MIRA
INFORM REPORT
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Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
DINURJE JEWELLERY PRIVATE LIMITED |
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Formerly Known As : |
DINURJE |
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Registered Office : |
535,
Panchratna, Mama Parmanand Road, Opera House, Mumbai - 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.05.2006 |
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Com. Reg. No.: |
11-161517 |
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CIN No.: [Company
Identification No.] |
U36911MH2006PTC161517 |
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IEC No.: |
0393018156 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD07101D |
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PAN No.: [Permanent
Account No.] |
AACFD0161F / AACCD3988P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Diamond Studded Gold Jewellery |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject has taken over the running business of erstwhile partnership
concern, Dinurje, started in 1993. Directors are reported as experienced, respectable
and having satisfactory means of their won. Trade relations are fair.
Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered for normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Diamond Division : |
535,
Panchratna, Mama Parmanand Road, Opera House, Mumbai - 400 004, Maharashtra,
India |
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Tel. No.: |
91-22-23678927/ 3618927 |
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Mobile No.: |
91-9820322648 |
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Fax No.: |
91-22-23640900 |
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E-Mail : |
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Website : |
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Area : |
1100 sq. ft. |
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Location : |
Owned |
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Factory : |
SDF – VII, GJ 11, SEEPZ, Andheri (East), Mumbai – 400 096,
Maharashtra, India |
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Tel. No.: |
91-22-28292265/ 67/ 69 |
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Fax No.: |
91-22-28292941 |
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E-Mail : |
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Area : |
6600 sq. ft. |
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Location : |
Owned |
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Sales Offices : |
19 West, 44th Street, Suite 300, New York, NY 10036 USA |
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Tel. No.: |
212-944-1200 |
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Fax No.: |
212-221-5955 |
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E-Mail : |
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Manufacturing Unit : |
HI-End Jewellery DINURJE INDIA SDF – VII, GJ 11, SEEPZ, Andheri (East), Mumbai – 400 096,
Maharashtra, India |
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Tel. No.: |
91-22-28292265/ 67 |
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Fax No.: |
91-22-56935500 |
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Commercial Jewelry Unit : |
Divine Jewelery SDF – VII, GJ 11, SEEPZ, Andheri (East), Mumbai – 400 096,
Maharashtra, India |
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Tel. No.: |
91-22-28292269 |
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Fax No.: |
91-22-28292941 |
DIRECTORS
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Name : |
Mr. Milan Sudhir Shah |
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Designation : |
Director |
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Address : |
16, Sumangal, 13 B.G.Kher Marg, Hanging Garden, Mumbai – 400 006,
Maharashtra, India. |
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Date of Birth/Age : |
04.12.1975 |
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Qualification : |
B.Com. |
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Experience : |
15 Years |
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Name : |
Mr. Dina Sudhir Shah |
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Designation : |
Director |
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Address : |
16, Sumangal, 13 B.G.Kher Marg, Hanging Garden, Mumbai – 400 006,
Maharashtra, India. |
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Date of Birth/Age : |
23.02.1947 |
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Qualification : |
B. A. |
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Experience : |
33 Years |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Dina Sudhir Shah |
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7,20,000 |
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Milan Sudhir Shah |
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2,30,000 |
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Jesal Milan Shah |
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10,000 |
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Premal Sudhir Shah HUF |
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10,000 |
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Milan Sudhir Shah HUF |
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10,000 |
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Sudhir Keshavlal Shah HUF |
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10,000 |
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Sudhir Keshavlal Shah |
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10,000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Diamond Studded Gold Jewellery |
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Products : |
* Rings * Pendants * Bracelets * Earings * Bangles * Necklaces Bands |
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Exports : |
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Products : |
Diamond Studded Gold Jewellery |
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Countries : |
USA, UK, Australia, Europe |
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Terms : |
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Selling : |
Credit upto 60-90-120 days |
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Purchasing : |
Credit upto 30-60 days |
GENERAL
INFORMATION
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Customers : |
* Wholesalers * Retailers |
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No. of Employees : |
Around 260 (Office – 10 and Factory – 250) |
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Bankers : |
Bank of India SEEPZ Branch, Andheri (East), Mumbai, Maharashtra, India |
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Facilities : |
Credit Limit: Rs. 210.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ratan Moondra and Company Chartered Accountants |
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Address : |
2/D2, Greenfield Complex, J.
V. Link Road, Andheri (East), Mumbai 400 093, Maharashtra, India |
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Tel. No.: |
91-22-30481643 / 47 |
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Mobile No.: |
91-9322251644 |
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Fax No.: |
91-22-30481649 |
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E-Mail : |
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Associates : |
Ace Divine Jewellery
Private Limited SDF – VII, GJ 11, SEEPZ, Andheri (East), Mumbai – 400 096,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
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2 Reserves & Surplus |
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264.662 |
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NETWORTH |
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274.662 |
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LOAN FUNDS |
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1] Secured Loans |
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197.985 |
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2] Unsecured Loans |
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122.104 |
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TOTAL BORROWING |
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320.089 |
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DEFERRED TAX LIABILITIES |
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0.663 |
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TOTAL |
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595.414 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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40.564 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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29.335 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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176.868 |
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Sundry Debtors |
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500.592 |
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Cash & Bank Balances |
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2.139 |
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Loans & Advances |
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37.385 |
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Total
Current Assets |
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716.984 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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185.172 |
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Provisions |
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6.417 |
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Total
Current Liabilities |
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191.589 |
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Net Current Assets |
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525.395 |
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MISCELLANEOUS EXPENSES |
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0.120 |
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TOTAL |
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595.414 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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1649.011 |
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Other Income |
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0.000 |
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Total Income |
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1649.011 |
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Profit/(Loss) Before Tax |
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123.251 |
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Provision for Taxation |
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2.779 |
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Profit/(Loss) After Tax |
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119.662 |
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Earnings in Foreign Currency : |
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Export Earnings |
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1518.909 |
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Total Earnings |
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1518.909 |
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Imports : |
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Raw Materials |
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1424.951 |
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Total Imports |
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1424.951 |
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Expenditures : |
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Cost of Goods Sold |
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1424.951 |
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Manufacturing Expenses |
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35.268 |
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Administrative Expenses |
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43.809 |
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Interest |
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13.878 |
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Depreciation & Amortization |
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4.115 |
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Other Expenditure |
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3.737 |
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Total Expenditure |
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1525.758 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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7.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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15.66 |
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Return on Investment (ROI) (PBT/Networth) |
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0.45 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.86 |
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Current Ratio (Current Asset/Current Liability) |
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3.74 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
1. United Jewellery Trading Limited
Mr. David / Mr. Joel
8 Spring Villa
Park, Edgware,
Middlesex HA 87
Eb, U.K.
Tel No. 44 20 895 15 188
2. Golden Star Export
Mr. Lalu
Unit L1, 12th
Floor, Summit Bldg
30, Man Yue
Street, Hung Kom
Kowloon, Hong Kong
Tel No. (852) 2311 4055
3. Ultima diamond Inc,
Mr. Rob Gross
40 sheppard Avenue
West,Suite 502
Toronto,Ontario
M2N 6K9,
Canada,
Tel No: 416-640-0850
4. Charm Diamond Centres Charm Limited
Mr.Lawrence Hartnett
140 Port land
Street,
Dartmouth, Nova
Scotia,
Canada,
Tel No: 902-463-7177
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 |
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US Dollar |
1 |
Rs.39.29 |
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UK Pound |
1 |
Rs.77.17 |
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Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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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63 |
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 |
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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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