MIRA
INFORM REPORT
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Report Date : |
23.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ZAHONERO INDIA PRIVATE LIMITED |
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Registered Office : |
16-A/20, WEA Main Ajmal Khan Rdkarol Bagh, New Delhi – 110005, Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.04.2005 |
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Com. Reg. No.: |
135066 |
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CIN No.: [Company
Identification No.] |
U19201DL2005PTC135066 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELZ00387C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of latex foam, PU foam |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 63244 |
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Status : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and commerced business recently, initialy, it
has incurred some losses. However it’s payments are correct and as per
commitments. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions with slight caution initialy. |
LOCATIONS
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Registered/Factory Office : |
39 / 40, Main Noida Dadri Road (Udyog Kendra), Gautham Budha Nagar, UP
– 201306, India |
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Tel. No.: |
91-120-2569776 |
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Fax No.: |
91-120-2569766 |
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E-Mail : |
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Area : |
18000 sq. ft. |
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Location : |
Rented |
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DIRECTORS
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Name : |
Mr. George Zahouero |
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Designation : |
Director |
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Date of Birth/Age : |
52 years |
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Name : |
Mr. Fransisco Perez Zahouero |
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Designation : |
Director |
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Date of Birth/Age : |
41 years |
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Name : |
Mr. Silvia Lucas |
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Designation : |
Director |
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Date of Birth/Age : |
40 years |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of latex foam, PU foam |
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Exports : |
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Products : |
PU Public Latex insoles |
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Countries : |
UK |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
30 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. V. V. Kale and Company Chartered Accountants |
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Address : |
Karol Bagh, New Delhi |
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Mobile No.: |
91-9810007048 |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity shares |
Rs.10/- each |
Rs.45.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1096200 |
Equity shares |
Rs.10/- each |
Rs.10.962
Millions |
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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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39.904 |
22.496 |
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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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(24.093) |
(3.966) |
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NETWORTH |
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15.811 |
18.530 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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34.336 |
24.206 |
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TOTAL BORROWING |
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34.336 |
24.206 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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50.147 |
42.736 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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40.084 |
41.978 |
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Capital work-in-progress |
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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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7.186 |
4.023 |
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Sundry Debtors |
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14.334 |
0.223 |
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Cash & Bank Balances |
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1.670 |
1.881 |
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Cenvat Credit Receivable |
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4.129 |
4.882 |
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Security Deposit |
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1.030 |
1.001 |
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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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1.458 |
0.319 |
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Total
Current Assets |
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29.810 |
12.332 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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19.746 |
11.574 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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19.746 |
11.574 |
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Net Current Assets |
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10.063 |
0.758 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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50.146 |
42.736 |
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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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39.113 |
2.294 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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39.113 |
2.294 |
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Profit/(Loss) Before Tax |
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(19.818) |
(3.928) |
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Provision for Taxation |
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0.309 |
0.038 |
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Profit/(Loss) After Tax |
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(20.127) |
(3.966) |
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Expenditures : |
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Manufacturing Expenses |
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30.638 |
2.896 |
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Administrative Expenses |
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5.851 |
0.801 |
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Personal Expenses |
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10.711 |
1.323 |
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Duties and Taxes |
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0.050 |
0.018 |
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Selling and Distribution Expenses |
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0.522 |
0.030 |
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Miscellaneous Expenses |
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2.414 |
0.166 |
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Payment to Auditors |
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0.224 |
0.101 |
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Financial Charges |
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3.943 |
0.174 |
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Depreciation |
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4.576 |
0.709 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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58.931 |
6.222 |
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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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(51.46) |
(172.89) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(50.67) |
(171.23) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(28.35) |
(7.23) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.25) |
(0.21) |
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Debt Equity Ratio (Total Liability/Networth) |
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3.42 |
1.93 |
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Current Ratio (Current Asset/Current Liability) |
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1.51 |
1.07 |
LOCAL AGENCY FURTHER
INFORMATION
Website
details
The wide
experience obtained in over fifty years of production and commercialisation of
products for the footwear industry is undoubtedly the competitive edge that the
Zahonero Group has over other companies in the sector.
Although the
first Zahonero Company was founded in Spain during the 1940s, the real
expansion of the Group commenced in 1976. New businesses were acquired or
opened in different countries with a particular emphasis on securing a presence
in footwear-producing markets. In 1996 the holding company structure was
adopted and thus was the Zahonero Group formed
Specialisation and customer service
Increasingly competitive market conditions mean that special
attention must be paid to the specific needs of each customer. Fully conscious
of this, the Zahonero Group has focused on the development of new products and
on a rapid and flexible approach to satisfying the needs of the footwear
industry as determined by production processes. The quality of the customer
service offered by the Group is such that it can meet these demands.
The international dimension
Aware of the difficulties of competing successfully in
distant markets in the context of a global economy, the philosophy of the group
is to be there where the customer is to be found, offering the same product and
the same quality of service to customers in any part of the world. The Zahonero
Group has opted for the opening of production, warehousing and distribution
facilities in each area where the market requires it, and has complemented
these with a well-organised international sales network.
Internationalisation has given the Group a global presence and the possibility
of transmitting to the client confidence in products backed up by a single
corporate identity, uniform operating criteria (management, administration,
etc) and standard technical guarantees (specifications).
Research and development
The group has an R+D Department as well as laboratories and
quality control systems, all of which permit new knowledge obtained as a result
of technological advances and developments to be applied to its products and
processes.
Respect for the environment
The environmental conscience of the group is reflected in its
ambitious programme of control over residues and waste. This programme not only
complies with the ruling legislation but also promotes a series of initiatives
and projects that go beyond legislative requirements.
Product
range
The products manufactured by the Zahonero Group are produced
primarily for the footwear industry and cover almost all materials:
Each of their businesses, whether industrial or commercial, represents the fulfilment of their philosophy of maintaining a presence in footwear-producing countries and of offering a quality service to their customers.
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 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.39.41 |
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UK Pound |
1 |
Rs.81.37 |
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Euro |
1 |
Rs.58.56 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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30 |
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. |
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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