MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
JEWELMARK INDIA PRIVATE LIMITED |
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Registered Office : |
Unit No. 501 Tower, 2 SeepMIDC, Marol Area Andheri (East), Mumbai –
400096, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
29.12.2003 |
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Com. Reg. No.: |
143715 |
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CIN No.: [Company
Identification No.] |
U36910MH2003PTC143715 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ09358G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The company is engaged in manufacturing of Diamond Studded Gold
Jewellery. |
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RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 63708 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade relations
are fair. Payments are usually correct and as per commitments. Profit margin
is under severe pressure. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Unit No. 501 Tower, 2 Seep MIDC, Marol Area Andheri (East), Mumbai –
400096, |
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Tel. No.: |
91-28290904 / 28290905 |
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Fax No.: |
91-28290906 |
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E-Mail : |
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Area: |
6638.92 sq.fts |
DIRECTORS
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Name : |
Mr. Kumarpal Shah |
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Designation : |
Director |
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Address : |
Daryamahal B., |
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Date of Birth/Age : |
11.06.1945 |
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Date of Appointment : |
29.12.2003 |
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Name : |
Mr. Rajen Mehta |
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Designation : |
Director |
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Address : |
2 D, |
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Date of Birth/Age : |
25.08.1958 |
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Date of Appointment : |
29.12.2003 |
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Name : |
Mr. Vasant Mehta |
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Designation : |
Chairman cum Managing Director |
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Address : |
18 D Shanaz, |
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Date of Birth/Age : |
16.01.1945 |
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Date of Appointment : |
29.12.2003 |
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Name : |
Mrs. Naina Mehta |
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Designation : |
Director |
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Address : |
18 D Shanaz, |
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Date of Birth/Age : |
01.04.1947 |
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Date of Appointment : |
14.05.2004 |
KEY EXECUTIVES
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Name : |
Ms.Sejal .K. Parekh |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kumarpal Shah |
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500000 |
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Ms. Shital Shah |
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500000 |
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Mr. Vasant Mehta |
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200000 |
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Mr. Bhavin Mehta |
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70000 |
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Mr. Brijesh Mehta |
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130000 |
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Mrs. Dipika Mehta |
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2500 |
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Mr. Jagdish Mehta |
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97500 |
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Mrs. Manjula Mehta |
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90000 |
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Mrs. Priti Mehta |
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80000 |
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Mrs. Naina Mehta |
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50000 |
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Mr. Rajen Mehta |
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125000 |
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Mrs. Swati Mehta |
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25000 |
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Mr. Hiren Mehta0 |
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130000 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing of Diamond Studded Gold
Jewellery. |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Actual
Production |
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Diamond Studded And Gold / Silver Jewellery |
Pcs |
20000 |
5734 |
GENERAL INFORMATION
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No. of Employees : |
50 |
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Bankers : |
Union Bank Of Seepz++ Complex, Marol Industrial Area,
Jogeshwari – Andheri ( East), Mumbai – 400 096 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
.C.C. Dalal and Company Chartered Accountant |
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Address : |
Jeevan Udyog, 2nd Floor, 278, Dr. D.N. road Mumbai -1 |
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Tel. No.: |
22071332 |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity |
Rs.10/- each |
20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity |
Rs.10/- each |
20.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Financial:
Last available financials is enclosed herewith. It was obtained from confidential
sources as no financials are yet available from Registry.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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20.000 |
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2] (Accumulated Losses) |
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(4.073) |
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NETWORTH |
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15.927 |
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LOAN FUNDS |
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1] Secured Loans |
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26.304 |
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2] Unsecured Loans |
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16.829 |
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TOTAL BORROWING |
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43.133 |
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TOTAL |
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59.060 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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44.139 |
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Work in Progress |
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0.806 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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7.998 |
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Sundry Debtors |
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14.439 |
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Cash & Bank Balances |
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1.598 |
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Loans & Advances |
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0.497 |
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Total
Current Assets |
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24.532 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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10.417 |
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Provisions |
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Total
Current Liabilities |
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10.417 |
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Net Current Assets |
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14.115 |
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TOTAL |
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59.060 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
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Sales Turnover |
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17.527 |
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Other Income |
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0.000 |
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Total Income |
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17.527 |
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Profit/(Loss) Before Tax |
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(4.073) |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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(4.073) |
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Earnings in Foreign Currency : |
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FOB Value of exports |
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15.839 |
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Total Earnings |
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15.839 |
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Imports : |
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Raw Materials |
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Stores & Spares |
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Capital Goods |
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12.472 |
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Total Imports |
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12.472 |
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Expenditures : |
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Interest |
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0.289 |
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Depreciation & Amortization |
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1.049 |
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Other Expenditure |
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20.262 |
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Total Expenditure |
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21.600 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
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PAT / Total Income |
(%) |
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23.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
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23.23 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.86 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.36 |
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Current Ratio (Current Asset/Current Liability) |
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2.35 |
LOCAL AGENCY FURTHER INFORMATION
Director Reports:
During the period under review
the local sales was Rs. 1.642 millions. This being the first period of
the operations of the company. The company incurred loss of Rs. 4.073 millions
during the period.
Fixed Assets:
Computer Software
Plant and Machinery
Furniture and Fixtures
Silver Moulds
Office Equipment
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Name of the
company |
JEWEL MARK INDIA PRIVATE LIMITED |
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Presented By |
Union Bank of |
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1) Date and
description of instrument creating the change |
i)Letter of hypothecation
of bills Dated: 16th
December, 2004 ii)Memorandum of
Equitable Mortgage by Deposit of Titles Deeds on 16th December,
2004 (both the above
documents, agreement, writing,etc constitute a single charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.22.500
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 |
i) Purchase from
negotiate a Bill or Bills of exchange drawn or accepted or endorsed against
goods and / or shipping or other documents and / or hold such or any other
Bills or Bills of exchange and / or documents for collection on the Borrowers
account under lien to the Bank. ii) Equitable
Mortgage by way of Deposit of Title Deeds in respect of company’s Immovable Property viz. Unit No. 501, Block
No. II on the fifth floor of building known as Tower No. 1 located in SEEPZ
++, SEZ Marol Industrial Area, all present and
future plant and machinery, furniture and fixtures, office gadgets /
equiptments, casting machines, chairs, tables, wax injecting machines,
vulcanizer etc lying in Unit No. 501, Block No. II SEEPZ + + Complex, Fifth
Floor, in the building known as Tower No. II, located in Seepz + +, SEZ Marol
Industrial Area, ( more
particularly described in second schedule of Mortgage Deed) |
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4) Gist of the terms
and conditions and extent and operation of the charge. |
i) Interest at the rate of 7% per annum
for the FBP/FUDBP/FDBD/AFDBC facility of Rs. 22.500 millions W/w Direct
Bills/Bills on Associates ( Rs. 15.000 millions granted by the bank to the
Company. ii) The security
as stated in column No. 3 ii )above i.e. Equitable Mortgage has been
taken to secure the due repayment to Union Bank of India of all amounts
advanced or to be advanced and of all the amounts under
FBP/FUDBP/FDBD/AFDBC/FDBP facility of Rs. 22.500 millions W/w Direct Bills ( Rs. 15.000 millions)
granted or to be granted by the bank to the Company together with interest,
compound interest and / or additional interest in case of default, exchange
fluctuation, costs, charge expenses etc |
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Name and Address
and description of the person entitled to the charge. |
Union Bank of Overseas Branch Seepz ++ , Unit 007, Block No. II, Seepz++ Complex, Marol Industrial Area, Jogeshwari – Andheri ( East), Mumbai – 400 096 |
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.39.91 |
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1 |
Rs.79.88 |
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Euro |
1 |
Rs.55.88 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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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37 |
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. |
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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