- Summary Information
|
Company Name |
ZENITH INDUSTRIAL RUBBER PRODUCTS PRIVATE
LIMITED |
Principal Name 1 |
Mr. Mazhar Farooq Vohra |
|
Status |
Moderate |
Principal Name 2 |
Mr. Mazhar Aamir Vohra |
|
Street Address |
A/2 Parekh Metal, 80 Veer, Nariman Point,
Mumbai – 400020, Maharashtra, India. |
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Established Date |
15.01.1988 |
SIC Code |
- |
|
Telephone# |
91-22-22885888 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-22885111 |
Business Style 2 |
- |
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Homepage |
Product Name 1 |
Rubber Sheets |
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# of employees |
40 |
Product Name 2 |
Rubber Mats |
|
Paid up capital |
Rs.25000000 |
Product Name 3 |
Coated Fabrics |
|
Shareholders |
Mr. Mazhar
Farooq Vohra (110000) |
Banking |
|
|
Public Limited Corp. |
No |
Business Period |
20 years |
|
IPO |
No |
International Ins. |
- |
|
Public Enterprise |
No |
Rating |
B |
|
Related Company |
|||
|
Relation–Associates Company |
Country – India |
Company Name |
Zenith House
Rubber India Private Limited , Mumbai |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2007 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
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Current Assets |
39729000 |
Current Liabilities |
29996000 |
|
Inventories |
28631000 |
Long-term Liabilities |
115552000 |
|
Fixed Assets |
104823000 |
Other Liabilities |
15537000 |
|
Deferred Assets |
- |
Total Liabilities |
161085000 |
|
Invest& other Assets |
1598000 |
Retained Earnings |
- |
|
|
|
Net Worth |
13696000 |
|
Total Assets |
174781000 |
Total Liab. & Equity |
174781000 |
|
Total Assets (Previous Year) |
89035000 |
|
|
|
P/L Statement as of |
31.03.2007 |
(Unit: Indian Rs.) |
|
|
Sales |
128421000 |
Net Loss |
(10698000) |
|
Sales(Previous yr) |
6713000 |
Net Loss (Prev.yr) |
(855000) |
MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ZENITH INDUSTRIAL RUBBER PRODUCTS PRIVATE LIMITED |
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Formerly Known As : |
ATLAS INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
A-2 Parekh Mahal,
1st Floor, 80 Veer Nariman Road, Churchgate, Mumbai – 400 020,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.01.1988 |
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Com. Reg. No.: |
11-45900 |
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CIN No.: [Company
Identification No.] |
U25190MH1988PTC045900 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of
comprehensive range of rubber sheets, rubber mats, rubber flooring, coated fabrics,
moulded products and hospital sheeting for general, industrial and mining
applications. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 68000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. General financial position is
weak having good amount of accumulated losses. However no complaints have
been heard. The company can be considered for small to mediocre business dealings. |
LOCATIONS
|
Registered Office : |
A-2 Parekh Mahal,
1st Floor, 80 Veer Nariman Road, Churchgate, Mumbai – 400 020,
Maharashtra, India |
|
Tel. No.: |
91-22-22885888/
(6 Lines) |
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Fax No.: |
91-22-22885111/22885222 |
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E-Mail : |
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Website : |
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Area : |
300 sq. ft.
[Rented] |
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Factory 1 : |
At Dombivli,
District Thane, Maharashtra |
|
Area : |
Medium Sized
[Owned] |
DIRECTORS
|
Name : |
Mr. Mazhar Farooq Vohra |
|
Designation : |
Managing Director |
|
Address : |
62-A, Peddar Road, 8, Mount Unique, Mumbai – 400026, Maharashtra,
India |
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Date of Birth/Age : |
29.07.1949 |
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Date of Appointment : |
15.01.1988 |
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Name : |
Mr. Mazhar Aamir Vohra |
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Designation : |
Director |
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Address : |
62-A, Peddar Road, 8, Mount Unique, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth/Age : |
11.09.1977 |
|
Date of Appointment : |
16.06.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Mazhar Farooq Vohra |
|
110000 |
|
Mr. Mazhar Aamir Vohra |
|
66000 |
|
Ms. Samina M. Vohra |
|
50000 |
|
Mr. Uzma M. Vohra |
|
24000 |
|
|
|
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Total |
|
250000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
comprehensive range of rubber sheets, rubber mats, rubber flooring, coated
fabrics, moulded products and hospital sheeting for general, industrial and
mining applications. |
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Products : |
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Imports : |
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Products : |
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Countries : |
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GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
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Facilities : |
Secured Loans As On 31.03.2007
Unsecured Loans As On
31.03.2007
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Mayra and Khatri Chartered Accountants |
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Address : |
Bhagwan Bhuvan, 3rd Floor, 31 Israil Street, Mumbai –
400020, Maharashtra, India |
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Tel. No.: |
91-22-23446722 |
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Fax No.: |
91-22-56311710 |
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E-Mail : |
nvsheth@mkindia.com |
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Website : |
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Memberships : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 100/- Each |
Rs. 25.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 100/- Each |
Rs.25.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.000 |
25.000 |
10.630 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
5.012 |
|
|
4] (Accumulated Losses) |
(11.304) |
(0.606) |
0.000 |
|
|
NETWORTH |
13.696 |
24.394 |
15.642 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
115.552 |
56.246 |
0.000 |
|
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2] Unsecured Loans |
15.537 |
1.137 |
0.000 |
|
|
TOTAL BORROWING |
131.089 |
57.383 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL |
144.785 |
81.777 |
15.642 |
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
104.823 |
77.052 |
0.001 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
8.136 |
|
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|
|
|
|
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INVESTMENT |
1.598 |
1.598 |
1.598 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
28.631
|
1.461 |
0.000 |
|
|
Sundry Debtors |
27.654
|
0.283 |
0.000 |
|
|
Cash & Bank Balances |
1.377
|
0.701 |
5.836 |
|
|
Other Current Assets |
0.500
|
1.561 |
0.650 |
|
|
Loans & Advances |
10.198
|
6.379 |
1.902 |
|
Total
Current Assets |
68.360
|
10.385 |
8.388 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
29.756
|
7.043 |
2.266 |
|
|
Provisions |
0.240
|
0.215 |
0.215 |
|
Total
Current Liabilities |
29.996
|
7.258 |
2.481 |
|
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Net Current Assets |
38.364
|
3.127 |
5.907 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
144.785 |
81.777 |
15.642 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover Including Other Income |
128.421 |
6.713 |
1.963 |
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Total Income |
128.421 |
6.713 |
1.963 |
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Profit/(Loss) Before Tax |
(10.673) |
[0.855] |
0.554 |
|
|
Provision for Taxation |
0.025 |
-- |
-- |
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Profit/(Loss) After Tax |
(10.698) |
[0.855] |
0.554 |
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Expenditures : |
|
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Depreciation & Amortization |
0.000 |
5.559 |
0.001 |
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Other Expenditure |
139.094 |
2.009 |
1.408 |
|
Total Expenditure |
139.094 |
7.568 |
1.409 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(8.33)
|
[12.74] |
28.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
(8.31)
|
[12.74] |
28.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(7.82)
|
[0.93] |
6.60 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.77)
|
[0.03] |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
11.76
|
2.22 |
0.16 |
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Current Ratio (Current Asset/Current Liability) |
|
2.27
|
1.43 |
3.38 |
LOCAL AGENCY
FURTHER INFORMATION
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
90347316 |
|
Corporate
identity number of the company |
U25190MH1988PTC045900 |
|
Name of the
company |
ZENITH INDUSTRIAL RUBBER PRODUCTS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
A-2 Parekh Mahal,
80 Veer Nariman Point, Mumbai – 400 020, Maharashtra, India |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of charge
holder |
State Bank of
India, Commercial Branch, N.G N Vaidya Marg, Fort, Mumbai – 400023 |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit form C.2-A |
|
Date of
instrument Creating the charge |
10.03.2008 |
|
Amount secured by
the charge |
Rs. 164.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest As per the
sanction terms and conditions of state bank of India Term of repayment As per the terms
and conditions of state bank of India. Margin As per the terms
and conditions of state bank of India. Extent and operation of the charge As per the
sanction terms and conditions of state bank of India. |
|
Short particulars
of the property charged |
A first charge by
way of hypothecation of borrowers entire goods, movables and other assets and
other assets present and future including documents of title to the goods and
other assets such as book debts outstanding monies receivables by way of cash
assistance and or cash incentives under the cash incentives scheme or any
other scheme, claims including claims by way of refund of customs/ excise
duties under the duty drawback credit scheme of any other schemes. |
|
Date of latest
modification prior to the present modification |
27.03.2006 |
|
Particulars of
the present modification |
The original
charge was created on 27.03.2006 for Rs. 155.000 millions 1stly modified on
27.03.2006 for addl. Security by this modifn. The overall limit increased
from Rs. 155.000 millions to Rs. 164.000 millions |
FIXED ASSETS
Ř Land And Building
Ř Air Condition
Ř Lab Equipment
Ř Plant And Machinery
Ř Computer Systems
BUSINESS
The product range
includes the following :
- Natural Rubber Sheets
- Skirt Board Rubber Sheets
- Tan Gum Rubber Sheets
- Abrasion Resistant Sheets
- Diaphragm Rubber Sheets
- EPDM Rubber Sheets
- Butyl Rubber Sheets
- Neoprene Rubber Sheets
- Nitrile Rubber Sheets
- Hypalon Rubber Sheets
- Food Grade Rubber Sheets
- PVC / NBR Rubber Sheetings
- Silicon Rubber Sheetings
- Viton Rubber Sheetings
- Oil Suction & Discharge Hose (Light
Duty)
- Oil Suction & Discharge Hose (Heavy
Duty)
- Water Suction & Discharge Hose
(Light Duty)
- Water Suction & Discharge Hose
(Heavy Duty)
- Sand Blast / Shot Blast Hose
- Rock Drill Hose
Awards and Recognition:
It has received
following awards for export performance, excellence in quality and customer
relations.
- Export Achievement awards for the year
1994-1995
- Outstanding Export Performance awards
for the year 1996-1997
- Export Achievement awards for the year
1998-1999
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
33 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|