MIRA
INFORM REPORT
|
Report Date : |
18.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIMPLICITY PROJECTS PRIVATE LIMITED |
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Registered Office : |
17, Community Center, Mayapuri Phase 1, New Delhi – 110064. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.11.1982 |
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Com. Reg. No.: |
014680 |
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CIN No.: [Company
Identification No.] |
U74210DL1982PTC014680 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS00758C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer Of Apron Conveyors
and Feeders, Belt Conveyors, Bucket Elevators, Chain / Enmasse Conveyors,
Cranes Eot and Hot, Deep Pan Conveyors, Forklift Electric and Diesel
Trucks, High Rise Conveyors, Hoists Electric and Chain Wire Rope, Pipe
Conveyors, Roller Conveyors, Sampling Systems, Scraper Chain Conveyors, Screw
Conveyors and Feeders, Slat Conveyors, Stacker and Reclaimers, Table Feeders,
Joki Drum Motor, Synthetic Fiber Idler, Primary Belt Cleaner and Secondary
Belt Cleaner, Superior Polymer Idlers |
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 48910 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments.
Profit margin is under severe pressure. However the company can be considered
normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
17, Community Center, Mayapuri Phase 1, New Delhi – 110064, India |
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Tel. No.: |
91-11-28115093/ 28114057/ 28115407/ 28115187 |
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Fax No.: |
91-11-28116744 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Mohan Gidwani |
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Designation : |
Director |
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Address : |
A 21, C- Block, sushant lok, Sushant Apartment, Gurgaon - 122002,
Haryana |
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Date of Birth/Age : |
12.04.1941 |
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Date of Appointment : |
06.01.1983 |
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Name : |
Mr. Taruvai Raghavan Ramesh |
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Designation : |
Director |
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Address : |
3229, Sector 23, Gurgaon - 122017, Haryana |
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Date of Birth/Age : |
25.09.1946 |
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Date of Appointment : |
27.10.1997 |
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Name : |
Mr. Ravinder Kumar Makhjja |
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Designation : |
Director |
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Address : |
35, Bhagyalakshmi Apartments, Sector 9, Rohini, Delhi - 110085 |
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Date of Birth/Age : |
17.07.1952 |
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Date of Appointment : |
02.05.2005 |
KEY EXECUTIVES
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Name : |
Anupama Gujral and Company |
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Designation : |
Company Secretary |
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Address : |
H 340, Raj Nagar 2, Palam Colony, New Delhi - 110045 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
|
Names of Shareholders |
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No. of Shares |
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Mrs. Sulekha Swaminathan |
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14 |
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Mr. Perin Gidwani |
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14 |
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Mr. T R Swaminathan |
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8386 |
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Mr. Mohan Gidwani |
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5586 |
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Mr. Taruvai Raghavan Ramesh |
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7900 |
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Mr. Ashish Gidwani |
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2800 |
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Mrs. Usha Ramesh |
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500 |
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Total |
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25200 |
AS ON 29.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer Of Apron Conveyors
and Feeders, Belt Conveyors, Bucket Elevators, Chain / Enmasse Conveyors, Cranes
Eot and Hot, Deep Pan Conveyors, Forklift Electric and Diesel Trucks, High
Rise Conveyors, Hoists Electric and Chain Wire Rope, Pipe Conveyors,
Roller Conveyors, Sampling Systems, Scraper Chain Conveyors, Screw Conveyors
and Feeders, Slat Conveyors, Stacker and Reclaimers, Table Feeders, Joki Drum
Motor, Synthetic Fiber Idler, Primary Belt Cleaner and Secondary Belt
Cleaner, Superior Polymer Idlers |
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Products : |
·
Apron
Conveyors And Feeders ·
Belt
Conveyors ·
Bucket
Elevators ·
Chain
/ Enmasse Conveyors ·
Cranes
Eot And Hot ·
Deep
Pan Conveyors ·
Forklift
Electric And Diesel Trucks ·
High
Rise Conveyors ·
Hoists
Electric And Chain Wire Rope ·
Pipe
Conveyors ·
Roller
Conveyors ·
Sampling
Systems ·
Scraper
Chain Conveyors ·
Screw
Conveyors And Feeders ·
Slat
Conveyors ·
Stacker
And Reclaimers ·
Table
Feeders ·
Joki
Drum Motor ·
Synthetic
Fiber Idler ·
Primary
Belt Cleaner And Secondary Belt Cleaner ·
Superior
Polymer Idlers |
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Exports : |
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Products : |
EOT Cranes, Stacker and Reclaimers, Belt Conveyors, Chain Conveyors,
Slat Conveyors, Desomat Feeders, Bucket Elevators, Screw Conveyors. |
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Countries : |
Indonesia and Kuwait |
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Imports : |
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Products : |
Bulk Material Handling Components, Motors, Gear Boxes and Ball
Bearing |
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Countries : |
Denmark, Germany and Singapore
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GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
NA |
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Auditors : |
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Name : |
Gupta N Kumar and Company Chartered Accountant |
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Membership No.: |
86513 |
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Address : |
209, Shakti Chamber, 1378/21, Nai Wala, Karol Bagh, New Delhi – 110005 |
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Tel. No.: |
91-11-25816753 |
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Group Companies : |
. |
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Company Name : |
Impact Packagings |
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Line of Business
: |
Manufactures of Packaging Films and Material. |
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Company Name : |
Newelco India Private Limited |
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Line of Business
: |
Manufactures of Bottling Plants |
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Company Name : |
Simplicity Engineers Private Limited |
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Line of Business
: |
Manufacturers of Industrial Heat Treatment Furnaces. |
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Company Name : |
Simplicity Thermal Private Limited |
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Line of Business
: |
Manufactures of Burners and Blowers |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 100/- Each |
Rs.10.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25200 |
Equity Shares |
Rs. 100/- Each |
Rs.2.520 Millions |
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 |
2.520 |
2.520 |
2.520 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.262 |
7.342 |
5.797 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.782 |
9.862 |
8.317 |
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LOAN FUNDS |
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1] Secured Loans |
1.226 |
0.204 |
0.307 |
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2] Unsecured Loans |
2.325 |
0.860 |
0.000 |
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TOTAL BORROWING |
3.551 |
1.064 |
0.307 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.003 |
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TOTAL |
13.333 |
10.926 |
8.627 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.960 |
0.796 |
0.914 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.017 |
0.002 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.401
|
2.912 |
6.467 |
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Sundry Debtors |
9.195
|
10.999 |
6.042 |
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Cash & Bank Balances |
1.466
|
3.957 |
5.405 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
3.049
|
1.813 |
1.117 |
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Total
Current Assets |
14.111
|
19.681 |
19.031 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.590
|
9.554 |
11.320 |
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Provisions |
0.166
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0.000 |
0.000 |
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Total
Current Liabilities |
2.756
|
9.554 |
11.320 |
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Net Current Assets |
11.354
|
10.128 |
7.712 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
13.333 |
10.926 |
8.627 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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27.851 |
20.502 |
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Other Income |
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1.074 |
1.132 |
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Total Income |
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28.925 |
21.634 |
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Profit/(Loss) Before Tax |
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(0.034) |
1.650 |
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Provision for Taxation |
|
0.047 |
0.105 |
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Profit/(Loss) After Tax |
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(0.081) |
1.545 |
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Export Value |
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0.059 |
0.000 |
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Expenditures : |
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Administrative Expenses |
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0.149 |
0.126 |
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Increase/(Decrease) in Finished Goods |
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2.510 |
3.555 |
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Depreciation & Amortization |
|
0.341 |
0.182 |
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Other Expenditure |
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25.959 |
16.121 |
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Total Expenditure |
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28.959 |
19.984 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(00.28)
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07.14 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(00.12)
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08.04 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
00.21
|
08.05 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
00.34
|
16.73 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.64
|
1.07 |
1.39 |
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Current Ratio (Current Asset/Current Liability) |
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5.12
|
2.05 |
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
THEIR
COLLOBORATORS:
· Bogaert
Transmission (Geha), Belgium For Conveyor
Chains.
· Dosco
Overseas Engg. Limited, United Kingdom For Pipe
Conveyors.
· Interroll
Ag, Switzerland For Conveyor
Idlers & Roller Conveyors.
· Noveltek
Industrial Manufacturing Inc, Taiwan For Forklift Trucks.
· Prisecter
Int. Limited (Eriez Group Of Usa), United Kingdom For Sampling Systems.
· Specialised
Belting Supplies Limited United Kingdom For High
Rise Conveyor Belts.
· Vigan
Engineering S.A, Belgium For Ship Loaders And Unloaders.
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.46.34 |
|
UK Pound |
1 |
Rs.82.96 |
|
Euro |
1 |
Rs.65.82 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
|
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 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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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 |
YES |
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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 |
|
42 |
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 |
|