MIRA INFORM REPORT
|
Report Date : |
09.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ZEDEX CLOTHING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
132/2, Balaji Estate, Behind Mony Hotel Isanpur Narol Highway , Ahmedabad 382443, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
09.06.2003 |
|
|
|
|
Com. Reg. No.: |
04-42473 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18101GJ2003PTC042473 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMZ00151E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACZ2046E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Readymade Garments |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22748 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office/ Factory : |
132/2, Balaji Estate, Behind Mony Hotel Isanpur Narol Highway , Ahmedabad 382443, Gujarat |
|
Tel. No.: |
91-79-25733462 |
|
Mobile No.: |
91-9374218050 |
|
Fax No.: |
91-79-25733378 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Sanjay Babubhai Gohel |
|
Designation : |
Managing Director |
|
Address : |
25 Deepmala Bunglows, Near Cadila Over Bridge, Ahmedabad 380050,
Gujarat |
|
Date of Birth/Age : |
07.09.1968 |
|
Date of Appointment : |
09.06.2003 |
|
|
|
|
Name : |
Mr. Hasmukh Babubhai Gohel |
|
Designation : |
Director |
|
Address : |
26 Deepmala Bunglows, Near Cadila Over Bridge, Ahmedabad 380050,
Gujarat |
|
Date of Birth/Age : |
25.01.1959 |
|
Date of Appointment : |
09.06.2003 |
|
|
|
|
Name : |
Mr. Babubhai Nitin Gohel |
|
Designation : |
Director |
|
Address : |
25 Deepmala Bunglows, Near Cadila Over Bridge, Ahmedabad 380050,
Gujarat |
|
Date of Birth/Age : |
04.10.1962 |
|
Date of Appointment : |
08.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mr. Hasmukh Babubhai Gohel |
|
15000 |
|
Mr. Babubhai Nitin Gohel |
|
15000 |
|
Mr. Sanjay Babubhai Gohel |
|
15000 |
|
Mr. Manish Hasumukhbhai Gohel |
|
5000 |
|
|
|
|
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Readymade Garments |
|
|
|
|
Products : |
Readymade Garments |
GENERAL
INFORMATION
|
No. of Employees : |
About 50 |
|
|
|
|
Bankers : |
Vatva Industrial Estate Branch, 91/21, Phase 1, GIDC Vatva,
Ahmedabad 382445, Gujarat, India |
|
|
|
|
Facilities : |
- |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S G Marathe and Company Chartered Accountant (Mr. Samir Marathe , Partner , Membership NO. 105375) |
|
Address : |
1, Firsst Floor, Sumati Avenue, Opposite Rajkamal Bakery, Bhairavnath
Road, Maninagar, Ahmedabad 380008, Gujarat
|
|
Tel. No.: |
91-79-25450250 |
|
Fax No.: |
91-79-25462944 |
|
E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000 |
Equity Shares |
Rs.10/- Each |
Rs.4.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
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
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.000 |
4.000 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1.687 |
0.826 |
0.084 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5.687 |
4.826 |
0.184 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
21.980 |
16.382 |
0.000 |
|
|
2] Unsecured Loans |
4.983 |
3.891 |
0.435 |
|
|
TOTAL BORROWING |
26.963 |
20.273 |
0.435 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
32.650 |
25.099 |
0.619 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14.864 |
9.164 |
0.311 |
|
|
Capital work-in-progress |
0.000 |
0.086 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.633
|
15.336 |
1.341 |
|
|
Sundry Debtors |
16.418
|
14.711 |
0.299 |
|
|
Cash & Bank Balances |
3.086
|
1.871 |
0.128 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.540
|
1.394 |
0.030 |
|
Total
Current Assets |
44.677
|
33.312 |
1.798 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
24.390
|
16.616 |
1.420 |
|
|
Provisions |
2.510
|
0.858 |
0.083 |
|
Total
Current Liabilities |
26.900
|
17.474 |
1.503 |
|
|
Net Current Assets |
17.777
|
15.838 |
0.295 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.009 |
0.011 |
0.013 |
|
|
|
|
|
|
|
|
TOTAL |
32.650 |
25.099 |
0.619 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
77.685 |
7.195 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
77.685 |
7.195 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.982 |
0.112 |
|
|
Provision for Taxation |
|
0.240 |
0.022 |
|
|
Profit/(Loss) After Tax |
|
0.742 |
0.090 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Commission Earnings |
|
24.287 |
6.623 |
|
|
Other Earnings |
|
0.000 |
0.000 |
|
Total Earnings |
|
24.287 |
6.623 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Stores & Spares |
|
4.554 |
0.000 |
|
|
Others |
|
0.000 |
0.000 |
|
Total Imports |
|
4.554 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
Total Expenditure |
|
76.703 |
7.083 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
N.A.
|
0.95 |
1.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
N.A.
|
1.26 |
1.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
N.A.
|
6.20 |
37.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
N.A.
|
0.20 |
0.60 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.47
|
3.62 |
8.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66
|
1.90 |
6.09 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U18101GJ2003PTC042473 |
|
Name of the
Company |
ZEDEX CLOTHING PRIVATE LIMITED |
|
Address |
132/2, Balaji Estate, Isanpur, Ahmedabad 382443, Gujarat, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Book Debts Goods, Plant and
Machinery |
|
Particulars of
the charge holder |
Bank of India Vatva Industrial Estate Branch, 91/21, Phase 1, GIDC Vatva,
Ahmedabad 382445, Gujarat, India |
|
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 and machinery dated 19.09.2006 |
|
Date of the
instrument creating or modifying the charge |
19.09.2006 |
|
Amount secured by
the charge |
Rs.21.200
Millions |
|
Brief of the
principal terms and conditions |
Rate of Interest : Cash Credit
Stock and 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 and 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% Cash Credit
Book debts 40.00% EBP/FBN/EPC
25.00% Term Loan I
32.28% Term Loan II
25% Extent and operation of the charge : The first charge
created on goods and book debts in favour of Bank of India to secure enhanced
aggregate credit facilities of Rs.21.200 Millions |
|
Description of
the property charged indicating |
Stock, raw
material etc. Fabric, Zipper, Thread, Fusing, Buttons, Rivets etc and Book
debts. Hypothecation of
Plant and Machinery, 4 drum washer M/C, 2Tumbler Dryer TSR-3 and TSR-4 M/C, 1
Hydro Extractor, 1Fab-care Hydro Extractor HDS 25 etc. |
|
Particular of the
present modification |
The charge of
Rs.16.000 Millions increased to Rs.21.200 Millions as follows: Cash Credit
Stock: Rs.5.000 Millions Cash Credit
Book debts : Rs.5.000 Millions But Maxi. :
Rs.7.000 Millions EPC/ FBP/ FBN : Rs.10.000
Millions Term Loan I
Rs.2.500 Millions and Term Loan II
Rs.1.700 Millions Aggregating to
Rs.21.200 Millions |
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.39.55 |
|
UK Pound |
1 |
Rs.76.85 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
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 |
|
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 |
|