MIRA
INFORM REPORT
|
Report Date : |
10.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PATDIAM JEWELLERY PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Gala No. 102, Building No. 1 Seepz ++, Andheri [East], Mumbai –
400096, Maharashtra, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
11-120537 |
|
|
|
|
Com. Reg. No.: |
25.06.1999 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U36911MH1999PTC120537 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP17315E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Importer of Jewellery [Diamond and Gold] |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine track.
Available information indicates high financial position is satisfactory.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Bharat Shah |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9967308927 |
|
Date : |
02.04.2008 |
LOCATIONS
|
Registered Office / Factory : |
Gala No. 102, Building No. 1 Seepz ++, Andheri [East], Mumbai –
400096, Maharashtra, India |
|
Tel. No.: |
91-22-28293455 / 56 |
|
Mobile No.: |
91-9820292258 |
|
Fax No.: |
91-22-28293459 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
6750 sq. ft. [Owned] |
|
|
|
|
Corporate Office
: |
215, Shreeji Chambers, Opp. Prasad Chambers, Opera
House, Mumbai - 400 004, India |
|
Tel No.: |
91 -22-2363 5801 / 02/03 |
|
Fax No.: |
91 -22-2363 5805 |
|
|
|
|
Overseas Office
: |
Located at -
USA -
Japan -
Middle East |
DIRECTORS
|
Name : |
Mr. Pravin T Kakadia |
|
Designation : |
Chairman |
|
Address : |
9-A Ambuj Annexe, Ambuj House, Altamount Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
01.10.1962 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
16.09.2000 |
|
|
|
|
Name : |
Mr. Chhagan Navadia |
|
Designation : |
Rough Sourcing |
|
|
|
|
Name : |
Mr. Samir Kakadia |
|
Designation : |
Director |
|
Address : |
9-A Ambuj Annexe, Ambuj House, Altamount Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
05.04.1970 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
25.06.1999 |
|
|
|
|
Name : |
Mr. Ganesh Navadia |
|
Designation : |
Director Diamond Operation |
|
|
|
|
Name : |
Ms. Priti Samir Kakadia |
|
Designation : |
Director |
|
Address : |
9-A Ambuj Annexe, Ambuj House, Altamount Road, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
19.06.1972 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
25.06.1999 |
|
|
|
|
Name : |
Mr. Chaganbhai K Patel |
|
Designation : |
Director |
|
Address : |
84-B Sarita Society, Rajkot Road, Street No. 6, Bhavnagar,
Gujarat |
|
Qualification : |
Graduate |
|
Date of Appointment : |
30.09.2002 |
|
|
|
|
Name : |
Mr. Ganeshbhai K Patel |
|
Designation : |
Director |
|
Address : |
84-B Sarita Society, Rajkot Road, Street No. 6, Bhavnagar,
Gujarat |
|
Qualification : |
Graduate |
|
Date of Appointment : |
30.09.2002 |
|
|
|
|
Name : |
Mr. Maheshbhai L Patel |
|
Designation : |
Director |
|
Address : |
75-B Sarita Society, Rajkot Road, Street No. 6, Bhavnagar,
Gujarat |
|
Date of Birth/Age : |
09.01.1977 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
30.09.2002 |
|
|
|
|
Name : |
Ms. Ilaben Mangukia |
|
Designation : |
Director |
|
Address : |
9/A, Ambuj House, Opposite Giriraj Building, Altmount Road, Grant
Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
16.10.1980 |
|
Date of Appointment : |
01.09.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Samir Kakadia |
|
600000 |
|
Priti Samir Kakadia |
|
92500 |
|
Pravin T Kakadia |
|
692500 |
|
Chaganbhai K Patel |
|
200000 |
|
Ganeshbhai K Patel |
|
145000 |
|
Maheshbhai L Patel |
|
270000 |
|
Total |
|
2000000 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Jewellery [Diamond and Gold] |
|
|
|
|
Exports : |
|
|
Products : |
Jewellery [Diamond and Gold] |
|
Countries : |
USA, Japan, Tokyo, USA, South Africa, UK and Spain |
|
|
|
|
Imports : |
|
|
Products : |
Gold, Diamond, Jewellery, Raw Material, Machinery |
|
Countries : |
UK, Japan and USA |
|
|
|
|
Terms : |
|
|
Selling : |
Credit [7 to 180 days] |
|
|
|
|
Purchasing : |
Credit [30 to 150 days] |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
250 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountants |
|
Address : |
1st Floor, Purshottam Building, 450, Lamington Road, Opera
House, Mumbai – 400004, Maharashtra, India |
|
|
|
|
Associates/Subsidiaries : |
Patdiam Jewels |
CAPITAL STRUCTURE
AS ON 30.09.2007
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 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
12.500 |
12.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
136.625 |
86.065 |
42.784 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
156.625 |
98.565 |
55.284 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
207.920 |
150.652 |
126.676 |
|
|
2] Unsecured Loans |
20.442 |
32.350 |
19.360 |
|
|
TOTAL BORROWING |
228.362 |
183.002 |
146.036 |
|
|
DEFERRED TAX LIABILITIES |
1.487 |
2.427 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
386.474 |
283.994 |
201.320 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
43.278 |
39.187 |
39.747 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
9.281 |
0.025 |
0.025 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
104.558
|
50.303 |
35.249 |
|
|
Sundry Debtors |
298.626
|
226.243 |
146.834 |
|
|
Cash & Bank Balances |
8.395
|
21.077 |
7.195 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.988
|
10.771 |
1.611 |
|
Total
Current Assets |
425.567
|
308.394 |
190.889 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
91.652
|
63.612 |
29.341 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
91.652
|
63.612 |
29.341 |
|
|
Net Current Assets |
333.915
|
244.782 |
161.548 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
386.474 |
283.994 |
201.320 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover
and Other Income |
|
551.865 |
367.701 |
|
|
Total Income |
|
551.865 |
367.701 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
57.296 |
45.798 |
|
|
Provision for Taxation |
|
[0.764] |
0.767 |
|
|
Profit/(Loss) After Tax |
|
58.060 |
45.031 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
551.517 |
367.579 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
420.132 |
273.273 |
|
|
Manufacturing Expenses |
|
29.942 |
17.498 |
|
|
Finance Expenses |
|
20.984 |
11.117 |
|
|
Sales and Administrative Expenses |
|
20.750 |
11.095 |
|
|
Depreciation & Amortization |
|
2.239 |
1.975 |
|
|
Increase in stock of finished goods |
|
0.523 |
6.945 |
|
Total Expenditure |
|
494.570 |
321.903 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
10.52 |
12.25 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.38
|
12.46 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.22
|
13.18 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.46 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.04
|
2.50 |
3.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.64
|
4.85 |
6.51 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
- Rosy Star
Company Limited – Tokyo and Japan
- BJB Limited
[London, UK]
- Optima
Manufacturing Jewellery [London, UK]
Bankers Charges
Report as per Registry
|
Name of the company |
PATDIAM
JEWELLERY PRIVATE LIMITED |
||||||||||
|
Presented By |
State Bank of Patiala and Patdiam
Jewellery Private Limited |
||||||||||
|
1) Date and description of instrument creating the change |
Dated 30th
March 2005 Agreement of Loan
for overall limit Agreement of
hypothecation of goods and assets and Letter regarding
the grant of individual limits within the overall limit |
||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 69.000
Millions |
||||||||||
|
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 |
All the present
and future goods, book debts and all other movable assets of the borrower
including documents of title to the outstanding moneys, receivables including
receivable by way of cash assistance and cash incentive under cash inventive
scheme or any other claims including claim by way of refund of customs excise
duties under the duty draw back credit scheme or any other scheme, invoice,
documents, contracts, insurance policies, guarantees, engagements securities,
investments and rights and the present machinery and future machinery
belonging to or in the possession or under the control of the borrower
wherever lying stored and kept and whether in possession of the borrower or
of the bank of any third party whether in India or elsewhere through the
world shall stand hypothecated to the bank by way of first charge as security
for payment and discharge by the borrower to the bank. |
||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above goods,
dents and assets shall be the security by way of first charge for payment and
discharge by the borrower to the bank on demand a sum of Rs. 69 Millions. Rs in Millions
The Borrower
shall as may be required, create, in favour of the bank mortgage in a form
satisfactory to the bank all the borrows immovable properties both present
and future. Margin : 10 % on
raw materials raw materials, stock in proves, finished goods, any other, book
debts receivables and land and building/ plant and machinery. The security
created and indemnities and undertaking given herein and by the security
documents executed in favour of the bank for various credit facilities shall
operates as continued security. |
||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
Patiala Seepz, Andheri
[East], Mumbai – 400096 |
||||||||||
|
6) Date and brief description of instrument modifying the charge |
NA |
||||||||||
|
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. |
NA |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U36911MH1999PTC120537 |
|
Name of the
company |
PATDIAM JEWELLERY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Gala No. 102, Building No. 1, Seepz, Andheri [East], Mumbai – 4000969,
Maharashtra, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Punjab National Bank Off Shore Banking Unit, Seepz, Andheri [East], Mumbai – 400096,
Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Packing credit
agreement [hypothecation] |
|
Date of
instrument Creating the charge |
06.07.2007 |
|
Amount secured by
the charge |
Rs. 6.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ of 6
month LIBOR + 2.00 % p.a. or at such other rate as may be fixed from time to
time by the bank. Terms of
Repayment As stipulated in
the agreement Margin The Company has
to keep and maintain margin of 10 % for each commodity and merchandise
hypothecated to the Bank as mentioned in the schedule of security in favour
of the Bank. Extent and
Operation of the charge Punjab National
bank, off shore Banking Unit, Seepz has sanctioned Packing Credit facilities
of USD 135000 to the company against hypothecation of Raw Materials, stock in
process, finished goods comprising Gold, platinum, Plan and studded
jewellery, previous and semi precious stones, rough and cut and polished
diamonds, packing materials etc. |
|
Short particulars
of the property charged |
Punjab National
bank, off shore Banking Unit, Seepz has sanctioned Packing Credit facilities
of USD 135000 to the company against hypothecation of Raw Materials, stock in
process, finished goods comprising Gold, platinum, Plan and studded
jewellery, previous and semi precious stones, rough and cut and polished
diamonds, packing materials etc. at works / factory at Unit 102 Tower I, Seepz ++, Andheri, Mumbai – 400096 |
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.40.02 |
|
UK Pound |
1 |
Rs.78.77 |
|
Euro |
1 |
Rs.62.97 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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. |
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 |
|