MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LILY JEWELLERY
PRIVATE LIMITED |
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Registered Office : |
Unit No.503, Block
No.II, SEEPZ++, SEEPZ SEZ, Andheri (East), Mumbai 400 096, Maharshtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.02.2004 |
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Com. Reg. No.: |
11-144344 |
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CIN No.: [Company
Identification No.] |
U36911MH2004PTC144344 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04439B |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Studded Gold Jewellery |
RATING &
COMMENTS
|
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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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. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Con Wood House,
Yashodham, Goregaon (East), Mumbai 400063, Maharashtra, India |
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Tel. No.: |
91-22-28402304 |
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Fax No.: |
91-22-28402322 |
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Corporate Office : |
Unit No 503, Block
No II, SEEPZ++, SEEPZ SEZ MIDC, Anderi (East), Mumbai 400096, Maharashtra,
India |
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E-Mail : |
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Factory 1 : |
Gala No 403, Building
No II , SEEPZ++ , MIDC, Marol, Andheri (East), Mumbai 400096, Maharashtra,
India |
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Tel. No.: |
91-22-56970091/
28293301 |
DIRECTORS
|
Name : |
Mr Pramod K
Goenka |
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Designation : |
Director |
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Address : |
6, Janki Kutir, Vaibhav
Society, Juhu Church Road, Mumbai 400049, Maharashtra, India |
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Date of Appointment : |
03.02.2004 |
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Date of Birth / Age: |
31.12.1961 |
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Name : |
Mr Ariez Tata |
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Designation : |
Director |
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Address : |
31, Shruti A-Wing,
Yashodham, Goregaon (East), Mumbai 400063, Maharashtra, India |
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Date of Birth/Age : |
11.02.1970 |
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Date of Appointment : |
03.02.2004 |
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E-Mail: |
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Name : |
Mr Basil Dubb |
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Designation : |
Director |
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Address : |
105, Kings
Apartments, Juhu Tara Road, Juhu, Mumbai 400049, Maharashtra, India |
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Date of Birth/Age : |
15.09.1953 |
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Date of Appointment : |
23.02.2004 |
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Name : |
Mr Sanjoy Ghosh |
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Designation : |
Director |
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Address : |
Apartment No 304,
Meenaxi Towers, Gokuldham, Goregaon (East), Mumbai 400063, Maharashtra,
India |
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Date of Birth/Age : |
20.08.1957 |
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Date of Appointment : |
23.02.2004 |
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Name : |
Mr Ofer
Azerielant |
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Designation : |
Director |
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Address : |
Audin
International Incorporation, 609, Greenwich Street, New York 10014, U S A |
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Date of Appointment : |
02.05.2005 |
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Name: |
Nayan Pansare |
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\Designation: |
Director |
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Address: |
602, Rajnigandha,
Gokuldham, Gen A.K. Vaidya Marg, Goregaon (East), Mumbai 400 063,
Maharashtra, India. |
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Date of Appointment: |
30.09.2006 |
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Date of Birth / Age: |
17.03.1952 |
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Pan No: |
AAIPP3128Q |
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E-Mail: |
comsect@dynamixgroup.co.in |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mr Pramod K
Goenka |
500 |
0.56 |
|
Mr Ariez Tata |
4975 |
5.56 |
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Mr Pramod K
Goenka Karta HUF |
25100 |
28.07 |
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Mr Pramod K Goenka Mrs Bina Goenka |
14200 |
15.88 |
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Mr Sanjoy Ghosh |
4840 |
5.41 |
|
Andin
International Incorporation |
39800 |
44.51 |
|
Total |
89415 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Studded Gold Jewellery |
GENERAL
INFORMATION
|
No. of Employees : |
About 250 |
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Bankers : |
State Bank of
India Offshore Banking
Unit, SEEPZ, Andheri (East), Mumbai 400096 |
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Facilities: |
Particulars |
31.03.2007 (Rs.in Millions) |
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SECURED LOAN: A)
State Bank
of India 1)
working
Capital Facilities: 1.1 Foreign Currency tied-up 1.2 Rupee tied-up 1.3 Gold Loan (Secured by hypothecation of Current assets, both present and future,
of the Company and guaranteed by the Directors and further secured by the extension
of equitable mortgage of Compnays Factory Building) 2)
Term Loan (Secured by hypothecation of Plant and Machinery and Other Assets both
present and future, of the Company and guaranteed by the Directors and
further secured by the extension of equitable mortgage of Companys Factory
Building) B)
HDFC Bank
Limited Car Loan (Secured by hypothecation of Car purchased thereunder) |
139.678 25.000 -- 55.376 1.454 |
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Total |
221.508 |
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UNSECURED LOAN: From a Director |
32.718 |
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Total |
32.718 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
M A Parikh and
Company |
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Chartered
Accountants |
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Address : |
Yusuf Building, 2nd
Floor, 43, Mahatma Gandhi Road, Fort, Mumbai 400023, Maharashtra, India |
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Pan No: |
AAAFM1433H |
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Associates/Subsidiaries
: |
NIL |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs 100/- each |
Rs 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
98908 |
Equity Shares |
Rs 100/- each |
Rs 9.890 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
9.890 |
8.941 |
0.100 |
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2] Share Application Money |
4.372 |
4.373 |
44.904 |
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3] Reserves & Surplus |
59.845 |
38.204 |
1.872 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
74.107 |
51.518 |
46.876 |
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LOAN FUNDS |
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|
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1] Secured Loans |
221.508 |
184.045 |
151.280 |
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2] Unsecured Loans |
32.718 |
22.718 |
22.500 |
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TOTAL BORROWING |
254.226 |
206.763 |
173.780 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
328.333 |
258.281 |
220.656 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
128.996 |
134.675 |
133.283 |
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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 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
110.821
|
115.103 |
65.955 |
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Sundry Debtors |
252.693
|
244.067 |
161.826 |
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Cash & Bank Balances |
5.377
|
10.599 |
10.415 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
24.459
|
20.342 |
2.816 |
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Total
Current Assets |
393.350
|
390.111 |
241.012 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
193.828
|
266.356 |
153.782 |
|
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Provisions |
0.257
|
0.256 |
0.000 |
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Total
Current Liabilities |
194.085
|
266.612 |
153.782 |
|
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Net Current Assets |
199.265
|
123.499 |
87.230 |
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MISCELLANEOUS EXPENSES |
0.072 |
0.107 |
0.143 |
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TOTAL |
328.333 |
258.281 |
220.656 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
573.617 |
586.210 |
249.397 |
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Other Income |
0.488 |
0.000 |
0.000 |
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Total Income |
574.105 |
586.210 |
249.397 |
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Profit for the Year |
17.585 |
5.288 |
1.872 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
574.552 |
235.466 |
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Expenditures : |
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Interest |
NA |
14.682 |
4.161 |
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Depreciation & Amortization |
NA |
6.776 |
2.843 |
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Other Expenditure |
NA |
559.464 |
240.520 |
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Total Expenditure |
556.520 |
580.922 |
247.524 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.06
|
0.90 |
0.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.07
|
0.90 |
0.75 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.47
|
1.35 |
0.78 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.10 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.61
|
5.17 |
3.28 |
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Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.46 |
1.56 |
LOCAL AGENCY
FURTHER INFORMATION
FINANCIAL RESULTS:
During the year
ended 31.03.2007, the Company has earned an income of Rs.573.617 Millions by
way of export sales and job work charges and Rs.0.488 Millions by way of
miscellaneous income. After adjusting the expenditure incurred by the Company,
and providing Rs.7.050 Millions towards depreciation charges and Rs.0.257
towards taxation, the working of the Company has resulted in a profit of
Rs.17.585 millions. Adding thereto the profit brought forward from the previous
year, the net surplus of Rs.24.490 has been carried to the Balance Sheet as of
31.03.2007.
In order to augment
the resources, the Directors have not recommended payment of any dividend and
decided to plough back the same to meet the requirement of funds for operations
FIXED ASSETS:
- Factory Building
- Plant and Machinery
- Other Equipments
- Furniture and Fittings
- Computers
- Vehicles
|
Name of the company |
LILY JEWELLERY PRIVATE LIMITED |
|
Presented By |
STATE BANK OF INDIA, OFFSHORE BANKING
UNIT, SEEPZ, MUMBAI 400096 |
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1) Date and description of instrument creating the change |
A. Agreement of
loan for overall limit B. Agreement of
hypothecation of goods and assets C. Letter regarding
the grant of individual limits within the overall limit Both the above
agreements are dated 26.05.2004 executed for the creation of a single
charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
US $ 2 Million (US
$ Two Million) |
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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 |
All present and
future goods, book debts and all other documents of title to the goods,
outstanding moneys, receivables including receivables by of cash assistance
and/or cash incentives under the Cash Incentive scheme or any other scheme claims including
claims by way of refund of customs/excise duties under the duty drawback
credit scheme or any other bills, invoices, documents, contracts, insurance
policies, guaranties, engagements, securities, investments and rights and all
present and valcanizer, devesting machine, centrifugal Barrel, polishing,
bench polishers, steam driving, dust collectors gold refining and ETP etc |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Return on
Investments: 6 months LIBOR plus 260 bps. Margin : Land and
Building / Plant and Machinery :
33.33 % Repayment : First : 4 Quarterly
Instalments of US$0.055 each Next : 4
Quarterly Instalments of US$0.11 each Next : 8
Quarterly Instalments of US$0.1675 each |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Offshore Banking
Unit, SEEPZ, Andheri (East), Mumbai 400096 |
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6) Date and brief description of instrument modifying the charge |
NA |
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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 Modification of
charge |
|
Charge
identification number of the modified
|
10122851 |
|
Corporate
identity number of the company |
U36911MH2004PTC144344 |
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Name of the
company |
LILY JEWELLERY
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Unit No.503,
Block No.II, SEEPZ++, SEEPZ SEZ, Andheri (East), Mumbai 400 096, Maharashtra,
India. |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
State Bank of
India, SEEPZ Branch, Andheri (East), Mumbai 400 096, Maharashtra, India. E-Mail: sbi.03473@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
deposit for creation of further charge for term loan/overall limit where the
initial charge is created by way of mortgage by deposit of title deeds. |
|
Date of instrument
Creating the charge |
27.08.2008 |
|
Amount secured by
the charge |
45.000 millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest Adhoc EPC, PSC 1%
above the rates applicable for EPC/PSC. Terms of
repayment Demand on Bank Margin Raw Material
10%, Stock-in-process 10%, Finished Goods 10%, Any others (specify)
10%, Book Debts/receivables 10%. Extent and
operation of the charge As per the
sanctioned letter and loan agreement Others Adhoc EPC 2.50
Crores, Adhoc PSC 2.00 Crores, Total 4.50 Crores. All other terms
and conditions as per the sanctioned letter and loan agreement. |
|
Short particulars
of the property charged |
Gala No.503,
Block No.II, SEEPZ++, Andheri (East), Mumbai 400 093. |
.
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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|