MIRA
INFORM REPORT
|
Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
JEWEL CONSUMER CARE PRIVATE LIMITED |
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Formerly Known As : |
AMIGO SECURITIES PRIVATE LIMITED |
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Registered Office : |
“Subhaag”, B – 15/16, Ramin Park, Old Padra Road, Baroda – 390 020,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.01.1972 |
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Com. Reg. No.: |
3407002254 |
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IEC No.: |
U74920GJ1972PTC006949 |
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PAN No.: [Permanent
Account No.] |
AAACB8634Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Tooth Brushes, Household Brushes, and Household
Plastic Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 750000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company and after recent restructuring,
expected to do well. Trade relations are fair. Payments are correct and as
per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Subhaag, B – 15/16, Ramin Park, Old Padra Road, Baroda – 390 020,
Gujarat, India |
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Tel. No.: |
91-265-2356798 / 2354354 |
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Fax No.: |
91-265-2353522 / 223396 |
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E-Mail : |
cyrus@jewelbrushes.com |
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Website : |
http://www.jewelbrushes.com |
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Area : |
2319 sq.mtrs |
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Location : |
Owned |
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Administrative Office / Factory
: |
Plot No. 209-214, Village Luna, Taluka Padra , District Vadodara – 391
440, Gujarat |
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Tel. No.: |
95-2662-2325426/27 / 23801/02/03 |
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Fax No.: |
95-2662-223803 |
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E-Mail : |
cyrust@jewelbrushes.com |
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Area : |
33983 sq.mtrs |
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Location : |
Owned |
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Branches : |
D 1/34 Khiranagar, S V Road, Santacruz (West), Mumbai – 480 054,
Maharashtra |
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Tel. No.: |
91-22-26616837 |
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E-Mail : |
aniruddh@jewelbrushes.com |
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Area : |
450 sq.fts |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Amit Goradia |
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Designation : |
Director |
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Address : |
12 Kesarbaug, Vasna Road, Vadodara – 390 015, Gujarat |
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Date of Birth/Age : |
20.05.1950 |
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Qualification : |
B.Tech (Mech), Iim |
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Experience : |
34 Years |
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Name : |
Mrs. Geeta Goradia |
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Designation : |
Director |
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Address : |
12 Kesarbaug, Vasna Road, Vadodara – 390 015, Gujarat |
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Date of Birth/Age : |
19.09.1953 |
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Qualification : |
M.Com ( Industrial Economics) |
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Experience : |
21 Years |
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Name : |
Mr. Jai Patel |
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Designation : |
Director |
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Address : |
3, Green Park, Tandalja Road, Vadodara – 390 020 , Gujarat |
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Date of Birth/Age : |
17.09.1937 |
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Qualification : |
Chartered Accountants Cum Company Secretary |
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Experience : |
42 Years |
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Name : |
Mr. Aniruddh Kamdar |
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Designation : |
Director |
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Address : |
5 Piroja Court, 9 Meera Baug, Santacruz (West), Mumbai, -4 00 005,
Maharashtra |
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Date of Birth/Age : |
14.04.1953 |
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Qualification : |
B.E (Metallurgy) |
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Experience : |
27 Years |
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Name : |
Dr. Timm Preusser |
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Designation : |
Director |
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Address : |
13 Hofstetter St. D – 63839, Kleinwallstadt, Germany |
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Date of Birth/Age : |
05.09.1952 |
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Qualification : |
P.Hd (Mechanical Engineer) |
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Experience : |
17 Years |
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Name : |
Mr. Helmut Schlieper |
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Designation : |
Director |
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Address : |
Simroockstrasse 47, 53619, Rheinbreitback, Germany |
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Date of Birth/Age : |
20.10.1952 |
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Qualification : |
MBA |
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Experience : |
30 Years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Geeta Garodia |
|
11882145 |
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Mr. Suhrud Goradia |
|
1422295 |
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Mr. Subir Goradia |
|
1422317 |
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Mr. Timm Preusser |
|
964460 |
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Mr. Jai Patel |
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193722 |
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Mr. Synpart AG |
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3086272 |
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Mr. Aniruddh Kamdar |
|
140270 |
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Others |
|
592257 |
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Total
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19703738 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Tooth Brushes, Household Brushes, and Household
Plastic Products. |
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Exports : |
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Products : |
Toothbrushes, Household Brushes, Household Plastic Products. |
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Imports : |
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Products : |
Nylon Filaments, Thermo Plastic Elastomers, Polypropelene |
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Countries : |
USA, Thailand, China, Malaysia, Germany |
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Terms : |
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Selling : |
Cash, Credit (30 days) |
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Purchasing : |
L/C, Credit ( 30 days), Cash |
PRODUCTION STATUS
|
Particulars |
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Installed
Capacity |
Actual
Production |
|
House Hold Plastic Products |
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|
2000 mt. |
54.85 mt. |
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Toothbrushes and Household Brushes |
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|
200 million nos
pa |
111 million nos |
GENERAL
INFORMATION
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Customers : |
Retailers, OEM’s |
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No. of Employees : |
445 (20 in Office, 420 in Factory, 05 in Branch) |
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Bankers : |
· IDBI Bank Limited Address: R C Dutt Road, Alkapuri , Baroda
– 390 007, Gujarat Facilities: Rs. 145.400 millions fund
Based · Standard Chartered Bank Address: R C Dutt Road, Alkapuri , Baroda
– 390 007, Gujarat Facilities: Rs. 20.400 millions Non Fund
Based |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K C Mehta and Company Chartered Accountants |
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Address : |
5 Mona Lisa Apartment, 48 Nutan Bharat Society, Alkapuri, Baroda – 390
007, Gujarat |
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Tel. No.: |
91-265-6611000 |
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Mobile No.: |
91-265-6610666 |
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E-Mail : |
office@kcmehta.com |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29650000 |
Equity shares |
Rs. 10/- each |
Rs. 296.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19930148 |
Equity shares |
Rs. 10/-
each |
Rs. 199.300
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
199.300 |
17.200 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
7.700 |
2.400 |
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4] (Accumulated Losses) |
|
[23.000] |
[1.200] |
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NETWORTH |
|
184.000 |
18.400 |
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LOAN FUNDS |
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1] Secured Loans |
|
142.600 |
0.000 |
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2] Unsecured Loans |
|
161.500 |
65.300 |
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TOTAL BORROWING |
|
304.100 |
65.300 |
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DEFERRED TAX LIABILITIES |
|
2.900 |
0.000 |
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TOTAL |
|
491.000 |
83.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
444.100 |
116.900 |
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Capital work-in-progress |
|
0.000 |
0.700 |
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INVESTMENT |
|
5.200 |
79.400 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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47.200 |
0.000 |
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Sundry Debtors |
|
6.400 |
0.600 |
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Cash & Bank Balances |
|
10.100 |
0.100 |
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Other Current Assets |
|
90.400 |
14.300 |
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Loans & Advances |
|
0.000 |
0.000 |
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Total
Current Assets |
|
154.100 |
15.000 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
102.700 |
128.200 |
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Provisions |
|
9.800 |
0.100 |
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Total
Current Liabilities |
|
112.500 |
128.300 |
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Net Current Assets |
|
41.600 |
[113.300] |
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MISCELLANEOUS EXPENSES |
|
0.100 |
0.000 |
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TOTAL |
|
491.000 |
83.700 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
481.200 |
0.000 |
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Other Income |
|
14.200 |
8.500 |
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Total Income |
|
495.400 |
8.500 |
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Profit/(Loss) Before Tax |
|
[52.100] |
[3.200] |
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Provision for Taxation |
|
26.700 |
0.100 |
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Profit/(Loss) After Tax |
|
[25.400] |
3.300 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
81.400 |
NA |
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Other Earnings |
|
0.100 |
NA |
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Total Earnings |
|
81.500 |
NA |
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Imports : |
|
|
|
|
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|
Raw Materials |
|
36.800 |
NA |
|
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Stores & Spares |
|
4.000 |
NA |
|
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Capital Goods |
|
26.500 |
NA |
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Total Imports |
|
67.300 |
NA |
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Expenditures : |
|
|
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Cost of Goods Sold |
|
292.300 |
0.000 |
|
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Manufacturing Expenses |
|
63.100 |
2.100 |
|
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Administrative Expenses |
|
66.300 |
0.000 |
|
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Interest |
|
30.900 |
2.200 |
|
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Depreciation & Amortization |
|
65.200 |
7.200 |
|
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Other Expenditure |
|
29.700 |
0.200 |
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Total Expenditure |
|
547.500 |
11.700 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
[5.12] |
38.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
[10.82] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[8.70] |
[2.41] |
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Return on Investment (ROI) (PBT/Networth) |
|
|
[0.28] |
[0.17] |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.26 |
10.52 |
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
1.36 |
0.11 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
Previous year figures for FY 2005-06 are not comparable as M/s Jewel
Consumer care Private limited was previously known as Amigo Securities Private
limited and was non banking finance company. The company applied form merger of
13 manufacturing companies of the garodia group with effect from 01.04.2006.
The said amalgamation was sanctioned by the hon. High court of Gujarat in
August 2007. Accordingly, the figures for FY 2006-07 reflect the activities of
the merged entity, whereas figures for PY 2005-06 reflect figures for the
company for its non banking financials activities.
TRADE REFERENCES:
· Dupont Filaments, America
· K R plastic Ind. Limited
· Basell Asia Pacific Limited
· Dupont Xingdsa Filaments.
· Kriburg TPE GMBH and CO KG
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.39.47 |
|
UK Pound |
1 |
Rs.80.09 |
|
Euro |
1 |
Rs.57.65 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
43 |
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/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|