MIRA
INFORM REPORT
|
Report Date : |
15.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ROLLY JEWELLERY PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Gala No. 603, Block No. II, SEEPZ++MIDC, Andheri (East), Mumbai 400096,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
19.01.2005 |
|
|
|
|
Com. Reg. No.: |
11-150740 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U36910MH2005PTC150740 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR18407E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Jewellery |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a company of Promod Goenka Group who has business interest
in Dynamix 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. 327.50 Millions from Punjab
National Bank in April 2007. Thus, it has a substantial borrowed capital
March 2008, financial is not yet out. initially the company can be considered
for normal business dealings at usual trade terms and conditions with slight
cautions. |
LOCATIONS
|
Registered Office : |
Gala No. 603, Block No. II, SEEPZ++MIDC, Andheri (East), Mumbai
400096, Maharashtra |
|
Tel. No.: |
91-22-28293401/28293402 |
|
Mobile No.: |
91-9892691820 |
|
Fax No.: |
91-22-28293408 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Goenka K Pramod |
|
Designation : |
Director |
|
Address : |
6, Vaibhav Society, Janki Kutir, Juhu Church Road, Mumbai 400049,
Maharashtra |
|
Date of Appointment : |
19.01.2005 |
|
|
|
|
Name : |
Mr. Tata Ariez |
|
Designation : |
Director |
|
Address : |
A 702, Winsept, 9th Road, JVDP Juhu Scheme, Mumbai 400049,
Maharashtra |
|
Date of Appointment : |
19.01.2005 |
|
|
|
|
Name : |
Mr. Sanjoy Ghosh |
|
Designation : |
Director |
|
Address : |
A 1002, 10th Floor, Shagun Towers, Film City Road, Malad
(East), Mumbai 400049, Maharashtra |
|
Date of Appointment : |
25.02.2005 |
|
|
|
|
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 30.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Goenka K Pramod |
|
59200 |
|
Mr. Tata Ariez |
|
500 |
|
M/s. Andin International Inc |
|
39800 |
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 of Jewellery |
|
|
|
|
Products : |
|
PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Actual
Production |
|
Rings |
PCS |
|
|
27529 |
|
Ear Rings |
PCS |
|
|
48644 |
|
Pendants |
PCS |
|
|
77825 |
|
Nacklaces |
PCS |
|
|
10452 |
|
Bangles |
PCS |
|
|
15126 |
|
Bracelet |
PCS |
|
|
17487 |
GENERAL
INFORMATION
|
No. of Employees : |
120 |
|
|
|
|
Bankers : |
State Bank of India, Seepz Branch, New baking Building, Andheri
(East), Mumbai 400096, Maharashtra |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M A Parikh and Company Chartered Accountant |
|
Address : |
Yusuf Building, 2nd Floor, 43 Mahatma Gandhi Road, Fort,
Mumbai 400023, Maharashtra |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
99,500 |
Equity Shares |
Rs. 10/- Each |
Rs. 9.950 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 |
9.950 |
8.010 |
0.100 |
|
|
2] Share Application Money |
0.800 |
12.440 |
0.000 |
|
|
3] Reserves & Surplus |
54.132 |
40.318 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
64.882 |
60.768 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
229.888 |
218.544 |
0.000 |
|
|
2] Unsecured Loans |
10.030 |
10.030 |
1.000 |
|
|
TOTAL BORROWING |
239.918 |
228.574 |
1.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
304.800 |
289.342 |
1.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
173.375 |
144.082 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
3.164 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
64.849
|
16.018 |
0.000 |
|
|
Sundry Debtors |
213.983
|
95.954 |
0.000 |
|
|
Cash & Bank Balances |
23.527
|
5.392 |
0.100 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.072
|
75.179 |
0.000 |
|
Total
Current Assets |
323.431
|
192.543 |
0.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
191.914
|
47.324 |
2.342 |
|
|
Provisions |
0.200
|
0.100 |
0.000 |
|
Total
Current Liabilities |
192.114
|
47.424 |
2.342 |
|
|
Net Current Assets |
131.317
|
145.119 |
(2.242) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.108 |
0.141 |
0.178 |
|
|
|
|
|
|
|
|
TOTAL |
304.800 |
289.342 |
1.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
324.409 |
|
|
Total Income |
|
|
324.409 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
4.315 |
|
|
Provision for Taxation |
|
|
0.200 |
|
|
Profit/(Loss) After Tax |
|
|
4.115 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Export Earnings |
|
|
311.064 |
|
|
Total Earnings |
|
|
311.064 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Raw Materials |
|
|
60.223 |
|
|
Stores & Spares |
|
|
7.831 |
|
|
Capital Goods |
|
|
32.250 |
|
|
Total Imports |
|
|
100.304 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Other Expenditure |
|
|
320.094 |
|
Total Expenditure |
|
|
320.094 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.26
|
-- |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.33
|
-- |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.86
|
-- |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
-- |
-- |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.65
|
4.25 |
33.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
4.06 |
0.04 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Factory
Building
- Plant and Machinery
- Other Equipments
- Furniture and Fittings
- Computer
- Vehicles
Form 8
|
Name of the company |
ROLLY JEWELLERY PRIVATE LIMITED |
|
Presented By |
State Bank of India, Seepz Branch, New baking Building, Andheri
(East), Mumbai 400096, Maharashtra |
|
1) Date and description of instrument creating the change |
Form C.2
Agreement of Hypothecation goods and assets Form C .1
Agreement of Loan for Overall limit Form C 5
Letter regarding the Garm of Individual Limits within the overall limit All the above
agreements are dated 21.01.2006 and executed for creating the single
charge |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 115.000
Millions Export Packaging
Credit Rs. 50.000 Millions Post Shipment
Credit Rs. 60.000 Millions Bank Guarantee
Rs. 5.000 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 present and
future goods book debts and all other movable assets of the borrower
including documents of title of the goods, outstanding moneys, receivable by
way of cash including claims by way of refund of custom. The borrower solely
or jointly with the others which the bank may discount or become interested
in together with all interest, discount commission, charge cost that where
the bank has at the specific request of the borrower and in relations thereto
the borrower that in respect of any specific item of goods, book debts and
other movable assets this charge by way of hypothecation will not operate
such goods, book debts and other movable assets this charge by way of
hypothecation will not operate such goods, book debts and other movable
assets shall be deemed as not having been hypothecated to the bank as stated
hereinbefore |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest For EPC 3.15%
Below SBAR Minimum 7.10% For PSC 3%
below sbar minimum 7.25% Margine Raw Material
10% Stock process
10% Finished Goods
10% Book Debts /
Receivable 10% All other terms and
conditions as mentioned in loan agreement and sanctioned letter |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of India, Seepz Branch, New baking Building, Andheri
(East), Mumbai 400096, Maharashtra |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
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 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 |
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 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. |
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 |
|