MIRA
INFORM REPORT
|
Report Date : |
13.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ZEBA LAB FURNITURE PRIVATE LIMITED |
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Registered Office : |
Building No. IX/159 Q, Kinfra Export Promotion Industrial Park Limited,
Kusumagiri P. O., Ernakulam, Kerala – 682030 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.01.2003 |
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Com. Reg. No.: |
09-15876 |
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CIN No.: [Company
Identification No.] |
U36109KL2003PTC015876 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNZ00043B |
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PAN No.: [Permanent
Account No.] |
AAAC219520 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of High Quality Laboratory
Furniture Systems |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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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 65000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office / Factory : |
Building No. IX/159 Q, Kinfra Export Promotion Industrial Park
Limited, Kusumagiri P. O., Ernakulam, Kerala – 682030, India |
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Tel. No.: |
91-484-2415112 |
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Fax No.: |
91-484-2415212 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Jiji Manikkath |
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Designation : |
Managing Director |
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Address : |
673/E, “Manikkath”, Mythripuram Cross Road, Thrikkakara, Ernakulam – 682021,
Kerala, India |
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Date of Birth/Age : |
23.05.1971 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr. Joy Thomas T |
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Designation : |
Director |
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Address : |
Thekkaiechikal House, Thammanimattom, Kolenchery, Eranakulam – 686663,
Kerala, India |
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Date of Birth/Age : |
12.12.1953 |
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Date of Appointment : |
04.03.2005 |
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Name : |
Mr. Manicheth Babukutty Philip |
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Designation : |
Additional Director |
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Address : |
673/E, “Manikkath”, Mythripuram Cross Road, Thrikkakara, Ernakulam –
682021, Kerala, India |
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Date of Birth/Age : |
15.01.1942 |
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Date of Appointment : |
31.08.2005 |
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Name : |
Mr. Musthafa Aboobacker |
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Designation : |
Director |
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Address : |
“Kaniyamparambil House”, Chemmannur P. O. Punnayoorkalam, Trichur –
679561, Kerala, India |
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Date of Birth/Age : |
25.05.1968 |
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Date of Appointment : |
08.01.2003 |
KEY EXECUTIVES
|
Name : |
Mr. K Jayan |
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Designation : |
Company Secretary |
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Address : |
39/3625, Kaushubham, Manikkah Road, Ravipuram, Kochi – 682016, Kerala,
India |
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Tel. No.: |
91-484-2356449 |
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Fax No.: |
91-9447221899 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Nithu Joy |
|
45000 |
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Ayesha Musthafa |
|
15000 |
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Jiji Manikkath |
|
90000 |
|
Musthafa Aboobacker |
|
60000 |
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Jovan Jiji Manikkath |
|
45000 |
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Joy Thomas T |
|
37500 |
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Babukutty Philip |
|
5000 |
|
Saju Joseph |
|
12500 |
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Syed Mohamed Aboobacker |
|
7500 |
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P. Giridas Achari |
|
12500 |
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K. Abdul Jabbar |
|
7500 |
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Leelamma Cyriac |
|
2500 |
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Manoj Kumar |
|
2500 |
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Maxim Ferrao |
|
2500 |
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Shrinivasan Kunjuraman Achari |
|
2500 |
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Hariharan P. P. |
|
1250 |
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P. P. Shivadas Jaychandran |
|
1250 |
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Leo Thomas Dias |
|
2500 |
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Shabana Syed |
|
1250 |
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Sunil Nair |
|
1250 |
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V.M. Mahanan |
|
1250 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of High Quality Laboratory Furniture
Systems |
GENERAL
INFORMATION
|
Bankers : |
Union Bank of India Thrikkakkara Branch, Cochin – 682021, Ernakulam – 682021, Kerala,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
JVR and Associates Chartered Accountants |
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Address : |
39/3639 D, Valanjambalam Lane, South of South Overbridge, Kochi –
682016, Kerala, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.500 Millions |
|
550000 |
Preference Shares |
Rs. 10/- each |
Rs. 5.500 Millions |
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Total |
|
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
860000 |
Equity Shares |
Rs. 10/- each |
Rs. 8.600
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
8.600 |
7.425 |
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2] Share Application Money |
|
0.000 |
0.800 |
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3] Reserves & Surplus |
|
7.688 |
4.929 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
16.288 |
13.154 |
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LOAN FUNDS |
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1] Secured Loans |
|
10.331 |
5.905 |
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2] Unsecured Loans |
|
0.500 |
0.000 |
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TOTAL BORROWING |
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10.831 |
5.905 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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27.119 |
19.059 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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13.244 |
11.914 |
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Capital work-in-progress |
|
1.081 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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11.468 |
6.299 |
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Sundry Debtors |
|
0.233 |
1.446 |
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Cash & Bank Balances |
|
0.199 |
1.297 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
3.402 |
0.723 |
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Total
Current Assets |
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15.302 |
9.765 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.060 |
2.278 |
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Provisions |
|
0.712 |
0.742 |
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Total
Current Liabilities |
|
2.772 |
3.020 |
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Net Current Assets |
|
12.530 |
6.745 |
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MISCELLANEOUS EXPENSES |
|
0.264 |
0.400 |
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TOTAL |
|
27.119 |
19.059 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
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Sales Turnover |
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|
25.355 |
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Total Income |
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|
25.355 |
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Profit/(Loss) Before Tax |
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|
3.352 |
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Provision for Taxation |
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|
0.205 |
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Profit/(Loss) After Tax |
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|
3.147 |
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Export Value |
|
|
19.705 |
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Imports Value |
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10.286 |
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Expenditures : |
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Interest |
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1.098 |
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Other Expenditure |
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20.905 |
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Total Expenditure |
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|
22.003 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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12.41 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.22 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.74 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.21 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.84 |
0.68 |
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Current Ratio (Current Asset/Current Liability) |
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5.52 |
3.23 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
ZEBA LAB
FURNITURE PRIVATE LIMITED |
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Presented By |
Jiji Manikkath, Managing
Director |
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1) Date and description of instrument creating the change |
19.07.2004
|
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2) Amount secured by the charge/amount owing on the securities of charge |
Packing Credit
Limit of Rs. 4.000 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 |
Raw Materials,
Semi Finished and Finished Products |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 4.25 %
below Bank’s Benchmark Prime Lending Rate of 10.75 % Margin : 25 % |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of India Thrikkakkara Branch, Cochin – 682021, Ernakulam – 682021, Kerala,
India |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
10031757 |
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Corporate
identity number of the company |
U36109KL2003PTC015876 |
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Name of the
company |
ZEBA LAB FURNITURE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Building No. IX/159 Q, Kinfra Export Promotion Industrial Park
Limited, Kusumagiri P. O., Ernakulam, Kerala – 682030 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Union Bank of India Thrikkakkara Branch, Cochin – 682021, Ernakulam – 682021, Kerala,
India |
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Nature of
description of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
30.06.2007 |
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Amount secured by
the charge |
Rs. 11.171
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
the Bank Terms of
Repayment As stipulated by
the Bank Margin As stipulated by
the Bank Extent and
Operation of the charge This is a charge
on the bills and specific immovable properties of the company |
|
Short particulars
of the property charged |
Bills of exchange
down or accepted or endorsed 0.50 acres of
land in Re. Sy. No. 612/3 of Kakkanad Village, Kanayannur Taluk, Ernakulam
District |
|
Particulars of
the present modification |
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AS PER WEBSITE
Profile
A good work place contributes to the quality and accuracy of the output.
Clean, safe and user-friendly laboratories are essential in all faculties like
education, research, quality control etc. Research and Development
department is the main source of new products. A good R & D should have a
professionally made laboratory.
Today, laboratories, whether it is educational, Research &
Development, medical, nuclear, petroleum research, industrial or any other
discipline, the procedures are much more complex and the results require utmost
accuracy than ever before.
The work place of any type needs proper designing to suite the nature of
work. Their team of well-experienced and qualified technicians is
committed to deliver world-class products by adopting modern techniques on
latest precision machinery.
They offer advice on the layout, choice of their systems, services,
storage spaces and safety requirements with convenient
alternatives. State-of –the –art CAD systems are used for planning and
designing the work place to optimize the utilization of the available space.
Their technicians are committed to design and deliver user friendly and
appropriate work place to suit any requirement of laboratory furniture. They
have appropriate solutions for every type of labs depending on the purpose, the
available area and budget, without compromising on the quality.
All their products carry a warranty for material and workmanship.
Research and development is a continuous process at Zeba. New products are
designed constantly. The proven products are introduced in the market.
Their stringent quality control procedures begin right from the sourcing
of raw materials to the final product. Their commitment to customers persist
even after the products leave their factory. Their technically trained after
sales support team ensure a proper and satisfactory execution of the project.
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.39.65 |
|
UK Pound |
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.57.62 |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|