MIRA
INFORM REPORT
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Report Date : |
22.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRETTY JEWELLERY PRIVATE LIMITED |
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Registered Office : |
Unit No. 402, Block – 1, Seepz, MIDC, Andheri, Mumbai – 400096,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.09.2002 |
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Com. Reg. No.: |
11-137208 |
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CIN No.: [Company
Identification No.] |
U52393MH2002PTC137208 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16823C |
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PAN No.: [Permanent
Account No.] |
AADCP0152G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporter of Diamonds and Precious Metals |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. Company’s
profitability is under severe pressure. It has some accumulated losses.
Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office : |
Unit No. 402, Block – 1, Seepz, MIDC, Andheri, Mumbai – 400096,
Maharashtra, India |
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Tel. No.: |
91-22-28291597 |
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Fax No.: |
91-22-28291595 |
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E-Mail : |
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Corporate Office : |
114, Prasad Chambers, Opera House, Charni Road, Mumbai – 400007,
Maharashtra, India |
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Tel. No.: |
91-22-28291599 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Sajlesh Ramnik Mehta |
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Designation : |
Director |
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Address : |
1114 Prasad Chamber, Opera House, Mumbai – 400004, Maharashtra,
India |
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Date of Appointment : |
16.09.2002 |
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Name : |
Ms. Shilpa Sailesh Mehta |
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Designation : |
Director |
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Date of Appointment : |
16.09.2002 |
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Date of Ceasing : |
30.05.2004 |
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Name : |
Mr. Viral Narendra Shah |
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Designation : |
Director |
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Address : |
11-AB, Sambav Tirth, Bhulabhai Desai Road, Mumbai – 400026,
Maharashtra, India |
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Date of Appointment : |
01.11.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Sajlesh Ramnik Mehta |
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995000 |
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Ms. Shilpa Sailesh Mehta |
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5000 |
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Total |
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1000000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Diamonds and Precious Metals |
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Exports : |
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Countries : |
Hongkong, Australia, Belgium and US |
GENERAL
INFORMATION
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Bankers : |
Vijaya Bank Overseas Branch, Maker Chamber – IV, Ground Floor, 222, Nariman Point,
Mumbai – 400021, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. L. Babaria and Associates Chartered Accountants |
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Address : |
17/18, 1st Floor, Shiv Plaza Shopping Centre, Kandivali
[West], Mumbai – 400101, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
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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1000000 |
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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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
10.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[1.712] |
[6.524] |
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NETWORTH |
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8.288 |
3.476 |
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LOAN FUNDS |
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1] Secured Loans |
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48.801 |
46.955 |
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2] Unsecured Loans |
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30.661 |
8.419 |
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TOTAL BORROWING |
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79.462 |
55.374 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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87.750 |
58.850 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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36.159 |
36.415 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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34.280 |
15.823 |
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Sundry Debtors |
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78.728 |
33.396 |
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Cash & Bank Balances |
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1.182 |
0.279 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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1.162 |
0.381 |
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Total
Current Assets |
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115.352 |
49.879 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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63.102 |
26.792 |
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Provisions |
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0.859 |
0.877 |
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Total
Current Liabilities |
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63.961 |
27.669 |
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Net Current Assets |
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51.391 |
22.210 |
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MISCELLANEOUS EXPENSES |
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0.200 |
0.225 |
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TOTAL |
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87.750 |
58.850 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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117.876 |
65.199 |
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Other Income |
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0.00 |
0.000 |
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Total Income |
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117.876 |
65.199 |
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Profit/(Loss) Before Tax |
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4.948 |
[4.802] |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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4.948 |
[4.802] |
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Expenditures : |
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Depreciation & Amortization |
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2.047 |
1.907 |
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Other Expenditure |
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110.881 |
68.094 |
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Total Expenditure |
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112.928 |
70.001 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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4.19 |
[7.36] |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.19 |
[7.36] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.26 |
[5.56] |
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Return on Investment (ROI) (PBT/Networth) |
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0.59 |
[1.38] |
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Debt Equity Ratio (Total Liability/Networth) |
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17.30 |
23.89 |
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Current Ratio (Current Asset/Current Liability) |
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1.80 |
1.80 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
PRETTY JEWELLERY
PRIVATE LIMITED |
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Presented By |
Jointly By Company
And Charge Holder |
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1) Date and description of instrument creating the change |
Hypothecation
agreement dated 27.09.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 50.000
Millions |
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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 |
First charge in
favour of the bank as security for the due repayment by the company to the
bank on demand all monies any time payable by the company to the bank in
respect of the aforesaid credit facility : Hypothecation of
plant and machinery comprising of lazer machine, casting machine, mixing
machine, machines required for metals setting, filing polishing etc. and
other items such as P. P. Tank rolling mill, vaccum cleaner, burner, air
compressor totally costing Rs. 8.558 Millions including imported component
valued at Rs. 6.252 Millions furniture and fixture costing Rs. 3.369 Millions
Computer Electronic equipments costing Rs. 1.051 Millions Totally costing Rs.
12.978 Millions and other miscellaneous fixed assets valued at Rs. 2.643
Millions Hypothecation of
fully insured materials, work in process and finished goods comprising of studded
fold jewellery meant for export and covered under WTPCG of ECGCI and
Hypothecation of export documentary DP/DA bills of usance period not
exceeding 150 days covering shipment of studded gold jewellery drawn strictly
as per confirmed order and covered under WTPSG of ECGCI |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
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5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank Overseas Branch, Maker Chamber – IV, Ground Floor, 222, Nariman Point,
Mumbai – 400021, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Supplementary
agreement dated 28.02.2005 Agreement to
extend charge on movable property dated 28.02.2005 Both the
agreement constitute a single charge |
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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. |
Original charge
was created on 27.09.2004 for Rs. 50.000 Millions, Reg. on 05.11.2004 and
Doc. No. 12 By the present
modification [First Modification] Limit By this
modification the limit enhanced from 50.000 millions to 54.000 millions only
PCL [HYP] limit has enhanced from 10.000 millions to Rs. 14.000 Millions
other limit remain same. Security Continued
security as earlier registered mentioned in point No. 3 Terms and conditions As per agreement
attached and as per sanction letter of the bank. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90148889 |
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Corporate
identity number of the company |
U52393MH2002PTC137208 |
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Name of the
company |
PRETTY JEWELLERY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
114, Prasad Chambers, Opera House, Charni Road, Mumbai – 400007,
Maharashtra, India |
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Type of charge |
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Particular of
charge holder |
Vijaya Bank Overseas Branch, Maker Chamber – IV, Ground Floor, 222, Nariman Point,
Mumbai – 400021, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
All the above
agreement constitute a single charge |
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Date of
instrument Creating the charge |
05.10.2007 |
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Amount secured by
the charge |
Rs. 115.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: Pre Shipment
Credit : Upto 180 days :
PLR – 3.50 % = 9.50 % Beyond 180 days
but Upto 270 days :
PLR – 1.00 % = 12.00 % Export credit not
otherwise specified : PLR + 2.00 % with a minimum of 15.00 % ADHOC PCL
[Hyp] : 9.50 % p.a. 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] : As stipulated by Bank from time to time Others : As stipulated by
Bank from time to time |
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Short particulars
of the property charged |
First charge
[Present and Future] – continued security Hypothecation of
export document DOC DP / DA bills and Book debts and receivables of the
company Hypothecation of
fully insured R. M. , WIP, FG Hypothecation of
all fixed assets of company, including plant and machinery, furniture and
fixture, computer electronic equipment and other misc. fixed asset of the
company EMG of industrial
unit adm. 6251.56 sq. ft. bearing no. 402 on 4th Floor, Building
No. 1, Seepz, MIDC, Marol Industrial Area, Mumbai – 400096, with all MISC
Fixed Assets |
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Date of latest
modification prior to the present modification |
10.10.2006 |
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Particulars of
the present modification |
By this
modification limit stands to Rs. 115.000 Millions continued security as given
by original charge as well as by modification, terms and conditions as per agreement
and as per sanction letter of the bank |
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.39.38 |
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UK Pound |
1 |
Rs.76.90 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
|
29 |
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 |
|