MIRA INFORM REPORT

 

 

Report Date :

20.11.2008

 

IDENTIFICATION DETAILS

 

Name :

SPAREX PRIVATE LIMITED

 

 

Registered Office :

119, Rajlaxmi Complex,  16 Vijay Plot, Gondal Road, Rajkot – 360 002, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008

 

 

Date of Incorporation :

11.08.1992

 

 

Com. Reg. No.:

018146

 

 

CIN No.:

[Company Identification No.]

U29120GJ1992PTC018146

 

 

IEC No.:

2495000444 dated 22.06.2000

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

 RKTS00279G

 

 

PAN No.:

[Permanent Account No.]

AACCS9933R

 

 

TIN No.:

24090400544

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Exporter of Diesel Engine, Spares, Auto Spare Parts, LCV Motor Vehicles, Tractors Spare Parts, Marine Engine Parts, Generator Sets, Industrial Machinery.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 39000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established and reputed company having satisfactory track. Trade relations are fair. Business is active. Payments are reported as usually made as per commitments.

 

The company can be considered good for normal business dealings.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Kamlesh Chauhan

Designation :

CEO

Contact No.:

Mobile no.91-9824451482

Date :

18.11.2008

 

 

LOCATIONS

 

Registered Office :

119, Rajlaxmi Complex,  16 Vijay Plot, Gondal Road, Rajkot – 360 002, Gujarat, India

Tel. No.:

91-281-2461225/2462225/5520747 [Direct]

Mobile No.:

91-9824451482/9824212415

Fax No.:

91-281-2461580

E-Mail :

sparexpvt@gmail.com

sparex@hotmail.com

Website :

www.sparex-india.com

Location :

Owned

 

 

Warehouse :

Shiavam Industrial Area, “ Radhe – Shyam”, Rajkot Gondal Highway, Vavdi-Rajkot.

Tel. No.:

91-281-2920086

Location :

Owned

 

 

DIRECTORS

 

Name :

Mr. Kishor D. Chauhan

Designation :

Managing Director

Address :

“Rusha”, Rampark – I, B/H Central School, Kalawad Road, Rajkot – 360 005, Gujarat, India

Date of Birth/Age :

03.08.1960

Experience :

25 Years

Date of Appointment :

01.04.1996

 

 

Name :

Mr. Vrajlal V. Joshi

Designation :

Director

Address :

Mandap Cottage, 15-Bhakti Nagar Society, Rajkot – 360 002, Gujarat, India

Date of Birth/Age :

01.08.1948

Experience :

20 Years

Date of Appointment :

20.07.2006

Other Directorship :

CIN of Company: U67120GJ2000PTC037267

Name of the company: Unicorn Holdings Private Limited

 

CIN of Company: U55101GA1994PTC001647

Name of the company: Silver Springs Pleasure Resorts Private Limited

 

CIN of Company: U55101KA2001PTC028520

Name of the company: Laguna Kumarakom Resorts Private Limited

 

CIN of Company: U55101GA2003PTC003322

Name of the company: Well Wishers Hotels and Resorts Private Limited

 

CIN of Company: U80101GA2004PLC003401

Name of the company: Goa International School Private Limited

 

CIN of Company: U92419GJ1995PTC025570

Name of the company: Bell Tower Resorts Private Limited

 

CIN of Company: U45200MH1995PTC095349

Name of the company: Rest Realtors Private Limited

 

CIN of Company: U55101KA2004PTC033402

Name of the company: Bell Tower Hotels (Bangalore) Private Limited

 

CIN of Company: U36100GJ1997PTC033056

Name of the company: Ramboo Prolen (India) Private Limited

 

CIN of Company: U65910GJ1997PTC033057

Name of the company: Metropolis Entertainment Private Limited

 

CIN of Company: U36109KA2005PTC037943

Name of the company: Ice Cube Designs Private Limited

 

CIN of Company: U45200MH2005PTC095682

Name of the company: Hollywood Developers Private Limited

 

CIN of Company: U45200MH2005PTC095681

Name of the company: Hollywood Constructions Private Limited

 

CIN of Company: U45200MH1995PTC094110

Name of the company: Vertex Buildcon Private Limited

 

 

Name :

Mr. Parag I. Mody

Designation :

Director

Address :

Flat No. 202, Prestige, Grund OAK, 265/ 67, 7th Main, Defence Colony, Hall II Stage, Bangalore – 560 038, Karnataka, India

Date of Birth/Age :

19.08.1966

Date of Appointment :

11.08.1992

 

 

Name :

Mr. Deepak C. Kamani

Designation :

Director

Address :

H. No. 81, Kyuna Road, Nairobi (Kenya)

Date of Birth/Age :

03.07.1953

Date of Appointment :

01.06.1995

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 29.09.2007

 

Names of Shareholders

No. of Shares

Priscilla Deepak Kamani

20050

Kishor D. Chauhan

100

Bindu P. Mody

20050

Total

40200

 

As on 29.09.2007

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Exporter of Diesel Engine Spares, Auto Spare Parts, LCV Motor Vehicles, Tractors Spare Parts, Marine Engine Parts, Generator Sets, Industrial Machinery.

 

 

Products :

 

 

Exports :

 

Products :

Diesel Engine Spares, Automobile Spare Parts, Agricultural Spares and Accessories.

Countries :

USA, Germany, UAE, Syria, Australia, Tanzania, Nigeria, Malaysia, Egypt and Croatia, etc.

 

 

Terms :

 

Selling :

Advance Payment and D/P at sight

 

 

Purchasing :

Cash

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers, Retailers

 

 

No. of Employees :

20 (In Office – 5, In Factory – 15)

 

 

Bankers :
  • Oriental Bank of Commerce, Nirmala Convent School Road, Rajkot
  • Corporation Bank, “Nijanand” , Dhebar Road, Rajkot

 

 

Facilities :

Unsecured Loan

 

 

As on 31.03.2007

Rs. in Millions

From Directors:

Mr. Parag I. Mody

(Maximum O/S during the year Rs.0.007 million)

0.007

Total

0.007

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Kotak and Company

Chartered Accountants

Address :

Opposite 15-Panchnath Plot Corner, Sadar Road, Near Moti Tanki, Rajkot – 360 001, Gujarat, India

Tel. No.:

91-281-2441764

 

 

Associates/Subsidiaries :
  • Unicorn Holdings Private Limited
  • Silver Springs Pleasure Resorts Private Limited
  • Laguna Kumarakom Resorts Private Limited
  • Well Wishers Hotels and Resorts Private Limited
  • Goa International School Private Limited
  • Bell Tower Resorts Private Limited
  • Rest Realtors Private Limited
  • Bell Tower Hotels (Bangalore) Private Limited
  • Ramboo Prolen (India) Private Limited
  • Metropolis Entertainment Private Limited
  • Ice Cube Designs Private Limited
  • Hollywood Developers Private Limited
  • Hollywood Constructions Private Limited
  • Vertex Buildcon Private Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

40200

Equity Shares

Rs.10/- each

Rs.0.402 million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2008

31.03.2007

31.03.2006

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.402

0.402

0.402

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

7.444

21.179

19.173

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

7.846

21.581

19.575

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.007

0.007

0.007

TOTAL BORROWING

0.007

0.007

0.007

DEFERRED TAX LIABILITIES

0.109

0.000

0.009

 

 

 

 

TOTAL

7.962

21.588

19.591

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.730

6.951

7.518

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.847

2.448

1.657

 

Sundry Debtors
4.748

1.057

2.305

 

Cash & Bank Balances
10.965

5.063

1.529

 

Other Current Assets
0.000

0.013

0.000

 

Loans & Advances
16.588

13.256

12.194

Total Current Assets
33.148

21.837

17.685

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
2.012

2.237

1.847

 

Provisions
23.904

4.963

3.765

Total Current Liabilities
25.916

7.200

5.612

Net Current Assets
7.232

14.637

12.073

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

7.962

21.588

19.591

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2008

31.03.2007

31.03.2006

Sales Turnover

35.393

41.305

43.584

Other Income

2.077

0.032

1.606

Total Income

37.470

41.337

45.190

 

 

 

 

Profit/(Loss) Before Tax

5.310

3.171

2.823

Provision for Taxation

1.408

1.165

1.002

Profit/(Loss) After Tax

3.902

2.006

1.821

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

32.912

38.444

41.367

Total Earnings

32.912

38.444

41.367

 

 

 

 

Imports :

 

 

 

Total Imports

2.448

1.657

NA

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

25.439

30.861

NA

 

Kasar and Vatav

0.000

0.003

NA

 

Direct Expenses

3.177

3.608

NA

 

Sales Expenses

0.000

0.073

NA

 

Depreciation & Amortization

0.127

0.551

0.659

 

Other Expenditure

3.417

3.070

41.708

Total Expenditure

32.160

38.166

42.367

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2008

31.03.2007

31.03.2006

PAT / Total Income

(%)
10.41

4.85

4.03

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
15.00

7.68

6.48

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
15.67

11.02

11.20

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.68

0.15

0.14

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.30

0.33

0.29

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.28

3.03

3.15

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRUSTSEAL ACCEPTANCE CHART

 

 

Existence Verification

 

Name

SPAREX PRIVATE LIMITED

Address

119, Rajlaxmi Complex,  16 Vijay Plot, Gondal Road, Rajkot – 360 002, Gujarat, India

Phone/ Mobile Numbers

91-281-2461225/2462225

Fax Numbers

91-281-2461580

 

 

Statutory Approvals

 

Legal Status of Firm

Private Limited

Income Tax Registration

AACCS9933R

Central Sales Tax Registration

CST TIN No. 24590400544

State Sales Tax Registration

GST TIN No. 24090400544

Service Tax Registration

RJT/ GTA/ 893/ S.Tax/ 2005

VAT/ TIN Registration

GST TIN No. 24090400544

Import Export Code

2495000444 dated 22.06.2000

Name of Bank

Oriental Bank of Commerce

Current Account Number

05561010005970

Account Since

2003

RBI Code Number

AS - 001942

 

 

Credibility Factors

 

IndiaMART Client Since

2001

 

 

Trade Affiliations

 

Export Promotion Council

RCMS:B:MER:8358:2007-08

Chambers of Commerce Membership

Rajkot Chamber of Commerce and Industry

 

 

 

Name of the company

SPAREX PRIVATE LIMITED

Presented By

Parag I. Mody, Managing Director

Date and description of instrument creating the change

14.04.1999

F246 Agreement for purchase of Inland / foreign bills

S4 Agreement for Export Credit

Amount secured by the charge/amount owing on the securities of charge

Total Rs.2.500 millions

Covering PCL Rs.1.000 million and FDBP Rs.1.500 millions (Sub limit FD BD Rs.0.800 million)

Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

Hypothecation of Book Debts.

Name and Address and description of the person entitled to the charge.

Corporation Bank, “Nijanand” , Dhebar Road, Rajkot

Date  and brief description of instrument modifying the charge

NA

Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

NA

 

FIXED ASSETS;

  • Office and Godown
  • Furniture and Fixture
  • Electric Fitting
  • Air Conditioner
  • Type Writer
  • Office Equipment
  • Computer and Access
  • Inspection Equipment

 

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.49.74

UK Pound

1

Rs.74.37

Euro

1

Rs.62.78

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions