MIRA
INFORM REPORT
|
Report Date : |
25.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GALAXY THERMO PLAST PRIVATE LIMITED |
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Registered Office : |
F-121, Building No.1, Dattai Nagar, S. V. Road, Borivali (W), Mumbai –
400 092, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.01.2005 |
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Com. Reg. No.: |
150526 |
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CIN No.: [Company
Identification No.] |
U25206MH2005PTC150526 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEG08073C |
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PAN No.: [Permanent
Account No.] |
AACCG2775P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of FEP, PFA, PTFE Lined, Pipe,
Fittings reactor components and equipments.
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RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 20000 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company but is Progressive well. Trade
relations are fair. Business is active. Payments reported as slow but
correct. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ketan Sanghrajka |
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Designation : |
Director |
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Contact No.: |
91-9821422665 |
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Date : |
23.06.2008 |
LOCATIONS
|
Registered Office : |
F-121, Building No.1, Dattai Nagar, S. V. Road, Borivali (W), Mumbai –
400 092, Maharashtra, India |
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Website : |
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Corporate Office : |
D-701/702, Bhakti Complex, New Link Road, Dahisar (W), Mumbai – 400
068, Maharashtra, India |
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Tel. No.: |
91-22-28938121 / 28918808 / 56858808 |
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Fax No.: |
91-22-28918808 |
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Mobile : |
91-9821418185 / 9821422665 / 9870401655 |
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E-Mail : |
galaxyengineers@vsnl.net |
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Location : |
Owned |
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Factory 1 : |
W-10 and 11, Panchal Udyog Nagar, Goddev Road, Bhayander (E), Thane –
401 105, Maharashtra, India |
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Tel. No.: |
91-28146807 / 28146808 |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Anupam P. Mugatwala |
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Designation : |
Director |
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Name : |
Me. Ketankumar J. Sanghrajka |
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Designation : |
Director |
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Name : |
Mrs. Neesha K. Sanghrajka |
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Designation : |
Director |
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Name : |
Mrs. Raksha A. Mugatwala |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Jayantibhai K. Sanghrajka |
4275 |
|
Chandrika J. Sanghrajka |
2700 |
|
Himanshu K. Sanghrajka |
1000 |
|
Parina H. Sanghrajka |
600 |
|
Harshad N. Sanghrajka |
800 |
|
Bharti H. Sanghrajka |
800 |
|
Niranjan P. Turakhia |
1000 |
|
Rekha N. Turakhia |
1000 |
|
Hemendra N. Turakhia |
1000 |
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Chetna H. Turakhia |
1400 |
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Anantrai A. Shah |
1550 |
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Veena A. Shah |
950 |
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Hitesh A Shah |
950 |
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Megha A Shah |
900 |
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Vijay A Khara |
950 |
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Kiran V. Khara |
800 |
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Khushbu K. Khara |
800 |
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Mehul K. Magia |
800 |
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Jigna M. Magia |
600 |
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Hardik K. Magia |
600 |
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Pranav R. Shah |
500 |
|
Dimple P. Shah |
600 |
|
Jignesh Shah |
800 |
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Neera J Shah |
600 |
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Bhavesh I. Shah |
600 |
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Purvi B Shah |
600 |
|
Devang Mazumdar |
1500 |
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Sandhya Mazumdar |
800 |
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Manoshi D Mazumdar |
500 |
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Mukund Vadher |
600 |
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Rekha Vadher |
600 |
|
Rajan Mugatwala |
1200 |
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Kalpana Mugatwala |
800 |
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Ambrish Padh |
2400 |
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Alka Padh |
800 |
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Ravicghandra Mugatwala |
4475 |
|
Rushi Mugatwala |
2600 |
|
Vaidehi R. Mugatwala |
700 |
|
Dipen S Patel |
2500 |
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Paragt D Patel |
2500 |
|
Manoj K Modi |
2500 |
|
Atul K Modi |
2500 |
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Sunanda A. Modi |
2500 |
|
Chhaya Modi |
2500 |
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Anupam P. Mugatwala |
3500 |
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Ketankumar J. Sanghrajka |
3500 |
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Neesha K. Sanghrajka |
3500 |
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Raksha A. Mugatwala |
3500 |
|
Total |
73150 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of FEP, PFA, PTFE Lined, Pipe, Fittings
reactor components and equipments.
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Products : |
·
PTFE Lined Pipes, PTFE
Lined 90° & 45° Elbow ·
FEP/ PFA Lined Equal
Tee, Reducing Tee, Cross ·
PTFE Lined Dip Pipe and
Sparger ·
FEP/ PFA Lined
Instrument Tee, Sight Glass ·
PTFE Envelop Gasket
With Caf and Ss-304 Corrugate Insert ·
PTFE Lined Reducers and
Reducing Flange ·
FEP/PFA Lined Flush
Bottom Valve ·
FEP/ PFA Lined Ball
Valve ·
FEP/ PFA Lined Plug
Valve ·
FEP/ PFA Lined
Diaphragm Valve ·
FEP / PFA Non Return
Valve ·
PTFE Expansion Bellow ·
100% PTFE and GFT ‘T’
Bush For Nozzle ·
PTFE Lined Manhole
Cover ·
PTFE Lined Protection
Ring ·
PTFE/FEP/PFA Lined
Nutsche Filter ·
PTFE/PFA/FEP Lined
Stirrer ·
PTFE Lined Thermometer
Pocket With Tantalum Tip ·
PTFE HOSE With Ss Wire
Braiding and Ptfe Lined Stub Ends ·
Other PTFE
Moulded/Lined Products ·
Drilling Standards ·
Testing and Inspection,
Physical Properties ·
Repair By Way Of Tantalum Disc
and Tantalum Screw ·
Repair By Way 100% PTFE
Mushrum and SS PTFE Lined Bolt ·
Repair By Way Of PTFE Lined
Extra Bottom/ Top Nozzle |
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Exports : |
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Countries : |
Saudi Arabia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Germany ·
Japan |
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Terms : |
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Selling : |
Cash and Credit – 30 days |
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Purchasing : |
·
Old Customers – Credit 30 days ·
New Customers – 100% against performer |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
30 |
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Bankers : |
·
State Bank of Mysore Borivali (W), Mumbai – 400 092,
Maharashtra, India ·
Bank of Maharashtra Jo-Grazel, Holy Cross Road, I. C. Colony, Borivali
(West), Mumbai – 400 103, Maharashtra, India |
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Auditors : |
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Name : |
Bharat K. Majethia Chartered Accountants |
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Address : |
28, 2nd Floor, Mirza Nagar, Bazae Road, Virar (E), Virar –
401 303, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000 |
Equity Shares |
Rs.10/- each |
Rs.0.800 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
73150 |
Equity Shares |
Rs.10/- each |
Rs.0.731
million |
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 |
|
0.731 |
0.100 |
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2] Share Application Money |
|
0.000 |
0.360 |
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3] Reserves & Surplus |
|
3.299 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
(0.037) |
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NETWORTH |
|
4.030 |
0.423 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.600 |
0.000 |
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TOTAL BORROWING |
|
0.600 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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Premium on share application |
|
0.000 |
1.800 |
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TOTAL |
|
4.630 |
2.223 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1.575 |
1.218 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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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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0.000 |
0.000 |
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Sundry Debtors |
|
0.000 |
0.000 |
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Cash & Bank Balances |
|
0.133 |
0.099 |
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Other Current Assets |
|
3.798 |
1.031 |
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Loans & Advances |
|
0.231 |
0.464 |
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Total
Current Assets |
|
4.162 |
1.594 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
1.000 |
0.561 |
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Provisions |
|
0.114 |
0.039 |
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Total
Current Liabilities |
|
1.114 |
0.600 |
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Net Current Assets |
|
3.048 |
0.994 |
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MISCELLANEOUS EXPENSES |
|
0.007 |
0.011 |
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TOTAL |
|
4.630 |
2.223 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
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Sales Turnover |
|
|
1.003 |
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Other Income |
|
|
0.000 |
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Total Income |
|
|
1.003 |
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|
Profit/(Loss) Before Tax |
|
|
0.178 |
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Provision for Taxation |
|
|
0.000 |
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|
Profit/(Loss) After Tax |
|
|
0.178 |
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Expenditures : |
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Depreciation & Amortization |
|
|
0.226 |
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Other Expenditure |
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|
0.599 |
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Total Expenditure |
|
|
0.825 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
17.75 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
|
17.75 |
- |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.10 |
- |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.04 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.43 |
1.42 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.74 |
2.66 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
Aarti Industries – Vapi and Trapur
·
Cipla Limited – Rasayani, PatalGanga
·
Sudarshan Chemicals – Pune, Roha in Mahad
·
Sterling Bio Techs – Baroda
·
Galn Mark Pharmaceuticals Limited - Ankleshwar
Form No. 8
|
Corporate
identity number of the company |
U25206MH2005PTC150526 |
|
Name of the
company |
GALAXY THERMO PLAST PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
F-121, Building No.1, Dattai Nagar, S. V. Road, Borivali (W), Mumbai –
400 092, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Bank of Maharashtra Jo-Grazel, Holy Cross Road, I. C. Colony, Borivali (West), Mumbai –
400 103, Maharashtra, India |
|
Nature of
instrument creating charge |
Omposite Deed of
Hypothecation for all facilities |
|
Date of
instrument Creating the charge |
22.06.2006 |
|
Amount secured by
the charge |
Rs.0.560 million. |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Interest as per
Bank Guildelines |
|
Description of
the property charged indicating whether it is a charged on |
Palnt and
Machinery |
|
Particulars of
the property charged |
Hypothecation of
plant and machineries such as Medium Duty Machine – size 1370 mm, Light Duty
Lathe Machine – size 1370mm, Hydraulic Hacksaw Machine – size 8 inch., Bench
wise No.4, drilling Machine 25 mm, Angle Grinder 4 inch, Hydraulic Des Pump
etc. details as per Schedule 4 of Composite Deed of Hypothecation. |
Web
Details :
Company Profile
In just less than a decade of existence, Subject has
earned an outstanding reputation as one of the pioneers of high performance Thermoplastics
like PTFE, FEP PFA lined equipments & spares. Over the years, they have
been able to distinguish theirself as a leading producer of quality lined
equipments simply by highest standards of design & engineering together
with high quality materials, guarantee utmost durability & ensure maximum
process uptime.
Subject take special care in understanding the
client's needs, choosing the right material for each application. The team of
application & process engineers is familiar with all modern fabrication
techniques so that they can offer maximum support. A commitment to
uncompromising quality, competitive pricing through continuous innovation in
process, responsive after sales service round the clock keeps us ahead of their
mission.
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 :
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.42.94 |
|
UK Pound |
1 |
Rs.84.52 |
|
Euro |
1 |
Rs.66.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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 |
|