%20PRIVATE%20LIMITED%20-%20141260%2006-May-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
06.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPACO TECHNOLOGIES (INDIA) PRIVATE LIMITED (w.e.f. 23.10.2008) |
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Formerly Known
As : |
SPACO CARBURETTORS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
901, Prasad Chambers, 9th Floor, Opera House, Mumbai –
400004, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
31.03.1970 |
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Com. Reg. No.: |
11-014595 |
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Capital
Investment / Paid-up Capital : |
Rs.17.641 Millions |
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CIN No.: |
U50100MH1970PTC014595 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of carburetors and spares. |
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No. of Employees
: |
100 (Approximately) |
RATING AND COMMENTS
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MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD 1320000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular 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.
INFORMATION PARTED BY
|
Name : |
Mr. Chandrashekher |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-20-27472176 |
|
Date : |
06.05.2011 |
LOCATIONS
|
Registered Office : |
901, Prasad Chambers, 9th Floor, Opera House, Mumbai –
400004, Maharashtra |
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Tel. No.: |
91-22-23692452 |
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Fax No.: |
91-22-23693982 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
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Location : |
Owned |
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Head Office : |
Block D 2/62, MIDC, Chinchwad, Pune – 411019, Maharashtra, India |
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Tel. No.: |
91-20-27472176/77, 27472482 |
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Fax No.: |
91-20-27476531 |
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E-Mail : |
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Area : |
5000 sq. ft. |
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Location : |
Owned |
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Branch : |
203, Shree Ram Centre, 2nd Floor, Opposite Punit Nagar,
Society, Old Padra Road, Vadodara – 390007, Gujarat, India |
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Tel. No.: |
91-265-2333752 |
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Fax No.: |
91-265-233789 |
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DIRECTORS
AS ON 31.07.2010
|
Name : |
Dr. Pandey Sukumar Subrata |
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Designation : |
Director |
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Address : |
401/402, Magnolia, Enclave Amrit Shakti, Andheri (East), Mumbai –
400072, Maharashtra, India |
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Date of Birth/Age : |
04.03.1958 |
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Date of Appointment : |
08.07.2000 |
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|
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Name : |
Mr. Ajay Navionchandra Pathak |
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Designation : |
Director |
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Address : |
S/55/2/1, Plot No. 6, Universeity Road, Pune – 411007, Maharashtra,
India |
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Date of Birth/Age : |
27.07.1967 |
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Date of Appointment : |
01.06.2006 |
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Name : |
Mr. Pillutia Subramanian Chandrasdekhar |
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Designation : |
Director |
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Address : |
D-6, Kubera Garden, D P Road, Aundh, Pune – 411007, Maharashtra, India
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|
Date of Birth/Age : |
18.09.1954 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. Jain Hirala |
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Designation : |
Director |
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Address : |
E-9, Commercial Health Building, Opposite Bund Garden, Pune – 411001,
Maharashtra, India |
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Date of Birth/Age : |
21.11.1937 |
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Date of Appointment : |
15.11.2002 |
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Date of Ceasing : |
31.03.2007 |
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|
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Name : |
Mr. Navinchandra Dayashankar Pathak |
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Designation : |
Director |
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Address : |
SS/55/2/1, Plot No. 6, Universeity Road, Pune – 411007, Maharashtra,
India |
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Date of Birth/Age : |
18.05.1937 |
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Date of Appointment : |
01.01.1977 |
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|
|
|
Name |
Mr. Faizullabhoy Aboulkayum Ebraham |
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Designation : |
Director |
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Date of Birth/Age : |
08.04.1933 |
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Date of Appointment : |
03.04.1970 |
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Name : |
Mr. Jitendra Dayashankar Pathak |
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Designation : |
Director |
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Address : |
Via ‘S’ Gregoria 43A, 20124, Milano Italy |
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Date of Birth/Age : |
03.03.1933 |
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Date of Appointment : |
10.09.1988 |
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|
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Name : |
Mr. Dalal Kantilal |
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Designation : |
Director |
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Address : |
173, Golf Links, New Delhi, India |
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Date of Birth/Age : |
10.04.1924 |
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Date of Appointment : |
13.03.1990 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.07.2010
|
Names of Shareholders |
|
No. of Shares |
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Pathak Virendra Kartik |
|
1841 |
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Pathak Virendra Lata |
|
1841 |
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Pathak Harishchandra Shoham |
|
3681 |
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Pathak Virendra Krishna |
|
1841 |
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Pathak Harishchandra Kunal |
|
1841 |
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Pathak Dayashankar Navinchandra |
|
9069 |
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Pathak Harishchandra Shobhna |
|
4428 |
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Pathak Virendra Lata |
|
3280 |
|
Pathak Holding Private Limited, India
|
|
10 |
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Pathak Navindra Ajay |
|
9487 |
AS ON 31.07.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
49.97 |
|
Directors or relatives of Directors |
50.03 |
|
|
|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of carburetors and spares. |
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Exports : |
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Products : |
Carburetors and spares |
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Countries : |
·
Singapore ·
Malaysia ·
Italy ·
Sri Lanka ·
Thailand ·
Taiwan ·
UK ·
USA |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s ·
Others |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
UCO Bank, Mumbai
Pune Road, Pimpri, P.F, Pune – 411018, Maharashtra, India |
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Facilities : |
Cash Credit : 118.000 millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.D. Kunte and Company Chartered Accountant |
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Address : |
205-206, Turf Estate, Shakti Mills Lane, Opposite Dr. E. Moses Road,
Mumbai – 400011, Maharashtra, India |
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Associates/Subsidiaries : |
Spaco Engineering Exports Private Limited Address : 901, Prasad Chambers, 9th Floor, Opera House,
Mumbai – 400004, Maharashtra, India Line of Business : Manufacturer of carburetors and spares |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
10000 |
13.5% Cumulative Preference Shares |
Rs.100/- each |
Rs. 1.000 Million |
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|
|
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Total |
|
Rs.21.000
Millions |
Issued, Subscribed and Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
176410 |
Equity Shares |
Rs.100/-
each |
Rs.17.641
Millions |
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Note :
1. Of the above shares 800 Equity shares of
Rs. 100/- each were issued for consideration other than cash
2. 58400 Equity Shares of Rs. 100/- each have
been allotted as fully paid bonus shares by way of capitalization of general
reserves
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
17.641 |
17.640 |
17.640 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1730.053 |
1056.086 |
1438.256 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
1747.694 |
1073.726 |
1455.896 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
50.754 |
49.983 |
60.455 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
125.789 |
|
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TOTAL BORROWING |
50.754 |
49.983 |
186.244 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
112.030 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
1798.448 |
1235.739 |
1642.140 |
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|
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APPLICATION OF FUNDS |
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|
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|
|
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FIXED ASSETS [Net Block] |
171.294 |
199.263 |
210.594 |
|
|
Capital work-in-progress |
1.258 |
0.376 |
2.890 |
|
|
|
|
|
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INVESTMENT |
1387.290 |
841.853 |
1127.591 |
|
|
DEFERREX TAX ASSETS |
25.000 |
24.000 |
20.500 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
106.849
|
98.075 |
121.872 |
|
|
Sundry Debtors |
61.832
|
69.643 |
109.271 |
|
|
Cash & Bank Balances |
54.228
|
70.798 |
51.923 |
|
|
Other Current Assets |
6.497
|
4.584 |
40.662 |
|
|
Loans & Advances |
93.445
|
37.231 |
68.324 |
|
Total
Current Assets |
322.851
|
280.331 |
392.052 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
42.618 |
42.549 |
48.309 |
|
|
Other Current Liabilities |
15.281
|
12.920 |
56.023 |
|
|
Provisions |
51.345
|
54.615 |
55.464 |
|
Total
Current Liabilities |
109.244
|
110.084 |
111.487 |
|
|
Net Current Assets |
213.607
|
170.247 |
280.565 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1798.448 |
1235.739 |
1642.140 |
|
PROFIT AND LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
584.100 |
521.020 |
538.041 |
|
|
|
Other Income |
752.300 |
60.001 |
277.933 |
|
|
|
TOTAL (A) |
1336.400 |
581.021 |
815.974 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
179.226 |
236.924 |
|
|
|
Other Expenditures |
|
728.073 |
353.427 |
|
|
|
Adjustments for prior period |
580.700 |
0.629 |
0.283 |
|
|
|
Payment under Voluntary retirement scheme |
|
0.422 |
15.555 |
|
|
|
TOTAL (B) |
580.700 |
908.350 |
606.189 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
755.700 |
(327.329) |
209.785 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
53.400 |
40.747 |
45.946 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
702.300 |
(368.076) |
163.839 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
25.900 |
14.093 |
0.977 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
676.400 |
(382.169) |
162.862 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
417.100 |
799.253 |
657.850 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
17.000 |
0.000 |
16.300 |
|
|
|
Dividend |
0.210 |
0.000 |
5.159 |
|
|
|
Tax on Dividend |
0.400 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1074.000 |
417.084 |
799.253 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3834 |
(2166) |
923 |
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%20PRIVATE%20LIMITED%20-%20141260%2006-May-2011_files/image003.gif){kind=small}
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Particulars |
|
|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
|
|
|
|
|
1500.000 |
Expected Sales (2011-2012 ) : Rs.2000.000 millions
The above information has been parted by Mr. Chandrashekhar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
50.61
|
(65.78) |
19.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
120.23
|
(70.65) |
30.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
135.28
|
(73.09) |
27.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
(0.34) |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.09
|
0.25 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.96
|
2.55 |
3.52 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
In Millions)
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Dues of Micro and Small Enterprises |
2.465 |
2.774 |
48.309 |
|
Dues of Other Creditors |
40.153 |
39.775 |
|
|
|
|
|
|
|
Total |
42.618 |
42.549 |
48.309 |
%20PRIVATE%20LIMITED%20-%20141260%2006-May-2011_files/image004.gif){kind=small}
FORM : 8
|
Corporate identity number of the company |
U50100MH1970PTC014595 |
|
Name of the company |
SPACO TECHNOLOGIES (INDIA) PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
901
Prasad Chambers9th Floor, Opera House Mumbai – 400004, Maharashtra, INDIA |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Others |
|
Particular of charge holder |
UCO Bank, Mumbai Pune Road, Pimpri, P.F,
Pune – 411018, Maharashtra, India |
|
Nature of instrument creating charge |
i) Stock of Raw Materials, Finished goods and
other movable (ii) Book Debts, Bills Receivable,
Investments. (iii) Hypothecation of goods to secure
Demand cash credit |
|
Date of instrument Creating the charge |
07/11/2008 |
|
Amount secured by the charge |
Rs. 118.000 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest BPLR + 0.5% As Per Applicable Credit
Rating of A+ i.e 15% at monthly, rest subject to change as per Head Office guidelines Terms
of repayment On Demand Margin 25% On Stocks and 40% On Book Debts ( Upto
90 days) for Cash Credit Limit, and 10% Cash/ FDR for L/C and bank Guarantee
Limit Extent
and operation of the charge The period of sanctioned will be one year
from the date of sanctioned or the next renewal whichever is earlier. Other
The period of Guarantee should not exceed
36 months, for validity more than 36 months prior approval has to be obtained
from Head Office |
|
Particulars of the present modification |
The period of Guarantee should not exceed
36 months, for validity more than 36 months prior approval has to be obtained
from Head Office |
FIXED ASSETS
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
·
Technical Know How
CONTINGENT LIABILITIES NOT PROVIDED FOR AS ON 31.03.2010
(a) Bank Guarantee and Letters of Credit
outstanding Rs. Nil (Rs. Nil).
(b) Estimated amount of contracts remaining to
be executed on capital account (net of advances) Rs.15.420 millions (Rs. 2.327
millions)
(c) Claims against the Company not
acknowledged as debt Rs.2.734 millions (Rs.5.236 millions) an amount
unascertainable in respect of claim of an employee.
(d) No provision has been made in respect of
statutory dues relating to Sales tax, Customs duty, ESIC, PF, Octroi etc.
amounting to Rs. 3.715 millions (Previous years.2.950 millions), since the Company has disputed
these claims and made representation/filed appeals in this regard.
(e) Bills discounted with bank Rs. Nil (Nil).
CMT REPORT (Corruption, Money Laundering and 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. 45.57 |
|
|
1 |
Rs. 73.58 |
|
Euro |
1 |
Rs. 66.23 |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.