MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SILVER SPARK PRIVATE LIMITED |
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Registered Office : |
53/1, DB Gupta Road, 1st floor, Hansita H, Karol Bagh, New
Delhi 110005 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.10.1982 |
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Com. Reg. No.: |
14587 |
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CIN No.: [Company
Identification No.] |
U74899DL1982PTC014587 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS21206D / DELS24402A |
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PAN No.: [Permanent
Account No.] |
AAACS1368L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Trader and Assembler of Sanitary and Bath Room Accessories and Equipments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 22000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as
experienced, respectable and having satisfactory means of their own. Their
trade relations are fair. General
financial position is satisfactory.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
53/1, DB Gupta Road, 1st floor, Hansita H, Karol Bagh, New
Delhi 110005, India |
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Tel. No.: |
91-11-25720712/25761092 / 24351219 / 24353072 |
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Fax No.: |
91-11-25737465 / 24356448 |
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E-Mail : |
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Website : |
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Factory : |
C-63, Sector-IV, Noida-210 301, |
DIRECTORS
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Name : |
Mr. Sanjay Bhalla |
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Designation : |
Director |
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Address : |
A-8, Nizamuddin West, |
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Date of Birth/Age : |
14.12.1959 |
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Date of Appointment : |
29.10.1982 |
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Name : |
Ms. Amita Bhalla |
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Designation : |
Director |
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Address : |
A-8, Nizamuddin West, |
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Date of Birth/Age : |
22.07.1955 |
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Date of Appointment : |
29.10.1982 |
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Name : |
Mr. Anoop Vyas |
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Designation : |
Director |
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Address : |
Flat No. 2, |
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Date of Appointment : |
28.10.1982 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Sanjay Bhalla |
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57496 |
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Amita Bhalla |
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36238 |
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Archana Vyas |
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1260 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Directors or relatives of Directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Importer, Trader and Assembler of Sanitary and Bath Room
Accessories and Equipments. |
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Products : |
GENERAL INFORMATION
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Customers : |
v
Leela Hotel, v
Eastern Intrnational Hotel, v
Khanna Hotel, v
Hyatt Hotel, v
Oberoi Hotel, v
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No. of Employees : |
80 |
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Bankers : |
v
State Bank of S.M.E.C.C. Chandni Chowk, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R Rastogi & Company Chartered Accountants |
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Address : |
207-208, Vakil Chambers A-115, Shakarpur, |
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Tel No.: |
91-11-22509184 / 22531475 |
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Fax No.: |
91-11-22531475 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
94994 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.949
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.949 |
0.950 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.558 |
3.846 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.507 |
4.795 |
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LOAN FUNDS |
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1] Secured Loans |
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2.629 |
2.976 |
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2] Unsecured Loans |
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11.448 |
9.566 |
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TOTAL BORROWING |
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14.077 |
12.542 |
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DEFERRED TAX LIABILITIES |
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0.162 |
0.000 |
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TOTAL |
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19.746 |
17.338 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.478 |
4.699 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.036 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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19.787 |
18.486 |
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Sundry Debtors |
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4.217 |
2.771 |
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Cash & Bank Balances |
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0.592 |
0.656 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.984 |
0.463 |
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Total
Current Assets |
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25.580 |
22.376 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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9.079 |
8.337 |
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Provisions |
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2.233 |
1.436 |
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Total
Current Liabilities |
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11.312 |
9.773 |
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Net Current Assets |
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14.268 |
12.603 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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19.746 |
17.338 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover (including other income) |
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39.166 |
28.950 |
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Total Income |
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39.166 |
28.950 |
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Profit/(Loss) Before Tax |
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2.085 |
0.771 |
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Provision for Taxation |
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1.374 |
0.227 |
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Profit/(Loss) After Tax |
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0.711 |
0.544 |
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Expenditures : |
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37.081 |
28.179 |
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Total Expenditure |
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37.081 |
28.179 |
KEY RATIOS
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PARTICULARS |
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31.03.2006
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31.03.2005 |
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PAT / Total Income |
(%) |
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1.81 |
1.87 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.32 |
2.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.71 |
2.84 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.61 |
4.65 |
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Current Ratio (Current Asset/Current Liability) |
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2.26 |
2.28 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Corporation identity number or foreign company registrations number of the company |
U74899DL1982PTC014587 |
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Name of the company |
SILVER SPARK LIMITED |
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Address of the registered office or of the principal place of business in |
53/1, DB Gupta Road, 1st floor, Hansita H, Karol Bagh, New
Delhi 110005, India |
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This Form is for |
Creation of Charge |
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Type of charge |
Equitable mortgage
or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
State Bank of SMECC Chandni
Chowk, |
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Nature of
description of the instrument creating or modifying the charge |
SME – 3 Agreement
of Guarantee for loans advance to Slim Gym Enterprises, SME – 8 Letter of
confirmation for extension of mortgage by deposit of title deeds. |
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Date of
instrument Creating the charge |
07.08.2006 |
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Amount secured by
the charge |
Rs. 1.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest
0.75% above SBAR = 11.0% w.e.f. 02.08.2006 with a minimum of 11.75% p.a. with
monthly rests. Margin 25% on finished
goods. |
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Short particulars
of the property charged |
Equitable mortgage of plot C-63, Sector – IV, Noida, U.P. |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
NA |
Form 8
Bankers Charges Report
as per Registry
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Corporation identity number or foreign company registrations number of the company |
U74899DL1982PTC014587 |
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Name of the company |
SILVER SPARK LIMITED |
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Address of the registered office or of the principal place of business in |
53/1, DB Gupta Road, 1st floor, Hansita H, Karol Bagh, New
Delhi 110005, India |
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This Form is for |
NA |
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Type of charge |
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Particular of
charge holder |
State Bank of SMECC Chandni
Chowk, |
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Nature of
description of the instrument creating or modifying the charge |
SME – 3 Guarantee
Agreement for advance made to Slim Gym Enterprises, SME – 8 Letter of
confirmation for EM of property. |
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Date of
instrument Creating the charge |
23.01.2007 |
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Amount secured by
the charge |
Rs. 2.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of Interest Interest at 0.75%
above SBAR = 11.50% w.e.f. 27.12.2006 resent effective rate of 12.25% p.a. on
daily products with monthly rests. [b] Terms of
repayment Cash credit
working capital repayable on demand. [c] Margin As per agreement [d] Extent and
operation of the charge EM of property at
plot No. C-63, sector-4, phase I, Noida District Gaziabad. |
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Short particulars
of the property charged |
EM of property at
plot No. C-63, sector 4, phase I, Noida District Gaziabad. |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
Limit increased
from Rs. 1.500 Millions to Rs. 2.500 Millions. Other terms and conditions as per
agreement. |
AS PER WEBSITE
DETAILS :
OVERVIEW
Subject is a one stop provider for the complete Water Management Systems. They
manage the raw water right from transferring and treating the same to
pressurizing boosting and heating. Their scope also includes complete
automation of the systems.
Most hardware is sourced from various principals abroad. Customization and
value addition is done by their well trained engineers. The water chemistry and
the physical properties are most well understood to suggest and provide a
suitable system. Post Sales services are also provided by us backed by a good
inventory of spares.
They always test and experiment all new technologies and introductions in their
R&D center at their Noida & Mayapuri Factory (
Engaged
in supplying of complete water management systems and their range of products
comprises:
v
Hydro Pneumatic Water Boosting Systems : are offered from
stocks by sourcing pumps from
v Pressure Diaphragm
Tanks : of size 2 lts. to 1000 lts., imported from
v Control Panels : are locally
manufactured under their designs and incorporate all protection features like
HRC fuses, overload protection relays, single phase preventors, dry running
protection, alternate and sequential running and/or parallel running thereby
enabling them to provide systems of multiple capacities.
v
All the above inputs are put together to offer a
tailor made solution for the requirements. These systems are energy efficient,
compact and noiseless
v
VFD: They use drives & PLC of Schneiders, AB,
ABB alongwith Pressure Transducers to integrate the same with Control Panel
locally produced to achieve the desired energy efficient Hydropneumatic Water
Boosting Systems
Some of the
popular models are:-
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Storm Water |
Sewage Pump |
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DR Blue () |
DG Blue () |
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DRE () |
DGE () |
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APS () |
DRP () |
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Grinder Series () |
v
Submersible Pump / Sewage Pumps :
Suitable for both domestic and industrial use from small to big applications. These
pumps are imported from Zenit & Nocchi Pentair,
Applications:
- Ideal for treatment of heavily polluted or foamy liquids, sewage
liquids containing oily, fibrous or solid substances.
- For draining water from seepage, rain water, gratings or wells,
draining household waste water, rooms, tanks and pools.
- Also for purification plants, livestock farms, slaughterhouses,
meat processing plants, foundries and steel mills and clothing and leather
industry.
v
Water Heaters (Electric / Gas) :
Presenting you herewith Electric Storage Water Heater / Gas Fired Water
Heater specially imported from
- Withstands a maximum pressure of 8 bars and can therefore, be used
in conjunction with pressure pumps.
- Capacity ranges from 10 lts to 500 lts
- Glass lined tank
- Anti-corrosion protection is provided by replaceable magnesium
anode.
- Selected models are equipped with an external adjustable
thermostat.
- Idropi's water heaters are available in both horizontal and
vertical models.
- Bigger models like 300 lts to 500 lts are utilized for centralized
heating systems with an inlet for Recirculation.
v
Water Treatment & Swimming Pool Equipment :
They act as water consultants & suggest different solutions. Their scope
starts right from testing of water & providing solutions thereafter.
Their water treatment equipment / plant includes Water Softners, R.O., Sand
Filters, Cartridge Filters are sourced from Onga Pentair -
Subject has the following product range :
- Sand Filters / Activated carbon Filter / Micron Filter
- De Alkalizers and Deminralization Plants
- Water Softners
- Reverse Osmosis
Pre-installation Analysis
- Complete understanding of fluid dynamics, Pipe sizing, Pressure Heat
Calculations etc.
- Identifying equipment needs based on customers needs
- Reviewing architectural blueprints for proper equipment placement,
- Development of equipment specification and budgets,
- Advising architects and installers on technical specifications
& schematics
Equipment Installation
- All relevant drawing/ sketches for systems installation at site to
ease the delivery and installation process,
- Support to installation staff as needed with technical information.
Post Installation Support
- Silver Spark staff will come onsite to supervise the final
placement of equipment and check for proper assembly and operation,
- Creating "punch lists" to identify and solve any problem
- Support to ensure you receive the full benefits of all warranties,
- They have a good inventory of spares to provide you after sales
services.
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. 39.68 |
|
|
1 |
Rs. 80.53 |
|
Euro |
1 |
Rs. 56.23 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|