MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DANIA ORO JEWELLERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Unit No. 601 & 602, Block No. 1, Seepz Sez, Andheri (East), Mumbai
– 400096, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
29.09.2005 |
|
|
|
|
Com. Reg. No.: |
11-156430 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U36100MH2005PTC156430 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD13852G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCD3214E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Studded Jewellery |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company of Pramod Goenka Group who has business interest
in Dynamix Group, a medium sized diversified industrial house. The company has shown steady progress in its business. Trade relations
are fair. Its payments are reported as slow. The company has taken cash credit of Rs. 327.500 Million from Punjab
National Bank in April 2007. Thus it has a substantial borrowed capital. March 2008, financials is not yet out. Initially, the company can be considered for normal business dealings
at usual trade terms and conditions with slight caution. |
LOCATIONS
|
Registered Office/Factory : |
Unit No. 601 & 602, Block No. 1, Seepz Sez, Andheri (East), Mumbai
– 400096, Maharashtra |
|
Tel. No.: |
91-22-28402304 |
|
Fax No.: |
91-22-28402322 |
DIRECTORS
|
Name : |
Mr. Goenka K Pramod |
|
Designation : |
Director |
|
Address : |
6, Vaibhav Society, Janki Kutir, Juhu Church Road, Mumbai – 400049,
Maharashtra |
|
Date of Appointment : |
29.09.2005 |
|
|
|
|
Name : |
Mr. Tata Ariez |
|
Designation : |
Director |
|
Address : |
A 702, Winsept, 9th Road, JVDP Juhu Scheme, Mumbai –
400049, Maharashtra |
|
Date of Appointment : |
29.09.2005 |
|
|
|
|
Name : |
Mr. Sanjoy Ghosh |
|
Designation : |
Director |
|
Address : |
A – 1002, 10th Floor, Shagun Towers, Film City Road, Malad
(East), Mumbai – 400049, Maharashtra |
|
Date of Appointment : |
31.03.2006 |
|
|
|
|
Name : |
Mr. Nayan Pansare |
|
Designation : |
Director |
|
Address : |
602, Rajnigandha Gokuldham, Gen A K Vaidya Marg, Goregaon (East),
Mumbai – 400063, Maharashtra |
|
Date of Appointment : |
31.03.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2007
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Goenka K Pramod |
|
59440 |
|
Mr. Tata Ariez |
|
500 |
|
M/s. Andin International Inc |
|
39960 |
AS ON 31.03.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
40.00 |
|
Directors or relatives of directors |
|
60.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Studded Jewellery |
GENERAL
INFORMATION
|
No. of Employees : |
120 |
||||||||||
|
|
|
||||||||||
|
Bankers : |
Punjab National Bank, Offshore Banking Unit, Seepz, Andheri (East),
Mumbai – 400096, Maharashtra |
||||||||||
|
|
|
||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M A Parikh Chartered Accountant |
|
Address : |
Yusuf Building, 2nd Floor, 43 Mahatma Gandhi Road, Fort.
Mumbai – 400023, Maharashtra |
|
|
|
|
Associates/Subsidiaries : |
Lily Jewellery Private limited CIN No. U36911MH2004PTC144344 Rolly Jewellery Private Limited CIN No. U36910MH2005PTC150740 |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 100/- Each |
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99,900 |
Equity Shares |
Rs. 10/- Each |
Rs. 9.990 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.990 |
0.100 |
|
|
2] Share Application Money |
|
0.475 |
34.408 |
|
|
3] Reserves & Surplus |
|
67.683 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
78.148 |
34.508 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
248.137 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
248.137 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
326.285 |
34.508 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
167.906 |
0.000 |
|
|
Capital work-in-progress |
|
7.062 |
7.466 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
48.091
|
0.000 |
|
|
Sundry Debtors |
|
167.038
|
0.000 |
|
|
Cash & Bank Balances |
|
7.840
|
4.511 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
67.245
|
28.000 |
|
Total
Current Assets |
|
290.214
|
32.511 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
139.405
|
5.663 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
139.405
|
5.663 |
|
|
Net Current Assets |
|
150.809
|
26.848 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.508 |
0.194 |
|
|
|
|
|
|
|
|
TOTAL |
|
326.285 |
34.508 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
418.939 |
|
|
Other Income |
|
|
2.732 |
|
|
Total Income |
|
|
421.668 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
18.245 |
|
|
Provision for Taxation |
|
|
0.605 |
|
|
Profit/(Loss) After Tax |
|
|
17.640 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Export Earnings |
|
|
|
|
|
Total Earnings |
|
|
418.416 |
|
|
|
|
|
418.416 |
|
|
Imports : |
|
|
|
|
|
Raw Materials |
|
|
157.733 |
|
|
Stores & Spares |
|
|
4.976 |
|
|
Capital Goods |
|
|
21.078 |
|
|
Total Imports |
|
|
183.787 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charge |
|
|
7.544 |
|
|
Administrative Expenses |
|
|
18.043 |
|
|
Closing (Stock in Process) |
|
|
(26.365) |
|
|
Raw Material Consumed |
|
|
386.367 |
|
|
Salaries, Wages, Bonus, etc. |
|
|
12.051 |
|
|
Depreciation & Amortization |
|
|
5.783 |
|
Total Expenditure |
|
|
403.423 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
4.18 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
4.35 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.98 |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.95 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.08 |
5.74 |
LOCAL AGENCY
FURTHER INFORMATION
Notes
The Registered office
of the company was shifted from Dynamix House, Yahodham Gena K Vaidya Marg,
Goregaon (East), Mumbai – 400063, Maharashtra to present registered office with
effect from 01.03.2006
Form 8
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10010261 |
|
Corporate
identity number of the company |
U36100MH2005PTC156430 |
|
Name of the
company |
DANIA ORO JEWELLERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Unit No. 601 & 602, Block No. 1, Seepz Sez, Andheri (East), Mumbai
– 400096, Maharashtra |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Punjab National Bank, Offshore Banking Unit, Seepz, Andheri (East), Mumbai
– 400096, Maharashtra |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation on
Fixed / Block Assets |
|
Date of
instrument Creating the charge |
26.12.2007 |
|
Amount secured by
the charge |
Rs. 370.000 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Interest is chargeable at such rate as may be fixed by the bank from time
to time Terms of
Repayment – As may be decided and mutually agreed upon by the bank Margin – As may
be decided and agreed by the bank Extent and
Operation of the charge – Punjab National Bank, Offshore Banking unit has
enhanced Capital facilities from total USD 7.300 Millions to USD 8.727
Millions and is having first charge on the fixed assets of the company, both
present and future. The flowing fixed assets are hypothecation to the bank –
plant and machinery F & F electrical installation, Air conditioners,
Office Equipments etc per schedule of security Others - -- |
|
Short particulars
of the property charged |
Punjab National
Bank, Offshore Banking unit has enhanced Capital facilities from total USD
7.300 Millions to USD 8.727 Millions and is having first charge on the fixed assets
of the company, both present and future. The flowing fixed assets are
hypothecation to the bank – plant and machinery F & F electrical
installation, Air conditioners, Office Equipments etc per schedule of
security |
|
Particulars of
the present modification |
By 1st
modification Punjab National Bank, Offshore Banking unit has enhanced Capital
facilities from total USD 7.300 Millions to USD 8.727 Millions and is having
first charge on the fixed assets of the company, both present and future. The
flowing fixed assets are hypothecation to the bank – plant and machinery F
& F electrical installation, Air conditioners, Office Equipments etc per
schedule of security |
Fixed Assets
- Leasehold Improvement
- Plant and Machinery
- Other Equipments
- Furniture and Fitting
- Computer
- Vehicles
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 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.48.71 |
|
UK Pound |
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
40 |
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 |
|