MIRA
INFORM REPORT
|
Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SOLID INDIA LIMITED |
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Formerly Known As : |
SOLIOMEC EQUIPMENTS LIMITED |
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Registered Office : |
Plot No.500, Phase-IV, G.I.D.C., Vatva, Opposite Indo
German Tool Room, Ahmedabad – 382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.05.1992 |
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Com. Reg. No.: |
04-17682 |
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CIN No.: [Company
Identification No.] |
U29199GJ1992PLC017682 |
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Legal Form : |
A Closely Held public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Road Construction Plants
and Equipments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 6672 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company and seems to be passing through
difficult times oat present. It had nor carried out any activity during the
year 2005-06, as per its audited financials. Payments are reported as slow
and delayed. The company can be considered for any business dealings on fully
safe and secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
Plot No.500, Phase-IV, G.I.D.C., Vatva, Opposite Indo
German Tool Room, Ahmedabad – 382 445, Gujarat, India |
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Tel. No.: |
91-79-25890300/25890400/25833300/4700 |
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Mobile No.: |
91-9924399411 |
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Fax No.: |
91-79-25835300 |
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E-Mail : |
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Website : |
http://www.solidindia.net (under construction) |
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Head Office : |
Block No. 576 – B and 518, Village – Aamsaran, Mehendrabad, Kheda,
Gujarat, India |
DIRECTORS
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Name : |
Mr. Vashrambhai Dhirajlal Dodia |
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Designation : |
Managing Director |
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Address : |
10/A, Sarvodaya Society, Jawahar Chowk, Maninagar, Ahmedabad – 380
008, Gujarat, India |
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Date of Birth/Age : |
13.01.1963 |
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Date of Appointment : |
01.09.2002 |
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Name : |
Mr. Rameshray Ketan Majmudar |
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Designation : |
Director |
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Address : |
Dharmakunj, Punit Park, Maninagar, Ahmedabad – 380 008, Gujarat, India
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Date of Birth/Age : |
31.08.1956 |
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Date of Appointment : |
01.09.2002 |
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Name : |
Mr. Bhavanibhai Arvindbhai Thakkar |
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Designation : |
Director |
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Address : |
8, Pallav Apartments, Kailashnath Society, Bhairavnath Road,
Maninagar, Ahmedabad – 380 028, Gujarat, India |
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Date of Birth/Age : |
07.03.1954 |
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Date of Appointment : |
01.09.2002 |
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Name : |
Mr. Hasmikhbhai Vashrambhai Dodia |
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Designation : |
Director |
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Address : |
A-74, Girivar Bunglow, Isanpur, Ahmedabad – 380 050, Gujarat, India |
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Date of Birth/Age : |
03.12.1958 |
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Date of Appointment : |
07.02.2007 |
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Other Directorships : |
Solid 2000 Trade Limited |
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Name : |
Mr. Nipul Hasmukhbhai Dodia |
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Designation : |
Director |
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Address : |
A-74, Girivar Bunglow, Isanpur, Ahmedabad – 380 050, Gujarat, India |
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Date of Birth/Age : |
03.07.1982 |
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Date of Appointment : |
07.02.2007 |
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Name : |
Mr. Kumar Hasmukhbhai Dodia |
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Designation : |
Director |
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Address : |
A-74, Girivar Bunglow, Isanpur, Ahmedabad – 380 050, Gujarat, India |
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Date of Birth/Age : |
14.05.1986 |
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Date of Appointment : |
07.02.2007 |
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Name : |
Mr. Dhirjlal Vashrambhai Dodia |
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Designation : |
Director |
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Address : |
10/A, Sarvodaya Society, Jawahar Chowk, Maninagar, Ahmedabad – 380
008, Gujarat, India |
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Date of Birth/Age : |
13.01.1963 |
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Date of Appointment : |
01.09.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.6
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Names of Shareholders |
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No. of Shares |
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Mr. Chandrakant Jethalal Desai
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10 |
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Mrs. Laliaben Ramjibhai Umaraliya
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10 |
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Mrs. Ilaben Arvindbhai Thakkar |
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10 |
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Mr. Maulin Jigisbhai Majmudar |
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10 |
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Mr. Kiritkumar Kesavlal Gandhi |
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10 |
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Mr. Kumalin Rameshray Majmudar |
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10 |
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Mr Sahthak Arvindbhai Thakkar |
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10 |
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Mr. Ashok Kantilal Kareliya |
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10 |
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Mr. Dhirajlal Kantilal Kareliya |
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10 |
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Mr. Ratilal Valjibhai Rathod |
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10 |
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Mr. Dhirajlal Vasrambhai Dodia |
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24950 |
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Mr. Ketan rameshray Majmudar |
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16010 |
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Mr. Arvindbhai Bhavanidas Thakkar |
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8940 |
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Total |
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50000 |
(As on 31.03.2007)
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Names of Shareholders |
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Percentage |
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Directors or Relatives of Directors
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Road Construction Plants
and Equipments. |
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Products : |
· Asphalt Batch Mix Plant, · Hot Mix Plant · Asphalt/ Wet Drum Mix Plant · Asphalt Paver Finisher Machine · Mechanical · Semi Hydro and Hydrostatic Paver With Imported Ultrasonic Sensor Equipments · All
Type of Asphalt Road Construction Equipments |
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Exports : |
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Products : |
All Products |
GENERAL
INFORMATION
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Bankers : |
· Bank of Baroda Vatva Industrial Estate Branch, Ahmedabad – 382 445, Gujarat, India · ICICI
Bank Limited · HDFC
Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Devang and Saket Associates Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Name : |
K R Majmudar and associates Chartered Accountants |
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Address : |
312, Tulsi Complex, Mithakhadi Six Roads, Navrangpura, Ahmedabad –
380009, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.500
million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.025 |
1.168 |
1.208 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.525 |
1.668 |
1.708 |
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LOAN FUNDS |
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1] Secured Loans |
0.660 |
0.000 |
0.000 |
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2] Unsecured Loans |
2.207 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.867 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.090 |
0.104 |
0.136 |
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TOTAL |
4.482 |
1.772 |
1.844 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.155 |
1.622 |
1.732 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
0.005 |
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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 |
0.050
|
0.000 |
0.000 |
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Sundry Debtors |
1.441
|
0.000 |
0.000 |
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Cash & Bank Balances |
0.000
|
0.154 |
0.219 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.315
|
0.000 |
0.100 |
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Total
Current Assets |
3.806
|
0.154 |
0.319 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
1.415
|
0.009 |
0.212 |
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Provisions |
0.069
|
0.000 |
0.000 |
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Total
Current Liabilities |
1.484
|
0.009 |
0.212 |
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Net Current Assets |
2.322
|
0.145 |
0.107 |
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MISCELLANEOUS EXPENSES |
0.000
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0.000 |
0.000 |
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TOTAL |
4.482 |
1.772 |
1.844 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
0.506 |
0.000 |
0.485 |
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Other Income |
0.100 |
0.010 |
0.000 |
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Total Income |
0.606 |
0.010 |
0.485 |
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Profit/(Loss) Before Tax |
0.092 |
(0.072) |
(0.004) |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.092 |
(0.072) |
(0.004) |
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Total Expenditure |
0.514 |
0.082 |
0.151 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
15.18
|
(720.00) |
(0.82) |
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Net Profit Margin (PBT/Sales) |
(%) |
18.18
|
0.00 |
(0.82) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.54
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(4.05) |
(0.19) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
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(0.04) |
(0.002) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.85
|
1.06 |
1.20 |
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Current Ratio (Current Asset/Current Liability) |
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2.56
|
17.11 |
1.50 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office has been changed from Block No. 576 – B and 518,
Village – Aamsaran, Mehendrabad, Kheda, and Gujarat, India to the present
w.e.f. 16.02.2007.
After providing for deferred income tax and all other expenditure,
company has incurred a net loss of Rs. 0.040 million which directors proposed
to set off against forward surplus.
The working results of the first few months of the current year are not
quite satisfactory. However, the management proposed to restart operations in
near future.
Form 8:
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Corporation identity number (CIN) or foreign company registrations number of the company |
U29199GJ1992PLC017682 |
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Name of the company |
SOLID INDIA LIMITED |
|
Address |
Plot No.500, Phase-IV, G.I.D.C., Vatva, Opposite Indo
German Tool Room, Ahmedabad – 382 445, Gujarat, India |
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This Form is for |
Creation of charge |
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Type of Charges |
Book debts, movable property, others |
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Particular of the charge holder |
Bank of Baroda Vatva Industrial Estate Branch, Ahmedabad – 382 445, Gujarat, India |
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Nature or description of the instrument creating charge |
Hypothecation agreement dated 02.06.2007 |
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Date of the instrument creating charge |
02.06.2007 |
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Amount Secure by the charge |
Rs. 20.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: overdraft (against land and building) Rs. 15.000 millions : 0.75% < BPLR i.e. 12.50% p.a. at present Com/Exchange on BP/ BD/ Guarantees as per Norms. Terms of repayment: overdraft (against land and building) Rs. 15.000 millions : 12 months Inland / foreign guarantee Rs. 5.000 millions : 12 months Margin: overdraft (against land and building) Rs. 15.000 millions : 50.52% of market value of property mortgaged Inland / foreign gurantee Rs. 5.000: 20% on performance gurantee and 30% on financial guarantee Extent and operation of the charge: the credit facilities of Rs. 20.000 millions is comprising as below: Overdraft (against land and building) Rs. 15.000 Sub limit: bill discounting Rs.(2.500) Inland/ Foreign guranatee Rs. 5.000 Total Rs. 20.000 |
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Description of the property charge whether it is a charge on |
-- |
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Modification charge Charge identification number of the charge to be modified |
-- |
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Date of instrument modifying the charge |
02.06.2007 |
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Particulars of the Property charged |
All stocks of raw material, work-in-process, semi finished goods, finished goods such as road building machineries viz. drum mix, pavor machine etc and related raw material like steel, plates and parts etc. all present and future book debts, outstandings, monies receivables, claims bill, contracts, tangible movable machineries, plant and cranes, boats, vehicle etc. situated at plot No. 500, Opp Indo German Tool Room, Phase IV, GIDC, Vatva, Ahmedabad, Gujarat, India |
Fixed Assets:
* Airconditioner
* Building Shed
* Rented Premises
* Computer
* Electrical Installations
* Furniture and Fixture
* Plant and Machinery
* Office
* Scooter
* Xerox Machine
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 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.42.79 |
|
UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
TOTAL |
|
21 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|