MIRA
INFORM REPORT
|
Report Date : |
12.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SPICA ELASTIC PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
477, Chandra Chowk, 3rd Lane, Seth Mooljee Jaitha Cloth Market,
Sheikh, Mumbai – 400002, Maharashtra, India |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
25.09.1979 |
|
|
|
|
Com. Reg. No.: |
11-021712 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 58.090 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17236MH1979PTC021712 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS39893A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS6153K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Narrow Woven and Knitted Fabrics. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and 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) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
477, Chandra Chowk, 3rd Lane, Seth Mooljee Jaitha Cloth
Market, Sheikh, Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-65844180 |
|
Fax No.: |
91-22-66547854 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
22/2, Hadapsar Industrial Estate, Pune – 411013, |
|
Tel. No.: |
91-20-26870051 |
|
Fax No.: |
91-20-26872212 |
DIRECTORS
As on 06.08.2011
|
Name : |
Mr. Rajnikant .C. Jaitha |
|
Designation : |
Director |
|
Address : |
Krishnakunj, 10, |
|
Date of Birth/Age : |
05.07.1941 |
|
Date of Appointment : |
15.10.1979 |
|
DIN No.: |
00027802 |
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 |
U70101MH1871PTC000004 |
NEW PIECE-GOODS
BAZAR COMPANY LIMITED |
Director |
23-04-63 |
23-04-63 |
- |
Active |
NO |
|
2 |
U17236MH1979PTC021712 |
SPICA ELASTIC
PRIVATE LIMITED |
Director |
01-04-07 |
15-10-79 |
- |
Active |
NO |
|
3 |
U36991GA2005PTC004070 |
SONATAPES
PRIVATE LIMITED |
Director |
03-03-80 |
03-03-80 |
- |
Active |
NO |
|
4 |
L45400MH1981PLC025151 |
KRISHNA VENTURES
LIMITED |
Director |
06-11-82 |
06-11-82 |
29-05-10 |
Active |
NO |
|
5 |
U17297MH1981PTC025071 |
AMIJAY LABELS
PRIVATE LIMITED |
Director |
21-04-93 |
21-04-93 |
- |
Amalgamated |
NO |
|
6 |
U17120MH1981PTC025010 |
APEX ELASTIC
PROCESSORS PRIVATE LIMITED |
Director |
27-03-00 |
27-03-00 |
- |
Strike off |
NO |
|
7 |
U25199MH2002PTC135305 |
LEO TAPES
PRIVATE LIMITED |
Director |
27-03-02 |
27-03-02 |
- |
Strike off |
NO |
|
8 |
U25199MH2002PTC135304 |
JAITHA AND SONS
ELASTIC PRIVATE LIMITED |
Director |
27-03-02 |
27-03-02 |
- |
Strike off
|
|
|
Name : |
Mr. Manish Rajnikant Jaitha |
|
Designation : |
Director |
|
Address : |
Krishnakunj, 10, |
|
Date of Birth/Age : |
20.06.1967 |
|
Date of Appointment : |
20.06.1988 |
|
DIN No.: |
00026101 |
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 |
L45400MH1981PLC025151 |
KRISHNA VENTURES
LIMITED |
Director |
20-06-88 |
20-06-88 |
29-05-10 |
Active |
NO |
|
2 |
U36991GA2005PTC004070 |
SONATAPES
PRIVATE LIMITED |
Director |
20-06-88 |
20-06-88 |
- |
Active |
NO |
|
3 |
U17236MH1979PTC021712 |
SPICA ELASTIC
PRIVATE LIMITED |
Managing
director |
01-04-07 |
20-06-88 |
- |
Active |
NO |
|
4 |
U17297MH1981PTC025071 |
AMIJAY LABELS
PRIVATE LIMITED |
Director |
26-03-93 |
26-03-93 |
- |
Amalgamated |
NO |
|
5 |
U17120MH1981PTC025010 |
APEX ELASTIC
PROCESSORS PRIVATE LIMITED |
Director |
27-03-00 |
27-03-00 |
- |
Strike off |
NO |
|
6 |
U25199MH2002PTC135305 |
LEO TAPES
PRIVATE LIMITED |
Director |
27-03-02 |
27-03-02 |
- |
Strike off |
NO |
|
7 |
U25199MH2002PTC135304 |
JAITHA AND SONS
ELASTIC PRIVATE LIMITED |
Director |
27-03-02 |
27-03-02 |
- |
Strike off |
NO |
|
8 |
U70101MH1871PTC000004 |
NEW PIECE-GOODS
BAZAR COMPANY LIMITED |
Director |
01-09-06 |
01-09-06 |
23-02-11 |
Active |
NO |
|
9 |
U51900MH1997PTC109525 |
DEMA ENTERPRISES
PRIVATE LIMITED |
Director |
28-12-06 |
28-12-06 |
- |
Strike off |
NO |
|
Name : |
Mr. Sudhir Narendra Kulkarni |
|
Designation : |
Executive Director |
|
Address : |
Bharatkunj Vasahat No. 1, CH Aruhas Enclave Erandwane, Pune – 411004, |
|
Date of Birth/Age : |
30.04.1962 |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
01466839 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U17236MH1979PTC021712 |
SPICA ELASTIC
PRIVATE LIMITED |
Director |
01-04-07 |
01-04-07 |
Active |
NO |
|
2 |
U36991GA2005PTC004070 |
SONATAPES
PRIVATE LIMITED |
Additional
director |
09-02-08 |
09-02-08 |
Active |
NO |
|
3 |
U01403PN2010PTC136919 |
GREEN NURTURE
FARMS PRIVATE LIMITED |
Director |
30-09-11 |
06-08-10 |
Active |
NO |
|
Name : |
Mr. Sanjay Krishnakant Jaitha |
|
Designation : |
Director |
|
Address : |
Krishnakunj, 10, |
|
Date of Birth/Age : |
04.04.1964 |
|
Date of Appointment : |
04.04.1985 |
|
DIN No.: |
01083901 |
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 |
U17236MH1979PTC021712 |
SPICA ELASTIC
PRIVATE LIMITED |
Director |
04-04-85 |
04-04-85 |
- |
Active |
NO |
|
2 |
U36991GA2005PTC004070 |
SONATAPES
PRIVATE LIMITED |
Director |
04-04-85 |
04-04-85 |
- |
Active |
NO |
|
3 |
L45400MH1981PLC025151 |
KRISHNA VENTURES
LIMITED |
Director |
29-06-85 |
29-06-85 |
29-05-10 |
Active |
NO |
|
4 |
U17297MH1981PTC025071 |
AMIJAY LABELS
PRIVATE LIMITED |
Director |
26-03-93 |
26-03-93 |
- |
Amalgamated |
NO |
|
5 |
U17120MH1981PTC025010 |
APEX ELASTIC
PROCESSORS PRIVATE LIMITED |
Director |
27-03-00 |
27-03-00 |
- |
Strike off |
NO |
|
6 |
U70101MH1871PTC000004 |
NEW PIECE-GOODS
BAZAR COMPANY LIMITED |
Nominee director |
23-02-11 |
23-02-11 |
- |
Active |
NO |
|
Name : |
Mr. Amish R. Jaitha |
|
Designation : |
Director |
|
Address : |
10, |
|
Date of Birth/Age : |
06.11.1976 |
|
Date of Appointment : |
16.11.1997 |
|
DIN No.: |
00026113 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U17297MH1981PTC025071 |
AMIJAY LABELS
PRIVATE LIMITED |
Director |
06-11-97 |
06-11-97 |
Amalgamated |
NO |
|
2 |
U17236MH1979PTC021712 |
SPICA ELASTIC
PRIVATE LIMITED |
Director |
16-11-97 |
16-11-97 |
Active |
NO |
|
3 |
U36991GA2005PTC004070 |
SONATAPES PRIVATE
LIMITED |
Managing
director |
08-03-99 |
08-03-99 |
Active |
NO |
|
4 |
U17120MH1981PTC025010 |
APEX ELASTIC
PROCESSORS PRIVATE LIMITED |
Director |
27-03-00 |
27-03-00 |
Strike off |
NO |
|
5 |
U25199MH2002PTC135304 |
JAITHA AND SONS ELASTIC
PRIVATE LIMITED |
Director |
27-03-02 |
27-03-02 |
Strike off |
NO |
|
6 |
U25199MH2002PTC135305 |
LEO TAPES
PRIVATE LIMITED |
Director |
27-03-02 |
27-03-02 |
Strike off |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.08.2011
|
Names of Shareholders |
|
No. of Equity
Shares |
|
|
|
|
|
Rajnikant .C. Jaitha |
|
43450 |
|
Sanjay Krishnakant Jaitha |
|
39500 |
|
Manish Rajnikant Jaitha |
|
84600 |
|
Amish R. Jaitha |
|
99100 |
|
Rajnikant .C. Jaitha (HUF) |
|
34625 |
|
Krishnakant. C. Jaitha |
|
53650 |
|
Asha Rajnikant Jaitha |
|
20172 |
|
Nina Sanjay Jaitha |
|
31500 |
|
Manisha Manish Jaitha |
|
8000 |
|
Anuradha Krishnakant Jaitha |
|
12000 |
|
Rohan Manish Jaitha |
|
5000 |
|
Gaurav Manish Jaitha |
|
5000 |
|
Arjun Sanjay Jaitha |
|
13302 |
|
Rajnikant .C. Jaitha (HUF) |
|
1 |
|
Total |
|
449900 |
|
Names of
Shareholders |
|
No.
of Preference Shares |
|
Rajnikant .C. Jaitha |
|
15720 |
|
Anuradha Krishnakant Jaitha |
|
19650 |
|
Asha Rajnikant Jaitha |
|
14410 |
|
Sanjay Krishnakant Jaitha |
|
10480 |
|
Manish Rajnikant Jaitha |
|
9170 |
|
Amish R. Jaitha |
|
13100 |
|
Nina Sanjay Jaitha |
|
6550 |
|
Arjun Sanjay Jaitha |
|
6550 |
|
Amish R. Jaitha |
|
15720 |
|
Manisha Manish Jaitha |
|
6550 |
|
Rohan Manish Jaitha |
|
6550 |
|
Gaurav Manish Jaitha |
|
6550 |
|
Total |
|
131000 |
As on 06.08.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.000 |
|
Total
|
|
100.000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Narrow Woven and Knitted Fabrics. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS ( As on 31.03.2011)
|
Particulars |
Installed
Capacity |
|
|
|
|
Looms |
125 Looms |
|
Crochet Machines |
19 Crochet
Machines |
|
|
|
|
Particulars |
Actual
Production |
|
|
|
|
Elastic Tapes |
184.748 Mtrs |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
The Saraswat
Co-operative Bank Limited, C-2, Kohinoor Estate Co-operative Housing Society,
Plot No. 12, Mula road, Sangamwadi., Pune - 411003, |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B. S. Mehta and Company Chartered Accountants |
|
Address : |
11/13, |
|
Tel No.: |
91-2266 1255/ 2266
0275 I 2266 5275 / 2266 0821 I
2266 1557 |
|
Pan No.: |
AAAFB1403A |
|
|
|
|
Associates/Subsidiaries : |
Spica Elastic Vietam Company Limited, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 70.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
449900 |
Equity Shares |
Rs. 100/- each |
Rs. 44.990
Millions |
|
131000 |
Preference Shares |
Rs. 100/- each |
Rs. 13.100
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 58.090 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
58.090 |
58.090 |
58.090 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
251.090 |
159.116 |
123.629 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
309.180 |
217.206 |
181.719 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
221.492 |
173.770 |
163.412 |
|
|
2] Unsecured Loans |
114.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
335.492 |
173.770 |
163.412 |
|
|
DEFERRED TAX LIABILITIES |
6.898 |
10.774 |
11.225 |
|
|
|
|
|
|
|
|
TOTAL |
651.570 |
401.750 |
356.356 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
218.567 |
253.650 |
251.316 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
14.089 |
0.025 |
0.025 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
139.090
|
102.560 |
26.569 |
|
|
Sundry Debtors |
158.759
|
103.334 |
113.465 |
|
|
Cash & Bank Balances |
0.070
|
1.591 |
5.078 |
|
|
Other Current Assets |
0.064
|
0.064 |
0.000 |
|
|
Loans & Advances |
287.606
|
53.394 |
44.814 |
|
Total
Current Assets |
585.589
|
260.943 |
189.926 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
34.229
|
34.151 |
18.069 |
|
|
Other Current Liabilities |
16.671
|
14.442 |
16.504 |
|
|
Provisions |
115.775
|
64.275 |
50.345 |
|
Total
Current Liabilities |
166.675
|
112.868 |
84.918 |
|
|
Net Current Assets |
418.914
|
148.075 |
105.008 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.007 |
|
|
|
|
|
|
|
|
TOTAL |
651.570 |
401.750 |
356.356 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
TURNOVER |
1045.860 |
727.015 |
885.670 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
866.768 |
625.090 |
743.223 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
179.092 |
101.925 |
142.447 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
37.885 |
40.854 |
38.022 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
141.207 |
61.071 |
104.425 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
47.624 |
24.050 |
55.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
93.583 |
37.021 |
49.325 |
|
|
|
|
|
|
|
|
|
Add |
EXCESS / SHORT
PROVISION FOR TAXATION |
(0.075) |
0.075 |
0.086 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
158.432 |
122.945 |
75.143 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
1.609 |
1.609 |
1.609 |
|
|
BALANCE CARRIED
TO THE B/S |
250.406 |
158.432 |
122.945 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
593.598 |
573.290 |
|
|
TOTAL EARNINGS |
NA |
593.598 |
573.290 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
91.359 |
112.225 |
|
|
|
Stores & Spares |
NA |
3.000 |
3.749 |
|
|
|
Capital Goods |
|
16.596 |
12.402 |
|
|
|
Others |
|
0.329 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
111.284 |
128.376 |
|
|
|
|
|
|
|
|
|
|
Earnings
Per Share (Rs.) |
204.43 |
78.88 |
106.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
13.50
|
8.40 |
11.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.56
|
11.87 |
23.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.28 |
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.65
|
1.37 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.51
|
2.31 |
2.24 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
------------- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----------- |
|
Litigations that the firm/ Promoters Involved in |
------------- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
-------------- |
|
Buyer visit details |
------------- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
OPERATIONS :
The Directors are
present the record achieving results since incorporation of the Company, in
terms of ever highest turnover of Rs. 1045.859 Millions, inclusive of exports of
Rs. 934.562 Millions, and net profit after Tax of Rs. 93.584 Millions for the
year. The Directors are also report that the company has successfully
established a 100% subsidiary in
AMALGAMATION :
According to the
Resolution passed by the Board of Directors in their meeting held on 17th
January, 2011 for amalgamation of Amijay Labels Private Limited with the Company,
an application was made to the Honourable High Court, Mumbai, for obtaining its
sanction to the proposed amalgamation. In view of the consents given by all the
shareholders, the Honourable High Court, Mumbai, has dispensed with the holding
of General Meeting for the purpose of approving the Scheme of Amalgamation
Form 8
|
Corporate
identity number of the company |
U17236MH1979PTC021712 |
|
Name of the
company |
SPICA ELASTIC
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10256910 |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge Others |
|
Particular of
charge holder |
The Saraswat
Co-Operative Bank Limited, C-2, Kohinoor Estate Co-Operative Housing Society,
Plot No. 12, Email: csadeshpande@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement Of
Further Charge Dated 27th January, 2011. |
|
Date of instrument
Creating the charge |
27.01.2011 |
|
Amount secured by
the charge |
Rs. 180.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Plr less 2.00% p.a.
=11.00% p.a. With monthly rests or at such rates as may be prescribed by the
bank from time to time. Present plr is 13.00% p.a. Terms of repayment Repayable on
Demand Margin 20% Extent and operation of the charge Type of facility
- overdraft - the limit is sactioned specifically for company's Other All other terms
and conditions as per the agreement. |
|
Short particulars
of the property charged |
Piece and Parcel
of land adm 76105 sq ft or 7070.47 sq. Mtrs bearing Plot No. 50 as per the
sanctioned layout of the land bearing S.No. 112b, 113a, 114, 117, 118, 119,
122b, 123, 296b, 297 and 318 at hadapsar. Piece and Parcel
of land adm 28510 sq ft or 2648.10 sq. Mtrs bearing Plot No. 102b as per the
sanctioned layout of the land bearing S.No. 112, 113a, 114, 117, 118, 119,
122a, 123, 296b, 297 and 318 at hadapsar. Building thereon
or which may be constructed hereafter thereon and all the present and future
FSI that may be available and all the rights to use the TDR. |
|
Particulars of the
present modification |
Hypothecate all
its current and fixed assets viz. Stocks of raw material, finished and
semi-finished goods, trade debts, plant and machinery, furniture, fixtures,
other equipments (both present and future) and every tangible movable
property situated at the borrowers place of business. Additional sanction of
Rs. 40.000 Millions making total limit Rs. 180.000 Millions |
Contingent
Liabilities not provided for:-
|
Particulars |
Rs.
in Millions 31.3.2011 |
Rs.
in Millions 31.03.2010 |
|
Income Tax
Department has raised a demand for the assessment year 2007-08. However, the
company has disputed the payment of said demand and has filed necessary rectification
letter and letter for pending of order giving effect to the Appellate orders
of earlier years and claimed refund. |
1.067 |
1.067 |
FIXED ASSETS:
- Plant and Machinery
- Office Equipments
- Computer and other Equipments
- Furniture and Fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 53.64 |
|
|
1 |
Rs. 86.42 |
|
Euro |
1 |
Rs. 69.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
ACH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
Yes |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
47 |
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.