MIRA INFORM REPORT
PRELIMINARY
REPORT
|
Report
Date : |
06.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
SPARKLINE
EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
99/44, Shopping Center, Dheni Velankar Nayar, Parvati,
Pune, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2003 |
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Date
of Incorporation : |
13.09.1994 |
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Com.
Reg. No.: |
11-81065 |
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CIN
No.: [Company Identification No.] |
U29219MH1994PTC081065 |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Welding Rotator, Light Weight Crane, Hoist, Manipulators
and material handling equipment. Subject also manufacture, distribute, sell,
import, export or otherwise deal in tools tackle equipments for welding
automation. |
RATING & COMMENTS
|
MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum
Credit Limit : |
-- |
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Status
: |
Moderate |
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Payment
Behaviour : |
Unknown |
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Litigation
: |
Clear |
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Comments
: |
Subject
is a small company having moderate track records. Directors are reported as
experienced businessmen. Their trade relations are reported as fair.
Financial position is moderate. No payment records are available. The
company can be considered for small to mediocre business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
99/44, Shopping Center, Dheni Velankar Nayar, Parvati,
Pune, Maharashtra, India |
DIRECTORS
|
Name : |
Ms. Sheetal Abhaykumar Doshi |
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Designation
: |
Director |
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Address
: |
Flat No. 2, Chitra Building, Velankar Nagar, Parvati,
Pune- 411 009, Maharashtra, India |
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Date
of Birth/Age : |
10.02.1963 |
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Date
of Appointment : |
13.09.1994 |
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Name : |
Ms. Vrushali Sheetal Doshi |
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Designation
: |
Director |
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Address
: |
Flat No. 2, Chitra Building, Velankar Nagar, Parvati,
Pune- 411 009, Maharashtra, India |
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Date
of Birth/Age : |
29.12.1966 |
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Date
of Appointment : |
13.09.1994 |
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Name : |
Mr. Abhaykumar Chaganlal Doshi |
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Designation
: |
Director |
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Address
: |
441, Station Road, Baramati, Maharashtra, India |
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Date
of Birth/Age : |
06.12.1934 |
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Date
of Appointment : |
13.09.1994 |
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Name : |
Mrs. Sanjeevani Abhaykumar Doshi |
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Designation
: |
Director |
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Address
: |
441, Station Road, Baramati, Maharashtra, India |
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Date
of Birth/Age : |
19.08.1938 |
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Date
of Appointment : |
13.09.1994 |
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Name : |
Mr. Rajendra Abhaykumar Doshi |
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Designation
: |
Director |
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Address
: |
441, Station Road, Baramati, Maharashtra, India |
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Date
of Birth/Age : |
19.06.1960 |
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Date
of Appointment : |
13.09.1994 |
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Name : |
Mr. Ajay Abhaykumar Doshi |
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Designation
: |
Director |
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Address
: |
441, Station Road, Baramati, Maharashtra, India |
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Date
of Birth/Age : |
30.04.1965 |
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Date
of Appointment : |
13.09.1994 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
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No. of Shares |
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Ms.
Sheetal A. Doshi |
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45485 |
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Ms.
Vrushali S. Doshi |
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3865 |
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Mr.
Abhaykumar C. Doshi |
|
650 |
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Total |
|
50000 |
BUSINESS DETAILS
|
Line
of Business : |
Welding Rotator, Light Weight Crane, Hoist, Manipulators
and material handling equipment. Subject also manufacture, distribute, sell,
import, export or otherwise deal in tools tackle equipments for welding
automation. |
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Products
: |
Welding Rotator, Light weight Crane, Hoist, material
handling equipment |
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GENERAL INFORMATION
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No. of
Employees : |
10 |
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Bankers
: |
Bank of India |
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Facilities : |
Credit Limit: Loan against TDR A/c No. 8024 Rs. 1.581
million |
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Security: Plant and Machinery, Stock, Book Debts. |
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Banking Relations : |
Unknown |
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Auditors
: |
S. H. Surana Chartered Accountants |
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Address: |
7, Dugal Plaza, Prem Nagar, Bibewadi Road, Pune- 411 037,
Maharashtra, India |
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Tel.
No.: |
91-203-4220681/ 4220682 |
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Fax
No.: |
91-203-4219288 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
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|
50,000 |
Equity Shares |
Rs.10/- |
Rs.0.500 million |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50,000 |
Equity Shares |
Rs.10/- |
Rs.0.500 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
We are trying for latest financials and a will be sent as
soon as the same is available.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
|
0.500 |
0.500 |
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2]
Reserves & Surplus/(Accumulated Losses) |
|
1.178 |
2.321 |
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3] Share
Application Money |
|
-- |
0.044 |
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NETWORTH
|
|
1.678 |
2.865 |
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LOAN
FUNDS |
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1]
Secured Loans |
|
1.581 |
2.049 |
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2]
Unsecured Loans |
|
0.426 |
0.326 |
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TOTAL
BORROWING
|
|
2.007 |
2.375 |
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TOTAL
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3.685 |
5.240 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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0.359 |
0.363 |
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Capital work-in-progress
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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|
1.327 |
3.444 |
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Sundry Debtors
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|
2.826 |
4.282 |
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Cash & Bank Balances
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|
0.660 |
0.756 |
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Other Current Assets
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|
0.055 |
0.149 |
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Loans & Advances
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|
1.665 |
1.008 |
Total Current Assets
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|
6.533 |
9.639 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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0.327 |
4.764 |
Total
Current Liabilities
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|
0.327 |
4.764 |
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Net Current Assets
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6.206 |
4.875 |
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MISCELLANEOUS EXPENSES
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|
0.001 |
0.002 |
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TOTAL
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6.566 |
5.240 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2003 |
31.03.2002 |
Sales Turnover [including other income]
|
|
10.212 |
15.353 |
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Profit/(Loss) Before Tax
|
|
(1.143) |
2.034 |
Provision for Taxation
|
|
-- |
0.434 |
Profit/(Loss) After Tax
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|
(1.143) |
1.600 |
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Import Value
|
|
1.307 |
-- |
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Total Expenditure
|
|
11.357 |
13.320 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2003 |
31.03.2002 |
PAT / Total Income
|
(%)
|
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(11.19) |
10.42 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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(11.19) |
13.25 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
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(16.58) |
20.34 |
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Return on Investment (ROI)
(PBT/Networth) |
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|
0.68 |
0.71 |
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Debt Equity Ratio
(Total
Liability/Networth) |
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|
2.39 |
3.49 |
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Current Ratio
(Current
Asset/Current Liability) |
|
|
19.98 |
2.02 |
LOCAL AGENCY FURTHER INFORMATION
Nil
CMT REPORT
[Corruption, Money laundering & Terrorism]
The Public
Notice information has been collected from various sources including but not
limited to: The Courts, India Prisons Service, Interpol, etc.
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.44.84 |
|
UK Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
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PAID-UP
CAPITAL |
1~10 |
4 |
|
OPERATING
SCALE |
1~10 |
4 |
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FINANCIAL
CONDITION |
|
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|
--BUSINESS
SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT
LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
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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 |
NO |
|
TOTAL |
|
36 |
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 |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon
which to recommend credit dealings |
No Rating |
|