MIRA
INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPECTRALAB INSTRUMENTS PRIVATE LIMITED (w.e.f. 31.10.2007) |
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Formerly Known
As : |
ENTECH LABS PRIVATE LIMITED |
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Registered
Office : |
F-1, Om Anand Society, Louis Wadilouis Wadi, Thane-400604, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
07.04.1988 |
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Com. Reg. No.: |
11-046920 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U99999MH1988PTC046920 |
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IEC No.: |
0308019865 |
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PAN No.: [Permanent Account No.] |
AAACE9965H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Analytical Instruments |
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No. of Employees
: |
40 (Approximately) |
RATING & COMMENTS
|
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 11000 |
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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 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Desai |
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Designation : |
Accounts Department |
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Contact No.: |
91-9820523041 |
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Date : |
21.10.2011 |
LOCATIONS
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Registered Office : |
F-1, Om Anand Society, Louis Wadilouis Wadi, Thane-400604, |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-9820523041 (Mr. Sanjay Desai) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft |
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Location : |
Owned |
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Factory : |
8, 9, 10, 4A, 5A Sachin Industrial Estate, |
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Area : |
3000 sq. ft |
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Location : |
Owned |
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Branch Office : |
7, Raj Roshan, Pipe Line Road, Louis Wadi, Thane (West), Thane-400604,
Maharashtra, India |
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Tel. No.: |
91-22-25800191/25813635/25822772 |
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Fax No.: |
91-22-25821033 |
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Branch Office Also : |
Located At:- ·
·
Dehradun |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Vishwas Udhaorao Kulkarni |
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Designation : |
Director |
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Address : |
301, Hira Mahal, Near Vandana Talkies, Thane (West), Thane-400602,
Maharashtra, India |
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Date of Birth/Age : |
05.07.1946 |
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Qualification : |
B.E |
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Date of Appointment : |
07.04.1988 |
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DIN No.: |
01361089 |
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Name : |
Mrs. Vrinda Vishwas Kulkarni |
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Designation : |
Director |
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Address : |
301, Hira Mahal, Near Vandana Talkies, Thane (West), Thane-400602,
Maharashtra, India |
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Date of Birth/Age : |
03.11.1953 |
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Qualification : |
B.Com |
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Date of Appointment : |
07.04.1988 |
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DIN No.: |
01381174 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Desai |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Vishwas Udhaorao Kulkarni |
470 |
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Vrinda Vishwas Kulkarni |
400 |
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Gopinath Kolhapure |
130 |
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Total |
1000 |
AS ON 30.09.2010
|
Equity Shares
Break Up |
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 : |
Manufacturer of Analytical Instruments |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Suppliers : |
·
Amar Enterprises ·
Bharat Scientific Indus ·
Blue Dart Express Limited ·
Integrity ·
Ivy Enterprises ·
Kiran Udyog ·
K K Electronics ·
Microcon ·
Neeta Enterprises ·
Sai Engineering Works ·
S D Finechem Limited ·
Shanty Engineering Works ·
Sharddha Enterprises ·
Global Pneumatics |
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Customers : |
End Users ·
Aarti Drugs Limited ·
Aarti Industries ·
Bajaj Healthcare – Gujarat ·
Dabur India Limited ·
Excel Industries Limited ·
General Motors ·
Hari Orga Chem Private Limited ·
Healthy Nutritional ·
Hemani Intermediates Private Limited ·
Hikal Limited ·
JSW Steel Limited ·
Jagatjit Industries Limited ·
Mercury Laboratories Limited ·
USV Limited ·
Tirupati Medicare Limited |
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No. of Employees : |
40 (Approximately) |
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Bankers : |
·
The Saraswat Co-Operative Bank Limited, Prabhat
BhavanBlock No-B, 1st Floor, 96, L. B. S Marg, Opposite Cipla,
Vikhroli (West), Mumbai-400083, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhise and Associates Chartered Accountants |
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Address : |
C-156, Amar Gian, Opposite S. T. Workshop, Thane-400601, Maharashtra,
India |
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Tel. No.: |
91-22-25470418 |
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Fax No.: |
91-22-25477276 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5000 |
Equity Shares |
Rs.100/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000 |
Equity Shares |
Rs.100/-
each |
Rs. 0.100
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.882 |
1.258 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.007) |
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NETWORTH |
2.982 |
1.358 |
0.093 |
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LOAN FUNDS |
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1] Secured Loans |
3.373 |
4.267 |
0.000 |
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2] Unsecured Loans |
0.854 |
0.000 |
0.000 |
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TOTAL BORROWING |
4.227 |
4.267 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.209 |
5.625 |
0.093 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.144 |
0.111 |
0.081 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.415 |
0.384 |
0.009 |
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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 |
4.398
|
4.450 |
0.000 |
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Sundry Debtors |
6.347
|
6.402 |
0.000 |
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Cash & Bank Balances |
0.660
|
0.471 |
0.104 |
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Other Current Assets |
0.178
|
0.000 |
0.000 |
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Loans & Advances |
1.243
|
0.534 |
0.000 |
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Total
Current Assets |
12.826
|
11.857 |
0.104 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.432
|
5.031 |
0.000 |
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Other Current Liabilities |
0.375
|
0.000 |
0.000 |
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Provisions |
2.369
|
1.696 |
0.101 |
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Total
Current Liabilities |
6.176
|
6.727 |
0.101 |
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Net Current Assets |
6.650
|
5.130 |
0.003 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.209 |
5.625 |
0.093 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
30.104 |
29.374 |
0.000 |
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Other Income |
0.036 |
0.006 |
0.000 |
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TOTAL |
30.140 |
29.380 |
0.000 |
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Less |
EXPENSES |
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Cost of Goods Sold |
8.136 |
7.923 |
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Wages and Salaries |
7.135 |
7.422 |
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Direct Expenses |
2.317 |
0.592 |
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Tours and Travels |
1.861 |
1.554 |
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Directors Remuneration |
1.808 |
1.799 |
0.055 |
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Printing and Stationery |
1.024 |
0.967 |
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Advertising Expenses |
0.203 |
0.042 |
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Other Expenses |
5.276 |
7.224 |
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TOTAL |
27.760 |
27.523 |
0.055 |
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|
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2.380 |
1.857 |
(0.055) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.017 |
0.012 |
0.006 |
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PROFIT /
(LOSS) BEFORE TAX |
2.363 |
1.845 |
(0.049) |
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Less |
TAX |
0.741 |
0.580 |
0.000 |
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PROFIT /
(LOSS) AFTER TAX |
1.622 |
1.256 |
(0.049) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.258 |
(0.007) |
0.042 |
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BALANCE CARRIED
TO THE B/S |
2.880 |
1.258 |
(0.007) |
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
40.000 |
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Expected Sales (2011-2012) : Rs. 60.000 Millions
The above information has been parted by Mr. Sanjay Desai.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.38
|
4.28 |
0.00 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.85
|
6.28 |
0.00 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.22
|
15.42 |
(26.49) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.79
|
1.36 |
(0.53) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.49
|
8.10 |
1.09 |
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Current Ratio (Current Asset/Current Liability) |
|
2.08
|
1.76 |
1.03 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
The performance of the Company was satisfactory during the year. The
total income for the current year was Rs. 30.104 millions as compared to the total
income of Rs. 29.374 millions in the last year. the management tightened the
expenditure which resulted into a increased profit of Rs. 2.363 millions
against the last year’s profit of Rs. 1.845 millions in the last year. the
Directors are hopeful that the current year will show still better performance.
|
Check List by Info Agents |
Available in Report (Yes / No) |
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1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
Yes |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
------ |
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8. No. of Employees |
Yes |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
No |
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13. Reasons for variation <> 20% |
No |
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14. Estimation for coming financial year |
Yes |
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15. Capital in the business |
No |
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16. Details of sister concerns |
No |
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17. Major suppliers |
Yes |
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18. Major customers |
Yes |
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19. Payments terms |
Yes |
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20. Export / Import details |
No |
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21. Market information |
------- |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
No |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
No |
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28. Incorporation details, if applicable |
------ |
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29. Last accounts filed at ROC |
------ |
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30. Major Shareholders, if available |
------ |
FORM 8
|
Corporate
identity number of the company |
U99999MH1988PTC046920 |
|
Name of the
company |
SPECTRALAB
INSTRUMENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F-1, Om Anand Society, Louis Wadilouis Wadi, Thane-400604, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
The Saraswat Co-Operative Bank Limited, Prabhat BhavanBlock No-B, 1st
Floor, 96, L. B. S Marg, Opposite Cipla, Vikhroli (West), Mumbai-400083,
Maharashtra, India |
|
Nature of
instrument creating charge |
Recording Letter
Evidencing Deposit Of Title Deeds ( Equitable Mortgage ) Term Loan - II |
|
Date of instrument
Creating the charge |
12.07.2011 |
|
Amount secured by
the charge |
Rs. 2.100
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest PLR + 50% p.a.=14.50%
p.a.. with monthly rests, or at such rate as may be prescribed in future by
bank from time to time. Terms of repayment Repaid within 84
months from the date of first disbursement
as under- Rs. 0.027 million
X 77 monthly installments Rs. 0.021 million
X 01 monthly installments with a moratorium
period of SIX month from the date of first disbursement. Interest to be
paid separately within 7 days of debit to the account. No moratorium period
for payment of interest. Margin 40% Extent and operation of the charge The charge will
operate to the extent of Rs. 2.100 millions on the security offered by the
company. |
|
Short particulars
of the property charged (Including location of the property) |
Equitable
mortgage of immovable property situated at - All the piece or parcel of land
and building construction on plot No - W 446 in the Trans thane creek
industrial area , within the village limit of tetavali, taluka and
registration sub-District - Thane District and registration District - Thane
containing by admeasuring 420 sq.mtr. or thereabouts and bounded as follows – towards the north
by- plot No- W447, towards the south
by- plot No- W445, towards the
east by- plot No- W458, towards the
west by- Road. |
TRADE REFERENCES:
·
Kores
FIXED ASSETS:
·
Equipments
·
Office Premises
·
Electrical Fittings
·
Furniture and Fittings
·
Typewriting Machines
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. 49.71 |
|
|
1 |
Rs. 78.08 |
|
Euro |
1 |
Rs. 68.05 |
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 |
NO |
|
--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.