MIRA INFORM REPORT

Report Date :

02.08.2011

IDENTIFICATION DETAILS

Name :	ZENITH TINS PRIVATE LIMITED
Registered Office :	Zenth House, Opposite Race Course, Keshavrao Khade Marg, Mahalaxmi, Mumbai – 400034, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	30.12.1955
Com. Reg. No.:	009701
Capital Investment / Paid-up Capital :	Rs.9.801 Millions
CIN No.: [Company Identification No.]	U28129MH1955PTC009701
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Tin Containers
No. of Employees :	150 (In office)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 1500764
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. The company is doing well. 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 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.

INFORMATION PARTED BY

Name :	Mr. S Y Pancha
Designation :	Account Assistant
Date :	01.08.2011

LOCATIONS

Registered Office :	Zenth House, Opposite Race Course, Keshavrao Khade Marg, Mahalaxmi, Mumbai – 400034, Maharashtra, India
Tel. No.:	91-22-23514861
Fax No.:	91-22-24950745
E-Mail :	alihusain@zenithtins.com
Website :	www.zenthtins.com
Location :	Owned
Factory 1 :	D/140, TTC Shirwane Nerul Naka New Mumbai Vashi, Navi Mumbai – 400703, Maharashtra, India
Tel. No.:	91-22-27686660/27670786
Branches/Factory :	Chhani, Baroda – 391740, Gujarat, India

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Abbasi Alihusain Barodawala
Designation :	Director
Address :	502-A, Surya Apartment,53, Bhulabhai Desai Road, Gamdevi, Mumbai – 400026
Date of Birth/Age :	29.05.1944
Date of Appointment :	10.07.1973
Name :	Mr. Alihusain Sultanali Barodawala
Designation :	Director
Address :	1604, B- Wing, Phonix Tower, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013
Date of Birth/Age :	09.10.1958
Date of Appointment :	03.09.2001
Name :	Mr. Huseini Alihusain Barodawala
Designation :	Director
Address :	201, Mazda Apartment, 65/67, Bhulabhai Desai Road, Mumbai – 400 026
Date of Birth/Age :	07.09.1942
Date of Appointment :	08.01.1966
Name :	Mr. Abbasali Sultanali Gabula
Designation :	Director
Address :	Goorishina, Flat No. 17, 4th Floor, 12, Souter Street, Mumbai – 400 008.
Date of Birth/Age :	11.05.1957
Date of Appointment :	03.09.2001
Name :	Mr. Shaikhali Mohmmed Husian Barodawala.
Designation :	Director
Address :	Phonix Tower, Flat No. 2904, 29^th Floor, 141 Senapati Bapat Marg, Lower Parel, Mumbai – 400 013
Date of Birth/Age :	31.10.1962
Date of Appointment :	28.03.2003
Name :	Mr. Shabbir Mohamedhusain Barodawala
Designation :	Director
Address :	Zenith Villa, 126, Cadle Road, Mumbai – 400 016.
Date of Birth/Age :	03.07.1958
Date of Appointment :	01.06.1984

KEY EXECUTIVES

Name :	Mr. S Y Pancha
Designation :	Account Assistant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Huseini Barodawala	1000
Mr. Abbasi Barodawala	6711
Zarinabai Barodawala	2970
Aziza Tinwala	4482
Husena Tinwala	4462
Barodawala Properties Private Limited, Mumbai	10
Farhat Barodawala	3420
Anjum Barodawala	3420
Gabula Family Trust, Mumbai	9
Abbasali Gabula	7983
Alihusain Barodawala	7984
Nazneen Barodawala	4428
Shabbir Barodawala	10393
Rizwana Barodawala	4428
Shaikhali Barodawala	10393
Abbasi Gulaba Jointly with Mr. A. S. Barodawala	2600
Alihusain Barodawala Jointly with Mr. A. S. Gabula	2600
Nazneen Barodawala Jointly With Mr. A. S. Gabula	1300
Husena Barodawala Jointly with Mr. A. S. Barodawala	1300
Huseina Barodawala Jointly with A. S. Barodawala	5070
Huseina Barodawala	1
Huseina Barodawala for Minor Anjum Barodawala	1
Alihusein Barodawala	2
Anis Adenwala Jointly with H.A. Barodawala	1
Farhat Barodawala	1
Shirin Barodawala	3201
Alihusein Barodawala	3210
Aleiya Barodawala	3210
Shahzad Barodawala	3420
Total	98010

AS ON 30.09.2010

Category	Percentage
Bodies corporate	0.01
Directors or relatives of Directors	99.98
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Tin Containers
Exports :
Products :	Tin Containers
Countries :	Dubai
Terms :
Selling :	L/C, Cash, Credit
Purchasing :	Cash, Credit

PRODUCTION STATUS AS ON

Particulars	Unit	Installed Capacity	Actual Production
Metal Containers	Tonnes Millions Nos.	16500	7489
Plastics Containers	Tonnes Millions Nos.	500	Nil
Pilfer Proof Caps and Closures	Millions Nos.	25	Nil

The installed capacities are as certified by a Director. The Auditors have placed reliance on this certification without verifying the said installed capacities.

GENERAL INFORMATION

Customers :

Manufacturer

No. of Employees :

150 (In office)

Bankers :

· Central Bank, Worli Brach

· ICICI Bank, Nariman Point

Facilities :

UNSECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
From Directors	3.258	2.137
From Shareholders	0.980	0.00
Hire Purchase	0.418	0.00
TOTAL	4.656	2.137

Banking Relations :	--
Auditors :
Name :	M M Nissim and Company (Samir Mehta) Chartered Accountant
Address :	Barodawala Mansion, B Wing, 3^rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India
Tel No.:	91-22-24949991
Fax No.:	91-22-24949995
Email :	mail@mmnissim.com
Associates/Subsidiaries :	NA

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
98010	Equity Shares	Rs.10/- each	Rs.9.801 Millions

Of the above, 12000 Ordinary (Equity) Shares are allotted as fully paid up pursuant to a contract without payment being received in cash 32505 Ordinary (Equity) Shares are issued as fully paid bonus shares by capiialisanon 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
SHAREHOLDERS FUNDS
1] Share Capital		9.801	9.801	9.801
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		365.390	311.453	253.438
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		375.191	321.254	263.239
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		4.656	2.137	1.790
TOTAL BORROWING		4.656	2.137	1.790
DEFERRED TAX LIABILITIES		7.335	4.164	4.746
TOTAL		387.182	327.555	269.775
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		31.657	29.220	29.969
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		324.016	268.232	254.562
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	16.270	10.388	5.961
	Sundry Debtors	16.749	9.177	8.807
	Cash & Bank Balances	41.604	34.696	16.173
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	62.851	56.683	95.096
Total Current Assets		137.474	110.944	126.037
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	35.947	12.223	15.713
	Other Current Liabilities	67.928	67.882	85.551
	Provisions	2.090	0.736	39.529
Total Current Liabilities		105.965	80.841	140.793
Net Current Assets		31.509	30.103	(14.756)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		387.182	327.555	269.775

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL (A)	244.623	223.668	205.563
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		105.308	92.203	101.375
Less	FINANCIAL EXPENSES (D)		0.353	1.540	0.478
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		104.955	90.663	100.897
	DEPRECIATION/ AMORTISATION (F)		2.614	2.439	2.572
	PROFIT BEFORE TAX (E-F) (G)		102.341	88.280	98.325
	TAX (I)		22.300	18.799	19.470
	PROFIT AFTER TAX (G-I) (J)		76.871	69.481	78.855
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		272.859	223.674	166.119
Less	APPROPRIATIONS
		Transfer to General Reserve	10.300	8.830	9.833
		Interim dividend including dividend tax	22.934	11.467	11.467
	BALANCE CARRIED TO THE B/S		316.496	272.859	223.674
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	49.341	50.567	32.861
	TOTAL EARNINGS		49.341	50.567	32.861
	Earnings Per Share (Rs.)		784.32	708.92	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	31.42	31.06	38.36
Return on Total Assets (PBT/Total Assets}	(%)	60.51	78.06	63.14
Return on Investment (ROI) (PBT/Networth)		0.27	0.27	0.37
Debt Equity Ratio (Total Liability/Networth)		0.29	0.26	0.54
Current Ratio (Current Asset/Current Liability)		1.30	1.37	0.89

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2010	31.03.2009	31.03.2008
Sundry Creditors
Due to micro, Small and Medium Enterprises	0.263	0.259	0.000
Due to Others	35.684	11.964	15.713

OPERATIONS

The Management is glad to report that the Company has been able to conserve the resources during the year and the Company's net worth increased from Rs. 321.254 Millions as on 31^s1 March 2009 to Rs.375.191 Millions as on 31^st March 2010.

During the year under review, the Company achieved increased sales turnover of R.s.106.086 Millions, as against turnover of Rs.92.602 Millions achieved in the previous financial year, mainly on account of increase in domestic turnover from Rs.42.000 Millions in the previous year to Rs.56.600 Millions in the current year. The export turnover was marginally lower at Rs.49.400 Millions compared to Rs.50.500 Millions in the previous year. The net profit before tax increased to Rs. 102.341 Millions, as compared to the net profit of Rs.88.280 Millions earned in the previous year on account of increased volumes achieved in the current year.

Due to continued cost control measures as well as better resource management, the Company has 6een able to maintain the gross operating margins. However, the overall demand scenario in the country for tin containers is not encouraging. The management is continuing its efforts to expand the customer base, reduce costs and attain profitability for manufacturing of tin containers.

The rentals and compensation received from use of the Company's premises and other facilities continue to sustain and enhance the Company's business and profitability.

The liquidity of the Company has improved considerably and has enabled the Company to invest Rs.3240.16 lacs in marketable investments at the year end.

TRADE REFERENCES:

· Cadbury India Limited

· Wipro Limited

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture, Fixture, Office Equipment, etc

· Vehicles

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.44.04
UK Pound	1	Rs.72.40
Euro	1	Rs.63.46

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		52

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.