MIRA
INFORM REPORT
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Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
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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) : |
31.03.2006 |
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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
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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 120000 |
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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
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Registered Office : |
A-2 Parekh Mahal,
1st Floor, 80 Veer Nariman Road, Churchgate, Mumbai – 400 020,
Maharashtra, India |
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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 : |
At Dombivli,
District Thane, Maharashtra |
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Area : |
Medium Sized [Owned] |
DIRECTORS
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Name : |
Mr. Mazhar Farooq Vohra |
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Designation : |
Managing Director |
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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 |
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Date of Birth/Age : |
11.09.1977 |
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Date of Appointment : |
16.06.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mazhar Farooq Vohra |
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110000 |
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Mazhar Aamir Vohra |
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66000 |
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Samina Mazhar Vohra |
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50000 |
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Uzma Mazhar Vohra |
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24000 |
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Total |
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250000 |
BUSINESS DETAILS
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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. |
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Products : |
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Imports : |
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Products : |
Synthetic rubber,
natural rubber, rubber chemicals, mould release agent, rubber polymers -
Neoprene, EPDM, Nitrile, Butyl, etc. |
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Countries : |
Neoprene, EPDM,
Nitrile, Butyl |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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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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Memberships : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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25.000 |
10.630 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.156 |
5.012 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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29.156 |
15.642 |
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LOAN FUNDS |
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1] Secured Loans |
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56.246 |
0.000 |
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2] Unsecured Loans |
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1.137 |
0.000 |
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TOTAL BORROWING |
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57.383 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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86.539 |
15.642 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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81.814 |
0.001 |
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Capital work-in-progress |
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0.000 |
8.136 |
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INVESTMENT |
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1.598 |
1.598 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.461 |
0.000 |
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Sundry Debtors |
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0.283 |
0.000 |
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Cash & Bank Balances |
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0.701 |
5.836 |
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Other Current Assets |
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1.561 |
0.650 |
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Loans & Advances |
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6.379 |
1.902 |
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Total
Current Assets |
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10.385 |
8.388 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.043 |
2.266 |
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Provisions |
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0.215 |
0.215 |
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Total
Current Liabilities |
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7.258 |
2.481 |
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Net Current Assets |
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3.127 |
5.907 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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86.539 |
15.642 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover
Including Other Income |
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6.713 |
1.963 |
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Profit/(Loss) Before Tax |
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[0.855] |
0.554 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[0.855] |
0.554 |
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Expenditures : |
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Depreciation & Amortization |
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5.559 |
0.001 |
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Other Expenditure |
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2.009 |
1.408 |
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Total Expenditure |
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7.568 |
1.409 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
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[12.74] |
28.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
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[12.74] |
28.22 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[0.93] |
6.60 |
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Return on Investment (ROI) (PBT/Networth) |
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[0.03] |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.22 |
0.16 |
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Current Ratio (Current Asset/Current Liability) |
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1.43 |
3.38 |
LOCAL AGENCY
FURTHER INFORMATION
NOTES
Zenith Rubber and Plastic Works which was a partnership concern has been
amalgamated with the Zenith Industrial Rubber Products Private Limited
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)
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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
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Outstanding
Export Performance awards for the year 1996-1997
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Export
Achievement awards for the year 1998-1999
AS PER WEBSITE
Corporate Profile
Zenith Rubber has been at the
forefront of manufacturing industrial rubber products since 1967.
Today it enjoys the leadership
status as a major exporter of quality rubber sheetings, rubber floorings,
coated fabrics, rubber mats. Zenith is a Government Recognized Export house
with a present installed capacity of 18,000 tonnes of rubber sheetings per
annum.
Over 90% of its products are
exported to five continents around the world. Zenith has built up a wide base
of discerning customers the world over. This has been made possible with the
Zenith team of dedicated, trained personnel having earned a strong reputation
of it's capability to innovate, thereby upholding the maxim of Total Quality
Management - all the time.
Rubber Sheets
Zenith
Rubber manufactures a comprehensive range of rubber sheets for general,
industrial and mining applications. It includes vulcanised black and coloured
sheets for technical uses and industrial applications, with smooth surfaces or
with a canvas-type print on one or both sides.
Rubber Mattings
When it
comes to maintenance, you can beat the time, labor and money saving convenience
of Zenith Rubber Matting. Zenith combines textured surfaces to provide
cushioned comfort against injuries, back and leg fatigue. Virtually maintenance
free, they are easily installed in both new and existing facilities over any
firm surface.
Rubber Floorings
Zenith's
R&D facilities continually refine flooring to provide Trend-Setting
Products of unique versatility, function and styling. Zenith assures high
aesthetic appeal. Duraflor®
Rubber Flooring is washable and easy to maintain than most other types of hard
surface flooring.
Transit Floorings
Dura-Tranz
rubber flooring’s excellent resilience, endurance and dimensional stability,
makes it the obvious choice for all your flooring needs. With Zenith’s R&D
facilities continually refining its manufacturing process you are assured of a
high quality product that will serve you for years to come.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.91 |
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UK Pound |
1 |
Rs.78.44 |
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Euro |
1 |
Rs.59.13 |
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 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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. |
Small |
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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 |
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<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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