MIRA INFORM REPORT
|
Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPRAY ENGINEERING SUGARS LIMITED |
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Registered
Office : |
Plot No. 25, Industrial Area, Phase 2, Chandigarh-160002 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
03.04.2006 |
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Com. Reg. No.: |
53-029976 |
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Capital
Investment / Paid-up Capital : |
Rs. 14.750 Millions |
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CIN No.: [Company Identification
No.] |
U15420CH2006PLC029976 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Supplier of Copper Sulphate, Nickel Sulphate, etc. |
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No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 213000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There
appears some losses recorded by the company. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealing with slight
caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjeev Malik |
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Designation : |
Director |
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Contact No.: |
91-9316034200 |
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Date : |
18.01.2013 |
LOCATIONS
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Registered Office : |
Plot No. 25, Industrial Area, Phase 2, Chandigarh-160002, |
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Tel. No.: |
91-1762-283001 |
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Mobile No.: |
91-9316034200 (Mr. Sanjeev Malik) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Plot No. B-2, Industrial Area, Focal Point, Dera Bassi, Distt.
Mohali-140401, |
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Location : |
Owned |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Sanjeev Malik |
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Designation : |
Managing Director |
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Address : |
Flat No. 402, GHS- 106, Sector- 20, Panchkula- 134116, |
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Date of Birth/Age : |
13.06.1967 |
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Date of Appointment : |
01.04.2011 |
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DIN No.: |
03053005 |
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Name : |
Mr. Manoj Kumar Joshi |
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Designation : |
Director |
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Address : |
Varshali CHS RNO- 9, 2nd Floor, Sector- 4, Airoli, Navi
Mumbai- 400708, |
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Date of Birth/Age : |
25.03.1971 |
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Date of Appointment : |
28.09.2012 |
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DIN No.: |
02722133 |
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Other Directorship:
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MAJOR SHAREHOLDERS
As on 28.09.2012
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Names of Shareholders |
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No. of Shares |
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Verma Vivek |
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1 |
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Verma Prateek |
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1 |
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Gupta Sanjay |
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1 |
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Kumar Santosh |
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1 |
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Verma Mamta |
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1 |
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Verma Sonita |
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1 |
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Spray Engineering Devices Limited |
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1474994 |
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Total |
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1475000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Copper Sulphate, Nickel Sulphate, etc. |
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Products : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2012)
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Particulars |
Unit |
Actual
Production |
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Various Chemicals |
MT |
3080 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
80 (Approximately) |
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Bankers : |
Tel. No.: 91-22-28089105 |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
A.K. Kalia and Associates Chartered Accountants |
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Address : |
SCO 133-135, Sector 17-C, |
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PAN No.: |
ABAPK2905P |
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Holding Company : |
Spray Engineering Devices Limited CIN No : U00000CH2004PLC027625 |
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Subsidiaries : |
Paradise Power Generation Private Limited |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1475000 |
Equity Shares |
Rs.10/- each |
Rs. 14.750 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.750 |
14.750 |
14.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
38.695 |
63.011 |
67.567 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
53.445 |
77.761 |
82.317 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
14.208 |
39.681 |
1.144 |
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TOTAL BORROWING |
14.208 |
39.681 |
1.144 |
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DEFERRED TAX LIABILITIES |
5.306 |
0.052 |
0.000 |
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TOTAL |
72.959 |
117.494 |
83.461 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
91.159 |
82.965 |
80.248 |
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Capital work-in-progress |
0.000 |
63.858 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.100 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.052 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
6.807
|
2.916 |
0.000 |
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Sundry Debtors |
1.211
|
0.841 |
0.000 |
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Cash & Bank Balances |
0.468
|
8.429 |
0.144 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.457
|
5.033 |
2.979 |
|
Total
Current Assets |
16.943
|
17.219 |
3.123 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
31.356
|
45.217 |
0.016 |
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Other Current Liabilities |
3.787
|
1.331 |
0.046 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
35.143
|
46.548 |
0.062 |
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Net Current Assets |
(18.200)
|
(29.329) |
3.061 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
72.959 |
117.494 |
83.461 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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SALES |
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Revenue from Operations |
46.185 |
13.701 |
38.939 |
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Other Income |
0.336 |
0.016 |
0.381 |
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TOTAL (A) |
46.521 |
13.717 |
39.320 |
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Less |
EXPENSES |
|
|
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|
|
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Cost of raw material and Components consumed |
40.377 |
15.034 |
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(Increase)/ Decrease in inventories of finished goods,
work-in-progress |
(3.849) |
(2.548) |
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Employee benefits expense |
12.743 |
1.479 |
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Other expenses |
14.161 |
4.090 |
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TOTAL (B) |
63.432 |
18.055 |
39.067 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(16.911) |
(4.338) |
0.253 |
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Less |
FINANCIAL
EXPENSES (D) |
0.025 |
0.035 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(16.936) |
(4.373) |
0.253 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.127 |
0.079 |
0.009 |
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PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(19.063) |
(4.452) |
0.244 |
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Less |
TAX (I) |
5.253 |
0.104 |
0.087 |
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PROFIT/(LOSS)
AFTER TAX (G-I) (J) |
(24.316) |
(4.556) |
0.157 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2.539) |
2.017 |
1.860 |
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BALANCE CARRIED
TO THE B/S |
(26.855) |
(2.539) |
2.017 |
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|
Earnings Per
Share (Rs.) |
3.09 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(52.27) |
(33.21) |
0.40 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
(41.28) |
(32.49) |
0.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(17.63) |
(4.44) |
0.29 |
|
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|
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
(0.36) |
(5.73) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92 |
1.11 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.48 |
0.37 |
50.37 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FIXED ASSETS
- Land
- Packing
Machine
- Pumps and
Motors
- Weightment
Machine
- Furniture and
Fixture
- Vehicles
- Plant and
Machinery
- Lab
Equipments
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Interest free loan and advances from related parties repayable on
demand |
14.208 |
39.681 |
|
Total |
14.208 |
39.681 |
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 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 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. 53.77 |
|
|
1 |
Rs. 85.14 |
|
Euro |
1 |
Rs. 71.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RJT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
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.