MIRA
INFORM REPORT
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Report Date : |
27.12.2008 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL JEWELLERY PRIVATE LIMITED |
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Formerly Known As : |
SUASHISH JEWELLERY EXPORTS LIMITED |
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Registered Office : |
G-49, Gem and Jewellery Complex - 1, Seepz, Andheri (East), Mumbai –
400 096, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
28.10.1992 |
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Com. Reg. No.: |
11-69233 |
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CIN No.: [Company
Identification No.] |
U36910MH1992PTC069233 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG08161G |
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PAN No.: [Permanent
Account No.] |
AABCG5222E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Distributors and Dealers of Jewellery, studded gold
jewellery, plain gold jewellery, gems, diamonds, synthetics stones, precious
and semi-precious stones. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The
company may face difficulties in marketing it’s process due to global
slowdown in general and Trade relations are fair. Payments are reported as slow but correct. The company can be considered normal for business dealings at usual
trdae terms and conditions. |
LOCATIONS
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Registered Office : |
G-49, Gem and Jewellery Complex - 1, Seepz, Andheri (East), Mumbai –
400 096, |
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Tel. No.: |
91-22-28292929 |
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Fax No.: |
91-22-28291234 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Shashank Rajnikant Shah |
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Designation : |
Director |
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Address : |
Siddhivinayak Apartment, 1st Floor, Flat No. 101, 3rd
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Date of Birth/Age : |
15.04.1969 |
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Date of Appointment : |
27.08.1996 |
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Name : |
Mr. Sanjiv Rasiklal Shah |
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Designation : |
Director |
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Address : |
55, Belle View Co-Operative Housing Society Limited, 85, |
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Date of Birth/Age : |
30.11.1969 |
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Date of Appointment : |
14.05.1996 |
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Name : |
Mr. Kashinath Gorachand Moitra |
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Designation : |
Director |
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Address : |
A/302, 3rd Floor, New Minoo, Co-Operative Housing Society
Limited, |
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Date of Birth/Age : |
15.08.1953 |
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Date of Appointment : |
03.10.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2008)
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Names of Shareholders |
No. of Shares |
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Troika Securities Private Limited |
906260 |
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Rajnikant Amritlal Shah Joint Troika Securities Private Limited |
9 |
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Simaben C Shah Troika Securities Private Limited |
9 |
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Shashank Rajnikant Shah Joint Troika Securities Private Limited |
10 |
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Sanjiv Rasiklal Shah Joint Troika Securities Private Limited |
10 |
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Sunita Rameshbhai Tailor Joint Troika Securities Private Limited |
1 |
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Amish Rajendra Shah Joint Troika Securities Private Limited |
1 |
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Sanjiv Rasiklal Shah |
92700 |
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Total |
999000 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2008)
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Category |
Percentage |
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Bodies corporate |
99.99 |
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Directors or relatives of directors |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Distributors and Dealers of Jewellery, studded gold
jewellery, plain gold jewellery, gems, diamonds, synthetics stones, precious
and semi-precious stones. |
GENERAL INFORMATION
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Bankers : |
Bank of Seepz Branch, Seepz, Andheri (East), Mumbai – 400 096, |
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Facilities : |
Secured against equitable mortgage of office premises, hypothecation
of plant and machinery, furniture and fixtures, equipments, stock,
receivables etc. and further secured by personal guarantees of two directors
and collateral guarantee of Troika Securities Private Limited, holding
company. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bharat K Shah and Associates Chartered Accountant |
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Address : |
310, Ahura Centre, 82, |
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Subsidiaries : |
·
Ideal Jewellery Private Limited U36911MH2000PTC123677 ·
Infinity Jewellery Private Limited U36911MH1999PTC118355 ·
Landmark Jewellery Private Limited U36910MH1999PTC121810 |
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Holding Company : |
Troika Securities Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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999000 |
Equity Shares |
Rs.10/- each |
Rs.9.990
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.990 |
9.990 |
9.540 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
416.390 |
415.141 |
411.048 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
426.380 |
425.131 |
420.588 |
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LOAN FUNDS |
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1] Secured Loans |
4.900 |
5.235 |
29.957 |
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2] Unsecured Loans |
0.500 |
0.000 |
0.000 |
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TOTAL BORROWING |
5.400 |
5.235 |
29.957 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
431.780 |
430.366 |
450.545 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
77.474 |
84.171 |
80.666 |
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Capital work-in-progress |
11.065 |
11.065 |
15.494 |
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INVESTMENT |
83.152 |
76.703 |
58.429 |
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DEFERREX TAX ASSETS |
3.988 |
2.408 |
0.737 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
101.978
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108.467 |
128.247 |
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Sundry Debtors |
58.134
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147.809 |
65.709 |
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Cash & Bank Balances |
4.097
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2.737 |
1.101 |
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Other Current Assets |
0.024
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0.003 |
0.023 |
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Loans & Advances |
140.789
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54.048 |
189.009 |
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Total
Current Assets |
305.022
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313.064 |
384.089 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
23.696
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35.244 |
72.294 |
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Provisions |
25.225
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21.801 |
16.576 |
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Total
Current Liabilities |
48.921
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57.045 |
88.870 |
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Net Current Assets |
256.101
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256.019 |
295.219 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
431.780 |
430.366 |
450.545 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
258.395 |
390.128 |
312.434 |
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Other Income |
0.000 |
5.467 |
5.428 |
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Total Income |
258.395 |
395.595 |
317.862 |
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Profit/(Loss) Before Tax |
NA |
8.546 |
11.079 |
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Provision for Taxation |
NA |
4.430 |
6.837 |
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Profit/(Loss) After Tax |
1.249 |
4.116 |
4.242 |
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Expenditures : |
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Cost of Material consumed |
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334.087 |
257.930 |
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Employees remuneration and benefits |
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25.845 |
25.311 |
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Manufacturing and other Expenses |
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15.154 |
11.889 |
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Lost on Gold Trading |
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2.291 |
0.000 |
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Share of loss from M/s Suntrack Software
System |
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0.000 |
0.391 |
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Increase/(Decrease) in Finished Goods |
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0.742 |
1.973 |
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Interest |
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1.529 |
0.648 |
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Depreciation & Amortization |
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7.401 |
7.784 |
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Extra Ordinary Items |
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0.000 |
0.857 |
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Total Expenditure |
NA |
387.049 |
306.783 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.48
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1.04 |
1.33 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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2.19 |
3.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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2.15 |
2.38 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.02 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.13
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0.15 |
0.28 |
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Current Ratio (Current Asset/Current Liability) |
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6.23
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5.49 |
4.32 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
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Name of the company |
GLOBAL JEWELLERY PRIVATE LIMITED |
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Presented By |
Bank of |
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1) Date and description of instrument creating the change |
No Instrument Memorandum of
Entry / Oral Assent dated 04.04.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Bank of The Borrower has
deposited Title Deeds of its following Properties for creating Equitable Mortgage
in favour of the Bank.
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above said
Immovable Properties have been deposited to create securities in favour of
the Bank by way of Equitable Mortgage for the due repayment, discharge and
redemption to the Bank. The other terms
and conditions are stipulated in the above Memorandum of Entry. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Seepz Branch, Seepz, Andheri (East), Mumbai – 400 096, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U36910MH1992PTC069233 |
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Name of the
company |
GLOBAL JEWELLERY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
G-49, Gem and Jewellery Complex - 1, Seepz, Andheri (East), Mumbai –
400 096, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property |
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Particular of
charge holder |
Bank of Seepz Branch, Seepz, Andheri (East), Mumbai – 400 096, |
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Nature of instrument
creating charge |
Memorandum of
Oral Assent relating to Deposit of title deeds of properties in favour of
Bank of India. |
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Date of
instrument Creating the charge |
21.04.2007 |
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Amount secured by
the charge |
Rs.105.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest As Stipulated by Bank from time to time. ·
Terms
of repayment As Stipulated by Bank from time to time. ·
Margin As Stipulated by Bank from time to time. ·
Extent
and operation of the charge First charge (Present and Future) Total Limit Rs.105.000 millions ·
Others As Stipulated by Bank from time to time and as per agreement and as
per sanction letter of the Bank. |
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Particulars of
the property charged |
First charge (P
and F) = Flat No. A-1205 and A-1403 at building known as Panchratna
Co-Operative Housing Society Limited, Mama Parmanand Road, Opera House,
Mumbai – 400 004 |
Fixed Assets
·
Leased
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Office premises
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Residential premises
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Plant and Machinery
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Electrical Installation
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Office equipments
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Computers and software
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Prototype and samples
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Furniture and fixtures
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Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Indian Rupees |
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US Dollar |
1 |
Rs.47.89 |
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1 |
Rs.70.84 |
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Euro |
1 |
Rs.67.37 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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 |
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>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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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