MIRA
INFORM REPORT
|
Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SPRINGWEL MATTRESSES PRIVATE LIMITED |
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Registered
Office : |
A-49, Mangolpuri Industries Area, Phase II, New Delhi-110084 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.10.1996 |
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Com. Reg. No.: |
55-82880 |
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Capital
Investment / Paid-up Capital : |
Rs.24.700
Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1996PTC082880 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS10993D |
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PAN No.: [Permanent Account No.] |
AABCS7172H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Springwel Mattresses. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 410000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
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) |
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|
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 |
LOCATIONS
|
Registered Office : |
A-49, Mangolpuri Industries Area, Phase II, New Delhi-110084, India |
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Tel. No.: |
91-11-27032721 / 47533333 |
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Fax No.: |
91-11-27014666 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory 1 : |
12, Apparel Park Cum Industrial Area, Katha, Baddi Tehsil-Nalagarh,
District Solan, Himachal Pradesh, India |
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Factory 2 : |
E-18, E-21, Industrial Area, Sare Khurd, Bhiwadi-301019 Rajasthan
India |
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Regional Offices : |
Located At: · Mumbai ·
Kolkata ·
Ahmedabad ·
Bangalore |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Paramjeet Singh Chhabra |
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Designation : |
Director |
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Address : |
J-126, Ashok Vihar, Phase I, New Delhi-110052, India |
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Date of Birth/Age : |
22.09.1952 |
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Qualification : |
MBA |
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Date of Appointment: |
06.05.1997 |
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Din No.: |
00153183 |
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Other Directorship:
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Name : |
Mrs. Paramjeet Kaur Chhabra |
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Designation : |
Director |
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Address : |
J-126, Ashok Vihar, Phase I, New Delhi-110052, India |
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Date of Birth/Age : |
22.11.1952 |
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Qualification : |
Graduate |
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Date of Appointment: |
15.06.2000 |
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Din No.: |
03139724 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Mukesh |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Amandep Singh |
|
189000 |
|
Devender Singh |
|
18500 |
|
Inder Kaur Chhabra |
|
187400 |
|
Ruchika Bhatia |
|
100 |
|
Surinder Kaur |
|
133250 |
|
Paramjeet Kaur Chhabra |
|
85500 |
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Gurjeet Kaur |
|
61750 |
|
Paramjeet Kaur Chhabra |
|
660000 |
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Harmeet Singh |
|
500 |
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Paramjeet Kaur Chhabra |
|
62500 |
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Grumukh Singh |
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110000 |
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Sudesh Marwah |
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225000 |
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Gagandeep Singh |
|
50000 |
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Ram Prakash Marwah HUF |
|
140000 |
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Ram Prakash Marwah |
|
100000 |
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Harinder Singh HUF |
|
20000 |
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Puneet Sachdev |
|
70000 |
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Harinder Singh |
|
276000 |
|
Nikhil Marwah |
|
80500 |
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Total |
|
2470000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
|
Percentage of Holding |
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Springwel Mattresses. |
GENERAL INFORMATION
|
No. of Employees
: |
Not Available |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ramesh Gupta and Company Chartered Accountants |
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Address : |
1C/13, New Rohtak Road, New Delhi- 110005, India |
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Tel. No.: |
91-11-28716329 |
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Fax No.: |
91-11-28714562 |
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E-Mail : |
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Pan No.: |
AAHPG3536E |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2470000 |
Equity Shares |
Rs.10/- each |
Rs.24.700
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 |
24.700 |
14.700 |
14.700 |
|
|
2] Share Application Money |
19.000 |
9.500 |
11.000 |
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|
3] Reserves & Surplus |
58.983 |
32.940 |
22.902 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
102.683 |
57.140 |
48.602 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.803 |
5.495 |
35.417 |
|
|
2] Unsecured Loans |
91.283 |
90.302 |
51.183 |
|
|
TOTAL BORROWING |
95.086 |
95.797 |
86.600 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
SUBSIDY |
1.652 |
1.652 |
1.651 |
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|
|
|
|
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TOTAL |
199.421 |
154.589 |
136.853 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
55.348 |
52.998 |
54.111 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
0.085 |
0.085 |
0.085 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
74.414
|
56.291 |
42.485
|
|
|
Sundry Debtors |
76.648
|
74.848 |
73.363
|
|
|
Cash & Bank Balances |
17.502
|
3.199 |
7.689
|
|
|
Other Current Assets |
1.342
|
2.136 |
8.051
|
|
|
Loans & Advances |
26.150
|
15.716 |
6.724
|
|
Total
Current Assets |
196.056
|
152.190 |
138.312 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
44.607 |
|
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Other Current Liabilities |
52.436
|
51.236 |
8.111
|
|
|
Provisions |
0.000
|
0.000 |
3.673
|
|
Total
Current Liabilities |
52.436
|
51.236 |
56.391
|
|
|
Net Current Assets |
143.620
|
100.954 |
81.921
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.368 |
0.552 |
0.736 |
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|
|
|
|
|
|
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TOTAL |
199.421 |
154.589 |
136.853 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
|
|
360.828 |
|
|
|
Other Income |
|
|
0.094 |
|
|
|
TOTAL (A) |
NA |
NA |
360.922 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
|
|
223.902 |
|
|
|
Administrative Expenses |
|
|
17.310 |
|
|
|
Selling and Distribution Expenses |
NA |
NA |
68.367 |
|
|
|
Established Expenses |
|
|
11.108 |
|
|
|
Pre operative Expenses Written off |
|
|
0.184 |
|
|
|
TOTAL (B) |
NA |
NA |
320.871 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
40.051 |
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|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
10.501 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
37.391 |
18.387 |
29.550 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.401 |
6.240 |
6.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
30.990 |
12.147 |
22.838 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
NA |
NA |
2.949 |
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|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
NA |
NA |
19.889 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
13.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
5.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
6.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.33
|
5.92 |
11.88 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.21 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.44
|
2.57 |
2.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.74
|
2.97 |
2.45 |
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 |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last one years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
Yes |
Note:
The registered office of the company has been shifted from
B-21, Phase II, Mangolpuri Industrial area, New Delhi-110034, India to the
present address w.e.f. 28.12.2009.
Financial Results
During the year,
the company has earned a profit of Rs. 30.990 Millions after providing
depreciation of. Rs. 6.401 Millions. However due to working capital funds
requirements, the directors regret their inability to declare any dividend.
Operation
During the year, the
turnover of the company has increased by approximately 11.21% and profit
increased by approximately 61.44%, which is mainly due to better management of
administration over heads, selling and distribution over heads and financial
over heads. The directors foresee a bright future of the company ahead.
Bankers Charges
Report As Per Registry
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10238839 |
|
Corporate identity number of the company |
U74899DL1996PTC082880 |
|
Name of the company |
SPRINGWEL MATTRESSES PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
A-49, Mangolpuri Industries Area, Phase II, New Delhi-110084, India E-mail : info@springwel.com |
|
Type of charge |
Immovable Property |
|
Particular of charge holder |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India E-mail : rbbform8@hdfcbank.com |
|
Nature of description of the instrument
creating or modifying the charge |
Memorandum recording past transactions of
creation of Mortgage by Delivery of Title Deeds. |
|
Date of instrument Creating the charge |
28.09.2011 |
|
Amount secured by the charge |
Rs.200.000 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest Interest at the rate as may be communicated
by the Bank from time to time. Terms of Repayment Working capital facility shall be payable
On Demand. Term Loan facility shall be repayable in
suitable installments. Margin As may be stipulated by the Bank from time
to time. Extent and Operation of the charge The Company accorded and gave oral consent
to Bank to continue to hold and retain the title deeds (by way of
Constructive delivery) in respect of its immovable properties as stated under
Item No.15 below, as security for repayment of Rs. 200.000 Millions by the Company, together with principal,
interest, liquidated damages, costs, charges and expenses. |
|
Short particulars of the property charged |
12, Apparel Park Cum Industrial Area,
Katha Bhatoli Kalan, Baddi, Nalagarh District Solan E-18, E-21, Sarekhurd Industrial, Bhiwadi,
Rajasthan, India |
|
Date of latest modification prior to the
present modification |
22.02.2011 |
|
Particulars of the present
modification |
The charge shall now stand increased from Rs.160.000
Millions to Rs.200.000 Millions, in favour the Bank against the equitable
mortgage of immovable property at 12, Apparel Park Cum Industrial Area, Katha
Bhatoli Kalan, Baddi, Nalagarh District Solan and E-18, E-21, Sarekhurd
Industrial, Bhiwadi, Rajasthan, India |
FIXED ASSETS
- Air
Conditioner
- Building
- Cars
- Computer
- Fax
- Land
- Mobile Phone
- Office
Equipment
- Motor Cycle
- Plant and
Machinery
- Scooter
- Typewriter
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.50.27 |
|
|
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.68.45 |
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.