MIRA
INFORM REPORT
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Report Date : |
01.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SPARCO MULTIPLAST PRIVATE LIMITED |
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Registered Office : |
704, Surmount Byzantine, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
24.02.2006 |
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Com. Reg. No.: |
04-47806 |
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CIN No.: [Company
Identification No.] |
U25200GJ2006PTC047806 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS13146A |
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PAN No.: [Permanent
Account No.] |
AAJCS6885R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Barrier/ Caution Tapes, Cable Protection
Covers, Tape Tiles, Underground Warning Mat Tapes etc. |
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 44000 |
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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
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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
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Name : |
Mr. Narendra Digwa |
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Designation : |
Export Manager |
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Contact No.: |
91-9375097444 |
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Date : |
21.02.2011 |
LOCATIONS
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Registered Office : |
704, Surmount Byzantine, |
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Tel. No.: |
91-79-26860572/ 26860573 |
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Fax No.: |
91-79-40026768 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
41-A, Ajanta Industrial estate, Near Village Ivaya, Taluka, Sanand,
District – Ahmedabad, |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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DIRECTORS
As on : 05.07.2010
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Name : |
Mr. Pritesh Ashokkumar Shah |
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Designation : |
Chairman and Managing Director |
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Address : |
D-104, Vraj Vihar – 4, Opposite Chandan Party Plot, |
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Date of Birth/Age : |
25.07.1974 |
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Date of Appointment : |
24.02.2006 |
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Name : |
Ms. Neetaben P. Shah |
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Designation : |
Director |
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Address : |
D-104, Vraj Vihar – 4, Opposite Chandan Party Plot, |
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Date of Birth/Age : |
28.06.1974 |
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Date of Appointment : |
24.02.2006 |
KEY EXECUTIVES
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Name : |
Ms. Deepana |
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Designation : |
Accountant |
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Name : |
Mr. Kumar Kamdar |
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Designation : |
Chief Executive Officer - Technical |
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Name : |
Mr. Narendra Singh Digwa
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Designation : |
Export Manager |
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Name : |
Mr. B V Ankleshwaria |
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Designation : |
R and D Head |
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Name : |
Mr. Davis |
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Designation : |
Product Development Manager |
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Address : |
50, |
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Tel. No.: |
61-03-99452700 / 99452770 |
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Mobile No. : |
61-0406434610 |
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Fax No.: |
61-03-99452799 |
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Name : |
Mr. Anil Shah |
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Designation : |
President |
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Address : |
Apartment No. 12, |
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Tel. No.: |
1-706-6574401 |
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Mobile No. : |
1-42-36194049 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 05.07.2010
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Names of Shareholders |
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No. of Shares |
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Pritesh Ashokkumar Shah |
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145000 |
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Neetaben P. Shah |
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40000 |
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Total |
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185000 |
As on : 05.07.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Barrier/ Caution Tapes, Cable Protection Covers,
Tape Tiles, Underground Warning Mat Tapes etc. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
80 (In Office 30 and In Factory – 50 ) (Approximately) |
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Bankers : |
36-38 A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021,
S G Highway Branch, Shapath, Near |
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Facilities : |
Secured
Loans
(Rs.
in millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Joshi Shah and Associates Chartered Accountants |
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Address : |
A/1, Navdeep Apartments, B/H |
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Name : |
Dharmendra Surana and Company Chartered Accountants |
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Address : |
Ahmedabad – 380 014, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on : 31.03.2010
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 |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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185000 |
Equity Shares |
Rs.10/- each
|
Rs. 1.850
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.850 |
1.850 |
1.850 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
9.212 |
4.865 |
2.001 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.062 |
6.715 |
3.851 |
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LOAN FUNDS |
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1] Secured Loans |
16.386 |
10.983 |
4.356 |
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2] Unsecured Loans |
9.403 |
8.777 |
1.836 |
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TOTAL BORROWING |
25.789 |
19.760 |
6.192 |
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DEFERRED TAX LIABILITIES |
0.686 |
0.751 |
0.019 |
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TOTAL |
37.537 |
27.226 |
10.062 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.572 |
13.997 |
4.028 |
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Capital work-in-progress |
0.000 |
0.000 |
0.056 |
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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 |
13.265
|
8.611
|
3.050
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Sundry Debtors |
25.044
|
13.720
|
8.143
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Cash & Bank Balances |
2.524
|
0.657
|
0.472
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Other Current Assets |
0.000
|
0.000
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0.000
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Loans & Advances |
9.956
|
6.338
|
2.079
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Total
Current Assets |
50.789
|
29.326
|
13.744
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
26.767
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14.756
|
7.289
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Provisions |
2.100
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1.400
|
0.552
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Total
Current Liabilities |
28.867
|
16.156
|
7.841
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Net Current Assets |
21.922
|
13.170
|
5.903
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MISCELLANEOUS EXPENSES |
0.043 |
0.059 |
0.075 |
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TOTAL |
37.537 |
27.226 |
10.062 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
143.181 |
121.620 |
47.509 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
143.181 |
121.620 |
47.509 |
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Less |
EXPENSES |
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|
0.720 |
0.480 |
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Managerial Remuneration |
|
2.309 |
2.888 |
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Fringe Benefit Tax |
134.003 |
0.050 |
0.027 |
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Taxation |
|
1.350 |
0.525 |
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Other Expenditure |
|
110.551 |
41.733 |
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TOTAL (B) |
134.003 |
114.980 |
45.653 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.178 |
6.640 |
1.856 |
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Less |
FINANCIAL
EXPENSES (D) |
2.762 |
2.102 |
0.147 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.416 |
4.538 |
1.709 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
2.268 |
0.942 |
0.629 |
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PROFIT BEFORE
TAX (E-F) (G) |
4.148 |
3.596 |
1.080 |
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Less |
TAX (I) |
(0.199) |
0.375 |
0.025 |
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PROFIT AFTER TAX
(G-I) (J) |
4.347 |
3.221 |
1.055 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4.864 |
1.043 |
NA |
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BALANCE CARRIED
TO THE B/S |
9.212 |
4.864 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
58.371 |
NA |
NA |
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TOTAL EARNINGS |
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Earnings Per
Share (Rs.) |
-- |
17.41 |
-- |
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Expected Sales (2010-2011) : Rs. 200.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.03 |
2.65
|
2.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.89 |
2.96
|
2.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.25 |
8.30
|
6.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.54
|
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.94 |
2.41
|
2.04 |
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Current Ratio (Current Asset/Current Liability) |
|
1.75 |
1.82
|
1.75 |
LOCAL AGENCY FURTHER INFORMATION
Operations
This year sale has increased from Rs. 121.629 millions in previous year to
Rs. 143.182 millions and the net profit of Rs. 0.434 millions against the net
profit of Rs. 0.322 millions previous year. The directors are making every
possible effort for advancement of the company and hope to have better
performance in future.
Form 8
|
This form is for |
Modification of
charge |
|
Corporate
identity number of the company |
U25200GJ2006PTC047806 |
|
Name of the
company |
SPARCO MULTIPLAST PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
704, Surmount Byzantine, |
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Type of charge |
v
Book
Debts v
Movable
Property v
Others
(Current Assets) |
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Particular of
charge holder |
v
Bank of S G Highway Branch, Shapath III, Near GNFC Info Tower, Bodakdev,
Ahmedabad – 380054, Gujarat, India E-mail : sgahm@bankofbaroda.com |
|
Nature of description
of the instrument creating or modifying the charge |
Composite
hypothecation agreement dated 11.07.2009 |
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Date of
instrument Creating the charge |
11.07.2009 |
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Amount secured by
the charge |
Rs. 16.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Rate Of Interest
12.40% p.a. With Monthly Rest (0.85% Below BPLR 13.25% as on Date of
Sanction. Packing Credit Cum FBP-FBD / Bank Guarantee Rate of Interest Applicable
As Per The Bank's Norms. Terms of
Repayment: The Borrower
Shall Pay On Demand. Margin: On Cash Credit -
25% On Raw Material 40% On Book Debts On Packing
Credit - 10% On Packing Credit Fbp/Fbd - Nil For
Fbp/Fbd Performance Bank
Gaurantee - Cash Margin (Fdr) - 25% Extent and
Operation of the charge: On demand |
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Short Particulars
Of The Property Charged |
(i)
Hypothecation
Of All The Borrower's Raw Materials Stock In Process Finished Goods And All The
Book Debts, Movable Plant And Machinery / Vehicles / Crafts, Consumable
Stores And Spares, Etc. (ii)
Whatever
And Wherever Installed / Stored Both Present And Future. At Present Normally
Machinery Installed And Stored At Places. 1) 5-6, Silver Estate, Opp. Ankur
Oil Mill, Rakanpur, Ta. Kalol. Dist. G (iii)
2)
31, Kamal Estate, Opp. Hotel Samir, Near |
|
Particulars of
the present modification |
The existing
limit of cash credit i.e. Rs. 5.000 millions is increased to Rs. 16.000
millions. - rate of interest 11.50% p.a. with monthly rest (0.50% below BPLR
12.00% as on date of sanction with increased limit is subject to change from
time to time. The existing
sub-limit of packing credit cum FBP/ FBD i.e. Rs. 2.000 millions increased to
Rs. 5.000 millions rate of interest below 2.25% BPLR. Sub-limit of
Import LC has Been agreed at Rs 4.000 millions. Rate of commission as per RBI
norms. Cash margin 25%. |
|
Corporate
identity number of the company |
U25200GJ2006PTC047806 |
|
Name of the
company |
SPARCO MULTIPLAST
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
704, Surmount |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank Of Baroda,
S. G. Highway Branch, Shapath Iii, Nr. Gnfc Info Tower, Bodakdev, Ahmedabad –
380054, Gujarat |
|
Nature of
instrument creating charge |
Instument Of
Extension / Creation Relating To Deposit Of Title Deeds, Dated 14/09/2010 |
|
Date of
instrument Creating the charge |
14/09/2010 |
|
Amount secured by
the charge |
Rs. 42.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Rate Of Interest 11.50%
P.A. With Monthly Rest (0.50% Below Bplr 12.00% As On Date Of Sanction).
Packing Credit Cum Fbp/Fbd 9.25% With Monthly Rest(2.75%Below Bplr) Bank
Gaurantee : As Per Bank Norms Terms of repayment : The Borrower
Shall Pay On Demand. Margin : On Cash
Credit - 25% On Raw Material 25%
On Book Debts On Packing
Credit - 10% On Packing Credit On Term Loan - 25%On Moveable Machinary 25%
On Raw Material 25%
On Book Debts FBP/FBD - Nil For Fbp/Fbd Performance Bank
Gaurantee - Cash Margin (Fdr)- 25% Extent and operation of the charge : The Borrower
Shall Pay On Demand. Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
Cash Credit Limit
Of Rs.25.000 millions , A Separate Limit Of Import LC Of Rs. 10.000 millions,
Gaurantee Limit Of Rs. 2.500 millions and
Freshterm Loan Of Rs. 4.500 millions By Way Of Equitable Mortgage On
The Assets |
|
Date of
instrument modifying the charge |
06.09.2010 |
|
Particulars of
the present modification |
Additional Term
Loan Of Rs.4.500 millions And Total Loan Secured By Hypothecation Is Now
42.000 millions. |
Fixed Assets
- Plant and
Machinery
- Furniture and
Fixture
- Electrical
Fittings
- Office
Equipments
- Computers
- Motor Car
- Motor Cycle
- Testing
Laboratory Equipment
TRADE REFERENCES :
- Larsen and Toubro
- Al Khalifa Trading Company
- Punj Liyod Limited
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. 45.18 |
|
|
1 |
Rs. 72.79 |
|
Euro |
1 |
Rs. 62.15 |
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 |
NO |
|
--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 |
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.