MIRA
INFORM REPORT
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Report Date : |
26.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
ORNAMENTATIONS INDIA PRIVATE LIMITED |
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Registered Office : |
G – 31, Gem and Jewellery Complex, No. 3, Seepz, Andheri (East),
Mumbai – 400096, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.12.1992 |
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Com. Reg. No.: |
070193 |
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CIN No.: [Company
Identification No.] |
U36912MH1992PTC070193 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO02932G |
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PAN No.: [Permanent
Account No.] |
AAAC00104G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of 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 : |
Subject is a well established company situated in an export oriented
zone. Trade relations are fair. Financial position is good. Payments are
usually correct and as per commitments. The company is faring well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
G – 31, Gem and Jewellery Complex, No. 3, Seepz, Andheri (East),
Mumbai – 400096, Maharashtra, India |
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Tel. No.: |
91-22-28290484 |
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Fax No.: |
91-22-28292488 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Shreyas Ramniklal Mehta |
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Designation : |
Whole Time Director |
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Address : |
3, Sethna House, 13 Laburnam Road, Mumbai – 400007, India |
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Date of Birth/Age : |
23.06.1951 |
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Date of Appointment : |
28.12.1992 |
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Name : |
Mr. Dr. Ramniklal Hiralal Mehta |
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Designation : |
Director |
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Address : |
3, Sethna House, 13 Laburnam Road, Mumbai – 400007, India |
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Date of Birth/Age : |
23.10.1924 |
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Date of Appointment : |
08.08.1994 |
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Name : |
Mrs. Mehta Shreyas Nilima |
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Designation : |
Director |
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Address : |
3, Sethna House, 13 Laburnam Road, Mumbai – 400007, India |
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Date of Birth/Age : |
31.01.1954 |
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Date of Appointment : |
08.08.1994 |
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Name : |
Mr. Mehta Mahendra Samir |
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Designation : |
Director |
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Address : |
Motilal Mansion, 2nd Floor, 17 Nepean Sea Road, Mumbai –
400038, India |
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Date of Birth/Age : |
04.08.1958 |
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Date of Appointment : |
05.03.2002 |
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Name : |
Mr. Mehta Shreyas Ashay |
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Designation : |
Whole Time Director |
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Address : |
3, Sethna House, 13 Laburnam Road, Mumbai – 400007, India |
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Date of Birth/Age : |
07.02.1982 |
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Date of Appointment : |
21.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. Shreyas Ramniklal Mehta |
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100100 |
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Mrs. Mehta Shreyas Nilima |
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20100 |
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Mr. Dr. Ramniklal Hiralal Mehta HUF |
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10000 |
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Mr. Shreyas Ramniklal Mehta HUF |
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50000 |
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Mr. Mehta Shreyas Ashay |
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7500 |
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Ms. Nishita Mehta Shreyas |
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7500 |
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Mr. Dr. Ramniklal Hiralal Mehta |
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5000 |
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Total |
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200200 |
(As on 31.03.2006)
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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 of Studded Jewellery. |
GENERAL
INFORMATION
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No of Employee : |
200 |
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Bankers : |
14 Veer Nariman
Road, Mumbai – 400023, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K P Mehta and Company Chartered Accountant |
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Address : |
A/6, Vimal Apartment, Juhu Lane, Andheri (West), Mumbai – 400058,
Maharashtra, India |
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Associates/Subsidiaries : |
Orname Creation Inc. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200200 |
Equity Shares |
Rs.10/- each |
Rs.2.002 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.002 |
2.002 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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34.973 |
42.473 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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36.975 |
44.475 |
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LOAN FUNDS |
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1] Secured Loans |
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3.500 |
0.000 |
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2] Unsecured Loans |
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98.477 |
81.805 |
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TOTAL BORROWING |
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101.977 |
81.805 |
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DEFERRED TAX LIABILITIES |
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3.707 |
4.220 |
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TOTAL |
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142.659 |
130.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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16.758 |
18.270 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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2.216 |
2.214 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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72.118 |
73.355 |
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Sundry Debtors |
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103.292 |
105.294 |
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Cash & Bank Balances |
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5.467 |
9.526 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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12.835 |
6.137 |
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Total
Current Assets |
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193.712 |
194.312 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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65.566 |
78.876 |
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Provisions |
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4.461 |
5.420 |
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Total
Current Liabilities |
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70.027 |
84.296 |
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Net Current Assets |
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123.685 |
110.016 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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142.659 |
130.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover
(Estimated) |
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200.000 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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4.65 |
3.73 |
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Current Ratio (Current Asset/Current Liability) |
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2.77 |
2.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
ORNAMENTATIONS (INDIA) PRIVATE LIMITED |
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Presented By |
ABN Amro Bank
N.V. and Ornamentations
(India) Private Limited |
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1) Date and description of instrument creating the change |
Dated 8th
January, 1996 Hypothecation
Agreement for stocks, and Hypothecation Agreement for Book Debts. (Collectively
Constitute single charge for Rs.12.500 Millions) |
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2) Amount secured by the charge/amount owing on the securities of charge |
INR RS.12.500
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 borrower
stock in trade present and future consisting of cut rough and polished
diamonds (whether readymade Jewellery studded with diamonds, precious stones
etc. or in process of manufacturer) goods and movable properties of any kind.
Borrower present and future book debts, outstanding moneys, receivables,
claims and bills |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Working capital
facilities aggregating Rs.12.500 Millions Interests as per
RBI guidelines. Secured by 1st
pari passu charge on current assets indicated above whether situated both
present and future. |
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5) Name and Address and description of the person entitled to the charge. |
ABN Amro Bank NV 14 Veer Nariman
Road, Mumbai – 400023, Maharashtra, India (Now Shifted to
ABN Amro Bank NV 74 Sakhar Bhavan, 7th Floor, Mariman Point,
Mumbai – 400021) |
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6) Date and brief description of instrument modifying the charge |
Dated 24th
February, 2005 Supplemental
Facility Cum Hypothecation Agreement. |
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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. |
At the request of
the company the Bank has agreed to revise/ increase the facilities from
Rs.12.500 Millions to Rs.30.000 Millions as shown hereunder:-
Against
hypothecation of all book debts and the tangible movable properties of the
company including raw materials, stocks, spares, semi finished and finished
goods, goods in process of manufacturer and all goods manufactured there from
belonging to the company which now are or herein after from time to time
during the subsistence of the security hereby created be brought in or stored
in or about the company factories premises warehouse and godowns including
any such goods in the course of transit or delivery. Margin : 25% Thus, the charge
now stands secured at Rs.30.000 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
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Indian Rupees |
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US Dollar |
1 |
Rs.40.12 |
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UK Pound |
1 |
Rs.79.95 |
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Euro |
1 |
Rs.62.41 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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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
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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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