MIRA
INFORM REPORT
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Report Date : |
01.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ZEDEX CLOTHING PRIVATE LIMITED |
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Registered Office : |
132/2, Balaji Estate, Isanpur, Ahmedabad 382443, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.06.2003 |
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Com. Reg. No.: |
04-42473 |
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CIN No.: [Company
Identification No.] |
U18101GJ2003PTC042473 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMZ00151E |
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PAN No.: [Permanent
Account No.] |
AAACZ2046E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on in India or elsewhere in the world with or without collaboration
the business to cut, clean, design, develop, mix, blend, stitch, sort, grade,
size, finish, iron, colour, dye, bleach, wash, dry, print, to carry out job
work, sale, in all shapes, sizes, varieties, specifications, descriptions,
applications, modalities, fashions and apparels garments for men, women and
children such as sportware, activewear, dailywear, fashionwear, partywear,
wearing, apparels kameez, kurtas, suits, dress, swimming suits, uniforms, T
Shirts, Sweaters and underwear made from cotton, silk, synthetic cloth,
fabric, jute, velvet, wool silk, natural or artificial silk, denim or with
any combination thereof and to participate local, national and international
trade fairs, sales exhibitions, seminars any other promotion scheme |
RATING &
COMMENTS
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MIRAs 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 20000 |
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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 company having satisfactory
track. Directors 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 company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
132/2, Balaji Estate, Isanpur, Ahmedabad 382443, Gujarat |
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Tel. No.: |
91-79-25733462 |
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Mobile No.: |
91-9374218050 |
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Fax No.: |
91-79-25733378 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sanjay Babubhai Gohel |
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Designation : |
Director |
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Address : |
25 Deepmala Bunglows, Near Cadila Over Bridge, Ahmedabad 380050,
Gujarat |
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Date of Birth/Age : |
07.09.1968 |
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Date of Appointment : |
09.06.2003 |
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Name : |
Mr. Hasmukh Babubhai Gohel |
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Designation : |
Director |
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Address : |
26 Deepmala Bunglows, Near Cadila Over Bridge, Ahmedabad 380050,
Gujarat |
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Date of Birth/Age : |
25.01.1959 |
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Date of Appointment : |
09.06.2003 |
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Name : |
Mr. Babubhai Nitin Gohel |
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Designation : |
Director |
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Address : |
25 Deepmala Bunglows, Near Cadila Over Bridge, Ahmedabad 380050,
Gujarat |
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Date of Birth/Age : |
04.10.1962 |
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Date of Appointment : |
08.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
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Mr. Hasmukh Babubhai Gohel |
15000 |
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Mr. Babubhai Nitin Gohel |
15000 |
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Mr. Sanjay Babubhai Gohel |
15000 |
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Mr. Manish Hasumukhbhai Gohel |
5000 |
BUSINESS DETAILS
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Line of Business : |
To carry on in India or elsewhere in the world with or without
collaboration the business to cut, clean, design, develop, mix, blend, stitch,
sort, grade, size, finish, iron, colour, dye, bleach, wash, dry, print, to
carry out job work, sale, in all shapes, sizes, varieties, specifications,
descriptions, applications, modalities, fashions and apparels garments for
men, women and children such as sportware, activewear, dailywear,
fashionwear, partywear, wearing, apparels kameez, kurtas, suits, dress,
swimming suits, uniforms, T Shirts, Sweaters and underwear made from cotton,
silk, synthetic cloth, fabric, jute, velvet, wool silk, natural or artificial
silk, denim or with any combination thereof and to participate local,
national and international trade fairs, sales exhibitions, seminars any other
promotion scheme |
GENERAL
INFORMATION
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Bankers : |
Bank of India, Vatva Industrial Estate Branch, 91/21, Phase 1, GIDC
Vatva, Ahmedabad 382445, Gujarat |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S G Marathe & Company Chartered Accountant |
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Address : |
1, Firsst Floor, Sumati Avenue, Opposite Rajkamal Bakery, Bhairavnath
Road, Maninagar, Ahmedabad 380008, Gujarat
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Memberships : |
Nil |
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Collaborators : |
Nil |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- Each |
Rs. 4.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 10/- Each |
Rs. 4.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.000 |
0.100 |
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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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0.825 |
0.083 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.825 |
0.183 |
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LOAN FUNDS |
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1] Secured Loans |
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16.382 |
0.000 |
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2] Unsecured Loans |
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3.891 |
0.435 |
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TOTAL BORROWING |
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20.273 |
0.435 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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25.098 |
0.618 |
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APPLICATION OF FUNDS |
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9.165 |
0.311 |
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FIXED ASSETS [Net Block] |
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0.086 |
0.000 |
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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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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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15.335 |
1.341 |
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Sundry Debtors |
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14.711 |
0.299 |
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Cash & Bank Balances |
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1.871 |
0.128 |
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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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1.394 |
0.030 |
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Total
Current Assets |
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33.311 |
1.798 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.617 |
1.420 |
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Provisions |
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0.858 |
0.083 |
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Total
Current Liabilities |
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17.475 |
1.503 |
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Net Current Assets |
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15.836 |
0.295 |
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MISCELLANEOUS EXPENSES |
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0.011 |
0.012 |
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TOTAL |
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25.098 |
0.618 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.82 |
10.59 |
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Current Ratio (Current Asset/Current Liability) |
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1.90 |
1.19 |
LOCAL AGENCY
FURTHER INFORMATION
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Corporate identity
number (CIN) Foreign company registration number |
U18101GJ2003PTC042473 |
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Name of the
Company |
ZEDEX CLOTHING PRIVATE LIMITED |
|
Address |
132/2, Balaji Estate, Isanpur, Ahmedabad 382443, Gujarat |
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Type of Charge |
Book Debts and
other |
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Particulars of
the charge holder |
Bank of India, Vatva Industrial Estate Branch, 91/21, Phase 1, GIDC
Vatva, Ahmedabad 382445, Gujarat |
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Nature or
description of the instrument or modifying the charge |
Supplemental deed of hypothecation dated 19.09.2006 Agreement of term loan and hypothecation of movable/
assets/goods/property/plant & machinery dated 19.09.2006 |
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Amount secured by
the charge |
Rs. 21.200
Millions |
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Brief of the
principal terms and conditions |
Rate of Interest
Cash Credit Stock & Book
Debts 0.75% BPLR Min 12.25% FBP/FBN/EPC
7.75% Term Loan I
0.75% OBPLR Min 12.25% Term Loan II
--- 0.75% OBPLR Min 12.25% Terms of
repayment Cash Credit
Stock & Book Debts On Demand EBP/FBN/EPC On
Demand Term Loan I
36 Equal month installment each of Rs. 0.117 Millions Term Loan II
60 Equal Month installment each of Rs. 0.037 Millions Margin Cash Credit
Stock 25.00% EBP/FBN/EPC
25.00% Term Loan I 32.28% Term Loan II
25% |
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Description of
the property charged indicating |
Stock, raw
material etc. Fabric, Zipper, Thread, Fusing, Buttons, Rivets etc |
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 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 Intl
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 companys 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.44.28 |
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UK Pound |
1 |
Rs.86.62 |
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Euro |
1 |
Rs.58.32 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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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 |
YES |
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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 |
NO |
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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 |
|
43 |
This score serves as a reference to assess SCs 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 |
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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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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