MIRA INFORM REPORT

Report Date :

14.04.2014

IDENTIFICATION DETAILS

Name :	ZENITH INDUSTRIAL RUBBER PRODUCTS PRIVATE LIMITED
Registered Office :	A-2 Parekh Mahal, 80 Veer Nariman Road, Churchgate, Mumbai - 400020, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	15.01.1988
Com. Reg. No.:	11-045900
Capital Investment / Paid-up Capital :	Rs. 250.000 Millions
CIN No.: [Company Identification No.]	U25190MH1988PTC045900
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter, Importer of Rubber Sheets, Water Proofing Sheets, Transit Flooring
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1100000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The management has filed the financial for 2012 and 2013 but same could not be made available from government department. As per previous financial record of 2011, reserves of the company appears to be low. However, trade relations are fair. Business is active. Payment terms are unknown. The company can be considered for business dealing with some caution.

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	BBB [ Long Term Rating]
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	30.12.2013

Rating Agency Name	CRISIL
Rating	A3+ [ Short Term Rating]
Rating Explanation	Moderate degree of safety and high credit risk
Date	30.12.2013

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. Ravi
Designation :	Assistant Manager
Date :	05.04.2014

LOCATIONS

Registered Office :	A-2 Parekh Mahal, 80 Veer Nariman Road, Churchgate, Mumbai - 400020, Maharashtra, India
Tel. No.:	91-22-67351929 / 22885888
Mobile No.:	91-9619926066 (Mr. Manish Nankani)
Fax No.:	91-22-22885111 / 222
E-Mail :	ravi.rawal@zenith.com raju@zenithrubber.com rehmat@zenithrubber.net
Area :	24000 Sq. Ft.
Location :	Owned
Factory 1 :	Plot – C-15/16/17 MIDC Phase-1, Dombivali (East), Thane-421203, Maharashtra, India
Factory 2 :	Shop no.177, Nagdevi St, Chippi Chawl, Kalbadevi, Mumbai-400003., Maharashtra, India

DIRECTORS

As on 30.09.2013

Name :

Mr. Vohra Farooq Mazhar

Designation :

Director

Address :

26, 2701, DSK Durgamata Tower, 80 Prakash Peth Marg, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

29.07.1949

Date of Appointment :

15.01.1988

DIN No. :

00774511

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25100MH1986PTC040761	ATLAS INTERNATIONAL PRIVATE LIMITED	Managing director	28/08/1986	28/08/1986	-	Active	NO
2	U25100MH1986PTC040768	ROYAL HYDRAULICS PRIVATE LIMITED	Managing director	28/08/1986	28/08/1986	-	Active	NO
3	U25190MH1988PTC045900	ZENITH INDUSTRIAL RUBBER PRODUCTS PRIVATE LIMITED	Managing director	15/01/1988	15/01/1988	-	Active	NO
4	U91100MH1951GAT008683	ALL INDIA RUBBER INNDUSTRIES ASSOCIATION	Director	26/09/2006	26/09/2006	-	Active	NO
5	U99999MH1938GAP002843	THE BOMBAY COMMODITY EXCHANGE LIMITED	Additional director	29/12/2011	29/12/2011	14/09/2012	Active	NO

Name :

Mr. Vohra Mazhar Aamir

Designation :

Director

Address :

26, 2701, DSK Durgamata Tower, 80 Prakash Peth Marg, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

09.11.1977

Date of Appointment :

16.061996

DIN No. :

00774597

KEY EXECUTIVES

Name :	Mr. Ravi
Designation :	Assistant Manager
Name :	Mr. Manish Nankani
Designation :	Executive International & Domestic Market

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Mr. Vohra Farooq Mazhar	1126950	37.57
Mr. Vohra Mazhar Aamir	810200	27.01
Mrs. Vohra Mazhar Samina	852850	28.43
Mrs. Vohra Mazhar Uzma	210000	7.00
TOTAL	3,000,000	100.00

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Exporter, Importer of Rubber Sheets, Water Proofing Sheets, Transit Flooring
Products :	· Rubber Sheets · Rubber Sheets for Mining Industry · Water Proofing Sheets · Rubber Flooring · Transit Flooring · Anti-Skid Flooring           · Coated Fabric · Inflatables
Exports :
Products :	Water Proofing Sheets
Countries :	U.S.A. U.A.E.
Imports :
Countries :	Indonesia China
Terms :
Selling :	Cheque
Purchasing :	Cheque

GENERAL INFORMATION

Suppliers :

DRB Limited

Customers :

Wholesalers, Retailers, End Users, OEM’s and Others

· Kiran Mediacal

No. of Employees :

400 (Approximately)

Bankers :

State Bank of India, Dombivali Branch

Commercial Branch,2nd Floor, N.G.N.Vaidya Marg, Near Hornimon Circle, Fort, Mumbai- 400001, Maharashtra, India

Facilities :

· Cash Credit Rs. 300.000 Millions

· Overdraft Rs. 300.000 Millions (From Sate Bank of India)

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	67.352	100.073
Rupee term loans financial institutions secured	213.264	190.487
Working capital loans banks secured	25.620	13.637
Other debt secured	1.016	1.943
Total	307.252	306.140

Banking Relations :	---
Auditors :
Name :	Maya and Khatri (Mr. Naren V. Seth)
	Chartered Accountant
Address :	Bhagwan bhuvan, 3^rd Floor, 31, Israil Mohalla Street, Masjid BunderRoad, Mumbai-40009, Maharashtra, India
Tel. No.:	91-22-23446722
Fax No.:	91-22-66311710
E-Mail :	nvseth@mkindia.com
Sister Concern :	Zenith Rubber Plastics System.

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 300.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,000,000	Equity Shares	Rs.10/- each	Rs. 300.000 Million

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		250.000	150.000	115.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		44.031	25.151	14.390
4] (Accumulated Losses)		0.000	0.000	0.000
NET WORTH		294.031	175.151	129.64
LOAN FUNDS
1] Secured Loans		307.252	306.140	271.404
2] Unsecured Loans		33.116	108.417	74.114
TOTAL BORROWING		340.368	414.557	345.518
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		634.399	589.708	475.158
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		266.786	286.118	253.095
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		1.598	1.626	1.598
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	273.906	240.454	162.949
	Sundry Debtors	155.263	140.672	71.036
	Cash & Bank Balances	12.661	17.114	3.238
	Other Current Assets	49.909	37.061	0.500
	Loans & Advances	4.500	4.500	35.099
Total Current Assets		496.239	439.801	272.822
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	116.024	127.409	47.895
	Provisions	14.200	10.429	4.462
Total Current Liabilities		130.224	137.837	52.357
Net Current Assets		336.015	301.964	220.465
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		634.399	589.708	475.158

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
	PROFIT BEFORE TAX (E-F) (G)		NA	NA	NA
Less	TAX (H)		NA	NA	NA
	PROFIT AFTER TAX (G-H) (I)		44.031	25.151	14.391
	Earnings Per Share (Rs.)		14.67	8.38	47.97

Particulars	31.03.2014	31.04.2013
Sales Turnover (Approximately)	1000.000	920.000

The above information has been parted by Mr. Ravi

KEY RATIOS

PARTICULARS	31.03.2011	31.03.2010	31.03.2009
Debt Equity Ratio (Total Debt /Networth)	1.15	0.00	2.66
Current Ratio (Current Asset/Current Liability)	3.81	3.19	5.21

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2010	31.03.2009
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	115.250	150.000	250.000
Reserves & Surplus	14.390	25.151	44.031
Net worth	129.640	175.151	294.031
long-term borrowings	271.404	306.140	307.252
Short term borrowings	74.114	108.417	33.116
Total borrowings	345.518	414.557	340.368
Debt/Equity ratio	2.665	2.367	1.158

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	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 two years	Yes
12]	Profitability for last three 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	Yes
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90347316	02/11/2012 *	918,100,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH,2ND FLOOR, N.G.N.VAIDYA MARG,, NEAR HORNIMON CIRCLE, FORT, MUMBAI, Maharashtra - 400001, INDIA	B62488499

Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	5.735	44.419
Other debt unsecured	27.381	63.998
Total	33.116	108.417

FIXED ASSETS

Land and land improvements

Building

Plant machinery

Office equipments

Factory equipments

Furniture fixtures

Vehicles

Computer software

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 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.60.20
UK Pound	1	Rs.101.68
Euro	1	Rs.83.55

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KRN
Report Prepared by :	ASH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.