MIRA
INFORM REPORT
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Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
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Name : |
LIZER CYLINDERS LIMITED |
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Registered Office : |
205, 2nd Floor, Samarpan Complex, New |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.08.2007 |
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Com. Reg. No.: |
11-173538 |
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CIN No.: [Company
Identification No.] |
U28121MH2007PLC173538 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML06772D |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Empty Cylinders. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 2100000 |
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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. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. 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) |
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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 |
LOCATIONS
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Registered Office : |
205, 2nd Floor, Samarpan Complex, New |
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Tel. No.: |
91-22-28390195/96 |
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Fax No.: |
91-22-28390197 |
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E-Mail : |
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Factory : |
Plot No. 377, Sector IV, Kandla Sez, Kutch, Gandhidham-370230, |
DIRECTORS
As on 27.09.2010
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Name : |
Ms. Pyarali I Firasta |
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Designation : |
Director |
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Address : |
Rang Mahal, 2, |
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Date of Birth/Age : |
29.07.1943 |
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Date of Appointment : |
02.01.2008 |
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Name : |
Mr. Jaideo Prasad Minda |
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Designation : |
Director |
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Address : |
A-9, Ashok Vihar, Phase-I, New Delhi-110052, |
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Date of Birth/Age : |
08.09.1931 |
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Date of Appointment : |
29.03.2010 |
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Name : |
Mr. Anil Minda |
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Designation : |
Director |
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Address : |
A-9, Ashok Vihar, Phase-I, New Delhi-110052, |
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Date of Birth/Age : |
12.12.1956 |
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Date of Appointment : |
29.03.2010 |
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Name : |
Ms. Ashwani Minda |
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Designation : |
Director |
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Address : |
A-9, Ashok Vihar, Phase-I, New Delhi-110052, |
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Date of Birth/Age : |
17.07.1959 |
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Date of Appointment : |
29.03.2010 |
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Name : |
Mr. Ashok J Ramsinghani |
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Designation : |
Director |
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Address : |
Flat No. 121, A Wing, 12 Floor, Maker Tower, Cuffe Parade, Mumbai-400005,
Maharashtra, India |
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Date of Birth/Age : |
02.02.1948 |
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Date of Appointment : |
28.08.2007 |
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Date of Ceasing: |
30.07.2010 |
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Name : |
Mr. Vishal A Ramsinghani |
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Designation : |
Director |
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Address : |
Flat No. 121, A Wing, 12 Floor, Maker Tower, Cuffe Parade,
Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
06.07.1975 |
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Date of Appointment : |
28.08.2007 |
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Date of Ceasing: |
30.07.2010 |
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Name : |
Mr. Jitendra N Patel |
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Designation : |
Director |
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Address : |
B/25, Home CHS, Relief Road, Daulat Nagar, Santacruz (East),
Mumbai-400054, |
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Date of Birth/Age : |
29.07.1961 |
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Date of Appointment : |
28.08.2007 |
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Date of Ceasing: |
29.07.2010 |
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Name : |
Mr. Sriram R Narayanan |
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Designation : |
Director |
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Address : |
Flat No. 501, 5th Floor, RNA Classic, |
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Date of Birth/Age : |
20.09.1965 |
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Date of Appointment : |
21.04.2009 |
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Date of Ceasing: |
30.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dalpatsinh A Damor |
|
2000 |
|
Pramod Chandra Mahapatro |
|
1000 |
|
Heaven Suppliers Private Limited |
|
3639275 |
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Ashwani Minda |
|
1780000 |
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Jaideo Prasad Minda |
|
1173790 |
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Electrical and Electronics ( |
|
2578002 |
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Jay Iron and Steels Limited |
|
1400444 |
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JPM Automobiles limited |
|
157907 |
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JPM Tools Limited |
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280000 |
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Vandana Minda |
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269357 |
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Total |
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11281775 |
As on 27.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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71.40 |
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Directors
or relatives of directors |
|
26.18 |
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Other
top fifty shareholders |
|
2.42 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Empty Cylinders. |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
KPM House, Kamala Mills Compound, 488, Senapati Bapat Marg, Lower
Parel, Mumbai-400013, Maharashtra, India |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11500000 |
Equity Shares |
Rs.10/- each |
Rs.115.000 Millions |
|
4000 |
Preferences Shares |
Rs.100000/- each |
Rs.400.000 Millions |
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Total |
|
Rs.515.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11281775 |
Equity Shares |
Rs.10/- each |
Rs.112.817
Millions |
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 |
|
|
|
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|
1] Share Capital |
112.817 |
476.425 |
326.425 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
446.907 |
105.059 |
83.700 |
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4] (Accumulated Losses) |
(19.812) |
0.000 |
(4.967) |
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NETWORTH |
539.912 |
581.484 |
405.158 |
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|
LOAN FUNDS |
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1] Secured Loans |
253.545 |
416.553 |
389.908 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
253.545 |
416.553 |
389.908 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
793.457 |
998.037 |
795.066 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
420.792 |
430.641 |
400.515 |
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Capital work-in-progress |
10.655 |
59.936 |
7.228 |
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INVESTMENT |
81.179 |
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 |
101.964
|
256.232 |
129.457 |
|
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Sundry Debtors |
21.549
|
8.042 |
27.221 |
|
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Cash & Bank Balances |
259.846
|
347.108 |
252.571 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
19.896
|
19.905 |
5.876 |
|
Total
Current Assets |
403.255
|
631.287 |
415.125 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
0.000
|
106.556 |
17.721 |
|
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Other Current Liabilities |
121.375
|
16.382 |
9.413 |
|
|
Provisions |
1.049
|
0.889 |
0.668 |
|
Total
Current Liabilities |
122.424
|
123.827 |
27.802 |
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Net Current Assets |
280.831
|
507.460 |
387.323 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
793.457 |
998.037 |
795.066 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
412.190 |
335.568 |
30.655 |
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|
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Other Income |
29.450 |
35.888 |
1.270 |
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TOTAL (A) |
441.640 |
371.456 |
31.925 |
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Less |
EXPENSES |
|
|
|
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Materials Consumed |
273.463 |
225.331 |
56.448 |
|
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Personnel Expenses |
28.208 |
25.559 |
6.300 |
|
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|
Manufacturing and Other Administrative Expenses |
74.570 |
59.024 |
15.764 |
|
|
|
Decrease / Increase in Inventory |
52.863 |
(39.644) |
(54.741) |
|
|
|
TOTAL (B) |
429.104 |
270.270 |
23.771 |
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.536 |
101.186 |
8.154 |
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|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
26.128 |
49.115 |
8.397 |
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(13.592) |
52.071 |
(0.243) |
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|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.428 |
22.682 |
4.534 |
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(41.020) |
29.389 |
(4.777) |
|
|
|
|
|
|
|
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Less |
TAX (H) |
0.152 |
3.063 |
0.190 |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
(41.172) |
26.326 |
(4.967) |
|
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|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
21.359 |
(4.967) |
0.000 |
|
|
|
|
|
|
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|
|
|
BALANCE CARRIED
TO THE B/S |
(19.813) |
21.359 |
(4.967) |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.95) |
3.44 |
(0.65) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(9.32)
|
7.09 |
(15.56) |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(9.95)
|
8.76 |
(15.58) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(4.97)
|
2.77 |
(0.59) |
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|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07)
|
0.05 |
(0.01) |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.93 |
1.03 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.29
|
5.10 |
14.93 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10115772 |
|
Corporate
identity number of the company |
U28121MH2007PLC173538 |
|
Name of the
company |
LIZER CYLINDERS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
124, Free Press House, 215, Nariman Point, Mumbai – 400 021, |
|
Type of charge |
Book Debts Immovable
Property Others |
|
Particular of
charge holder |
State Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental agreement
of hypothecation of goods and assets for increase in overall limits,
supplemental agreement of loan for increase in overall limit Memorandum of
deposit for creation of charge for term loan/overall limit |
|
Date of
instrument Creating the charge |
11.02.2009 |
|
Amount secured by
the charge |
Rs.861.400
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit (Rs 125.000
Millions ): 0.75% below SBAR present effective rate 12.25% EPC (Sub Limit to
Cash Credit) Rs 125.000 Millions : Card rate as per SBI exporter's Gold Card
Scheme Term Loan (Rs
326.400 Millions ) : As per the earlier Rate Commission on LC
(Rs 410.000 Millions ): 50% concession on LC opening charges Terms of
Repayment Cash Credit:
Repayable on demand EPC: Repayable on
demand Term Loan:
Repayable as per earlier schedule Tenor of the Bill
: Not to exceed Margin Raw Material-
Indigenous 25%, Imported 20% Stock in
process-40% Finished goods-
30% EPC/FBD/FBP/PCFC:
10% Receivable(cover
period 30 days)- 40% Imported LC- 15% Extent and
Operation of the charge The charge shall
operate as First and exclusive charge in favour of State Bank of India on Book
debts and stock and as second charge on plant and machinery and immovable
properties to secure the CC and LC of Rs 125.000 Millions and Rs 410.000 Millions s respectively and
first and exclusive charge on immovable properties and plant and machinery and
as second charge on Book debts and stock to secure the Term Loan of Rs
326.400 Millions. Others The limit of Rs
86,14,00,000 is bifurcated as follow: Cash Credit of Rs
12,50,00,000/- EPC (Sub Limit) Rs 12,50,00,000/-, Term Loan Rs 32,64,00,000/-
(Including US$ 5.00 Million (FCLT) financed by SBI Behrain) LC Rs 410.000
Millions |
|
Short particulars
of the property charged |
First and
exclusive charge by way of Hypothecation of entire stock, work in progress,
Finished goods, receivables, book debts, movable plant and machinery and
other current assets of the company both present and future. Equitable
Mortgage over factory, shed and building , office premises, fixed plant and
machinery, other fixed assets situate at
Plot no. 377-381-386-390 & 437a, Kandla Special Economic Zone both
present and future. |
|
Particulars of
the present modification |
The amount
secured by the charge is enhanced from Rs 584.100 Millions s to Rs 861.400
Millions. |
FIXED ASSETS:
- Office Premises
- Plant and
Machinery
- Furniture and
Fixtures
- Office and
General Equipment
- Computers,
Printers and Software
- Vehicles
WEBSITE DETAILS:
Profile:
Subject is the latest venture of LIZER GROUP OF COMPANIES.
Subject Group has diversified interests in the manufacturing regime with impeccable record of high reputation and more specifically for highest quality standards. This is the result of decades of experience of successfully setting up several large industrial projects in the Chemicals, Petrochemicals, Fertilizers, Leather, Paper, I.T. related Electronic Hardware and Precision Pipe Manufacturing sectors.
Subject produces
High Pressure Seamless Cylinders
to address major challenges of oil shortages, air pollution, global warming and
infrastructural growth particularly in the third world. The Plant has installed
capacity of 200,000 Cyliinders per annum from its latest state – of – the art
Technology Plant at KANDLA SPECIAL ECONOMIC ZONE (KaSEZ),
Subject high quality CNG Cylinders are the most appropriate answers for Cars, Buses, Trucks, 3-Wheelers and for other type of Vehicles.
Subject also offers High Pressure Industrial Gas Cylinders for Fire Fighting Systems, Industrial Gases like Oxygen, Hydrogen and other Gases, and Defence Applications.
All Cylinders are manufactured on the German Machines loaded with latest technology. Seamless Pipes conforming to International Standards procured from some of the most reputed world plants are used in the manufacturing process. Subject Conforms to the prevailing Indian Standards as well as International Standards, passing though various rigid tests.
Subject is the best choice for safety, reliability, durability and untiring fatigue strength under any climatic conditions.
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.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
27 |
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.