MIRA
INFORM REPORT
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Report Date : |
26.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
DIMPEX JEWELS PRIVATE LIMITED |
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Registered Office : |
Tower 1/008, Seepz, MIDC, Jogeshwari - Vikhroli, Link Road, Andheri (East),
Mumbai 400096, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.11.2002 |
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Com. Reg. No.: |
137859 |
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CIN No.: [Company
Identification No.] |
U36910MH2002PTC137859 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD08698E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Silver and Gold jewellery. |
RATING &
COMMENTS
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MIRAs Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
The company has substantial accumulated losses and it had no Networth
due to heavy losses. No payment, are available. The company can be considered for any
business dealings on safe and secured trade terms and conditions only. |
LOCATIONS
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Registered Office / Factory: |
Tower 1/008, Seepz, MIDC, Jogeshwari - Vikhroli, Link Road, Andheri
(East), Mumbai 400096, Maharashtra, India |
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Tel. No.: |
91-22-28292829 |
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Fax No.: |
91-22-28292830 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Bakul Rasiklal Mehta |
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Designation : |
Director |
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Address : |
24, Bay-View, 15/A, Ridge Road, Malabar Hills, Mumbai 400006,
Maharashtra |
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Date of Birth/Age : |
01.12.1945 |
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Date of Appointment : |
14.11.2002 |
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Name : |
Mrs. Priti Bakul Mehta |
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Designation : |
Director |
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Address : |
24, Bay-View, 15/A, Ridge Road, Malabar Hills, Mumbai 400006,
Maharashtra |
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Date of Birth/Age : |
29.10.1947 |
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Date of Appointment : |
14.11.2002 |
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Name : |
Mr. Viral Bakul Mehta |
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Designation : |
Director |
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Address : |
24, Bay-View, 15/A, Ridge Road, Malabar Hills, Mumbai 400006,
Maharashtra |
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Date of Birth/Age : |
06.09.1976 |
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Date of Appointment : |
14.11.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Bakul Rasiklal Mehta |
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4000 |
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Mrs. Priti Mehta |
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4000 |
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Mr. Viral Mehta |
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4000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Silver and Gold jewellery. |
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GENERAL
INFORMATION
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No. of Employees : |
15 |
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Bankers : |
Bank of India Seepz Branch, Seepz, Andheri (East), Mumbai 400096, Maharashtra E-Mail: boiseepz@vsnl.in |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Vasant A. Parikh Chartered Accountants |
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Address : |
7-B, Nusser House, 20 M.P. Marg, opera house, Mumbai 400004,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital
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No. of Shares |
Type |
Value |
Amount |
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12000 |
Equity Shares |
Rs.10/- each |
Rs.0.120
million |
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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0.120 |
0.120 |
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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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(3.073) |
(3.730) |
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NETWORTH |
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(2.953) |
(3.610) |
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LOAN FUNDS |
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1] Secured Loans |
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8.069 |
7.687 |
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2] Unsecured Loans |
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21.420 |
21.350 |
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TOTAL BORROWING |
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29.489 |
29.037 |
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DEFERRED TAX LIABILITIES |
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1.264 |
0.794 |
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TOTAL |
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27.800 |
26.221 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15.205 |
17.061 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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2.498 |
1.315 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.568 |
10.627 |
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Sundry Debtors |
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19.894 |
10.294 |
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Cash & Bank Balances |
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3.529 |
0.212 |
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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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2.100 |
2.057 |
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Total
Current Assets |
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36.091 |
23.190 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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26.004 |
15.361 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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26.004 |
15.361 |
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Net Current Assets |
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10.087 |
7.829 |
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MISCELLANEOUS EXPENSES |
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0.010 |
0.016 |
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TOTAL |
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27.800 |
26.221 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover (including other income) |
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45.166 |
35.794 |
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Total Income |
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45.166 |
35.794 |
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Profit/(Loss) Before Tax |
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1.173 |
(1.352) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.173 |
(1.352) |
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Export Turnover |
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46.101 |
35.710 |
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Expenditures : |
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Depreciation & Amortization |
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2.148 |
2.444 |
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Other Expenditure |
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44.992 |
37.147 |
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Total Expenditure |
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47.140 |
39.591 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.59 |
(3.77) |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.59 |
(3.77) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.28 |
(3.35) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.39) |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
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(8.80) |
(4.25) |
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Current Ratio (Current Asset/Current Liability) |
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1.38 |
1.50 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
DIMPEX JEWELS PRIVATE LIMITED |
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Presented
By |
Bank of India, Seepz Branch, Mumbai 400096 |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of plant and machinery, stock and book debts dated 18.11.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Demand Loan Rs.3.300 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Bank of India, Seepz Branch, Mumbai have sanctioned the aforesaid carious credit facilities to the company (Borroewr): 1) By hypothecation all tangible movable machineries and plant both present and future. Namely all types of machines including automatic and semi automatic diamond cutting polishing, and setting machines, dust collecting machines, investment mixers, furnace, electro plating machines, grooving machines, gold carat testing machines, lazor welding machines, tool room machines, CAD / CAM model making machines, air cleaning systems, etc required for manufacturing of gold jewellery studded jewellary, as specified in part A of schedule 2 of the agreement. 2) All tangible movable properties and assets both present and future- namely all stocks of raw materials gold, silver, diamonds, findings coloured stones, precious and semi precious stones, gems, samples rubber moulds, plaster of paris and all other raw materials, work in progress, finished goods, ornaments, jewellary etc. as specified in part B of schedule 2 of the agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. The said loan is repayable in 4 quarterly installment to commence from 18.02.2004 2. The interest is payable @ 4% above PLR on the monthly rest. 3. The other terms and conditions are stipulated in the agreement. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Sepz Branch, Seepz, Andheri (East), Mumbai 400096 |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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Corporate identity number (CIN) Foreign company registration number |
U36910MH2002PTC137859 |
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Name of the Company |
DIMPEX JEWELS PRIVATE LIMITED |
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Address |
Tower 1/008, Seepz, MIDC, Jogeshwari - Vikhroli, Link Road, Andheri
(East), Mumbai 400096, Maharashtra |
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This form is for |
Creation of charges |
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Type of Charge |
Equitable mortgage or mortgage of property by depositing the title deeds |
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Particulars of the charge holder |
Bank of India Seepz Branch, Seepz, Andheri (East), Mumbai 400096, Maharashtra E-Mail: boiseepz@vsnl.in |
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Amount secured by the charge |
Rs.12.500 millions |
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Brief of the principal terms and conditions |
Bank of India, have sanctioned various credit facilities of Rs.12.500 millions to the company by creating equitable mortgage by depositing title deeds of its immovable property located at Tower 1/008, Seepz, MIDC, Jogeshwari - Vikhroli, Link Road, Andheri (East), Mumbai 400096, Maharashtra admeasuring 3,561.56sq.fts (331sq.mtrs) together with all immovable plant and machinery, F and F both present and future. |
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Description of the property charged indicating |
Immovable properties |
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Date of Instrument creating charge |
03.08.2006 |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Intl
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a companys management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.49 |
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UK Pound |
1 |
Rs.78.33 |
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Euro |
1 |
Rs.56.78 |
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 |
- |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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17 |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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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 |
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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. |
Small |
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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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