MIRA
INFORM REPORT
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Report Date : |
29.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AMORE JEWELS PRIVATE LIMITED |
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Registered Office : |
Plot No. 3A, Village Dindoshi, Behind Patel Alluminum, Malad (East),
Mumbai – 400097, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.05.2004 |
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Com. Reg. No.: |
11-146334 |
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CIN No.: [Company
Identification No.] |
U36910MH2004PTC146334 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA21067E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of diamond jewellery like princess cut diamonds, baguetters
and trapeziums, necklaces, bracelets, pendants, rings and earrings. |
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 123568 |
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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 experiences and respectable businessmen. Trade
relations are 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 : |
Plot No. 3A, Village Dindoshi, Behind Patel Alluminum, Malad (East),
Mumbai – 400097, |
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Tel. No.: |
91-22-25708911 /28721444 /28712088 |
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Mobile No.: |
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Fax No.: |
91-22-28723405 |
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E-Mail : |
Branches:
DIRECTORS
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Name : |
Mr. Shantilal Bhanwarlal Barmecha |
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Designation : |
Director |
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Address : |
81, Advent, G. J. Bhonsle Marg, Nariman Point, Mumbai – 400 021, |
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Date of Appointment : |
17.06.2004 |
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Name : |
Mr. Sureshkumar Bhanwarlal Barmecha |
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Designation : |
Director |
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Address : |
23/24, Sunita, 98 Cuffe Parade, Mumbai – 400 005, |
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Date of Appointment : |
17.05.2004 |
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Name : |
Mr. Bhavesh Sureshkumar Barmecha |
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Designation : |
Director |
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Address : |
24, Sunita, 98 Cuffe Parade, Mumbai – 400 005, |
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Date of Appointment : |
17.05.2004 |
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Name : |
Usha Shantilal Barmecha |
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Designation : |
Director |
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Address : |
81, Advent, G. J. Bhonsle Marg, Nariman Point, Mumbai – 400 021, |
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Date of Appointment : |
22.06.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Equity
Shares |
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Mr. Shantilal B. Barmecha |
1,30,000 |
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Mr. Bhavesh S Barmecha |
6,600 |
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Mr. Rupen Mehta |
100 |
|
Maple Merchantile Pvt. Ltd |
15,450 |
|
Abharani Vinimay Pvt Ltd |
8,000 |
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Panchajanya Distributors Pvt Ltd |
18,800 |
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Critcare Marketing Pvt. Ltd. |
5,000 |
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Ziwani Barter Pvt Ltd. |
7,600 |
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Devraaj Mercantile Pvt. Ltd. |
6,500 |
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Mubarak Lubricants Pvt. Ltd. |
16,300 |
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Punya Leather Jpvt. Ltd. |
5,350 |
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Contship Commodities Pvt. Ltd. |
8,500 |
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Sthir Lakshmi Mercantile Pvt. Ltd. |
9,100 |
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Mehandipura Trade Link Pvt. Ltd. |
2,400 |
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Lokseva Textrade Pvt. Ltd. |
4,800 |
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Trammel Trading Pvt. Ltd. |
4,000 |
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Ginni Fintrade Pvt. Ltd. |
8,600 |
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Diamention Mercantile Pvt. Ltd. |
6,750 |
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Dhanvanti Commodities Pvt. Ltd. |
9,700 |
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Nandan Kanan Barter Pvt. Ltd. |
10,850 |
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Giltedge Vincom Pvt. Ltd. |
15,200 |
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Angad Chemical Pvt. Ltd. |
29,150 |
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Premlata Barmecha W/O Late Sureshkumar Barmecha |
1,55,300 |
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Nirmala Barmecha |
87,295 |
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Total |
5,72,245 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Bodies corporate (no mentioned above) |
37.23 |
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2 |
Directors or relative of directors |
62.72 |
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3 |
Other top fifty (50) shareholders (other
than listed above) |
0.05 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of diamond jewellery like princess cut diamonds,
baguetters and trapeziums, necklaces, bracelets, pendants, rings and
earrings. |
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Products : |
Earrings, necklaces, Sets, Bangles and Bracelets, Rings and Pendants. |
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GENERAL INFORMATION
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Bankers : |
Bank of India, Bullion Exchange Branch, 185, Sheikh Memon Street,
Zaveri Bazar, Mumbai – 400002, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sampat Mehta and Associates Chartered Accountant |
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Address : |
3, |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10,00,000 |
Equity |
Rs. 10/- Each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6,06,845 |
Equity |
Rs. 10/-
Each |
Rs. 6.068
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
BRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.722 |
4.849 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.170 |
17.284 |
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4] (Accumulated Losses) |
0.000 |
(3.505) |
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NETWORTH |
30.892 |
18.628 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.208 |
0.150 |
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TOTAL |
31.100 |
18.778 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.556 |
4.579 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
27.846
|
16.721 |
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Sundry Debtors |
31.595
|
9.611 |
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Cash & Bank Balances |
3.228
|
1.791 |
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Other Current Assets |
0.000
|
0.000 |
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Loans & Advances |
2.359
|
1.418 |
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Total
Current Assets |
65.027
|
29.541 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
38.484
|
15.342 |
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Provisions |
0.000
|
0.000 |
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Total
Current Liabilities |
38.484
|
15.342 |
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Net Current Assets |
26.544
|
14.199 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
31.100 |
18.778 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
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Sales Turnover(Including Other Income) |
68.743 |
11.004 |
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Profit/(Loss) Before Tax |
3.892 |
(3.355) |
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Provision for Taxation |
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Profit/(Loss) After Tax |
3.892 |
(3.355) |
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Total Expenditure |
64.850 |
14.359 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.66
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(30.48) |
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Net Profit Margin (PBT/Sales) |
(%) |
5.66
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(30.48) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.59
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(9.83) |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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(0.18) |
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Debt Equity Ratio (Total Liability/Networth) |
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1.24
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0.69 |
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Current Ratio (Current Asset/Current Liability) |
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1.69
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2.08 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of
the company has been shifted from12 Aradhana Industrial Estate, W. E. Highway
off Aarey Colony Road, Goregaon (East), Mumbai -400 063, Maharashtra, India. to
the present address with effect from 18.12.2006
Form 8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U36910MH2004PTC146334 |
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Name of the company |
AMORE JEWELS PRIVATE LIMITED |
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Address |
12 Aradhana Industrial Estate, W. E. Highway off |
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This Form is for |
Creation of charge |
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Type of Charges |
Equitable martgage or martgage of property by depositing the title
deeds |
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Particular of the charge holder |
Bank of India, Bullion Exchange Branch, 185, Sheikh Memon Street,
Zaveri Bazar, Mumbai – 400002, India. |
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Nature or description of the instrument creating charge |
Oral Assent |
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Date of the instrument creating charge |
10.08.2006 |
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Amount Secure by the charge |
Rs. 87.000 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
A. Export Packing Credit ETR 90 Days : Rs. 6.000 Millions B. Post-Shipment Credit PSFC : Rs. 25.000 Millions Max. (A + B) : Rs. 25.000 Millions C. Term Loan : Rs. 62.000 Millions Max. (A + B + c) : Rs. 87.000 Millions |
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Description of the property charge whether it is a charge on |
Immovable Properties |
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Date of instrument modifying the charge |
10.08.2006 |
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Description of the instrument creating or evidencing the charge |
Oral Assent |
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Date of acquisition of the property |
08.08.2006 |
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Amount owing on security of the charge |
Rs. 87.000 Millions |
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Particulars of the Property charged |
(1) All that piece or parcel of freehold land or ground being plot no. 3A ADM. 1546.22 SQ. yards equivalent to 1292.81 SQ. thereabouts bearing survey no. 23 hissa no. 5A and city survey no. 7 and 8 and situate, lying and being at village dindoshi in the registration district and sub-district of Bombay city and Bombay suburban and (2) The factory structure thereon consisting of ground plus tow floors ADM. 1205 SQ. mtrs. approx. and constructed in or about the year 1989 and boundary wall on land. |
NOTE:
The address of the registered
office of the company with effect from 18.12.2006
Website Details:
Straying from the ordinary…moving into
unique and fascinating art forms…giving diamond jewellery a whole new
dimension. That's what SUBJECT is all about. Specializing in princess cut
diamonds, baguettes and trapeziums, SUBJECT uses these in creating exciting
designs in necklaces, bracelets, pendants, rings and earrings.
SUBJECT is one of the most successful manufacturing units in the country for
jewellery with baguettes, princess cut and trapezium cut diamonds.
What makes SUBJECT
a cut above the rest?
It's a dedicated creative team regularly
updating designs to meet market needs. Skilled craftsmen with high standards of
workmanship. And raw materials that are of the highest quality. All this,
strengthened by good technical support, ensures a final product that gives a
consumer, quality at a competitive price and has earned SUBJECT an enviable
position in the industry.
It is all this and more, that has made SUBJECT acquire, not only a global loyal
clientele, but a name that stands for quality, integrity, trust and goodwill.
Working with the
best
SUBJECT has a close association with The
Barmecha Group , which has been existing in
Their range of jewellery covers earrings,
necklaces, sets, bangles and bracelets, rings and pendants. From the simple to
the lavish, they are all available at reputed stores across
NORTH
R.C.
JEWELLERS
BHOLASONS
KHURANA JEWELLERY
TALWAR AND SONS
NIKKAMAL JEWELLERY
ALANKAR
ANOOPCHAND
TRILOKCHAND
SOUTH
CKC
PRINCE CHENNAI
VBJ CHENNAI
KRISHNADAS AND
SONS
VITHALDAS
MANGATRAI PUNJAGUTTA
P.T. ANTHONY JOHN
ALUKKAS TRISSUR
CHINTAMANI MUMBAI
DANABHAI MUMBAI
MINAWALA MUMBAI
MOTIWALA & SONS MUMBAI
NOTANDAS MUMBAI
ASTEKAR BROTHERS PUNE
BAKUBHAI
SONS JEWELLERS
B.C. SEN KOLKATA
INDIAN GEMS & JEWELLERY KOLKATA
They believe there is
always room to expand and market, through newer clients and stores, not just in
SUBJECT was proud to be part of
The show was a huge success and attracted visitors & exhibitors from
across the globe. Over the five days, the show attracted 25,500 domestic
visitors and 1500 international visitors. The show was spread over 46,000 sq.
meters with 1500 stalls, 686 exhibitors, of which 117 were international
exhibitors and host of delegations representing key and emerging international
markets such as
SUBJECT showcased a unique collection of jewellery at their stalls,
which were professionally designed and looked sleek and eye catching with
exciting blowups of their most exquisite pieces of jewellery. It was no wonder
then, that the stall attracted a lot of visitors and prospective
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.40.81 |
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|
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.54.91 |
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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|