MIRA
INFORM REPORT
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Report Date : |
2nd
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
JAZZY
CREATIONS PRIVATE LIMITED |
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Registered Office : |
Prince
Bhavan, 1st and 2nd Floor, Plot No. 95, MIDC Road No.
16, Andheri (East), Mumbai – 400 092, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.11.2004 |
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Com. Reg. No.: |
11-149670 |
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CIN No.: [Company
Identification No.] |
U51398MH2004PTC149670 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ10387G |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on all or any of the business of goldsmiths, silversmiths, jewellers,
gem and diamond merchants and to design, develop, modify, build, refine,
repair, process, prepare, fabricate, ornaments, gems, jewellery, goods,
watches, clocks, fabrics, accessories made partly of gold, silver, platinum
or other precious metals and alloys thereof together with precious, semi
precious stones. To
carry on the business as importers, exporters, wholesalers, retailers,
merchants, traders, manufactures, distributors and otherwise deal in rough
and polished diamond, jewellery, gold and silver, bullion and precious
stones, plated jewellery articles. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
90000 |
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Status : |
Satisfactory
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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 having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is active. Payments are usually correct and as
per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Prince
Bhavan, 1st and 2nd Floor, Plot No. 95, MIDC Road No.
16, Andheri (East), Mumbai – 400 092, Maharashtra, India |
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Tel. No.: |
91-22-23634137 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.
Nayan Chimanlal Shah |
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Designation : |
Director
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Address : |
23
Bharat Mahal, N Agershi Road, Mumbai – 400 036, Maharashtra, India |
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Date of Birth/Age : |
26.07.1966 |
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Date of Appointment : |
24.11.2004 |
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Name : |
Mr.
Lopa Haresh Mehta |
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Designation : |
Director
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Address : |
9
Anupa, Gulmohar Cross Road No. 6, Juhu, Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
10.10.1973 |
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Date of Appointment : |
24.11.2004 |
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Name : |
Mr.
Eli Habibolah Hematian (Foreigner) |
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Designation : |
Director
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Address : |
32
Ellard Ave, Great Neck NY 11024, New York, USA |
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Date of Birth/Age : |
22.08.1955 |
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Date of Appointment : |
01.07.2006 |
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Name : |
Mr.
Chimanlal Chunilal Shah |
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Designation : |
Director
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Address : |
23,
Bharat Mahal, Doongershi Road, Mumbai – 400 036, Maharashtra, India |
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Date of Birth/Age : |
26.07.1966 |
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MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Eli Habibolah Hematian |
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27000 |
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Mr.
Nayan Chimanlal Shah |
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30000 |
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Mr.
Lopa Haresh Mehta |
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3000 |
BUSINESS DETAILS
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Line of Business : |
To
carry on all or any of the business of goldsmiths, silversmiths, jewellers,
gem and diamond merchants and to design, develop, modify, build, refine,
repair, process, prepare, fabricate, ornaments, gems, jewellery, goods,
watches, clocks, fabrics, accessories made partly of gold, silver, platinum
or other precious metals and alloys thereof together with precious, semi
precious stones. To
carry on the business as importers, exporters, wholesalers, retailers,
merchants, traders, manufactures, distributors and otherwise deal in rough
and polished diamond, jewellery, gold and silver, bullion and precious
stones, plated jewellery articles. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About
25 |
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Bankers : |
Union
Bank of India Mumbi
Samachar Marg Branch, 66/80, M S Marg, Fort, Mumbai – 400 023, Maharashtra,
India |
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Facilities : |
Subject
enjoys mortgage facility of Rs. 25.000 millions from Union Bank of India
dated 19.07.2006 Operation
of Charge from Union Bank of India as under:
The
whole of the borrower’s movable goods and assets both present and future
including all stocks of raw material, work in progress, semi finished goods
and finished goods whosesoever situated and or transit. All
the present and future book debts, outstanding monies, receivables, claims,
bills, contracts, engagements and securities which are now due and owing or
which may at any time hereafter become due and owing to the borrower in the
course of its business. |
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Banking Relations : |
Satisfactory
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Auditors : |
C M
Gabhawala and Company Chartered
Accountants |
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Address : |
41-42,
Nanik Nivas, 30 Dr. D D Sathe Marg, Girgaum, Mumbai
– 400 004, Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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60000 |
Equity
Shares |
Rs. 100/- |
Rs. 6.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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60000 |
Equity
Shares |
Rs. 100/- |
Rs. 6.000 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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6.000 |
0.100 |
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2] Reserves & Surplus |
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17.342 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(0.288) |
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NETWORTH |
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23.342 |
(0.188) |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
9.096 |
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TOTAL BORROWING |
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0.000 |
9.096 |
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TOTAL |
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23.342 |
8.908 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15.088 |
3.175 |
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Capital work-in-progress |
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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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19.711 |
2.108 |
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Sundry Debtors |
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99.304 |
21.677 |
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Cash & Bank Balances |
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1.623 |
0.677 |
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Loans & Advances |
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6.640 |
3.920 |
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Total Current Assets |
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127.278 |
28.382 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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119.403 |
23.155 |
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Total Current Liabilities |
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119.403 |
23.155 |
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Net Current Assets |
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7.875 |
5.227 |
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MISCELLANEOUS EXPENSES |
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0.379 |
0.506 |
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TOTAL |
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23.342 |
8.908 |
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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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Debt
Equity Ratio (Total
Liability/Networth) |
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6.11 |
(170.54) |
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Current
Ratio (Current
Asset/Current Liability) |
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1.06 |
1.22 |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.17 |
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UK
Pound |
1 |
Rs.86.66 |
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Euro |
1 |
Rs.57.25 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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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42 |
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
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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/normal. |
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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