MIRA
INFORM REPORT
|
Report Date : |
09.02.2007 |
IDENTIFICATION
DETAILS
|
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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Maximum Credit Limit : |
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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.: |
DIRECTORS
|
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
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Names
of Shareholders |
No. of Shares |
|
M/s.
Mohit Diamonds Private Limited |
1999998 |
|
Mr.
Mehta V Anoop |
1 |
|
Mrs.
Mehta A Devaunshi |
1 |
BUSINESS DETAILS
|
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 |
GENERAL
INFORMATION
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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 : |
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 :
|
No.
of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 20.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 20.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(24.659) |
0.000 |
0.000 |
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NETWORTH |
(4.659) |
20.000 |
20.000 |
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LOAN FUNDS |
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1] Secured Loans |
117.072 |
62.388 |
0.000 |
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2] Unsecured Loans |
96.414 |
38.414 |
22.384 |
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TOTAL BORROWING |
213.486 |
100.802 |
22.384 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
208.827 |
120.802 |
42.384 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
144.792 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
122.817 |
0.000 |
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Advance for Expenditure |
0.000 |
0.000 |
42.216 |
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Preoperative Expenditure pending allocation |
0.000 |
0.000 |
0.011 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.741
|
0.000 |
0.000 |
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Sundry Debtors |
115.632
|
0.000 |
0.000 |
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Cash & Bank Balances |
5.844
|
0.115 |
0.169 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.626
|
3.210 |
0.005 |
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Total Current Assets |
141.843
|
3.325 |
0.174 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
77.640
|
5.624 |
0.301 |
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Provisions |
0.168
|
0.000 |
0.000 |
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Total Current Liabilities |
77.808
|
5.624 |
0.301 |
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Net Current Assets |
64.035
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(2.299) |
(0.127) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.284 |
0.284 |
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TOTAL |
208.827 |
120.802 |
42.384 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 (Estimated) |
31.03.2005 (Estimated) |
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Sales Turnover [including other
income] |
|
200.000 |
100.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
(62.52)
|
5.32 |
1.13 |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.82
|
0.59 |
0.57 |
LOCAL AGENCY
FURTHER INFORMATION
|
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 |
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.44.06 |
|
UK
Pound |
1 |
Rs.86.34 |
|
Euro |
1 |
Rs.57.46 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
|
>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 |
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