MIRA
INFORM REPORT
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Report Date : |
30.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
JAZZY CREATIONS
PRIVATE LIMITED |
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Registered Office : |
Prince Bhavan, 1st
and 2nd Floor, Plot No. 95, MIDC Road No. 16, Andheri (East),
Mumbai – 400 092, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.11.2004 |
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Com. Reg. No.: |
11-149670 |
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CIN No.: [Company
Identification No.] |
U51398MH2004PTC149670 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ10387G |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
To carry on all or
any of the business of goldsmiths, silversmiths, jewellers, gem and diamond
merchants and to design, develop, modify, build, refine, repair, process,
prepare, fabricate, ornaments, gems, jewellery, goods, watches, clocks,
fabrics, accessories made partly of gold, silver, platinum or other precious
metals and alloys thereof together with precious, semi precious stones. To carry on the
business as importers, exporters, wholesalers, retailers, merchants, traders,
manufactures, distributors and otherwise deal in rough and polished diamond,
jewellery, gold and silver, bullion and precious stones, plated jewellery
articles. |
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 90000 |
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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. Directors are
reported as experienced 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 : |
Prince Bhavan, 1st
and 2nd Floor, Plot No. 95, MIDC Road No. 16, Andheri (East), Mumbai
– 400 092, Maharashtra, India |
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Tel. No.: |
91-22-23634137 |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Nayan
Chimanlal Shah |
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Designation : |
Director |
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Address : |
23 Bharat Mahal, N
Agershi Road, Mumbai – 400 036, Maharashtra, India |
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Date of Birth/Age : |
26.07.1966 |
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Date of Appointment : |
24.11.2004 |
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Name : |
Mr. Lopa Haresh
Mehta |
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Designation : |
Director |
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Address : |
9 Anupa, Gulmohar
Cross Road No. 6, Juhu, Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
10.10.1973 |
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Date of Appointment : |
24.11.2004 |
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Name : |
Mr. Eli Habibolah
Hematian (Foreigner) |
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Designation : |
Director |
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Address : |
32 Ellard Ave, Great
Neck NY 11024, New York, USA |
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Date of Birth/Age : |
22.08.1955 |
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Date of Appointment : |
01.07.2006 |
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Name : |
Mr. Chimanlal
Chunilal Shah |
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Designation : |
Director |
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Address : |
23, Bharat Mahal,
Doongershi Road, Mumbai – 400 036, Maharashtra, India |
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Date of Birth/Age : |
26.07.1966 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Eli Habibolah
Hematian |
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27000 |
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Mr. Nayan
Chimanlal Shah |
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30000 |
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Mr. Lopa Haresh
Mehta |
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3000 |
BUSINESS DETAILS
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Line of Business : |
To carry on all
or any of the business of goldsmiths, silversmiths, jewellers, gem and diamond
merchants and to design, develop, modify, build, refine, repair, process,
prepare, fabricate, ornaments, gems, jewellery, goods, watches, clocks,
fabrics, accessories made partly of gold, silver, platinum or other precious
metals and alloys thereof together with precious, semi precious stones. To carry on the
business as importers, exporters, wholesalers, retailers, merchants, traders,
manufactures, distributors and otherwise deal in rough and polished diamond,
jewellery, gold and silver, bullion and precious stones, plated jewellery
articles. |
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Products : |
v
Rough
Diamonds v
Polished
Diamond v
Jewellery v
Gold and
Silver v
Bullion and
Precious Stones v Plated Jewellery Articles |
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GENERAL
INFORMATION
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No. of Employees : |
About 25 |
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Bankers : |
Union Bank of
India Mumbai Samachar
Marg Branch, 66/80, M S Marg, Fort, Mumbai – 400 023, Maharashtra, India |
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Facilities : |
Subject enjoys
mortgage facility of Rs. 25.000 millions from Union Bank of India dated 19.07.2006 Operation of
Charge from Union Bank of India as under:
The whole of the
borrower’s movable goods and assets both present and future including all
stocks of raw material, work in progress, semi finished goods and finished
goods whosesoever situated and or transit.
All the present and
future book debts, outstanding monies, receivables, claims, bills, contracts,
engagements and securities which are now due and owing or which may at any
time hereafter become due and owing to the borrower in the course of its
business. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C M Gabhawala and
Company Chartered
Accountants |
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Address : |
41-42, Nanik
Nivas, 30 Dr. D D Sathe Marg, Girgaum, Mumbai – 400 004,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 100/- |
Rs. 6.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 100/- |
Rs. 6.000 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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6000.000 |
100.000 |
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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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17342.382 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(288.493) |
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NETWORTH |
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23342.382 |
(188.493) |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
9096.648 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
9096.648 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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23342.382 |
8908.155 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15088.382 |
3174.918 |
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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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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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19710.595 |
2107.830 |
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Sundry Debtors |
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99304.399 |
21677.564 |
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Cash & Bank Balances |
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1623.052 |
677.704 |
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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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6639.931 |
3919.666 |
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Total
Current Assets |
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127277.977 |
28382.764 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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119403.177 |
23155.127 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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119403.177 |
23155.127 |
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Net Current Assets |
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7874.800 |
5227.637 |
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MISCELLANEOUS EXPENSES |
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379.200 |
505.600 |
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TOTAL |
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23342.382 |
8908.155 |
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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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295897.997 |
29092.422 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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295897.997 |
29092.422 |
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Profit/(Loss) After Tax |
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17975.876 |
(288.493) |
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Expenditures : |
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Interest |
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61.898 |
0.000 |
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Depreciation & Amortization |
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1265.060 |
106.267 |
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Other Expenditure |
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276595.163 |
29274.648 |
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Total Expenditure |
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277922.121 |
29380.915 |
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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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6.07 |
(0.99) |
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Debt Equity Ratio (Total Liability/Networth) |
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5.11 |
(122.84) |
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Current Ratio (Current Asset/Current Liability) |
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1.06 |
1.22 |
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.43.47 |
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UK Pound |
1 |
Rs.85.36 |
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Euro |
1 |
Rs.57.89 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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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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42 |
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
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<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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