MIRA
INFORM REPORT
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Report Date : |
04.04.2012 |
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) : |
31.03.2011 |
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Date of Incorporation : |
07.10.1994 |
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Com. Reg. No.: |
11-081864 |
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Capital
Investment / Paid-up Capital : |
Rs.11.700 Millions |
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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 and Exporter of Press Tools and Components. |
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No. of Employees
: |
600 [Approximately] |
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 528000 |
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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. Profit and loss account of the company for the current year [As on
31.03.2011] is not available. |
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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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/ Factory : |
Plot No. F-18, MIDC, Satpur, Nashik-422007, |
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Tel. No.: |
91-253-2355056 / 57 / 58 |
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Mobile No.: |
91-9823900513 [Mr. Jagdish] |
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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 |
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Corporate Office
/ Head Office : |
F-22/B, MIDC Area, Satpur, Nashik – 422007, |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Venugopal Bhaskaran Neduvakat |
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Designation : |
Managing 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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DIN : |
00123876 |
Other Directorship:
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S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U28129MH1994PTC081864 |
ZENITH
METAPLAST PRIVATE LIMITED |
Managing
director |
07-10-94 |
07-10-94 |
Active |
NO |
|
2 |
U28113MH2010PTC201833 |
V3
ENTERPRISES PRIVATE LIMITED |
Director |
07-04-10 |
07-04-10 |
Active |
NO |
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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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DIN : |
00123883 |
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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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DIN : |
00123840 |
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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 |
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DIN : |
02771252 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Neduvakat Bhaskaran Venugopal K |
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693000 |
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Neduvakat Asha Venugopal |
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407500 |
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Aditya Venugopal Neduvakkat |
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69500 |
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Total |
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1170000 |
As on 30.09.2011
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Equity Share
Breakup 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 and Exporter of Press Tools and Components. |
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Products : |
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GENERAL INFORMATION
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Customers : |
·
ABB, Bangalore
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No. of Employees : |
600 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
Patel Kalantri and Associates Chartered Accountants |
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Address : |
Sakar apartment, |
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PAN : |
AADFP0688C |
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Related Party : |
Machmet Engineering |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5,000,000 |
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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1,170,000 |
Equity Share |
Rs.10/- Each |
Rs.11.700
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
11.700 |
7.345 |
7.345 |
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2] Share Application Money |
0.000 |
30.485 |
0.000 |
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3] Reserves & Surplus |
120.468 |
71.846 |
44.929 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
132.168 |
109.675 |
52.274 |
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LOAN FUNDS |
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1] Secured Loans |
591.492 |
387.962 |
145.625 |
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3] Unsecured Loans |
2.118 |
5.447 |
124.117 |
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TOTAL BORROWING |
593.610 |
393.410 |
269.742 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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Revaluation Reserve |
0.000 |
0.000 |
14.652 |
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TOTAL |
725.778 |
503.085 |
336.668 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
319.713 |
211.114 |
176.587 |
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Capital work-in-progress |
22.850 |
54.369 |
0.000 |
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INVESTMENT |
0.150 |
0.150 |
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 |
306.336
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126.598
|
63.615
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Sundry Debtors |
336.111
|
210.900
|
181.925
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Cash & Bank Balances |
0.867
|
1.026
|
0.740
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Other Current Assets |
10.396
|
3.189
|
44.217
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Loans & Advances |
25.164
|
24.870
|
0.000
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Total
Current Assets |
678.874
|
366.583
|
290.497 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
267.680 |
111.241 |
119.380
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Current Liabilities |
0.000
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0.000
|
11.083
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Provisions |
28.145
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17.922
|
0.000
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Total
Current Liabilities |
295.825
|
129.163
|
130.463
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Net Current Assets |
383.049
|
237.420
|
160.034
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MISCELLANEOUS EXPENSES |
0.016 |
0.032 |
0.047 |
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TOTAL |
725.778 |
503.085 |
336.668 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL (A) |
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915.608 |
827.818 |
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Less |
EXPENSES
(B) |
|
846.688 |
762.502 |
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PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
68.920 |
65.316 |
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Less |
FINANCIAL
EXPENSES (D) |
|
25.971 |
28.139 |
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PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
42.949 |
37.177 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
21.626 |
19.444 |
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PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
|
21.323 |
17.733 |
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Less |
TAX (H) |
|
7.286 |
6.408 |
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PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
|
14.037 |
11.325 |
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Earnings/[Loss]
Per Share (Rs.) |
|
19.11 |
15.42 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA |
1.53 |
1.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
3.69 |
3.80 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA |
0.19 |
0.34 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.73 |
4.76 |
7.65 |
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Current Ratio (Current Asset/Current Liability) |
|
2.29 |
2.84 |
2.23 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: The registered office
of the company has been shifted from 7,
Bankers Charges
Report as per Registry
|
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, E-mail ; suranaaj@yahoo.co.in |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10029597 |
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Type of charge |
Movable Property |
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Particular of charge
holder |
Central Bank of Email : bmnasi0708@centralbank.co.in |
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Nature of
instrument creating charge |
1. Loan cum hypothecation
agreement - machinery 2. Loan cum
hypothecation agreement - machinery both documents constitute single charge |
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Date of
instrument Creating the charge |
18.10.2011 |
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Amount secured by
the charge |
Rs.894.600
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest
– Term Loan I -
BPLR 2% & Base Rate+2.25% Term Loan II -
BPLR 1% & Base Rate+1.50% Term Loan III -
BASE Rate + 1.50 % p.a. With Annual
Reset Term Loan IV - BASE
Rate + 1.50% p.a. With Annual Reset Terms of
Repayment – Term loan I -
repayment as per repayment schedule Term loan II -
repayment as per repayment schedule Term loan III -
to be repaid in 60 monthly installments (starts from February 2013) Term loan IV - to
be repaid in 60 monthly installments Margin – Term loan I
- 25% Term loan II -
25% Term loan III -
25% Term loan IV -
25% Extent and
Operation of the charge – Charge Modified
in Favour of Central Bank Satpur Branch, Nashik. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All machineries,
moveable and immovable kept at factory land and building of Zenith Metaplast Private
Limited at their plant, all the electric motors / pump sets / oil engines /
tractors / bull dozers / trucks etc. |
|
Particulars of
the present modification |
By this
modification the total limit enhanced from 697.000 millions to 894.600
millions which includes: Cash credit –
41.000 millions, overdraft – 40.000 millions, overdraft against hundies,
challlans, post dated cheques - 70.000 millions, WCDL – 189.000 millions Term loan i - Rs.
30.000 millions, term loan ii - Rs. 159.600 millions, term loan iii - Rs.
105.000 millions, term loan iv - Rs. 90.000 millions, Letter of credit
Rs. 160.000 millions, bank guarantee Rs. 10.000 millions Now the total charge
stands for Rs. 894.600 millions |
FIXED ASSETS:
- Land
- Plant and
Machinery
- Computer
- Electric
Installation
- Furniture and
Fixture
- Material
Handling Equipment
- Office
Equipment
- Plant and
Machinery
- Railway
Sidings
- Mines-
Quarries
- Know-how
- Goodwill
- Computer
Software
- Patents
- Trademark
- 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.50.56 |
|
|
1 |
Rs.81.05 |
|
Euro |
1 |
Rs.67.48 |
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 |
YES |
|
--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 |
|
- |
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.