MIRA INFORM REPORT
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Report No. : |
310733 |
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Report Date : |
04.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SPARKLINE EQUIPMENTS PRIVATE LIMITED |
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Registered
Office : |
Ramtanay Apartment, Plot No.76/4, RESI-1 Phase, CTS No. 51, B+127/4,
Erandwane, Pune – 411004, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.09.1994 |
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Com. Reg. No.: |
11-081065 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000 Million |
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CIN No.: [Company Identification
No.] |
U29219MH1994PTC081065 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNESO4750E |
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PAN No.: [Permanent Account No.] |
AACCS5871L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Material handling equipments. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
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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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. Even
though the company has achieved higher sales turnover during FY2014, the net profitability
of the company is decreasing. However, the rating also takes into consideration favorable gap
between trade receivables and payables backed by sound liquidity position. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered 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.
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Vishal Jandade |
|
Designation : |
Senior Accountant |
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Contact No.: |
91-20-65304270 |
|
Date : |
03.03.2015 |
LOCATIONS
|
Registered Office : |
Ramtanay Apartment, Plot No.76/4, RESI-1 Phase, CTS No. 51, B+127/4,
Erandwane, Pune – 411004, Maharashtra, India |
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Tel. No.: |
91-20-65304270 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 38, F-II Block, MIDC Pimpri, Pune – 411018, Maharashtra,
India |
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Tel. No.: |
91-20-27130224 |
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Fax No.: |
91-20-27130317 |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Shitalkumar Abhaykumar Doshi |
|
Designation : |
Managing Director |
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Address : |
Ramtanay Apartment Plot No 76 / 4 Res-1 Phase, Cts No 51 B 127/4 Erandwane, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
10.02.1963 |
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Date of Appointment : |
17.04.2010 |
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DIN No.: |
01973105
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Name : |
Ms. Vrushali Sheetal Doshi |
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Designation : |
Director |
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Address : |
Flat No. 9, |
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Date of Birth/Age : |
29.12.1966 |
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Date of Appointment : |
13.09.1994 |
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DIN No.: |
01973141
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Name : |
Mr. Siddharth Shitalkumar Doshi |
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Designation : |
Director |
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Address : |
2/12 Chitra Building, Velankar Nagar, Parvati Darshan Road, Pune – 411009, Maharashtra, India |
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Date of Birth/Age : |
13.05.1992 |
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Date of Appointment : |
29.09.2012 |
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DIN No.: |
05131418
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KEY EXECUTIVES
|
Name : |
Mr. Vishal Jandade |
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Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Shitalkumar Abhaykumar Doshi |
909697 |
87.67 |
|
Vrushali Sheetal Doshi |
77300 |
7.45 |
|
Siddharth Shitalkumar Doshi |
13000 |
1.25 |
|
Mahesh Patil |
8466 |
0.82 |
|
Chandrakant Shinde |
6391 |
0.62 |
|
Dhanpal Bapu Shedbale |
22746 |
2.19 |
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Total |
1037600 |
100.00 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
96.37 |
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Other top fifty shareholders |
3.63 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Material handling equipments. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany |
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Terms : |
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Selling : |
Cash and Credit (30/60/90 Days) |
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Purchasing : |
Cash and Credit (30/60/90 Days) |
PRODUCTION STATUS = Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
S. H. Surana Chartered Accountant |
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Address : |
Dugal Plaza, Bibvewadi Road, Pune – 411037, Maharashtra, India |
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Tel. No.: |
91-20-24220502 |
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Fax No.: |
91-20-24219288 |
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E-Mail : |
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PAN No.: |
ADWPS8894B |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Sister concern : |
Design Automation Pune Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Million |
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1050000 |
Equity Shares |
Rs.10/- each |
Rs.10.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1037600 |
Equity Shares |
Rs.10/- each |
Rs. 10.376
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
10.000 |
10.000 |
10.000 |
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(b) Reserves &
Surplus |
151.203 |
146.520 |
140.472 |
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(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’ Funds
(1) + (2) |
161.203 |
156.520 |
150.472 |
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(3) Non-Current
Liabilities |
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(a) long-term borrowings |
51.491 |
25.154 |
15.157 |
|
(b) Deferred tax
liabilities (Net) |
2.777 |
2.742 |
2.588 |
|
(c) Other long term
liabilities |
48.933 |
46.157 |
46.157 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
103.201 |
74.053 |
63.902 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
13.228 |
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(b) Trade payables |
110.410 |
136.092 |
63.410 |
|
(c) Other current
liabilities |
87.242 |
120.419 |
78.246 |
|
(d) Short-term provisions |
1.915 |
11.960 |
12.544 |
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Total Current Liabilities
(4) |
199.567 |
268.471 |
167.428 |
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TOTAL |
463.971 |
499.044 |
381.802 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
57.326 |
69.229 |
55.526 |
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(ii) Intangible Assets |
2.424 |
2.903 |
0.574 |
|
(iii) Capital
work-in-progress |
25.207 |
9.940 |
3.689 |
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(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.837 |
0.903 |
0.791 |
|
Total Non-Current Assets |
85.794 |
82.975 |
60.580 |
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(2) Current assets |
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|
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
123.487 |
146.464 |
65.230 |
|
(c) Trade receivables |
191.380 |
168.511 |
184.695 |
|
(d) Cash and cash
equivalents |
26.101 |
37.521 |
17.521 |
|
(e) Short-term loans and
advances |
35.748 |
53.837 |
51.389 |
|
(f) Other current assets |
1.461 |
9.736 |
2.387 |
|
Total Current Assets |
378.177 |
416.069 |
321.222 |
|
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|
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|
|
TOTAL |
463.971 |
499.044 |
381.802 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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SALES AND OPERATING
INCOME |
493.977 |
414.656 |
455.146 |
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EXPENSES |
486.460 |
410.296 |
449.980 |
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PROFIT/ (LOSS) BEFORE TAX |
7.517 |
10.486 |
15.509 |
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TAX |
2.635 |
4.438 |
5.075 |
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PROFIT/ (LOSS) AFTER TAX |
4.882 |
6.048 |
10.434 |
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Earnings / (Loss) Per
Share (Rs.) |
4.88 |
6.05 |
10.43 |
Expected Sales (2014-2015) : Rs.600.000 Million
The above information has been parted by Mr. Vishal Jandade (Senior
Accountant)
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
Net Profit Margin PAT / Sales |
(%) |
2.29 |
1.46 |
0.99 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.10 |
2.14 |
1.71 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.07 |
0.05 |
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|
Debt Equity Ratio (Total Debts/Networth) |
|
0.19 |
0.16 |
0.32 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.92 |
1.55 |
1.89 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
140.472 |
146.520 |
151.203 |
|
Net worth |
150.472 |
156.520 |
161.203 |
|
|
|
|
|
|
long-term borrowings |
15.157 |
25.154 |
51.491 |
|
Short term borrowings |
13.228 |
0.000 |
0.000 |
|
Total borrowings |
28.385 |
25.154 |
51.491 |
|
Debt/Equity ratio |
0.189 |
0.161 |
0.319 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
455.146 |
414.656 |
493.977 |
|
|
|
(8.896) |
19.129 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
455.146 |
414.656 |
493.977 |
|
Profit |
10.434 |
6.048 |
4.882 |
|
|
2.29% |
1.46% |
0.99% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS = NOT AVAILABLE
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
OPERATIONS AND
FUTURE PROSPECTS
During the year ended company achieve the turnover of Rs.493.900 Million
as compare to last year and also achieve profit of Rs.7.500 Million as compare to
the last year. The Director are hopeful that the company would be able to
increase the growth during this financial year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10483136 |
08/02/2014 |
114,000,000.00 |
BANK OF BARODA |
PIMPRI CHINCHWAD
MUNICIPAL CORPORATION COMPUND, |
B98694326 |
|
2 |
10396972 |
09/01/2013 |
75,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA |
B65884744 |
|
3 |
90085590 |
24/11/2008 * |
130,000,000.00 |
BANK OF INDIA |
PIMPRI BRANCH, PUNE, Maharashtra - 411018, INDIA |
A51531606 |
* Date of charge modification
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Office and
Other Equipment
- Computer
- Vehicles
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 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.61.83 |
|
|
1 |
Rs.95.13 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
PNM |
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 |
|
--PROFITABILITY |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.