MIRA
INFORM REPORT
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Report Date : |
24.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRINCE JEWELLERY DIVISION OF PRINCE GEM AND JEWWELLERY PRIVATE LIMITED |
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Registered Office : |
No. 3, Nana Street, T Nagar, Chennai-600017, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.09.2006 |
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Com. Reg. No.: |
61041 |
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CIN No.: [Company
Identification No.] |
U36911TN2006PTC061041 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Trader of Gold and Diamond studded 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 : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Mani of the company confirmed partial details. The company is successor to Price Jewellery, established in 1984.
Directors are reported as experienced, responsible and respectful businessmen.
Their trade relations are fair. Payments are normally correct and as per
commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 3, Nana Street, T Nagar, Chennai-600017, Tamilnadu, India |
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Tel. No.: |
91-44-24363137/ 3138 |
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Fax No.: |
91-44-24336998 |
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E-Mail : |
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Website : |
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Corporate Office : |
No. 41, Cathedral Road, Chennai-600086 |
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Tel. No.: |
91-44-28117720/30/40 |
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Corporate Office : |
G-15A, Spencer Plazza, Phase-I, (Opposite Food World), Anna Salai,
Chennai-600002, India |
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Tel. No.: |
91-44-28555187 |
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Factory : |
13, Nageshwar Rao Road, Panagal Park, Chennai-600017, Tamilnadu, India |
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Tel. No.: |
91-44-24346783 |
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E-Mail : |
Princejewellery.com |
DIRECTORS
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Name : |
Mr. Princeson Jose |
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Designation : |
Managing Director |
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Address : |
94, G. N. Chetty Road, T. Nagar, Chennai-600017, Tamilnadu, India |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mrs. Sheeba Prince |
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Designation : |
Whole time Director |
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Address : |
94, G. N. Chetty Road, T. Nagar, Chennai-600017, Tamilnadu, India |
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Date of Appointment : |
01.04.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 24.03.2008
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Names of Shareholders |
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No. of Shares |
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Princeson Jose |
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45390 |
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Seeba Prince |
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25810 |
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Joseph Prince |
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8900 |
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Princeson Jose |
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8900 |
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Total |
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89000 |
Equity Share Break up (Percentage of Total Equity)
As on 31.12.2007
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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 and Trader of Gold and Diamond studded Jewellery. |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash and Credit (30-60-90 Days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
200 |
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Bankers : |
State Bank of India, Commercial Branch, 232, N.S.C. Bose Road, Chennai-600001,
Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raj and Alexander Chartered Accountants |
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Address : |
No. 16, GC, Nelson Nest Railway Colony, 2nd Street, Aminjikarai,
Chennai-600029, Tamilnadu, India |
CAPITAL STRUCTURE
As on 17.08.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
No financials are available as the subject is a new company.
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U36911TN2006PTC061041 |
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Name of the
company |
PRINCE JEWELLERY DIVISION OF PRINCE GEM AND JEWWELLERY PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No. 3, Nana Street, T Nagar, Chennai-600017, Tamilnadu |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
State Bank of India, Commercial Branch, 232, N.S.C.Bose Road,
Chennai-600001, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
22.10.2007 |
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Amount secured by
the charge |
Rs. 350.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
the Bank from time to time. Terms of
Repayment As stipulated by
the Bank from time to time. Margin As stipulated by
the Bank from time to time Extent and
Operation of the charge As mentioned in
the Agreements |
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Short particulars
of the property charged |
Hypothecation of
Raw Materials, Semi-finished, Finished Goods and Receivables (Other than credit card receivables) and
other Current Assets belonging to the company. |
AS PER WEBSITE
Profile:
Subject is one of Chennai's most contemporary jewellers,
specializing in the latest variation of fashionable ornaments, a la mode, ranging
from gold, diamond, rubies, emeralds, silver, platinum jewellery and coloured
gold. With the distinction of being the trend-setters in jewellery design,
Prince Jewellery has an exquisite jewellery collection in wedding, lightweight,
designer and work wear for women.
Renowned for their custom-made jewellery, with a focus on
designs for 'career women', they also provide opportunities for young,
enterprising designers and train students of the National Institute of Fashion Technology,
in jewellery design. Comprising 3 spacious showrooms - in Spencer Plaza ,
Panagal Park and now also on Cathedral Road, this premier jewellery is managed
by Princeson Jose, the Director, who is a designer himself. With an innate
understanding of the value of practical design, Prince Jewellery was the first
to launch a lightweight jewellery collection in addition to jewellery for
working women.
To facilitate the accessibility of premier jewellery to the common man, Prince
Jewellery has a variety of schemes - the Prince Gold Plus savings scheme and
Precious Poetry - the diamond jewellery savings scheme, which offers the option
of buying contemporary jewellery in easy installment schemes.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.97 |
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UK Pound |
1 |
Rs.84.72 |
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Euro |
1 |
Rs.66.99 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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46 |
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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