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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
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Name : |
SPARCO MULTIPLAST PRIVATE LIMITED |
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Registered
Office : |
704, Surmount, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.02.2006 |
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Com. Reg. No.: |
04-047806 |
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Capital
Investment/ Paid-up Capital: |
Rs.1.850 Million |
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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, etc. |
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No. of
Employees: |
100 ((Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 72552 |
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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 – September 30, 2011
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Narerdra |
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Designation : |
Export Manager |
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Mob : |
91-9375097444 |
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Date : |
09.03.2012 |
LOCATIONS
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Registered Office : |
704, Surmount, |
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Tel. No.: |
91-79-26860572/ 26860573/ 27541709/ 27541607 |
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Mobile No.: |
91-9375097444/ 9375097888 ( Mr. Pritesh Shah) 91-9375097444 (Mr. Narendra) |
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Fax No.: |
91-79-40026768/ 27541607 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
5, 6, Silver Estate, Opposite Ankur Oil Mill, At Ratnapur Taluka
Kalol, District – Gandhi Nagar |
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Location : |
Owned |
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DIRECTORS
As on: 26.09.2011
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Name : |
Ms. Neetaben Priteshbahi Shah |
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Designation : |
Managing Director |
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Address : |
D/104, Virajvihar –IV, Opposite Sarathi Duplex, B/S. Chandan Party
Plot, Sattellite, Ahmedabad – 380015, |
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Date of Birth/Age : |
28.06.1974 |
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Date of Appointment : |
24.02.2006 |
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DIN No : |
01942543 |
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Other Directorship :
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Name : |
Mr. Priteshbhai Ashokkumar Shah |
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Designation : |
Managing Director |
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Address : |
D/104, Virajvihar –IV, Opposite Sarathi Duplex, B/S. Chandan Party
Plot, Sattellite, Ahmedabad – 380015, |
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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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DIN No : |
01942659 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 26.09.2011
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Names of Shareholders |
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No. of Shares |
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Neetaben Priteshbahi Shah |
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145000 |
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Priteshbhai Ashokkumar Shah |
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40000 |
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Total |
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185000 |
AS on: 26.09.2011
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Barrier/ Caution Tapes, Cable Protection
Covers, etc. |
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Products : |
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Exports : |
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Products : |
Barrier/Caution Tapes Cable Protection Covers |
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Countries : |
Middle East, Africa and |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
GENERAL INFORMATION
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Suppliers : |
Iconplastics |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
100 ((Approximately) |
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Bankers : |
CC Rs. 30.000 Millions (From Bank of
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Facilities : |
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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 Appartment, B/H, Sarap Building, Opposite Navjivan Press,
Usmanpura, Ahmedabad – 38001, Gujarat, India |
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PAN No: |
AAEFJ5646F |
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Sister
Concerns: |
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CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
250000 |
Equity Share |
Rs.10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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185000 |
Equity Share |
Rs.10/- each |
Rs. 1.850
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.30.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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|
|
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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 |
16.288 |
9.213 |
4.865 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18.138 |
11.063 |
6.715 |
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LOAN FUNDS |
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1] Secured Loans |
27.600 |
16.386 |
10.984 |
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2] Unsecured Loans |
4.242 |
9.404 |
8.777 |
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TOTAL BORROWING |
31.842 |
25.790 |
19.761 |
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DEFERRED TAX LIABILITIES |
0.857 |
0.686 |
0.751 |
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TOTAL |
50.837 |
37.539 |
27.227 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.316 |
15.572 |
13.998 |
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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 |
18.739
|
13.266 |
8.611 |
|
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Sundry Debtors |
29.411
|
25.045 |
13.720 |
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Cash & Bank Balances |
6.036
|
2.524 |
0.657 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.490
|
9.956 |
6.338 |
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Total
Current Assets |
64.676
|
50.791 |
29.326 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
30.822
|
24.027 |
14.454 |
|
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Other Current Liabilities |
2.210
|
2.740 |
0.301 |
|
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Provisions |
3.150
|
2.100 |
1.401 |
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Total
Current Liabilities |
36.182
|
28.867 |
16.156 |
|
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Net Current Assets |
28.494
|
21.924 |
13.170 |
|
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|
|
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MISCELLANEOUS EXPENSES |
0.027 |
0.043 |
0.059 |
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|
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|
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TOTAL |
50.837 |
37.539 |
27.227 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
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SALES |
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|
|
|
|
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Income |
171.569 |
143.181 |
121.620 |
|
|
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Other Income |
1.465 |
5.513 |
0.000 |
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|
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TOTAL (A) |
173.034 |
148.694 |
121.620 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
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|
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Administrative Expenses |
|
|
|
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Advertising Expenses |
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|
|
|
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TOTAL (B) |
159.279 |
139.452 |
114.900 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
13.755 |
9.242 |
6.720 |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
3.932 |
2.762 |
2.182 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.823 |
6.480 |
4.538 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.741 |
2.269 |
0.942 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.082 |
4.211 |
3.596 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.007 |
(0.137) |
0.375 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.075 |
4.348 |
3.221 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9.213 |
4.864 |
1.043 |
|
|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
|
|
|
|
Dividend |
|
|
|
|
|
|
Tax on Dividend |
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
16.287 |
9.212 |
4.864 |
|
|
|
|
|
|
|
|
|
|
TOTAL IMPORTS |
22.968 |
59.997 |
-- |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
38.28 |
22.41 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.09
|
2.92 |
2.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.13
|
2.94 |
2.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.14
|
6.35 |
8.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.38 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.75
|
4.94 |
5.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
1.76 |
1.81 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
- |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last two years |
Yes |
|
Profitability
for last three years |
No |
|
Reasons
for variation <> 20% |
Yes |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
No |
|
Incorporation
details, if applicable |
- |
|
Last
accounts filed at ROC |
- |
|
Major
Shareholders, if applicable |
- |
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 futu
From 8
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
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 Byzantine, |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10093299 |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Bank of S G Highway Branch, Shapath III, Near GNFC Info Tower, Bodakdev,
Ahmedabad – 380054, Gujarat, India E-mail : sgahm@bankofbaroda.com |
|
Nature of
instrument creating charge |
Instrument of
Extension/Creation relating to deposit of title deeds |
|
Date of
instrument Creating the charge |
22.10.2011 |
|
Amount secured by
the charge |
Rs. 76.400
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
3.50% P.A. above base rate I.E.14.25% P.A. packing credit, 1.25% over base
rate I.E.12.00% P.A. FBT/FBD 1.25% over base I.E.12.00% P.A.BD limit 0.75%
above base rate |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Office No.904, 9th floor admeasuring about 630 Square feet
(Super Buildup Area) admeasuring 58.52 Square Meters Situated in the building
known as “Surmount Byzantine” of Vasupujya Smruti Cooperative Housing Society
Limited Land admeasuring 2082 and 1254 Square Meters of survey No. 189 of plot
No. 6 of Mouje Vasna Lyva Shanand District Ahmedabad more particular
mentioned in the part-B of the second schedule hereunder written Land in the Ajanta Industrial Estate bearing revenue survey No. 182
(P) sub plot No. 14 A admeasuring 718 square meters along with shed
constructed admeasuring 293 square meters at situated to Mouje Vasna Lyava |
|
Date of
instrument modifying the charge |
14.03.2010 |
|
Particulars of
the present modification |
Cash credit limit
Rs.25.000 Millions is increased to Rs.30.000 Millions sublimit of import LC
is converted into a sepreated limit and increased 10.000 Millions to 20.000
Millions and additional Bank guarantee limit of Rs.2.500 Millions bill
discounted increased Rs.20.000 Millions term loan revised Rs.3.900 Millions
as result total borrowin limit has been increased from Rs42.000 Millions to
Rs. 74.600 Millions |
Fixed Assets
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. 51.16 |
|
|
1 |
Rs. 81.80 |
|
Euro |
1 |
Rs. 68.34 |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
Yes |
|
--AFFILIATION |
YES/NO |
Yes |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
47 |
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.