MIRA
INFORM REPORT
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Report Date : |
24.02.2012 |
IDENTIFICATION DETAILS
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Name : |
BELLITE SPRINGS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.01.1995 |
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Com. Reg. No.: |
11-084830 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U74999MH1995PTC084830 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKB02572D |
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PAN No.: [Permanent Account No.] |
AABCB3846K |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers of corroborators body and break assembly
systems, shock absorbing systems, steering gear and various others. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 13000 |
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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. The company
has been successful in wiping off the accumulated losses of the previous year.
Trade relations are fair. Business is active. Payments are reported to be
slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
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Name : |
Mr. Sharad |
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Designation : |
Chief Executive Officer |
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Contact No.: |
91-9323702761 |
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Date : |
22.02.20102 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-9323702761 (Mr. Shared) |
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Fax No.: |
Not Available |
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E-Mail : |
sharadbhatt@bellitesprings.com |
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Website : |
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Factory : |
W-36, MIDC, WALUJ, |
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Tel. No.: |
91-240-6609468/ 69/ 70/ 67 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rajendra Sukdev
Sambherao |
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Designation : |
Director |
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Address : |
New Shivneri Housing Society, Plot No. RX,
1/5 Bajaj Nagar, Waluj, |
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Date of Appointment : |
23.11.2002 |
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DIN No.: |
01295601 |
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Name : |
Mrs. Pallavi Sharad
Bhatt |
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Designation : |
Director |
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Address : |
5, Jai Bharat Society, 3rd Floor,
Khar “(West), Mumbai – 400052, |
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Date of Appointment : |
20.01.1995 |
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DIN No.: |
02116718 |
KEY EXECUTIVES
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Name : |
Mr. Sharad |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Pallavi Sharad Bhatt |
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1010 |
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Sharad Vishwanath
Bhatt |
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10 |
Equity Share Break up (Percentage of Total Equity)
As On 30.09.2010
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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 : |
Manufacturers of corroborators body and break assembly systems,
shock absorbing systems, steering gear and various others. |
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Products : |
Compression Springs |
GENERAL INFORMATION
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Customers : |
ABB Limited Kinetic Engineering
Limited Badve
Engineering Private Limited (Group) Lumax
Industries |
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No. of Employees : |
Not Divulged |
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Bankers : |
State Bank of India, Industrial Finance Branch, Jaggis
Building, Kranti Chowk, Aurangabad – 431005, Maharashtra,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Hitesh Shah and Associates Chartered Accountant |
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Address : |
8B/6, Sangeeta Sadan,
Opposite Cinemex Cinema, S.V. Road, Jawahar Nagar, Mumbai – 400104,
Maharashtra, India |
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Tel. No.: |
91-22-28745501 |
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PAN.: |
AACFH9501M |
CAPITAL STRUCTURE
As on 30.09.2010
Authorized Capital of Rs.3.000 Millions
Issued, Subscribed and Paid up Capital of Rs.3.000 Millions
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
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Out of the 10000 Equity Shares, 2480 Equity Shares
of Rs.100.00 each are allotted as fully paid up without consolidation being
received in cash on conservation of partnership into Ellite
Springs Private Limite
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
2.000 |
2.000 |
2.000 |
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3] Reserves & Surplus |
0.328 |
(0.571) |
(0.604) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.328 |
2.429 |
2.396 |
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LOAN FUNDS |
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1] Secured Loans |
6.776 |
7.978 |
11.370 |
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2] Unsecured Loans |
2.841 |
1.993 |
1.986 |
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TOTAL BORROWING |
9.617 |
9.971 |
13.356 |
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DEFERRED TAX LIABILITIES |
0.015 |
0.042 |
0.042 |
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TOTAL |
12.960 |
12.442 |
15.794 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.236 |
9.068 |
11.461 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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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 |
3.916
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3.819 |
2.759 |
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Sundry Debtors |
13.766
|
9.781 |
7.284 |
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Cash & Bank Balances |
0.098
|
0.018 |
0.210 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.177
|
0.590 |
0.741 |
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Total
Current Assets |
18.957
|
14.208 |
10.994 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.818
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8.110 |
5.289 |
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Other Current Liabilities |
3.210
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2.729 |
1.377 |
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Provisions |
0.210
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0.000 |
0.000 |
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Total
Current Liabilities |
14.238
|
10.839 |
6.666 |
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Net Current Assets |
4.719
|
3.369 |
4.328 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12.960 |
12.442 |
15.794 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
40.591 |
31.394 |
28.656 |
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Other Income |
0.469 |
0.010 |
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TOTAL (A) |
41.060 |
31.404 |
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Less |
EXPENSES |
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37.645 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
37.645 |
28.584 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.415 |
2.820 |
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Less |
FINANCIAL
EXPENSES (D) |
0.913 |
1.270 |
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NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.502 |
1.550 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.305 |
1.460 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.197 |
0.090 |
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Less |
TAX (h) |
0.183 |
0.056 |
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PROFIT AFTER TAX
(G-H) (I) |
1.014 |
0.034 |
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Earnings Per
Share (Rs.) |
101.40 |
-- |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.47
|
0.11 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.95
|
0.29 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.40
|
0.37 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.17
|
8.57 |
8.36 |
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Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.31 |
1.65 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
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Particulars
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Rs. In Millions |
||
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Sundry Creditors |
10.818
|
8.110 |
5.289 |
OPERATION
During the year the company has achieved a turnover of Rs.40.591
millions as compared to Rs.31.394 millions during the previous year. Thus the
company has achieved a higher turnover by about 29%
The year operations have resulted in the net profit of Rs.1.014 after
the provision of tax, the directors are hopeful of still better prospectus
during the ensuring year.
FORM 8
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Corporate
identity number of the company |
U74999MH1995PTC084830 |
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Name of the
company |
BELLITE SPRINGS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Email: arjoshiassociates@gmail.com |
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This form is for |
Modification of charge |
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Charge
identification (ID) number of the charge to be modified |
80015891 |
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Type of charge |
Immovable
Property Floating charge |
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Particular of
charge holder |
State Bank of India, Industrial Finance Branch, Jaggis
Building, Kranti Chowk, Aurangabad – 431005, Maharashtra,
India Email: suraj.yamyar@sbi.co.in |
|
Nature of
instrument creating charge |
1. Letter of
Arrangement 2. Memorandum of
Recording extension of mortgage by way of deposit of title Deeds covering
enhanced limits 3. Deed of
Further Charge |
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Date of
instrument Creating the charge |
29.12.2011 |
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Amount secured by
the charge |
Rs.28.325
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Not applicable as
the company has given additional security only. Terms of
Repayment: Not applicable as
the company has given additional security only. Margin: Not applicable as
the company has given additional security only. Extent and
Operations of the charge: Exclusive first
charge on the Assets specified in the
Guarantee Agreement Others: Not applicable as
the company has given additional security only. |
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Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Extension of
Registered Mortgage of Agri Land at Gut no 41, area
0H.80 R at Village Ramari , Tq
Gangapur owned by Mr. Sharad
Bhatt and Mrs. Pallavi Bhatt vide Registration
No-5271/2010 Extension of
Equitable mortgage of factory land and Building at W-36, MIDC Waluj Aurangabad adm 720 sq mtrs Extention of Registered Mortgage of Agri Land at Gut no 41, area 0H.80 R at Village Ramari , Tq Gangapur
owned by Mr. Sharad Bhatt and Mrs. Pallavi Bhatt vide Regn
No-5270/2010 |
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Particulars of
the present modification |
No Enhancement in
limits only additional securities is provided. |
FIXED
ASSETS
v Land
v Factory Shed
v Plant and Machinery
v Office Premises
v Electrical Installation
v Furniture and Fixture
v Computers
v Mobile phone
v Scooters
v Motor car
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.49.25 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.