MIRA
INFORM REPORT
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Report Date : |
25.03.2011 |
IDENTIFICATION DETAILS
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Name : |
SIMPLETEC AUTOMATICS PRIVATE LIMITED |
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Registered Office : |
29, 1Q |
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Country : |
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Financial (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.07.1994 |
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Com. Reg. No.: |
21-064055 |
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CIN No.: [Company
Identification No.] |
U29130WB1994PTC0064055 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS10307D |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and Exporter of wide range of Machines and Equipments,
Quench Presses, Hydraulic Pressure Testing Machines and Test Rings, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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
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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 |
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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
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Name : |
Mr. Saha |
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Designation : |
Director |
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Contact No.: |
91-9903030366 |
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Date : |
19.03.2011 |
LOCATIONS
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Registered Office : |
29, 1Q |
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Tel No.: |
91-33-25776438 |
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Mobile No.: |
91-9903030366 (Mr. Saha) |
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E-Mail : |
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Website : |
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Factory : |
A – 4, RIC Block 1, Bonhooghly Industrial Estate, Kolkata-700108, West
Bengal, |
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Tel. No.: |
91-33-25789237/ 25776438 |
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Fax No.: |
91-33-25776438/ 25568905 |
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E-Mail : |
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Area : |
3500 sq ft |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Mrinalendu Saha |
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Designation : |
Director |
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Address : |
29, 1Q |
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Date of Birth/Age : |
13.06.1948 |
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Qualification : |
Post Graduate Mechanical Engineer |
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Date of Appointment : |
21.07.1994 |
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Election Commission Identity Card No.: |
WB/22/160/420190 |
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Name : |
Mrs. Monika Saha |
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Designation : |
Director |
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Address : |
29, 1Q |
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Date of Birth/Age : |
01.01.1954 |
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Qualification : |
B.A. |
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Date of Appointment : |
21.07.1994 |
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Election Commission Identity Card No.: |
WB/22/160/420191 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Mrinalendu Saha |
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3000 |
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Monika Saha |
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3000 |
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Rajib Talukder Saha |
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1000 |
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Haripada Saha |
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3000 |
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Total |
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10000 |
As on 30.09.2010
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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 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of wide range of Machines and Equipments,
Quench Presses, Hydraulic Pressure Testing Machines and Test Rings, etc. |
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Products : |
·
Pressure Testing Machines and Test Rigs |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
30 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Alok Basu and Company Chartered Accountants |
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Address : |
Indraloke Estate 1, Flat No. – 5, Paikpara, Kolkata-700002, West |
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Associates/Subsidiaries : |
Address: 29, 1Q |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.180 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.087 |
0.002 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.092) |
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NETWORTH |
1.267 |
1.002 |
0.908 |
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LOAN FUNDS |
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1] Secured Loans |
0.300 |
0.000 |
0.063 |
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2] Unsecured Loans |
2.268 |
0.451 |
0.485 |
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TOTAL BORROWING |
2.568 |
0.451 |
0.548 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.835 |
1.453 |
1.456 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.763 |
0.504 |
0.192 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
4.425 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.103
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0.739 |
0.201 |
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Sundry Debtors |
3.331
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9.704 |
0.000 |
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Cash & Bank Balances |
1.873
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2.138 |
1.078 |
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Other Current Assets |
0.023
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0.000 |
0.000 |
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Loans & Advances |
0.924
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0.086 |
0.000 |
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Total
Current Assets |
7.254
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12.667 |
1.279 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.726
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3.696 |
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Other Current Liabilities |
4.849
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8.022 |
0.015 |
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Provisions |
0.032
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0.000 |
0.000 |
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Total
Current Liabilities |
8.607
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11.718 |
0.015 |
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Net Current Assets |
(1.353)
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0.949 |
1.264 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.835 |
1.453 |
1.456 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
19.769 |
22.584 |
5.575 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
19.652 |
22.490 |
5.571 |
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Advertising Expenses |
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TOTAL |
19.652 |
22.490 |
5.571 |
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PROFIT BEFORE
TAX |
0.117 |
0.094 |
0.004 |
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Less |
TAX |
0.031 |
0.000 |
0.000 |
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PROFIT AFTER TAX
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0.086 |
0.094 |
0.004 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.002 |
(0.092) |
(0.096) |
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BALANCE CARRIED
TO THE B/S |
0.088 |
0.002 |
(0.092) |
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Earnings Per
Share (Rs.) |
8.58 |
9.40 |
0.40 |
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Expected Sales (2010-2011) : Rs.45.000 Millions.
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.44
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0.42 |
0.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.46
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0.71 |
0.27 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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0.09 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.82
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12.14 |
0.62 |
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Current Ratio (Current Asset/Current Liability) |
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0.84
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1.08 |
85.27 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
The company earned a profit of Rs.0.117 millions during the period
against Rs.0.094 millions of the previous year. The directors are making
efforts to increase the earning of the company in the current year.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U29130WB1994PTC064055 |
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Name of the
company |
SIMPLETEC
AUTOMATICS PVT.LTD. |
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Address of the
registered office or of the principal place of business in |
29, 1Q |
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Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Others |
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Particular of
charge holder |
State Bank of |
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Email |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of goods and assets Letter regarding
the grant of individual limit within the overall limit |
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Date of
instrument Creating the charge |
27.01.2010 |
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Amount secured by
the charge |
Rs.4.500 millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest and
other charges will be paid as per terms & conditions of Sanction Letter.
Presently the applicable ROI for CC- 2.50% above BPLR i.e. 15.25% p.a.w.m.r,
subject to change. Terms of
Repayment Working Capital
(Rs. 2.500 Millions by way of Cash Credit and Rs. 2.000 Millions by way of
Bank Guarantee) shall be repaid on demand. Margin The Borrower has
to maintain appropriate margin as stipulated in the sanction terms, however
the same is subject to change. Presently the applicable margin is CC :- 50% on WIP and 25% on Finished Goods, 50% on
Book-debts up to 90 days BG :- 30% on BG
in the Form of STDR /TDR Extent and
Operation of the charge The security
created under said Agreement shall operate as continuing security by way of
first charge. The charged
assets shall be kept at the Company risk and expense in good condition and
fully insured against loss or damage by fire, lighting or explosion or theft
and also against loss or damage by riot and civil commotion etc. as may be
required by the Bank in the joint names of the Banks and the Company. Others The Company
hereby declares that all the charged assets now existing are absolute
property of and at the sole disposal of the Company and free from any prior
charge or encumbrance. Other terms
and conditions are as per terms
and conditions of above referred
Agreement and Sanction Letter of the
Bank. |
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Short particulars
of the property charged |
I)
The Company
charges by way of 1st charge A) All Current assets including all Stocks of RM
, WIP, FG and Stores and Spares , all the book-debts and other receivables, claims and debts etc. II)
B)
All those machinery /plant /capital goods / fixed assets at Co's location at factory/office at A-4,
R.I.C. Block -1, Bonhooghly Industrial Estate Kolkata-700108 or anywhere else III)
Both
present and future |
Fixed Assets:
- Furniture and
Fixtures
- Fax Machine
- Computer
- Motor Car
- Machinery
- Printer
- Fan
- Camera
- Binding
Machine
- Calculator
Trade References:
- UYG Exports
- Uosho Company
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 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.44.77 |
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|
1 |
Rs.72.66 |
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Euro |
1 |
Rs.63.06 |
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 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
29 |
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 |
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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 |
|
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.