MIRA
INFORM REPORT
|
Report Date : |
09.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
JEWELEX
[INDIA] PRIVATE LIMITED |
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Formerly Known As : |
JEWELEX
BOMBAY PRIVATE LIMITED |
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Registered Office : |
G-29, G & J
Complex III, Seepz, Andheri (East), Mumbai – 400096, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
22.03.1993 |
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Com. Reg. No.: |
11-71263 |
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CIN No.: [Company
Identification No.] |
U51398MH2004PTC071263 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ11921A |
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PAN No.: [Permanent
Account No.] |
AABCJ4523H |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of all kinds
of diamond studded gold jewellery. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
USD
3500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company having fine track. Directors are reported as
experienced, respectable and resourceful businessmen. It is a 100% export
oriented unit. Financial position is good. Payments are correct and as per
commitments. The company can be
considered for normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office/Factory : |
G-29, G & J
Complex III, Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India |
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Tel. No.: |
91-22-56938500
/ 8501 / 8502 |
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Fax No.: |
91-22-28290460 |
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E-Mail : |
jewelex@bom2.vsnl.net.in |
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Corporate
Office : |
Plot
No. 56-B, First Floor, Seepz, Andheri [East], Mumbai – 400096, Maharashtra,
India |
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Tel.
No.: |
91-22-56938505 |
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Fax
No.: |
91-22-56938506 |
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E-Mail
: |
jewelex@bom2.vsnl.net.in |
DIRECTORS
|
Name : |
Mr. Piyush S. Kothari |
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Designation : |
Director |
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Address : |
705, Mangal Kunj – B, 2 Mount Pleasant
Road, Mumbai – 400006, Maharashtra |
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Date of Birth/Age : |
10/01/1943 |
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Date of Appointment : |
22/03/1993 |
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Name : |
Mr. Nilesh P. Kothari |
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Designation : |
Director |
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Address : |
10, Ayarvarta, 20, N. D. Road, Mumbai –
400006, Maharashtra |
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Date of Birth/Age : |
11/02/1961 |
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Date of Appointment : |
22/03/1993 |
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Name : |
Mr. Ashish S. Kothari |
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Designation : |
Director |
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Address : |
705, Mangal Kunj – B, 2 Mount Pleasant
Road, Mumbai – 400006, Maharashtra |
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Date of Birth/Age : |
21/05/1973 |
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Date of Appointment : |
22/03/1993 |
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Name : |
Mr. Ketan R. Shah |
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Designation : |
Director |
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Address : |
146/8, Jawahar Nagar, Road No. 9, 1st
Floor, Goregaon (West), Mumbai – 400062, Maharashtra |
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Date of Birth/Age : |
24.02.1972 |
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Date of Appointment : |
01/04/2003 |
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Name : |
Mrs.
Afshan Adlakha |
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Designation : |
Director
|
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Address : |
A /
702, Jalvayu Vihar, Powai, Andheri [East], Mumbai – 400076, Maharashtra,
India |
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Date of Birth/Age : |
02.04.1976 |
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Date of Appointment : |
01.07.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Jewelex
India Private Limited |
|
199998 |
|
Mr.
Nilesh P. Kothari |
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1 |
|
Mr.
Anish P. Kothari |
|
1 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of all kinds
of diamond studded gold jewellery. |
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|
|
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Products : |
Gold Rings Earrings Pendants Diamond
Studded Gold and Platinum Jewellery |
PRODUCTION
STATUS
|
Particulars |
Unit |
Actual Production |
|
Rings |
Nos. |
111044 |
|
Pendants |
Nos. |
51777 |
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Earrings |
Pairs |
112732 |
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Belts/Neckless/Bangles |
Nos. |
5431 |
GENERAL
INFORMATION
|
No. of Employees : |
About
2000 |
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Bankers : |
Corporation Bank Overseas Branch, Earnest House, Nariman Point, Mumbai – 400021, Maharashtra |
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Banking Relations : |
Good |
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Auditors : |
M. M.
Nissim and Company Chartered
Accountants, Barodawala
Mansion, B – Wing, 3rd Floor, 81, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-24949991 |
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Fax No.: |
91-22-24949995 |
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Associates/Subsidiaries : |
Jewelex
International Private Limited Usha
Industries P. D.
Kothari & Company Jewelex Creations
Private Limited Spark Diamond
Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs. 100/- each |
Rs. 25.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200000 |
Equity
Shares |
Rs. 100/- each |
Rs. 20.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
889.860 |
635.197 |
409.969 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
909.860 |
655.197 |
429.969 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
82.483 |
38.658 |
|
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2] Unsecured Loans |
124.047 |
140.000 |
140.000 |
|
|
TOTAL BORROWING |
124.047 |
222.483 |
178.658 |
|
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DEFERRED TAX LIABILITIES |
5.453 |
4.429 |
0.000 |
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TOTAL |
1039.360 |
882.109 |
608.627 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
112.994 |
111.466 |
118.408 |
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Capital work-in-progress |
1.038 |
0.000 |
0.000 |
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INVESTMENT |
3.775 |
3.163 |
3.163 |
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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 |
478.937 |
424.862 |
291.751 |
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Sundry Debtors |
368.734 |
394.028 |
261.523 |
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Cash & Bank Balances |
26.572 |
8.572 |
20.680 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
189.546 |
13.640 |
3.486 |
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Total Current Assets |
1063.789 |
841.102 |
577.440 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
138.402 |
62.144 |
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Provisions |
3.834 |
11.478 |
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Total Current Liabilities |
142.236 |
73.622 |
90.384 |
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Net Current Assets |
921.553 |
767.480 |
487.056 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1039.360 |
882.109 |
608.627 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
1940.865 |
1742.376 |
1286.850 |
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|
|
|
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Profit/(Loss)
Before Tax |
257.734 |
239.785 |
171.641 |
|
Provision
for Taxation |
514.206 |
470.499 |
0.000 |
|
Profit/(Loss)
After Tax |
256.472 |
230.714 |
171.641 |
|
|
|
|
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Export
Value |
2007.223 |
1702.392 |
1205.500 |
|
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|
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|
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Import
Value |
1544.168 |
1323.193 |
976.966 |
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Total
Expenditure |
1683.130 |
1502.590 |
1115.209 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
13.21
|
13.24 |
13.33 |
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Net
Profit Margin (PBT/Sales) |
(%) |
13.27
|
13.76 |
13.33 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
21.90
|
25.17 |
24.66 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.36 |
0.39 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
0.29
|
0.45 |
0.62 |
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Current
Ratio (Current
Asset/Current Liability) |
|
7.47
|
11.42 |
6.38 |
LOCAL AGENCY
FURTHER INFORMATION
Subject
was incorporated on 22nd March, 1993 under the name and style
‘Jewelex Bombay Private Limited’. The name was changed to the present w.e.f.
15.09.2004.
Operations
:
During the
year under report, the company has surpassed its previous performance recording
its best ever results. New highs were
achieved in terms of Turnover and Profitability.
The
Total Income was Rs. 1937.793 millions as compared to Rs. 1660.554 millions for
the previous year. The profitability at
Rs. 256.472 millions as compared to Rs. 230.714 millions for the previous year
was also a new record.
Fixed
Assets
Building
[Leasehold], Plant and Machinery, Electrical Fittings, Furniture &
Fixtures, Office Equipments, Computers and Vehicles.
Form 8 Particular for creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U51398MH2004PTC071263 |
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Name of the company |
JEWELEX [INDIA] PRIVATE LIMITED |
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Address |
124-C, Mittal Court, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
This Form is for |
Creation of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Corporation Bank Overseas Branch, Earnest House, Nariman Point, Mumbai – 400021, Maharashtra |
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Nature or description of the instrument creating charge |
Unattested Deed of Hypothecation of movables |
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Date of the instrument creating charge |
31.05.2006 |
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Amount Secure by the charge |
Rs. 87.500 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Interest rate 8.50% p.a. being 2% p.a. below the Bank COBAR PRIME LENDING RATE [PLR], which is 10.50% as at the present rising or failing with the banks prime lending rate or at such lending rate that the bank may determined to charge time to time |
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Description of the property charge whether it is a charge on |
Others : Equipment |
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Particulars of the Property charged |
Two wind mills and all other related equipment and systems and accessories having total Project Cost Rs. 125 millions |
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Name of the company |
JEWELEX INDIA LIMITED |
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Presented By |
Corporation Bank & Jewelex India Limited |
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1) Date and description of instrument creating the change |
Dated : 7th March, 2001 a. Working Capital Consortium Agreement ; b. Joint Deed of Hypothecation; and Inter se Agreement [Collectively a single charge for Rs. 305 millions] |
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2) Amount secured by the charge/amount owing on the securities of charge |
a. Corporation Bank : Rs. 230.000 millions b. Bank of India : Rs. 75.000 millions Total : Rs. 305.000 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 |
The whole of the current assets of the borrower, namely, stocks of raw materials, stock in process, semi finished and finished goods, stores and spares not relating to plant and machinery [consumable stores and spares], bills receivable and book debts and all other movables, the whole of the non current assets, movables, fixed assets [except vehicles and lease hold factory premises of Unit I such as plant and machinery, furniture and fixtures, office equipments, computers etc. both present and future whether now lying loose or in cases or which are now lying or stored in or above or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about of the borrowers factories, premises and godowns situated at Unit No. I at G – 29, Seepz, G & J Complex III, Andheri [East], Mumbai – 400096 and Unit No. II at Plot 56 B, G & J Complex III, Seepz, Andheri [East], Mumbai – 400096 in the State of Maharashtra or wherever else the same may be or be held by any party to the order or disposition of the borrower in the course of transit or on high seas or disposition of the borrower in the course of transit or on high seas or on order or delivery, howsoever and wheresoever in the possession of the borrower and either by way of substitution of addition |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest / commission to be charged at such rates as may be determined by the banks from time to time and the present rates of interest / commission are detailed hereunder : Particulars of Interest and Commission :
Interest / Commission rates as mentioned above are subject to revision from time to time ii. The borrower agrees that the said facilities together with interest, compound interest, additional interest, liquidated damages, costs, charges, expenses and other moneys payable in respect thereof will be secured in favour of the said Banks by a First Charge iii. The borrower shall maintain such security margin as may be stipulated by the said banks. iv. The security shall be a continuing security for the balance from time to time due to the said Banks and each of them under the said accounts V. All moneys resulting from the enforcement or realisation of the said securities by or on behalf of the said banks and the amounts realized from any policy or policies of insurance in respect of the said securities or by recourse to any special legislation for recovery of dues as may be applicable or otherwise howsoever shall be available for distribution amongst the said banks inter-se, in the same proportion to their respective outstandings in the said facilities, without any preferences or priority of one over the other or others for all purposes and to all intents. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank Overseas Branch, Nariman Point, Mumbai – 21 Bank of India Seepz Branch, Behind Seepz Service Centre Building, Marol Industrial Area, Andheri [East], Mumbai – 400006 |
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6) Date and brief description of instrument modifying the charge |
Dated : 14.01.2003 No instrument, but a joint mortgage was created by redeposit of title deeds with Corporation Bank and Corporation Bank acting for itself as well as agent of Bank of India, in respect of immovable properties of the company as security |
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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. |
a. Past Modification : The original charge created on 07.03.2001 for Rs. 305.000 millions was modified on 12.07.2001 against the security of equitable mortgage of company’s immovable properties. b. Present Modification : The company has now created a mortgage by deposit of title deeds [by way of constructive delivery] relating to the company’s immovable properties namely, building situated on the Plot No. 56B in the Santacruz Electronics Export Processing Zone, within the village limit of Vyarawali, Parjapur, Kondivita and Marol Taluka Andheri District Mumbai city in favour of the Consortium Banks to secure all monies upto a limit of Rs. 340 millions besides interest, costs, charges, etc. that may be found due and payable by the company to the consortium of banks or account of the said transactions. Save and except creation of above mortgage there is therefore, no charge in the amount of charge which stands secured at Rs. 340 millions |
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.44.17 |
|
UK
Pound |
1 |
Rs.86.10 |
|
Euro |
1 |
Rs.57.26 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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 |
|