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MIRA
INFORM REPORT
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Report Date : |
19.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
FINE STAR JEWELLERY (INDIA) PRIVATE LIMITED |
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Registered Office : |
Unit No. 101, Block No. 1, SEEPZ Sez, Andheri (East), Mumbai – 400
096, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.02.2002 |
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Com. Reg. No.: |
11 - 134801 |
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CIN No.: [Company
Identification No.] |
U51909MH2002PTC134801 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF03256B |
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PAN No.: [Permanent
Account No.] |
AAACF7241F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Supplier of Diamond and Gold Jewellery. |
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 : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Financial position is good. Payments are usually correct and as per
commitments. The company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. S B Gaur |
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Designation : |
Manager |
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Date : |
11.06.2008 |
LOCATIONS
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Registered Office / Factory : |
Unit No. 101, Block No. 1, SEEPZ Sez, Andheri (East), Mumbai – 400
096, Maharashtra, India |
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Tel. No.: |
91-22-30823322 |
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Fax No.: |
91-22-30823535 |
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E-Mail : |
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Area : |
6642 Sq.ft |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Vinod Kumar Jain |
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Designation : |
Director |
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Address : |
203, Jogani Apartments, Doongershi Cross Lane, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
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Date of Birth/Age : |
14.12.1955 |
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Date of Appointment : |
24.10.2002 |
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Name : |
Mrs. Jyoti jain |
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Designation : |
Director |
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Address : |
203, Jogani Apartments, Doongershi Cross Lane, Walkeshwar, Mumbai –
400 006, Maharashtra, India |
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Date of Birth/Age : |
28.02.1955 |
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Date of Appointment : |
06.11.2002 |
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Name : |
Mr. Ashok Kumar Bora |
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Designation : |
Director |
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Address : |
1205 –C, 12th Floor, RNA Heights, Jogeshwari – Vikhroli
Link Road, Andheri (East),Mumbai – 400 093, Maharashtra, India |
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Date of Birth/Age : |
27.07.1956 |
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Date of Appointment : |
22.04.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
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Names of Shareholders |
No. of Shares |
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Mr. Vinod Kumar Jain |
20000 |
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Mrs. Jyoti jain |
20000 |
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Mr. Gaurav Jain |
10000 |
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Total |
50000 |
Equity share breakup
(Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Diamond and Gold Jewellery. |
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Exports : |
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Products : |
Diamond Studded Jewellery |
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Countries : |
v USA v UK v Belgium v Hong Kong v Dubai |
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Imports : |
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Countries : |
v USA v Hong Kong v Japan |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customer: |
Bhavani Gems |
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No. of Employees : |
150 |
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Bankers : |
State Bank of Patiala, Seepz, Andheri East, Mumbai – 400096, Maharashtra, India |
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Facilities : |
CC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Karnavat and Company (Chartered Accountants) |
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Address : |
2A, Kitab Mahal, 192, Dr. D N Road, Mumbai – 400096, Maharashtra,
India |
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Sister Concerns : |
Fine Star Diamond |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,000 |
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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50,000 |
Equity shares |
Rs. 10/- each |
Rs. 0.500 million |
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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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
260.520 |
151.907 |
53.570 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
261.020 |
152.407 |
54.070 |
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LOAN FUNDS |
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1] Secured Loans |
98.400 |
93.939 |
52.175 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
98.400 |
93.939 |
52.175 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.634 |
0.739 |
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TOTAL |
359.420 |
246.980 |
106.984 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
117.284 |
24.954 |
26.496 |
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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 |
0.121 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
168.194
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173.538 |
68.817 |
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Sundry Debtors |
196.047
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130.823 |
116.680 |
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Cash & Bank Balances |
4.487
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10.455 |
2.252 |
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Other Current Assets |
0.587
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0.411 |
0.346 |
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Loans & Advances |
4.308
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11.508 |
31.775 |
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Total
Current Assets |
373.623
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326.735 |
219.870 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
129.660
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102.993 |
138.232 |
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Provisions |
1.953
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1.727 |
1.167 |
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Total
Current Liabilities |
131.613
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104.720 |
139.399 |
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Net Current Assets |
242.010
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222.015 |
80.471 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.011 |
0.017 |
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TOTAL |
359.420 |
246.980 |
106.984 |
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KEY RATIOS
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
0.50
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0.69 |
2.58 |
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Current Ratio (Current Asset/Current Liability) |
2.84
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3.12 |
1.58 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
FINE STAR
JEWELLERY (INDIA) PRIVATE LIMITED |
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Presented By |
State Bank of
Patiala |
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1) Date and description of instrument creating the change |
31.03.2005 i) Agreement of
loan for overall limit ii) Agreement of
hypothecation of goods and assets iii) Letter
regarding the grant of individual limits with in the over all limit. (Collectively constitute
a single charge for Rs. 100.000 millions). |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 100.000
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 |
All the present
and future goods, book debts and all other movable assets of the borrower
including receivable by way of assistance and cash incentive scheme or claims
including by way of refund of customs/ excise duties under the duty drawback
credit scheme or any other scheme, bills, invoices, documents, contracts,
insurance policies, guarantees, engagement securities investments and rights
and the present and future machinery belonging to or in the possession or
under the control borrower of the Bank or of any third party whether in India
or elsewhere throughout the world (including all such goods, other movable
assets as may be in course of shipment transit or delivery) shall stand
hypothecated to the bank by way of first charge as security for payment and
discharge by the borrower to the bank. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
i) The above goods,
debts and assets shall be the security by way of first charge for payment and
discharge by the borrower to the bank on demand a sum of Rs. 100.000 millions
ii)The Borrower shall may be required create in favour of the bank mortgage
in a form satisfactory to the bank all the borrower’s immovable properties
both present and future iii) Margin: 10% on raw materials, stock in process, finished goods
any other (Specify) B/G 20%, book debts / receivables 10% and land and
Building / Plant and machinery. iv) The security created and indemnities and undertakings given herein
and/or by the security documents executed in favour of the bank for various
credit facilities shall operate as continued security. |
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5) Name and Address and description of the person entitled to the charge. |
State bank of Patiala Seepz, Andheri East, Mumbai – 400096, Maharashtra, India |
Form 8
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This form is for |
Modification of charge |
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Charge identification number of the charge
to be modified |
90349237 |
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Corporate identity number of the company |
U51909MH2002PTC134801 |
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Name of the company |
FINE STAR JEWELLERY (INDIA) PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in India
of the company |
Unit No. 101, Block No. 1, SEEPZ Sez, Andheri (East), Mumbai – 400
096, Maharashtra, India |
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Type of charge |
v Book debts v Movable property 9not being pledge) |
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Particular of charge holder |
Name : State Bank of India Address : Seepz, Andheri (East) City : Mumbai State : Maharashtra ISO country code: IN Pin code : 400096 e-mail ID: jjkandco@gmail.com |
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Nature of description of the instrument
creating or modifying the charge |
Hypothecation of goods and
assets. |
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Date of instrument Creating the charge |
29.05.2007 |
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Amount secured by the charge |
Rs. 150.000 millions |
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Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest The effective rate of interest is charged
by monthly rests by the bank on its term loan / Cash credit account from time
to time. The present effective rate of interest is libor 6m + 1% + Interest
provided that interest payable shall at no time be less than libor (6M) + 1%. Terms of repayment The borrower should repay the amount of
the principal together with interest, costs, charges, expenses, and monies
due to the bank by installment and on such dates as may be stipulated by the
bank from time to time until the entire amounts due under the term loans
facilities have been repaid. In case of default in payment of installment
then the borrower will be bound and liable to pay on banker demand balance
due amount. Margin By way of hypothecation /pledge /mortgage
or otherwise the borrower shall at times maintain a sufficient quantity and
market value of goods, book debts, movable assets given as security, to
provide the margin of security required by the bank from time to time and to
restore such margin or pay to the bank the equivalent amount in cash. Extent operation of the charge All present and future movable property of
the company including all current assets and plant and machinery. |
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Short particulars of the property charged |
Hypothecation of Goods and Assets Movable property – Plant and Machinery |
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Date of latest modification prior to the
present modification |
31.03.2005 |
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Particulars of the present
modification |
Increase in limit from Rs. 100.000
millions to Rs. 150.000 millions. |
Trade References
v Belgium Jewellery – New York
v Classic Diamond Company Limited – Japan
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.90 |
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UK Pound |
1 |
Rs. 83.74 |
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Euro |
1 |
Rs. 66.46 |
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 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
NO |
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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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62 |
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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