MIRA INFORM REPORT

Report Date :

14.06.2014

IDENTIFICATION DETAILS

Name :	SPARKLET ENGINEERS PRIVATE LIMITED
Registered Office :	B-54, Anand Nagar, Ambernath Industrial Area, MIDC, Ambernath (East), Thane – 421506, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	13.03.2000
Com. Reg. No.:	11-124853
Capital Investment / Paid-up Capital :	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U29240MH2000PTC124853
TAN No.: [Tax Deduction & Collection Account No.]	MUMS27571F
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Oil and Gas Equipments.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 320000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management has failed to file its financial record with government department for the year 2013. As per available financial record of 2012, the rating reflects SEPL’s sound financial risk profile marked by established relationship with its customers and fair general financial position of the company. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions. Note: Profit and Loss statement for the year 2012 could not be made available from government department.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BB+
Rating Explanation	In adequate credit quality and high credit risk.
Date	12.03.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A4+
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	12.03.2014

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 DECLINED BY

Name :	Mr. Shukanto Ranabrata Ghosh
Designation :	Director
Contact No.:	91-9763719372
Date :	13.06.2013

LOCATIONS

Registered Office/ Factory 1 :	B-54, Anand Nagar, Ambernath Industrial Area, MIDC, Ambernath (East), Thane – 421506, Maharashtra, India
Tel. No.:	91-251-2620231/ 2620271
Mobile No.:	91-9763719372 (Mr. Shukanto Ranabrata Ghosh)
Fax No.:	Not Available
E-Mail :	sparklet@sparkletengineers.com info@sparkletengineers.com sparktools@mtnl.net.in sparklet@sparklet.com
Website :	http://www.sparkletengineers.com http://www.sparklet.com
Location :	Owned
Factory 2 :	A-87B, Addition Ambarnath, Industrial Area, Anand Nagar, Amberanth (East), Thane – 421506, Maharashtra, India
Branch Office :	17, R. K. Industry House, Walbhat Road, Goregaon (East), Mumbai – 400063, Maharashtra, India
Tel No.:	91-22-26851159/ 66992259/ 66992260
Fax No.:	91-22-26853256

DIRECTORS

(AS ON 04.08.2012)

Name :	Mr. Ranabrata Bhaveshchandra Ghosh
Designation :	Director
Address :	A/01, Shruti, Yashodham, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	06.08.1939
Date of Appointment :	13.03.2000
DIN No.:	00249674
Name :	Mrs. Devikarani Ranabrata Ghosh
Designation :	Director
Address :	A/01, Shruti, Yashodham, Goregaon (East), Mumbai-400063, Maharashtra, India
Date of Birth/Age :	03.04.1944
Date of Appointment :	13.03.2000
DIN No.:	00249709
Name :	Mr. Shukanto Ranabrata Ghosh
Designation :	Director
Address :	601, Valentine Tower, Pimpri Pad Film City Road, Malad (East), Mumbai-400097, Maharashtra, India
Date of Birth/Age :	15.03.1970
Date of Appointment :	13.03.2000
DIN No.:	02385277

KEY EXECUTIVES

Name :	Ms. Esther
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 04.08.2012)

Names of Shareholders	No. of Shares	%age
Ranabrata Bhaveshchandra Ghosh	36300	36.30
Devikarani Ranabrata Ghosh	6850	6.85
Shukanto Ranabrata Ghosh	7850	7.85
Sharmila Shukanto Ghosh	500	0.50
Debjani Ranabrata Ghosh	500	0.50
Devikarni Ghosh and Shukanto Ghosh	14000	14.00
ShukantoGhosh and Devikarani Ghosh	14000	14.00
Degas Financial Consultancy Private Limited, India	20000	20.00
Total	100000	100.00

(AS ON 04.08.2012)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Oil and Gas Equipments.
Products :	· Oil Gas Burner Boom · Choke Manifold · Gate Valve · Indirect Water Bath Heater · Mobile Bulkers · Basket Filters · Filteration Unit · Injection Water Fine Filters · Batch Mixer · Heat Exchangers · Onsite Projects · EPF Equipments · Oil and Gas Divertors · Seperators For Production And Testing · Tanks · Silos

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

· Axis Bank Limited

Fort Branch, Universal Insurance Building, Ground Floor, Sir P M Road, Fort, Mumbai-400001, Maharashtra, India

Contact No.: 91-22-66107336

· State Bank of India

Industrial Finance Branch, S V Road, Malad (West), Mumbai – 400064, Maharashtra, India

· Axis Bank Limited

Ground Floor, Axis House, Bombay Dyeing Mills Compound, P B Marg, Worli, Mumbai – 400025, Maharashtra, India

· Citi Bank N.A.

Trent House, 2^nd Floor, G Block, Plot No. C-60, Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

· Small Industries Development Bank of India

1 and 2 Dhanalaxmi Residency, Near Hotel Tip-top Plaza, B S Marg, Thane – 400602, Maharashtra, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Long Term Borrowings
Term Loan from Banks
Axis Bank Limited – Working Capital Term Loan	8.388	11.688
Less: Current Maturities of Long Term Debts	3.300	3.300
Total (A)	5.088	8.388
TERM LOAN FROM OTHERS
Kotak Mahindra Primas Limited - Car Loan	0.183	0.601
Kotak Mahindra Prime Limited - Car Loan	1.419	0.000
SIDBI- Term Loan	2.672	3.656
Less: Current Maturities of Long Term Debts	1.925	1.425
Total (B)	2.349	2.832
Total (A+B)	7.437	11.220
Short Term Borrowings
Loan From Banks
Axis Bank Limited – Cash Credit	17.920	49.146
Axis Bank Limited – Packing Credit	80.042	0.000
Total	97.962	49.146
Total	105.399	60.366

Banking Relations :	--
Auditors :
Name :	Prakash Bakhda and Associates Chartered Accountant
Address :	3/4, Acme Shopping Arcade, Trikamdas Road, Kandivali (West), Mumbai-400067, Maharashtra, India
PAN No.:	AAEPB9697A

CAPITAL STRUCTURE

(AS ON 04.08.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	Rs.100/- each	Rs.25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

(AS ON 31.03.2012)

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	10.000	10.000
(b) Reserves & Surplus	69.006	40.223
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	2.000	2.000
Total Shareholders’ Funds (1)+(2)	81.006	52.223
(3) Non-Current Liabilities
(a) long-term borrowings	50.529	23.648
(b) Deferred tax liabilities (Net)	7.332	4.843
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	57.861	28.491
(4) Current Liabilities
(a) Short term borrowings	116.501	56.958
(b) Trade payables	149.247	51.958
(c) Other current liabilities	27.847	27.366
(d) Short-term provisions	20.541	10.803
Total Current Liabilities (4)	314.136	147.085
TOTAL	453.003	227.799
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	94.714	59.393
(ii) Intangible Assets	2.437	1.531
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000
(e) Other Non-current assets	0.053	0.067
Total Non-Current Assets	97.204	60.991
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	131.431	59.868
(c) Trade receivables	121.886	60.926
(d) Cash and cash equivalents	12.077	6.827
(e) Short-term loans and advances	90.097	39.010
(f) Other current assets	0.308	0.177
Total Current Assets	355.799	166.808
TOTAL	453.003	227.799

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000
2] Share Application Money		0.000
3] Reserves & Surplus		22.791
4] (Accumulated Losses)		0.000
NETWORTH		32.791
LOAN FUNDS
1] Secured Loans		58.241
2] Unsecured Loans		28.131
TOTAL BORROWING		86.372
DEFERRED TAX LIABILITIES		3.446
TOTAL		122.609
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		49.879
Capital work-in-progress		0.000
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	43.224
	Sundry Debtors	63.577
	Cash & Bank Balances	0.358
	Other Current Assets	0.000
	Loans & Advances	19.410
Total Current Assets		126.569
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	49.186
	Other Current Liabilities	0.000
	Provisions	4.734
Total Current Liabilities		53.920
Net Current Assets		72.649
MISCELLANEOUS EXPENSES		0.000
PRELIMINARY EXPENSES		0.081
TOTAL		122.609

PROFIT & LOSS ACCOUNT

Particulars	31.03.2013	31.03.2012	31.03.2011	31.03.2010
Sales Turnover (Approximately)	700.000 (Due to market fluctuation)	Not Divulged	750.000	700.000

The above information has been parted by Ms. Esther.

KEY RATIOS

PARTICULARS	31.03.2012	31.03.2011	31.03.2010
Debt Equity Ratio (Total Debt/Networth)	2.06	1.54	2.63
Current Ratio (Current Asset/Current Liability)	1.13	1.13	2.35

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	10.000
Reserves & Surplus	40.223	69.006
Net worth	50.223	79.006
long-term borrowings	23.648	50.529
Short term borrowings	56.958	116.501
Total borrowings	80.606	167.030
Debt/Equity ratio	1.605	2.114

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	No
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
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	Yes
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

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Long Term Borrowings
Loans From Directors	3.546	1.785
Loans From a firm /company in which Directors are interested	12.328	1.413
Loans From Share Holders	15.501	9.230
Loans From Others	18.983	5.375
Less: Current Maturities of Long Term Debts	7.265	5.376
Total	43.093	12.427
Short Term Borrowings
From Banks Hong Kong Bank – Buyer’s Credit A/c	6.588	0.000
From Others National Small Scale Industrial Corporation Limited	11.951	7.813
Total	18.539	7.813
Total	61.632	20.240

NOTE:

The Registered office of the company has been shifted form 12, R. K. Industry House, Walbhat Road, Goregaon (East), Mumbai-400063, Maharashtra, India, to the present address w.e.f. 15.01.2013.

INDEX OF CHARGE

S. No.	Charge ID	Date of Charge Creation/ Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10396935	19/03/2013 *	70,000,000.00	CITIBANK N. A.	TRENT HOUSE, 2 ND FLOOR, G BLOCK, PLOT NO.C60,, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA	B74147786
2	10217013	01/09/2009	5,000,000.00	SMALL INDUSTRIES DEVELOPMET BANK OF INDIA	1 & 2 DHANA LAXMI RESIDENCY, NEAR HOTEL TIP-TOP P LAZA B S MARG, THANE, THANE, MAHARASHTRA - 400602, INDIA	A75309203
3	10077301	19/03/2013 *	186,500,000.00	AXIS BANK LIMITED	GR. FLR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P B MARG, WORLI, MUMBAI, MAHARASHTRA -400025, INDIA	B73966459

FIXED ASSETS:

· Plot

· Factory Shed

· Plant and Machinery

· Electric Fitting

· Air Conditioner

· Telephone Systems

· Mobile

· Motor Car

· Scooter

· Cycle

· Fax Machine

· Furniture

· Television

· Office Equipment

· Computers

· Water Cooler

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.59.48
UK Pound	1	Rs.100.93
Euro	1	Rs.80.71

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	KAR
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.