MIRA
INFORM REPORT
|
Report Date : |
09.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ZAHONERO INDIA PRIVATE LIMITED |
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Registered Office : |
16-A/20, WEA Main Ajmal Khan Road, Karol Bagh, New Delhi – 110005 |
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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.: |
55-71787 |
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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 : |
Manufacturing
and Export of Footwear Component, Shoes Components and Shoes |
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 63000 |
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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 : |
16-A/20 WEA Main Ajmal Khan Road, Karol Bagh, New Delhi - 110005,
India |
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E-Mail : |
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Website: |
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Area : |
18000 sq. ft. |
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Location : |
Rented |
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Business Office
& Works: |
39-40, Main Noida Dadri Road (Udyog Kendra), Noida 201306, Uttar Pradesh,
India |
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Tel. No.: |
91-120-
2569776 2568573 - 2569574 |
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Fax No.: |
91-120-
2569766 |
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E-Mail : |
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Authorized
Agents & Distributors: |
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Kanpur |
Leather Online Limited |
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Address : |
403, Commerce
Centre, Chunniganj, Kanpur, Uttar Pradesh 208001 |
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Contact Person : |
Mr. Vikram Modi |
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Phone : |
91 512 253 3614
- 321 8916 |
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Fax : |
91 512 253 5106 |
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E-mail : |
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South Region |
Lintex Agencies |
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Address : |
9/3 Sami Mudali
St – 2nd Floor, Periamet, Chennai 600 003, Tamilnadu India |
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Contact Person : |
Mr. K. Md.
Faizullah |
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Phone : |
91 44 2536 5410 |
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Mobile : |
98402 88841 |
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Fax : |
91 44 2536 9612 |
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E-mail : |
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Agra |
Sarin Enterprises |
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Address : |
7, Nehru Nagar,
Agra, Uttar Pradesh 282005 - India |
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Contact Person : |
Mr. Ambrish
Sarin |
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Phone : |
91-562-2855176 |
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Fax : |
91-562-2521910 |
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E-mail : |
DIRECTORS
|
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 Zahonero Perez |
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Designation : |
Director |
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Date of Birth/Age : |
41 years |
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Name : |
Mr. Silvio Dosries Lucas |
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Designation : |
Director |
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Date of Birth/Age : |
40 years |
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Name : |
Mr. Jorgejuan Zahonero Virgili |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
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Names of Shareholders |
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No. of Shares |
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Mr Zahonero Virgili SL, Spain |
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349,958 |
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Mr Jorge Zahonero Virgili, Spain |
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1 |
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Mr Fransisco Zahonero Perez, Spain |
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1 |
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Total |
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349,960 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Export of Footwear Component, Shoes Components and Shoes |
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Products : |
Latex Foam, Foot Beds, Counters, Tpr Compounds Shoes Components &
Accessories, PU Foam, Thermoplastic Elastomers. Insoles For Footwear
Industry. |
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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 : |
16A/20, WEA, Main Ajmal Khan Road, Karol Bagh, Delhi 110005 |
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Tel No.: |
91-11-25761916, 25716777, 25722222 |
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Mobile No.: |
91-9810007048 |
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Fax No.: |
91-11-25732222 |
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Email : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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450000 |
Equity shares |
Rs.100/- each |
Rs.45.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
349960 |
Equity shares |
Rs.10/- each |
Rs.34.996
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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34.996 |
22.496 |
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2] Share Application Money |
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4.908 |
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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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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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 |
|
1.670 |
1.881 |
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Cenvat Credit Receivable |
|
4.129 |
4.882 |
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Security Deposit |
|
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 |
|
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 |
|
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 |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
39.113 |
0.511 |
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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 |
0.511 |
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Profit/(Loss) Before Tax |
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(19.819) |
(3.928) |
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Provision for Taxation |
|
0.308 |
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 |
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Administrative Expenses |
|
5.851 |
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Personal Expenses |
|
10.711 |
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Duties and Taxes |
|
0.050 |
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Selling and Distribution Expenses |
|
0.522 |
4.439 |
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Miscellaneous Expenses |
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2.414 |
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Payment to Auditors |
|
0.224 |
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Financial Charges |
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3.943 |
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Depreciation |
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4.576 |
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Other Expenditure |
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0.000 |
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Total Expenditure |
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58.931 |
4.439 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
|
(51.46) |
(776.13) |
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Net Profit Margin |
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(50.67) |
(768.69) |
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Return on Total Assets |
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(28.80) |
(7.30) |
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Return on Investment (ROI) |
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(127.30) |
(21.40) |
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Current Ratio |
|
1.51 |
1.07 |
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Quick Ratio |
|
1.15 |
0.72 |
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Debt Equity Ratio |
|
2.17 |
1.31 |
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Current Liabilities/Networth |
|
1.25 |
0.62 |
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Fixed Asset / Networth |
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2.54 |
2.27 |
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Average Collection Days |
|
133.77 |
159.94 |
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Account Receivables Turnover |
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2.73 |
2.28 |
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Inventory Turnover |
|
5.44 |
0.13 |
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Asset Turnover |
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0.98 |
0.01 |
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.02 |
|
UK Pound |
1 |
Rs.79.44 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
|
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
|
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. |
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 |
|