MIRA INFORM
REPORT
|
Report
Date : |
15.01.2008 |
IDENTIFICATION DETAILS
|
Correct
Name : |
VERIGOLD
FINE JEWELLERY PRIVATE LIMITED |
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Formerly
Known As: |
VME GEMTECH PRIVATE LIMITED |
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Registered
Office : |
Unit No. 156,
SDF-V, SEEPZ, Andheri (East), Mumbai – 400 096, Maharashtra |
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Country
: |
India |
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Financials
(as on) : |
31.03.2007 |
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Date
of Incorporation : |
29.01.2004 |
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Com.
Reg. No.: |
11-144280 |
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CIN
No.: [Company
Identification No.] |
U36911MH2004PTC144280 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMV11870F |
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PAN
No.: [Permanent
Account No.] |
AABCV8821C |
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Legal
Form : |
Private Limited Liability Company. |
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Line of
Business : |
Manufacturing of Diamond Jewellery & Studded Gold. |
RATING & COMMENTS
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MIRA’s
Rating : |
A |
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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Maximum
Credit Limit : |
USD
275000 |
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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 is a well established and reputed company having
satisfactory track. Directors are reported as experienced and respectable businessmen.
Trade relations are fair. Business is active. Payments are usually correct
and as per commitments. The company can be considered normal for business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office/ Factory : |
Unit No.
156, SDF-V, SEEPZ, Andheri (East), Mumbai – 400 096, Maharashtra, India |
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Tel.
No.: |
91-22-56938448/ 66938444 / 40551200 |
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Fax
No.: |
91-22-66938457 |
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Email
: |
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Website
: |
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Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Niranjan Amritlal Shah |
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Designation
: |
Chairman and Managing Director |
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Address
: |
71, Vijaydeep, 31 B G Kher Marg, Mumbai – 400 006,
Maharashtra, India |
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Date
of Birth/Age : |
18.1.1947 |
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Date
of Appointment : |
02.12.2004 |
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Name : |
Mr. Hitesh Mahendra Shah |
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Designation
: |
Directors |
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Address
: |
202, Jyoti Darshan Society, 68 Rungta Lane, Mumbai – 400
006, Maharashtra, India |
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Date
of Birth/Age : |
15.09.1971 |
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Date
of Appointment : |
02.12.2004 |
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Name : |
Mr. Sumit Niranjan Shah |
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Designation
: |
Director |
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Address
: |
71, Vijaydeep, Ridge Road, 31 B G Kher Marg, Mumbai – 400
006, Maharashtra, India |
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Date
of Birth/Age : |
26.01.1974 |
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Date
of Appointment : |
02.12.2004 |
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Name : |
Mr. Bhupen Chandrakant Shah |
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Designation
: |
Director |
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Address
: |
Darya Mahal, 80 Nepeansea Road, 8th Floor,
Mumbai – 400 036, Maharashtra, India |
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Date
of Birth/Age : |
16.06.1962 |
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Date
of Appointment : |
02.12.2004 |
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Name : |
Mr. Amit Chandrakant Shah |
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Designation
: |
Director |
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Address
: |
51/ 52, A – 1, Co-Operative Society, 5th Floor,
270 Walkeshwar Road, Mumbai – 400 006, Maharashtra, India |
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Date
of Birth/Age : |
18.12.1961 |
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Date
of Appointment : |
02.12.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING
PATTERN
|
Names
of Shareholders |
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No. of Shares |
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Mr. Niranjan Amritlal Shah |
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1 |
|
Renaissance
Jewellery Limited |
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9999 |
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Names
of Shareholders |
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Percentage of Holding |
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Bodies
Corporate |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing of Diamond Jewellery & Studded Gold |
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Exports
to : |
Europe, USA |
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Imports
from : |
USA |
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Terms
: |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Customers
: |
Wholesalers, Retailers |
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No. of
Employees : |
200 |
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Bankers
: |
Bank of India SEEPZ, Andheri, Mumbai, Maharashtra, India |
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Facilities : |
The company does not enjoy any facility from its bankers. |
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Banking Relations : |
Satisfactory
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Auditors
: |
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Name : |
Mr.
Sanjay Dhruva Chartered
Accountants |
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Address : |
Al-Karim Manzil,
15 Palton Road, Mumbai – 400 001, Maharashtra, India |
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Associates/Subsidiaries
: |
Ř N Kumar Diamonds Ř Renaissance Jewellery Private
Limited |
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Holding
Company : |
> Renaissance Jewellery Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
|
0.100 |
0.100 |
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2] Share
Application Money |
|
0.000 |
0.000 |
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3]
Reserves & Surplus |
|
68.638 |
9.806 |
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4]
(Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
68.738 |
9.906 |
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LOAN
FUNDS |
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|
1]
Secured Loans |
|
0.000 |
0.000 |
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2]
Unsecured Loans |
|
0.000 |
2.000 |
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TOTAL BORROWING |
|
0.000 |
2.000 |
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DEFERRED
TAX LIABILITIES |
|
0.000 |
0.063 |
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TOTAL |
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68.738 |
11.969 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
|
14.874 |
15.546 |
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Capital
work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX
TAX ASSETS |
|
0.092 |
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
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101.762 |
78.165 |
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Sundry
Debtors |
|
37.747 |
21.355 |
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Cash
& Bank Balances |
|
5.222 |
14.334 |
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Other
Current Assets |
|
0.000 |
0.000 |
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Loans
& Advances |
|
1.510 |
3.192 |
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Total Current Assets |
|
146.241 |
117.046 |
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Less : CURRENT LIABILITIES &
PROVISIONS |
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Current
Liabilities |
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91.836 |
120.394 |
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Provisions |
|
0.641 |
0.238 |
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Total Current
Liabilities |
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92.477 |
120.632 |
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Net Current Assets |
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53.764 |
(3.586) |
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MISCELLANEOUS
EXPENSES |
|
0.008 |
0.009 |
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TOTAL |
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68.738 |
11.969 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.34 |
13.38 |
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Current Ratio (Current Asset/Current Liability) |
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1.58 |
0.97 |
LOCAL AGENCY FURTHER
INFORMATION
Subject was originally incorporated under the name VME
Gemtech Private Limited. Its name has been changed to Verigold Fine Jewellery
Private Limited w. e. f. 09.05.2005
FORM 8
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This form
is for |
Modification
of charge |
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Whether
charge is modified in favour of asset reconstruction company (ARC) of
assignee |
No |
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Whether
charge holder is authorised to assign the charge as per the charge agreement |
-- |
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Charge
Identification (ID) number of the charge to be modified |
10062732 |
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Corporation
identity number (CIN) or foreign company registrations number of the
company |
U36911MH2004PTC144280 |
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Global
location number (GLN) of the company |
-- |
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Name of
the company |
VERIGOLD
FINE JEWELLERY PRIVATE LIMITED |
|
Address |
Unit No. 156,
SDF-V, SEEPZ, Andheri (East), Mumbai – 400 096, Maharashtra |
|
Type of
Charges |
Book
Debts, Movable Property and others |
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Whether
consortium finance is involved |
No |
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Whether
joint charge involved |
No |
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Number of
charge holder(s) |
1 |
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Particular
of the charge holder |
Bank of
India SEEPZ
Branch, Andheri (East), Mumbai – 400 096, Maharashtra, India |
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Nature or
description of the instrument creating or modifying the charge |
First supplemental
deed of hypothecation of plant and machinery stocks and book debts |
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Date of
the instrument creating charge |
17.09.2007 |
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Whether
charge created or modified outside India |
No |
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Amount
Secure by the charge |
Rs. 150.000 millions |
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Brief
particulars of the principal terms and 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 (P and F) – Total Limit of Rs. 150.000 millions Export
Packing Credit Rs. 100.000 millions Maximum (1+2) Rs. 100.000 millions Gold Loan
Rs. 50.000 millions FBP/FBN/ODFOBC
(DP) DA – 120 days Rs. 50.000 millions Maximum
(1+3) Rs. 150.000 millions Inland
Bank Guarantee Rs. 5.000 millions Aggregate
1 to 4 Rs. 150.000 millions Others:
As stipulated by bank from time to time |
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In case
of acquisition of property, subjected to charge, furnish the details relating
the existing charge on the property so acquired |
-- |
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Short
particulars of the Property charged |
First
charge present and future = hypothecation of all plant and machinery inc. automatic
and semi automatic diamond cutting, polishing and setting machines, dust
collecting machines, investment mixers, furnaces, electroplating machines
etc, furniture and fixtures, computers, printers etc., Hypothecation
of all raw material, good, inventories etc., Hypothecation
of all book debts and receivables including export documentary bills Hypothecation
of all current and fixed assets Hypothecation
of all stock/ goods/ inventory inc brought under L/C |
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Whether
any of the property or interest therein under reference is not registered in
the name of the company |
No |
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Date of
latest modification prior to the present modification |
-- |
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Particulars
of the present modification |
Total Limit
enhanced from Rs. 100.000 millions to Rs. 150.000 millions continued security
s given by original charge. |
The company is a 100 % Export Oriented Unit.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.27 |
|
UK Pound |
1 |
Rs. 77.33 |
|
Euro |
1 |
Rs. 57.51 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
|
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 |
|
|
>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 |
|