MIRA
INFORM REPORT
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Report Date : |
04.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
PLATINUM GUILD INTERNATIONAL – UNIT OF PLATINUM GUILD INDIA PRIVATE
LIMITED |
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Registered Office : |
Suite No. 704, 7th Floor, Housefin Bhavan, C-21, Bandra
Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.09.2000 |
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Com. Reg. No.: |
11-158770 (New) 170653 (Old) |
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CIN No.: [Company
Identification No.] |
U27205MH2000PTC158770 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Platinum Jewellery |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 97000 |
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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 and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/ Factory : |
Suite No. 704, 7th Floor, Housefin Bhavan, C-21, Bandra
Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
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Tel. No.: |
91-22-26572084 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. James Chirstopher Coorage |
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Designation : |
Director |
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Address : |
13, Packisngton Street, London, NI 80B |
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Date of Appointment : |
11.09.2000 |
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Name : |
Mrs. Vaishali Banerjee |
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Designation : |
Director |
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Address : |
A-22, Asuda Kutir, Mount Mary Road, Bandra (West), Mumbai-400050,
Maharashtra, India |
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Date of Birth/Age : |
03.12.1965 |
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Date of Appointment : |
11.09.2000 |
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Name : |
Mr. Varghese S. Thomas |
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Designation : |
Director |
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Address : |
No. 77, Building 14, Juhu, Neptune Apartments, Juhu Tara Road,
Mumbai-400049, Maharashtra, India |
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Date of Appointment : |
01.09.2003 |
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Name : |
Mrs. Madhavi Vijay Joshi |
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Designation : |
Director |
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Address : |
4th Floor, Shagun, 9th Road, JPD, Mumbai-400049,
Maharashtra, India |
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Date of Birth/Age : |
30.01.1974 |
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Date of Appointment : |
27.06.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Madhavi Joshi |
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500 |
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Vaishali Banerjee |
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9500 |
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Total |
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10000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
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Percentage |
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Foreign holdings (Foreign institutional investor(s), Foreign
compani(s) foreign financial institution(s), non-resident Indian(s) or
Overseas corporate bodies or Others |
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66.67 |
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Directors or relatives of directors |
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33.33 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Platinum Jewellery |
GENERAL
INFORMATION
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Auditors : |
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Name : |
Deloitte Haskins and Sella Chartered Accountant |
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Address : |
12, Dr. Annie Besant Road, Opposite Shiv Estate, Mumbai-400018,
Maharashtra, India |
CAPITAL STRUCTURE
As on 26.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity Shares |
Rs.10/- each |
Rs. 0.150
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.150 |
0.150 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.405 |
19.412 |
9.327 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.555 |
19.562 |
9.427 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.001 |
0.000 |
0.002 |
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TOTAL |
19.556 |
19.562 |
9.429 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.369 |
0.432 |
0.382 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
1.897 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
7.014
|
2.871 |
6.456 |
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Cash & Bank Balances |
35.130
|
64.276 |
9.247 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.419
|
5.986 |
4.274 |
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Total
Current Assets |
55.563
|
73.133 |
19.977 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
35.491
|
53.755 |
10.921 |
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Provisions |
0.887
|
2.149 |
0.014 |
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Total
Current Liabilities |
36.378
|
55.904 |
10.935 |
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Net Current Assets |
19.185
|
17.229 |
9.042 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.004 |
0.005 |
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TOTAL |
19.556 |
19.562 |
9.429 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
23.546 |
21.492 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
23.546 |
21.492 |
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Profit/(Loss) Before Tax |
|
3.060 |
2.894 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
3.060 |
2.894 |
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Expenditures : |
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Depreciation & Amortization |
|
0.166 |
0.226 |
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Other Expenditure |
|
20.320 |
18.372 |
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Total Expenditure |
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20.486 |
18.598 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
12.99
|
13.46 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
12.99
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13.46 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
05.47
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03.83 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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15.64
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14.79 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.86
|
2.86 |
1.16 |
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Current Ratio (Current Asset/Current Liability) |
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1.53
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1.31 |
1.83 |
LOCAL AGENCY
FURTHER INFORMATION
The registered office of the company had been shifted from D-1
Kalindiring Road, New Delhi, Delhi-110061, India to present address.
PRESS RELEASE
Platinum
Guild launches global branding drive
The
Bureau
Mumbai ,
Sept. 5
PLATINUM Guild International (PGI), the marketing arm of the
platinum jewellery industry, has launched a new global branding initiative
across the six major jewellery markets it is present in.
The new positioning — designed to capture and clarify the
values of platinum — defines the key rational and emotional benefits of purity,
rarity and strength, combined with individuality.
Developed by UK-based brand consultant, Interbrand, the new
identity comprises the colour palette, a brand line, the word mark and logo,
and a water graphic, which will be consistent across all future communication,
according to Ms Vaishali Banerjee, Country Manager (India), PGI.
Based on extensive consumer research, conducted in India in
Mumbai, Delhi, Bangalore and Chennai, the base colour of the new identity is
white, which comes from the consumer's association of platinum with daylight
and moonlight; the blue of the `Pt' logo complements the white, suggesting
eternity and purity. The brand line reads: pure, rare, eternal— the three key
qualities associated with the precious metal. While the logo remains `Pt' (the
chemical symbol for platinum), an unexpected finding that emerged from consumer
research — the association of platinum with water — has been incorporated as
the graphic element.
"PGI believes that the new brand identity is a
reinforcement of the values of platinum (and) that this new language will
better articulate this for the customer," Ms Banerjee said. "We are
confident that it will accelerate consumer desire and help turn that into
jewellery sales." The integrated international marketing and
communications programme will debut in mid-September with press advertising, a
multi-lingual Web site, point of sales material and consumer information in the
US, Germany, Italy, Japan, China and India.
In India, PGI was set up in 2000, and has grown from 12
outlets in two cities to 150 outlets — a combination of family-owned and
branded jewellery stores — in 32 markets, Ms Banerjee said. Younger women
looking at alternatives to traditional gold jewellery have largely fuelled the
growth, she added.
There are currently five PGI-authorised manufacturers of
platinum jewellery in India. The typical platinum consumer is 25-45 years,
belonging to SEC A&B, and owning jewellery for separate occasions.
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.42.37 |
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UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
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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 |
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