MIRA
INFORM REPORT
|
Report Date : |
11.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ZODIAC CLOTHING COMPANY
LIMITED |
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Registered Office : |
10/76, Off Haines Road, Worli, Mumbai –
400 018, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
14.06.1984 |
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Com. Reg. No.: |
11-33143 |
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CIN No.: [Company
Identification No.] |
L7100MH1984PLC033143 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMZ01061E |
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PAN No.: [Permanent Account
No.] |
AAACZ0151A |
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Legal Form : |
Public limited liability company. Company’s shares are
listed on the Stock Exchange |
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Line of Business : |
Manufacturing
and Marketing of 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 420000 |
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Status : |
Good |
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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 and a part of Zodiac Group. The company
is progressing well. 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. Fundamentals are strong
and healthy. The company can be
considered normal for business dealings at usual trade terms and conditions. The company can be
regarded as promising business partner in medium to long-run. |
LOCATIONS
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Registered Office : |
10/76, Off Haines Road, Worli, Mumbai –
400 018, Maharashtra, INDIA |
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Tel. No.: |
91-22-24964001 – 8/
66677000, 11-73876(Telefax) |
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Mobile No.: |
91-22-24932846 /
24910145/66677279 |
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E-Mail : |
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Website : |
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Corporate Offices : |
India 10/76, Off Haines
Road, Worli,
Mumbai-400018. Tel : ( 00 91 22 )
56677000 Fax : ( 00 91 22 )
56677159 E Mail : Contactus@Zodiacmtc.Com
Germany Zodiac Clothing Co.
S A Elisathtrasse 73,
D-40217 Dusseldorf Germany Tel : ( 00 49 211 )
516 2464 U. K. Zodiac Clothing Co.
S A Unit No.18, The Old
Power Station, 121 A Mortlake High Street London-Sw-14-8-Sn, Uk Tel : ( 00 44 208 )
878 6427 Fax : ( 00 44 208 )
876 5919 E Mail : Jane.Hulse@Zodiacshirts.Co.Uk
U.S.A Zodiac Clothing Co.
S.A. |
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Factory : |
v Yelahanka, Bangalore - 560063. v Whitefield Road,
Bangalore - 560048 v
Plot No. 9(B), Bommasandra
Industrial Area, Hebbagodi Village, Attibele Hobli, Anekal Taluka, Bangalore v Mahadevapura, Whitefield, Bangalore - 560048. v Koramangala Industrial Layout, Bangalore - 540034. v C -2/7, G.I.D.C., Umergaon, Gujarat. v A - 1, 181 / 1, G.I.D.C., Umergaon,
Gujarat. v
Zodiac ( UAE
) Limited, A1 Goze Industrial Area, Dubai, U.A.E. v
Plot No. 411,
Unit II, GIDC, Umbergon, Valsad, Gujarat – 296171 v
A to Z
Industrial Area, Lower Parel, Mumbai - 400011 |
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Branches : |
No.184,Commercial Street, Bangalore - 560001. Tel : 080-55333623 1E/15,Jhandewalan Extension, New Delhi - 110055. Tel : 011-55905492 No.12,Khader Nawaz Khan Road, Chaitanya Complex, Block No.12, SCO 11 A 1st Floor, Madhya Marg, Chandigarh - 160018, H.No XXVII/369 (Upstairs), Krishna Vihar Colony, Panampilly Nagar, Nanda Building, 1st Floor, 31, Maqbara Road, Hazratganj, Lucknow - 226001 G.S.Plaza, Plot no 4, G-3, 8-2-675, Road No 1, Banjara Hills, Hyderabad - 500034 Trimurthy Appartments, Ground floor, 97, Park Street, Calcutta - 700016 Shop No 9 & 10, 1261 Junglee Maharaj Road, Opp McDonalds, Pune - 411004 43, Agrawal Nagar, Opp. Shiv Mandir, Indore - 452001 |
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Store Locator : |
East Zodiac Retail Store, 37, Shakespeare Sarani, Kolkatta-700 017. Zodiac Retail Store, Zodiac Retail Store, Shop No.101, Forum Mart Mall, Plot
No.89, Kharvel Nagar, Unit : III, North Zodiac Retail Store, F-40, South Extension-1, New Delhi-110 049. Zodiac Retail Store Zodiac Retail Store, Ground Floor, B-45/47 Connought Place, Delhi - 110001. Zodiac Retail Store, Shop No.11, JOP Plaza, S.P.Marg, Sector-18 Market, Noida, U.P. Zodiac Retail Store, 16-B, Khan Market, New Delhi-110 003. Tel : 011 - 55905489. Zodiac Retail Store, 6/87, Padam Singh Road, Karol Bagh, New Delhi. 17 A/10, WEA Azmal Khan Road, Karol Bagh, New Delhi. Jaintex (shop in shop), 9E, Jainitex, Zodiac Counter, Connought Place,
New Delhi. Shop No.G16A, East Delhi Mall, Ground Floor, Plot No.1, Kaushambhi, Ghaziabad,
U.P. Shop No.G16A, East Delhi Mall, Ground Floor, Plot No.1, Kaushambhi, Ghaziabad,
U.P. Shipra Mall, Shop No.23, 24, Shipra Suncity, 9, Vaibhav Khand, Pacific Mall, Shop No.F24/25, 1st Floor, Plot No.1, Site No.4, Sai Baba Industrial Area, Near
Kaushambhi, Near Anand Vihar junction, Ghaziabad. Zodiac Retail Store, Sahu Building,
Opp.Hanumaan Mandir, Hazratganj, Lucknow-226 001. Zodiac Retail Store, SCO 43, Sector 17
E, Chandigarh-160
017. Zodiac Retail Store, 116/3A, Lodhi Complex, The Mall, Ludhiana-141001. West Zodiac Retail Store,
"Heritage", 582, M.G.Road, Indore (M.P) Zodiac Retail Store, Shop No.S-4,
Treasure Island Mall, 2nd Floor, Zodiac Retail Store, Shop No.9-10, 1261, J.M.Road, Pune-411 004. Shop No.G7(B), Nucleus Mall, 1, Church Road, Pune-411 001 Zodiac Retail Store, Bandra Linking
Road, Opp.Shoppers Stop, Bandra (W), Mumbai. Zodiac Retail Store, Shop #2, 262,L.T.Marg, Opp.G.T
Hospital, Crawford Market, Zodiac Retail Store, Napeansea Road, Near Priyadarshini
Park, Opp. Russian Consulate, Mumbai. Zodiac Retail Store, Shop No.L13, Oberoi Towers,
Nariman Point, Mumbai-21. Zodiac Retail Store, Shopping Arcade, Taj Mahal
Intercontinental, Apollo Bunder, Zodiac Retail Store (Trufit & Co.), Shetty House, Opp.Mumbai
University, Shop No.5, CR2 Mall, Opp.Bajaj Bhavan, Backbay
Reclamation, Block No. III, Nariman Point, Shop No.G17, Grand Hyatt, Nariman Point, Entry Level, Vakola,Santacruz(E), Shop No.G37, Inorbit Mall, Ground Floor, Mindspace, Link Road, Malad (w), Mumbai-400064. Shop No.004, Infiniti Mall, Nariman Point, Lokhandwala & Linking Road Junction, Near Fame Adlabs, Andheri (W), Mumbai Shop No.S111( a & b), 1st Flr., D
Block, Nirmal Lifestyles, LBS Marg, Opp. Nirmal Nagar, Mulund (W), Mumbai-400 080. Shop No.004, Main street Boulevard,
Block 7, High Street Phoenix, ZOD Store, Unit No.F-33, 1st Floor,
Skyzone, Quorum Phase II, High Street Phoenix, 462, Senapati Bapat Marg, Lower Parel, Mumbai-13. Zodiac Retail Store, Shop # H6, Parle
Point Palace, Parle Point, Surat-395007, Gujarat. Shop No.BRF-01, 1st Flr.,
10Acres-Ahmedabad City Mall, Ambika Mills Compound, Kankaria Lake Nagar, Near Mani Nagar,
Ahmedabad -----7,Gujarat. South Zodiac Retail Store, Shop No.DT:1, Cochin International
Airport, Nedumbassery,
Cochin-683111. Zodiac Retail Store, Arakkathara, College Ground
Junction, M. G.
Road, Ernakulam, Cochin-682 011. Shop No.1, Le Meridien, Maradu-682 304, Cochin-6 Zodiac Retail Store, Mariambi Buildings, Cherooty Road, Calicut-673 032. Zodiac Retail Store, Bluemoon Complex, MG Road, Bangalore-580 001. 032. Zodiac Retail Store, #200, Brigade Road, Bangalore-560 001. Zodiac Retail Store, Shop #007, The Forum, Koramangala Hosur Road, Shop No.C10, Leela Galleria, Hotel Leela Venture Limited, No.23, Air Port Road, Zodiac Retail Store, G.S.Plaza Plot #4, G/3, B/2/672, Road #1, Banjara Hill, Hyderabad-500 034. Zodiac Retail Store, Shop #4/3/523, Swetha Apartments, Himayat Nagar, Zodiac Retail Store, Shop No. 6-3-885/ 7C / 1 / G1, Amit Plaza, Zodiac Retail Store, Chaitanya Center, # 12, Khader Nawaz Khan Road, Zodiac Retail Store, G-131/A, Spencers Plaza, Phase-3, 769, Annasalai, |
DIRECTORS
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Name : |
Mr. A. Y. Noorani |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. S. Y. Noorani |
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Designation : |
Managing Director and President |
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Name : |
Mr. M. Y. Noorani |
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Designation : |
Chairman |
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Name : |
Dr. S. Abid Hussain |
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Designation : |
Director |
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Name : |
Mr. M. L. Apte |
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Designation : |
Director |
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Name : |
Mr. Bernhard Steinrucke |
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Designation : |
Director |
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Name : |
Mr. S. M. Datta |
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Designation : |
Director |
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Name : |
Dr. Heinrich-Dietrich Dieckmann |
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Designation : |
Director |
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Name : |
Mr. Deepak Parekh |
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Designation : |
Alternate Director to Mr. Berbhard Steinrucke upto 24.07.03
and thereafter Alternate to Dr. Heinrich Dieckmann w.e.f. 02.09.03 |
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Name : |
Mr. Y. P. Trivedi |
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Designation : |
Director |
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Name : |
Mr. S. R. Iyer |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. S. Chakraborty |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2008
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
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Shareholding
of Promoter and Promoter Group2 |
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Indian |
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Individuals/ Hindu Undivided
Family |
771486 |
9.20 |
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Bodies Corporate |
1030104 |
12.28 |
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Sub
Total(A)(1) |
1801590 |
21.48 |
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Foreign |
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Individuals (Non-Residents Individuals/ |
483588 |
5.77 |
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Bodies Corporate |
2804340 |
33.44 |
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Sub
Total(A)(2) |
3287928 |
39.21 |
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Total
Shareholding of Promoter and
Promoter Group (A)= (A)(1)+(A)(2) |
5089518 |
60.69 |
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Public
shareholding |
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Institutions |
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Foreign Institutional
Investors |
1878916 |
22.40 |
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Sub-Total
(B)(1) |
1878916 |
22.40 |
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Non-institutions |
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Bodies Corporate |
342622 |
4.09 |
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Individuals |
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Individuals -i. Individual
shareholders holding nominal share capital up to Rs 0.100 Million |
705890 |
8.42 |
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ii. Individual shareholders
holding nominal share capital in
excess of Rs. 0.100 Million |
188166 |
2.24 |
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Any Other (specify) |
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Non Resident Indians |
180572 |
2.15 |
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Clearing member |
450 |
0.01 |
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Trusts |
92 |
0 |
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Sub-Total
(B)(2) |
1417792 |
16.91 |
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Total Public Shareholding (B)=
(B)(1)+(B)(2) |
3296708 |
39.31 |
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TOTAL
(A)+(B) |
8386226 |
100.00 |
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Shares held
by Custodians and against
which Depository Receipts have been issued |
0 |
0 |
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GRAND TOTAL
(A)+(B)+(C) |
8386226 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
and Marketing of garments |
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Products : |
Generic Names of the Principal Products of the
company are :
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PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Garments
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6182 [Pieces] |
4808469 Qty [Unit] |
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GENERAL
INFORMATION
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Bankers : |
v IDBI
Bank, Mittal Tower, C-Wing, Nariman Point, Mumbai – 400 021 v Dena Bank,
Industrial Finance Branch, Maker Towers `E’, Cuffe Parade, Mumbai – 400 005 v Central
Bank of India, Chander Mukhi Building, Ground Floor, Nariman Point, Mumbai –
400 021 v ABN Amro
Bank N.V., 74, Sakhar Bhavan, Nariman Point, Mumbai-400021 v Citi
Bank N.A., Citi Tower, 61, Dr. S. S. Rao Road, Parel, Mumbai-400012 v State
Bank of India, Commercial Branch, N.G. N. Vaidya Marg, Mumbai-400023 v Citi
Bank N. A. Citi Bank Centre,
Bandra – Kurla Complex, Bandra [East], Mumbai - 400051 |
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Facilities : |
Secured Loans [As on 31.03.2008] :
* Secured by hypothecation
of Raw Materials, Finished Goods and Semi finished Goods, Packing Materials
and Other Accessories, Stores and Spares, Book debts, other receivables and
Claims, Both present and future. ** Secured by
hypothecation of Specified Machineries acquired by using the term loan
proceeds |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Statutory Auditors Deloitte Haskins and Sells Chartered Accountants 12, Dr. Annie Besant Road, Opp. Shivsagar Estate, Worli, Mumbai –
400018 Internal Auditors Bhandarkar & Kale Chartered Accountants Lentin Chambers, Fort,
Mumbai |
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Associates/Subsidiaries : |
Associates v Zodiac Private
Limited v Zodiac Containers
Private Limited v Miraj Marketing
Company Private Limited v Algilani Holdings
Private Limited v Zodiac UAE LLC v Metropolitan
Trading Company (India) Limited v Zodiac Metropolitan
Clothing Gmbh v Asia Tangible
Investments Pte. Limited v Alchishtiya
Holdings Private Limited v Modena Retailing
Private Limited v Metropolitan
Trading Company v Montage Corporation v Munraz Enterprises v Mariambai
and Haji Noor Mohamed Noorani Foundation Trust v Mustang
Manufacturing Company v Mashal
Enterprises v Elite
Clothing Company Private Limited v Euro
Global Holding Pte Limited v Onward
LLC Subsidiaries v Multiplex
Collapsible Tubes Limited
10/76 Off Haines Road,
Worli, Mumbai – 400 018 v Zodiac Clothing
Company S.A.
Promenade Noire 1, Neuchatel, Switzerland v Zodiac
Clothing Company [U.A.E.] LLC |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
8386226 |
Equity Shares |
Rs.10/- each |
Rs. 83.862 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
83.862 |
83.626 |
83.626 |
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2] Share Warrant |
17.600 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1066.483 |
922.800 |
842.507 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1167.945 |
1006.426 |
926.133 |
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LOAN FUNDS |
|
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1] Secured Loans |
231.490 |
290.749 |
221.987 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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|
231.490 |
290.749 |
221.987 |
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DEFERRED TAX
LIABILITIES |
16.539 |
24.567 |
10.568 |
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TOTAL |
1415.974 |
1321.742 |
1158.688 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
402.337 |
368.947 |
332.170 |
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Capital work-in-progress |
22.694 |
11.668 |
6.057 |
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INVESTMENT |
299.008 |
271.863 |
275.795 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
472.006
|
355.723 |
343.904 |
|
|
Sundry Debtors |
180.436
|
215.089 |
157.902 |
|
|
Cash & Bank Balances |
27.354
|
24.540 |
20.652 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
383.679
|
355.685 |
331.081 |
|
Total
Current Assets |
1063.475
|
951.037 |
853.539 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
301.204
|
263.752 |
248.772 |
|
|
Provisions |
70.336
|
18.021 |
60.101 |
|
Total
Current Liabilities |
371.540
|
281.773 |
308.873 |
|
|
Net Current Assets |
691.935 |
669.264 |
544.666 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1415.974 |
1321.742 |
1158.688 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
2282.346 |
2032.377 |
1833.696 |
|
|
Other Income |
201.496 |
136.097 |
0.000 |
|
|
Total Income |
2483.842 |
2168.474 |
1833.696 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
311.041 |
237.019 |
132.160 |
|
|
Provision for Taxation |
109.122 |
96.198 |
42.034 |
|
|
Profit/(Loss) After Tax |
201.919 |
140.821 |
90.126 |
|
|
|
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
1139.519 |
1160.606 |
|
|
|
Royalty Earnings |
13.429 |
13.890 |
1005.452 |
|
|
Other Earnings |
29.672 |
34.968 |
|
|
Total Earnings |
1182.620 |
1209.464 |
1005.452 |
|
|
|
|
|
|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
279.804 |
246.404 |
|
|
|
Stores & Spares |
1.679 |
4.511 |
246.461 |
|
|
Capital Goods |
5.203 |
15.505 |
|
|
Total Imports |
286.686 |
266.420 |
246.461 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
755.536 |
674.178 |
|
|
|
Purchases made for re-sale |
139.181 |
114.037 |
|
|
|
Operating and Other Expenses |
894.741 |
796.529 |
|
|
|
Payment to the Provision for Employees |
369.137 |
307.680 |
1701.536 |
|
|
Finance Charges |
24.028 |
24.739 |
|
|
|
Increase/(Decrease) in Finished Goods |
(47.028) |
(19.810) |
|
|
|
Depreciation & Amortization |
35.980 |
32.189 |
|
|
|
Other Expenditure |
1.227 |
1.913 |
|
|
Total Expenditure |
2172.802 |
1931.455 |
1701.536 |
|
QUARTERLY
RESULT
|
PARTICULARS |
|
30.06.2008 |
30.09.2008 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
589.500 |
691.300 |
|
Other Income |
|
45.200 |
49.300 |
|
Total Income |
|
634.700 |
740.600 |
|
Total Expenditure |
|
552.300 |
645.700 |
|
Operating Profit |
|
82.400 |
94.900 |
|
Interest |
|
2.700 |
3.000 |
|
Gross Profit |
|
79.700 |
91.900 |
|
Depreciation |
|
09.200 |
10.600 |
|
Tax |
|
24.000 |
30.300 |
|
Reported PAT |
|
46.500 |
51.000 |
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity Ratio |
0.24 |
0.27 |
0.21 |
|
Long Term Debt-Equity Ratio |
0.03 |
0.02 |
0.01 |
|
Current Ratio |
1.60 |
1.57 |
1.45 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
4.13 |
4.22 |
4.42 |
|
Inventory |
5.52 |
5.81 |
5.60 |
|
Debtors |
11.54 |
10.90 |
10.91 |
|
Interest Cover Ratio |
13.95 |
10.59 |
6.61 |
|
Operating Profit Margin(%) |
16.25 |
14.45 |
10.63 |
|
Profit Before Interest And Tax Margin(%) |
14.67 |
12.87 |
9.26 |
|
Cash Profit Margin(%) |
10.41 |
8.52 |
6.74 |
|
Adjusted Net Profit Margin(%) |
8.83 |
6.93 |
5.37 |
|
Return On Capital Employed(%) |
24.99 |
21.39 |
14.19 |
|
Return On Net Worth(%) |
18.69 |
14.58 |
9.93 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was promoted by Mr. M. Y. Noorani and
others. It was originally incorporated
as a private limited liability company.
It became a deemed public limited liability company in December, 1993
and went public in January, 1994.
It set up a 100% Export Oriented Unit at Umbergaon,
Gujarat for manufacture and export of men’s clothing including shirts, beach
wear and pyjama suits with an annual licensed capacity of 100000 units in
December, 1984. Initially, it
concentrated on the erstwhile Soviet Union by selling to the Central Buying
Organisation.
In the late eighties, the company also started
exploring the sophisticated markets of western Europe. Three companies Zodiac Textiles &
Apparels, Export, Multiplex Packaging and Bangalore Knitwear were amalgamated
with the company. To upgrade production
techniques and to meet the exacting quality standards of West European makers,
the company, re-designed and modernised its entire plant with technical assistance
from a leading European company in 1989.
The company went public with its maiden issue in June, 1994 at a premium
of Rs.100 per share to dilute the promoters’ holdings to 75%.
It has installed a new production facility in
Bangalore with a capacity of 0.500 million shirts per annum. Commercial production of this unit has
commenced in July, 1995. Also to boost
its export it has invested in a fully owned subsidiary in Switzerland in June,
1995. This has enabled the company to
increase its export. The company has
three subsidiary companies i.e. Mayfair, Multiplex Collapsible Tubes and Zodiac
Clothing S.A.
During 2002-03, Mayfair the subsidiary of the company
was amalgamated with the company following the approval from High Court of
Mumbai.
It has acquired the whole business of Metropolitan
Trading Company, a manufacturing readymade garment on a going concern
basis. The company entered into a
technical agreement with Zodiac UAE LLC, Dubai for a period of 5 years.
The company is in trade terms with :-
v Allpro
Plastics
v Aqreens
v Arrow
Webtex
v Prichiki
Prints
v Mandhana
Boremann
v N. P.
Polyprints
v Bharat
Plastic Industries
v Chetna
Print Pack Private Limited
v Ensar
Offset Printers
v Gajraj
Plasto Pack Private Limited
v Kailash
Ribben Factory Limited
v Kokama
International Limited
v Lily
Labels
v Printographic
v Priti
Plasto Exim Limited
v Collar Pack
v
Shah Industries
v
Shah Packwell Private Limited
v
Trimurti Plastics
v
Trimurti Polychem Private Limited
v
Trimurti Polymers
v
Vasant Labels Private Limited
v
Metal Products
v
Sunrise Flexo
v
Novel Plast
v
Rathod Trading Company
DIRECTORS'
BIOGRAPHIES
Mr. M. Y. Noorani
Chairman
Mr. M.Y. Noorani, is the founder of ZODIAC and the founding father of
the Clothing industry in India. He was the founder of the Clothing
Manufacturers Association of India as well as its President for three
consecutive terms. He has served on the managing committee of several trade
organizations, including Indo German Chamber of Commerce, Bombay Chamber of
Commerce, Indo Italian Chamber of Commerce as well as E.U. Chamber of Commerce,
where he was the President for two terms. He has led Zodiac in its continuous
quest for excellence and has also been the recipient for Lifetime achievement
awards from IFA Lycra Images and also from the Clothing Associations - CMAI and
CIAE.
Dr. S. Abid Hussain
Director
Dr. S. Abid Hussain is a retired I.A.S. officer and the former Secretary,
Govt. of India, Ministry of Commerce. He was the special Rapporteur of the U.N.
Commission on Human Rights, Geneva for about 6 years. He was also a member of
the Planning Commission and the Ambassador of India to the United States of
America. He is currently a director of G.V.K. Industries Limited, GV.K. Taj
Hotels & Resorts Limited, G.V.K Power & Infrastructure Limited,
Wbckhardt Limited, Havel's India Limited, Shree Cement Limited and the Chairman
of Hyderabad Flextech Limited & Nagarjuna Oil Corporation Limited He is
also principal trustee of Morgan Stanley Asset Management (India) Limited
Mr. M. L. Apte
Director
Mr. M. L. Apte, former Sheriff of Bombay is also the former President of
Maharashtra Chamber of Commerce, Bombay Chamber of Commerce, Cricket Club of
India, Indian Sugar Mills Association, Member of the Indjan Cotton Mills
Federation and former Chairman of the Textiles Committee. He is currently the
Chairman of Apte Amalgamations Limited and a Director of Lintas India Private
Limited, Grasim Industries Limited, Tata Asset Management Private Limited,
Bajaj Hindustan Limited, Standard Industries Limited, The Bombay Burmah Trading
Corporation Limited New Phaltan Sugar Works Limited, The Raja Bahadur Poona
Mills Limited, Kulkarni Power Tools Limited and Dr. Writer's Food Products
Private Limited
Mr. S. M. Datta
Director
Mr. S. M. Datta is the former Chairman of Hindustan Lever Limited He is
also the former President of Bombay Chamber of Commerce and Industry and is
also the past President of Council of EU Chamber of Commerce.
He is currently the Chairman of Castrol India Limited, Philips
Electronics India Limited, BID Parry (India) Limited, Tata Trustee Co. Private
Limited and IL & FS Investment Managers Limited He is currently a Director
of Peerless Gen. Fin. and Inv. Co. Limited, Goodlass Nerolac Paints Limited,
Transport Corporation of India Limited, BOC India Limited, Atul Limited,
Bhoruka Power Corporation Limited, TIL Limited, M. Vis ves vary a. Industrial
Research & Development Center, Ambit Corporate Finance Pte. Limited,
Chandra, s Chemical Enterprises Private Limited And Rabo India Finance Private
Limited
Mr. Bernhard Steinruecke
Director
Mr. Bernhard Steinruecke is the Director General of Indo-German Chamber
of Commerce. He was the Managing Partner on the Board of ABC Bank GmbH, Berlin
and representative of the Indo-German Chamber of Commerce, Berlin, Germany.
After acquiring an Honours degree in law from the University of Heidelberg, he
became the Assistant Judge at the Supreme Court of Hamburg. He later on joined
the Deutsche Bank AG and rose to become its Joint Chief Executive Officer,
India. He is currently a Director of FAG Bearings India Limited and Motor
Industries Co. Limited
Dr. Heinrich-Dietrich Dieckmann
Director
Dr. Heinrich-Dietrich Dieckmann is a retired German diplomat whose
entire career was focused mainly on international economic affairs. During his
illustrious career he has served as the German Ambassador to India, Head of the
Economic Department for German Mission to the United Nations, German Ambassador
to Japan, Director General for Economic Affairs and European Integration in
German Foreign office. He was the Foreign Office Representative in all
negotiations with the Soviet Union and later on Russia, dealing with the
economic aspects of German unification.
Mr. Deepak Parekh
Director
Mr. Deepak Parekh is a Fellow of the Institute of Chartered Accountants,
(England and Wales). He has been a member of various Committees setup by the Government
of India, especially in the field of Finance and Capital Market. He is
currently the Chairman of H.D.F.C. Limited, Infrastructure Development &
Finance Co. Limited, Glaxo Smithkline Pharmaceuticals Limited, HDFC Asset
Management Co. Limited, HDFC Chubb General Insurance Co. Limited, HDFC Standard
Life Insurance Co. Limited and Siemens Limited He is currently a Director of
Hindustan Lever Limited, Castrol India Limited, Mahindra & Mahindra
Limited, Motor Industries Co. Limited, Hindustan Oil Exploration Corporation
Limited, Borax Morarji Limited, Bharat Bijlee Limited Exide Industries Limited
and The Indian Hotels Co. Limited, Lafarge India Private Limited
Mr. Y. P. Trivedi
Director
Mr. Y. P. Trivedi is the former President of Indian Merchants Chamber,
The Chamber of Income Tax Consultants, Indo-African Chamber of Commerce. He is
currently the Chairman of Telstar Travels Private Limited, Trivedi Consultants
Private Limited, Zandu Pharmaceuticals Works Limited and Sai Service Station
Limited And also a Director on the Board of Reliance Industries Limited,
Reliance Petroleum Limited, Birla Power Solutions Limited, Metro Exporters
Private Limited, Safari Industries Limited, Supreme Industries Limited, Clare
Mont Trading Private Limited, Colosseum Sports and Recreation International
& Bloomingdale Estates Private Limited He is also a member of the Managing
Committee of Indian Merchants' Chamber. Mr. Trivedi has also served as a
Director of Central Bank of India, Dena Bank, Central Bank Executors and Trustee
Company Limited
Mr. S. R. Iyer
Director
Mr. S. R. Iyer is the former Chairman and Director of Credit Information
Bureau (India) Limited a joint venture of the State Bank of India & HDFC
Limited. Mr. Iyer has vast knowledge and rich experience in the banking
industry. He was also the Managing Director of State Bank of Mysore and retired
as the Managing Director of the State Bank of India. He has also been a
Director of National Stock Exchange of India Limited and GE Capital Business
Process Management Services Private Limited Mr. S. R. Iyer is presently the
Director of Dhara Vegetable Oil & Foods Co. Limited, KSK Energy Ventures
Limited and IDMC Limited
Mr. A. Y. Noorani
Vice Chairman & Managing Director
Mr. A.Y. Noorani joined the House of ZODIAC in 1969 and after
successfully developing its export business and scaling up its overall
operations became Managing Director of the organization in 1980. He has
completed the Advance Management Programme at Harvard University, Boston, and
is today responsible for overseeing the management of the organization,
Corporate affairs and Finance. He was Past-President of the Indo- German
Chamber of Commerce and is presently on the Managing Committee of the said
Chamber and also an Honorary Adviser of CIAE. He is a member of Indo-German
Consultative Group constituted by the Ministry of External Affairs, New Delhi
and also a member of the CII-National Committee on Textiles.
Mr. S. Y. Noorani
Managing Director & President
Mr. S. Y. Noorani joined the House of ZODIAC in 1982. He was responsible
for setting up the company's state-of-the-art manufacturing facilities and
international marketing operations in London, Dusseldorf and New York. He leads
a dynamic team of professionals in the running of the organization ranging from
design and manufacturing to sales and marketing which has successfully launched
the brand ZOD! in the Indian market. Mr. S. Y. Noorani is the Co-Chairman of
Indo-Spanish Business Committee of Bombay Chamber of Commerce and is also on
the Managing Committees of Indo- Italian Chamber of Commerce, Confederation of
Indian Industry [Western Region] and CMAI. He is a member of the Cll-Steering
Committee on Indo- EU Trade & Investment in Textiles and also of Young
Presidents Organisation.
TURNOVER
& PROFITS:
The Directors wish to inform you that during the financial year ended 31st
March 2008, the income of the company on a standalone basis increased by 14.5%
to Rs.2483.800 Millions. The net profit after tax for the financial year ended
31st March 2008 increased by 43% to Rs. 201.600 Millions.
1. The international business sourced from India, as well as
from the UAE, generated a higher profit margin. The unit value realization
improved significantly through increased value addition and design content. A
strong emphasis on cost optimisation helped to minimize the impact of the
sudden, sharp and rapid appreciation of the INR.
2. The company continues to provide the gold standard for quality, design and style
in the branded business. Consequently, sharp growth was recorded by all the
three channels of the branded business in India, viz. National Chain Stores,
Independent Retailers as well as Company-owned Stores.
The number of Company's own stores were increased and some existing stores were
renovated. They opened 11 new stores and renovated 8 existing stores in keeping
with the Company's strategy on investing in the growth of this segment. As a
result, the branded domestic business has recorded a healthy growth of both the
top line as well as the bottom line. The investment in the Company's own stores
has generated a healthy double-digit growth. The Company's policy of treating
each store as a profit center has further served to underscore the focus on
profitability.
3. The Company's strategy for aggressive growth has been complemented by strict
financial discipline, cost control, global sourcing and a judicious hedging of
forex exposure.
What is really significant is that, in the international business, despite the
Rupee appreciation resulting in lower overall revenue, the inevitable decline
in unit price realized by the Company was contained to merely 1%. This
indicates that the Company was able to attain higher unit realization in US $
terms, not only through price increase per se, but also through higher
realization due to greater value addition/value added services.
OUTLOOK:
China is becoming less attractive for sourcing of clothing, India's
record crop of cotton as well as the investments in weaving and processing, the
increase in Duty Drawback (though still not fully reimbursing the taxes
incurred on inputs) and India's engagement with the EU on a possible FTA, are
all opportunities to capture market share, despite the continuing volatility in
the forex markets and the possibly evolving recession/slow down in the US/EU.
This has been dealt with in detail in the Management Discussion &
Analysis.
Going forward, growth in the international business is likely to be dependent
on how the above developments play out. The Government of India and the
clothing industry acting in tandem would accelerate the pace of growth. India's
cost disabilities need to be addressed to harvest the emerging
opportunity.
Although retailers in India have reported some
slowdown, the Company has not been affected thus far, mainly because of the
strength of Zodiac and ZOD! brands as well as the strengths in product design
and quality, which are recognised by the consumers, as well as the
competitors.
The launch of Z3, in April 2008 (which has met with better-than-projected
response) as well as the aggressive rollout of planned new stores, will
continue to drive the branded business, especially in the Indian market, which
is relatively less turbulent than other markets.
The medium/long term India story continues to look strong.
MANAGEMENT
DISCUSSION AND ANALYSIS:
Overview:
Clothing exports from India, in US Dollar terms have grown a meagre 5%
during April - December 2007. When looked at in terms of India's market share
of global trade in clothing, it is approximately 4%. When compared with China
(integrated with Hong Kong) whose share is approximately 35%, one appreciates
the enormity of both the problem as well as the opportunity. Of the global
trade in textiles of approximately USD 550 billion, nearly 60% relates to
clothing. The trend in developed economies is that almost all trade in clothing
has shifted to readymade clothing, which is also evolving in developing
economies, which underscores the potential for the industry both
internationally, as well as in India.
The sharp, sudden and rapid appreciation of the Rupee has resulted in not only
a fall in the export of clothing from India in rupee terms (-6.4% April -
December 2007), but also in a large number of redundancies in the industry,
which has been the largest single employer in the country after agriculture.
When looked at in the context of growth in countries like Bangladesh and
Vietnam, who do not have the underlying strengths that India does, this is
truly disappointing.
The industry has faced severe distress, which has been further aggravated
by turmoil in the marketplace due to the sub-prime and other related crises,
rising inflation in India, runaway oil prices, consequent sharp rise in the
budget deficit, which are all beginning to impact the economy and which portend
reduction in growth and decreasing consumption. The cost of funds to the
industry has also risen sharply.
Despite this backdrop, the company's export in US Dollar terms has risen
by nearly 10% as a result of its constant endeavour to sharpen its
competitiveness, its consistent de-risking strategy as well as by enhancement
of its value added products/services.
Branded business in India continues to grow handsomely for the company
with the strength of the Zodiac and ZOD! brands, (and the new Z3 brand launched
in April 2008) as well as its strength in product design and quality. This is
increasingly being recognised and acknowledged by the end-consumer (as well as
the trade, i.e. both retailers as well as competitors), which translates into
increased sales. The competition treats us as a role model.
China is becoming less attractive for the sourcing of garments because of
the appreciation of the Remninbi, high inflation, a reduction of the subsidy
paid to exporters, higher wages, improving enforcement of labour laws and the
demographic problems arising from the ageing population/ single child policy.
This is an opportunity for the clothing industry in India to capture market
share.
Industry Structure and
Developments:
The clothing industry in India has the potential to drive the growth of
both the economy as well as of employment in India, especially in view of the
recent developments. Apart from the developments in China, there is a small
window of opportunity in the current exchange rate levels of the Rupee Vs. the
US Dollar (although the long term direction of rupee appreciation remains
unchanged), and India has had a record crop of cotton and has moved into the
slot of second highest producer of cotton globally. There has been some
investment in weaving and processing of fabric, which is expected to gain
further momentum.
Duty drawback for the industry has been enhanced to 11% but still does
not fully reimburse taxes (including Service Tax) incurred on inputs. The
notifications of refunds on Service Tax paid on some post manufacturing
expenses still remain on paper, because of some technical difficulty in
claiming the refunds, which needs clarification by the Government.
The Government will act in tandem with the industry to harvest the
opportunity to capture market share in international trade in clothing.
Specifically, the impasse with regard to the refund of Service Tax paid on post
manufacturing input services, needs resolution; addressing the cost
disabilities and efficient disbursement of duty drawback (which only addresses
a part of the taxes suffered on inputs), besides taking care of the
infrastructure disabilities, are of paramount importance and urgency.
Opportunities and Threats:
Opportunities:
Despite the temporary restraint on China being withdrawn
from 1st January 2008 in the EU and 1st January 2009 in the US, the situation
for the Indian clothing industry looks promising. This is because of the
country's strengths in terms of its potential to address the complete supply
chain from fibre to clothing. This strength is further enhanced because of the
record cotton crop in India this year. Besides, aligning of duty drawback more
realistically, although not completely, with the taxes suffered on inputs,
India's strength in terms of design capability, quick turnarounds and smaller
minimum quantities required, hold out the promise that. perhaps, this time
around the country could gain from the evolving situation globally, where a
realignment of market share in clothing has begun.
India has engaged in discussion on FTA with the EU, although the possible
date for closure is still unclear. This should positively impact the Indian
clothing industry, because some of the competitors already have favourable
bilateral agreements with the EU and some with the US as well.
Western countries, especially the EU, the US are realising that the
forces of globalisation, i.e.,
- Raising capital where it is available on the most favourable pricing
and terms.
- Sourcing of raw material form that part of the world where one can
achieve the best price-value relationship,
- Production in that part of the world where one can produce it most
efficiently and
- Marketing it where it is possible to achieve the highest realisations, are at
work; protectionism, as far as the clothing industry is concerned, is
counter-productive for developed economies as well. One of the factors contributing
to low inflation in developed markets is the stagnant/lower price of clothing
supplied by countries in South/South-East Asia.
The opportunity in the Indian market, medium to long teen, continues to
hold strong promise. This is despite the somewhat sobered down situation of
recent months, arising from the turmoil in markets, rising inflation,
especially in commodity prices and rising interest costs.
India's labour force has to be harnessed and be made more productive, by
benchmarking in terms of productivity with the best internationally. It should
be recognised that this sustainable competitive advantage can and must be built
at all costs.
What the elephant, China, can no longer consume, cannot be consumed by a
mouse (Vietnam/Bangladesh). India is the logical alternate. The company's
competitive strengths in terms of quality, leadership, strong branding, long
standing customer relationships and innovative design strengths, make it well
positioned for opportunities, both internationally, as well as in India.
Threats:
Increased volatility in forex. marketing of exotic derivative products to
companies in the industry (who have neither the understanding nor the control
systems in place for such derivatives), the continuing cost disabilities faced
by the industry in India and the yet evolving sub prime/credit crises in the US
and the EU, besides the threat of recession in the US, are all factors to be
reckoned with. With the asset bubble (created over the last several years
globally by virtue of easy credit) yet to burst, the rising cost of funds with
rising inflation in India may erode the competitiveness of India.
India's clothing industry also has too much concentration - in its fibre
mix, its product mix and in its markets. Besides, the fabric weaving and
processing base does not support mass production of clothing.
There seems to be no hope for a radical shift in labour policy in the
residual tenure of the present Government.
Segmentwise/Productwise
Performance:
Segments have been identified in line with the Accounting Standard on
Segment Reporting, taking into account the organization structure as well as
the differential risk and returns of these segments. The company operates
mainly in the clothing and accessories segment and has no reportable business
segment, which exceeds 10% of the total turnover as required by Accounting
Standard [AS 17] of ICAI.
Risks
and Concerns:
Besides the threats articulated above, China's subsidy (albeit slightly
reduced) on its clothing exports, a few very strong players like Vietnam and
Bangladesh, as well as favourable bi-lateral arrangements between the EU and
the US on the one hand and India's competitor countries on the other, are
concerns.
Labour costs which have risen substantially in the country for two
consecutive years, is yet another hazard, unless inflation is reined in swiftly
and productivity raised to the level of world leaders.
Internal Control System and their
Adequacy:
The company has a proper and adequate system of internal control to
ensure that all assets are safeguarded and protected against any loss from
unauthorized use or disposition and that transactions are authorized, recorded
and reported correctly. The company's internal control systems are supplemented
by an extensive programme of internal audit conducted by an external auditor
periodically and reviewed by the management together with the Audit Committee
of the Board. The emphasis of internal control prevails across functions and
processes, covering the entire gamut of activities including finance, supply
chain, sales and distribution, marketing etc.
Turnover
& Profits:
The Directors wish to inform you that during the financial year ended
31st March 2008, the turnover of the company increased from Rs. 2032.400
Millions in the previous year to Rs. 2282.300 Millions. The net profit before
tax stood at Rs. 311.100 Millions as against Rs. 237.000 Millions in the
previous year. The net profit after tax for financial year ended 31st March
2008 stood at Rs. 201.600 Millions as against Rs. 140.900 Millions in the
previous financial year.
The interest cost is 0.65% of sales which, when compared to the rest of
the industry among the listed entities, is significantly lower.
Notes Forming Part of
the accounts
|
Contingent
Liabilities |
Rs in Millions |
||||||||||||
|
Guarantee issued by the Bank of counter guaranteed
by the Company |
6.572 |
||||||||||||
|
|
|
||||||||||||
|
Foreign letters of Credits opened by bank and counter
guaranteed by the Company |
12.781 |
||||||||||||
|
|
19.575 |
||||||||||||
|
Foreign bills / letters of Credit discounted with
Bank |
|
||||||||||||
|
|
|
||||||||||||
|
Disputed demand not provided for in respect of |
|
||||||||||||
|
|
|
||||||||||||
|
Claims against the company not acknowledged as debt |
1.066 |
||||||||||||
|
|
|
FIXED ASSETS
v
Freehold/Leasehold Land
v
Building
v
Furniture and Fixtures
v
Plant and Machinery
v
Vehicles
v
Computer
v
Office Equipment
v
Electrical Installation
Website Details :
Overview
Subject is one of the largest shirt companies in the world and sells quality
shirts to the best stores across the globe. Subject has been a quality
manufacturer of fashion garments for the last 50 years and is considered to be
one of the finest quality shirt makers. All shirts are made from the finest
fabrics sourced worldwide so as to give quality, value for money products.
Zodiac shirts offer quality at affordable prices ranging from Rs. 699 to Rs.
2,200. Zodiac has also been awarded the Most Admired Neckwear Brand Award of
the year at the prestigious 'Images Fashion Awards 2000'. Zodiac, is today, the
largest selling shirts & tie brand at Shopper's Stop according to Brand
Equity (The Economic Times)
The company started business in 1954 and export of readymade garments to Europe
started in early '60s, which included mainly ties and shirts. For many decades,
Zodiac has been synonymous with ties. The business of ties is a high fashion
business and Zodiac has taken this to new highs in India and across the globe.
In fact, one can say that in India Zodiac is generically associated with ties.
Following subject's huge success with ties, the company entered the arena of
men's accessories with Cuff links, Belts, Wallets and Handkerchiefs.
In 1973, subject had a stand-alone exclusive shirt shop in Hotel Taj in Mumbai.
The company then entered the domestic shirt segment in late '80s. shirts and
ties being the main areas of focus. In addition to the above products, subject
has today added quality trousers in its arsenal and with their new brand ZOD
have opened up a whole new segment in the country- "Club wear"
Currently, Zodiac has manufacturing facilities in Karnataka, Gujarat, Daman and
in Dubai. The manufacturing capacity of all the facilities put together is close
to 6000000 units per annum. Currently, Zodiac sells to approximately 2000
multi-brand retailers and have over 80 exclusive Zodiac showrooms spread across
the country.
Zodiac: Fountainhead of Design
Capabilities
Over the years, subject has set up overseas offices and today subject has
offices in India, Dubai, Germany, U.K., and USA, which collectively develop the
range, based on the latest global fashion. Of these, 3 design offices are
located at the fashion capitals of the world, namely, London, New York and
Dusseldorf. These design offices are headed and run by locals who possess the
acumen and skills in design knowledge and trends. It is these very design
offices, which have helped the Zodiac bring some of the hottest trends in male
couture first to the country before any of its competitors. This vast
experience affords the brand the ability to predict design trends while working
with the largest retailers internationally and is thus in a position to
forecast fashion trends. These products are simultaneously retailed in India
and in some of the best retail stores overseas.
Today, subject follows in the footsteps of the glorious tradition, which has
been instituted decades ago by the House of Zodiac ZOD! The fastest growing
club wear brand in the country from the house of Zodiac, has surpassed its
contemporaries in a very short time. ZOD! today has become the buzzword in
fashion as a result of its constant endeavour to deliver contemporary and
fashionable collections in the market to the Indian male.
The Zodiac Quality Commitment
Chairman, Mr. MY Noorani is passionate about QUALITY has etched the word
quality into all aspects of the company. Today, all these virtues have made
Zodiac competitive globally.
Every input, which goes into making a top quality Zodiac shirt, is unique. From
the mother of pearl buttons, to imported lining, to the best of fabrics make up
a quality Zodiac shirt.
Zodiac believes in delivering the best and does not make any compromise in
terms of quality of fabric, stitching, buttons & lining.
Globally, Zodiac has been present in European, Middle-eastern and US markets
for many years now. Zodiac has exported large quantities to Europe and has been
selling to private labels in Europe for many years now. In majority of cases
the company sells its products under foreign private labels, whereas in some
countries Zodiac sells under the own brand name- Zodiac.
Zodiac shirts are now sold through Bijenkorf in Holland, Splash accross the
Middle East and select retailers in Canada and Germany.
Until not very long ago, Indian brands had no hope of positioning their
products under their own brand name in the sophisticated markets in the West.
Although, India has 2.5 % share of world trade in clothing, almost the entire
export comprises of what is known in the trade, as "private label"
i.e. the brand name on the product is that of the foreign company who sells the
goods, whether it is the likes of Polo Ralph Lauren, Hugo Boss, Harrods, Austin
Reed or Brooks Brothers, to name a few.
Zodiac- Path breaking Brand
offerings
Zodiac
has always believed in offering international fashion via their collections so
as to bring global fashion aspirations to India. For instance, during the winter
of '99 the whole of Europe was buying silver and gray, Zodiac was the only
company selling their quality shirts in silver and gray in India. Zodiac was
the first company to introduce Polynosics in India and also the first to
introduce Changeant, dual toned shirts in the country. Zodiac brands are known
for their unique styling and exquisite quality.
Some
of Zodiac's contemporary brand offerings include:
Shirts
|
1995 |
The American University Plaid Collection |
|
1997 |
The Limited Collection |
|
1997 |
The Blue & White Collection |
|
1998 |
The British Tan Collection |
|
1998 |
The Private Collection |
|
1999 |
The Vapour Phase Non Iron Collection |
|
1999 |
The Euro Checks Collection |
|
1999 |
The European Cotton Collection |
|
December 1999 |
The Polynosic Collection |
|
December 1999 |
The Silver Top Dyed Collection |
|
2000 |
The Ivory Collection |
|
July 2000 |
The Changeant (two-toned) Collection |
|
September 2000 |
The (Wrinkle free) Interview Shirt Collection |
|
October 2001 |
The American University Plaid Collection, Revival |
|
January 2002 |
The Structured Collection |
|
June 2002 |
The Mediterranean (Summer) Collection |
Ties
|
1997 |
The European Collection |
|
1998 |
The Structured Ties Collection |
|
1999 |
The Silk Route Collection |
|
1999 |
The Jacquard Françoise Collection |
|
August 2000 |
The Crčme de la Crčme Collection |
|
May 2000 |
The Gold Collection |
|
May 2000 |
The Plaid Collection |
|
August 2002 |
The Lombardi Collection |
Trousers
November 2001 The American Chinos Collection 2002 The Zodiac Formal Collection
Accessories
"Belts" - Zodiac's belts are made from Italian leather and are used
on both the sides. The buckle on the belt is also imported and reversible.
"Cufflinks" - These are available in two ranges. The superior range
comprises of gold plating with real pearl tops. These are sourced from best
European manufacturers. The other range is silver-plated.
"Socks"- The only menswear brand to introduce sanitized socks in India.
The "Limited Edition" socks are the latest addition to the range.
ZOD
After an initial soft launch, ZOD!, the new trendy brand was launched with the
2002 Club wear Collection. The ZOD! 2002 Club wear collection offers a line,
which is not offered by any other brand.
The ZOD 2002 range of shirts comprises an array of the finest in menswear,
namely-
The "Changeant Shirt" a range of two-tone, slim waist Italian cut,
full sleeve shirts, which are offered in evening colours.
The "Furry Denim" Denim with a difference! A techno fabric that
redefines Denim. Already a rage in the fashion capitals of Europe and America.
This fabric has been specially brushed to give it a soft feel.
The "Retro Look" embodies the "comeback" rage with its
"Retro" prints creatively using circles and squares to give the look
and feel of the 70's.
"Satin Stretch" Satin with a difference! Satin and lycra make this
body hugging shirts the ideal way to show the hours spent at the gym when you
step out at night.
"Shimmer" this two toned imported fabric with lustre and shine is
another offering that adds that lustre and shine to get you grooving all night,
revealing the right party animal in you.
"The Ivy Prints" a printed micro-peached fabric, which gives the
shirt a lovely soft touch feel.
"Multi stripes" Colourful stripes which are a rage across Europe
As an extension to its existing product basket, ZOD! has also recently
introduced its latest range of "Boxer Shorts" &
"Belts".
The success of the ZOD! 2002 collection in the Indian market will go a long way
in positioning Zodiac as a Complete wardrobe solutions provider for the Indian
male.
|
Award Name |
Description |
|
|
|
|
Guinness Book of |
A neck tie made of cloth measuring 221.5 feet long was
manufactuared by Zodiac Clothing Co. Limited ans Shoppers' Stop of Bombay,
India and was publicly displayed on 15th December 1994 |
|
|
|
|
TESTEX Zurich |
Certification that Zodiac products meet the human -
ecological requirements of the standard presently established. |
|
|
|
|
Regional Institute of Environmental Technology |
Certification that Zodiac Clothing Co. Limited is an
INDUSTRY MEMBER of the Regional Institute of Environmental Technology |
|
|
|
|
Government of India (Golden Export House) |
Status Certificate in recognition of their long
standing contribution to exports in accordance with the provisions of the
EXIM Policy 1997 - 2002 |
|
|
|
|
SGS International Certification Services |
Social Accountability SA 8000: 1997 |
|
|
|
|
Social Accountability SA 8000: 2000 |
|
|
|
|
|
Government of India (Trading House) |
Status Certificate in recognition of their long
standing contribution to exports in accordance with the provisions of the
Exim Policy 1999 - 2002 |
|
|
|
|
Confederation of Indian Apparel Exports |
CIAE Lifetime Achievement Award |
Shirts :
The new Classic formal look is back and subject
celebrates this with the launch of its 2-Ply Mercerized Cotton Shirts. These
exclusive, structured shirts come in an array of colors for office wear -
Olive, Blue, Ecru, Pink and White.
These shirts are also stylized
with a choice of special collars - Italian cutaway or Shark, Florentine
collars, Kent collars and Button downs - with special choice of single &
double cuffs to complete the fine quality look, a man would aspire to have.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.32 |
|
UK Pound |
1 |
Rs.74.20 |
|
Euro |
1 |
Rs.60.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
|