MIRA
INFORM REPORT
|
Report Date : |
19.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INFINITY
JEWELLERY PRIVATE LIMITED |
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Registered Office : |
G-J, III, SDF
VII, SEEPZ, 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 : |
15.02.1999 |
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Com. Reg. No.: |
11-118355 |
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CIN No.: [Company
Identification No.] |
U36911MH1999PTC118355 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI03538D |
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PAN No.: [Permanent
Account No.] |
AAACI4814K |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturers,
Importers, Exporters, Wholesalers, Distributors, Retailers, Dealers and
Indenting Agents of Jewellery Studded Gold Jewellery, Plain Gold Jewellery,
Gems, Diamonds, Synthetic Stones, Precious and Semi Precious Stones, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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. Directors are reported as experienced and
respectable businessmen. Their 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. |
LOCATIONS
|
Registered Office : |
G-J, III, SDF
VII, SEEPZ, Andheri (East), Mumbai – 400 096, Maharashtra, India |
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Tel. No.: |
91-22-28292424 |
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Fax No.: |
91-22-28290379 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Shashank
Rajnikant Shah |
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Designation : |
Director |
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Address : |
Siddhivinayak
Apartment, 1st Floor, Flat No. 101, 3rd Golibar Road,
Santacruz (East), Mumbai – 400 055, Maharashtra, India |
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Date of
Birth/Age : |
15.04.1969 |
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Date of
Appointment : |
15.02.1999 |
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Name : |
Mr. Pravin
Natwarlal Vepari |
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Designation : |
Director |
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Address : |
43, Mira, 18, L.
D. Ruparel Marg, Mumbai – 400 006, Maharashtra, India |
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Date of
Birth/Age : |
28.6.1936 |
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Date of
Appointment : |
15.02.1999 |
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Name : |
Mr. Sanjiv
Rasiklal Shah |
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Designation : |
Director |
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Address : |
55, Belie View
Co-Operative Housing Society Limited, 85, Bhulabhai Desai Road, Mumbai 400
026, Maharashtra, India |
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Date of
Birth/Age : |
30.11.1969 |
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Date of
Appointment : |
30.09.2005 |
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Other Directorships
: |
Landmark
Jewellery Private Limited CIN No.:
U36910MH1999PTC121810 Global Jewellery
Private Limited CIN No.:
U36910MH1992PTC069233 Ideal Jewellery
Private Limited CIN No.:
U36911MH2000PTC123677 |
KEY EXECUTIVES
|
Name : |
Mrs. Ratan Kapadia |
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Designation : |
Company Secretary
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
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Names of Shareholders |
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No. of Shares |
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Ms. Sunita R
Tailor |
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87078 |
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Mr. Natwar A Shah |
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500 |
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Global Jewellery
Private Limited |
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900000 |
As on 31.03.2007
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Names of Shareholders |
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Percentage of
Holding |
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Directors or
Relatives of Directors |
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0.01 |
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Other Top Fifty
(50) shareholders (other than listed above) |
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99.99 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
Importers, Exporters, Wholesalers, Distributors, Retailers, Dealers and
Indenting Agents of Jewellery Studded Gold Jewellery, Plain Gold Jewellery,
Gems, Diamonds, Synthetic Stones, Precious and Semi Precious Stones, etc. |
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Products : |
* Studded Gold Jewellery * Plain Gold Jewellery * Gems * Diamonds * Synthetic Stones * Precious *
Semi Precious Stones |
GENERAL
INFORMATION
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Bankers : |
Bank of India SEEPZ Branch,
Andheri, Mumbai – 400 096, Maharashtra, India |
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Facilities : |
-- |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Bharat K Shah and
Associates Chartered
Accountants |
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Address : |
310, Ahura
Center, 82, Mahakali Caves Road, Andheri (East), Mumbai 400 093, Maharashtra,
India |
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Tel. No.: |
91-22-22003553 |
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Holding
Company : |
Global Jewellery
Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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987578 |
Equity Shares |
Rs. 10/- each |
Rs. 9.876 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 |
9.876 |
9.876 |
9.876 |
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2] Share Application Money |
13.079 |
98.997 |
89.575 |
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3] Reserves & Surplus |
109.878 |
98.656 |
59.736 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
132.833 |
207.529 |
159.187 |
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LOAN FUNDS |
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1] Secured Loans |
20.946 |
17.834 |
12.500 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
20.946 |
17.834 |
12.500 |
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DEFERRED TAX LIABILITIES |
0.338 |
0.310 |
0.331 |
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TOTAL |
154.117 |
225.673 |
172.018 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.081 |
16.258 |
17.740 |
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Capital work-in-progress |
0.000 |
0.000 |
0.015 |
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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 |
81.987
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75.282 |
64.091 |
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Sundry Debtors |
80.194
|
151.331 |
104.484 |
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Cash & Bank Balances |
16.769
|
3.338 |
3.621 |
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Other Current Assets |
0.375
|
0.236 |
1.252 |
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Loans & Advances |
3.402
|
2.239 |
1.099 |
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Total
Current Assets |
182.727
|
232.426 |
174.547 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
42.944
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22.144 |
19.660 |
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Provisions |
0.747
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0.867 |
0.624 |
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Total
Current Liabilities |
43.691
|
23.011 |
20.284 |
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Net Current Assets |
139.036
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209.415 |
154.263 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
154.117 |
225.673 |
172.018 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover
(including other income) |
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250.969 |
363.269 |
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Total Income |
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250.969 |
363.269 |
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Profit/(Loss) Before Tax |
|
11.418 |
38.984 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
11.418 |
38.984 |
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Expenditures : |
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Interest |
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2.456 |
0.303 |
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Depreciation & Amortization |
|
1.588 |
1.787 |
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Other Expenditure |
|
235.507 |
322.195 |
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Total Expenditure |
|
239.551 |
324.285 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
4.54
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10.73 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
4.54
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10.73 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.77
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15.67 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.08
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0.18 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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1.49
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1.20 |
1.21 |
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Current Ratio (Current Asset/Current Liability) |
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4.18
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10.10 |
8.60 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8
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Name of the company |
INFINITY
JEWELLERY PRIVATE LIMITED |
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Presented By |
Bank of India SEEPZ Branch, Andheri, Mumbai – 400 096, Maharashtra, India |
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1) Date and description of instrument creating the change |
No instrument – Memorandum of Entry for depositing title deeds of company properties dated 09.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
Bank of India,
SEEPZ Branch, Andheri, Mumbai – 400 096, Maharashtra, India, have sanctioned
the aforesaid credit facilities of Rs. 10.000 millions to the company (the
borrower) In order to
secure the aforesaid facilities together interest, commitment charges,
liquidated damages, costs, charges, expenses other money payable the borrower
has deposited the documents of title, evidences, deeds and writings in
respect of the following its Immovable Properties in favour of the said Bank
of creating Equitable Mortgage. The superstructure comprising of Gala/ Unit now or hereafter to be erected and located at GJ-03, SDF VII, Ground Floor in SAEEPZ, Andheri (East), Mumbai 400 096, admeasuring 6650 sq. fts. together with all the immovable plant and machinery, furniture and fixtures and fittings constructed, erected or installed thereon or permanently fastened to anything attached to earth both present and future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The title deeds deposited with the bank are the only title deeds of the said immovable properties which are equitable mortgaged to the banks. That the company is the absolute owner of the said immovable properties and what the company has a marketable title thereto. There is no mortgage, charge or lien or other encumbrance or attachment on the said immovable properties. The security is created shall be and always remain a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India SEEPZ Branch, Andheri, Mumbai – 400 096, Maharashtra, India |
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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 |
The company’s Fixed
Assets of important value includes:
- Leasehold Premises
- Plant and Machinery
- Computers
- Vehicles
- Furniture and Fixtures
- Office Equipments
- Air Conditioners
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.40.45 |
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UK Pound |
1 |
Rs.81.20 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
72 |
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 |
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