MIRA
INFORM REPORT
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Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
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Name : |
ZENITH METAPLAST PRIVATE LIMITED |
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Registered Office : |
Plot No. F-18, MIDC, Satpur, Nashik-422007, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.10.1994 |
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Com. Reg. No.: |
11-81864 |
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CIN No.: [Company
Identification No.] |
U28129MH1994PTC081864 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKZ00050B |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturer of Press Tools and Components. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 438700 |
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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 an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitment. The company can be considered normal for business dealing at usual
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
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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. Jagdish |
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Designation : |
Accountant |
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Date : |
05.01.2011 |
LOCATIONS
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Registered Office / Factory : |
Plot No. F-18, MIDC, Satpur, Nashik-422007, |
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Tel. No.: |
91-253-2355056 / 57 / 58 |
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Fax No.: |
91-253-2353460 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft. |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Venugopal Bhaskan Neduvakat |
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Designation : |
Director |
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Address : |
36/37, Palm Spring, Savkarnagar, Nashik – 422013, |
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Date of Appointment : |
07.10.1994 |
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Name : |
Mr. Romi Shanko Divakaran |
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Designation : |
Director |
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Address : |
Flat No. 4, Yadav Apartment, Shri Krishnanagar, Satpur, Nashik-
422007, Maharashtra, India |
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Date of Appointment : |
07.10.1994 |
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Name : |
Mrs. Asha Venugopal Neduvakat |
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Designation : |
Director |
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Address : |
36/37, Palm Spring, Savkarnagar, Nashik – 422013, |
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Date of Appointment : |
07.10.1994 |
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Name : |
Mr. Aditya Venugopal Neduvakkat |
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Designation : |
Director |
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Address : |
36/37, Palm Spring, Savkarnagar, Nashik – 422013, |
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Date of Birth / Age : |
31.10.1986 |
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Date of Appointment : |
31.08.2009 |
KEY EXECUTIVES
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Name : |
Mr. Jagdish |
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Designation : |
Accountant |
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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Neduvakat Bhaskaran Venugopal B N, Nashik |
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332500 |
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Neduvakat Asha Venugopal, Nashik |
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332500 |
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Neduvakat Shanko Romi, Nashik |
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69500 |
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Total |
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734500 |
As on 30.09.2010
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Category |
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Percentage |
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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 of Press Tools and Components. |
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Products : |
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Imports : |
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Products : |
White Board Marker |
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Countries : |
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Purchasing : |
L/C /Cash / Credit (30 days/ 60 days/ 90 days) |
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Selling Terms : |
Cash / Credit (30 days/ 60 days/ 90 days) |
PRODUCTION STATUS AS ON 31.03.2009
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Particulars |
Units |
Licensed
Capacity |
Installed Capacity |
Production/
Sales |
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a)Tools, Dies, moulds, soft Luggage, Press and Moulded Component,
Furniture, of steel and Wood, Plastic moulded items, Writing instrument
without trading sale. |
Nos (NA) |
(NA) (NA) |
(NA) (NA) |
915.047 |
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b) Trading /Job Work |
(NA) |
(NA) |
(NA) |
(NA) |
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c) High seas |
(NA) |
(NA) |
(NA) |
(NA) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
Chartered Accountant |
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Address : |
Sakar apartment, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Share |
Rs.10/- Each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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734500 |
Equity Share |
Rs.10/- Each |
Rs.7.345
Millions |
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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 |
7.345 |
7.345 |
7.345 |
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2] Share Application Money |
30.485 |
0.000 |
0.000 |
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3] Reserves & Surplus |
58.925 |
59.581 |
50.723 |
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4] (Accumulated Losses) |
12.920 |
0.000 |
0.000 |
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NETWORTH |
109.675 |
66.926 |
58.068 |
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LOAN FUNDS |
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1] Secured Loans |
387.964 |
145.625 |
172.334 |
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3] Unsecured Loans |
5.446 |
124.117 |
126.036 |
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TOTAL BORROWING |
393.410 |
269.742 |
298.370 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
503.085 |
336.668 |
356.438 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
265.483 |
176.587 |
184.780 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
126.597
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63.615
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80.864
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Sundry Debtors |
210.899
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181.925
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170.298
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Cash & Bank Balances |
1.026
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0.739
|
2.089
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Other Current Assets |
28.209
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44.217
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39.531
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Loans & Advances |
0.000
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0.000
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0.000
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Total
Current Assets |
366.731
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290.496 |
292.782 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
111.241
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119.380
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106.195
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Current Liabilities |
17.923
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11.083
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14.993
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Provisions |
0.000
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0.000
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0.000
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Total
Current Liabilities |
129.164
|
130.463
|
121.188
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Net Current Assets |
237.567
|
160.033
|
171.594
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MISCELLANEOUS EXPENSES |
0.035 |
0.048 |
0.064 |
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TOTAL |
503.085 |
336.668 |
356.438 |
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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 Turnover |
915.608 |
827.818 |
723.359 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
915.608 |
827.818 |
723.359 |
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Profit/(Loss) Before Tax |
21.323 |
17.732 |
7.819 |
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Provision for Taxation |
7.286 |
6.408 |
2.696 |
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Profit/(Loss) After Tax |
14.037 |
11.325 |
5.123 |
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Expenditures : |
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Interest |
25.971 |
28.139 |
24.526 |
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Depreciation & Amortization |
21.326 |
19.444 |
19.797 |
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Earnings Per Share (Rs.) |
19 |
15 |
11 |
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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 |
(%) |
1.53 |
1.37 |
0.71
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Net Profit Margin (PBT/Sales) |
(%) |
2.32 |
2.14 |
1.08
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.81 |
3.80 |
1.64
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Return on Investment (ROI) (PBT/Networth) |
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0.19 |
0.26 |
0.13
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Debt Equity Ratio (Total Liability/Networth) |
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1.17 |
5.98 |
2.09
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Current Ratio (Current Asset/Current Liability) |
|
2.83 |
2.23 |
2.42
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LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010
Rs.
in Millions |
31.03.2009 Rs.
in Millions |
31.03.2009 Rs.
in Millions |
|
Creditors – Material |
111.241 |
119.381 |
106.195 |
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Total |
129.164 |
130.463 |
106.195 |
NOTE:
The registered office of the company has been shifted from 7, Walnut
creeksawarkaranagar, Anandvalli, Nashik- 422005, Maharashtra, India to the
present address w.e.f. 01.04.2007 Plot No. F-18 MIDC, Satpur, Nashik – 422007
FIXED ASSETS:
- Land
- Computer
- Electric
Installation
- Furniture and
Fixture
- Material
Handling Equipment
- Office
Equipment
- Plant and
Machinery
- Vehicle – Two
Wheeler
TRADE REFERENCES:
- Videocon
Appliances Limited
- Schneider Electric
India Limited,
- Kores (
- BP Ergo
Limited,
- V. I. P.
Industries Limited,
FORM 8:
|
Corporate
identity number of the company |
U28129MH1994PTC081864 |
|
Name of the
company |
ZENITH METAPLAST PRIVATE
LIMITED |
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Address of the
registered office or of the principal place of business in |
PLOT NO. F-18,
MIDC SATPUR NASHIK – 422007, |
|
This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property Floating Charge Immovable
property |
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Particular of
charge holder |
CENTRAL BANK OF |
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Nature of
instrument creating charge |
MEMORANDUM OF
ENTRY TO CREATE ADDITIONAL MORTGAGE |
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Date of
instrument Creating the charge |
31.03.2010 |
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Amount secured by
the charge |
582.000 |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: for cash credit-BPLR-2%, for bills discounted-9.00%,Term Loan II--BPLR-1% Terms of
Repayment : term loan as per repayment schedule in monthly instalment cash
credit repayable on demand and renewable every year Bills on maturity LC and BG on maturity Margin : Cash
Credit-25%, Book Debts-40%, Bills discounted-20%, Term Loan I- Building-50%,
plant and Machinery--25% Term Loan II- 25%,
Bank Guarantee-10% Extent and
Operation of the charge : First Charge In Favour Of The Central Bank Of
India, Satpur Branch, Nashik. |
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Short particulars
of the property charged |
1) A) All That
Piece Or Parcel Of The Land Known As Plot No. F-18, In The Satpur Industrial
Area, Within The Village Limits Of Satpur & Within The Limits Of Nashik
Muncipal Corporation, Taluka & 2) Registration
Sub- District Nashik Containing By Adm 4050.00 Sq. Mtr. Or Therrabouts &
Factory Shed Constructed There On About 2216.75 Sq. Mtr.Together With All
Fixed Plant & Machinery, Furniture & 3) Fixtures And
All Connections, Compound Walls, Barbed Wire Fencing Gates Culverts All Trees
Water Sources Stores Rocks Soil In The Said Land & Rights To Way Etc 1) B) All That
Piece Or Parcel Of The Land Known As Plot No. W-91a In The Satpur Industrial
Area Of Midc Within The Village Limits Of Satpur & Within The Limits Of
Nashik Muncipal Corporation, Taluka & 2) Registration Sub- District Nashik
Containing By Adm 720.00 Sq. Mtr. The Building Area Of The Plot Is 332.96 Sq.
Mtr. 1) C) All That
Piece Or Parcel Of The Land Known As Plot No. W-89a In The Satpur Industrial
Area Of MIDC Within The Village Limits Of Satpur & Within The Limits Of
Nashik Muncipal Corporation, Taluka & 2) Registration
Sub- District Nashik Containing By Adm 720.00 Sq. Mtr. The Building Area Of
The Plot Is 332.96 Sq. Mtr. 1) D) All That
Piece Or Parcel Of The Land Known As Plot No. 87/4 In The Satpur Industrial
Area Of Midc Within The Village Limits Of Satpur & Within The Limits Of
Nashik Muncipal Corporation, Taluka & 2) Registration
Sub- District Nashik Containing By Adm 1800.00 Sq. Mtr. |
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Particulars of
the present modification |
By this
modification total limit enhanced from Rs.2.215 Millions to Rs.5.820 Millions
which is as under Cash Credit Book
Debts Rs.60.000 Millions, WCDL- Rs.140.000 Millions, Bills
Discounting-Rs,25.000 Millions,Term Loan I-Rs.47.000 Millions , Term Loan II
Rs.270.000 Millions, L/C- Rs.300.00Lacs, Bank Gurantee Rs.10.000 Millions Thus total charge
extended to Rs.582.000 Millions |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U28129MH1994PTC081864 |
|
Name of the
company |
ZENITH METAPLAST
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. F- 18,
MIDC, Satpur, Nashik- 422007, |
|
Type of charge |
Immovable
properties |
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Particular of
charge holder |
Small Industries Development Bank of |
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Nature of
description of the instrument creating or modifying the charge |
Bills discounting agreement (Entry No. 16) |
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Date of
instrument Creating the charge |
18.03.2009 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest @11.5% p.a. Terms of Repayment Bills Repayable
after 90 days Margin NA Extent and Operation of the charge First charge in
favour of Small Industries Development Bank of |
|
Short particulars
of the property charged |
All those piece and
parcel of Land Plat No. 82, situated at MIDC, Nagpur Industrial Area, Nagar
admeasuring 20, 138 Sq. Meters within the registration District of Nagpur
together with all building and structures thereon. |
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Name of the company
|
Zenith Metaplast Private Limited |
|
Presented By |
Shri Romi Diwakaran, Director |
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1) Date and description of instrument creating the change |
On 06.01.2006.
Deed of hypothecation executive by the Company in favour of small industries
Development Bank of |
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2) Amount secured by the charge/amount owing on the securities of charge |
The term loan of
Rs.5.000 millions (Rupees Five Millions only) hereinafter referred to as “the
said loan” agreed to be lent and advanced by SIDBI to the company together
with interest, further interest, liquidated damages, costs, premia on
repayment or on redemption, charges, expenses and all other monies payable by
the company to SIDBI in terms of the Loan Agreement dated 06.01.2006 [as amended from time to time , hereinafter
referred to as “the said Loan Agreement”] entered into between the company of
the one part and SIDBI of the other part. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All equipment,
Plant, Machinery, Machinery Spares, Tools and Accessories, and other assets
acquired to be acquired by the company out of the loan, together with all the
spares, tools and accessorties, Whether installed or not and whether now
lying loose or cases or which are not lying or stored in or about or shall
hereafter from time to time during the continuance of the security be brought
into or upon or be stored or be in or about all the company’s Premises,
Factory, showroom and Godowns, or wherever else the same may be or be held by any party to the order or
disposition of the company or in the course of transit or on high seas or on
order, or delivery, howsoever and where so ever in the possession of the
company and either by way of substitution or addition. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
I) The charge
operates as a exclusive charge to secure the due repayment and discharge by
the company to SIDBI of its loan of Rs.5.000 Millions together with interest,
further interest liquidated damages, costs, charges, expenses and all other
monies payable by the company to SIDBI in terms of the said loan Agreement
dated 06.01.2006 together payable by the company to SIDBI in terms of the
said loan Agreement. II) The Company
has undertaken to keep the hypothecation goods in marketable and good
condition at its own costs and to insure in the join names of the company and
SIDBI. III) All the goods hypothecation and all
realization and insurance proceed thereof and all document in respect of the
said security are to be kept in distinguishable and held as the exclusive
property of SIDBI. IV) The security
created under the said Deed of hypothecation are to be a continuing security. |
|
5) Name and Address and description of the person entitled to the charge. |
Small industries
Development Bank of |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U28129MH1994PTC081864 |
|
Name of the
company |
Zenith Metaplast
Private Limited |
|
Address of the
registered office or of the principal place of business in |
Plot No. F- 18,
MIDC, Satpur, Nashik- 422007, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Central Bank of E-Mail- bmnasi0708@centralbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Letter of
hypothecation to secure demand cash credit against good. |
|
Date of
instrument Creating the charge |
13.05.2008 |
|
Amount secured by
the charge |
Rs.78.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR – 2% of the
present interest rate i.e. 13% - 2% = 11% p.a with monthly rest Terms of Repayment Repayable on
demand and renewal at every year Margin 1.Margin at 25%
on stock of raw material, Work- in- progress and Finished goods. 2. Margin at 40%
- on Book debts Extent and Operation of the charge First charge in
favour of Central Bank of |
|
Short particulars
of the property charged |
All tangible
property such as finished goods, Work- In- progress, Stock in trade and stock
of raw material stored in the premises of the borrowers at F – 18, 87/ 4,
W91(A), W89(A), MIDC, Satpur, Nashik – 422007 and hypothecation of bookdebts. |
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.45.37 |
|
|
1 |
Rs.70.03 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.