MIRA
INFORM REPORT
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Report Date : |
10.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPARKON ENGINEERS |
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Registered Office : |
Plot No. 1, Gat No. 627/2, Kuruli, Chakan, Taluka - Khed,
District – Pune - 410501, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1993 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
Pnes04532d |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of Heat Exchanger, Pressure Vessels, Uni Tank, Storage Tank. |
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 50000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established concern having satisfactory track. Trade
relations are fair. The concern is doing well. It’s payments are reported as slow but correct The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sanjay Parekar |
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Designation : |
Accountant |
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Date : |
26.08.2008 |
LOCATIONS
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Registered Office/ Unit 1 : |
Plot No. 1, Gat No. 627/2, Kuruli, Chakan, Taluka - Khed,
District – Pune - 410501, Maharashtra, India |
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Tel. No.: |
91-2135-261117 / 261062 |
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Fax No.: |
91-2135-2614257 / 02135 |
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E-Mail : |
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Website : |
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Area : |
20000 Sq.fts |
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Location : |
Owned |
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Branch/ Unit 2 : |
Plot No. 1, Gat No. 627/5,
Kuruli Chakan, Taluka - Khed, Pune – 410 501, Maharashtra, India |
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Area : |
10000 Sq.fts |
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Location : |
Owned |
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Unit 3: |
Gat No. 624/625,626, Ekhatpur, Taluka -Sangola, District-
Solapur, Pin- 413307, Maharashtra, India
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Area : |
40000 Sq.fts |
PARTNERS
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Name : |
Mr. R A Rupnar |
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Designation : |
Partner |
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Age : |
44 Years |
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Qualification : |
B.E |
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Name : |
Mr. B A Rupnar |
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Designation : |
Partner |
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Age : |
48 Years |
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Qualification : |
B.E |
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Name : |
Mr. C S Sagar |
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Designation : |
Partner |
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Age : |
29 Years |
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Qualification : |
D M E |
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Name : |
Mr. S R Rupnar |
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Designation : |
Partner |
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Age : |
35 Years |
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Qualification : |
Housewife |
KEY EXECUTIVES
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Name : |
Mr. R.A.Rupnar |
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Designation : |
MD |
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Mobile No.: |
91-9881091783 |
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Name : |
Mr. Y.M.K |
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Designation : |
Technical Director |
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Mobile No.: |
91-9422516927 |
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Name : |
Mr. G.G.Pujari |
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Designation : |
GM |
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Mobile No.: |
91-9881091772 |
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Name : |
Mr. Vijay Sargar |
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Designation : |
Unit II In charge |
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Mobile No.: |
91-9867067274 |
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Name : |
Mr. Sanjay Rai |
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Designation : |
Senior Marketing Manager |
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Mobile No.: |
91-9867124079 |
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Name : |
Mr. Iliyas |
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Designation : |
Marketing |
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Mobile No.: |
91-9766236983 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Heat Exchanger, Pressure Vessels, Uni Tank, Storage Tank. |
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Products : |
· Heat Exchangers · Industrial Condensor · Industrial Evaporators · Distillation Columns · Pressure Vessels · Industrial Reactors · UNI Tank · Industrial Spheres · Vaccum Chamber · Storage Tanks · Distillation Plants Equipments · Pharmaceutical Plant Equipment. |
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Exports : |
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Products : |
Heat Exchange |
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Countries : |
UAE, France |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
England, France |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
L/C, Cash, Credit (60-120 days) |
GENERAL
INFORMATION
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Customers : |
Retailers Over Seas Clients · Briggs Of Burton (I) Private Limited .–UK · Entec International Limited .– England · L'Oreal India Private .Limited .– France · P Z Cussion Internation Private Limited .–Nigeria · Entropie – France · Lipico Technologies–Singapore · Procter and Gamble–Thailand · Timco Limited –U.A.E. Domestic Client · Advance System Laboratories (DRDL) · Aquagel Chemicals Private Limited · Alfa Laval (l) Limited · B F M (P) Limited · Cipla Limited -Baddi · Cipla Limited .- Goa · Cipla Limited .- Kurkumbh · Cipla Limited .- Patalganga · Cristopia Energy Systems (I) Private Limited · Datta Hydro chem Private Limited · Deepak Nitrite Limited · Denzong Breweries Private Limited · Devans Modern Breweries Limited · Galaxy Surfactants Limited · Hindustan Lever Limited – Chiplun · Hindustan Lever Limited – Kolkatta · Hindustan Lever Limited – Khamgaon · Hindustan Lever Limited – Mangalore · Hindustan Lever Limited – Pondicherry · Hindustan Lever Limited – Sumerpur · Hindustan Petroleum Corp. Limited · Hindustan Polyamides and Fibers Limited · Hypro Engineers.– Maharashtra · Kasco Industries. · Kehems Engineering Private .Limited · Praj Industries Limited · R.M.Chemicals Private Limited · Shreyas Intermediates Limited · Vatech Wabag Limited · Vikram Ispat Limited |
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No. of Employees : |
85 (25 in Office and 60 in Factory) |
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Bankers : |
· Axis Bank, Pimpri Chichod · Saraswat Co-operative Bank, Akurdi |
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Facilities : |
Cash Credit – Rs. 50.000 millions |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
K M Rajapurkar and Company Chartered Accountants |
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Address : |
Negidi |
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Associates/Subsidiaries : |
Sparkon Equipment and Project, Solapur |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 millions (Estimated) |
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Borrowed : |
--- |
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Total : |
Rs. 10.000 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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150.000 |
Expected Sales (2008-09): Rs. 250.000 millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:-
· Cipla Limited
· Hindustan Unilever Limited
· Skodbrawries Limited
WEBSITE DETAILS:-
Concern Profile:-
The concern started its manufacturing in 1995 as a small fabricator of M.S and C.S jobs; with an objective of becoming one of the best fabrication unit. With the leadership and vision of Shri R.A Rupnar Managing Partner, the unit was able to maintain constant growth years after years. The turnover figure reached to 17.500 millions in 1999-2000 and upto 350.000 millions in 2003-04.
During 2000-01, Concern started doing jobs in SS fabrication and today, subject is one of the first five units in Pune doing S.S fabrication work.
In the year 2004, the factory and office building was totally renovated and S.S fabrication of heavy jobs in various areas like Storage tanks, Pressure vessels, Reactors, Heat exchangers, Brewery and Distillery Equipments, Defence sector jobs, Pharma and Cosmetic Industry equipments were started on fullfledge scale.
In the year 2004, the factory and office building was totally renovated and S.S fabrication of heavy jobs in various areas like Storage tanks, Pressure vessels, Reactors, Heat exchangers, Brewery and Distillery Equipments, Defence sector jobs, Pharma and Cosmetic Industry equipments were started on fullfledge scale.
Today they are in a position to manufacture and export heavy jobs like desalination plants with size as large as 5M ´ 5M ´ 20M length and weight more than 80 to 100 tons. 3Nos of such units are exported to Yemen.
The expansion plans were also implemented in 2005 and 2006 by adding two units, one near the first unit and second one with large area and better facilities at Sangola in Solapur district.
The turnover of the concern increased upto 1150.000 millions in 2005-2006, with more than 40% contribution coming from the jobs having only labour cost basis; material being supplied as F.I.M.
They are fully aware that they stand on the strong support of their Customers and their first objective is to return more and more value to them by way of quality goods. Their aim is to serve their customers all the time to their fullest expectations and satisfaction.
LIST OF TPI/CONSULTANTS
· BVIS India Private Limited
· Engineers India Limited
· Pipecon Consultants Private Limited
· Kvaerner Power Gas India Limited
· Mithaliya Consultants Private .Limited
· Jacobs H and G
· IRS
· NTPC
· DNV
· PDIL
· Kirloskar Consultant
· Quest Inspection Services
List of Machineries:
· Plate Bending Machine
· Gtaw Welding Rectifiers (Water Cooled)
· Smaw Selding Rectifiers
· Air Plasma Cutting Machine
· Pug Cutting Machine
· Profile Cutting Machine
· Pipe Cutting Machine
· Pneumatic Grinders
· Electric Grinders
· Machines For Polishing
· Lathe Machine
· Radial Drilling Machine
· Motorised Hydrotesting Pumps
· Vaccum Pump
· Air Compressor
· Screw Compressor
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 concern 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 concern’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.45.12 |
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UK Pound |
1 |
Rs.79.60 |
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Euro |
1 |
Rs.63.83 |
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 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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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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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
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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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