |
7, Durga Apartments, Gokhle Lane, Chinchwad, Pune – 411033,
Maharashtra, India |
|
Date of Birth/Age : |
21.10.1968 |
|
Date of Appointment : |
18.12.1997 |
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 |
U31200MH1997PTC112555 |
SPA INSTRUMENTS (INDIA)
PRIVATE LIMITED |
Managing director |
18/12/1997 |
18/12/1997 |
- |
Active |
NO |
|
Name : |
Mr. Pradeep Harihar Wadgaonkar |
|
Designation : |
Director |
|
Address : |
H-7, Gokhle Vrindavan, Chinchwad, Pune – 411033, Maharashtra, India |
|
Date of Birth/Age : |
20.07.1970 |
|
Date of Appointment : |
18.12.1997 |
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 |
U31200MH1997PTC112555 |
SPA INSTRUMENTS (INDIA)
PRIVATE LIMITED |
Director |
18/12/1997 |
18/12/1997 |
- |
Active |
NO |
|
Name : |
Mr. Ashutosh Arvind Kulkarni |
|
Designation : |
Director |
|
Address : |
17-B, Vishal Angan, Indra Nagar, Chinchwad, Pune – 411033,
Maharashtra, India |
|
Date of Birth/Age : |
01.01.1971 |
|
Date of Appointment : |
18.12.1997 |
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 |
U31200MH1997PTC112555 |
SPA INSTRUMENTS (INDIA)
PRIVATE LIMITED |
Director |
18/12/1997 |
18/12/1997 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Shashank Shankar Phalake |
|
33330 |
|
Ashutosh Arvind Kulkarni |
|
33330 |
|
Pradeep Harihar Wadgaonkar |
|
33330 |
|
Lalit Lakshmichand Shah |
|
100 |
|
Total |
|
100090 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Industrial Measuring Instruments |
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|
|
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Exports : |
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|
Countries : |
·
Dubai ·
South Africa |
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Terms : |
|
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Selling : |
L/C, Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
Manufacturers |
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No. of Employees : |
25 (Approximately) |
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Bankers : |
Axis Bank Limited, S.No.186,CTS No.3189 Opposite PCMC Auditorium, Near Tata Motors, Station Road, Chinchwad, Pune - 411033, Maharashtra,
India |
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Facilities : |
|
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Raghavendra Kulkarni and Associates Chartered Accountant |
|
Address : |
A/3, Matrukripa, Opposite Don Bosco, Pt Malharrao Kulkarni Marg,
Borivali (West), Mumbai – 400091, Maharashtra, India |
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|
|
|
Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100090 |
Equity Shares |
Rs.10/- each |
Rs.1.001
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
60.000 |
Expected Sales (2011-2012) : Rs.100.000 Millions
The above information has been parted by Mr. Pradeep Wadgaonkar (Director)
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.001 |
1.001 |
1.001 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.405 |
1.851 |
0.962 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4.406 |
2.852 |
1.963 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.374 |
3.010 |
0.721 |
|
|
2] Unsecured Loans |
2.230 |
2.230 |
2.230 |
|
|
TOTAL BORROWING |
3.604 |
5.240 |
2.951 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.010 |
8.092 |
4.914 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.134 |
3.421 |
3.681 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.031 |
0.066 |
0.060 |
|
|
DEFERREX TAX ASSETS |
0.080 |
0.091 |
0.086 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.859
|
1.654 |
2.450 |
|
|
Sundry Debtors |
4.557
|
5.411 |
3.397 |
|
|
Cash & Bank Balances |
1.023
|
2.699 |
0.366 |
|
|
Other Current Assets |
0.482
|
0.625 |
0.305 |
|
|
Loans & Advances |
0.700
|
1.071 |
0.056 |
|
Total
Current Assets |
10.621
|
11.460 |
6.574 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
0.000 |
|
|
Other Current Liabilities |
6.116
|
6.334 |
5.219 |
|
|
Provisions |
0.741
|
0.614 |
0.268 |
|
Total
Current Liabilities |
6.857
|
6.948 |
5.487 |
|
|
Net Current Assets |
3.764
|
4.512 |
1.087 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8.010 |
8.092 |
4.914 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
|
40.669 |
21.613 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
38.086 |
19.912 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
2.583 |
1.701 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
0.310 |
0.401 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
2.273 |
1.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.726 |
0.412 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
1.547 |
0.888 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.80
|
4.11 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.52
|
8.73 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.46 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.37
|
4.27 |
4.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
1.65 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions 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 |
No |
|
13) Reasons for variation <> 20% |
No |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
No |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
-- |
FORM 8:
|
Corporate identity number of the company |
U31200MH1997PTC112555 |
|
Name of the company |
SPA INSTRUMENTS (INDIA) PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No 58/59 Unit No 1opp Spaco D2 Block
Midc Chinchwad, Pune -411019, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
Memorandum of Entry executed to create a charge
against the Immovable Properties to secure the credit facilities extended by
the Bank to the Borrower Company. |
|
Nature of instrument creating charge |
Axis Bank Limited |
|
Date of instrument Creating the charge |
21/10/2010 |
|
Amount secured by the charge |
Rs.8.500 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest @4.50%above Axis Bank's Base Rate(the Base
Rate applicable in force being 7.50% p.a.) presently at the rate of 12p.a.or
at such rate as Bank decides time to time. Penal interest on default. Terms of Repayment DCC: On Demand. The Tenor would be of12
months subject to review. Margin 25% on all stocks in all its elments.40%
on receivables (upto 90 days will be reckoned for calculating drawing power. Extent and Operation of the charge The Axis Bank Ltd will have first and
exclusive charge against the immovable properties as denoted and geographicated
in the Second Schedule which is the part of Memorandum of
Entry. The Charge will be in continuous mode till the repayment of entire
loan inclusive of interest thereon. All other terms and conditions as per
sanction letter duly acknowledged by the Company through its Directors. Others The Company, by virtue of the Board
Resolution passed on 30/08/2010,has given assent to all the Terms and
Conditions, Covenants, as provided in the Bank's Sanction Letter
SME/ENP/CC/07/2010-11 Dated 17/08/2010, have executed the related loan
document(s)/ Agreement(s) through the Director(s),who have received and signed the documents in physical form
and who have been authorized to file
eform-8 for modifications in the existing limits and in nature of the
charge on agreed terms. |
|
Short particulars of the property charged |
All that piece and parcel of Plot
No.58&59/12,DII Block in Pimpri Industrial Area of MIDC within the
village limits of Akurdi Within the limits of PCMC Taluka & Registration Sub-
Distt.Haveli Registration Distt Pune
admeasuring about 550.00 Sq.mtrs
and as bounded :On or towards North by:Plot No.57 On or towards South
by:15MRoad,On or towards East by:Plot No.58 and 59/11 On or towards West
by:Plot No.58 and 59/13 together with consturction thereon Factory Shed
adm.197.52 Sq Mtrs with right of easement thereto. |
|
Date of instrument modifying the charge |
07/09/2010 |
|
Particulars of the present modification |
By this present modification, although the
entire limit is remain unchanged i.e. Rs.8.500 Millions there is interchange
in the facilities by this modification, the existing credit limit of Rs.7.000
Millions has been reduced to Rs.60,00,000.00 while Bank Guarantee limit has
been enhanced from existing limit of Rs.1.500 Millions to Rs.2.500 Millions
making overall limit restricted to Rs.8.500 Millions |
FIXED ASSETS:
·
Land
·
Computers
·
Factory building
·
Furniture and Fixtures
·
Mobile
·
Generator
·
Office Equipments
·
Plant and Machinery
·
Vehicles
·
Tools and Hardware
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.49.13 |
|
|
1 |
Rs.75.97 |
|
Euro |
1 |
Rs.65.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
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.