%20PRIVATE%20LIMITED%2014-Jun-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
14.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LUCKYSTAR JEWELLERY EXPORTS (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
GJ-18, SDF-VII, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
20.09.1991 |
|
|
|
|
Com. Reg. No.: |
11-63342 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U36911MH1991PTC063342 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUML03440D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Jewellery in Gold, Silver, Diamonds, Precious and
Semi-Precious Stones and Exporter of Diamond Pre Semi Precious Stone Studded
Gold Jewellery. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company in diamond industry.
The company is doing well. It’s financial position is satisfactory. Payments
are correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
GJ-18, SDF-VII, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra,
India |
|
Tel. No.: |
91-22-28292470 / 71 |
|
Fax No.: |
91-22-28325955 |
|
E-Mail : |
info@luckystarjewellery.com |
DIRECTORS
|
Name : |
Mr. Nalin Udayshankar Rajguru |
|
Designation : |
Director |
|
Address : |
703, Bhoomi Apartment, Mahavir Nagar, Kandivali (West), Mumbai – 400
067, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1944 |
|
Date of Appointment : |
03.09.2005 |
|
|
|
|
Name : |
Mr. Harshad Ramniklal Mehta |
|
Designation : |
Charman |
|
Address : |
91/19 Vijay Deep, 31, Ridge road, Walkeshwar, Mumbai – 400 066,
Maharashtra, India |
|
Date of Birth/Age : |
15.08.1947 |
|
Date of Appointment : |
04.01.2000 |
|
|
|
|
Name : |
Mr. Majid Abdulraja Algouneh |
|
Designation : |
Director |
|
Address : |
Iona Apartments, Flat No. 5, 1st Floor, Juhu Tara Road,
Mumbai – 400 049, maharashtra, India |
|
Date of Birth/Age : |
26.10.1968 |
|
Date of Appointment : |
04.01.2000 |
|
|
|
|
Name : |
Mr. Amar Kishor Kotharj |
|
Designation : |
Director |
|
Address : |
B/8, Rockside Building, 2nd Floor, 116, Walkeshwar Road,
Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
08.06.1979 |
|
Date of Appointment : |
03.09.2005 |
|
|
|
|
Name : |
Ms. Priti Harshad Mehta |
|
Designation : |
Director |
|
Address : |
91/19 Vijay Deep, 31, Ridge road, Walkeshwar, Mumbai – 400 066,
Maharashtra, India |
|
Date of Birth/Age : |
19.01.1971 |
|
Date of Appointment : |
04.01.2000 |
|
|
|
|
Name : |
Mr. Akshaykumar Dayanand Sharma |
|
Designation : |
Director |
|
Address : |
L-3C-701, Oakland Park, Yamuna Nagar, Andheri (West), Mumbai – 400
076, Maharashtra, India. |
|
Date of Birth/Age : |
09.01.1963 |
|
Date of Appointment : |
03.09.2005 |
|
|
|
|
Name : |
Mr. Deval Jitendra Lakdawala |
|
Designation : |
Director |
|
Address : |
B-203, Lokhandwala Residency, Manjrekar Lane, Worli, Mumbai – 400 025,
Maharashtra, India |
|
Date of Birth/Age : |
02.10.1974 |
|
Date of Appointment : |
03.09.2005 |
|
|
|
|
Name : |
Mr. Ranak Vikram Patel |
|
Designation : |
Whole Time Director |
|
Address : |
12, Navjeevan Building, 20, Neepeansea Road, Mumbai – 400 006,
Maharashtra, India |
|
Date of Birth/Age : |
28.03.1971 |
|
Date of Appointment : |
04.01.2000 |
KEY EXECUTIVES
|
Name : |
Mr. Praful Natranjan Sheth |
|
Designation : |
Secretary |
|
Address : |
F-501, Vasant Smruti Thakur Complex, Kandivali (E), Mumbai – 400 101, Maharashtra,
India |
|
Date of Birth/Age : |
07.01.1953 |
|
Date of Appointment : |
09.05.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 21.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Inter Gold (India) Private Limited |
149970 |
|
Harshad Ramniklal Mehta |
30 |
|
Inter Gold (India) Private Limited |
150000 |
|
|
|
|
Total |
300000 |
Equity share breakup (percentage of total equity)
|
As on 30.09.2007 |
|
|
Bodies Corporate (not mentioned above) |
49.00 |
|
Directors or relatives of directors |
51.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Jewellery in Gold, Silver, Diamonds, Precious and Semi-Precious
Stones and Exporter of Diamond Pre Semi Precious Stone Studded Gold
Jewellery. |
|
Exports : |
|
|
Countries : |
Asia |
GENERAL
INFORMATION
|
Bankers : |
Canara Bank Andheri-Kurla Road, Sakinaka, Andheri (East), Mumbai – 400 072, Maharashtra,
India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
M. M. Nissim And Company Chartered Accountants Barodawala Mansion, B Wing, 3rd Floor, 81-Dr. Annie Besant
Road, Worli, Mumbai – 400 018, Maharashtra, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 100/- each |
Rs. 15.000 millions |
|
150000 |
Preference Shares |
Rs. 100/- each |
Rs. 15.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 100/- each |
Rs. 15.000 millions |
|
150000 |
Preference Shares |
Rs. 100/- each |
Rs. 15.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 30.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
30.000 |
30.000 |
|
|
2] Share Application Money |
|
36.740 |
0.000 |
|
|
3] Reserves & Surplus |
|
103.065 |
58.492 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
169.805 |
88.492 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
190.972 |
71.062 |
|
|
2] Unsecured Loans |
|
1.968 |
36.900 |
|
|
TOTAL BORROWING |
|
192.940 |
107.962 |
|
|
DEFERRED TAX LIABILITIES |
|
4.034 |
4.399 |
|
|
|
|
|
|
|
|
TOTAL |
|
366.779 |
200.853 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
27.441 |
30.000 |
|
|
Capital work-in-progress |
|
3.478 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
106.523 |
45.503 |
|
|
Sundry Debtors |
|
526.533 |
276.976 |
|
|
Cash & Bank Balances |
|
34.948 |
14.355 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
12.750 |
2.110 |
|
Total
Current Assets |
|
680.754 |
338.944 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
340.311 |
165.867 |
|
|
Provisions |
|
4.595 |
2.242 |
|
Total
Current Liabilities |
|
344.906 |
168.109 |
|
|
Net Current Assets |
|
335.848 |
170.835 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.012 |
0.018 |
|
|
|
|
|
|
|
|
TOTAL |
|
336.779 |
200.853 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
1257.900 |
386.570 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
1257.900 |
386.570 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
47.838 |
1.370 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
47.838 |
1.370 |
|
|
|
|
|
|
|
|
|
Export Earnings |
|
1262.071 |
384.948 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
14.789 |
6.071 |
|
|
Other Expenditure |
|
1195.273 |
379.129 |
|
Total Expenditure |
|
1210.062 |
385.200 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
3.80 |
0.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.80 |
0.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.75 |
0.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.28 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
3.17 |
3.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.97 |
2.02 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the company |
LUCKYSTAR JEWELLERY EXPORTS (INDIA) PRIVATE LIMITED |
|
Presented By |
Canara Bank Sakinaka Branch,
Mumbai – 400 072 |
|
1) Date and description of instrument creating the change |
No instrument was
executed. However, the equitable mortgage has been created by way of deposit
of title deeds, on 22-12-2003. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 160.000
millions |
|
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 |
All that plece
and parcel of the land and building being unit No. GJ-18, SDF-VII, Seepz,
Village Limit of Kondivita, Andheri (East), Mumbai – 400 096, together with
all buildings, structures, fixtures, fittings, machineries standing/installed
thereon and to be erected/installed and put up in future, belonging to the
Borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To secure due
payment of various Credit Facilities granted by the Bank to the Borrower. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank Sakinaka Branch,
Mumbai – 400 072. |
|
Corporate
identity number (CIN) Foreign company registration number |
U36911MH1991PTC063342 |
|
Name of the
Company |
LUCKYSTAR JEWELLERY EXPORTS (INDIA) PRIVATE LIMITED |
|
Address |
GJ-18, SDF-VII, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Book debts Movable property (not being pledge) |
|
Particulars of
the charge holder |
Canara Bank Andheri-Kurla Road, Sakinaka, Andheri (East), Mumbai – 400 072,
Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental
Common Hypothecation Agreement |
|
Date of the
instrument creating or modifying the charge |
27.02.2007 |
|
Amount secured by
the charge |
Rs. 197.500
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
·
Rate of
Interest As may be decided, from time to time, by the Bank. ·
Terms of
repayment As may be decided, from time to time, by the Bank. ·
Margin As may be decided, by the Bank. ·
Extent and
operation of the charge To secure the due repayment of FBE facility of Rs. 197.500 millions
granted by the Bank to the Company. |
|
Short particulars
of the property charged (including location of the property) |
1.
All, present
and future, stock in trade, raw materials, finished goods, all other goods such
as stock of gold, diamonds, precious stones, platinum, packing material and
all Book Debts, of the Company. 2.
All that
Machineries of the Company as Collateral security. |
|
Particular of the
present modification |
By this modification,
the FBE facility has been enhanced from Rs. 160.000 millions to Rs. 197.500
millions. Hence, the charge has been enhanced from Rs. 160.000 millions to
Rs. 197.500 millions. Thereof, the
overall charge now stands at Rs. 197.500 millions. |
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.42.87 |
|
UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.66.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|