MIRA
INFORM REPORT
|
Report Date : |
03.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZENITH CAPITALS LIMITED |
|
|
|
|
Registered
Office : |
307, Sharda Chambers Newmarine Lines, Mumbai
– 400 020, |
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|
Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.05.1983 |
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Com. Reg. No.: |
11-030082 |
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Capital
Investment / Paid-up Capital : |
Rs. 19.186 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65910MH1983PLC030082 |
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|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
The company engaged in business of Hire-Purchase, Leasing and
Financing Lease Operations of all kinds, Purchasing, Selling, Hiring or
Letting on Hire all kinds of Plant and Machinery and Equipment. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Proposes to Restart |
|
|
|
|
Payment Behaviour : |
Unknown |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a BSE Listed Company with more than 27 years of leading experience
in the financing areas. It has not been active for the past seven years due to a severe
financial crisis, for the past three years the company was in the process of
gradually liquidating all debts with various Banks and Financial
Institutions. At present there is no operation in the company but the board proposes
to restart the company business. Payment terms are unknown. The company can be considered for business dealings on a safe and
fully secured 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
307, Sharda Chambers Newmarine Lines, Mumbai
– 400020, Maharashtra, India |
|
Tel. No.: |
91-22-22030095/96 |
|
Fax No.: |
91-22-22063608 |
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E-Mail : |
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Corporate Office : |
204, Maker Bhavan No.3, New Marine Lines, Mumbai-400020, Maharashtra,
India |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Amala Rai |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Lalmani Tiwari |
|
Designation : |
Non-Executive Director |
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|
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|
Name : |
Mr. Sabha Shankar Tripathi |
|
Designation : |
Non-Executive Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
853650 |
44.46 |
|
|
577700 |
30.09 |
|
|
1431350 |
74.55 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
1431350 |
74.55 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
358650 |
18.68 |
|
|
|
|
|
|
40000 |
2.08 |
|
|
90000 |
4.69 |
|
|
488650 |
25.45 |
|
Total Public
shareholding (B) |
488650 |
25.45 |
|
Total (A)+(B) |
1920000 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
1920000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in business of Hire-Purchase, Leasing and
Financing Lease Operations of all kinds, Purchasing, Selling, Hiring or
Letting on Hire all kinds of Plant and Machinery and Equipment. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Reserve of Bank of India |
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|
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Banking
Relations : |
-- |
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|
|
Auditors : |
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|
Name : |
Kala Jain and Company Chartered Accountants |
|
Address : |
203/204, Daulat Bhavan, 2nd Floor, 407, Kalbadevi Road, Mumbai-400002,
Maharashtra, India |
|
Tel. No.: |
91-
22-32152224 / 22074442 |
|
Fax No.: |
91-22-22075552 |
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E-Mail : |
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|
PAN No.: |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1920000 |
Equity Shares |
Rs.10/- each |
Rs. 19.200 Millions |
|
|
Less: Allotment money in Arrear (Other than Directors) |
|
Rs. 0.014 Million |
|
|
Total |
|
Rs. 19.186
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
19.186 |
19.186 |
|
|
2] Share Application Money |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.482 |
0.506 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
|
|
NETWORTH |
19.668 |
19.692 |
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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|
|
|
|
|
|
TOTAL |
19.668 |
19.692 |
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|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
0.000 |
0.004 |
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|
Capital work-in-progress |
0.000 |
0.000 |
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|
|
|
|
|
|
INVESTMENT |
3.396 |
3.396 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
0.003
|
0.005 |
|
|
Sundry Debtors |
0.000
|
0.000 |
|
|
Cash & Bank Balances |
0.071
|
0.087 |
|
|
Other Current Assets |
0.000
|
0.000 |
|
|
Loans & Advances |
16.315
|
16.316 |
|
Total
Current Assets |
16.389
|
16.408 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
Sundry Creditors |
0.000
|
0.000 |
|
|
Other Current Liabilities |
0.015
|
0.014 |
|
|
Provisions |
0.102
|
0.102 |
|
Total
Current Liabilities |
0.117
|
0.116 |
|
|
Net Current Assets |
16.272
|
16.292 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL |
19.668 |
19.692 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
0.001 |
0.001 |
|
|
|
Other Income |
0.000 |
0.000 |
|
|
|
TOTAL |
0.001 |
0.001 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Administrative and Other Expenses |
0.020 |
0.010 |
|
|
|
Increase / (Decrease) in Stock |
0.001 |
(0.004) |
|
|
|
TOTAL |
0.021 |
0.006 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(0.020) |
(0.005) |
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.004 |
0.004 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(0.024) |
(0.009) |
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(0.024) |
(0.009) |
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.769) |
(0.760) |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(0.793) |
(0.769) |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.0125) |
(0.00474) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
30.09.2012 |
|
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
6th
Quarter |
|
Net Sales |
0.000 |
0.060 |
0.000 |
0.090 |
0.000 |
0.060 |
|
Total Expenditure |
0.000 |
0.240 |
(0.010) |
1.180 |
0.040 |
0.010 |
|
PBIDT (Excl OI) |
0.000 |
(0.180) |
0.010 |
(1.090) |
(0.040) |
0.050 |
|
Other Income |
0.000 |
0.000 |
0.000 |
00 |
0.000 |
0.000 |
|
Operating Profit |
0.000 |
(0.180) |
0.010 |
(1.090) |
(0.040) |
0.050 |
|
Interest |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
0.000 |
(0.180) |
0.010 |
(1.090) |
(0.040) |
0.050 |
|
Depreciation |
0.190 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit Before Tax |
(0.190) |
(0.180) |
0.010 |
(1.090) |
(0.040) |
0.050 |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(0.190) |
(0.180) |
0.010 |
(1.090) |
(0.040) |
0.050 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(0.190) |
(0.180) |
0.010 |
(1.090) |
(0.040) |
0.050 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(2400.00)
|
(900.00) |
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2400.00)
|
(900.00) |
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.15)
|
(0.05) |
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.00
|
0.00 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
0.01
|
0.001 |
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
140.08
|
141.45 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
No |
|
8] |
No. of
employees |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last two years |
Yes |
|
12] |
Profitability
for last two years |
Yes |
|
13] |
Reasons for
variation <> 20% |
------ |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
No |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
------ |
|
22] |
Litigations
that the firm / promoter involved in |
------ |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
No |
|
25] |
Conduct of
the banking account |
------ |
|
26] |
Buyer visit
details |
------ |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
No |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
PRESS RELEASE:
ZENITH CAPITAL IMPLEMENTS THE FIRST FULL SCALE CROSS ASSET TRADING
PLATFORM IN SUB SAHARAN AFRICA
28 January 2008
Zenith Capital Limited, the investment banking subsidiary of Zenith Bank
Plc, has raised the bar in African sales and trading by acquiring the Reuters
Trading, Risk Management, Middle Office and Back of Office (front to back)
suites. The London based Emerging Markets Banking Consultancy, Nex Rubica
Advisory managed the project - selecting (from a list of over 30 global
providers), implementing and assisting Zenith Capital with her investment
banking framework and policy setup.
The Reuters solution was rolled out in September 2007 and integrated
with Zenith Capital’s existing platform. Martin Orji, MD Nex-Rubica Group, says
implementation of the Kondor suite in one of the foremost African banks is a
milestone event for Investment Banking in the continent. “I am pleased to see
the Nigerian Capital Markets make another significant leap. This platform and
operational build in Zenith Capital will allow for an African institution to
structure, price and issue financial instruments in the global OTC market and
on local and foreign exchanges. With this the bank will now fulfil various
MIFID, SOX and Basel II compliant rules”.
China Onyemelukwe, Managing Director/CEO, Zenith Capital, adds: “Our
partnership with Nex-Rubica Advisory on this project I can summarise in a few
words – a quick win. With this platform and framework we are poised to operate
and collaborate with other global players - generating and sustaining
significant growth in volumes of new and existing debt and equity products and
at the same rationalising operating costs”.
Reuters' Kondor+ is a real-time position keeping system that allows
users to manage deals and positions across all instruments. Kondor Value at
Risk delivers high-end analysis and a global view on both market and credit
risk. Kondor Trade Processing is a multi-entity system, designed to provide the
back office with tools providing increased automation and effective risk
management.
FINANCIAL RESULTS:
During the year the Company has incurred Net loss of Rs. 0.024 million compared to Previous Year's Net loss of Rs. 0.009 million after making Provision for Taxation.
The Company has not been active for the past seven years due to a severe financial crisis, for the past three years the Company was in the process of gradually liquidating all debts with various Banks and Financial institutions. During the year the Company has closed all loans and is a debt free company from this year. The entire amounts required for closing the debts was bought in by the directors and is reflected as unsecured loans in the Balance Sheet. The Directors feel that having addressed the issue of clearing the debts, it is and appropriate time to start planning for the future. It is sincere intention of the Directors to bring value to the Shareholders. But the current economic environment being what it is we will have to choose our path with care and caution.
A study for the revival of the Zenith Capitals Limited is already commissioned and is underway. The assignment has been entrusted to a reputed consultancy organization who will examine the feasibility including the strategy. It is expected that the launch could be sometime in 2013.
The Directors are also looking and examining other business options including acquisition of running businesses as well as other good viable opportunities where some value and synergies can be perceived. It is our Objective that we commence activities in 2011. We would like to see that Company is en route to generating a healthy top line and bottom line from 2013 onwards.
FIXED ASSETS:
·
Plant and Machinery
·
Vehicles
·
Typewriter
·
Office Equipment
·
Furniture and Fixture
·
Air conditioner
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 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 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.54.53 |
|
|
1 |
Rs.87.48 |
|
Euro |
1 |
Rs.70.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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.