MIRA
INFORM REPORT
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Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPARKLET ENGINEERS PRIVATE LIMITED |
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Registered
Office : |
17, R. K. Industry House, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.03.2000 |
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Com. Reg. No.: |
11-124853 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 millions |
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CIN No.: [Company Identification
No.] |
U29240MH2000PTC124853 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS27571F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Oil and Gas Equipments. |
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No. of Employees
: |
325 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 130000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Sonali |
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Designation : |
Sales Department |
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Date : |
30.07.2011 |
LOCATIONS
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Registered Office : |
17, R. K. Industry House, |
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Tel. No.: |
91-22-26851159 / 66992259 / 66992260 |
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Fax No.: |
91-22-26853256 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
A-87B, Addition Ambarnath, Industrial Area, Anand Nagar, Amberanth
(East), Thane – 421 506, |
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Factory 2 : |
B-54, Addition Ambarnath, Industrial Area, Anand Nagar, Amberanth
(East), Thane – 421 506, |
DIRECTORS
As on 25.09.2010
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Name : |
Mr. Ranabrata Bhaveshchandra Ghosh |
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Designation : |
Director |
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Address : |
A/01, Shruti, Yashodham, Goregaon (East), Mumbai – 400 063, |
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Date of Birth/Age : |
06.08.1939 |
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Date of Appointment : |
13.03.2000 |
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DIN No. : |
00249674 |
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Name : |
Mrs. Devikarani Ranabrata Ghosh |
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Designation : |
Director |
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Address : |
A/01, Shruti, Yashodham, Goregaon (East), Mumbai – 400 063, |
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Date of Birth/Age : |
03.04.1944 |
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Date of Appointment : |
13.03.2000 |
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DIN No. : |
00249709 |
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Name : |
Mr. Shukanto Ranabrata Ghosh |
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Designation : |
Director |
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Address : |
601, |
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Date of Birth/Age : |
15.03.1970 |
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Date of Appointment : |
13.03.2000 |
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DIN No. : |
02385277 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
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Names of Shareholders |
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No. of Shares |
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Ranabrata Bhaveshchandra Ghosh |
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36300 |
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Devikarani Ranabrata Ghosh |
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6850 |
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Shukanto Ranabrata Ghosh |
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7850 |
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Sharmila Shukanto Ghosh |
|
500 |
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Debjani Ranabrata Ghosh |
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500 |
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Devikarni Ghosh and Shukanto Ghosh |
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14000 |
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ShukantoGhosh and Devikarani Ghosh |
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14000 |
|
Degas Financial Consultancy Private Limited, |
|
20000 |
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Total |
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100000 |
As on 25.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
GENERAL INFORMATION
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Customers : |
·
OEM’s ·
Manufacturer |
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No. of Employees : |
325 Approximately |
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Bankers : |
·
Axis Bank Limited ·
State Bank of Industrial Finance Branch, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Prakash Bakhda and Associates Chartered Accountant |
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Address : |
3/4, Acme Shopping Arcade, |
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Associates/Subsidiaries : |
Sparklet Engineers |
CAPITAL STRUCTURE
As on 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
7.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.791 |
13.357 |
11.603 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.791 |
20.857 |
14.103 |
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LOAN FUNDS |
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1] Secured Loans |
58.241 |
27.721 |
37.563 |
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2] Unsecured Loans |
28.131 |
19.950 |
6.745 |
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TOTAL BORROWING |
86.372 |
47.671 |
44.308 |
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DEFERRED TAX LIABILITIES |
3.446 |
2.216 |
2.794 |
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TOTAL |
122.609 |
70.744 |
61.205 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
49.879 |
32.650 |
25.691 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
43.224
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43.130 |
29.109 |
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Sundry Debtors |
63.577
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25.929 |
31.633 |
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Cash & Bank Balances |
0.358
|
1.018 |
9.743 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
19.410
|
20.755 |
1.063 |
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Total
Current Assets |
126.569
|
90.832 |
71.548 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
49.186
|
49.723 |
33.675 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
4.734
|
3.110 |
2.468 |
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Total
Current Liabilities |
53.920
|
52.833 |
36.143 |
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Net Current Assets |
72.649
|
37.999 |
35.405 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Preliminary Expenses |
0.081 |
0.095 |
0.109 |
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TOTAL |
122.609 |
70.744 |
61.205 |
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Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sales Turnover (Approximately) |
750.000 |
700.000 |
650.000 |
NA |
The above information has been parted by Ms. Sonali
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.28
|
4.82 |
5.70 |
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Current Ratio (Current Asset/Current Liability) |
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2.35
|
1.72 |
1.98 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate identity number of the company |
U29240MH2000PTC124853 |
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Name of the company |
SPARKLET ENGINEERS PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
17, R. K. Industry House, |
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This form is for |
Modification of charge |
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Charge identification (ID) number of the charge to be modified |
10077301 |
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Type of charge |
·
Immovable property ·
Book debts ·
Movable property (not being pledge) ·
Others o
Stock, P and M, etc. |
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Particular of charge holder |
Axis Bank Limited |
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Nature of instrument creating charge |
Supplemental Deed of Hypothecation (SDH) dated 14.01.2011 |
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Date of instrument Creating the charge |
14.01.2011 |
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Amount secured by the charge |
Rs.95.000 millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As per Sanction Letter or as stipulated by Bank from time to time. Terms of Repayment As per Sanction Letter or as stipulated by Bank from time to time. Margin As per Sanction Letter or as stipulated by Bank from time to time. Extent and Operation of the charge Credit facilities enhanced from Rs.85.000 millions to Rs.95.000
millions to secure various limits specified in SDH. Security by hypo. of
present and future stock of RM, SIP, FG etc., all movable plant, mach.,
furniture, fixtures, etc lying at Co's premises or godowns or elsewhere or in
transit and present and future O/s money receivables, claims, etc. due and
owing to Co. in the course of its business, given earlier, to SDH shall
continue as security for the enhanced limit. |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
1st charge on all present and future stocks of
RM, SIP, FG, and other Current Assets wheresoever situated. ·
1st charge on all present and future book debts,
outstanding money receivables, claims, bills, etc. due and owing to the ·
1st charge on P and M, installations, and other
accessories other than vehicles financed by Kotal Mahendra Primus Limited ·
1st charge on all imm. Property viz. Plot No.
A-87/B, MIDC.Addl. Ambernath Indl. Area, Anand Nagar, Ambernath (E)
Dist.Thane ·
1st charge on Immovable Property of the Company,
viz. Plot No.B-54 MIDC, addl. Ambernath Indl.Area, Ambernath Dist.Thane. |
|
Particulars of the present modification |
Vide modification, Credit facilities enhanced from Rs.85.000 millions
to Rs.95.000 millions to secure various limits specified in SDH. Security by
hypo. of present and future stock of RM, SIP, FG etc., all movable plant,
mach., furniture, fixtures, etc lying at Co's premises or godowns or
elsewhere or in transit and present and future O/s money receivables, claims,
etc. due and owing to Co. in the course of its business, given earlier, to
SDH shall continue as security for the enhanced limit |
FIXED ASSETS
·
Delivery Tempo
·
Fax Machine
·
Furniture
·
Television
·
Machinery
·
Office Equipment
·
Computers
·
Water Cooler
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.44.38 |
|
|
1 |
Rs.72.21 |
|
Euro |
1 |
Rs.62.87 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.