MIRA
INFORM REPORT
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Report Date : |
29.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHRENUJ DIAJEWELS LIMITED |
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Formerly Known As : |
ADITI DIAMIMPEX TRADING AND MANUFACTURING COMPANY LIMITED |
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Registered Office : |
G – 20, Gem and Jewellery Complex - II, Seepz, Andheri [East], Mumbai
400096, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.03.1990 |
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Com. Reg. No.: |
055723 |
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CIN No.: [Company
Identification No.] |
U36912MH1990PLC055723 |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Studded and Plain Gold 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 430000 |
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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. Trade relations are fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
G – 20, Gem and Jewellery Complex - II, Seepz, Andheri [East], Mumbai
400096, Maharashtra, India |
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Tel. No.: |
91-22-66946100 |
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Fax No.: |
91-22-66946161 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kirtilal Doshi |
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Designation : |
Director |
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Address : |
162, Neelamber, 37, Dr. G. D. Marg, Mumbai 400026, Maharashtra, India |
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Date of Birth/Age : |
12.10.1922 |
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Date of Appointment : |
12.01.1996 |
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Name : |
Mr. Nihar Nitin Parikh |
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Designation : |
Director |
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Address : |
66, Nepean Sea Road, Mumbai 400006, Maharashtra, India |
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Date of Birth/Age : |
28.06.1967 |
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Date of Appointment : |
04.03.2003 |
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Name : |
Mr. Vishal Doshi |
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Designation : |
Director |
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Address : |
161, Neelamber, 37, Dr. G. D. Marg, Mumbai 400026, Maharashtra, India |
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Date of Birth/Age : |
18.01.1979 |
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Date of Appointment : |
24.06.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Shreyas Doshi |
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1 |
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Geeta Doshi |
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1 |
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Kirtilal Doshi |
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1 |
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Suman Doshi |
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1 |
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Anuj Doshi |
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1 |
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Shrenuj and Company Limited |
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49993 |
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Vishal Doshi |
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1 |
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Aditi Doshi |
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1 |
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Total |
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50000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Bodies Corporate |
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99.99 |
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Directors or relatives of the Directors |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Studded and Plain Gold Jewellery |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Ř
Punjab
National Bank Offshore Banking
Unit Seepz, Andheri [East], Mumbai 400096, Maharashtra, India |
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Facilities : |
Term loan from Bank is secured by way of first charge on Fixed/Block
of Assets, both present and future at the company’s factory situated at
Seepz, Mumbai. Working Capital Loans from Bank are secured by, hypothecation of stock
in trade and Book Debts, both present and future and the second charge on
Fixed/Block of Assets, both present and future at the company’s factory
situated at Seepz, Mumbai. Both the above loans are guaranteed by all the Directors of the
company in their personal capacity and corporate guarantee is given by the
holding company [ Shrenuj and Company Limited] Term loan is repayable within one year Rs. 4.448 Millions
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prakash Shantilal Doshi Chartered Accountants |
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Address : |
22, Gurukul Chambers, 187-189, Mumbadevi Road, Mumbai 400002,
Maharashtra, India |
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Associates/Subsidiaries : |
Ř SHL Infotech
Limited Ř Lavanya Jewels
Limited Ř Gujarat
Refractories Limited Ř Shrenuj
Investments and Finance Private Limited Ř Roshnik Arts
Private Limited Ř Shrenuj and
Company Ř K. K. Doshi and
Company Ř Tiara Jewellery |
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Holding Company : |
Ř Shrenuj and
Company Limited CIN No. : L99999MH1982PLC026903 Ř Moon Diamonds
Limited Ř Daily Jewellery
Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 40.000
Millions |
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 |
40.000 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
68.036 |
37.174 |
0.912 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
108.036 |
37.674 |
1.412 |
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LOAN FUNDS |
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1] Secured Loans |
167.981 |
83.742 |
37.849 |
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2] Unsecured Loans |
27.256 |
64.182 |
52.095 |
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TOTAL BORROWING |
195.237 |
147.924 |
89.944 |
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DEFERRED TAX LIABILITIES |
5.309 |
3.002 |
2.296 |
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TOTAL |
308.582 |
188.600 |
93.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
116.455 |
40.559 |
40.255 |
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Capital work-in-progress |
0.000
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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 |
169.701
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124.558 |
53.932 |
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Sundry Debtors |
258.524
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214.379 |
61.148 |
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Cash & Bank Balances |
1.809
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1.464 |
4.396 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
10.348
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4.998 |
0.320 |
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Total
Current Assets |
440.382
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345.399 |
119.796 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
243.936
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195.399 |
66.391 |
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Provisions |
4.319
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1.959 |
0.008 |
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Total
Current Liabilities |
248.255
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197.358 |
66.399 |
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Net Current Assets |
192.127
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148.041 |
53.397 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
308.582 |
188.600 |
93.652 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
509.854 |
455.744 |
119.833 |
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Other Income |
9.328 |
0.000 |
0.464 |
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Total Income |
519.182 |
455.744 |
120.297 |
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Profit/(Loss) Before Tax |
35.368 |
38.869 |
3.393 |
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Provision for Taxation |
4.507 |
2.607 |
2.296 |
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Profit/(Loss) After Tax |
30.861 |
36.262 |
1.097 |
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Earnings in Foreign Currency : |
NA |
NA |
117.698 |
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Imports : |
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Raw Materials |
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66.775 |
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Stores & Spares |
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1.316 |
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Capital Goods |
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8.478 |
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Total Imports |
NA |
NA |
76.569 |
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Expenditures : |
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Raw Material Consumed |
397.651 |
365.125 |
96.645 |
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Manufacturing Expenses |
0.000 |
0.000 |
17.629 |
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Consumption of stores and spares parts |
5.371 |
5.218 |
0.000 |
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Salaries, Wages, Bonus, etc. |
12.498 |
3.423 |
0.000 |
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Payment to Auditors |
0.075 |
0.176 |
0.000 |
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Interest |
11.253 |
4.525 |
1.227 |
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Insurance Expenses |
0.483 |
0.333 |
0.000 |
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Power & Fuel |
2.258 |
1.745 |
0.000 |
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Depreciation & Amortization |
2.975 |
2.438 |
1.403 |
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Other Expenditure |
51.250 |
33.892 |
0.000 |
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Total Expenditure |
483.814 |
416.875 |
116.904 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
5.94
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7.95 |
0.91 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.93
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8.52 |
2.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.35
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10.07 |
2.11 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32
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1.03 |
2.40 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.10
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9.16 |
110.72 |
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Current Ratio (Current Asset/Current Liability) |
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1.77
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1.75 |
1.80 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed Assets
Ř
Factory Premises
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Plant and Machinery
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Electrical Installations
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Air Conditioner
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Office Equipments
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Computers
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Furniture and Fixtures
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Vehicles
Form 8
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This Form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
80023440 |
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Corporate
identity number of the company |
U36912MH1990PLC055723 |
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Name of the
company |
ADITI DIAMIMPEX
TRADING AND MANUFACTURING COMPANY LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
G – 20, Gem and Jewellery Complex, Seepz, Andheri [East], Mumbai
400096, Maharashtra, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Punjab National
Bank Offshore Banking
Unit Seepz, Andheri [East], Mumbai 400096, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Hypothecation of
fixed/block assets |
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Date of
instrument Creating the charge |
28.12.2006 |
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Amount secured by
the charge |
Rs. 187.600
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest As may be decided
by the bank from time to time [b] Terms of
repayment on demand [c] Margin As may be fixed
by the bank from time to time [d] Extent and
operation of the charge Punjab National
Bank, Offshore Banking unit, Seepz, have enhanced the fund based facilities
from USD 2357 Millions to USD 4132 Millions to the company by extending by
way of first charge on all Fixed/Block Assets, both present and future as
specified in Schedule of security to secure the facilities. |
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Short particulars
of the property charged |
The company
hypothecates all fixed/block assets,
both present and future to the bank – civil works, plant and machinery,
furniture and fixtures, electrical installations, air conditioners, air and
gas lines, office equipment, computers, factory equipment, electronics and
electrical equipment and miscellaneous movable assets as specified in
Schedule of securities lying at Plot No. A – 7, MIDC, Andheri [East], Mumbai
400094 |
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Date of latest
modification prior to the present modification |
22.08.2005 |
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Particulars of
the present modification |
By the present 2nd
modification dated 28.12.2006, Punjab National Bank, Offshore Banking unit,
Seepz, have enhanced the fund based facilities from USD 2357 Millions to USD
4132 Millions to the company by extending by way of first charge on all
Fixed/Block Assets, both present and future as specified in Schedule of
security to secure the facilities. |
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
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.81 |
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UK Pound |
1 |
Rs. 78.94 |
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Euro |
1 |
Rs. 60.12 |
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 |
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 |
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 |
YES |
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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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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 |
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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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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