MIRA
INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
ZINSER TEXTILE SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
43 Dr V B Gandhi Marg Fort, Mumbai - 400023, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010
|
|
|
|
|
Date of
Incorporation : |
13.09.2002 |
|
|
|
|
Com. Reg. No.: |
11-137202 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.45.500 Millions |
|
|
|
|
CIN : |
U29260MH2002PTC137202 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture and sale of speed frames machines. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 194000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under severe pressure. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
43 Dr V B Gandhi Marg Fort, Mumbai - 400023, Maharashtra, India |
|
Tel. No.: |
91-22-22872245 |
|
Fax No.: |
91-22-22041690 |
|
E-Mail : |
|
|
|
|
|
Factory: |
Plot No.1685, Survey No.1517, Opposite Telco Cargo, N H 8, Ahmedabad –
382427, Gujarat, India |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Atul Krishnalal Bhagwati |
|
Designation : |
Director |
|
Address : |
Nishat, 6, M L Dahanukar Marg, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
12.07.1932 |
|
Date of Appointment : |
13.09.2002 |
|
Date of Ceasing |
31.03.2010 |
|
DIN No : |
00094804 |
|
|
|
|
Name : |
Mr. Anuj Atul Bhagwati |
|
Designation : |
Director |
|
Address : |
Nishat, 6, M L Dahanukar Marg, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
06.10.1968 |
|
Date of Appointment : |
13.09.2002 |
|
DIN No : |
00094776 |
|
DIN No : |
00094776 |
|
|
|
|
Name : |
Mr. Khurshed Meherwanji Thanawalla |
|
Designation : |
Director |
|
Address : |
Khatau Bungalow, Ground Floor 6, Manav Mandir Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
24.12.1942 |
|
Date of Appointment : |
27.09.2003 |
|
DIN No : |
00201749 |
|
|
|
|
Additional : Name : |
Mr. Sanjay Khatau Asher |
|
Designation : |
Director |
|
Address : |
Khatau Building, 32, Mody Street, Mumbai – 400001, Maharashtra, India |
|
Date of Birth/Age : |
26.11.1964 |
|
Date of Appointment : |
27.09.2003 |
|
DIN No : |
00008221 |
|
|
|
|
Name : |
Mr. Michael Thomas Mete Babacan |
|
Designation : |
Director |
|
Address : |
Bruchwiesenstrasse, 46, Urberach, Rodermark – 63322, Germany |
|
Date of Birth/Age : |
26.05.1969 |
|
Date of Appointment : |
01.07.2010 |
|
DIN No : |
00287693 |
|
|
|
|
Name : |
Mr. Gerard Johannes Kuesters |
|
Designation : |
Director |
|
Address : |
Rontgenstr 19, Schorndorf – 73614, Germany |
|
Date of Birth/Age : |
12.06.1963 |
|
Date of Appointment : |
24.08.2007 |
|
DIN No : |
01785287 |
|
|
|
|
Name : |
Mr. Leen Christian Osterloh |
|
Designation : |
Director |
|
Address : |
Rontgenstr 19, Schorndorf – 73614, Germany |
|
Date of Birth/Age : |
03.03.1975 |
|
Date of Appointment : |
28.05.2007 |
|
Date of Ceasing : |
26.06.2010 |
|
DIN No : |
01425488 |
KEY EXECUTIVES
|
|
|
|
Name : |
Mrs. Sarita Jayesh Ahuja |
|
Designation : |
Secretary |
|
Address : |
K-20, Bima Nagar |
|
Date of Birth/Age : |
24.05.1970 |
|
Date of Appointment : |
01.03.2007 |
|
PAN No : |
ABNPA3483H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anuj Atul Bhagwati |
|
1 |
|
A.T.E. Private Limited – India |
|
1364999 |
|
Oerlikon Textile Gmbh and Company KG |
|
318500 |
|
Total |
|
4550000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
70.00 |
|
Bodies corporate |
30.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and sale of speed frames machines. |
|
|
|
|
Product : |
·
Roving Frames Accessories and Spares |
GENERAL INFORMATION
|
Bankers : |
Not available |
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
Address : |
11th Floor, Lodha Excelus, Apollo Mills Compound, N.M.Joshi
Marg, Mahalaxmi, Mumbai – 400011, India |
|
Tel. No.: |
91-22-39896000 |
|
Fax No.: |
91-22-39836000 |
|
PAN No : |
AAIFB0630K |
|
|
|
|
Holding Company : |
·
Oerlikon Gmbh and Company K.G. ·
Oerlikon Textile Gmbh and Company K.G. |
|
Affiliates : |
·
A.T.E. Enterprises Private Limited, Bombay ·
Zinser Zweigniederlassung Der ·
Schlafhorst Engineering (India) Limited ·
Trumac Enginerring Company Private Limited ·
Saurer (China) Technology Company Limited ·
Oerlikon IT Solutions Limited ·
Oerlikon Textile India Private Limited ·
A.T.E. Private Limited ·
Oerlikon textile Gmbh Information Technology
Limited ·
Oerlikon (China) Technology Company ·
Oerlikon Textile Components India Private Limited ·
Texparts Gmbh |
CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4550000 |
Equity Shares |
Rs.10/- each |
Rs.45.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4550000 |
Equity Shares |
Rs.10/- each |
Rs.45.500
Millions |
Note :
(Of the above, 3185000 (2009: 318500) equity
shares of Rs 10 each, fully paid up are held by Oerlikon Gmbh and Company K.G.,1364999 (2009:1364999)
equity shares of Rs.10 each, fully paid up are held by M/s. A.T.E. private
Limited and 1 (2009 :1) equity share of Rs.10 is jointly owned by Mr. Anuj Atul
Bhagawati and M/s A.T.E. private limited). OC Oerlikon Corporation
A.G.,Pfaffikon is the ultimate holding company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
45.500 |
45.500 |
45.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3.124 |
17.153 |
30.292 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
48.624 |
62.653 |
75.792 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
48.624 |
62.653 |
75.792 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19.156 |
18.914 |
9.212 |
|
|
Capital work-in-progress |
0.000 |
15.819 |
17.753 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
10.037 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.490 |
6.206 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
48.870
|
88.990 |
103.784 |
|
|
Sundry Debtors |
1.151
|
0.398 |
0.422 |
|
|
Cash & Bank Balances |
26.595
|
13.385 |
21.569 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
10.099
|
12.118 |
9.486 |
|
Total
Current Assets |
86.715
|
114.891 |
135.261 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
24.151
|
37.752 |
0.000 |
|
|
Other Current Liabilities |
30.664
|
47.078 |
99.127 |
|
|
Provisions |
2.432
|
2.631 |
3.550 |
|
Total
Current Liabilities |
57.247
|
87.461 |
102.677 |
|
|
Net Current Assets |
29.468
|
27.430 |
32.584 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
48.624 |
62.653 |
75.792 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
212.486 |
141.842 |
509.170 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
226.025 |
149.100 |
462.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(13.539) |
(7.258) |
46.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.491 |
5.881 |
12.892 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) |
(14.030) |
(13.139) |
33.408 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
17.355 |
0.399 |
1.089 |
|
|
TOTAL EARNINGS |
17.355 |
0.399 |
1.089 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and spares |
58.056 |
45.385 |
187.125 |
|
|
|
Traded Spares |
0.000 |
4.359 |
4.893 |
|
|
TOTAL IMPORTS |
58.056 |
49.744 |
192.018 |
|
|
|
|
|
|
|
|
|
|
Basic and
diluted earnings per share Rs.10 each (in rupees) |
(3.80) |
(2.89) |
7.340 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(6.60)
|
(9.26) |
6.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.78)
|
(5.42) |
41.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.27)
|
(0.11) |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.17
|
1.39 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.31 |
1.31 |
LOCAL AGENCY FURTHER INFORMATION
Background:
The Company was incorporated on 13 September 2002. The company is
manufacturing company and its principle activities comprise of manufacture and sale
of speed frames 68i machines also known roving frames and the sale of related
spares. The company manufactures speed frame machines viz: - 120 spindles ‘3’
roller machines, 120 spindles ‘4’ roller machines and 144 spindle ‘3’ roller
machines.
Operations :
During the year the company has sold 44 machines as against 33 machines
sold in the last financial year. The turnover during the current year was
Rs.210.431 Million as against Rs.160.037 Million in the previous year. The
company has closed its year with loss before tax of Rs.13.539 Million as
against Rs.7.258 Million in the previous year.
Contingent
Liability and Capital Commitments :
Contingent Liability :
Contingent liabilities not provided for in respect of bonds executed in
favour of The President of India for availing duty exemption under Advance
License/EPCG scheme is estimated at Rs.245.832 Million(2009 : Rs.231.177).
Capital Commitments :
Estimated amount of contracts remaining to be executed on capital
account and not provided for is estimated at Rs. NIL (2009 : Rs. NIL).
Fixed Assets:
Intangible Assets:
·
Technical Know-how fees
·
Computer software
Tangible Assets:
·
Leasehold Improvement
·
Plant and Machinery
·
Computer hardware
·
Office Equipment
·
Furniture and Fixture
·
Vehicles
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
|
>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.