MIRA
INFORM REPORT
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Report Date : |
28.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
ZIM LABORATORIES LIMITED |
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Registered Office : |
41, Manisha Plaza, Ground Floor, Sonapur Lane, Off. L B S Marg, Kurla (West), Mumbai – 400070, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.02.1984 |
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Com. Reg. No.: |
11-32172 |
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CIN No.: [Company
Identification No.] |
U99999MH1984PTC032172 |
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IEC No.: |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMZ01062F |
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PAN No.: [Permanent
Account No.] |
AAACZ0200E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Marketing of Pharmaceutical formulations. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Maximum Credit Limit : |
USD 82496 |
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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 : |
Company is engaged in the business as manufacturing and marketing of Pharmaceutical products in the form of tablets, Capsules, Syrup/Liquids etc. During the financial year ended 31/03/2002 (15 month period) the Company made some profit compared to the losses made in the Previous period. Though there have been improvements in its turnover, profit margin is low. Trade relations are reported as slow, but correct. It may be considered for small volume business at usual trade terms and conditions. |
LOCATIONS
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Registered/ Head Office : |
41, Manisha Plaza, Ground Floor, Sonapur Lane, Off. L B S Marg, Kurla (West), Mumbai – 400070, Maharashtra, India. |
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Tel. No.: |
91-22-5163297/25034067/2183, 91-712-2760807/ 2770959 |
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Mobile No.: |
91-22-5102183/25035173, 91-712-2770757 |
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Fax No.: |
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E-Mail : |
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Corporate Office : |
Universal Square, 545, Shantinagar, Nagpur – 440002 |
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Tel. No.: |
91-712-2760807/2764597 |
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Fax No.: |
91-712-2763212 |
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E-Mail : |
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Factory 1 : |
Plot No. B-21/22, MIDC Industrial Area, Kalmeshwar – 441501, District – Nagpur, Maharashtra, India |
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Tel. No.: |
91-7118-271370/ 271990/ 271480 |
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Fax No.: |
91-7118-271470/ 271780 |
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E-Mail : |
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Factory 2 : |
Plot No.1, 2 and 13, Mahesh Nagar, Main Road, Shanti Nagar,
Nagpur-440002, Maharashtra, India |
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Tel. No.: |
91-712-2770959 |
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Fax No.: |
91-712-2760807 |
DIRECTORS
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Name : |
Mr. Zakir. S. Vali |
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Designation : |
Chief Managing Director |
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Address : |
545, Shanti Nagar, Nagpur-440002, Maharashtra |
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Date of Birth/Age : |
07.02.1939 |
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Date of Appointment : |
16.06.2002 |
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Qualification : |
B. Pharm |
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Experience : |
32 years |
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Name : |
Mr. Riqzahmed. S.Daud |
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Designation : |
Director |
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Name : |
Mr. Zuifiqaar. M. Kamal |
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Designation : |
Finance Director |
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Qualification : |
B.Com., C.A. |
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Experience : |
17 years |
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Name : |
Mr. Anwar. S. Daud |
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Designation : |
Executive Director |
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Address : |
Daud Compound, Shanti Nagar, Nagpur-440002, Maharashtra |
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Date of Birth/Age : |
31.12.1958 |
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Qualification : |
M. Pharm |
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Experience : |
17 years |
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Date of Appointment : |
26.09.2002 |
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Name : |
Mr. Siraj Zafar. Daud |
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Designation : |
Director |
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Address : |
Daud Compound, Shanti Nagar, Nagpur-4400002, Maharashtra |
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Date of Birth/Age : |
04.06.1961 |
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Date of Appointment : |
13.11.1999 |
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Date of Ceasing : |
25.09.2002 |
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Name : |
Mr. Dayma R. Dhananjaya |
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Designation : |
Director |
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Address : |
Sushil Bhawan, 20, Balraj Marg, Dhantoli, Nagpur-440002, Maharashtra |
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Date of Birth/Age : |
12.11.1962 |
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Date of Appointment : |
13.11.1999 |
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Date of Ceasing : |
25.09.2002 |
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Name : |
Mr. Riaz Ahmed Kikabhai Kamal |
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Designation : |
Wholetime Director |
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Address : |
167/C, Behind MSEB Substation, Shanti Nagar, Nagpur-440002,
Maharashtra |
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Date of Birth/Age : |
19.05.1951 |
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Date of Appointment : |
07.08.2006 |
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Name : |
Mr. Perseed Eruch Jall |
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Designation : |
Managing Director |
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Address : |
27-8, Mount Road, Sadar, Nagpur-440001, Maharashtra, India |
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Date of Birth/Age : |
30.03.1959 |
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Date of Appointment : |
29.09.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr.Ishwarlal |
5 |
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Mr. Mustaga |
5 |
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Mr. Zakir |
5 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Pharmaceutical formulations. |
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Exports to : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Tablets |
Nos. |
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3500 |
3971.34 |
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Capsules |
Nos. |
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700 |
789.14 |
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Syrup |
Ltrs. |
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15 |
11.48 |
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Pellets |
Kgs. |
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0.2 |
0.30 |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
- |
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Bankers : |
Union Bank of India, 318 Post Office Road, Gandhibagh Branch, Nagpur - 440002 Central Office : Union Bank Bhuvan, 239, Vidhan Bhavan Marg, Mumbai |
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Facilities : |
Secured Loans : (Rs.
In millions)
Unsecured Loans
:
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Paliwal Modani and Company Chartered Accountants |
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Address : |
Opposite City Post Office, Itwari, Nagpur – 440002, Maharashtra, India |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004s |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5.504 |
5.504 |
5.504 |
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4] (Accumulated Losses) |
(14.880) |
(11.984) |
(8.434) |
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NETWORTH |
20.624 |
23.520 |
27.070 |
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LOAN FUNDS |
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1] Secured Loans |
76.998 |
63.673 |
66.344 |
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2] Unsecured Loans |
22.908 |
25.007 |
25.534 |
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TOTAL BORROWING |
99.906 |
88.680 |
91.878 |
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DEFERRED TAX LIABILITIES |
5.380 |
1.153 |
0.624 |
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TOTAL |
125.910 |
113.353 |
119.572 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
54.703 |
48.357 |
50.294 |
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Capital work-in-progress |
0.952 |
0.009 |
0.074 |
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INVESTMENT |
0.010 |
0.020 |
0.018 |
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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 |
41.810
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38.813 |
33.201 |
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Sundry Debtors |
74.762
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83.071 |
92.940 |
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Cash & Bank Balances |
8.595
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9.692 |
7.675 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
23.515
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18.480 |
23.838 |
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Total
Current Assets |
148.682
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150.056 |
157.654 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
79.982
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87.839 |
89.350 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
79.982
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87.839 |
89.350 |
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Net Current Assets |
68.700
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62.217 |
68.304 |
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MISCELLANEOUS EXPENSES |
1.545 |
2.750 |
0.882 |
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TOTAL |
125.910 |
113.353 |
119.572 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt Equity Ratio (Total Liability/Networth) |
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8.72
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7.50 |
6.69 |
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Current Ratio (Current Asset/Current Liability) |
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1.85
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1.70 |
1.76 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
ZIM
LABORATORIES LIMITED |
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Presented By |
Mr. Zulfiquar Kamal, Director |
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1) Date and description of instrument creating the change |
Packing Credit Agreement dated 07.07.2001. Letter of Hypothecation dated 07.07.2001. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Letter of Credit Rs.5.000 millions |
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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 |
Hypothecation of raw materials, work in progress, finished goods and packing material Hypothecation of book debts (bills) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 9.5% p.a. with quarterly rests Adhoc FDBP Limit under LC with a total ceiling of Rs.5.000 millions on single transaction basis. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India Central Office : Union Bank Bhuvan, 239, Vidhan Bhavan Marg, Mumbai Through : Chief Manager, Main Branch, Gandhi Bagh, Nagpur |
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6) Date and brief description of instrument modifying the charge |
Packing Credit Agreement dated 28.10.2004 Letter of Hypothecation of Bills dated 28.10.2004 Letter of Hypothecation of Bills dated 28.10.2004 Demand Promissory note dated 28.10.2004 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Union Bank of India has sanctioned to the company an additional Adhoc Packing Credit upto 31.12.2004 for meeting the export obligations under Letter if Credit/ Confirmed Orders and therefore the total ceiling of Advoc Packing Credit Limit/ FDBP Limit under Letter of Credit now stands at Rs.15.000 millions Terms and Conditions : Rate of Interest : 7% per annum on monthly rests The above said additional packing credit limit is sanctioned for the period upto 31.12.2004 |
BUSINESS
To manufacture Pharmaceutical preparations inform of Tablets, Capsules, Liquid Orals, Powders, Ointments, Emulsions, Tincture, Suspensions, all types of Ayurvaid Medicines, Fine Chemicals and bilk Drugs and to carry on the business of merchants, brokers, sales agents, commission agents and general traders in relations to advertising, marketing and distribution in India and abroad of all types of pharmaceuticals and its bye products to engage in undertaking, performing and carrying on all functions, duties that are ordinarily or particularly undertaken by Pharmaceutical manufacturers or by companies engaged in such business.
Exports :
The company is exporting goods in countries like UAE, Kuwait, Hamburg, Egypt, Syris, Nigeria, Vietnam, Bangladesh etc, and efforts have been made to increase exports in other countries like UAE and Malaysia.
Future Plan of Action
:
The company is making efforts to design its own formulation for innovating products. Special care is also taken to equipped quality assurance laboratories with new sophisticated technology and instruments.
Company’s fixed assets include Leasehold Land, Site Development,
Building, Plant and Machinery, Electric Installation, Furniture and Fixtures,
Office Equipments, Computer, Vehicles, Fax Machine, Air Conditioner, Trade
Marks and Xerox Machine.
Website Details :
Their Strengths
- More than 10 years of experience in the development and
manufacture of pharmaceuticals.
- Promoters are technocrats.
- Well qualified, approved and trained personnel.
- Well laid-out manufacturing facility meeting CGMP requirements
(WHO-GMP certified)
- Current capacity utilization 50% on a single shift basis; toll
manufacturing capacity available.
- Use of in-house developed modern technology for manufacture of
controlled release multiparticulate drug delivery systems.
- Experience in timely delivery of quality products in large
output to their customers.
Their Technological Prowers
- Specialists in the development and manufacture of pellet
products.
- Out controlled release pellet products are bioequivalent to
standard marketed formulations and / or comply with USP dissolution
profiles.
- Ability to develop multiparticulates containing upto 90% of
active ingredients.
The Plant
Zim Laboratories Limited (ZLL) is
situated in Central India near Nagpur MIDC area. The plant location is well
connected to all major Indian cities by air, rail and roads. It occupies about 40,000
square feet plot area with a built-up area of more than 14,000 square feet.
The company has been promoted by a
team of professionals and technocrats headed by Shri Z. S. Vali, Chairman and
Managing Director, with wide experience in this field and recipient of ‘Udyog
Patra’ award for being a self-made industrialist.
The senior management of the
company is dedicated to the philosophy of Total Quality Management. That
dedication has led to the implementation of continuous improvement programs and
practices throughout the organization.
The management has always promoted
personnel’s individual growth by reinforcing positive attitudes and technical
skills. Restrictions and inefficiencies of hierarchical organizational
structures are removed by identifying, simplifying and re-designing key
business processes.
The Products
Zim Laboratories Limited uses
state-of-the-art technology for manufacturing the following dosage forms :
- Tablets / Coated Tablets / Sustained Release Tablets.
- Dispersible and effervescent tablets.
- Multiparticulate drug delivery systems.
- Hard gelatin capsules.
The ethical products of Zim
Laboratories Limited are promoted in Central India and Western India through a
well-developed marketing network. Institutional supplies are made to all
premier government / semi-government / autonomous institutions throughout
India.
In addition to manufacturing and
processing of various pharmaceutical formulations, Zim Laboratories limited
specializes in the development and manufacture of various controlled release
multiparticulate oral drug delivery systems.
- Antihypertensives like nifedipine, isosorbide dinitrate,
diltiazem etc.
- Nasal decongestants like pseudoephedrine, phenylpropanolamine
HCl, etc.
- Antihistamines like chlorpheniramine maleate, cetirizine, etc.
- Hematinics, calcium, zinc and vitamin supplements.
- Antiasthmatcs like salbutamol, theophylline, etc.
- Antimalarials like chloroquine phosphate
- NSAIDs like diclofenac sodium, ibuprofen, aspirin,
indomethacin, nimesulide, etc.
The company also specializes in
the manufacture of nonpareil seeds of various size range. It supplies this
product to pharmaceutical industries like Lupin Laboratories, Ankur Pharma,
Indo-overseas Health Limited, B. R. Laboratories etc.
Clientele
Successful tie-ups for contract
manufacturing with reputed companies have resulted because of people working
together effectively, openly and co-operatively without duplication of efforts.
Zim Laboratories Limited develops and manufacturers products for companies
like:
- SOL Pharma, Hyderabad, India
- TNT Corporation, Australia
- Centaur Laboratories, Mumbai, India
- Themis Laboratories, Mumbai, India
- Cipex Specialities, Mumbai, India
- Panjon Pharma
- J. K. Drugs
- Phakt Overseas
- Raja Antibiotics
At Zim Laboratories Limited, their
mission is to anticipate and fulfill customers needs for new products and
technologies that help maintain and achieve quality and innovative products.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.39.34 |
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UK Pound |
1 |
Rs.78.40 |
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Euro |
1 |
Rs.57.22 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
|
40 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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