MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
CREATION JEWELLERY MANUFACTURING PRIVATE LIMITED |
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Registered Office : |
G – 26, Complex 3, Seepz, Andheri (East), Mumbai – 400096, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
10.01.2001 |
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Com. Reg. No.: |
130387 |
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CIN No.: [Company
Identification No.] |
U52393MH2001PTC130387 |
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Legal Form : |
Private limited
liability company |
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Line of Business : |
To carry on the
business of manufacturers of Gold, Platinum, Diamond and Gemstones 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 : |
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 having fine track. Available information
indicates high financial responsibility of the company and management. Their trade
relations are fair. Financial position is very good. Payments are always
correct and as per commitments. The company can
be considered good for normal business dealings. It can be regarded as a
promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
G – 26, Complex 3, Seepz, Andheri (East), Mumbai – 400096,
Maharashtra, India |
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E-Mail : |
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Branch Office : |
503, Majestic
Shopping Centre, JSS Road, Girgaon, Mumbai 400004 |
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Tel. No.: |
91-22-23810527/
66355925 |
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Fax No.: |
91-22-23810529 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Adil Kaikhusru Kotwal |
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Designation : |
Director |
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Address : |
D- 4, Imperial Mahal, Khodadad Circle, Dadar, Mumbai – 400014,
Maharashtra |
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Date of Birth/Age : |
01.10.1958 |
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Date of Appointment : |
10.01.2001 |
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Name : |
Mr. Vallabhbhai Purushottambhai Surani |
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Designation : |
Director |
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Address : |
2005, Chandanbala Co Op Hsg Society, R. R. Thakkar Marge, Walkeshwar,
Mumbai – 400006, Maharashtra |
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Date of Birth/Age : |
01.06.1963 |
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Date of Appointment : |
18.10.2004 |
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Name : |
Sunil Pravin
Hansari |
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Designation : |
Director |
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Address : |
14A, Queens
Apartment, 59, Pali Hill, Bandra, Mumbai 400050 |
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Date of Birth/Age : |
06/04/1967 |
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Date of Appointment : |
05/12/2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2008
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Names of Shareholders |
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No. of Shares |
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Adil Kaikhusru Kotwal |
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4995000 |
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Khurshid Adil Kotwal |
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5000 |
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Total |
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5000000 |
AS ON 15.09.2008
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Equity Share Breakup
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the
business of manufacturers of Gold, Platinum, Diamond and Gemstones Jewellery. |
PRODUCTION STATUS
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Particulars |
Unit |
Actual
Production |
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Rings |
Pcs |
82480 |
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Ear Rings |
Pcs |
9156 |
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Pendants |
Pcs |
67092 |
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Bracelets |
Pcs |
35257 |
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Necklaces |
Pcs |
297 |
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Bangles |
Pcs |
35 |
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Box Set Pairs |
Pcs |
8993 |
GENERAL INFORMATION
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No. of Employees : |
2000 |
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Bankers : |
Ø State Bank of
Patiala Block 1/ 002, Seepz ++, Andheri (East), Mumbai – 400096,
Maharashtra, India Ø Punjab National
Bank Ø ICICI Bank Ø ING Vysya Bank
Limited |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
M. A. Parikh and Company Chartered Accountant |
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Address : |
Yusuf Building, 2nd Floor, 43, Mahatma Gandhi Road, Fort,
Mumbai – 400023, Maharashtra |
CAPITAL STRUCTURE
AS ON 15.09.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- Each |
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- Each |
Rs.50.000 Millions |
Note: of the above equity share 4990000 equity shares
have been allotted as fully paid up bonus share by capitalization of surplus in
profit and loss account
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
50.000 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
316.633 |
241.080 |
150.753 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
366.633 |
291.080 |
150.853 |
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LOAN FUNDS |
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1] Secured Loans |
141.891 |
133.869 |
0.000 |
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2] Unsecured Loans |
0.000 |
39.960 |
40.000 |
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TOTAL BORROWING |
141.891 |
173.829 |
40.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.588 |
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TOTAL |
508.524 |
464.909 |
192.441 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.338 |
37.428 |
26.360 |
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Capital work-in-progress |
0.000 |
0.000 |
11.545 |
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INVESTMENT |
1.585 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
3.584 |
3.202 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
132.153
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243.140 |
94.744 |
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Sundry Debtors |
511.812
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329.669 |
354.728 |
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Cash & Bank Balances |
49.952
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48.292 |
15.776 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
8.972
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9.421 |
33.216 |
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Total
Current Assets |
702.889
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630.522 |
498.464 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
227.874
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195.238 |
343.953 |
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Provisions |
0.000
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11.006 |
0.137 |
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Total
Current Liabilities |
227.874
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206.244 |
344.090 |
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Net Current Assets |
475.015
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424.278 |
154.375 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.159 |
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TOTAL |
508.524 |
464.909 |
192.441 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
1969.715 |
2753.974 |
1409.354 |
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Other Income |
1.852 |
1.102 |
3.231 |
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Total Income |
1971.567 |
2755.076 |
1412.585 |
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Profit/(Loss) Before Tax |
64.887 |
170.672 |
123.989 |
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Provision for Taxation |
0.341 |
(4.582) |
5.683 |
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Profit/(Loss) After Tax |
64.546 |
175.255 |
118.306 |
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Expenditures : |
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Manufacturing Expenses |
93.604 |
101.666 |
73.803 |
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Selling and Distribution Charges |
2.205 |
3.445 |
2.513 |
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Raw Material Consumed |
1786.376 |
2455.188 |
1203.273 |
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Financial Charges |
11.226 |
9.084 |
4.890 |
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Preliminary Expenses Written Off |
0.000 |
0.160 |
0.032 |
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Depreciation & Amortization |
13.267 |
14.861 |
4.085 |
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Other Expenditure |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
1906.678 |
2584.404 |
1288.596 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
03.27
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05.96 |
08.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
03.29
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05.79 |
08.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
08.76
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23.78 |
23.11 |
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Return on Investment (ROI) (PBT/Networth) |
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17.60
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54.85 |
82.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.00
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1.30 |
2.54 |
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Current Ratio (Current Asset/Current Liability) |
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3.08
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3.05 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
FORM NO.8
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10011576 |
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Corporate
identity number of the company |
U52393MH2001PTC130387 |
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Name of the
company |
CREATION JEWELLERY MANUFACTURING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
G – 26, Complex 3, Seepz, Andheri (East), Mumbai – 400096,
Maharashtra, India |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Consortium finance agreement already filed Inter- se agreement already field Deed of guarantee |
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Date of
instrument Creating the charge |
11.06.2008 |
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Amount secured by
the charge |
Rs.300.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest shall be
charged on the outstanding in the said accountant at such rate or rate as may
be determined by the said banks from time to time and if such rate or rates
is or are linked to the commercial banks advanced rate. Then the effective
rate of interest on such account shall correspondingly change. Terms of Repayment Working capital
to be reviewed every year Margin 10% of raw
material work in process and finish goods. 15% of receivable Extent and Operation of the charge On all present
and future current assets and movable and immovable assets of the company |
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Short particulars
of the property charged |
Immovable
property situated at Unit No.25, 26, Gems Jewellery Complex 3, Seepz++, Plot
No.F1, MIDC, Andheri (W), Mumbai - 400096 |
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Particulars of
the present modification |
The amount
secured on creation of charge shall remain same but the loan is now secured
with deed of guarantee |
FIXED ASSETS
Tangible Assets
Ø
Factory Building
Ø
Plant and Machinery
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Computers
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Furniture and Fitting
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Motor Car
Intangible Assets
Ø
Computer Software
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.49.79 |
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UK Pound |
1 |
Rs.81.27 |
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Euro |
1 |
Rs.63.91 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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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55 |
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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