MIRA
INFORM REPORT
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Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIMPARK INFRASTRUCTURE PRIVATE LIMITED |
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Registered Office : |
12/ 1B, Nellie Sengupta Sarani, Kolkata – 700 087, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.12.1995 |
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Com. Reg. No.: |
76031 |
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CIN No.: [Company
Identification No.] |
U51909WB1995PTC076031 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS11702F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providers of Parking Facilities. |
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 193500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company. Its financial position has improved
and has been successful in wiping-off all its previous losses. Trade
relations are fair. Business is active. Payments are reported as usually
correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Shantana Banerjee |
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Designation : |
Accounts Manager |
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Date : |
13.09.2008 |
LOCATIONS
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Registered Office : |
12/ 1B, Nellie Sengupta Sarani, Kolkata – 700 087, West Bengal, India |
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Tel. No.: |
91-33-22815239 |
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Fax No.: |
91-33-22815239 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. ft. |
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Location : |
Owned |
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Operational Office : |
New Market of Lindsay Road, Opp. Lindsay Hotel |
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Tel. No.: |
91-33-22521172 |
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Factory : |
20, Sarojini Naidu Sarani, Kolkata – 700 020, West Bengal, India |
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Tel. No.: |
91-33-22815653 |
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Fax No.: |
91-33-22815653 |
DIRECTORS
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Name : |
Mr. B K Mundhra |
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Designation : |
Chairman and Managing Director |
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Experience : |
35 Years in Construction Industry |
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Name : |
Mr. Vijay Goverdhandas Kalantri |
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Designation : |
Director |
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Name : |
Mr. Achyut Ghosh |
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Designation : |
Director |
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Name : |
Mr. Parag Chandulal Mehta |
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Designation : |
Director |
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Name : |
Mr. Arup Chaudhary |
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Designation : |
Director |
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Qualification : |
B. Tech |
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Name : |
Mr. Pradeep Kumar Mishra |
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Designation : |
Director |
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Qualification : |
CA |
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Name : |
Mr. Nitindra Nath Som |
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Designation : |
Additional Director |
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Name : |
Mr. J K Bagri |
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Designation : |
Whole-time Director |
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Qualification : |
B.E. (Civil Engineer) |
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Experience : |
25 Years in Construction In Charge of Project Tendering and Monitoring |
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Name : |
Mr. Raghav Mundhra |
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Designation : |
Whole-time Director |
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Qualification : |
Post Graduate |
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Experience : |
8 Years |
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Name : |
Mr. Prabir Dey |
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Designation : |
Director |
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Experience : |
35 Years |
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Name : |
Mr. Sudarshan Mundhra |
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Designation : |
Whole-time Director |
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Qualification : |
B. Sc Economics |
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Experience : |
6 Years in Project Procurement and Monitoring |
BUSINESS DETAILS
|
Line of Business : |
Providers of Parking Facilities. |
GENERAL
INFORMATION
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No. of Employees : |
Total : 45 (Office : 25, Operational Office
: 20) |
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Bankers : |
v UCO Bank New Market of Lindsay Road, Opp. Lindsay Hotel |
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Facilities : |
CC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T U V and Company Chartered Accountants Chaturvedi and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3250000 |
Equity shares |
Rs. 10/- each |
Rs. 32.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2785200 |
Equity shares |
Rs. 10/- each |
Rs. 27.852 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 |
|
27.900 |
27.900 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
10.800 |
(20.000) |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
38.700 |
7.900 |
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LOAN FUNDS |
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|
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1] Secured Loans |
|
177.500 |
170.700 |
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2] Unsecured Loans |
|
38.000 |
43.100 |
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TOTAL BORROWING |
|
215.500 |
213.800 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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254.200 |
221.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
212.200 |
73.400 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.100 |
0.100 |
|
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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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84.800 |
283.700 |
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Sundry Debtors |
|
87.600 |
0.400 |
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Cash & Bank Balances |
|
2.200 |
0.300 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
1.000 |
0.700 |
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Total
Current Assets |
|
175.600 |
285.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
129.800 |
136.900 |
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Provisions |
|
3.900 |
0.000 |
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Total
Current Liabilities |
|
133.700 |
136.900 |
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Net Current Assets |
|
41.900 |
148.200 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
254.200 |
221.700 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
210.700 |
5.200 |
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Other Income |
|
0.700 |
0.300 |
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Total Income |
|
211.400 |
5.500 |
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Profit/(Loss) Before Tax |
|
34.800 |
(12.600) |
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Provision for Taxation |
|
4.000 |
0.000 |
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Profit/(Loss) After Tax |
|
30.800 |
(12.600) |
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Expenditures : |
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Manufacturing Expenses |
|
111.000 |
100.500 |
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Administrative Expenses |
|
0.900 |
0.900 |
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Employees Cost |
|
0.400 |
0.200 |
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Increase/(Decrease) in Finished Goods |
|
54.800 |
(100.400) |
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Interest |
|
43.900 |
3.900 |
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Depreciation & Amortization |
|
5.300 |
13.900 |
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Other Expenditure |
|
(39.700) |
(0.900) |
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Total Expenditure |
|
176.600 |
18.100 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
|
9.21 |
27.06 |
|
Long Term Debt-Equity Ratio |
|
8.88 |
25.78 |
|
Current Ratio |
|
1.61 |
1.94 |
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TURNOVER RATIOS |
|
|
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Fixed Assets |
|
1.28 |
0.06 |
|
Inventory |
|
1.14 |
0.02 |
|
Debtors |
|
4.79 |
13.00 |
|
Interest Cover Ratio |
|
10.16 |
(3.85) |
|
Operating Profit Margin(%) |
|
20.84 |
75.00 |
|
Profit Before Interest And Tax Margin(%) |
|
18.32 |
(192.31) |
|
Cash Profit Margin(%) |
|
17.13 |
25.00 |
|
Adjusted Net Profit Margin(%) |
|
14.62 |
(242.31) |
|
Return On Capital Employed(%) |
|
16.22 |
0.00 |
|
Return On Net Worth(%) |
|
132.19 |
0.00 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
DLF – Gurgaon
v
Poonam Chambers – Worli - Mumbai
Director’s
Profile
Mr. B K
Mundhra, Chairman and Managing Director
With over 35 years, experience in Construction Industry was in the Board of
Simplex Concrete for more than 20 years. One of the founder members of the
Calcutta Chapter of YPO / WPO
Mr. J
K Bagri, Whole-time Director
BE Civil Engineer by Profession having over 25 years experience in Construction
Industry In charge of Project Tendering and Monitoring
Mr.
Raghav Mundhra, Whole-time Director
A qualified Management Post Graduate with over 8 years
experience in Construction Industry Presently in charge of Marketing and New
Businesses - Also at the helm of Parking Business Member of Infrastructure
committee of Eastern Region of CII
Mr. Achyut Ghosh, Whole-time Director
A mechanical engineer
(FIE, India) by profession is a key figure in industry, with over 40 years
experience Advisory member of Konkan
Railways Corporation Limited
Mr.
Prabir Dey, Director
A
Chartered Engineer MI Structi (UK) with over 35 years experience in project
monitoring Served The Kolkata Improvement Trust as Civil Engineer. Wide
experience in town planning and construction
Mr.
Sudarshan Mundhra, Whole-time Director
B. Sc Economics,
over 6 years experience in project procurement and monitoring. Presently in
charge of North-East Business Group
Director’s Report
Review of
Operations
The Company, during the year, has incurred a profit of Rs. 30.786 millions out of the operations from the first project at Rawdon Street, Kolkata and income lease premium out of the second project at New Market. The said amount after deducting the brought forwared loss of Rs. 20.004 millions in respect of earlier years, balance amount of Rs. 10.782 millions is proposed to be carried over to the Balance Sheet.
The Company started the commercial operation of the New Market Project from 1st
March, 2007. Income form transfer of commercial space at New Market has been
accounted as income from lease premium.
The Directors are in talking with Local autonomous bodies and private parties
for development and installation of automated car parking system.
Holding Company
During the year M/s. Simplex Projects Limited has acquired the entire shares of the Company, thereby making the Company its wholly owned subsidiary Company.
As Per Website
Details
Subject is a 'Special Purpose Vehicle' formed with an objective to
introduce in India revolutionary parking technologies, systems and designs for
alleviation of problems associated with vehicular parking.
Simpark
Infrastructure : An Organisation with a
Difference
In house development and research
team develop existing systems (hardware and software) customizing and
improvising them to suit local conditions and requirements.
The adoption of and investment in any system/ design is based on its
fulfillment of the company objective to reduce occupancy of road carriageway or
ground area for parking, putting atleast twice the number of cars if not more
in the same area covered by one, making expansion and dismantling easier, lower
the overall capital and recurring costs, relocating parking to off-site
locations and improving the urban landscaping of the congested cities and
towns.
Mission Statement
The company's strategic goal includes the promotion of a
healthier and safer urban India, The betterment and enhancement of the Urban
Environment and meeting. The Citizens' Present Day needs without compromising
those of the children and grandchildren. They are working hard as a citizen to
help improve the availability of Public Parking, but each of them must play the
part to reduce the traffic congestion and related pollution.
Technologies
The company has tied up with a number of technology providers from across the world to bring to India state of the art parking facilities. Most of these systems are in operation for a long time in other parts of the world. These tie-ups are technical in nature with full rights for development. Presently the systems under offering are for public and mass parking where the utilization and turnover of vehicles is very high on a 24-Hours basis. Systems required for such types of parking need to be very robust and thus they have been put to very tough working conditions. The two system technologies including their parking procedures are detailed below.
The company has also started to develop their own systems however presently more along the lines of individual uses in residences and private office buildings. Details of such systems will be updated on this web site soon.
Traffic Management
An
evaluation of the technical and operational parameters suggests that the
company basket of technologies will help ease congestion and reduce pollution
levels to the public at large due to better utilization of available space. In
fact, it would provide the best alternative when compared to other systems in
taking care of traffic management in busy metro business districts. This has
been proven in other countries and as such offers a technically feasible
solution to the present day problems. The flexibility of this system augurs
well for its expanded use in the future and the introduction of this system
could be the harbinger of smooth flow of the ever-increasing traffic.
The Security Factor
People
do not enter the parking area, but leave the car in the lift lobby, which is
mechanically locked before entry and after the driver exits the lobby. The
results are:
v
No danger of
theft or possessions from inside of the car.
v
No danger of
violence or robbery to the driver.
v
No danger of
the car being hit by a driver or other party, like banging into columns, walls
or other cars.
v
No danger of
air pollution.
v
No danger of
damage to people in the event of a fire, act of nature, etc.
Project 1- Technology Type Parkomat
Project 1: Technology Type Simpark (Completed
in November, 2001) Calcutta, India
They make Calcuttans
proud by introducing the "World's First Fully Automatic Mechanized Public
Multi-Level Car Parking System on a Curve", at the intersection of Park
Street-Rawdon Street crossing, in a Joint Venture with the Kolkata Municipal
Corporation. The ground plus two-storied computer based system, accommodates
upto three times more than conventional parking. The system at Rawdon Street
has been constructed to provide car-parking facility for around 210 cars on a
ground area of 1260 Sq. Mtrs. Each row can individually hold on average 73
numbers of cars. The system is operated from both the ends of the structure.
Each lift lobby having its own individually control panel and ticketing system.
However, one can park and retrieve his/ her car from either end and vice versa.
A steel pallet is
designated for every car slot in the system. Whenever a car needs to be parked,
the ticketing button is pressed and the entrance gate opens only after a pallet
has been delivered. The driver parks his car on the pallet, engages a gear,
locks his car (optional as nobody can go inside the system and the car is safe
as in a vault), and walks out of the system. The tickets to the system is a
simple the magnetic strip cards, which the ticket attendant swipes. From herein
onwards, the computer takes over. One must remember not to lose the magnetic
card as it contains information on the parked vehicle.
Technologies: Simpark
The beauty of this
Parking system is inherent in its intrinsic simplicity.
It is a modular Lego
like system and therefore can be adapted to fit any size or shape of plot. Each
grid has an independent lift and each floor or array of cars has its
independent carrier. For every car to be parked in the system, there is a steel
pallet designated when a car is to be parked, on a button being punched the
entrance gate opens. The driver parks his car on the pallet, engages a gear,
locks his car (optional), and walks out of the system. From herein onwards, the
computer takes over.
Uniquely designed
lift, enables carriers to pass through lift shaft, when lift is not in the
specific floor. More than one lift can be placed in each row at either end, or
in the middle as required.
The Parking Procedure
The PLC system
computer decides, which floor, which and slot the pallet with the car is to be
placed is to be parked on. Accordingly, the pallet with the car placed on it is
taken up with the help of the vertical elevator system to the desired floor.
The next step is
that on reaching the particular floor the carrier system picking up picks up
the pallet along with the car, and moving it horizontally along the structure
over the other vehicles to the place assigned by the computerit slowly lowers
it into the slot assigned by the system. It should be made quite clear here,
that the height of each floor, is a little more than twodouble the cars height,
so that the carrier transports the car above the already parked cars.
Retrieval of parked
cars is precisely the same operation, but in the reverse order. When the driver
comes to collect his car, he gives the ticket/magnetic card, which was given to
him on parking. The card is swiped and; automatically the bill for parking is
generated for payment. Simultaneously the computer has issued the order for
retrieval. Carrier picks up the relevant pallet, transports it over other cars
and places it on the elevator. The elevator brings down the pallet. On retrieval
retrieval, through a turntable, the pallet takes a turn and keeps the car is in
a drive-out position. The Main gates opens automatically, driver walks in and
drives out in his carfor the driver to drive out his car. The Gate close
automatically and the system is on standby for the next requests.
The entire system
can operate, with just one ticket attendant in each lobby. In case of the
remote eventuality of any problem, the same shall be reflected immediately in the
master computer in the control room and the fault rectified within minutes.
Services Offered
v
Night parking.
v
Multiple Entry
and Exit facilities.
v
Provision for
long term booking of parking slots.
v
ATM and Vending
Machine.
v
Public Call
Booth.
v
Front / Backlit
show windows for corporate and product advertising
Construction
Details
They have used RCC
grid of Concrete Column and Beam only for the parking tower. There are no slabs
for the parking tower. Top Roof is done with coated G.I. Sheets simply supported
by Crush Structures.
The structure has
been designed for required dead load and lift load as per I.S. Standard.
Necessary construction instructions as per I.S. Construction have been
provided.
Elevators have been
placed at both the end of the structures. The Control Panel with P.L.Cs will
control the movement of the elevator and Electronic devices.
Fire fighting with sprinklers system has been provided. The fire fighting
system has been divided into various zones. Wet risers have also been provided.
Other details have been met as per fire laws and by-laws.
Round the clock,
security cameras have been provided for recording the vehicles entering and
exiting the system. These security cameras would also be utilized for recording
the movement of people in the entire compound.
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 :
The 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.
The 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. 45.94 |
|
UK Pound |
1 |
Rs. 82.84 |
|
Euro |
1 |
Rs. 65.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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
|
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|