MIRA
INFORM REPORT
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Report Date : |
25.06.2007 |
IDENTIFICATION DETAILS
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Name : |
CREATION PLAISIR PRIVATE LIMITED |
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Registered Office : |
162 – 164, Old GZDC, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.02.2001 |
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Com. Reg. No.: |
039251 |
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CIN No.: [Company
Identification No.] |
U36911GJ2001PTC039251 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC08297C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of
Imitation Jewellery and Accessories |
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 : |
USD 2852 |
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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 records. 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
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Registered Office : |
162 – 164, Old GZDC, |
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E-Mail : |
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Corporate Office : |
18, |
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Tel. No.: |
91-22-23851637 / 66336088 |
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Fax No.: |
91-22-23851637 / 66336088 |
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Mobile No : |
91-9820073363 (Ms. Esther Mendes) |
DIRECTORS
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Name : |
Mr. Tarun Jamnadas Shah |
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Designation : |
Director |
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Address : |
102, B. Y. Apartment, 1st Floor, B.G. Kher Marg, Worli,
Mumbai – 400018 |
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Date of Appointment : |
09.02.2001 |
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Name : |
Mr. Amitabh R. Shah |
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Designation : |
Director |
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Address : |
Panchshil Residence, A / 601, Mahavirnagar, Kandivali Mumbai |
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Date of Appointment : |
30.04.2001 |
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Name : |
Mr. Mayur B. Shah |
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Designation : |
Director |
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Address : |
101, B. Y. Apparment, 1st Floor, B.G. Kher Marg, Worli, Mumbai
– 400018 |
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Date of Appointment : |
30.04.2001 |
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Name : |
Ms. Tejal T. Shah |
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Designation : |
Director |
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Address : |
102, B. Y. Apparment, 1st Floor, B.G. Kher Marg, Worli,
Mumbai – 400018 |
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Date of Appointment : |
30.04.2001 |
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Name : |
Mr. Mihir R. Shah |
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Designation : |
Director |
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Address : |
8, |
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Date of Appointment : |
30.04.2001 |
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Name : |
Ms. Esther Mendes |
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Designation : |
Director |
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Address : |
Flat No. 174, 9th Floor, Navyug Nagar, S/D. Mangeshkar
Marg, Forjet Hill, A.K. Marg Tardeo, Mumbai – 400036 |
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Date of Appointment : |
30.04.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Tarun Jamnadas |
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40000 |
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Mr. Paresh Ishwar Patel |
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4000 |
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Mr. Amitabh R. Shah |
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1000 |
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Mr. Mayur B. Shah |
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920 |
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Ms. Tejal T. Shah |
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1000 |
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Mr. Mihir R. Shah |
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1000 |
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Ms. Esther Mendes |
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1000 |
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Mrs. Sharmistha T. Shah |
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1000 |
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Category |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Jewellery and Accessories |
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Products : |
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GENERAL INFORMATION
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Bankers : |
The Saraswat
Co-Operative Bank Limited Sirgaum Branch,
Madhukosh S V Sovani Path, Girgaum, Mumbai – 400004 |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Sandeep Shah and Associated Chartered Accountants |
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Address : |
26, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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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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0.213 |
0.159 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.713 |
0.659 |
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LOAN FUNDS |
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1] Secured Loans |
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1.705 |
1.497 |
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2] Unsecured Loans |
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7.108 |
8.677 |
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TOTAL BORROWING |
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8.813 |
10.174 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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9.526 |
10.833 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.721 |
3.006 |
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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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0.026 |
0.026 |
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DEFERREX TAX ASSETS |
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0.003 |
0.058 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.220 |
6.765 |
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Sundry Debtors |
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1.745 |
2.165 |
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Cash & Bank Balances |
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1.015 |
0.419 |
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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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0.854 |
0.709 |
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Total
Current Assets |
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9.834 |
10.058 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.171 |
2.061 |
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Provisions |
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0.887 |
0.258 |
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Total
Current Liabilities |
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3.058 |
2.319 |
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Net Current Assets |
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6.776 |
7.739 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.004 |
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TOTAL |
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9.526 |
10.833 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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11.330 |
8.287 |
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Other Income |
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0.298 |
0.000 |
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Total Income |
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11.628 |
8.287 |
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Profit/(Loss) Before Tax |
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0.321 |
0.136 |
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Provision for Taxation |
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0.267 |
(0.061) |
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Profit/(Loss) After Tax |
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0.054 |
0.197 |
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Earnings in Foreign Currency : |
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Export Earnings |
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2.224 |
0.000 |
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Total Earnings |
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2.224 |
0.000 |
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Total Expenditure |
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10.852 |
7.656 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.46 |
2.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.83 |
1.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.55 |
1.03 |
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Return on Investment (ROI) (PBT/Networth) |
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0.45 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.28 |
3.51 |
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Current Ratio (Current Asset/Current Liability) |
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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.
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
- 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
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Name of the company |
CREATION PLAISIR
PRIVATE LIMITED |
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Presented By |
The Saraswat Co-Operative
Bank Limited, Girgaum Branch |
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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 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 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 |
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. |
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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. |
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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,
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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.71 |
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|
1 |
Rs.81.24 |
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Euro |
1 |
Rs.54.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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|
>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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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