MIRA
INFORM REPORT
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Report Date : |
13.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SNC JEWELS PRIVATE LIMITED |
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Registered Office : |
Unit No. 124, SDF-IV, Seepz, Andheri [East], Mumbai 400096, Maharashtra
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.12.2001 |
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Com. Reg. No.: |
134255 |
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CIN No.: [Company
Identification No.] |
U36910MH2001PTC134255 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS40837G |
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PAN No.: [Permanent
Account No.] |
AAICS0348G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Studded and Plain 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 : |
USD 715000 |
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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 diamond manufacturer and
trader. Trade relations are
fair. Financial position is
good. Payments are usually correct
and as per commitments. The company
is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office/Factory : |
Unit No. 124, SDF-IV, Seepz, Andheri [East], Mumbai 400096,
Maharashtra, India |
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Tel. No.: |
91-22-30925075 / 24932271 / 24961390/ 28293040 |
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Fax No.: |
91-22-24961390/ 28293045 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Saurin Sohil Jhaveri |
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Designation : |
Director |
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Address : |
12, Sumangal, 6th Floor, 13, Ridge Road, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
06.09.1981 |
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Date of Appointment : |
15.05.2004 |
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Name : |
Mr. Rajnikant Harilal Jhaveri |
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Designation : |
Director |
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Address : |
12, Sumangal, 6th Floor, 13, Ridge Road, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
03.06.1928 |
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Date of Appointment : |
29.07.2004 |
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Name : |
Mr. Aditya Vitthal Choksi |
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Designation : |
Director |
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Address : |
11, Pavlola, 10, Gibbs Road, Mumbai 400006, Maharashtra, India |
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Date of Birth/Age : |
15.01.1980 |
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Date of Appointment : |
15.05.2004 |
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Name : |
Mr. Amish Rajnikant Jhaveri |
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Designation : |
Director |
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Address : |
12, Sumangal, 6th Floor, 13, Ridge Road, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
03.12.1963 |
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Date of Appointment : |
15.05.2004 |
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Name : |
Sheffalie Amish Jhaveri |
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Designation : |
Director |
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Address : |
12, Sumangal, 6th Floor, 13, Ridge Road, Mumbai 400006,
Maharashtra, India |
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Date of Birth/Age : |
28.02.1965 |
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Date of Appointment : |
29.07.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
[As on 30.07.2005]
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Names of Shareholders |
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No. of Shares |
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Amish Jhaveri |
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209600 |
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Saurin Jhaveri |
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209600 |
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Rajnikant Jhaveri |
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150000 |
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Sheffali Jhaveri |
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125100 |
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Jaswanti Jhaveri |
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78600 |
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Siddhant Jhaveri |
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209600 |
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Aditya Choksi |
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115000 |
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Vitthaldas Choksi |
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97500 |
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Rohan Choksi |
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115000 |
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Total |
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1310000 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Studded and Plain Gold Jewellery |
GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
Landmark Race
Cource Circle, Alkapuri, Baroda 390015, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L. D. Joshi and Company Chartered Accountants |
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Address : |
2-G, Court Chambers, 2nd Floor, Behind Income Tax
Office,35, New Marine Lines, Mumbai 400020, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1410000 |
Equity Shares |
Rs. 10/-
each |
Rs. 14.100
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.100 |
13.100 |
13.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
128.819 |
54.693 |
7.672 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
142.919 |
67.793 |
20.772 |
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LOAN FUNDS |
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1] Secured Loans |
285.819 |
113.498 |
36.826 |
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2] Unsecured Loans |
32.900 |
46.500 |
26.640 |
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TOTAL BORROWING |
318.719 |
159.998 |
63.466 |
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DEFERRED TAX LIABILITIES |
0.033 |
0.036 |
0.177 |
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TOTAL |
461.671 |
227.827 |
84.415 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.444 |
15.249 |
16.924 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
120.889
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70.258 |
55.231 |
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Sundry Debtors |
405.109
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202.519 |
62.012 |
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Cash & Bank Balances |
2.532
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3.726 |
2.413 |
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Other Current Assets |
48.984
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19.955 |
5.062 |
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Loans & Advances |
0.315
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0.219 |
0.000 |
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Total
Current Assets |
577.829
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296.677 |
124.718 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
131.263
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84.111 |
57.452 |
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Provisions |
0.472
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0.174 |
0.014 |
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Total
Current Liabilities |
131.735
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84.285 |
57.466 |
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Net Current Assets |
446.094
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212.392 |
67.252 |
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MISCELLANEOUS EXPENSES |
0.133 |
0.186 |
0.239 |
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TOTAL |
461.671 |
227.827 |
84.415 |
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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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665.540 |
342.180 |
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Profit/(Loss) Before Tax |
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75.911 |
47.040 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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75.911 |
47.040 |
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Earnings in Foreign Currency : |
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665.485 |
341.512 |
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Expenditures : |
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Interest |
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17.260 |
4.311 |
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Depreciation & Amortization |
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2.958 |
3.096 |
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Other Expenditure |
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569.411 |
287.733 |
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Total Expenditure |
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589.629 |
295.140 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
11.40
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13.74 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
11.40
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13.74 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.79
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15.08 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.53
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0.69 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.15
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3.60 |
5.82 |
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Current Ratio (Current Asset/Current Liability) |
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4.39
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3.51 |
2.17 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U36910MH2001PTC134255 |
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Name of the
company |
SNC JEWELS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Unit No. 124, SDF-IV, Seepz, Andheri [East], Mumbai 400096,
Maharashtra, India |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
ICICI Bank
Limited Landmark Race
Cource Circle, Alkapuri, Baroda 390015, Gujarat, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental deed
of hypothecation dated 30.09.2006 executed by the Borrower in favour of ICICI Bank Limited |
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Date of
instrument Creating the charge |
30.09.2006 |
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Amount secured by
the charge |
Rs. 142.000
Millions |
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Short particulars
of the property charged |
The whole of the
Borrowers stock of raw material, goods in process, semi finished goods and
finished goods, consumable stores and spares
and such other movables, including book debts, bills whether
documentary or clean both present and future. The whole of the
Borrowers movable properties including its movable plant and machinery,
machinery spares, tools and accessories, non trade receivables and other
movables both present and future. |
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 |
|
US Dollar |
1 |
Rs.45.77 |
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UK Pound |
1 |
Rs.80.67 |
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Euro |
1 |
Rs.64.20 |
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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