MIRA
INFORM REPORT
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Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
MOHIT JEWELLERY
PRIVATE LIMITED |
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Registered Office : |
Block No. 2, 3RD
Floor, Tower II, SEEPZ + + , Sez Andheri (East), Mumbai – 400096 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.12.2003 |
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Com. Reg. No.: |
11-143687 |
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CIN No.: [Company
Identification No.] |
U36910MH2003PTC143687 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM19290F |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturing, Refining,
Preparing. Acquiring, Buying, Selling, Disposing of Importing, Exporting,
Supplying, Distributing and Dealing in Jewellery, Articles made of Diamonds,
Gems, Pearls, Precious Stones, Gold, Platinum and Silver – Smith, Dealers in
Diamonds, Gold, Bullion, Platinum and Manufacturer and Dealers in Uncut Gems,
Polished Diamond Precious, Semi Precious Stones, Diamonds, Jewellery
including studded and plain jewellery, Pearls, Watches including Gold and
Platinum Watches and other accessories and as commission agents and general
merchant |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Financial position
of the company can be regarded as moderate having substantial accumulated
losses. Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions with slight caution. |
LOCATIONS
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Registered Office/Factory : |
Block No. 2, 3RD
Floor, Tower II, SEEPZ + + , Sez Andheri (East), Mumbai – 400096 |
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Tel. No.: |
91-22-28293838/28293847 |
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Fax No.: |
91-22-28292928 |
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E-Mail : |
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Website : |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Mehta C
Vrajlal |
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Designation : |
Director |
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Address : |
52, EL – CID, 13
A Ridge Road, Mumbai – 400006 |
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Date of Birth/Age : |
13.07.1920 |
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Date of Appointment : |
24.04.2005 |
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Name : |
Mr. Mehta V Anoop |
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Designation : |
Director |
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Address : |
92, EL – CID, 13
A Ridge Road, Mumbai – 400006 |
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Date of Birth/Age : |
08.11.1956 |
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Date of Appointment : |
29.12.2003 |
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Name : |
Mrs. Mehta A
Devuanshi |
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Designation : |
Director |
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Address : |
92, EL – CID, 13
A Ridge Road, Mumbai – 400006 |
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Date of Birth/Age : |
29.02.1960 |
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Date of Appointment : |
29.12.2003 |
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Name : |
Mr. Mehta B Robin |
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Designation : |
Director |
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Address : |
103/104, Deepak
Building, 401, S V Road, Ville Parle (East), Mumbai – 400056 |
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Date of Birth/Age : |
09.11.1966 |
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Date of Appointment : |
26.11.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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M/s. Mohit
Diamonds Private Limited |
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1999998 |
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Mr. Mehta V Anoop |
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1 |
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Mrs. Mehta A
Devaunshi |
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1 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing,
Refining, Preparing. Acquiring, Buying, Selling, Disposing of Importing,
Exporting, Supplying, Distributing and Dealing in Jewellery, Articles made of
Diamonds, Gems, Pearls, Precious Stones, Gold, Platinum and Silver – Smith,
Dealers in Diamonds, Gold, Bullion, Platinum and Manufacturer and Dealers in
Uncut Gems, Polished Diamond Precious, Semi Precious Stones, Diamonds,
Jewellery including studded and plain jewellery, Pearls, Watches including
Gold and Platinum Watches and other accessories and as commission agents and
general merchant |
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GENERAL
INFORMATION
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No. of Employees : |
250 |
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Bankers : |
Punjab National Bank,
Offshore Banking Division, Seepz, Andheri (East), Mumbai – 400096 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bipin N Shah
& Company Chartered
Accountant |
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Address : |
509, Akruti
Arcade, J P Road, Opposite Wadia School, Andheri (West), Mumbai – 400053 |
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Tel. No.: |
91-22-56922761/62 |
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Fax No.: |
91-22-26368657 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 20.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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20.000 |
20.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(24.659) |
0.000 |
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NETWORTH |
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(4.659) |
20.000 |
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LOAN FUNDS |
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1] Secured Loans |
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117.072 |
62.388 |
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2] Unsecured Loans |
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96.414 |
38.414 |
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TOTAL BORROWING |
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213.486 |
100.802 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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208.827 |
120.802 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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144.792 |
0.000 |
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Capital work-in-progress |
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0.000 |
122.817 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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18.741 |
0.000 |
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Sundry Debtors |
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115.632 |
0.000 |
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Cash & Bank Balances |
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5.844 |
0.115 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.626 |
3.210 |
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Total
Current Assets |
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141.843 |
3.325 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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77.640 |
5.624 |
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Provisions |
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0.168 |
0.000 |
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Total
Current Liabilities |
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77.808 |
5.624 |
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Net Current Assets |
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64.035 |
(2.299) |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.284 |
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TOTAL |
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208.827 |
120.802 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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144.990 |
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Total Income |
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144.990 |
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Profit/(Loss) After Tax |
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(24.537) |
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Earnings in Foreign Currency : |
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Total Earnings |
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144.979 |
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Expenditures : |
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Interest |
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4.936 |
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Depreciation & Amortization |
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14.115 |
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Other Expenditure |
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150.476 |
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Total Expenditure |
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169.527 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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(16.92) |
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Debt Equity Ratio (Total Liability/Networth) |
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(29.26) |
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Current Ratio (Current Asset/Current Liability) |
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18.16 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the
company |
MOHIT JEWELLERY
PRIVATE LIMITED |
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Presented By |
MOHIT JEWELLERY
PRIVATE LIMITED |
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Date and
Description of the instrument creating charge |
Hypothecation of
Assets to secure term loan dated 10.04.2004 executed by the company in favour
of Punjab National Bank |
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Amount Secured by
the charge or amount owing on security of the charge |
US. $ 1,570,000 |
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Short particulars
of the property charged if property acquired is subject to charge date of
acquisition of property should be given
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All the assets
and movable property of any kind brought to be bought in stored at Gala
301-304, Building, SEEPZ + + , Sez Andheri (East), Mumbai – 400096 including
Furniture & Fixture, Electrical Installation, Office Equipment, Plant
& Machinery, Air Conditioning equipment, computer |
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Gist of the terms
and conditions and extent & operation of charge Margin – 25% Rate of
Interst |
Security to
secure term loan dues to Punjab National Bank together with interest, cost
expenses, Charges, Commissions etc Rate of Interest
6 M LIBOR + 3.25% Properties to be
insured by the company Term loan to be repayable
in 18 quarterly instalments of USD 87,223/-
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Name, address and
description of the person entitled to charge |
Punjab National
Bank, Offshore Banking Division, Seepz, Andheri (East), Mumbai – 400096 |
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Date and brief of
the description of instrument modifying the charge |
Hypothecation of
Fixed/block assets executed by the company in favour of Punjab National Bank
on 06.01.2006 |
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Particulars of
modification the terms, conditions the extent or operation of the charge in
which modification |
The original
Charge dated 10.01.2004 for US $ 15,70,000/- in favour of Punjab National
Bank was modified on 28.10.2004 by creating an equitable mortgage pursuant to
memorandum of Deposit of Title Deeds in respect of right title and interest
of the company in industries premises The charge was
further modifie on 20.11.2004. The company executed deed of hypothecation of
fixed assets in favour of Punjab National Bank on 20.11.2004 by hypothecation
following assets present and future to the Punjab National Bank Plant &
Machinery Civil Work Furniture &
Fixture Electrical
Installation Air Conditions Air & Gas
Lines Office Equipment Computer Factory Equipment
Electronic and
Electrical Equipment Miscellaneous moveable
block assets There is on
change in the amount secured by the charge 06.01.2006 the
Punjab National Bank has agreed to enhance an accoummodation by way of
packing credit to USD 625,000/- |
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.43.59 |
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UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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36 |
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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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