MIRA
INFORM REPORT
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Report Date : |
25.01.2007 |
IDENTIFICATION DETAILS
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Name : |
M
SURESH JEWELLERY PRIVATE LIMITED |
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Registered Office : |
Plot
No. 18, Seepz, Andheri [East], Mumbai – 400096 |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
11.08.1994 |
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Com. Reg. No.: |
11-80302 |
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CIN No.: [Company
Identification No.] |
U65920MH1994PTC080302 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
-- |
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PAN No.: [Permanent
Account No.] |
-- |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturer
of diamond studded gold jewellery. |
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 : |
Small
company |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an old and established company having moderate track. Company’s
profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot
No. 18, Seepz, Andheri [East], Mumbai – 400096, |
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Tel. No.: |
91-22-28292111
/ 28290464 |
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Fax No.: |
91-22-28292888 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr.
Lalit Chunilal Adani |
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Designation : |
Director
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Address : |
3B,
Swapnalok, L Jagmohandas Marg, |
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Date of Appointment : |
13.01.2003 |
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Name : |
Mr.
Manish Ramesh Pethani |
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Designation : |
Director
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Address : |
190
1/2, Chandanbala Apartment, Ratilal Thakkar Marg, Walkeshwar, Mumbai –
400006, |
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Date of Birth/Age : |
13.06.1966 |
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Date of Appointment : |
13.02.2003 |
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Name : |
Mr.
Vishal Chandresh Gandhi |
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Designation : |
Director
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Address : |
1st
Floor Banoo Manor, Building 2nd Sethlanb, Near Tej Kjran
Apartment, Babulnath Mumbai – 400007 |
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Date of Birth/Age : |
09.10.1979 |
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Date of Appointment : |
19.06.2003 |
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Name : |
Mr.
Ashish A. Mehta |
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Designation : |
Director
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Address : |
B-56
Nalanda, |
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Date of Birth/Age : |
14.01.1972 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Lalit Chunilal Adani |
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4990 |
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Mr.
Manish Ramesh Pethani |
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5000 |
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M.
Suresh and Company |
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10 |
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Total |
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10000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of diamond studded gold jewellery. |
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Products : |
Diamond
studded gold jewellery |
GENERAL INFORMATION
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Bankers : |
Seepz
Branch, Seepz, Andheri [East], Mumbai – 400096
Offshore
Banking Unit, Seepz, Andheri [East], Mumbai – 400096 |
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Banking Relations : |
Satisfactory
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Auditors : |
Mahendra
Kumbhat and Associates Chartered
Accountants Mumbai
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Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
As on 31st March 2006
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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750000 |
Equity
Shares |
Rs. 10/- each |
Rs. 7.500 Millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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500000 |
Equity
Shares |
Rs. 10/- each |
Rs. 5.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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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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[0.023] |
[0.023] |
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NETWORTH |
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0.077 |
0.077 |
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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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52.500 |
0.000 |
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TOTAL BORROWING |
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52.500 |
0.000 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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52.577 |
0.077 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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48.203 |
0.000 |
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Deferred Revenue Expenditure |
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1.639 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Deposits |
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0.312 |
0.000 |
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Cash & Bank Balances |
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0.170 |
0.070 |
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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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2.971 |
0.000 |
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Total Current Assets |
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3.453 |
0.070 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.726 |
0.001 |
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Provisions |
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Total Current Liabilities |
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0.726 |
0.001 |
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Net Current Assets |
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2.727 |
0.069 |
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MISCELLANEOUS EXPENSES |
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0.008 |
0.008 |
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TOTAL |
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52.577 |
0.077 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover [including other income] |
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-- |
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Profit/(Loss)
Before Tax |
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[0.007] |
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Provision
for Taxation |
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-- |
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Profit/(Loss)
After Tax |
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[0.007] |
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Total
Expenditure |
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0.007 |
KEY
RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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-- |
10.00 |
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Return
on Investment (ROI) (PBT/Networth) |
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-- |
0.09 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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691.25 |
0.01 |
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Current
Ratio (Current
Asset/Current Liability) |
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4.76 |
70.00 |
LOCAL AGENCY FURTHER INFORMATION
During
the year company has not carried out any business activity.
The
directors do not recommend any dividend during the year.
Fixed assets
- Building
- Furniture and Fixture
- Plant and Machinery
- Electrical fitting
- Computers
- Air conditioners
During
the year company has taken up a project to set up a jewellery export unit at
Santacruz Electronics Export processing Zone – Special Economic Zone [SEEPZ -
SEZ], Mumbai.
The
project is under implementation as on the year end.
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Name of the company |
M SURESH JEWELLERY PRIVATE LIMITED, MUMBAI
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Presented By |
BANK OF |
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1) Date and description of instrument creating the change |
Agreement
of hypothecation of plant and machinery, stock and book debts and dated
29.11.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 By way
of second charge on ll tangible
movable plant and machinery both present and future whether lying loose or in
cases at site or in transit as specified in Schedule II, Part A of the said
Agreement viz. Automatic and semi setting machines, dust collecting machines,
investment mixers, furnaces, electroplating machines, grooving machines, gold
caret testing machines, lazor welding machines, tool room machines, CAD / CAM
model making machines, air cleaning systems, air compressors, wax injectors,
vacuum wax injectors, sand blasting systems, air dryers, dye making machines,
electric motors, hot plates, air coolers, injections systems, mixing,
grinding, melting machines, casting machines, jigs dyes and tools, welding
machines, office equipments, air conditioner, furniture and fixtures,
computers, printers refrigerators, vehicles and all other types of machines required
for manufacturing plain and studded gold jewellery. By way
of first charge on All
stocks of raw materials such as diamond, platinum, gold, previous and semi
finished stones etc. finished and semi finished goods, spares parts,
components both present and future. All
present and future book debts, outstanding , money receivables, claims
bill which are now due and owing etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The rates
of interest / commission payable on the aforesaid facilities are as per
extent guidelines of the H. O. from time to time as specified in the schedule
to the agreement. During
the continuance of this agreement, the company will keep the hypothecated
machinery and hypothecated goods in the premises they are at present lying or
installed and keep such property fully insured against loos or damages, fire,
earthquake or civil commotions. The
company shall keep and maintain such margin of security as agreed upon in
favour of the bank. The
company hereby declares and guarantees that the hypothecated and charged
assets are the absolute property of the company and the company has good
right and title to the same and to charge the same in favour of the bank. The
other terms and conditions are stipulated it the said agreement. |
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5) Name and Address and description of the person entitled to the charge. |
Bank
of Seepz
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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Name of the company |
M SURESH JEWELLERY PRIVATE LIMITED, MUMBAI
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Presented By |
State Bank of |
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1) Date and description of instrument creating the change |
Form
C2 – Agreement of Hypothecation of goods and assets. Form C
1 – Agreement of loan for overall limit Form C
5 – Letter regarding the grant of individual limits within the over limits. |
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2) Amount secured by the charge/amount owing on the securities of charge |
US $
4.40 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 |
All
present and future goods book dents and all other movables assets of the
borrower including documents of title to the goods, outstanding moneys,
receivables including receivables by way of cash assistance and cash
incentives under the cash inventive scheme or any other scheme, claims
including claims by way of refund of customs duties under the duty drawback
credit scheme other scheme bills,
invoices, documents, contracts, insurance policies, guarantees, securities,
investments and right and present machinery listed in schedule hereunto all
future machinery belonging to or in the possession or under the control of
borrower wherever stored and kept and whether in the possession of the
borrower or of the bank or of any 3rd party whether in India or
elsewhere throughout the world shall stand hypothecated to the bank by way of
first charge as security for payment and discharge by the borrower to bank on
demand of the sum of US $ 4.40 Million and other moneys at any time payable
by the borrower to the bank under or in respect of all or some or of the
aforesaid credit facilities granted or to be granted to the borrower and also
as security for the payment and discharge of all indebtness whatsoever or
liability of the borrower to the bank in respect of any liability undertaken
by the bank under any letter of credit opened or guarantee or indemnity
issued by eh bank for the borrower or otherwise in respect of any account at
any officer of the bank and any bills of exchange, promissory notes or
insurgents any time draws made, excepted or in endorsed by the borrower solely or jointly
with the other which the bank may discount or become interested in together
with all interest, discount, commission, charges, cost and expenses payable to or incurred by
the bank in relations, thereto provided however that where the bank has at
the specific request of the borrower and
in its sole discretion, communicated in writing to the borrower that
in respect of any specific item of goods, book dents and other movable assets
shall be deemed as not having been hypothecated to the bank as stated
hereinbefore. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate
of interest : 6 month Libor plus 2.25 bps. Margin
: Land and building / plant and machinery 24 % Repayment
schedule as follows :
All
other terms and conditions as mentioned in loan agreement and sanctioned
letter. |
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5) Name and Address and description of the person entitled to the charge. |
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 |
As Per Website
Detail
of Group Company
M. Suresh Company
Private Limited is the flagship firm of the M. Suresh Group - a leading business
group that has been building a strong global presence in the Jewelry business.
It has been a
leading diamond manufacturer, importer and exporter of cut and polished
diamonds since 1968. Presently, the firm exports to
The phenomenal growth curve over the last
three and a half decades has been the result of the focused evolution of the
firm's operations into an exemplary diamond-processing unit. With a strong
commitment to technological development, the firm has adapted extremely modern
state of the art machinery and processing to achieve flawless cut & polish
of diamonds.
it is the Govt.
Recognized Trading House and The Diamond Trading Company Sight holder since
1993.
The four decades of the firm's operations
have been witness to strategic expansions into newer avenues, and a continuous
exploration of more contemporary channels, as pioneers of a radical desired
change in diamond processing.
Its endeavor has always been to
constantly innovative ways to improve systems at all levels. Relentless
research is the basis for continued improvement of the product, as a means to
optimal satisfaction for the client. It is known for its flawless cut, consistency in
assortment and for its commitment to stringent quality and perfection.
With the world becoming more competitive
with better communications, quality has become the defining factor for the
consumers today. With this perspective, it has established a grading system that would
create sustained confidence of the consumers of this millennium. The system
also will help the clients in the selection of their specified requirements.
It has completed
the successful integration of purchasing, manufacturing, marketing and sales.
Programs for continued improvement in our manufacturing facilities - both in
the use of technology and the training of our people- are a constant factor in
the organization.
MUMBAI :
301, Regal Diamond Centre, Opera House, Mumbai -
400004,
Phone: 91-22-2363 9001/2363 6244
Fax: 91-22-2369 6492/2369 0176
E-mail: msuresh@msureshco.com
Web Site: http://www.msureshco.com
M. Suresh Company Private Limited
Phone : 91-261-242 7021
Fax : 91-261-243 2665
E-mail : surat@msureshco.com
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
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.44.23 |
|
|
1 |
Rs.87.56 |
|
Euro |
1 |
Rs.57.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|