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MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
IDEAL JEWELS India PRIVATE LIMITED |
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Registered Office : |
Gala No. 301, Tower No.1, 3rd Floor, Jogeshwari Vikroli Link
Road, Seepz++, Seepz Sez, Andheri (East), Mumbai – 400 096, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.01.2003 |
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Com. Reg. No.: |
11-138825 |
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CIN No.: [Company
Identification No.] |
U36910MH2003PTC138825 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM24124C |
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PAN No.: [Permanent
Account No.] |
AABFI3459A |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer of Gold 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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Maximum Credit Limit : |
----- |
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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 having satisfactory track.
Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Kamlesh D Shah |
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Designation : |
Director |
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Date : |
22.10.2008 |
LOCATIONS
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Registered Office/ Factory : |
Gala No. 301, Tower No.1, 3rd Floor, Jogeshwari Vikroli Link
Road, Seepz++, Seepz Sez, Andheri (East), Mumbai – 400 096, Maharashtra,
India |
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Tel. No.: |
91-22-28291627/8/9/28292889 |
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Fax No.: |
91-22-28292889 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Praveen Hiralal Shah |
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Designation : |
Director |
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Address : |
22, Sagarmahal 65 A, Walkeshwar Road, Mumbai – 400 006, Maharashtra,
India |
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Date of Birth/Age : |
13.03.1952 |
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Date of Appointment : |
19.10.2005 |
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Name : |
Mr. Kamlesh D Shah |
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Designation : |
Director |
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Address : |
36, Dariya Mahal A – 80, Nepean Sea Road, Walkeshwar , Mumbai – 400
006, Maharashtra, India |
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Date of Birth/Age : |
13.10.1968 |
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Date of Appointment : |
24.01.2003 |
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Name : |
Mr. Manish R Shah |
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Designation : |
Director |
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Address : |
702, Chandanbala, A Ridge Road, Walkeshwar, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth/Age : |
21.07.1969 |
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Date of Appointment : |
24.01.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Kamlesh D Shah |
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225000 |
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Mr. Manish R Shah |
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175000 |
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Mr. Srutej R Shah |
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100000 |
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Total
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500000 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gold Jewellery |
GENERAL INFORMATION
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Customers : |
· Apex Jewelery Inc · B J B Import Limited · United Jewellery Trading Limited |
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Bankers : |
· Punjab National Bank, Offshore Banking Unit, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra, India · Karnet Bank |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B J Shah and Associates Chartered Accountants |
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Address : |
7 Someshwar Building, Sanghani Estate, Garden Lane, Ghatkopar (West),
Mumbai – 400 086, Maharashtra, India |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
(As on
31.03.2007):-
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 |
Issued, Subscribed & Paid-up 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 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.000 |
5.000 |
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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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54.766 |
14.940 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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59.766 |
19.940 |
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LOAN FUNDS |
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1] Secured Loans |
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101.910 |
75.599 |
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2] Unsecured Loans |
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33.403 |
31.583 |
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TOTAL BORROWING |
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135.313 |
107.182 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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195.079 |
127.122 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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33.897 |
36.227 |
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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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4.746 |
29.133 |
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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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69.114 |
34.234 |
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Sundry Debtors |
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127.322 |
98.106 |
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Cash & Bank Balances |
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2.076 |
2.181 |
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Other Current Assets |
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0.254 |
0.096 |
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Loans & Advances |
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7.900 |
1.831 |
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Total
Current Assets |
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206.666 |
136.448 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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50.362 |
73.284 |
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Provisions |
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0.102 |
1.667 |
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Total
Current Liabilities |
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50.464 |
74.951 |
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Net Current Assets |
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156.202 |
61.497 |
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MISCELLANEOUS EXPENSES |
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0.234 |
0.265 |
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TOTAL |
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195.079 |
127.122 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Total Income |
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323.509 |
185.865 |
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Net profit for the year |
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39.826 |
11.780 |
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Export Value |
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319.734 |
NA |
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Import Value |
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159.280 |
NA |
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Expenditures : |
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Depreciation & Amortization |
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3.537 |
3.822 |
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Other Expenditure |
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280.146 |
170.263 |
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Total Expenditure |
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283.683 |
174.085 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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12.31 |
6.34 |
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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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16.23 |
5.84 |
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Return on Investment (ROI) (PBT/Networth) |
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0.67 |
0.59 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.11 |
9.13 |
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Current Ratio (Current Asset/Current Liability) |
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4.09 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
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Corporate
identity number of the company |
U36910MH2003PTC138825 |
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Name of the
company |
IDEAL JEWELS
(INDIA) PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Gala No. 301, Tower No.1, 3rd Floor, Jogeshwari Vikroli
Link Road, Seepz++, Seepz Sez, Andheri (East), Mumbai – 400 096, Maharashtra,
India |
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This form is for |
Modification of
charge |
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Type of charge |
· Immovable property |
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Particular of
charge holder |
Punjab National
Bank, Offshore Banking Unit, SEEpz,
Andheri (East), Mumbai – 400 096, Maharashtra, India E-Mail: pnboffshore@pnboffshore.com |
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Nature of
instrument creating charge |
Deed of Further
Charge |
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Date of
instrument Creating the charge |
26.12.2007 |
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Amount secured by
the charge |
Rs. 121.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : As may be fixed by the Bank from time to
time. Terms of Repayment : As mutually
agreed upon Margin : As may be decided
by the bank from time to time. Extent and Operation of the charge : In view of
improvement of Indian Rupees and to
secure the payment of total charge of Rs. 121.500 millions, Punjab National
Bank, Offshore Banking unit, Seepz, Mumbai has enhanced the USd 2517000 to USD 2785000. The total Charge of Rs. 121.500
millions. (Fund Based Limit – Rs. 116.500 millions + Non Fund Based Limit –
Rs. 5.000 millions) Remains the same and unchanged against the equitable
mortgage of Company Immovable Properties |
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Short Particulars
of the property charged |
In view of
improvement of Indian Rupees and to
secure the payment of total charge of Rs. 121.500 millions, Punjab National
Bank, Offshore Banking unit, Seepz, Mumbai has enhanced the USd 2517000 to USD 2785000. The total Charge of Rs. 121.500
millions. (Fund Based Limit – Rs. 116.500 millions + Non Fund Based Limit – Rs.
5.000 millions) Remains the same and unchanged against the equitable mortgage
of Company Immovable Properties |
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Particulars of
the present modification |
By present 5th
Modification, In view of improvement of Indian Rupees and to secure the payment
of total charge of Rs. 121.500 millions, Punjab National Bank, Offshore
Banking unit, Seepz, Mumbai has enhanced the USd 2517000 to USD 2785000. The total Charge of Rs. 121.500
millions. (Fund Based Limit – Rs. 116.500 millions + Non Fund Based Limit –
Rs. 5.000 millions) Remains the same and unchanged against the equitable
mortgage of Company Immovable Properties |
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Name of the company |
IDEAL JEWELS (INDIA) PRIVATE LIMITED,
Mumbai |
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Presented By |
Punjab National Bank,
Offshore Banking Unit, Mumbai |
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1) Date and description of instrument creating the change |
Hypothecation of
assets to secure Term Loan dated 30.06.2004. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan Facility
– US Dollar 435000 (US Dollar Four
Hundred Thirty Five Thousand Only.) |
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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 |
Punjab National Bank,
Offshore Banking Unit, Mumbai, have sanctioned the aforesaid Term Loan Limit
to the Company by hypothecating of all assets and / or Movable property of
plant and machinery, Civil Works, Furniture and Fixtures, Electrical,
Installation, Air and Gas Lines, Office Equipments, Computers, Factory
equipments, Electronic and Electrical
Equipments, and Miscellaneous Movable Block assets both present and future to
the bank which now or hereafter from time to time during the continuance of
this agreement shall be brought in, stored or to be in or about the premises
of godowns at Gala 301, Tower I, in Seepz, Andheri (East), Mumbai – 400 096
as more specifically mentioned in Schedule of Security. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company
hereby undertake to repay the Te3rm Loan in 20 Quarterly Installments of US
Dollar 21750.00 beginning April 2005 Plus interests at the rate of 6 month
LIBOR + 3.25% per annum. The company shall
not except with the previous written consent of the Bank, sell or dispose of
in any manner the hypothecated assets or any part thereof. They are its
absolute property and such assets are free from any prior charges or
encumbrance. All the security
shall be insured by the company against fire risk and as when required by the
Bank against risk, riots, and civil commotion risk and / or any other
description to the full market value with the Insurance company as approved
by the Bank. The company
hereby agrees that they will always maintain the Margin as agreed upon for
each assets in favour of the bank. The other terms
and conditions are stipulated in the agreement. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank,
Offshore Banking Unit, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra,
India |
FIXED ASSETS:-
· Civil Construction
· Computers
· Factory Premises
· Furniture and Fixtures
· Electrical Fittings
· Office Equipments
· Plant and machinery
· Motor Car
Other Information:-
Future prospects:-
During the financial year ended 31st
March 2007, the company has incurred considerable expenditure for visiting
exhibitions and shows abroad. The company has also deputed its executive to
European Countries for promotion of its products. The company has been making
all efforts to establish its presence in this part. The company expects an
increase in volume of exports to the European Countries in the financial year
2007-2008.
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 |
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 |
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 |
|
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 |
|
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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