MIRA
INFORM REPORT
|
Report Date : |
25.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NAVSHILA JEWELLERY PRIVATE LIMITED |
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Registered Office : |
Gala No.604, Building No.2, Seepz Marol Industrial Estate, 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 : |
29.12.2003 |
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Com. Reg. No.: |
143722 |
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CIN No.: [Company
Identification No.] |
U36910MH2003PTC143722 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN11271B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Studded/ Plain Gold, Platinum, Silver Jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office/ Factory : |
Gala No.604, Building No.2, Seepz Marol Industrial Estate, Andheri (East),
Mumbai – 400096, Maharashtra |
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Tel. No.: |
91-22-28291979/ 28291980/ 22669708 |
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Fax No.: |
91-22-28292224 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mehul Navinchandra Shah |
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Designation : |
Director |
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Address : |
121, Ashoka Apartments, 68 Nepeansea Road, Mumbai – 400006, Maharashtra,
India |
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Date of Appointment : |
29.12.2003 |
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Name : |
Mr. Champaklal Punamchand Gandhi |
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Designation : |
Director |
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Address : |
301 Sankalp, 18 Walkeshwar Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
04.09.1949 |
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Date of Appointment : |
01.06.2004 |
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Name : |
Mr. Parag Navinbhai Shah |
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Designation : |
Director |
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Address : |
201 Sankalp, 18 Walkeshwar Road, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
05.04.1977 |
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Date of Appointment : |
01.06.2004 |
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Email : |
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Name : |
Mr. Amit Ashwin Gandhi |
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Designation : |
Director |
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Address : |
23, Nav- Shanti Nagar, 2nd Floor, 98 Nepeansea Road, Mumbai
– 400006, Maharashtra, India |
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Date of Birth/Age : |
07.08.1978 |
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Date of Appointment : |
01.06.2004 |
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Email: |
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Name : |
Mr. Nikhil Navinchandra Shah |
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Designation : |
Director |
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Address : |
121, Ashoka Apartments, 68 Nepeansea Road, Mumbai – 400006,
Maharashtra, India |
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Date of Appointment : |
29.12.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 08.12.2006)
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Names of Shareholders |
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No. of Shares |
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Mr. Champaklal Punamchand Gandhi |
|
43500 |
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Mr. Parag Navinbhai Shah |
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43500 |
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Mr. Amit Ashwin Gandhi |
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43500 |
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Mr. Rakesh Babulal Gandhi |
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45000 |
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Mr. Rahul Arvindbhai Shah |
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45000 |
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Navin Gems |
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529500 |
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Total |
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750000 |
Equity share breakup (Percentage of total equity)
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Studded/ Plain Gold, Platinum, Silver Jewellery. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Hansalaya Building, 15 Barakhamba Road, New Delhi – 110001, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ramesh Rajni and Company Chartered Accountant |
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Address : |
1st Floor, Purshottam Building, 450, Lamington Road,
Operahouse, Mumbai – 400004, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.000 |
7.500 |
1.277 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
58.886 |
12.218 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.886 |
19.718 |
1.277 |
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LOAN FUNDS |
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1] Secured Loans |
84.666 |
85.938 |
5.570 |
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2] Unsecured Loans |
0.000 |
3.070 |
39.767 |
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TOTAL BORROWING |
84.666 |
89.008 |
45.337 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
158.552 |
108.726 |
46.614 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.606 |
33.903 |
35.252 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
47.272
|
45.205 |
11.688 |
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Sundry Debtors |
133.377
|
111.519 |
5.869 |
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Cash & Bank Balances |
17.733
|
8.670 |
4.099 |
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Other Current Assets |
1.544
|
0.894 |
0.000 |
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Loans & Advances |
3.417
|
1.618 |
1.893 |
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Total
Current Assets |
203.343
|
167.906 |
23.549 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
78.310
|
93.046 |
12.208 |
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Provisions |
0.102
|
0.058 |
0.000 |
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Total
Current Liabilities |
78.412
|
93.104 |
12.208 |
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Net Current Assets |
124.931
|
74.802 |
11.341 |
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MISCELLANEOUS EXPENSES |
0.015 |
0.021 |
0.021 |
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TOTAL |
158.552 |
108.726 |
46.614 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
307.819 |
151.003 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
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307.819 |
151.003 |
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Profit/(Loss) Before Tax |
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46.702 |
13.507 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
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46.702 |
13.507 |
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Expenditures : |
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Interests |
|
7.495 |
5.068 |
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Depreciation & Amortization |
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4.539 |
5.065 |
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Other Expenditure |
|
249.083 |
127.363 |
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Total Expenditure |
|
261.117 |
137.496 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
15.17
|
8.94 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
15.17
|
8.94 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
19.71
|
6.69 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.63
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0.68 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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2.21
|
9.23 |
45.06 |
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Current Ratio (Current Asset/Current Liability) |
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2.59
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1.80 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number of the company |
U36910MH2003PTC143722 |
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Name of the
company |
NAVSHILA JEWELLERY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Gala No.604, Building No.2, Seepz Marol Industrial Estate, Andheri
(East), Mumbai – 400096, Maharashtra, India |
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This form is for |
Modification of Charge |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
ABN Amro Bank
N.V. 74, Sakhar
Bhavan, 7th Floor, Nariman Pont, Mumbai- 400021, Maharashtra,
India |
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Nature of
instrument creating charge |
No instrument was
executed. The company created equitable mortgage by deposit of title deeds of
its immovable property vide memorandum of Entry. |
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Date of
instrument Creating the charge |
09.01.2008 |
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Amount secured by
the charge |
Rs.150.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
Interests: As agreed by and
with the Bank from time to time. Terms of
repayment: As agreed by and
with the Bank from time to time. Margin: As applicable, if
any. Extent and operation
of charge: The Bank is
having first charge on the security offered by the company. |
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Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
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Particulars of
the property charged |
Unit No.604, Admeasuring
6638.92 sq. ft. saleable built up area, on the 6th Floor of the
tower of the tower no. I/ tower no. II, in the seepz++, situate on the piece
or parcel of land known as seepz++, in the SEEPZ special economic zone, in
the Marol Industrial Estate, within the village limits of Vyaravali,
Parajapur, Taluka Andheri, Registered sub District and District Mumbai
Surburban. |
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Particulars of
the present modification |
The charge
existing charge amount Rs.150.000 Millions is now further secured with immovable
property of the company situated Unit No.604, Admeasuring 6638.92 sq. ft.
saleable built up area, on the 6th Floor of the tower of the tower
no. I/ tower no. II, in the seepz++, situate on the piece or parcel of land
known as seepz++, in the SEEPZ special economic zone, in the Marol Industrial
Estate, within the village limits of Vyaravali, Parajapur, Taluka Andheri,
Registered sub District and District Mumbai Surburban. |
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 |
|
US Dollar |
1 |
Rs. 41.96 |
|
UK Pound |
1 |
Rs. 83.78 |
|
Euro |
1 |
Rs. 65.82 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<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 |
|