MIRA
INFORM REPORT
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Report Date : |
03.11.2011 |
IDENTIFICATION DETAILS
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Name : |
SPARTAN ENGINEERING INDUSTRIES PRIVATE LIMITED |
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Registered Office
: |
111, New Tejpal Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.09.1988 |
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Com. Reg. No.: |
11-049025 |
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Capital
Investment/ Paid-up Capital: |
Rs. 5.000 Millions |
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CIN No.: [Company Identification
No.] |
U74210MH1988PTC049025 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS38832D |
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PAN No.: [Permanent Account No.] |
AAACS7816F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of High Quality Construction Machineries and
Equipments. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 600000 |
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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 well 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered/ Head Office : |
111, New Tejpal Industrial Estate, Andheri Kurla Road, Sakinaka,
Mumbai – 400072, Maharashtra, India |
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Tel. No.: |
91-22-28516181 |
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E-Mail : |
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Digha Factory 1: |
Arvind Brother’s Compound, Gut No. 1 and 3, Village – Ganpatipada, Old Thane- Belapur Road, Digha, Navi Mumbai – 400605, Maharashtra, India |
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Tel. No.: |
91-22-25304037/ 40/ 91-22-25414100 |
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E-Mail : |
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Atgaon Factory 2: |
Survey No. 80/13/3, 99/A, 80/7/1, |
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Tel. No.: |
02527 212063/65. |
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E-Mail : |
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Kolkata Branch Office : |
P205, |
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Tel. No.: |
91-33-40630312 |
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E-Mail : |
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C-24, DSIDC Complex, FIE Ground floor, Patparganj
Industrial Area, |
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Tel. No.: |
91-11-43068712 |
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E-Mail : |
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"Nandana" No. 108/7, 3rd Floor, First |
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Tel. No.: |
91-80-23395044 |
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E-Mail : |
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Laxmi Niwas, 1-8-733, 85/ 2RT, Parkas Nagar, Begum Pet, |
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Tel. No.: |
91-40-40177276 |
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E-Mail : |
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Chennai Branch Office : |
Plot no.-10, 1st Floor, 5th |
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Tel. No.: |
91-44 24863176 |
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E-Mail : |
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Ahmedabad Branch Office : |
305, Ruturaj Chamber, Vijay Char Rasta, Navrangpura,
Ahmedabad – 380009, |
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Pune Branch Office : |
211, |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Mahendra Pranjivandas Mehta |
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Designation : |
Director |
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Address : |
148/ 13, |
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Date of Birth/Age : |
24.09.1946 |
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Date of Appointment : |
01.06.2005 |
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DIN NO: |
00364038 |
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Name : |
Mr. Vikram Mahendra Mehta |
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Designation : |
Director |
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Address : |
148/ 13, |
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Date of Birth/Age : |
26.11.1977 |
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Date of Appointment : |
30.09.1998 |
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DIN NO: |
00364223 |
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Name : |
Mr. Rajul Mahendra Mehta |
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Designation : |
Director |
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Address : |
148/ 13, |
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Date of Birth/Age : |
01.05.1950 |
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Date of Appointment : |
29.09.2007 |
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DIN NO: |
01763492 |
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Name : |
Hiral Vikram Mehta |
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Designation : |
Director |
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Address : |
148/ 13, |
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Date of Birth/Age : |
20.04.1983 |
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Date of Appointment : |
15.02.2005 |
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DIN NO: |
00364176 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders (Equity Shares) |
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No. of Shares |
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Mahendra Pranjivandas Mehta |
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10000 |
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10 |
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Vikram Mahendra Mehta |
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8750 |
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Rajul Mahendra Mehta |
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3750 |
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Mahendra Girish Mehta HUF |
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10 |
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Mukesh Pranjivandas Mehta |
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10 |
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Mahendra Pranjivandas Mehta HUF |
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10 |
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Hiral Vikram Mehta |
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2460 |
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Total |
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25000 |
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Names of Shareholders (Preference Shares) |
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No. of Shares |
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Mahendra Pranjivandas Mehta |
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10000 |
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Vikram Mahendra Mehta |
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8750 |
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Rajul Mahendra Mehta |
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3750 |
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Hiral Vikram Mehta |
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2500 |
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Total |
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25000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2010
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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 Supplier of High Quality Construction Machineries and
Equipments. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
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Particulars |
Unit |
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Actual
Production |
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Bar Cutting Bending Machine |
Nos |
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2212 |
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Multi – Functional Hoist |
Nos |
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52 |
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Scrap Bar Straightening Machine |
Nos |
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23 |
GENERAL INFORMATION
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Bankers : |
Bank of India, Saki Naka Branch, Sagar Tech Plaza, Andheri Kurla Road,
Andheri (East), Mumbai – 400072, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. R. Muni and Company Chartered Accountants |
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Address : |
2543/ 2544, |
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PAN NO : |
AAAFR2711F |
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Associate Firm : |
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Associate Concern: |
Unique Engineers |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
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50000 |
Preference Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
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Total |
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Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
25000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500
Millions |
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25000 |
Preference Shares |
Rs. 100/- each |
Rs. 2.500
Millions |
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Total |
|
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
144.660 |
126.173 |
100.727 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
149.660 |
131.173 |
105.727 |
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LOAN FUNDS |
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1] Secured Loans |
161.581 |
133.314 |
57.925 |
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2] Unsecured Loans |
35.865 |
7.353 |
4.131 |
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TOTAL BORROWING |
197.446 |
140.667 |
62.056 |
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DEFERRED TAX LIABILITIES |
1.510 |
1.996 |
0.252 |
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TOTAL |
348.616 |
273.836 |
168.035 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
152.134 |
118.306 |
22.658 |
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Capital work-in-progress |
0.000 |
0.000 |
23.232 |
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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 |
93.018
|
86.338 |
54.241 |
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Sundry Debtors |
192.717
|
101.221 |
66.644 |
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Cash & Bank Balances |
35.320
|
40.290 |
12.432 |
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Other Current Assets |
2.954
|
2.517 |
1.846 |
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Loans & Advances |
62.216
|
48.754 |
69.533 |
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Total
Current Assets |
386.225
|
279.120 |
204.696 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
126.195
|
78.696 |
9.631 |
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Other Current Liabilities |
28.955
|
19.527 |
14.957 |
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Provisions |
34.593
|
25.399 |
58.027 |
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Total
Current Liabilities |
189.743
|
123.622 |
82.615 |
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Net Current Assets |
196.482
|
155.498 |
122.081 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.032 |
0.064 |
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TOTAL |
348.616 |
273.836 |
168.035 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
762.769 |
412.336 |
533.687 |
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Other Income |
11.687 |
5.930 |
1.780 |
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TOTAL (A) |
774.456 |
418.266 |
535.467 |
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Less |
EXPENSES |
|
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|
|
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Cost of goods for resale |
207.979 |
115.616 |
133.101 |
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Raw material consumed |
194.476 |
104.634 |
144.965 |
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Manufacturing and services expenses |
104.074 |
48.320 |
88.792 |
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Administrative Expenses |
114.108 |
74.084 |
37.251 |
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Selling and Distribution |
71.070 |
41.263 |
45.488 |
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Increase/ (Decrease) in stocks |
11.888 |
(25.357) |
(15.041) |
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TOTAL (B) |
703.595 |
358.560 |
434.556 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
70.861 |
59.706 |
100.911 |
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Less |
FINANCIAL
EXPENSES (D) |
22.952 |
10.384 |
7.150 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
47.909 |
49.322 |
93.761 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.791 |
8.780 |
4.070 |
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PROFIT BEFORE
TAX (E-F) (G) |
28.118 |
40.542 |
89.691 |
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Less |
TAX (H) |
8.757 |
14.220 |
30.809 |
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PROFIT AFTER TAX
(G-H) (I) |
19.361 |
26.322 |
58.882 |
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Less |
APPROPRIATIONS |
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|
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|
|
|
|
Transfer to General Reserve |
1.936 |
2.632 |
2.944 |
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Proposed Dividend |
0.750 |
0.750 |
0.750 |
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Tax on Dividend |
0.124 |
0.127 |
0.127 |
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BALANCE CARRIED
TO THE B/S |
16.551 |
22.813 |
55.061 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
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|
Bar Cutting/ Bending machines |
2.590 |
0.000 |
6.595 |
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Spares |
0.051 |
0.000 |
0.000 |
|
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Indenting Commission |
0.000 |
3.191 |
3.880 |
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TOTAL EARNINGS |
2.641 |
3.191 |
10.475 |
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IMPORTS |
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Purchase of goods Traded |
162.184 |
90.769 |
121.113 |
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Assets for leasing |
22.373 |
19.580 |
0.000 |
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TOTAL IMPORTS |
184.557 |
110.349 |
121.113 |
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Earnings Per
Share (Rs.) |
740 |
1,111 |
792 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.49
|
6.29 |
10.99 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.68
|
9.83 |
16.80 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.22
|
10.20 |
35.79 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.30 |
0.84 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.58
|
2.01 |
1.36 |
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Current Ratio (Current Asset/Current Liability) |
|
2.03
|
2.25 |
2.47 |
LOCAL AGENCY FURTHER INFORMATION
Progress Review
The Company’s products, used at construction sites for Real
Estate and Infrastructure Development Projects are well accepted. The Atgaon
factory has been operational for the first full year and Directors are taking
efforts to fully utilize the production capacity. During the year it has set up
sales branches at
During the year the Turnover of the Company has increased by 84%. The Turnover of Manufactured goods has increased to Rs. 311.900 Millions as against Rs. 129.200 Millions last year and for Trading goods has increased to Rs. 256.300 Millions as against Rs. 136.000 Millions last year. The Profit margins have been kept low with a view to penetrate the market to introduce the products of the Company. The machinery and equipment dealt in by the Company greatly assist the reduction in construction time and labour costs and consequently, the cost of construction. Construction industry has substantial potential and thereby the market for the products of the Company is foreseeing an increasing trend. The Company is making all round efforts to meet the expected growth and equally widen their spheres in the market which is competing internationally
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74210MH1988PTC049025 |
|
Name of the
company |
SPARTAN
ENGINEERING INDUSTRIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
111, New Tejpal Industrial Estate, Andheri Kurla Road, Sakinaka,
Mumbai – 400072, Maharashtra, India Email: engineering@spartanindia.com |
|
This form is for |
Modification of Charge |
|
Charge identification (ID) number of the charge to be
modified |
10166428 |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of India, Saki Naka Branch, Sagar Tech Plaza, Andheri Kurla Road,
Andheri (East), Mumbai – 400072, Maharashtra, India Email: SakiNaka.MumbaiNorth @bankofindia.co.in |
|
Nature of
instrument creating charge |
Record of Oral
Assent |
|
Date of
instrument Creating the charge |
19.07.2011 |
|
Amount secured by
the charge |
Rs. 337.700
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest: Interest/Commission
as per table in Record of Oral Assent attached or at such other rate/s of
Interest/Commission as may be notified by the bank from time to time. Terms of Repayment: TL: 60 EMIs of
Rs. 0.750 Million each, Demand Loan I:
33 EMIs of Rs. 0.356 Million each, Demand Loan II: 33 EMIs of Rs. 0.267
Million each, New Demand Loan: 33 EMIs of Rs. 0.572 Million each, CC(Stocks),
CC(Book Debts), Inland Guarantee, I/F L/C (90 days DA) including Buyers
Credit: On Demand. Margin: As specified by
the Bank from time to time. Extent and Operation of the charge: The charge on the
aforesaid properties by way of equitable mortgage is created/extended with
intent to create security in favour of the Bank , for the due repayment by
the Company to the Bank at Mumbai of
the said credit facilities of Rs. 337.700 Millions granted to Company with
interest at the agreed rate or at such other rate/s as may be notified from time to time and the security thus
created shall remain and continue as security for any advance of any nature
now due or pending Others: Or that may be
made or become due hereafter from time to time either in the said credit facilities
accounts or in any other account/s of the company and whether singly or
jointly with another or others and whether at Sakinaka Branch or any other branch or office of the
Bank and/or for any indebtedness or liability whatsoever of the company to
the Bank & for all costs, charges, and expenses whatsoever paid or
incurred by the Bank. Revised
Facilities and Limits: As per Table in Record of Oral Assent attached. |
|
Short Particulars
of the property or assets charged |
EM of immovable
properties of the company comprising land and building and other structures,
fixed machinery and plant and fixtures/fittings both present and future
situated at Survey Nos. 80/7/1 admeasuring 8260 Sq.Mtrs and Survey No.
80/13(Part) and 99/A admeasuring to 4870 Sq.Mtrs situate at village pundhe,
Atgaon, Tehsil Shahpur ,District Thane Maharashtra having Boundaries :East:
Survey No. 80/7, West: Proposed Internal Road to be constructed,South: Land
bearing Survey No. 80/9, North:Plot bearing No. 1 of layout. |
|
Particulars of the present modification |
The charge on the
Mortgaged property is revised from Rs. 4.500 Millions to Rs. 337.700
Millions. Revised Facilities and Limits (Rs .in Millions): (A)FB:1) TL Rs.
36.800 Millions, 2) D/L I Rs. 6.600 Millions, 3) D/L II Rs. 3.300 Millions,
4) New D/L Rs. 16.000 Millions, 5)CC(Stocks) Rs. 120.000 Millions, 6)CC(BDs)
Rs. 130.000 Millions, Max. (5 and 6) Rs. 145.000 Millions Sub Total (A) Rs.
207.700 Millions, (B)NFB: i)Inland Guarantee Rs. 10.000 Millions, ii) I/F LC
(90 days DA) (including Buyers Credit Rs. 40.000 Millions) Rs. 120.000
Millions Sub Total (B) Rs. 130.000 millions, Grand Total (FB + NFB) Rs.
337.700 Millions. |
Fixed Assets:
- Office
Equipment
- Computer
- Software
- Electric
Installation
- Fan
- Furniture and
Fixtures
- Plant and
Machinery
- Motor
Vehicles
- Air
Conditioners
- Tower Crane
- Tools and Inspections Instrument
- Factory Equipment
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.49.25 |
|
|
1 |
Rs.78.73 |
|
Euro |
1 |
Rs.67.64 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
46 |
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.