MIRA
INFORM REPORT
|
Report Date : |
29.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIMPEX GRANITO PRIVATE LIMITED |
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Registered
Office : |
107P1-2, 108P1-2, Behind Senso, Taluka Wankaner, Sartanpar – 363 622, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.02.2010 |
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Com. Reg. No.: |
04-059596 |
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Capital
Investment / Paid-up Capital : |
Rs.1.800 millions |
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CIN No.: [Company Identification
No.] |
U26933GJ2010PTC059596 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RKTS07000A |
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PAN No.: [Permanent Account No.] |
AANCS8840G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Dealer of Vitrified Tiles. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and yet to establish itself
gradually. The company has started its business activities recently in
January 2011. Business is active. Payments are unknown. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Jayeshkumar Hemrajbhai Bhalodia |
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Designation : |
Director |
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Contact No.: |
91-9727770104 |
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Date : |
25.07.2011 |
LOCATIONS
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Registered Office : |
107P1-2, 108P1-2, Behind Senso, Taluka Wankaner, Sartanpar – 363 622, |
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Mobile No.: |
91-9727770104 (Mr. Jayesh Bhalodia) |
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E-Mail : |
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Factory : |
8-A, |
DIRECTORS
As on 31.08.2010
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Name : |
Mr. Rameshbhai Vasrambhai Bhalodia |
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Designation : |
Director |
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Address : |
New Adarsh Society, |
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Date of Birth/Age : |
15.07.1963 |
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Date of Appointment : |
16.02.2010 |
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DIN No.: |
00690750 |
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Name : |
Mr. Jayeshkumar Hemrajbhai Bhalodia |
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Designation : |
Director |
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Address : |
Somnath Society, Block
No.20, Opposite Diamond Hall, |
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Date of Birth/Age : |
14.09.1986 |
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Date of Appointment : |
16.02.2010 |
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DIN No.: |
02932544 |
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Name : |
Mr. Lalitkumar Parshotam Bhalodia |
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Designation : |
Director |
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Address : |
ABHYUDAY, Somnath
Society – 21, Near Diamond Hall, |
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Date of Birth/Age : |
16.07.1965 |
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Date of Appointment : |
16.02.2010 |
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DIN No.: |
02932523 |
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Name : |
Mr. Hemrajbhai Parshottambhai Bhalodia |
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Designation : |
Director |
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Address : |
Somnath Society, Block
No.20, Opposite Diamond Hall, |
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Date of Birth/Age : |
12.08.1963 |
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Date of Appointment : |
16.02.2010 |
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DIN No.: |
02932545 |
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Name : |
Mr. Mansukhbhai Devjibhai Bhalodia |
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Designation : |
Director |
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Address : |
Vithhal Nagar, Behind
Kanya Chhatralay, |
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Date of Birth/Age : |
29.11.1963 |
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Date of Appointment : |
16.02.2010 |
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DIN No.: |
02944733 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.08.2010
|
Names of Shareholders |
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No. of Shares |
|
Hemrajbhai Parshottambhai Bhalodia |
|
97470 |
|
Rameshbhai Vasrambhai Bhalodia |
|
36000 |
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Lalitkumar Parshotam Bhalodia |
|
54400 |
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Mansukhbhai Devjibhai Bhalodia |
|
45880 |
|
Jayeshkumar Hemrajbhai Bhalodia |
|
30350 |
As on 31.08.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
Directors
or relatives of directors |
|
78.90 |
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Other
top fifty shareholders |
|
21.10 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Dealer of Vitrified Tiles. |
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Products : |
v
Soluble Vitrified Tiles v
Matt Vitrified Tiles v
Nano Technology Vitrified Tiles v
Glaze Vitrified Tiles v
Heavy Duty Parking Tiles v
Rustic Vitrified Tiles v
Lapato Vitrified Tiles v
Vitrified Floor Tiles v
Marbonite Vitrified Tiles |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Dealers |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
v
State Bank of v Kotak Mahindra Bank
Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Sharda and Associates Chartered Accountants |
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Address : |
8-13, |
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PAN No.: |
AAAFZ3476D |
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Associates/Subsidiaries : |
Keda Ceramic Private Limited |
CAPITAL STRUCTURE
After 31.08.2010
Authorised Capital : Rs.8.500 millions
Issued, Subscribed & Paid-up Capital : Rs.7.170
millions
As on 31.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
850000 |
Equity Shares |
Rs.10/- each |
Rs.8.500 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
473950 |
Equity Shares |
Rs.10/- each |
Rs.4.740
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
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|
1.800 |
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2] Share Application Money |
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|
2.865 |
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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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4.665 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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|
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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4.665 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.580 |
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Capital work-in-progress |
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|
1.392 |
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INVESTMENT |
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0.015 |
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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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0.000 |
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Sundry Debtors |
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1.200 |
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Cash & Bank Balances |
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|
0.443 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
0.025 |
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Total
Current Assets |
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1.668 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors & Other Current Liabilities |
|
|
0.072 |
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Provisions |
|
|
0.003 |
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Total
Current Liabilities |
|
|
0.075 |
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Net Current Assets |
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|
1.593 |
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MISCELLANEOUS EXPENSES |
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0.085 |
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TOTAL |
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4.665 |
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Note:
The company has started its commercial activities from January, 2011.
Expected Sales (2011-2012): Rs.300.000 millions
The above information has been parted by Mr. Jayesh Bhalodia
(Director).
KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.02 |
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Current Ratio (Current Asset/Current Liability) |
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|
22.24 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U26933GJ2010PTC059596 |
|
Name of the
company |
SIMPEX GRANITO PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
107P1-2, 108P1-2, Behind Senso, Taluka Wankaner, Sartanpar – 363 622, E-Mail: simpexvitrifiedtiles@yahoo.in |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Kotak Mahindra
Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai – 400
021, Maharashtra, India E-Mail: john.fernandes@kotak.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation. |
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Date of
instrument Creating the charge |
08.01.2011 |
|
Amount secured by
the charge |
Rs.0.565 million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 8.94% p.a. Terms of
Repayment: Equated Monthly Installment
(EMI) Rs.0.020 million For 36 Months. Extent and
Operation of the charge: First and
exclusive charge by way of Hypothecation in favour of Kotak Mahindra Bank on
the assets financed. |
|
Short particulars
of the property charged |
One No. of ACE
Fork Lift - AF30D: Chasis No.
F2101271V. Engine No.
10098516. |
TRADE REFERENCES:
v
Gold Senatri –
v
Tiles Centre – Chennai
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.13 |
|
|
1 |
Rs.72.05 |
|
Euro |
1 |
Rs.63.33 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.