MIRA
INFORM REPORT
|
Report Date : |
20.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIMEM CONSTRUCTION AND ENVIRONMENTAL ENGINEERING PRIVATE LIMITED (w.e.f. 27.12.2010) |
|
|
|
|
Formerly Known
As : |
CONCRETECH ENGINEERING INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
G-80, Lajpat Nagar-1, New Delhi – 110024 |
|
|
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Country : |
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|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
04.12.2008 |
|
|
|
|
Com. Reg. No.: |
55-185519 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 24.212 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29248DL2008PTC185519 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Machinery for Concrete and Water Treatment Industries, etc. |
|
|
|
|
No. of Employees
: |
110 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (12) |
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appears huge accumulated losses recorded by the company. Liquidity
position is weak. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on a safe and
secured trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Tejas Shah |
|
Designation : |
Assistant Manager in Account |
|
Contact No.: |
91-9687618541 |
|
Date : |
19.04.2013 |
LOCATIONS
|
Registered Office : |
G-80, Lajpat Nagar-1, New Delhi – 110024, India |
|
Tel. No.: |
91-11-29818446 |
|
Mobile No.: |
91-9687618541 (Mr. Tejas Shah) |
|
Fax No.: |
91-11-29817165 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
4000 Sq. ft |
|
Location : |
Rented |
|
|
|
|
Factory : |
457, G.I.D.C. Por Ramangamdi, Vadodara - 391243, Gujarat, India |
|
Tel. No.: |
91-265-2830058 |
|
Fax No.: |
91-265-2830057 |
|
E-Mail : |
|
|
Area : |
100000 Sq. ft |
|
Location : |
Rented |
|
|
|
|
Branch Office : |
130/84, First Floor, Bharathi Colony, 3rd Street, Peelamedu, Coimbatore - 641004 Tamilnadu, India |
|
Fax No.: |
91 422 4367001 |
|
E-Mail : |
|
|
Area : |
3000 sq. ft |
|
Location : |
Rented |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Chandrashekhar Shrikant Chivate |
|
Designation : |
Additional Director |
|
Address : |
1244-b, Shriram Apartments, APTE Road, Deccan Gymkhana, Pune – 411004,
Maharashtra, India |
|
Date of Birth/Age : |
24.11.1966 |
|
Date of Appointment : |
26.12.2011 |
|
Pan No.: |
AAPPC7511B |
|
DIN No.: |
05161330 |
|
|
|
|
Name : |
Mr. Michele Furlani |
|
Designation : |
Additional Director |
|
Address : |
Vialedei Tigli, 70, 37045, Legnago, Verona VR, NA, Italy |
|
Date of Birth/Age : |
09.01.1970 |
|
Date of Appointment : |
09.07.2012 |
|
DIN No.: |
05326478 |
KEY EXECUTIVES
|
Name : |
Mr. Tejas Shah |
|
Designation : |
Assistant Manager in Account |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Fortuna S.A.S. DI Federico e Michele Furlani Italy |
|
2421130 |
|
SIMEM SPA, Italy |
|
100 |
|
Total |
|
2421230 |
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Machinery for Concrete and
Water Treatment Industries, etc. |
|
|
|
|
Exports : |
|
|
Products : |
Machinery for Concrete and Water Treatment Industries |
|
Countries : |
Bangladesh |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
Italy |
|
|
|
|
Terms : |
|
|
Selling : |
Cash / Credit |
|
|
|
|
Purchasing : |
Cash / Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Construction Equipment |
Nos. |
42 |
6 |
GENERAL INFORMATION
|
Suppliers : |
Warm India Private Limited |
|
|
|
|
Customers : |
End Users ·
Ultratech Cement Limited |
|
|
|
|
No. of Employees : |
110 (Approximately) |
|
|
|
|
Bankers : |
· Royal Bank of Scotland, Allapuri Branch ·
State Bank of India, Vadodara, Gujarat,
India |
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|
|
|
Facilities : |
Cash Credit Rs.12.000 Millions (From Royal Bank of Scotland) |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vishal Madan and Company Chartered Accountants |
|
Address : |
15/6, Chotti Sabzi Mandi, Janakpuri, New Delhi – 110058, India |
|
E-Mail : |
|
|
PAN.: |
AADFV1569L |
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|
|
|
Holding Company : |
Fortuna S.A.S. |
|
|
|
|
Fellow Subsidiaries: |
Simen SRL |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2421230 |
Equity Shares |
Rs.10/- each |
Rs.24.212
Millions |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of reporting period:
|
Particular |
( No. of Shares ) |
|
Equity shares of Rs. 10 each : |
|
|
Outstanding at beginging of the year |
2,391,746.00 |
|
Add: shares issued during the year |
29,484.00 |
|
Outstanding at end of the year |
2,421,230.00 |
Term / rights
attached to equity shares
The Company has only one class of shares referred to as equity shares having a par value of Rs 10/-. Each holder of equity shares is entitled to one vote per share.
The details of shareholder holding more than 5% shares in the company:
|
Particular |
( No. of Shares) |
% holding |
|
Equity shares of Rs.10 each : |
|
|
|
Concretech Engineering (International) Limited, UK |
|
0.00% |
|
Fortuna S.A.S. |
2,421,130.00 |
99.996% |
|
Total |
2,421,130.00 |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
24.212 |
23.917 |
23.917 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(31.416) |
(15.146) |
(8.358) |
|
|
NETWORTH |
(7.204) |
8.771 |
15.559 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
6.796 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
6.796 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(0.408) |
8.771 |
15.559 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6.113 |
1.994 |
1.634 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.223 |
6.659 |
3.130 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
35.836
|
13.668 |
1.279 |
|
|
Sundry Debtors |
10.223
|
16.665 |
1.170 |
|
|
Cash & Bank Balances |
0.779
|
1.004 |
8.170 |
|
|
Other Current Assets |
0.034
|
0.067 |
1.828 |
|
|
Loans & Advances |
6.343
|
3.952 |
0.691 |
|
Total
Current Assets |
53.215
|
35.356 |
13.138 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
34.308
|
20.619 |
0.235 |
|
|
Other Current Liabilities |
29.651
|
14.619 |
2.208 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
63.959
|
35.238 |
2.443 |
|
|
Net Current Assets |
(10.744)
|
0.118 |
10.695 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.100 |
|
|
|
|
|
|
|
|
TOTAL |
(0.408) |
8.771 |
15.559 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
39.610 |
3.083 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
73.030 |
39.610 |
3.083 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
85.580 |
49.546 |
13.332 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
85.580 |
49.546 |
13.332 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(12.550) |
(9.936) |
(10.249) |
|
|
|
|
|
|
|
|
|
Less/ Add |
FINANCIAL EXPENSES
/ DEPRECIATION/ AMORTISATION |
1.285 |
0.380 |
0.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(13.835) |
(10.316) |
(10.357) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.435 |
(3.528) |
(2.782) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(16.270) |
(6.788) |
(7.575) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of products |
23.632 |
2.837 |
1.108 |
|
|
|
Export of services |
0.000 |
9.564 |
0.000 |
|
|
TOTAL EARNINGS |
23.632 |
12.401 |
1.108 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4.932 |
12.009 |
0.000 |
|
|
TOTAL IMPORTS |
4.932 |
12.009 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings / (LOSS)
Per Share (Rs.) |
(2.59 |
(3.00) |
NA |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
170.000 |
Expected Sales (2013-14) : Rs. 220.000 Millions
The above information has been parted by Mr. Tejas Shah
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(22.28)
|
(17.14) |
(245.70) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(23.32)
|
(27.62) |
(70.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.92
|
1.18 |
(0.67) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(0.94)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83
|
1.00 |
5.8 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITOR
Rs.
In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Creditors Materials |
|
20.619 |
0.180 |
|
Creditors Others |
|
|
0.055 |
|
Total |
34.308
|
20.619 |
0.235 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Short Term
Borrowing |
|
|
|
Bank overdraft |
6.796 |
0.000 |
|
Total |
6.796 |
0.000 |
|
Bank overdraft is repayable on demand and carries interest rate @ ICICI base rate + 3.75% per annum. |
||
FIXED ASSETS
· Plant and machinery
· Computer
· Printer and faxes
· Air Conditioner
· Coolers and fens
· Furniture and fixtures
· Telephone Instruments
· Cash box
· Digital camera
· UPS
· Storage bins
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 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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.