MIRA
INFORM REPORT
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Report Date : |
27.05.008 |
IDENTIFICATION
DETAILS
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Name : |
SIMMS ENGINEERING PRIVATE LIMITED |
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Formerly Known As : |
SIMMS ENGINEERING |
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Registered Office : |
Opposite Oceanic Hotel Chowpatty Villa Road, Porbandar – 360 575,
Gujarat |
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Country : |
India |
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Financials (as on) : |
10.01.2008 (SIMMS ENGINEERING) |
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Date of Incorporation : |
05.02.2008 |
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Com. Reg. No.: |
04-52807 |
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CIN No.: [Company
Identification No.] |
U29220GJ2008PTC052807 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTS03043F |
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PAN No.: [Permanent
Account No.] |
AAIFS5536F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The company takes the contracts of Erection and Commissioning of the
Substation and Lines. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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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Maximum Credit Limit : |
USD 150000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject has taken over the running business of erstwhile partnership
concern Simms Engineering. The management declined to part with any financials.
No further details could be made available. The company can be considered for any business dealings on safe and
secured terms, initially. |
LOCATIONS
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Registered Office : |
Opposite Oceanic Hotel Chowpatty Villa Road, Porbandar – 360 575,
Gujarat , India |
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Corporate Office : |
Plaza Cinema Cross Lane, Porbandar – 360 575, Gujarat, India |
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Tel. No.: |
91-286-2242354 |
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Fax No.: |
91-286-2242177 |
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E-Mail : |
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Area : |
120 Sq.fts (approximately) |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Jagdish Balchandra Bhansali |
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Designation : |
Director |
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Address : |
Near Modha School, Paras Nagar Narsdang Tekri, Porbandar- 360 575,
Gujarat, India |
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Date of Birth/Age : |
04.03.1967 |
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PAN No : |
ABBPB3976E |
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Name : |
Mr. Nazirmohamad Nurmohamad Hala |
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Designation : |
Director |
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Address : |
Opposite Dr, Trivedi Clinic, Khak Chowk, Porbandar- 360 575, Gujarat,
India |
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Date of Birth/Age : |
20.02.1946 |
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PAN No : |
AAEPH1835J |
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Name : |
Mr. Punjabhai Rajshibhai Modhvadia |
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Designation : |
Director |
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Address : |
80, Krishna Park, Opposite HMP Gate Zaveri Baug, B /H Avsar Apartment,
Porbandar – 360 575, Gujarat, India |
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Date of Birth/Age : |
01.07.1957 |
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PAN No : |
ADBPM0943N |
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Name : |
Mr. Rasilaben Haridas Madlani |
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Designation : |
Director |
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Address : |
42, Shreeji Nagar, Narsing, Tekari, Porbandar – 360 575, Gujarat,
India |
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Date of Birth/Age : |
31.03.1943 |
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PAN No : |
ACDPN5003A |
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Name : |
Mr. Salim Nazirmuhummad Hala |
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Designation : |
Director |
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Address : |
Near Khoja Khana, Opposite Dr. Trivedi Is Hospital , Porbandar – 360
575, Gujarat, India |
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Date of Birth/Age : |
02.01.1967 |
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PAN No : |
AAEPH1834K |
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Name : |
Mr. Narendra Chandrasen Dhoyda |
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Designation : |
Director |
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Address : |
Deepdhar opposite Oceanic Hotel, Chowpati Villa road, Porbandar – 360
575, Gujarat, India |
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Date of Birth/Age : |
08.03.1953 |
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Name : |
Mr. Jitesh Chandrasen Dhoyda |
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Designation : |
Director |
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Address : |
Deepdhar opposite Oceanic Hotel, Chowpati Villa road, Porbandar – 360
575, Gujarat, India |
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Date of Birth/Age : |
16.10.1972 |
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Name : |
Mrs. Bhagwati Prasad Jasvantrai Dave |
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Designation : |
Director |
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Address : |
Om Asopalav society, GIDC Road, Porbandar – 360575, Gujarat, India |
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Date of Birth/Age : |
09.03.1953 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (01.02.2008) |
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No. of Shares |
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Mr., Narendra Dhoyda |
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158100 |
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Mr. Jitesh Dhoyda |
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472800 |
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Mrs. Bhagvati Prasad dave |
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370500 |
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Mr. Mehul Dave |
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127100 |
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Mr. Jagdish Bhansali |
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584300 |
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Mr. Nazir Mohammad Hala |
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362300 |
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Mr. Punjabi Modhvadia |
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422300 |
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Mrs. rasilaben Madlani |
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307600 |
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Mr. Salim Hala |
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514600 |
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Mr. Rafik Nazirbhai Hala |
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230400 |
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Total
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3550000 |
BUSINESS DETAILS
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Line of Business : |
The company takes the contracts of Erection and Commissioning of the
Substation and Lines. |
GENERAL
INFORMATION
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Bankers : |
NA |
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Banking
Relations : |
---- |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3550000 |
Equity Shares |
Rs. 10/- each |
Rs.35.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
(SIMMS
ENGINEERING)
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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10.01.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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35.500 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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35.500 |
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LOAN FUNDS |
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1] Secured Loans |
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1.149 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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1.149 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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36.649 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.089 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.996 |
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Sundry Debtors |
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80.539 |
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Cash & Bank Balances |
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10.434 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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2.077 |
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Total
Current Assets |
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111.046 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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88.486 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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88.486 |
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Net Current Assets |
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22.560 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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36.649 |
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KEY RATIOS
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PARTICULARS |
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10.01.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.52 |
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Current Ratio (Current Asset/Current Liability) |
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1.25 |
LOCAL AGENCY
FURTHER INFORMATION
FURTHER DETAILS:
The co – partynery or joint stock company has for its assets, interalia,
the premises and business carried on under the name and style of M/S Simms Engineering
with principle place of business at Chowpaty Villa road, Opposite Oceanic Hotel
and Porbandar - 360 575 Gujarat India.
The company shall be liable for obligation of
Simms Engineering. The company shall undertake, pay , observe, satisfy, perform and fulfill the agreement and the
liabilities of the parties hereto or the firm entered into or incurred in their
separate or joint names or in the name
firm in relation to the said business land, building and assets brought in as
aforesaid and shall indemnify them respectively and their respective executors,
administrators, estates, and effects from and against all actions , proceeding,
damages, claims and demand in respect thereof.
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Name Of The Partner |
No Of Shares |
Paid Up Equity Shares Of Rs. 10/- Each Fully Paid Up (Parties Are Entitle On Registration) |
Share In Profit / Loss |
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Mr. Narendra
Chandrasen Dhoyda |
158100 |
1581000 |
4.45% |
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 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.42.56 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.67.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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