MIRA INFORM REPORT

 

 

Report Date :

07.06.2007

 

IDENTIFICATION DETAILS

 

Name :

CREATION PLAISIR PRIVATE LIMITED

 

 

Registered Office :

162 – 164, Old GZDC, Sisodhara Road, Kabilpore, Navsari – 396424, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

09.02.2001

 

 

Com. Reg. No.:

039251

 

 

CIN No.:

[Company Identification No.]

U36911GJ2001PTC039251

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC08297C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Jewellery and Accessories

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 2852

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

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 :

162 – 164, Old GZDC, Sisodhara Road, Kabilpore, Navsari – 396424, Gujarat

E-Mail :

cping@601.net.in

skshah_associates@yahoo.co.in

 

 

Corporate Office :

18, Anandji Ramji Building, Dr. D.D. Sathe Marg, Mumbai – 400004, Maharashtra

Tel. No.:

91-22-23851637 / 66336088

Fax No.:

91-22-23851637 / 66336088

Mobile No :

91-9820073363 (Ms. Esther Mendes)

 

 

DIRECTORS

 

Name :

Mr. Tarun Jamnadas Shah

Designation :

Director

Address :

102, B. Y. Apartment, 1st Floor, B.G. Kher Marg, Worli, Mumbai – 400018

Date of Appointment :

09.02.2001

 

 

Name :

Mr. Amitabh R. Shah

Designation :

Director

Address :

Panchshil Residence, A / 601, Mahavirnagar, Kandivali Mumbai

Date of Appointment :

30.04.2001

 

 

Name :

Mr. Mayur B. Shah

Designation :

Director

Address :

101, B. Y. Apparment, 1st Floor, B.G. Kher Marg, Worli, Mumbai – 400018

Date of Appointment :

30.04.2001

 

 

Name :

Ms. Tejal T. Shah

Designation :

Director

Address :

102, B. Y. Apparment, 1st Floor, B.G. Kher Marg, Worli, Mumbai – 400018

Date of Appointment :

30.04.2001

 

 

Name :

Mr. Mihir R. Shah

Designation :

Director

Address :

8, Gazdar Street, Jashoda Mansion, Third Floor, Chira Bazar, Mumbai – 400002

Date of Appointment :

30.04.2001

 

 

Name :

Ms. Esther Mendes

Designation :

Director

Address :

Flat No. 174, 9th Floor, Navyug Nagar, S/D. Mangeshkar Marg, Forjet Hill, A.K. Marg Tardeo, Mumbai – 400036

Date of Appointment :

30.04.2001

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

 

No. of Shares

Mr. Tarun Jamnadas

 

40000

Mr. Paresh Ishwar Patel

 

4000

Mr. Amitabh R. Shah

 

1000

Mr. Mayur B. Shah

 

920

Ms. Tejal T. Shah

 

1000

Mr. Mihir R. Shah

 

1000

Ms. Esther Mendes

 

1000

Mrs. Sharmistha T. Shah

 

1000

 

 

 

Category

 

Percentage of Holding

Directors or Relatives of Directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Jewellery and Accessories

 

 

Products :
  • Necklace Sets
  • Pendant Sets
  • Bracelets
  • Earrings
  • Finger Rings
  • Bangles
  • Anklets
  • Belly Chains

Range of Accessories includes-

  • Cufflinks (gold and silver plated)
  • Horn-Bone Beaded Jewellery
  • Sand Dollar Pendants
  • Tie Pins
  • Belt Buckles
  • Disc-Chains
  • Kurta Buttons
  • Broaches
  • Dog-Tags
  • Wallet Chains.

 

 

 

 

 

 

GENERAL INFORMATION

 

Bankers :

The Saraswat Co-Operative Bank Limited

Sirgaum Branch, Madhukosh S V Sovani Path, Girgaum, Mumbai – 400004

 

 

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Sandeep Shah and Associated

Chartered Accountants

Address :

26, Mistry Building, 2nd Floor, 635, J.S.S. Road, Near Metro Adlabs, Mumbai – 400002, Maharashtra

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

50000

Equity Shares

Rs.10/- each

Rs.0.500 millions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

0.500

0.500

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.213

0.159

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

0.713

0.659

LOAN FUNDS

 

 

 

1] Secured Loans

 

1.705

1.497

2] Unsecured Loans

 

7.108

8.677

TOTAL BORROWING

 

8.813

10.174

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

9.526

10.833

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

2.721

3.006

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.026

0.026

DEFERREX TAX ASSETS

 

0.003

0.058

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

6.220

6.765

 

Sundry Debtors
 

1.745

2.165

 

Cash & Bank Balances
 

1.015

0.419

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

0.854

0.709

Total Current Assets
 

9.834

10.058

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

2.171

2.061

 

Provisions
 

0.887

0.258

Total Current Liabilities
 

3.058

2.319

Net Current Assets
 

6.776

7.739

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.004

 

 

 

 

TOTAL

 

9.526

10.833

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2006

(Estimated)

31.03.2005

(Estimated)

Sales Turnover

 

20.000

18.000

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

Debt Equity Ratio

(Total Liability/Networth)

 
 

4.28

3.51

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

3.21

4.33

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Company Details:

Today the term ''Jewellery'' is associated with not just woman, but also men, who have become increasingly fashion conscious. A variety of Fashion Jewellery including Necklace Sets, Earrings, Finger Rings, Bracelets, Pendants, etc., as well as an array of Accessories like Cufflinks (gold and silver plated), Tie Pins, Kurta Buttons, Dog-Tags, Wallet Chains, etc. is not easily available under one single roof. However, subject, An ISO 9001:2000 certified company, manufactures each of these and provides them at the most impressive and reasonable prices. They are engaged as an eminent manufacturer and exporter of world class collection of Jewellery and Accessories. Their jewellery is available in gold, silver, rhodium, two-tone, antique and bronze plating; studded with Austrian crystals, pearls and glass stones. Besides, it is nickel and lead free, that is, absolutely anti-allergic and in accordance with the International standards. Not only this, at their corporate entity, you can find these enchanting pieces in over 4500 designs, entirely different from one another.

They came into existence in the year 2001, from a small partnership firm dealing in marketing fashion jewellery to establish as the leading manufacturer. However, today they have only one aim, to cater to their esteemed customers by supplying them the best quality products and contemporary designs. Ever since their inception, they have left no stone unturned to provide them the best in fashion jewellery. Creation Plaisir owes its success to a vibrant and motivated team of directors comprising of Ms. Esther Mendes (Managing Director), Mrs. Tejal Desai (Director) and Mr. Mihir Shah (Director) under the guidance of their Chairman, Mr. Tarun J. Shah. Their calibrated and incessant efforts help them to meet the ever changing trends of the domestic as well as international market.

 

Product Range


Cost-effective, novel, unsurpassed products form the trademark of their organization, which help them to stand out in the market full of competition. These act as mediators between them and their eminent customers, helping them in strengthening of their relationship with them. Thus, their endeavor remains regular upgradation of their collection to sustain and expand their client-bas

 

Their Infrastructure

  • State-of-the-art manufacturing facility and in-house production team in Gujarat, along with the marketing team in Mumbai (India)
  • Latest imported and ultra-modern machinery and laboratory backed by an electro plating plant
  • Well-equipped plant with the latest technology enabling them to manufacture fashion jewellery having International quality standard
  • A flamboyant team of engineers, chemists and designers working in unison to undertake development and deliver the products to meet the needs of their esteemed customers
  • A large marketing network, supported by an expert team of sales executives, distributors and various dealers working towards achieving complete customer satisfaction.

Quality.....Their Excellence


Their commitment towards the customers motivates them to deliver outstanding quality products to them. They conduct thorough quality checks, right from the procurement of raw materials, conceptual stages of designing and master making to the concluding stages of plating and stone-setting. These rigorous checks ensure genuine and unrivaled quality products, leaving no scope for even the slightest of defects. As a result, they succeed in asserting their hold in this industry and sustaining the trust of clients by living up to their expectations.

 

Creation Plaisir because.....

  • High degree client satisfaction
  • Reasonable and impressive prices
  • Stable infrastructure to back their operations
  • Timely delivery of products as per commitment
  • No compromises on the quality of their products

 

 

Name of the company

CREATION PLAISIR PRIVATE LIMITED

Presented By

The Saraswat Co-Operative Bank Limited, Girgaum Branch

1) Date and description of instrument creating the change

31.03.2005

Agreement of hypothecation of movable property

Agreement of hypothecation of movable property

No instrument is executed but deposit of title deed for factory

 

2) Amount secured by the charge/amount owing on the securities of charge

Rs.2.000 millions

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

Hypothecation of all the stock and debtors, tangible movable property (both present and future) belonging to the borrower and lying and being at the borrowers place of business. Further hypothecation of bookdebts, outstandings, monies receivable, claims and approved bookdebts and bills. This is main security.

Hypothecaitn of all the plant an machinery, tangible movable property (both present and future) belonging to the borrower and lying and being at the borrowers place of business. This is collateral security. Further factory land building at Plot No. 162, 163, 164, old GIDC Kabilpoor Navsari, Gujarat 396436 is  a collateral security for the above limit.

4) Gist of the terms and conditions and extent and operation of the charge.

ROI: 13% p.a. or as the bank may from time to time fix. This is cash credit facility.

5) Name and Address and description of the person entitled to the charge.

The Saraswat Co-Operative Bank Limited

Sirgaum Branch, Madhukosh S V Sovani Path, Girgaum, Mumbai – 400004

 

 

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.40.63

UK Pound

1

Rs.81.01

Euro

1

Rs.54.89

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

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

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions