MIRA
INFORM REPORT
|
Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
INTER GOLD GEMS PRIVATE LIMITED |
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Registered Office : |
2A 2B 2C 58/60 Jariwala Mension, Hughes Road, Mumbai – 4001 007,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.05.1991 |
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Com. Reg. No.: |
11-61736 |
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CIN No.: [Company
Identification No.] |
U36911MH1991PTC061736 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI04878G |
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PAN No.: [Permanent
Account No.] |
AAAC11062K |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Traders of Industrial Diamonds, Natural Diamonds, Gem,
Rubies, Precious and Semi –Precious Stones. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having fine track records.
Financial position is good. Payments are usually correct and as per
commitments. The company and its producers enjoy very favorable reputation in
the market. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
2A 2B 2C 58/60 Jariwala Mension, Hughes Road, Mumbai – 400 007,
Maharashtra |
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Tel. No.: |
91-22-23681610 / 30617777 |
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Fax No.: |
91-22-23684716 / 30617778 |
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E-Mail : |
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Website : |
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Administrative Office : |
Jariwala Building, Hughes Road, Opposite Dharam Palace, Opera
House, Maharashtra |
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Corporate Office : |
Asiad Plaza, 2nd Floor, Opposite Poddar High School, S V
Road, Santacruz (West), Mumbai – 400 054, Maharashtra , India |
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Tel. No.: |
91-22-30617777 / 28870215 / 2567 / 5657 |
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Mobile No.: |
91-919324511216 |
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Fax No.: |
91-22-30617778 / 28461456 |
DIRECTORS
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Name : |
Mr. Giles Dion Dsouza |
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Designation : |
Director |
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Address : |
A1/8, Samruddhi Co-operative housing society, B P Marg, Dadar, Mumbai
– 400 028, Maharashtra |
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Date of Birth/Age : |
01.09.1952 |
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Date of Ceasing: |
31.01.2007 |
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Name : |
Mr. Harshad R Mehta |
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Designation : |
Director |
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Address : |
91/19, Vijaydeep 31, Ridge Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
15.08.1947 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mrs. Priti Mehta |
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Designation : |
Director |
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Address : |
91/19, Vijaydeep 31, Ridge Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
19.01.1971 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mr. Russell Arunkumar Mehta |
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Designation : |
Director |
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Address : |
25-B, B G Kher Marg Ridge Road, Malbar Hill , Mumbai – 400 006,
Maharashtra |
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Date of Birth/Age : |
06.12.1961 |
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Date of Appointment : |
17.08.2002 |
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Name : |
Mr. Nayan R Pansare |
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Designation : |
Director |
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Address : |
602, Rajanigandha Gen, A K Vaidya Marg, Goregaon (East), Mumbai – 400
063, Maharashtra |
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Date of Birth/Age : |
17.03.1952 |
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Date of Appointment : |
09.05.2003 |
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Name : |
Mr. Giles John Dsouza |
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Designation : |
Director |
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Address : |
A-1/3, Samrudhi Co-op housing society, off Bhavani Shankar Road, dadar
(East), Mumbai – 400 028, Maharashtra |
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Date of Birth/Age : |
01.09.1952 |
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Date of Appointment : |
09.05.2003 |
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Name : |
Mr. Amit B Bhansali |
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Designation : |
Director |
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Address : |
35, Gitanjali, 73-75, Walkeshwar Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
09.12.1962 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mr. Dilip R Mehta |
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Designation : |
Director |
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Address : |
12, Shanudeep 10, Altamount Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
13.11.1949 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mr. Vijay Nirmalkumar Jain |
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Designation : |
Director |
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Address : |
10, Hanvant Bhavan, 80 Napean sea Road, Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
12.09.1968 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mr. Jitendra Rajpal Daryani |
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Designation : |
Director |
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Address : |
501, Tulip CHS limited, Satguru Garden, Chendani, Thane – 400 603,
Maharashtra |
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Date of Birth/Age : |
20.04.1968 |
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Date of Appointment : |
22.12.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
R Harshad R Mehta |
|
100 |
|
Inter Gold India Private Limited |
|
1099850 |
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Mr. Soignee Kothari |
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50 |
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Rosy Blue India Private Limited |
|
599900 |
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Mr. Vijay Nirmalkumar Jain |
|
200000 |
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Mrs. Kajal R Kapadia |
|
100000 |
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Rosy Blue Investment Private Limited |
|
100 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies Corporate |
85.00 |
|
2 |
Directors or relative of directors |
15.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Traders of Industrial Diamonds, Natural Diamonds,
Gem, Rubies, Precious and Semi –Precious Stones. |
GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
ABN Amro Bank N V Address: 74,
Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai – 400 021 |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
M.M Nissin and Company Chartered Accountants |
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Address : |
Barodawala Mansion, B –wing, 3rd Floor, 81, DR, Annie
Besant Road, Worli, Mumbai – 400 018, Maharashtra |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity shares |
Rs. 10/- each |
Rs. 25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity shares |
Rs. 10/- each |
Rs.20.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
20.000 |
20.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
214.992 |
321.500 |
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|
234.992 |
341.5 |
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4] (Accumulated Losses) |
|
[255.802] |
[238.684] |
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NETWORTH |
|
[20.810] |
102.816 |
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LOAN FUNDS |
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1] Secured Loans |
|
512.249 |
425.800 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
512.249 |
425.800 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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491.439 |
528.616 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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104.961 |
116.792 |
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Capital work-in-progress |
|
2.867 |
3.088 |
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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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|
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Inventories |
|
412.937 |
567.010 |
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Sundry Debtors |
|
14.396 |
17.191 |
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Cash & Bank Balances |
|
17.484 |
5.362 |
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Other Current Assets |
|
36.162 |
35.290 |
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Loans & Advances |
|
0.000 |
0.000 |
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Total
Current Assets |
|
480.979 |
624.853 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
94.182 |
217.178 |
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Provisions |
|
5.067 |
2.757 |
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Total
Current Liabilities |
|
99.249 |
219.935 |
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Net Current Assets |
|
381.730 |
404.918 |
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MISCELLANEOUS EXPENSES |
|
1.881 |
3.818 |
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TOTAL |
|
491.439 |
528.616 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
703.879 |
720.644 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
703.879 |
720.644 |
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Profit/(Loss) Before Tax |
|
[15.217] |
[9.998] |
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Provision for Taxation |
|
0.000 |
0.000 |
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|
Profit/(Loss) After Tax |
|
[15.217] |
[9.998] |
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Expenditures : |
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Interest |
|
28.239 |
27.986 |
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Depreciation & Amortization |
|
17.532 |
17.053 |
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Other Expenditure |
|
673.326 |
685.603 |
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Total Expenditure |
|
719.097 |
730.642 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
[2.16] |
[1.38] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
[2.16 |
[1.38] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[2.58] |
[1.34] |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.73 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
[29.38] |
6.28 |
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Current Ratio (Current Asset/Current Liability) |
|
|
4.84 |
2.84 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 :-
|
Name of the
company |
INTERGOLD GEMS PRIVATE LIMITED |
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Presented
By |
ABN AMRO BANK
N.V and INTER GOLD GEMS
PRIVATE LIMITED |
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1) Date and
description of instrument creating the change |
Dated :
21.05.2004 Facility –Cum
–Hypothecation Agreement |
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2) Amount secured
by the charge/amount owing on the securities of charge |
INR – 55000000 (Rupees Fifty
five Million only) |
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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 |
The borrower hypothecates
to and charges in favour of the Bank by way of first pari passu charge on all
the book debts of the borrowers and all the movable assets of the borrower
and all other tangible movable properties of the Borrower such as raw
material, stocks, spares, semi
finished goods, goods in process of manufacture and all goods manufactured
there from belonging to the Borrower which now are or hereafter from time to
time during the subsistence of the security hereby created be brought in or
about the borrowers factories, premises, warehouses and Godown, including any
such goods in the course of transit. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
a) The above stocks and book debts hypothecated to the bank as
security fro payment by the borrower to the Bank under the credit facilities
of INR 55000000/- with all interest, charges, costs and expenses, etc. b) Interest: i) For CC/OD – 16 % p.a ii) For
others –At negotiated rates c) Additional Interest: 20%p.a d) Margin: 25% e) the borrower further agrees that the hypothecation assets shall
also be security for all other monies that may be due and payable by the
borrower to the bank on any account whatsoever, whether present or future,
including the liability of the borrowers as a surety or co-obligant alongwith
any other person. |
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5) Name and
Address and description of the person entitled to the charge. |
ABN Amro Bank N V Address: 74, Sakhar Bhavan, 7th
Floor, Nariman Point, Mumbai – 400 021 |
|
6) Date and brief description of instrument
modifying the charge |
Dated :15.04.2005 Supplemental
Facility –cum –hypothecation agreement |
|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
The bank having
at the request of the borrower has further increased the existing facilities
from Rs. 55.000 millions to Rs. 1.050 millions against hypothecation of all
the borrowers book debts and the tangible Movable properties of the Borrower
including raw material, stock, spares, semi –finished and finished goods,
goods in process of manufacture and all goods manufactured therefrom
belonging to the Borrower which now are or herein after from time to time
during the subsistence of the security hereby created be brought in or stored
in or about the borrowers factories, premises, warehouses and Godown
including any such goods in the course of transit or delivery. |
WEBSITE DETAILS:
The company is a part of the Rosy Blue Group (a $1.8 billion international group of companies). Rosy Blue is the world's largest diamond jewellery manufacturing company with a presence in 14 countries. ORRA is India's only dedicated diamond jewellery retail chain and today they are present in 20cities in India with 34 exclusive high street boutiques.
Company Profile:
As days turned to years and years to decades, subject enjoyed a unique place in the sun. However, for it to sustain its brilliance, the ever-changing nature of time has played its part.
Subject has now given way to an even brighter light. A light called Orra.
A legacy that spanned decades can now be summed up in one word. Orra.
A word that epitomises the person it was created for. Her spirit, her grace,
her grit and most importantly, the invisible glow that surrounds her persona.
Then they went a step further. If they had to describe her with a colour, which
one would do justice to her?
A fiery red? A deep violet? A sublime white?
It would have to be one that highlighted her depth without ignoring her
serenity. One that focussed on her nurturing spirit as well as her soaring
ambitions. A colour that brought out all shades as effortlessly as she wears
them.
In the wide spectrum of colours, there was just one that conjured up images of
her beauty. Orra Blue. Warm, varied and inviting, they couldn't have asked for
a more fitting corporate colour.
Their logo, on the other hand, draws from the strengths of their foundation. A
sterling legacy. Superior diamonds. Unique product offerings.
Much like an exquisite solitaire that stands out and casts a spell just by its
sheer brilliance.
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.39.32 |
|
UK Pound |
1 |
Rs.82.08 |
|
Euro |
1 |
Rs.56.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
|