MIRA
INFORM REPORT
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Report Date : |
09.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
LILY
JEWELLERY PRIVATE LIMITED |
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Registered Office : |
Con
Wood House, Yashodham, Goregaon (East), Mumbai – 400063, 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 : |
03.02.2004 |
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Com. Reg. No.: |
11-144344 |
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CIN No.: [Company
Identification No.] |
U36911MH2004PTC144344 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04439B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Subject
is engaged in the business of goldsmiths, silversmiths, jewellers, gem
merchants, watch and clock makers, electroplaters, importers and exporters of
bullions and to buy, sell, import, export, make, repair and deal (wholesale
and retail) in diamonds, rubies, precious or semi cups, shield, electroplate,
cutlery, bronze, antiques and other articles made of gold, silver, diamond,
rubies and other precious metals and stones and to deal and undertake
cutting, polishing and process in diamond, precious stones gold, silver and
to manufacture and establish factories for manufacturing goods jewellery and
other articles for the above business. |
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 : |
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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 reported as 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
|
Registered Office : |
Con
Wood House, Yashodham, Goregaon (East), Mumbai – 400063, Maharashtra,
India |
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Tel. No.: |
91-22-28402304 |
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Fax No.: |
91-22-28402322 |
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Corporate
Office : |
Unit
No 503, Block No II, SEEPZ++, SEEPZ SEZ MIDC, Anderi (East), Mumbai – 400096,
Maharashtra, India |
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E-Mail : |
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Factory
1: |
Gala
No 403, Building No II , SEEPZ++ , MIDC, Marol, Andheri (East), Mumbai –
400096, Maharashtra, India |
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Tel.
No: |
91-22-56970091/
28293301 |
DIRECTORS
|
Name : |
Mr
Pramod K Goenka |
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Designation : |
Director |
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Address : |
Janki
Kutir, Vaibhav Society, Juhu Church Road, Mumbai – 400049, Maharashtra, India
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Date of Appointment : |
03.02.2004 |
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Name : |
Mr
Ariez Tata |
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Designation : |
Director |
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Address : |
31,
Shruti A-Wing, Yashodham, Goregaon (East), Mumbai – 400063, Maharashtra,
India |
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Date of Appointment : |
03.02.2004 |
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Name : |
Mr
Basil Dubb |
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Designation : |
Director
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Address : |
105, King’s
Apartments, Juhu Tara Road, Juhu, Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age ; |
15.09.1953 |
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Date of Appointment : |
23.02.2004 |
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Name : |
Mr
Sanjoy Ghosh |
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Designation : |
Director |
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Address : |
Apartment
No 304, Meenaxi Towers, Gokuldham, Goregaon (East), Mumbai – 400063,
Maharashtra, India |
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Date of Appointment : |
23.02.2004 |
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Name : |
Mr
Ofer Azerielant |
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Designation : |
Director |
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Address : |
Audin
International Incorporation, 609, Greenwich Street, New York – 10014, U S A |
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Date of Appointment : |
02.05.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Mr
Pramod K Goenka |
500 |
0.56 |
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Mr
Ariez Tata |
4975 |
5.56 |
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Mr
Pramod K Goenka – Karta – HUF |
25100 |
28.07 |
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Mr
Pramod K Goenka Mrs
Bina Goenka |
14200 |
15.88 |
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Mr
Sanjoy Ghosh |
4840 |
5.41 |
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Andin
International Incorporation |
39800 |
44.51 |
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Total |
89415 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Subject
is engaged in the business of goldsmiths, silversmiths, jewellers, gem
merchants, watch and clock makers, electroplaters, importers and exporters of
bullions and to buy, sell, import, export, make, repair and deal (wholesale
and retail) in diamonds, rubies, precious or semi cups, shield, electroplate,
cutlery, bronze, antiques and other articles made of gold, silver, diamond,
rubies and other precious metals and stones and to deal and undertake
cutting, polishing and process in diamond, precious stones gold, silver and
to manufacture and establish factories for manufacturing goods jewellery and
other articles for the above business. |
GENERAL
INFORMATION
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No. of Employees : |
About
250 |
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Bankers : |
State
Bank of India Offshore
Banking Unit, SEEPZ, Andheri (East), Mumbai – 400096 |
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Banking Relations : |
Satisfactory |
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Auditors : |
M A
Parikh and Company Chartered
Accountants |
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Address : |
Yusuf
Building, 2nd Floor, 43, Mahatma Gandhi Road, Fort, Mumbai –
400023, Maharashtra, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity
Shares |
Rs 100/- each |
Rs 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
89415 |
Equity
Shares |
Rs 100/- each |
Rs 8.942 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
8.941 |
0.100 |
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2] Share Application Money |
|
4.373 |
44.904 |
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3] Reserves & Surplus |
|
38.204 |
1.872 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
51.518 |
46.876 |
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LOAN FUNDS |
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1] Secured Loans |
|
184.045 |
151.280 |
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2] Unsecured Loans |
|
22.719 |
22.500 |
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TOTAL BORROWING |
|
206.764 |
173.780 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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258.282 |
220.656 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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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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266.611 |
153.782 |
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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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115.103 |
65.955 |
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Sundry Debtors |
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244.067 |
161.827 |
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Cash & Bank Balances |
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10.599 |
10.415 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
20.342 |
2.816 |
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Total Current Assets |
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390.111 |
241.013 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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266.356 |
153.782 |
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Provisions |
|
0.255 |
0.000 |
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Total Current Liabilities |
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266.611 |
153.782 |
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Net Current Assets |
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123.500 |
87.231 |
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MISCELLANEOUS EXPENSES |
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0.107 |
0.142 |
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TOTAL |
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258.282 |
220.656 |
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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6.62 |
6.55 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.46 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
LILY JEWELLERY PRIVATE LIMITED |
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Presented By |
STATE BANK OF INDIA, OFFSHORE BANKING UNIT,
SEEPZ, MUMBAI – 400096 |
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1) Date and description of instrument creating the change |
A.
Agreement of loan for overall limit B.
Agreement of hypothecation of goods and assets C.
Letter regarding the grant of individual limits within the overall limit Both
the above agreements are dated 26.05.2004 executed for the creation of a
single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
US $ 2
Million (US $ Two Million) |
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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 |
All
present and future goods, book debts and all other documents of title to the
goods, outstanding moneys, receivables including receivables by of cash
assistance and/or cash incentives under the Cash Incentive scheme or any other scheme claims including
claims by way of refund of customs/excise duties under the duty drawback
credit scheme or any other bills, invoices, documents, contracts, insurance
policies, guaranties, engagements, securities, investments and rights and all
present and valcanizer, devesting machine, centrifugal Barrel, polishing,
bench polishers, steam driving, dust collectors gold refining and ETP etc |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Return
on Investments: 6 months LIBOR plus 260 bps. Margin
: Land
and Building / Plant and Machinery :
33.33 % Repayment
: First
: 4 Quarterly Instalments of US$0.055 each Next :
4 Quarterly Instalments of US$0.11 each Next :
8 Quarterly Instalments of US$0.1675 each |
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5) Name and Address and description of the person entitled to the charge. |
State
Bank of India Offshore
Banking Unit, 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 |
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
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.18 |
|
UK
Pound |
1 |
Rs.86.36 |
|
Euro |
1 |
Rs.57.54 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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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 |
|
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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