MIRA
INFORM REPORT
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Report Date : |
21.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LODHA IMPEX |
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Registered Office : |
Laxmi Building, 11 Subhash Road, Jogeshwari (East), Mumbai-400 060,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment: |
1993 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Exporter and Importer of Readymade Garments |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 132200 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory track. Proprietor of the concern is reported as
experienced, respectable and resourceful businessman. Their trade relations are fair.
Payments are usually correct and as per commitments. The Concern can be considered good for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Pushpajan |
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Designation : |
Export Assistant |
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Date : |
17.06.2008 |
LOCATIONS
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Registered Office : |
Laxmi Building, 11 Subhash Road,
Jogeshwari (East), Mumbai-400 060, Maharashtra, India |
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Tel. No.: |
91-22-2836 4503/28375133 |
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Fax No.: |
91-22-2836 4531 |
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E-Mail : |
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Website : |
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Corporate Office/Factory : |
SPL-E-100, Garment Zone, E.P.I.P., Sitapura Industrial Area, Tonk
Road, Jaipur-302 022. India |
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Tel. No.: |
91-141-2770465/66/67/68 |
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Fax No.: |
91-141-2770462 |
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E-Mail : |
SOLE PROPRIETOR
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Name : |
Mr. Dalpal Lodha |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Readymade Garments |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Accessories |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Karnataka Bank Overseas Branch, Nariman Point, Mumbai |
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Facilities : |
Rs. 110.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shah and Nahal Company Chartered Accountants |
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Address : |
Dadar [West], Mumbai |
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Name : |
Narotam and Company Chartered Accountants |
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Address : |
Vikhroli, Mumbai |
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Associates/Subsidiaries : |
Jogeshwari [East], Mumbai Line of Business: Exporter of Garments
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 26.459 Millions |
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Borrowed : |
--- |
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Total : |
Rs. 26.459 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Proprietors Capital |
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26.459 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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26.459 |
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LOAN FUNDS |
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1] Secured Loans |
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117.099 |
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2] Unsecured Loans |
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38.995 |
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TOTAL BORROWING |
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156.094 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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182.553 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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39.511 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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2.700 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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111.943 |
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Sundry Debtors |
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49.326 |
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Cash & Bank Balances |
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2.558 |
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Other Current Assets |
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21.613 |
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Income accrued drawback |
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6.045 |
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Total
Current Assets |
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191.485 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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51.143 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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51.143 |
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Net Current Assets |
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140.342 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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182.553 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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244.282 |
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Net Profit |
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3.156 |
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Expenditures : |
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Salary, Bonus, and Allowance |
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10.228 |
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Audit Fees |
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0.100 |
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Advertising Expenses |
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0.025 |
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Administration charges |
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0.010 |
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Add P.F. Employer |
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0.024 |
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Bank Charges |
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1.514 |
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Bank interest |
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10.779 |
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Commission and Brokerage |
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0.219 |
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Conveyance Expenses |
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0.148 |
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Cartage Expenses |
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0.066 |
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Carriage inward |
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0.607 |
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Carriage outward |
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0.214 |
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Depreciation |
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4.497 |
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Export documentation |
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0.091 |
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Export exhibition |
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0.854 |
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ESIC Employer |
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0.252 |
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Electricity Expenses |
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1.419 |
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Export promotion |
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0.318 |
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Export Discount |
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0.037 |
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Exchange rate Diff. |
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0.001 |
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ECGC Premium |
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0.752 |
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Festival Gifts |
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0.077 |
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Freight and Forwarding |
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2.342 |
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Fuel Expenses |
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1.784 |
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Garden Maintenance |
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0.121 |
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General Expenses |
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0.104 |
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Insurance premium |
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0.370 |
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Internal audit Expenses |
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0.044 |
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Legal and professional fees |
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0.309 |
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ISO Expenses |
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0.145 |
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Membership and Subscription |
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0.058 |
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Parties loan interest |
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6.081 |
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Printing and Stationery |
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0.342 |
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Post Telegram |
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0.490 |
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Pension P.F. |
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0.458 |
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Repairs and Maintenance |
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1.850 |
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Rent, rates and taxes |
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0.057 |
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Staff welfare Expenses |
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0.902 |
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Scooter Maintenance Expenses |
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0.055 |
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Security charges |
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0.958 |
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Swaraj Mazda Pic up Expenses |
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0.312 |
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Telephone charges |
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0.483 |
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Traveling Expenses [Foreign] |
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0.669 |
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Traveling Expenses [Local] |
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0.465 |
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Vehicle Maintenance Expenses |
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0.506 |
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Water charges |
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0.056 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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1.29 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.37 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.84 |
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Current Ratio (Current Asset/Current Liability) |
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3.74 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Nichibo
Company Limited, Osaka, Japan
- Children
Place, New York, USA
- Universe
Textile, France
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. 42.97 |
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UK Pound |
1 |
Rs. 84.75 |
|
Euro |
1 |
Rs. 66.72 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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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 |
|
47 |
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 |
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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 |
|
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 |
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