MIRA
INFORM REPORT
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Report Date : |
28.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ZENITH EXPORTS LIMITED |
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Registered
Office : |
19, R |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.07.1981 |
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Com. Reg. No.: |
033902 |
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CIN No.: [Company Identification
No.] |
L24294WB1981PLC033902 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchange |
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Line of Business
: |
Manufacturer and Exporter of Industrial Leather Gloves,
Silk Fabrics, Polyster Viscose Spun Yarn, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 3697768 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
19, R |
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Tel. No.: |
91-33-2248 6936 / 7071 / 9522 |
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Fax No.: |
91-33-2248 0960/ 9853 |
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E-Mail : |
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Website : |
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Factory : |
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DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. B. R. Loyalka |
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Designation : |
Chairman |
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Name : |
Mr. R. K. Loyalka |
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Designation : |
Managing Director |
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Name : |
Mr. S. K. Loyalka |
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Designation : |
Managing Director |
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Name : |
Mr. M. M. Bhagat |
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Designation : |
Independent Director |
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Name : |
Mr. K. D. Rungta |
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Designation : |
Independent Director |
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Name : |
Mr. M. L. Jain |
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Designation : |
Independent Director |
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Date of Appointment: |
30-4-2010 |
KEY EXECUTIVES
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Name : |
Mr. Lawkush Prasad |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of promoter
and Promoter Group |
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1) Indian |
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a) Individuals / Hindu Undivided Family |
1966066 |
36.43 |
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b) Bodies corporate |
826490 |
15.32 |
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2) Foreign |
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(B) Public Shareholdings |
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1) Institutions |
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2) Non – Institution |
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a) Bodies corporate |
2318340 |
42.96 |
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b) Individuals |
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
198435 |
3.68 |
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ii. Individual Shareholders holding nominal share capital in excess Rs.0.100
Million |
84.590 |
1.57 |
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c) Any other |
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i) NRI |
911 |
0.02 |
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ii) Clearing Member |
1118 |
0.02 |
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iii) Trust |
300 |
0.01 |
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Total |
5396250 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Industrial Leather Gloves, Silk Fabrics, Polyster Viscose Spun Yarn, etc. |
PRODUCTION STATUS AS ON AS ON 31.03.2010
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Installed Capacity |
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a) 31 Single width Dornier Looms 11 Velvet Looms 2 Double width Looms at Weaving Division-Mysore b) 24208 Spindles at Spinning Division - Ahmedabad |
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Particulars |
Unit |
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Actual
Production |
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Industrial leather hand gloves Pairs |
Pairs |
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8546452 |
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Approns and Others |
Pcs. |
|
140048 |
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Silk / Cotton / Viscose Fabrics# |
Mtrs. |
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257337.501 |
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Silk Madeups |
Pcs. |
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52926 |
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Polyster / Viscose / Cotton Yarn |
Kgs. |
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4523272 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
Notes :
b. Advance against Export is secured by Exports Documents. c. Working Capital Loans from State
Bank of hypothecation of Stocks & Book debts of Spinning Division, Ahmedabad and Personal Guarantee of Promoter Directors and further by second charge on the entire Fixed Assets of the Company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M/s. Tiwari and Company Chartered Accountant |
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Address : |
107/1, |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5396250 |
Equity Shares |
Rs.10/- each |
Rs.53.963
Millions |
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(Out of the above 4800000 Equity Shares of Rs.10/- each fully paid issued as Bonus Shares by way of Capitalisation of General Reserve)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
53.963 |
53.963 |
53.963 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
870.479 |
886.713 |
879.162 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
924.442 |
940.676 |
933.125 |
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LOAN FUNDS |
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1] Secured Loans |
270.536 |
417.473 |
512.195 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
270.536 |
417.473 |
512.195 |
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DEFERRED TAX LIABILITIES |
46.412 |
53.335 |
17.910 |
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TOTAL |
1241.390 |
1411.484 |
1463.230 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
558.760 |
576.888 |
579.568 |
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Capital work-in-progress |
2.314 |
17.240 |
13.450 |
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INVESTMENT |
0.100 |
4.197 |
4.301 |
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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 |
549.788
|
521.128 |
567.981 |
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Sundry Debtors |
144.774
|
325.384 |
344.373 |
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Cash & Bank Balances |
32.951
|
31.193 |
42.073 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
216.682
|
197.809 |
196.582 |
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Total
Current Assets |
944.195
|
1075.514 |
1151.009 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
144.939
|
226.117 |
242.314 |
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Other Current Liabilities |
102.740
|
18.447 |
27.169 |
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Provisions |
16.300
|
17.791 |
15.615 |
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Total
Current Liabilities |
263.979
|
262.355 |
285.098 |
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Net Current Assets |
680.216
|
813.159 |
865.911 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1241.390 |
1411.484 |
1463.230 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
2089.902 |
2395.372 |
2365.151 |
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Other Income |
20.921 |
5.651 |
24.486 |
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Depreciation for earlier years written back |
0.000 |
0.000 |
1.217 |
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TOTAL (A) |
2110.823 |
2401.023 |
2390.854 |
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Less |
EXPENSES |
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Manufacturing, Selling and Administrative and Other Expenses |
1962.939 |
2253.719 |
2246.905 |
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Increased/(Decreased) In Stock |
80.670 |
(10.362) |
6.738 |
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TOTAL (B) |
2043.609 |
2243.357 |
2253.643 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
67.214 |
157.666 |
137.211 |
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Less |
FINANCIAL
EXPENSES (D) |
29.192 |
54.198 |
48.920 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
38.022 |
103.468 |
88.291 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
61.113 |
59.433 |
62.681 |
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PROFIT BEFORE
TAX (E-F) (G) |
(23.091) |
44.035 |
25.610 |
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Less |
TAX (I) |
(6.857) |
36.484 |
11.447 |
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PROFIT AFTER TAX
(G-I) (J) |
(16.234) |
7.551 |
14.163 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
372.247 |
364.696 |
350.533 |
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BALANCE CARRIED
TO THE B/S |
356.013 |
372.247 |
364.696 |
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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Export Earnings |
1806.406 |
2076.666 |
1770.443 |
|
|
|
FOB Value for Job Charges Samples |
0.309 |
3.283 |
10.181 |
|
|
TOTAL EARNINGS |
1806.715 |
2079.949 |
1780.624 |
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IMPORTS |
|
|
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|
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Raw Materials |
93.990 |
85.070 |
145.998 |
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|
|
Stores & Spares |
4.959 |
2.974 |
8.435 |
|
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|
Capital Goods |
0.119 |
0.000 |
4.835 |
|
|
|
Others |
0.024 |
0.773 |
0.198 |
|
|
TOTAL IMPORTS |
99.092 |
88.817 |
159.466 |
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Earnings Per
Share (Rs.) |
(3.01) |
1.40 |
-- |
|
QUARTERLY
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
526.600 |
494.300 |
630.500 |
|
Total Expenditure |
491.900 |
464.200 |
620.600 |
|
PBIDT (Excl
OI) |
34.700 |
30.100 |
9.900 |
|
Other Income |
10.200 |
31.400 |
10.900 |
|
Operating
Profit |
44.900 |
8.200 |
20.800 |
|
Interest |
8.200 |
3.300 |
8.500 |
|
Exceptional
Items |
(3.300) |
26.500 |
0.000 |
|
PBDT |
33.400 |
16.300 |
12.300 |
|
Depreciation |
15.200 |
10.200 |
16.800 |
|
Profit
Before Tax |
18.200 |
3.600 |
(4.500) |
|
Tax |
5.000 |
0.000 |
0.000 |
|
Reported PAT |
13.200 |
6.600 |
(4.500) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
13.200 |
6.600 |
(4.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.77)
|
0.31 |
0.59 |
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Net Profit Margin (PBT/Sales) |
(%) |
(1.10)
|
1.84 |
1.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.53)
|
2.66 |
1.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
0.05 |
0.03 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.58
|
0.72 |
0.85 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.58
|
4.10 |
4.04 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL REVIEW
AND FUTURE OUTLOOK
The sales have decreased by almost 13% to Rs.1933.500 Millions against Rs.2229.100 Millions in the previous year. Company’s profit before tax for the year under review shows a loss of Rs.23.100 Millions as against profit of Rs.44.000 Millions in the previous year. The Net Profit after Tax (including deferred tax) for the year under review shows a loss of Rs.16.200 Millions as against profit of Rs.7.600 Millions in the previous year.
WEAVING DIVISION
The severe economic recession worldwide and after effects of
sub prime losses in
SPINNING DIVISION
Textile Industry is facing crisis after crisis. Higher power and labour cost have adversely impacted profitability of the division. However, the sales and profit of this Division are comparatively much better than the previous year. One section of the factory has been converted to viscose, which would give a better leeway in production. They are expecting the performance of this division to be better in this fiscal.
EXPANSION PROJECT
WEAVING DIVISION
The company has installed 1 more Wireflex Velvet loom during the year under review and with this installation the expansion project initiated in the F.Y. 2008-09 is complete with total installation of 3 Wireflex Velvet looms.
SPINNING DIVISION
The Company has installed further 1248 nos. of spindles
during the year under review to cope with the additional demand of yarn from
Europe and
MANAGEMENT DISCUSSION
AND ANALYSIS
THE COMPANY HAS 3
DIVISIONS VIZ.
1. 100% EOU Unit at Nanjangud – Karnataka – Manufacturing High Quality Silk and Velvet Fabrics.
2. A Yarn producing unit at Sarandi, Ahmedabad – Manufacturing cotton, viscose, polyster and blended yarns mainly for exports.
3. Export Division at Kolkata (Exporting Industrial Leather Hand Gloves and Silk Fabrics, cotton fabrics and made ups manufactured on Handloom etc.
1. EOU UNIT AT
NANJANGUD
- INDUSTRY STRUCTURE AND DEVELOPMENT
The Textile Industry is highly power, man power and capital
intensive industry. Slump in demand due to Global recession and volatility in
foreign exchange are main concern. They are still facing heat while competing
with
- OPPORTUNITIES AND THREATS
The globalization of all markets, economic or political
upheavals anywhere in the world affects all the markets, the growing volatility
in exchange markets, the rising price of crude may be cited as potential
threats but the biggest threat for the time being is slow down of economy
worldwide. Quality of Indian fabrics and the growth momentum in
- OUTLOOK
Effect of recession has not yet been over, however, the Company has taken effective control measures to cope with slowdown. The Company is on way to better realisation by way of cost curtailment and expecting better results in the current year. New machineries have been installed to meet the current fashion. Demand for silk products during the current fiscal has started picking-up and they are expecting the performance of this unit to be better in the coming year. However, silk being a luxury item, full export momentum will be reached only when the economy revives fully.
2. YARN PRODUCING UNIT AT AHMEDABAD
- INDUSTRY STRUCTURE AND DEVELOPMENT
Textile sector is a core industry having high power
consumption, labour and infrastructure cost. Due to worldwide economic slow
down over the last couple of years, demand for yarn and fabric has gone down.
However, during the current year the large economies like Europe and
- OPPORTUNITIES AND THREATS
In textile, particularly spinning sector which is highly capital and labour intensive and power consuming, the increasing manpower cost, power cost and other expenses are the biggest threat to the industry. To overcome this situation, they are installing additional machines in the existing factory to increase productivity of the unit, so that the additional burden can be taken care off and they can bring the unit towards profit.
- OUTLOOK
Spinning industry was in recession since last few years worldwide, but now gradually it is coming out of recession and the future outlook is comparatively better. From their side, they have introduced interchangeability in production i.e. they can produce Viscose Yarn, Cotton Yarn, Polyster Yarn and PV Blended Yarn on the same machine to take advantage of realizations in the different sectors.
3. TRADING DIVISION
(LEATHER HAND GLOVES AND SILK FABRICS MANUFACTURED ON HANDLOOM)
- INDUSTRY STRUCTURE AND DEVELOPMENT
The global recession has impacted the sales of the division very
badly due to shortage of orders from European continent and
- OPPORTUNITIES AND THREATS
The current slowdown of economy has impacted the business
very badly.
- OUTLOOK
The future outlook appears to be better.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.40 |
|
|
1 |
Rs.73.26 |
|
Euro |
1 |
Rs.65.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.