MIRA
INFORM REPORT
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Report Date : |
29.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
IDEAL JEWELLERY PRIVATE LIMITED |
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Registered Office : |
Unit No. GJ-5, SDF –VII, 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 : |
17.01.2000 |
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Com. Reg. No.: |
11-123677 |
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CIN No.: [Company
Identification No.] |
U36911MH2000PTC123677 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI04920G |
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PAN No.: [Permanent
Account No.] |
AAACI6006R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Platinum and Gold Jewellery Studded and Plain. |
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 is a well established and reputed company having fine track.
Directors are reported as experienced and respectable businessmen.
Fundamentals are strong and healthy. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Unit No. GJ-5, SDF –VII, Seepz, Andheri [East], Mumbai – 400096,
Maharashtra, India |
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Tel. No.: |
91-22-28292828 |
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Fax No.: |
91-22-28292323 / 28292626 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Satyanarayan Radhakishan Thanvi |
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Designation : |
Director |
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Address : |
Tapovan Deep Co-operative Housing Society Limited, D 3/303, Pathanwadi,
Near Western Express Highway, Malad [East], Mumbai – 400097, Maharashtra,
India |
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Date of Birth/Age : |
13.07.1961 |
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Date of Appointment : |
17.01.2000 |
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Name : |
Mr. Sanjiv Rasiklal Shah |
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Designation : |
Director |
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Address : |
55, Belle View Co-operative Housing Society Limited, 85, Bhulabhai
Desai Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
30.11.1969 |
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Date of Appointment : |
31.05.2000 |
KEY EXECUTIVES
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Name : |
Mr. Kishore Master |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Satyanarayan Radhakishen Thanvi |
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1 |
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Global Jewellery Private Limited |
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49998 |
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Shah Rasiklal Sanjiv |
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1 |
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Total |
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50000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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99.99 |
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Directors or relatives of 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 and Exporter of Platinum and Gold Jewellery Studded and
Plain. |
GENERAL
INFORMATION
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Bankers : |
Bank of India, Seepz Branch, Andheri [East], Mumbai – 400096,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bharat K Shah Chartered Accountants |
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Address : |
310 Ahura Centre, Mahakali Caves Road, Andheri [East], Mumbai –
400093, 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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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
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 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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16.739 |
63.299 |
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3] Reserves & Surplus |
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73.476 |
62.108 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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90.715 |
125.907 |
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LOAN FUNDS |
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1] Secured Loans |
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28.843 |
17.666 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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28.843 |
17.666 |
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DEFERRED TAX LIABILITIES |
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0.460 |
0.444 |
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TOTAL |
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120.018 |
144.017 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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15.682 |
17.148 |
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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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51.165 |
69.133 |
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Sundry Debtors |
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79.209 |
65.993 |
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Cash & Bank Balances |
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1.428 |
0.951 |
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Other Current Assets |
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0.000 |
0.024 |
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Loans & Advances |
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2.437 |
1.229 |
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Total
Current Assets |
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134.239 |
137.330 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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29.485 |
9.705 |
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Provisions |
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0.418 |
0.756 |
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Total
Current Liabilities |
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29.903 |
10.461 |
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Net Current Assets |
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104.336 |
126.869 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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120.018 |
144.017 |
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KEY RATIOS
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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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0.65 |
0.22 |
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Current Ratio (Current Asset/Current Liability) |
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4.49 |
13.13 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
IDEAL JEWELLERY
PRIVATE LIMITED |
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Presented By |
Bank of India,
Seepz Branch, Andheri [East], Mumbai – 400096, Maharashtra, India |
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1) Date and description of instrument creating the change |
No Instrument –
Memorandum of entry for depositing title deeds of company’s properties –
dated 9th March, 2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
1. Export Packing
Credit : Rs. 10.000 Millions 2. Foreign Bills
Purchases [FBP] Foreign Bills
Negotiation [FBN] Overdraft agt.
Foreign Bills on Collection [OD -
FOBC] DP Rs. 10.000 Millions 3. Foreign Bills
Purchases [FBP] Foreign Bills Negotiation
[FBN] Overdraft agt.
Foreign Bills on Collection [OD -
FOBC] DA – 90 days Rs. 10.000 Millions Maximum [2 + 3] Rs. 10.000 Millions Maximum [1 + 2 + 3] Rs. 10.000 Millions Bank Guarantee :
Rs. 2.500 Millions Total Rs. 12.500
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 |
Bank of India, Seepz Branch, Mumbai – 400096 have sanctioned the
aforesaid Credit Facilities of Rs. 12.500 Millions to the Company In order to
secure the aforesaid facilities together interest, commitment charges,
liquidated damages, costs, charges, liquidated damages, costs, charges,
expenses other money payable, the Borrower has deposited the documents of title,
evidences, deeds and writings in respect of the following its Immovable
Properties in favour of the said Bank for creating Equitable Mortgage. The
Superstructure comprising of Gala / Unit now or hereafter to be erected and
located at GJ – 05, SDF VII, 1st Floor, in Seepz, Andheri [East],
Mumbai – 400096, Adm 6650 sq. fts. Together with all th immovable plants and
machinery, furniture and fixtures and fittings, constructed, erected or
installed thereon or permanently fastened to anything attached to earth both
present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The Title Deeds deposited with the Bank are
the only title deeds of the said Immovable Properties which are equitably
mortgaged to the Banks. That the Company
is the absolute owner of the said Immovable properties and that the company
has a Marketable Title thereto. There is no
mortgage, charges or lien or other encumbrance or attachment on the said
Immovable Properties. The Security so
created shall be and always remain a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India, Seepz Branch, Andheri [East], Mumbai – 400096,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
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. 39.47 |
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UK Pound |
1 |
Rs. 77.98 |
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Euro |
1 |
Rs. 57.92 |
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 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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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68 |
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
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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 |
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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 |
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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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