MIRA
INFORM REPORT
|
Report Date : |
25.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ZENITH INDUSTRIAL RUBBER PRODUCTS PRIVATE LIMITED
[w.e.f. 13.09.2004] |
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Formerly Known
As : |
ATLAS INTERNATIONAL PRIVATE LIMITED MANULI RUBBER ( |
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Registered
Office : |
A-2 Parekh Mahal, 1st Floor, 80 Veer Nariman Road,
Churchgate, Mumbai – 400020, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.01.1988 |
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Com. Reg. No.: |
11-045900 |
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Capital
Investment / Paid-up Capital : |
Rs. 250.000 Millions |
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CIN No.: [Company Identification
No.] |
U25190MH1988PTC045900 |
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PAN No.: [Permanent Account No.] |
AAACA3874D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Industrial Rubber Products. |
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No. of Employees
: |
550 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1200000 |
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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
record. Financial company performance seems good. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered 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.
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.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term loan : (CRISIL) BBB- |
|
Rating Explanation |
Having moderate degree of safety regarding
timely servicing of financial obligation. It carry moderate credit risk. |
|
Date |
April 29, 2011 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Raju |
|
Designation : |
Finance Manager |
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Contact No.: |
91-22-22885888 |
|
Date : |
24.09.2012 |
LOCATIONS
|
Registered Office : |
A-2 Parekh Mahal,
1st Floor, |
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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. |
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Location : |
Rented |
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Factory 1 : |
Plot C/ 15, 17,
18 MIDC, Phase 1, Dombivli, District Thane, Maharashtra, India |
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Area : |
10000 Sq. ft. |
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Location : |
Rented |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Mazhar Farooq Vohra |
|
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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DIN No.: |
00774511 |
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Name : |
Mr. Aamir Mazhar 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 |
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DIN No.: |
00774597 |
KEY EXECUTIVES
|
Name : |
Mr. Raju |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Mazhar Farooq Vohra |
|
925000 |
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Aamir Mazhar Vohra |
|
665000 |
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Samina Mazhar Vohra |
|
700000 |
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Uzma Mazhar Vohra |
|
210000 |
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Total |
|
2500000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Industrial Rubber Products. |
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Exports : |
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Products : |
Industrial Rubber Products |
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Countries : |
Ø Europe Ø USA Ø UK Ø Canada Ø Australia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Ø China Ø Malaysia Ø Korea Ø Israel |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
Korea Kumbhu Petrochemical Company Limited |
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Customers : |
Retailers and End Users Ø L & T |
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No. of Employees : |
550 (Approximately) |
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Bankers : |
Ø State Bank of
India, Commercial Branch, Justice G,N, Vaidhya Marg, Mumbai – 400023,
Maharashtra, India Ø Standard
Chartered Bank, Dombivalis |
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Facilities : |
Total – Rs. 765.000 Millions [State Bank of India] Total – Rs. 180.000 Millions [Standard Chartered Bank]
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Banking
Relations : |
-- |
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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 – 400009,
Maharashtra, India |
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Tel. No.: |
91-22-23446722 |
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Fax No.: |
91-22-66311710 |
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E-Mail : |
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Website : |
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Income-tax
PAN of auditor or auditor's firm : |
AABFM7138G |
CAPITAL STRUCTURE
AFTER 30.09.2011
Authorised Capital : Rs. 300.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 250.000
Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
2,500,000 |
Equity Shares |
Rs. 100/- each |
Rs. 250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
2,500,000 |
Equity Share |
Rs.100/- each |
Rs. 250.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
250.000 |
150.000 |
115.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
44.031 |
25.151 |
14.391 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
294.031 |
175.151 |
129.641 |
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LOAN FUNDS |
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1] Secured Loans |
307.252 |
306.140 |
271.404 |
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2] Unsecured Loans |
33.116 |
108.417 |
74.114 |
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TOTAL BORROWING |
340.368 |
414.557 |
345.518 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
634.399 |
589.708 |
475.159 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
266.786 |
286.119 |
253.095 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.598 |
1.626 |
1.598 |
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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 |
273.906
|
240.454 |
162.949 |
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Sundry Debtors |
155.263
|
140.672 |
71.036 |
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Cash & Bank Balances |
12.661
|
17.115 |
3.238 |
|
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Other Current Assets |
49.909
|
37.061 |
0.500 |
|
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Loans & Advances |
4.500
|
4.500 |
35.099 |
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Total
Current Assets |
496.239
|
439.802 |
272.822 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
115.897
|
127.410 |
47.895 |
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Other Current Liabilities |
0.127
|
0.000 |
0.000 |
|
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Provisions |
14.200
|
10.429 |
4.461 |
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Total
Current Liabilities |
130.224
|
137.839 |
52.356 |
|
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Net Current Assets |
366.015
|
301.963 |
220.466 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
634.399 |
589.708 |
475.159 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
696.694 |
665.054 |
394.189 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
674.043 |
647.784 |
380.305 |
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PROFIT BEFORE
TAX |
22.651 |
17.270 |
13.884 |
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Less |
TAX |
8.100 |
6.100 |
4.329 |
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PROFIT AFTER TAX |
14.551 |
11.170 |
9.555 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
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Export Earnings |
705.927 |
491.258 |
293.559 |
|
|
|
Commission Earnings |
0.000 |
3.921 |
2.669 |
|
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TOTAL EARNINGS |
705.927 |
495.179 |
296.228 |
|
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|
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|
Earnings Per
Share (Rs.) |
5.82 |
7.47 |
12.05 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
912.000 |
|
|
|
|
|
Expected Sales ( 2012-2013 ) : Rs. Rs. 1050.000 Millions
The above information has been parted by Mr. Raju (Finance Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
2.09 |
1.68 |
3.27 |
|
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|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.97 |
2.38 |
2.64 |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.10 |
0.11 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.85 |
3.15 |
3.07 |
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|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
3.81 |
3.19 |
5.21 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
115.897
|
127.410 |
47.895 |
|
Sundry
creditors |
115.897
|
127.410 |
47.895 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U25190MH1988PTC045900 |
|
Name of the
company |
ZENITH INDUSTRIAL
RUBBER PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
A/2 Parekh Mahal,
1st Floor, 80 Veer Nariman Road, Mumbai - 400020, Maharashtra, India Email ID: raju@zenithrubber.com
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90347316 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of India, Commercial Branch, Justice G,N, Vaidhya Marg,
Mumbai – 400023, Maharashtra, India Email ID: kamalax_saraf@hotmail.com
|
|
Nature of
description of the instrument creating or modifying the charge |
No instrument.
Memorandum of deposit for creation of further charge for term loan overall
limit where the initial charge is created by way of mortgage by deposit of
title deeds |
|
Date of
instrument Creating the charge |
20.07.2012 |
|
Amount secured by
the charge |
Rs. 760.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms Terms of repayment As per sanction
terms Margin As per sanction
terms Extent and operation of the charge As per sanction
terms Others N. A. |
|
Short particulars
of the property charged |
A first charge by
way of hypothecation of the borrowers entire goods, movables and other assets
present & future including documents of title to goods and other assets,
such as book debts, outstanding
moneys, receivables, including receivables by way of cash assistance and / or
cash incentives under the cash incentive scheme or any other scheme, claims,
including claims by way of refund of customs/excise duties under the duty drawback credit scheme, or any
other scheme bills, invoices, documents, contracts, insurance policies,
guarantees, engagements, securities, investments and rights uncalled capital and all machinery
present and future of such form satisfactory to the bank. Second charges
our plots No - 15, 16 and 17 Admeasuring 23,978 Sq. Mtrs. In Dombivali
Industrial Area MIDC Phase 1 within the village limits of Asde Golavali. |
|
Date of latest
modification prior to the present modification |
20.07.2012 |
|
Particulars of
the present modification |
Now by this
modification dated 20.07.2012 the company created an extension of charge by
way of an equitable mortgage by deposit of title deeds over the immovable
properties To secure the enhanced credit facilities to the extent of Rs.
760.500 Millions. The description of immovable property is as follows: Plot no. C-15, 16
and 17, admg. 23,978 sq. Mtrs. In Dombivali Industrial Area MIDC Phase -I within
the village limits of Asde Golavali. |
FIXED ASSETS
Ø Furniture and Fixture
Ø Land and Building
Ø Flat
Ø Motor Car
Ø Air Condition
Ø Electric Installation
Ø Lab Equipment
Ø Faxline Machine
Ø Telephone System
Ø Scooter
Ø Plant and Machinery
Ø Computer Systems
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 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. 53.29 |
|
|
1 |
Rs. 86.44 |
|
Euro |
1 |
Rs. 68.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
42 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.