MIRA
INFORM REPORT
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Report Date : |
07.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
R T STAR JEWELLERY PRIVATE LIMITED |
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Registered Office : |
G-A, Gem & Jewellery Complex 1, SEEPZ SEZ, Andheri (East),
Mumbai 400096, Maharashtra |
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Country : |
India |
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Financial as on : |
31.03.2007 |
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Date of Incorporation : |
15.04.2002 |
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Com. Reg. No.: |
135532 |
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CIN No.: [Company
Identification No.] |
U36911MH2002PTC135532 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Diamonds, Gold Studded
Jewellery |
RATING &
COMMENTS
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MIRAs 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 480480 |
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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. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Monal V. Shah |
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Designation : |
Finance Manager |
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Contact No.: |
91-9819224754 |
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Date : |
07.04.2008 |
LOCATIONS
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Registered Office : |
G-A, Gem & Jewellery Complex 1, SEEPZ SEZ, Andheri (East),
Mumbai 400096, Maharashtra, India |
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Tel. No.: |
91-22-28293941 / 28293942 |
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Fax No.: |
91-22-28293940 |
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E-Mail : |
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Area : |
Rented |
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Location : |
4000sq.fts |
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Factory : |
263/C, Khatauwadi, Goregaonkar Lane, Near Central Plaza
Cinema, Girgaum, Mumbai 400004, Maharashtra, India |
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Tel. No.: |
91-22-28293941 / 28293942 |
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Mobile No.: |
91-9819224754 |
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Fax No.: |
91-22-28293940 |
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E-Mail : |
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Area : |
Owned |
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Location : |
2000sq.fts |
DIRECTORS
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Name : |
Mr. Nitin Ratilal Shah |
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Designation : |
Director |
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Address : |
101, Monalisa, Bomani Petit Road, Warden Road, Mumbai
400036, Maharashtra. |
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Date of Birth/Age : |
47 years |
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Qualification : |
Graduate |
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Name : |
Mrs. Kalpana Nitin Shah |
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Designation : |
Director |
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Address : |
101, Monalisa, Bomani Petit Road, Warden Road, Mumbai
400036 |
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Date of Birth/Age : |
44 years |
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Qualification : |
Graduate |
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Name : |
Mr. Arun Chimanlal Shah |
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Designation : |
Director |
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Address : |
703, Shivam Building, Dongarshi Road, Tin Batti,
Walkeshwar, Mumbai 400006, Maharashtra |
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Name : |
Mr. Dilip Chimanlal Shah |
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Designation : |
Director |
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Address : |
101, Monalisa, Bomani Petit Road, Warden Road, Mumbai
400036, Maharashtra. |
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Date of Appointment : |
01.07.2002 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay Doshi |
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Designation : |
Company Secretary |
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Address : |
Unit No. 217, Pioneer Industrial Estate, Subhash Road,
Jogeshwari (East), Mumbai 400060, Maharashtra. |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Kalpana N. Shah |
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5,000 |
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Mr. Nitin R. Shah |
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5,000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Diamonds, Gold Studded
Jewellery |
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Exports : |
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Products : |
Diamonds, Gold Studded Jewellery |
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Countries : |
All over world |
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Imports : |
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Products : |
Cut and Polish Diamond |
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Countries : |
Dubai, US, Antwerp |
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Terms : |
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Selling : |
Credit and COD Basis |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers, End Users and Dependable Customers |
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No. of Employees : |
275 (25 Office, 250 Factory) |
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Bankers : |
State Bank of India, Seepz Branch State Bank of Patiala, Seepz Branch |
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Facilities : |
Rs.300.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
BR Maniyar and Company Chartered Accountants |
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Address : |
263/C, Khatauwadi, Goregaonkar Lane, Near Central Plaza
Cinema, Girgaum, Mumbai 400004, Maharashtra, India |
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Tel. No.: |
91-22-28293941 / 28293942 |
CAPITAL STRUCTURE
(As Claimed by the
Company)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
(As per Government
Records)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
2.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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115.120 |
48.822 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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120.120 |
51.322 |
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LOAN FUNDS |
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1] Secured Loans |
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200.597 |
91.106 |
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2] Unsecured Loans |
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30.438 |
41.672 |
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TOTAL BORROWING |
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231.035 |
132.778 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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351.155 |
184.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.631 |
10.834 |
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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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168.679 |
130.431 |
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Sundry Debtors |
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287.609 |
115.097 |
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Cash & Bank Balances |
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12.699 |
2.317 |
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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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27.231 |
15.855 |
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Total
Current Assets |
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496.218 |
263.700 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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157.865 |
89.615 |
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Provisions |
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1.907 |
1.352 |
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Total
Current Liabilities |
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159.772 |
90.967 |
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Net Current Assets |
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336.446 |
172.733 |
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MISCELLANEOUS EXPENSES |
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0.077 |
0.533 |
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TOTAL |
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351.155 |
184.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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575.168 |
322.146 |
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Other Income |
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8.831 |
2.181 |
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Total Income |
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583.999 |
324.327 |
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Profit/(Loss) Before Tax |
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58.102 |
21.855 |
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Provision for Taxation |
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0.555 |
1.120 |
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Profit/(Loss) After Tax |
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57.547 |
20.735 |
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Expenditures : |
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Manufacturing Expenses and other Expenses |
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162.546 |
89.138 |
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Consumption of stores and spares parts |
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465.161 |
248.029 |
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Interest and other Financial Expenses |
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12.090 |
7.153 |
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Depreciation & Amortization |
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2.304 |
1.862 |
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Total Expenditure |
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642.101 |
346.182 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total
Income |
(%) |
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9.853 |
6.39 |
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Net Profit Margin (PBT/Sales) |
(%) |
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10.10 |
6.78 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.37 |
7.96 |
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Return on Investment (ROI) (PBT/Networth) |
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0.48 |
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.33 |
1.77 |
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Current Ratio (Current Asset/Current Liability) |
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3.10 |
2.89 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
²
Naksh Jewellery, U.K.
²
Choran Diamonds DMCC, Dubai
²
Hong Kong Stone Company, Hong Kong
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Corporate
identity number (CIN) Foreign company registration number |
U36911MH2002PTC135532 |
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Name of the
Company |
R T STAR JEWELLERY PRIVATE LIMITED |
|
Address |
263/C, Khatauwadi, Goregaonkar Lane, Near Central Plaza
Cinema, Girgaum, Mumbai 400004, Maharashtra, India |
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This form is for |
Modification of
Charges |
|
Type of Charge |
Book Debts,
Movable Property (not being pledge) , Raw Materials and Plant Machinery |
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Particulars of
the charge holder |
State Bank of
India Seepz Branch,
Andheri (W), Mumbai 400096, Maharashtra E-Mail: sbi.03473@sbi.co.in |
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Amount secured by
the charge |
Rs.300.000
millions |
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Brief of the
principal terms and conditions |
Rate of Interest: For EPC as per
RBI Guidelines (present effective rates are as follows) (Post Shipment
credit) upto 180 days 2.75% below SBAR (12.75%) i.e. min 10.00% p.a.
beyond 180 days and upto 270 days 1.75% below SBAR (12.75%) i.e. min
11.25%p.a. Against incentive receivable from Govt covered by ECGC Guarantee (
Up to 90 days) 2.75% below SBAP (12.75%)i.e. min10.00% p.a. Note In case
of non-executive of the export order, Cash Credit interest will be receivable
at the rate prevailing (as per the annexure A) Terms of
Payments: Demand on Bank Margin For EPC 10% for
metal gold loan 20% cash margin and 90% lien on drawing power For PSC 25% for
direct bills Extent and
operation of the charge As per sanctioned
letter and loan agreement required |
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Date of
Instrument modifying the charge |
05.11.2007 |
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Particular of the
present modification |
Now by this
modification by which overall limit of Rs.200.000 millions to Rs.300.000
millions consisting of facilities. SBI for Rs.180.000 millions and SBP for
Rs.120.000 millions total amount increase for Rs.300.0000 millions |
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 Intl
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 companys 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.40.02 |
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UK Pound |
1 |
Rs.79.44 |
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Euro |
1 |
Rs.62.94 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
55 |
This score serves as a reference to assess SCs 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 |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
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 |
|