MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
M SONS ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
K -47/A, Central Market, Lajpet Nagar –II, New Delhi – 110024 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.01.2004 |
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Com. Reg. No.: |
55-124021 |
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CIN No.: [Company
Identification No.] |
U74999DL2004PTC124021 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM11362B |
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PAN No.: [Permanent
Account No.] |
AADCM9406A |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer and Exporter of Gold Jewelry, Diamond Jewelry,
Kundan Jewelry, etc |
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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Maximum Credit Limit : |
USD 250000 |
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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 having satisfactory
records. Trade relations are fair. Business is active. Payments are reported
as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajiv Kumar Jain |
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Designation : |
Director |
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Contact No.: |
91-9810732132 |
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Date : |
24.04.2008 |
LOCATIONS
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Registered Office/ Factory : |
K -47/A, Central Market, Lajpet Nagar –II, New Delhi – 110024, India |
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Tel. No.: |
91-11-29842095 / 29846535 |
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Mobile No.: |
91-9810732132 |
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Fax No.: |
91-11-29830933 |
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E-Mail : |
rajeevjewel@yahoo.com
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Website : |
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Area : |
900 sq.fts |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Rajiv Kumar Jain |
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Designation : |
Director |
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Address : |
84, Bharat Nagar, D Block, New Friend Colony, New Delhi – 110 065,
India |
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Date of Birth/Age : |
16.02.1969 |
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Date of Appointment : |
12.01.2004 |
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Name : |
Mr. Meeru Jain |
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Designation : |
Director |
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Address : |
84, Bharat Nagar, D Block, New Friend Colony, New Delhi – 110 065,
India |
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Date of Birth/Age : |
18.07.1970 |
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Date of Appointment : |
12.01.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
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No. of Shares |
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Mr. Rajeev Jain |
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1985000 |
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Mrs. Meeru Jain |
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5000 |
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Mrs. Shobha Rani Jain |
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525100 |
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M/s Lancer Telecom Private Limited |
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480000 |
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Total |
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2995100 |
(As on 31.03.2007)
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Category |
Percentage |
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Directors or relative of directors |
84.00 |
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Other top fifty (50) Shareholders |
16.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Gold Jewelry, Diamond
Jewelry, Kundan Jewelry, etc |
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Products : |
·
Gold jewelry ·
Diamond jewelry ·
Kundan jewelry. |
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Terms : |
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Selling : |
Cash, Credit (30 Days) |
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Purchasing : |
Cash, Credit (30 Days) |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Retailers |
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No. of Employees : |
14 |
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Bankers : |
· Allahabad Bank Industrial Finance Branch, 1st Floor, 17 Parliament Street, New Delhi – 110001, India · Axis Bank New Delhi Branch , India · Canara Bank Maharani Bagh, New Delhi, India · ICICI Bank Limited 9A Phelps Building,
Connaught Place, New Delhi, India · ABN Amro Bank · Standard Chartered Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name 1 : |
Mr. Sachin Jain Chartered Accountants |
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Mobile No.: |
91-9810170619 |
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Name 2 : |
Rajkumar and Associates Chartered Accountants |
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Address : |
19-A, Ansari Road, Darya Ganj, New Delhi – 110002, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 millions. |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2995100 |
Equity Shares |
Rs. 10/-each |
Rs.29.951
millions. |
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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 |
29.951 |
29.951 |
29.951 |
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2] Share Application Money |
20.198 |
21.198 |
21.204 |
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3] Reserves & Surplus |
10.539 |
5.495 |
0.921 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
60.688 |
56.644 |
52.076 |
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LOAN FUNDS |
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1] Secured Loans |
157.145 |
147.960 |
113.335 |
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2] Unsecured Loans |
2.040 |
1.872 |
0.000 |
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TOTAL BORROWING |
159.185 |
149.832 |
113.335 |
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DEFERRED TAX LIABILITIES |
0.049 |
0.138 |
0.006 |
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TOTAL |
219.922 |
206.614 |
165.417 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.029 |
7.081 |
8.085 |
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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 |
161.600
|
175.465 |
107.097 |
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Sundry Debtors |
85.951
|
30.955 |
54.695 |
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Cash & Bank Balances |
0.159
|
5.105 |
3.134 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6.434
|
7.200 |
4.333 |
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Total
Current Assets |
254.144
|
218.725 |
169.259 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
34.099
|
15.978 |
10.841 |
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Provisions |
6.280
|
3.405 |
1.341 |
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Total
Current Liabilities |
40.379
|
19.383 |
12.182 |
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Net Current Assets |
213.765
|
199.342 |
157.077 |
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MISCELLANEOUS EXPENSES |
0.128 |
0.191 |
0.255 |
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TOTAL |
219.922 |
206.614 |
165.417 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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853.819 |
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Other Income |
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0.935 |
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Total Income |
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854.754 |
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Profit/(Loss) Before Tax |
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7.829 |
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Provision for Taxation |
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2.786 |
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Profit/(Loss) After Tax |
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5.043 |
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Expenditures : |
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Financial Charges |
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21.393 |
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Depreciation & Amortization |
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0.000 |
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Other Expenditure |
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825.532 |
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Total Expenditure |
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846.925 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.59
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NA
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NA
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Net Profit Margin (PBT/Sales) |
(%) |
0.92
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NA
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NA
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.01
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NA
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NA
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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NA
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NA
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Debt Equity Ratio (Total Liability/Networth) |
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3.28
|
2.98 |
2.41 |
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Current Ratio (Current Asset/Current Liability) |
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6.29
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11.28 |
13.89 |
LOCAL AGENCY FURTHER
INFORMATION
TRADE REFERENCES:
·
Ganpati
jewellers , Delhi
·
Yashavi Jain ,
Delhi
·
Visudh Metals
FORM 8:
|
Corporation identity number or foreign company registrations number of
the company |
U74999DL2004PTC124021 |
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Name of the company |
M SONS ENTERPRISES PRIVATE LIMITED |
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Address |
K -47 A, Lajpat Nagar II, Central Market, New Delhi – 110
024, India |
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This Form is for |
Modification of Charge |
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Type of Charges |
· Book Debts · Movable Property |
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Particular of the charge holder
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Allahabad Bank Address: Industrial Finance Branch
1st Floor, 17th
Parliament Street., New Delhi – 110 001, India Email: vkgupta_ca@rediffmail.com
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Nature or description of the instrument creating charge |
First supplemental general letter of
hypothecation |
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Date of the instrument creating charge |
19.07.2007 |
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Amount Secure by the charge |
Rs. 95.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of Interest: Cash Credit of Rs. 50.000 millions @ 2%
Over PLR Adhoc of Rs. 5.000 millions @ 3% Over PLR Bank Guarantee of Rs. 40.000 millions @
Banks circularized instructions. Terms
of Repayment: On Demand Margin: No Change Extent
and operation of the charge: 100% charge over the assets mentioned in
the schedule. |
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Particulars of the Property charged
|
Adhoc Cash credit limit Rs. 5.000 millions
given @ 3 over PLR provided in addition to the limit previously sanctioned |
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Name of the
company |
M SONS ENTERPRISES PRIVATE LIMITED |
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Presented By |
ICIC bank
Limited |
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1) Date and
description of instrument creating the change |
Deed of
hypothecation dated the 29th day of September 2005 executed by M. Sons
Enterprises Private Limited (therein and hereinafter referred to as the
“Borrower” in favour of ICICI Limited (ICICI ) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Secured Packing
credit in foreign Currency –USD (PCFC ) Post Shipment in Foreign Currency –
USD (PSFC )Rs. 50.000 millions Stand by letter
of credit (SBLC )- Rs. 24.000 millions Limit for
derivative transaction Rs. 1 millions (Forward 0.500 million and options 0.50
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 by way of hypothecation of the company’s entire stocks of
raw materials, semi finished and finished goods, consumable stores and spares
and such other movables including book debts, bill whether documentary or
clean , outstanding monies ,
receivable both present and future ranking pari passu with other participating
bank. First charge on
all of the firm assets, including all immovable and movable properties both
present and future ranking pari passu with other participating bank First charge by
way of Equitable mortgage of company showroom on Central Market Lajpat Nagar
valued at Rs. 23.4 millions in the name of Mrs. Meeru jain ranking pari passu
with other participating bank. First charge by
way of equitable mortgage in residential property at Bhati Nagar valued at
Rs. 52.000 millions in the name of Mr. Sanjeev Kumar Jain and Mr. Rajiv Kumar
Jain ranking pari passu with other participating bank. First charge by
way of equitable mortgage of Farm House in the name of M/s Shri Mahabir
Prashad valued at Rs. 27.000 millions ranking pari passu with other participating bank The properties more
particularly described in Annexure hereto (herein after collectively referred
to as “the assets”) |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest 0.75% above London Inter Bank offer rate (LIBOR) prevailing
on the date of disbursement. Such rate of Interest stipulated by ICICI Bank
at the time of disbursement shall be capped at 0.75% p.a above LIBOR in
respect of reshipment credit up to 180 days. Covenant by the borrower to comply / to ensure compliance with all the
terms and condition set out in the Master Facility agreement dated 29.09.2005
entered between the borrower from time to time (Hereinafter collectively
referred to as the “Agreement”) The borrower shall pay / repay all amounts in respect of the facilities
and pays Interest and all other monies in the manner set out in the Agreement and the other transaction
Documents ( as defined in the Agreement) The asserts were thereby hypothecated inter alia to the ICICI as and
by way of exclusive / first / second/ first
and exclusive charge, as specified in Annexure ….. / hereto as
security and for and be charged with the repayment of the facilities , all
Interest and other monies payable by the borrower to ICICI as specified in
the agreement and the other Transaction Documents. The borrower to keep the assets in marketable and good condition and
also insured as provided in the Deed of Hypothecation / the Agreement. Power of Entry , power to take charge and / or possession of seize,
recover, receive, appoint receivers
of and remove and / or sale by auction or private contract , dispatch
for realisations or otherwise dispose of or deal with all or any part of the
assets etc. as provided in The Deed of Hypothecation. All other terms and condition as contained in the Deed of
Hypothecation (copy of which is attached hereto.) |
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5) Name and
Address and description of the person entitled to the charge. |
ICICI Bank Limited 9A Phelps Building, Connaught Place, New
Delhi |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
WEBSITE DETAILS:
Since its
establishment in the year 1990, Subject has made an indelible mark for itself in the jewelry industry. They are
a leading manufacturer and exporter of gold jewelry, diamond jewelry,
kundan jewelry, etc. Their range of
jewelry is available in innovative designs that are in sync with the
contemporary fashion trends across the globe.
Their jewelry pieces are available in a variety of shapes, designs and sizes as
per clients' demands. Their craftsmen and designers use various semi-precious
and precious stones to adorn the jewelry, giving them a distinct appeal.
The exquisite
collection of their jewelry is the result of the enduring efforts of their
dedicated craftsmen to create fashionable pieces that are apt for every
occasion. They have gained prominence in both the domestic and international
markets owing to the credibility of the unique designs of their jewelry.
Further, it speaks volume about their quality as well as competitive prices.
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.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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 |
|