MIRA
INFORM REPORT
|
Report Date : |
19.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
EXOTIC FASHIONS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
25, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
15.02.2006 |
|
|
|
|
Com. Reg. No.: |
107959 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74994WB2006PTC107959 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALE02407G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCE5580F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Leather Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 |
|
Maximum Credit Limit : |
USD 200 |
|
|
|
|
Status : |
New company |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a new company. Company has incurred some initial losses. Payments
are reported as slow and delayed. The company can be considered for small business dealings on safe and
secured trade terms and conditions. |
LOCATIONS
|
Registered Office : |
25, |
|
Tel. No.: |
91-33-22471227/ 22804845 |
|
Mobile No.: |
91-9831008185 |
|
Fax No.: |
91-33-22408427 |
|
E-Mail : |
|
|
Website : |
|
DIRECTORS
|
Name : |
Mr. Siddhartha Jalan |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
27.04.1972 |
|
Date of Appointment : |
15.02.2006 |
|
|
|
|
Name : |
Ms. Uma Jalan |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
24.05.1972 |
|
Date of Appointment : |
15.02.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Mr. Siddhartha Jalan |
5000 |
|
Ms. Uma Jalan |
5000 |
|
Total |
10000 |
All the shares are held by directors or their relatives.
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Leather Products. |
GENERAL INFORMATION
|
|
|
|
Auditors : |
|
|
Name : |
Sharad Mohata & Company Chartered Accountants |
|
Address : |
6, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(0.031) |
|
|
NETWORTH |
|
|
0.069 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
2.305 |
|
|
TOTAL BORROWING |
|
|
2.305 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2.374 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1.295 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
2.355 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.045 |
|
Total
Current Assets |
|
|
3.695 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
1.350 |
|
|
Provisions |
|
|
0.004 |
|
Total
Current Liabilities |
|
|
1.354 |
|
|
Net Current Assets |
|
|
2.341 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.033 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2.374 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 (Estimated) |
|
Total Income |
|
|
1.500 |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
PAT / Total Income |
(%) |
|
|
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
53.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.73 |
LOCAL AGENCY FURTHER INFORMATION
Website Details :
Exotic Fashions Pvt.
Ltd. the new name for Exotic Lederwaren, keeping in mind the aim of creating new
and clearly differentiated leather products, hence setting up a new benchmark
of excellence in leather product’s quality and style (an associate of Zeniss
Arts, who have been in the field of manufacturing of all kinds of small leather
goods and accessories since 1970), started its own manufacturing unit in the
year 1996.
Immaculate... that is the only way you can describe their leather goods. An
ideal blend of style and efficacy, Exotic Fashions Pvt. Ltd. is internationally
famed for the finest Leather Wallets, Portfolios, Passport Holders, Coin
Purses, Key Cases, Gents Bags, Ladies Bags and much more. Uniquely crafted and
finely designed, Exotic Fashions leather good is a work of art.
Elegance personified... an Exotic leather item is useful and lasts long. The
quality is hard to beat and the pricing reasonable.
Naturally therefore, there is heavy demand for their products. Under the
supreme guidance of Mr. Siddhartha Jalan, Exotic Fashions Pvt. Ltd. has reached
certain heights in the export arena, as today they have conquered the European
Markets like Germany, Netherlands, Switzerland, Sweden, Italy, Austria,
Belgium, Denmark, etc. with their high quality product range consisting of
leather wallets, folios, key cases, passport cases and other small leather
goods and accessories.
Their products are available in cow, buffalo, calf, goat and sheep leather, in
a variety of specifications ranging from Drum Dyed, Vegetable Tanned, Aniline
and Soft Nappa, to Natural Dry Milled, Oil Tanned and Prints. Their leather
wallets, purses, bags, portfolios and other products are available in cow,
buffalo, calf, goat and sheep leather.
Commitment to the customer is supreme to us. Client’s product specifications
are very important to us. Hence, great emphasis is put on the design and
quality for their total satisfaction. Leveraging cutting-edge technologies,
they manufacture the best leather goods that have an air of unmatched
perfection to the exact specification of the client. Great emphasis is given to
timely delivery.
Elegance is their hallmark and finesse of their trademark.
Achievements
Immaculate... that
is the only way you can describe their leather goods. Exotic Fashions is
internationally famed for the finest Leather Wallets, Portfolios, Passport Holders,
Coin Purses, Key Cases, Gents Bags, Ladies Bags and much more. Exquisitely
crafted and finely designed, an Exotic Fashions leather good is a work of art.
Naturally therefore,
there is heavy demand for their products. Their range of leather wallets,
purses, bags and other products are currently available in the leading European
markets. You will find them in the finest up-market shops in
Fashion and utility blend to define the essence of their leather goods.
Elegance personified... an Exotic leather item is useful and lasts long. The
quality is hard to beat and the pricing reasonable.
Their leather wallets, purses, bags, portfolios and other products are
available in cow, buffalo, calf, goat and sheep leather. You will find unique
Exotic products in a variety of specifications like Drum Dyed, Vegetable
Tanned, Aniline and Soft Nappa, Natural Dry Milled, Oil Tanned and in Prints.
As a special media
of promotion they also do participate in various fairs all across the globe at
various meets, etc. They too have been awarded best export achievement awards
in the past.
Production
Facilities
Over the past few years their vast product range today includes wallets,
billfolds, folios, key cases, ladies handbags, gents bags, coin purses,
passport holders, mobile and pager covers and all other small leather goods and
accessories.
They too maintain a strict quality control inspection facility, before the
shipment is made. At present they are currently producing 40,000 to 50,000 pcs
of small leather goods per month.
Adequate means of water, electricity and easy means of transport makes their
production unit more favorable for timely delivery, as they manage to deliver
the goods exactly eight weeks after receiving the confirmed order and payment.
Leather Qualities Used for Production: Cow Nappa, (premium, medium, lower type)
Cow DD, Cow Aniline, Buffalo and Calf DD, Goat Nappa, Lamb Skin, Vegetable Tanned
Leather, etc.
Commitment to the customer is supreme to us. Leveraging cutting-edge
technologies, they manufacture the best leather goods to the exact
specification of the client. Great emphasis is given to timely delivery.
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.40.70 |
|
|
1 |
Rs.80.80 |
|
Euro |
1 |
Rs.54.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
-- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
12 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|