MIRA
INFORM REPORT
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Report Date : |
25.07.2007 |
IDENTIFICATION DETAILS
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Name : |
ZORBA INTERNATIONAL |
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Registered Office : |
H – 1 / 44, Krishnapuram, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2003 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers and Exporter of Novelty leather products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed concern having satisfactory
track records. Partners are reported as
experienced and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
H – 1 / 44, Krishnapuram, |
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Tel. No.: |
91 – 512 – 6453860 / 2401321 |
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Mobile No.: |
91 – 9415127657 |
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Fax No.: |
91 – 512 – 240 2333 |
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E-Mail : |
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Website : |
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Area : |
200 Sq. mtrs. |
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Location : |
Owned |
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Factory 2 : |
Plot No. C – 12 and C – 13, Industrial Area Rooma, |
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Area: |
36000sq.fts |
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Location: |
Owned and Leased |
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Designing
Laboratory: |
H – 2 / 54, Krishnapuram, |
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Tel No.: |
91-512-321653 |
PARTNERS
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Name : |
Mr. Subhas Gupta |
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Designation : |
Partner |
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Address : |
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Mobile No.: |
91-9415127657 |
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Date of Birth/Age : |
45 years |
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Qualification : |
Graduate |
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Experience : |
12 years |
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Name : |
Mr. Sudhir Gupta |
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Designation : |
Partner |
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Address : |
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Mobile No.: |
91 - 9935365634 |
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Date of Birth/Age : |
40 years |
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Qualification : |
Graduate |
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Experience : |
6 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporter of Novelty leather products. |
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Products: |
v
Novelty leather products v
Top Collers v
Gift Items v
Decorative Goods |
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Exports : |
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Products : |
Novelty Leather Products |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash or Credit (60 days, 90 days) |
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Purchasing : |
L/C, Cash or Credit (30 days), Sight (Against Documents) |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Novelty Leather Products |
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As Per Demand |
GENERAL INFORMATION
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Customers : |
v
Local and Foreigners v
Retailers v
End Users |
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No. of Employees : |
50 (Office: 10; Other: 40) |
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Bankers : |
Canara Bank 16/95, |
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Facilities: |
Current Account |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. K. Parmarthi and Company Chartered Accountants |
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Address : |
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Association /
Subsidiaries: |
Zorba Leather Finishers Address: D – 6, Khapra Mohal Cantt., Line of Business: Export of Leather Goods. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 2.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.453 |
0.289 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.453 |
0.289 |
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LOAN FUNDS |
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1] Secured Loans |
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0.253 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.253 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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0.706 |
0.289 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.114 |
1.457 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.192 |
0.145 |
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Sundry Debtors |
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0.391 |
0.248 |
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Cash & Bank Balances |
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0.122 |
0.014 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.043 |
0.000 |
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Total
Current Assets |
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0.748 |
0.407 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.125 |
1.551 |
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Provisions |
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0.031 |
0.024 |
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Total
Current Liabilities |
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3.156 |
1.575 |
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Net Current Assets |
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(2.408) |
(1.168) |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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0.706 |
0.289 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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5.647 |
3.396 |
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Other Income |
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0.167 |
0.223 |
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Total Income |
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5.814 |
3.619 |
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Profit/(Loss) Before Tax |
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0.101 |
0.043 |
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Provision for Taxation |
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0.036 |
0.016 |
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Profit/(Loss) After Tax |
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0.065 |
0.027 |
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Earnings in Foreign Currency : |
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Export Earnings |
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4.477 |
6.341 |
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Total Earnings |
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4.477 |
6.341 |
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Expenditures : |
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Cost of Goods Sold |
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4.337 |
7.548 |
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Administrative Expenses |
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1.220 |
0.970 |
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Interest |
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0.048 |
0.032 |
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Depreciation & Amortization |
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0.107 |
0.026 |
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Total Expenditure |
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5.712 |
8.576 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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1.11 |
0.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.78 |
11.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.61 |
21.62 |
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Return on Investment (ROI) (PBT/Networth) |
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0.22 |
1.39 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.96 |
5.44 |
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Current Ratio (Current Asset/Current Liability) |
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0.23 |
0.25 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
v NIOLE –
v JULIA –
v CHARLES –
v MICHELLE,
v
v
Website details attached:
Company’s Profile
Subject is
Alum, a natural mineral
found in Europe and used by the Egyptians more than 4,000 years ago, is a
shaving essential for any well-groomed man. Its antiseptic properties calm
razor burn and soothe irritations, and help stop bleeding in the event of a
nick or cut. Alum Block is appropriate for all skin types and can be used as an
astringent for oily complexions
Products Profile
v Potassium alum is a pure product made without the addition of chemicals,
fragrances, oil or alcohol.
v The chemical formula is K2SO4Al2 (SO4)3.24H2O
v Potassium alum has a tonifying & refreshing action.
v The skin appears soft & silky immediately.
v Potassium Alum is unscented, non-staining, hypoallergenic, which stop
body odor for over 24hrs. It allows the skin to breathe freely & is
environment friendly.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.24 |
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1 |
Rs.83.04 |
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Euro |
1 |
Rs. 55.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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