MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
SPARSH POLYCHEM PRIVATE LIMITED |
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Registered Office : |
207, 2nd Floor 40, DLF Industrial Area, Kirti Nagar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
20.12.2006 |
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Com. Reg. No.: |
55-156828 |
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CIN No.: [Company
Identification No.] |
U24110DL2006PTC156828 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKS11070D |
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PAN No.: [Permanent
Account No.] |
AAKCS4207L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, exporter and Supplier of Thermo plastic Components and
engineering products like A.B.S / PC Alloys, P P Modified Engineering
Plastics, Nylon 6 fiber, Nylon 66 fiber, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2000 |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is in it’s stage of operation and yet to established track. No
payments records are available. Initially, the company can be considered for any business dealings on
safe and secured trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Rakesh Jain |
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Designation : |
Director |
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Contact No.: |
91-9811182382 |
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Date : |
23.10.2008 |
LOCATIONS
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Registered Office (New) : |
207, 2nd Floor 40, DLF Industrial Area, Kirti Nagar, New
Delhi, India |
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Tel. No.: |
91-11-25463147 |
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Area : |
700 sq ft |
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Location : |
Owned |
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Registered Office (Old): |
J-112, 1st Floor, Kirti Nagar, New Delhi – 110 015, Delhi,
India |
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Administrative/ Factory : |
1524, M I E, Part B, Bahadurgh – 124 507, Haryana, India |
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Tel. No.: |
91-1276-25948127 |
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Fax No.: |
91-1276-6267524 |
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Mobile No : |
91-9811182382/ 9891666699 |
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E-Mail : |
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Website : |
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Area : |
2000 sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Jitender Jain |
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Designation : |
Director |
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Address : |
J-112, 1st Floor, Kirti Nagar, New Delhi – 110 015, Delhi,
India |
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Date of Birth/Age : |
06.01.1977 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.12.2006 |
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Proprietorship Company : |
Sparsh Polymer |
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Address : |
1524, M I E, Part B, Bahadurgh – 124 507, Haryana, India |
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Name : |
Mr. Rakesh Jain |
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Designation : |
Director |
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Address : |
J-112, 1st Floor, Kirti Nagar, New Delhi – 110 015, Delhi,
India |
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Date of Birth/Age : |
10.10.1971 |
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Qualification : |
Graduate |
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Date of Appointment : |
20.12.2006 |
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Proprietorship Company : |
U.K.Polymer |
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Address : |
Nangloi Najafgarh Road, New Delhi – 110 041, Delhi, India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As On 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Jitender Jain |
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140657 |
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Mr. Rakesh Jain |
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20000 |
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Total |
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160657 |
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Equity share breakup
(percentage of total equity) |
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Category |
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Percentage |
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Directors or relatives of directors |
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100 |
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Total |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, exporter and Supplier of Thermo plastic Components and
engineering products like A.B.S / PC Alloys, P P Modified Engineering
Plastics, Nylon 6 fiber, Nylon 66 fiber, etc. |
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Products : |
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Imports : |
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Products : |
Raw Material and Machinery |
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Countries : |
China Taiwan |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, Credit |
GENERAL INFORMATION
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Customers : |
OEM’s |
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No. of Employees : |
35 |
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Bankers : |
State Bank of India, Nangloi Branch (Delhi) |
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Facilities : |
-- |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Rajiv Gupta Chartered Accountant |
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Address : |
Near Jai Shanker Dharam Kanta, Opp BCCI Office, MIE, Delhi Rothak
Road, Bahadurgarh – 124 507, Haryana, India |
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Tel. No.: |
95-1276-325001 |
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Mobile No.: |
91-9416053001 |
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E-Mail : |
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Associates/Subsidiaries : |
U.K Polymers |
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Address : |
Delhi 685, Saini Mohalla, Manglo |
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Line of Business : |
Manufacturer and recycler |
CAPITAL STRUCTURE
(As On 29.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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160657 |
Equity Shares |
Rs.10/- each |
Rs.1.606 Millions |
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(As On 31.03.2007)
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs.10/- each |
Rs.0.400 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.400 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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0.400 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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0.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.000 |
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Cash & Bank Balances |
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0.384 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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0.384 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.068 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.068 |
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Net Current Assets |
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0.316 |
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MISCELLANEOUS EXPENSES |
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0.084 |
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TOTAL |
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0.400 |
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Note: Since this
is first year Operation, the company has only incurred an expense of Rs.0.072
Million on account of Incorporation and 11737 as Pre-operative expenses.
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Particulars |
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31.03.2008 |
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Sales Turnover |
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50.800 |
Expected Sales (2008-09) : Rs.90.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.17 |
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Current Ratio (Current Asset/Current Liability) |
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5.64 |
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
- Unique Molds
Private Limited
- Amba Auto
- Hawells
- Laxmi Remots
As Per Websites
Subject is an ace manufacturer and exporter of quality thermoplastic
compounds and engineering products that can be used in various industrial
applications. They take great pride when they tell that they have supplied
their premium quality plastic raw materials like ABS, polycarbonate, Nylon 6,
Nylon 66, HIPS, PBT to many highly renowned companies in automobile,
electrical, telecoms and various engineering plastic industries. Apart from
this, they have a long list of satisfied clients who are quite satisfied with
their quality plastic materials.
With their dedication to quality, planned and cost effective manufacturing
process and timely delivery they are known as the most reliable manufacturer
and supplier of premium quality plastic raw material. Modernizing their
machines with the latest industrial trends they have successfully created
highly useful engineering's plastic compounds that serve many industries and
many applications.
They remain different from their competitors by following a ethical approach, hence they always do their best to achieve maximum client satisfaction with their quality engineering plastic compounds.
They specialize ourselves in coloring, compounding and blending of engineering
plastic raw material, this process can be said as compounding raw materials to
their basic form. They believe in mutual growth hence they desire to work with
new and old clients to look for cost effective solutions for engineering's
companies. Their plastic compounds are well known in the market for their
impact strength, crack resistance, rigidity, toughness and excellent flame
relatedness
About Us
With years of
experience in processing engineering products, they subject are a reputed manufacturer, supplier and
exporter of thermoplastic compounds and engineering products. Their products
include ABS/PC
alloy, PP modified engineering plastic, Nylon 6 fiber/nylon 66 fiber, High
Impact Polystyrene (HIPS), Glass fiber reinforced PBT, Acrylic, etc. Their products are supplied to reputed
clients around the world. They find applications in the automobile, electrical
appliances, telecommunication, automobile component, appliance component and a
host of other industries. They specialize in the engineering of plastic raw
materials.
Since 1980, they have been supplying unbeatable quality products to their
customers at the best possible competitive rates. Using hi-tech infrastructure
complete with modernized technology and the latest in-house processing
techniques, they provide a range of standard and highly customized solutions
for their clients. A wholehearted commitment to quality has enabled them to
boost sales and attain a sales volume of Rs.8.000 Millions Available in
different grades and specifications, their products serve numerous crucial
industries.
Quality Assurance
Quality is the heartbeat of their organization and they maintain a
dedicated vigil with regard to quality at all times. Their processes are
supervised by experienced quality personnel at their firm. They do not
compromise on their quality aspects even though they present a range of plastic
compounds economically priced. Resins, chemicals, additives, colors and other
raw materials are purchased from reputed suppliers and are thoroughly checked
for their consistency and quality.
The finished products are tested for their strength, durability, crack resistance, rigidity and flame resistance and other relevant factors by their team of quality inspectors. Only those items, which meet all the requirements, are dispatched for sale in the market.
Infrastructural Facility
Subject. has its own unit for manufacturing, which runs on fully automated technology. Their company invests substantial amount for the acquisition of the latest high-tech machinery and equipments. Usage of the best quality of plastic raw materials and modernized technology are a part of their processes. They have full facilities for coloring, compounding and blending processes. Planned, precise and economical productions have enabled them to meet tight deadlines and effect timely deliveries.
Support of the Research and Development team enables them to bring the latest and the most innovative products to their clients. With a dedicated and highly professional team from different backgrounds including engineers, technical personnel, skilled workers and other administrative personnel, they are confident of meeting all projects successfully even in the coming future.
Strengths
Manufacturing unit equipped with sophisticated machines and
equipments
Superior quality yet cost effective products
Timely delivery with satisfactory after sales services
Easy accessibility to quality materials for their processing
works
Complete warehousing facility for their products.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.81.27 |
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Euro |
1 |
Rs.63.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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14 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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