MIRA
INFORM REPORT
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Report Date : |
27.10.2008 |
IDENTIFICATION DETAILS
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Name : |
INTER GOLD GEMS PRIVATE LIMITED |
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Registered Office : |
2A 2B 2C 58/60 Jariwala Mension, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
17.05.1991 |
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Com. Reg. No.: |
11-61736 |
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CIN No.: [Company
Identification No.] |
U36911MH1991PTC061736 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI04878G |
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PAN No.: [Permanent
Account No.] |
AAAC11062K |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer and Traders of Industrial Diamonds, Natural Diamonds,
Gem, Rubies, Precious and Semi –Precious Stones. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 company having fine track. Financial position
is good. Payments are usually correct and as per commitments. The company and
its producers enjoy very favorable reputation in the market. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
2A 2B 2C 58/60 Jariwala Mension, |
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Tel. No.: |
91-22-23681610 / 30617777 |
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Fax No.: |
91-22-23684716 / 30617778 |
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E-Mail : |
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Website : |
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Administrative Office : |
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Corporate Office : |
Asiad Plaza, 2nd Floor, Opposite Poddar High School, S V
Road, Santacruz (West), Mumbai – 400 054, Maharashtra , India |
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Tel. No.: |
91-22-30617777 / 28870215 / 2567 / 5657 |
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Mobile No.: |
91-919324511216 |
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Fax No.: |
91-22-30617778 / 28461456 |
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Website : |
DIRECTORS
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Name : |
Mr. Giles Dion Dsouza |
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Designation : |
Director |
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Address : |
A1/8, Samruddhi Co-operative housing society, B P Marg, Dadar, Mumbai
– 400 028, |
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Date of Birth/Age : |
01.09.1952 |
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Date of Ceasing: |
31.01.2007 |
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Name : |
Mr. Harshad R Mehta |
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Designation : |
Director |
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Address : |
91/19, Vijaydeep 31, |
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Date of Birth/Age : |
15.08.1947 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mrs. Priti Mehta |
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Designation : |
Director |
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Address : |
91/19, Vijaydeep 31, |
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Date of Birth/Age : |
19.01.1971 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mr. Russell Arunkumar Mehta |
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Designation : |
Director |
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Address : |
25-B, |
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Date of Birth/Age : |
06.12.1961 |
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Date of Appointment : |
17.08.2002 |
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Name : |
Mr. Nayan R Pansare |
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Designation : |
Director |
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Address : |
602, Rajanigandha Gen, A K Vaidya Marg, Goregaon (East), Mumbai – 400
063, |
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Date of Birth/Age : |
17.03.1952 |
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Date of Appointment : |
09.05.2003 |
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Name : |
Mr. Giles John Dsouza |
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Designation : |
Director |
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Address : |
A-1/3, Samrudhi Co-op housing society, off |
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Date of Birth/Age : |
01.09.1952 |
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Date of Appointment : |
09.05.2003 |
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Name : |
Mr. Amit B Bhansali |
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Designation : |
Director |
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Address : |
35, Gitanjali, 73-75, |
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Date of Birth/Age : |
09.12.1962 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mr. Dilip R Mehta |
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Designation : |
Director |
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Address : |
12, Shanudeep 10, |
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Date of Birth/Age : |
13.11.1949 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mr. Vijay Nirmalkumar Jain |
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Designation : |
Director |
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Address : |
10, Hanvant Bhavan, 80 Napean sea Road, Mumbai – 400 006, |
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Date of Birth/Age : |
12.09.1968 |
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Date of Appointment : |
27.12.2002 |
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Name : |
Mr. Jitendra Rajpal Daryani |
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Designation : |
Director |
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Address : |
501, Tulip CHS limited, |
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Date of Birth/Age : |
20.04.1968 |
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Date of Appointment : |
22.12.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
R Harshad R Mehta |
|
100 |
|
Inter Gold India Private Limited |
|
1099850 |
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Mr. Soignee Kothari |
|
50 |
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Rosy Blue India Private Limited |
|
599900 |
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Mr. Vijay Nirmalkumar Jain |
|
200000 |
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Mrs. Kajal R Kapadia |
|
100000 |
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Rosy Blue Investment Private Limited |
|
100 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Bodies Corporate |
85.00 |
|
2 |
Directors or relative of directors |
15.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Traders of Industrial Diamonds, Natural Diamonds,
Gem, Rubies, Precious and Semi –Precious Stones. |
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Product : |
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GENERAL INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
ABN Amro Bank N V Address: 74,
Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai – 400 021 |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
M.M Nissin and Company Chartered Accountants |
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Address : |
Barodawala Mansion, B –wing, 3rd Floor, 81, DR, Annie Besant
Road, Worli, Mumbai – 400 018, Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity shares |
Rs.10/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity shares |
Rs.10/- each |
Rs.20.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
20.000 |
20.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
214.992 |
321.500 |
|
|
4] (Accumulated Losses) |
|
[255.802] |
[238.684] |
|
|
NETWORTH |
|
[20.810] |
102.816 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
512.249 |
425.800 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
512.249 |
425.800 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
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TOTAL |
|
491.439 |
528.616 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
104.961 |
116.792 |
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Capital work-in-progress |
|
2.867 |
3.088 |
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INVESTMENT |
|
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
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|
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Inventories |
|
412.937 |
567.010 |
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Sundry Debtors |
|
14.396 |
17.191 |
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Cash & Bank Balances |
|
17.484 |
5.362 |
|
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Other Current Assets |
|
36.162 |
35.290 |
|
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Loans & Advances |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
480.979 |
624.853 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
|
94.182 |
217.178 |
|
|
Provisions |
|
5.067 |
2.757 |
|
Total
Current Liabilities |
|
99.249 |
219.935 |
|
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Net Current Assets |
|
381.730 |
404.918 |
|
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MISCELLANEOUS EXPENSES |
|
1.881 |
3.818 |
|
|
|
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|
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TOTAL |
|
491.439 |
528.616 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
703.879 |
720.644 |
|
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Other Income |
|
0.000 |
0.000 |
|
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Total Income |
|
703.879 |
720.644 |
|
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Profit/(Loss) Before Tax |
|
[15.217] |
[9.998] |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
[15.217] |
[9.998] |
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Expenditures : |
|
|
|
|
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Interest |
|
28.239 |
27.986 |
|
|
Depreciation & Amortization |
|
17.532 |
17.053 |
|
|
Other Expenditure |
|
673.326 |
685.603 |
|
Total Expenditure |
|
719.097 |
730.642 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
[2.16] |
[1.38] |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
[2.16 |
[1.38] |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[2.58] |
[1.34] |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.73 |
0.09 |
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
[29.38] |
6.28 |
|
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|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
4.84 |
2.84 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 :-
|
Name of the
company |
INTERGOLD GEMS PRIVATE LIMITED |
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Presented
By |
ABN AMRO BANK
N.V and INTER GOLD GEMS
PRIVATE LIMITED |
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1) Date and
description of instrument creating the change |
Dated : 21.05.2004 Facility –Cum
–Hypothecation Agreement |
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2) Amount secured
by the charge/amount owing on the securities of charge |
INR – 55000000 (Rupees Fifty
five Million only) |
|
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 |
The borrower
hypothecates to and charges in favour of the Bank by way of first pari passu
charge on all the book debts of the borrowers and all the movable assets of
the borrower and all other tangible movable properties of the Borrower such
as raw material, stocks, spares, semi
finished goods, goods in process of manufacture and all goods manufactured
there from belonging to the Borrower which now are or hereafter from time to
time during the subsistence of the security hereby created be brought in or
about the borrowers factories, premises, warehouses and Godown, including any
such goods in the course of transit. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
a) The above stocks and book debts hypothecated to the bank as
security fro payment by the borrower to the Bank under the credit facilities
of INR 55000000/- with all interest, charges, costs and expenses, etc. b) Interest: i) For CC/OD – 16 % p.a ii) For others
–At negotiated rates c) Additional Interest: 20%p.a d) Margin: 25% e) the borrower further agrees that the hypothecation assets shall
also be security for all other monies that may be due and payable by the
borrower to the bank on any account whatsoever, whether present or future,
including the liability of the borrowers as a surety or co-obligant alongwith
any other person. |
|
5) Name and Address
and description of the person entitled to the charge. |
ABN Amro Bank N V Address: 74, Sakhar Bhavan, 7th
Floor, Nariman Point, Mumbai – 400 021 |
|
6) Date and brief description of instrument
modifying the charge |
Dated :15.04.2005 Supplemental Facility
–cum –hypothecation agreement |
|
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. |
The bank having at
the request of the borrower has further increased the existing facilities
from Rs. 55.000 millions to Rs. 1.050 millions against hypothecation of all
the borrowers book debts and the tangible Movable properties of the Borrower
including raw material, stock, spares, semi –finished and finished goods,
goods in process of manufacture and all goods manufactured therefrom
belonging to the Borrower 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 borrowers factories, premises, warehouses and Godown
including any such goods in the course of transit or delivery. |
History
A
That’s ORRA – The Diamond Destination! A spark born in 1888 was carried
for over a century to metamorphose into ORRA. From sculpting and manufacturing
diamonds to crafting and retailing the finest diamond jewellery, ORRA has come
a long way since its inception.
ORRA – The Diamond Destination is
Set in an international format,
ORRA retails through 35 exclusive high street boutiques in 23 cities across
Diamonds
BANKING ON THE RICH DIAMOND HERITAGE ORRA OFFERS THE FINEST
DIAMONDS set in artistically inspired designs. Be it a perfectly sculpted
solitaire or a classic handcrafted neckpiece, at ORRA, there is a diamond for
every occasion. Define a diamond's size, shape or colour and ORRA will make the
dream come true! ORRA diamonds are etched out by artisans who have inherited
the 700-year-old legacy of the Belgian Master Craftsmen, the inventors of
diamond sculpting. Discover the luminous drops of mystique all the way from
Apart from the
finest quality of diamonds, ORRA also brings to the forefront, a design skill
that has consistently wowed the world. With its design centers spread across
the globe in
SOLITAIRE
BRIDALSPIRITUAL
KOHINOORBUSTIERANJOLIE ELA MENON
TRIMUKHGANESHACAREER CARATS
MUGHAL COLLECTIONORRA PLATINUM COUPLES
Press Releases
ORRA’s Hearts of
Perfection – Proof that true love runs deep!
It is that time of the year again when love and romance are in the air.
How does one express love that is eternal and special….but naturally with a
symbol which is as memorable and everlasting.
This Valentine’s, Orra – The Diamond Destination launches a very special
collection of diamonds, which allow you to etch the love forever. The Hearts of
Perfection range from Orra, is a line of diamonds cut to such perfection that
they display a dazzling pattern of Hearts and Arrows on the diamond itself.
The symbol of Hearts and Arrows is only visible when the symmetry and
proportion of the cut is perfect, and is a reflection of fine craftsmanship in
the cut of the diamond. Orra is renowned for its solitaires and the new Hearts
of Perfection range is an addition to their existing range.
For Valentines, Orra showcases this premium line of diamonds in a range of
pendants. These pendants are set in white gold showcasing the beautiful Hearts
and Arrows stone as a centerpiece.
Mr. Vijay Jain, CEO, Orra said “Valentines is a special occasion and now you
can express the eternal commitment to the one you love, with a perfectly cut
diamond, set in hand crafted Orra jewellery. ”
Moderately priced at Rs. 12000/- they can be no gift more perfect than this to
prove that true love runs deep. In addition as a special Valentines Offer, each
pendant comes with a bottle of Bvlgari perfume, for that whiff of romance.
About Orra:
Anjolie Ela Menon
ORRA – The Diamond Destination is
Anjolie Ela Menon ORRA - The Diamond Destination is
At ORRA, rocks are crafted into beautiful diamonds by descendants of the
legendary 14th century Belgian inventors of diamond sculpting. Define a
diamond's size, shape or colour and ORRA will make the dream come true.
In keeping with its tradition of design innovation, Orra has combined the craft
of jewellery along with the beauty of art. Orra has collaborated with top
Indian painter, Anjoli Ela Menon. Inspired by the Renaissance era, Menon
created a unique miniature painting, which has been transformed into a pendant
by Orra. Menon believes "a piece of jewellery is as much a work of art as
a painting"
This unique piece has the Anjoli Ela Menon miniature painting framed in rose
cut diamonds with an open setting. Attached below the frame is a Forevermark
diamond which is set with a South sea pearl. The back of the frame, filgree
detailing which opens up to an etched signature of Anjoli Ela Menon on gold
foil. This distinct mark makes this piece one of a kind. This was recently
auctioned out by Saffronart and was the highest bid of Rs. 21 lakhs. These
proceeds went to a charity of Anjoli Ela Menon's choice called "The
Paediatric Emergency Care Fund at
ORRA is a part of the world's largest diamond manufacturing company with a
presence across 15 countries headquartered in
ORRA is a part of the world’s largest diamond manufacturing company with a
presence across 15 countries headquartered in
WEBSITE DETAILS:
As days turned to years and years to decades, Inter
Gold enjoyed a unique place in the sun. However, for it to sustain its brilliance,
the ever-changing nature of time has played its part. Inter Gold has now given
way to an even brighter light. A light called Orra. A legacy that spanned
decades can now be summed up in one word. Orra. A word that epitomises the
person it was created for. Her spirit, her grace, her grit and most
importantly, the invisible glow that surrounds her persona. Then they went a
step further. If we had to describe her with a colour, which one would do
justice to her? A fiery red? A deep violet? A sublime white? It would have to
be one that highlighted her depth without ignoring her serenity. One that
focussed on her nurturing spirit as well as her soaring ambitions. A colour
that brought out all her shades as effortlessly as she wears them.
Company Profile:
As days turned to years and years to decades, subject enjoyed a unique place in the sun. However, for it to sustain its brilliance, the ever-changing nature of time has played its part.
CMT REPORT (Corruption, Money
Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.95 |
|
|
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
|