MIRA
INFORM REPORT
|
Report Date : |
28.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIMOND FIBERTECH LIMITED |
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Registered Office : |
Plot No. 2643-2644, Metoda GIDC, Lodhika Industrial Estate, Kranti Gate,
Manin Road No. 13, Metoda, Rajkot-360035, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.06.2005 |
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Com. Reg. No.: |
46172 |
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CIN No.: [Company
Identification No.] |
U24304GJ2005PLC046172 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Ceramic Fibers |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
The company does not have significant business yet. It has respectable paid up capital. Trade relations are fair and
payment behaviour are unknown. The company can be considered for any business dealings on safe and
secured trade terms and conditions only. |
INFORMATION PARTED
BY
|
Name : |
Mr. Nirav Patel |
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Designation : |
Accountant |
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Date : |
26.06.2008 |
LOCATIONS
|
Registered Office : |
Plot No. 2643-2644, Metoda GIDC, Lodhika Industrial Estate, Kranti
Gate, Manin Road No. 13, Metoda, Rajkot-360035, Gujarat |
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Tel. No.: |
91-2827-287906/ 907 |
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Fax No.: |
91-28287-287494 |
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E-Mail : |
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Website : |
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Area : |
Owned |
DIRECTORS
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Name : |
Mr. Vinod Ramani |
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Designation : |
Director |
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Address : |
2-Madhuram Park, Behind Master Society, Rajkot-360002, India |
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Date of Birth/Age : |
35 Years |
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Name : |
Mr. Hemantbhai Patel |
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Designation : |
Director |
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Address : |
Jyoti Nagar, University Road, Mujka, Rajkot – 360005, India |
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Date of Birth/Age : |
35 Years |
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Name : |
Mr. Daulatrai Pipali |
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Designation : |
Director |
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Date of Birth/Age : |
46 Years |
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Qualification : |
PHD |
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Name : |
Mr. Chaganbhai Busa |
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Designation : |
Director |
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Address : |
2, Champak Nagar Society, Pedak Road, Rajkot-360003, India |
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Date of Birth/Age : |
40 Years |
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Name : |
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Designation : |
Mr. Gunvantrai Bhandari |
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Address : |
Block No. 49, Panchayat Nagar, University Road, Rajkot-360005, India |
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Address : |
Director |
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Date of Birth/Age : |
46 Years |
KEY EXECUTIVES
|
Name : |
Mr. Nirav Patel |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Daulatrai B. Pipalia |
|
8000 |
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Gunvantrai Bhadani |
|
7000 |
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Chaghanbhai Busa |
|
7000 |
|
Hemantbhai Patel |
|
7000 |
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Vinod Ramani |
|
7000 |
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Raghubhai Bhuva |
|
7000 |
|
Kantilal Chovatia |
|
7000 |
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Total |
|
50000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
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Bodies Corporate (not mentioned above) |
|
31.25 |
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Directors or relatives of directors |
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27.25 |
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Other top fifty (50)
shareholders (other than Listed
above) |
|
41.50 |
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Total |
|
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Ceramic Fibers |
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Products : |
Ř Ceramic Fiber
Bulk Ř Ceramic Fiber
Blanket Ř Ceramic Fiber
Board Ř Ceramic Fiber
Module |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Ř Wholesalers Ř Retailers Ř End Users Ř OEM’s Ř All other types |
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No. of Employees : |
20 |
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Bankers : |
Bank of India, Kalawad Road Branch, “Titan” Near G.T. School, Kalawad
Road, Rajkot-360005, Gujarat, India |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
H. Jamnadas and company Chartered Accountant |
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Address : |
217-219, Heera Panna Complex, Dr. Yagnik Road, Rajkot-360001, Gujarat,
India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity shares |
Rs. 10/-
each |
Rs. 40.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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40.000 |
19.489 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.417 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
40.417 |
19.489 |
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LOAN FUNDS |
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1] Secured Loans |
|
23.605 |
0.000 |
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2] Unsecured Loans |
|
0.126 |
0.000 |
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TOTAL BORROWING |
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23.731 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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64.148 |
19.489 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
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Capital work-in-progress |
|
47.992 |
6.750 |
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INVESTMENT |
|
11.220 |
5.900 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000
|
0.000 |
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Sundry Debtors |
|
0.000
|
0.000 |
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Cash & Bank Balances |
|
1.233
|
1.423 |
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Other Current Assets |
|
5.810
|
0.000 |
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Loans & Advances |
|
1.018
|
4.990 |
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Total
Current Assets |
|
8.061
|
6.413 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
3.325
|
0.037 |
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Provisions |
|
0.261
|
0.000 |
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Total
Current Liabilities |
|
3.586
|
0.036 |
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Net Current Assets |
|
4.475
|
6.378 |
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MISCELLANEOUS EXPENSES |
|
0.461 |
0.161 |
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TOTAL |
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64.148 |
19.489 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
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|
31.03.2007 |
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Sales Turnover |
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0.000 |
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Other Income |
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|
0.715 |
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Total Income |
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|
0.715 |
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Profit/(Loss) Before Tax |
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|
0.715 |
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Provision for Taxation |
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|
0.454 |
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Profit/(Loss) After Tax |
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|
0.261 |
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Expenditures : |
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Other Expenditure |
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|
0.000 |
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Total Expenditure |
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|
0.000 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
34.75 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
|
100.00 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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8.87 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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0.68 |
0.00 |
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Current Ratio (Current Asset/Current Liability) |
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2.25 |
178.13 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U24304GJ2005PLC046172 |
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Name of the
company |
SYMOND FIBERTECH LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Plot No. 2643-2644, Metoda GIDC, Lodhika Industrial Estate, Kranti
Gate, Manin Road No. 13, Metoda-360035, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
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Particular of
charge holder |
Bank of India, Kalawad Road Branch, “Titan” Near G.T. School, Kalawad
Road, Rajkot-360005, Gujarat, India |
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Nature of
instrument creating charge |
Hypothecation cum
loan Agreement (Plant and Machinery, Stocks and Book Debts) |
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Date of
instrument Creating the charge |
15.05.2006 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Interest: Term Loan and
Cash Credit -1% over BPLR, min 12.25% monthly rests Term : Demand /Term Loan Margin : Raw Material 25% Stores 25% Goods in process
25% Book debts -40% Term Loan – As
per Bank norms. Repayment : Term Loan to be
rapid in 54 monthly installments of Rs. 0.556 Millions each after moratirum
of 6 months. Cash Credit – on
Demand Extent of
charge:- Rs. 40.000
Millions together with interest / cost/ expenses. |
|
Description of
the property charged indicating whether it is a charged on |
Plant and
Machinery Book Debts Others |
|
Particulars of
the property charged |
As per Attachment |
AS PER WEBSTIE
HISTORY
Subject was established in the year 2005 to serve various industries by
manufacturing and supplying heat insulation products for energy conservation. Subject
is promoted by experienced technocrats who have successfully implemented
projects to manufacture colloidal silica gel, precipitated silica by sol-gel
process and metal coating by plasma (nano-technology) Process.
Subject’s production facility is well equipped to manufacture excellent quality
ceramic fiber products using latest engineering designed, world class
equipments and having production capacity of 1500 MT per annum to meet every
market demand in terms of quality and volume. The company has an extremely
rigid and rigorous quality assurance system backed by an advanced laboratory
set-up that facilitates constant checking and conformity to international
quality standards, always.
Subject has a very simple business philosophy- provide excellence in quality of
products and services but with complete personal touch and attention. For the
company, customers are not just buyers but long term partner to work with.
Subject acts as a Dealer for the following companies:
Chem
Ace Marketing
Global Marketing Initiative,
1402 / 14, Tilak Bazaar chowk, Delhi- 110 006, India.
Phone:
91-11-23917070
Fax
no.: 91-11-23918999
Mobile
: 91.9810080444
E-mail: anilgami@vsnl.com
Contact: Mr
Anil Gami
Thapas
Engineering Supplies Private Ltd.
702/3-4, Opp Vinayaka Temple, Kotthanur Dinne, J.P
Nagar, 7th Phase, Banglore - 560 078 India.
Phone:
91-80-26587327
Fax no.:91-80-26584662
Mobile:
91- 93417 17801
Website: www.thapas.net
E-mail: info@thapas.net
Contact: Mr
Vikram Bhatt
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.84.04 |
|
Euro |
1 |
Rs.67.34 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
16 |
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 |
|