MIRA INFORM REPORT
|
Report Date : |
16.04.2011 |
Notes: The Company has been shifted from the above
address.
IDENTIFICATION DETAILS
|
Name : |
GITANJALI LIFESTYLE LIMITED |
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Formerly Known As : |
GITANJALI LIFESTYLES LIMITED |
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Registered Office : |
Office No.6, B Wing, 1st Floor, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.05.2007 |
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Com. Reg. No.: |
11 – 170596 |
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CIN No.: [Company
Identification No.] |
U36911MH2007PLC170596 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMG12412B |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
The Company is engaged in the business of trading in luxury and lifestyle products including diamonds studded watches, Gold and Diamonds studded Jewellery, silverware etc and Provide services in Health and Beauty segments. |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Gitanjali Gems Limited, The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Sandeep |
|
Designation : |
Finance and Account Department |
|
Date : |
15.04.2011 |
LOCATIONS
|
Registered Office : |
Office No.6, B Wing, 1st Floor, |
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Tel. No.: |
91-22-40102120 / 40102121 / 40102124 / 40102175 |
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Fax No.: |
91-22-40102123 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Mehul C. Choksi |
|
Designation : |
Director |
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Address : |
Gokul Apartment, 99/9th 10th Floor, Near White
House Walkeshwar, Mumbai – 400 006, |
|
Date of Birth/Age : |
05.05.1959 |
|
Date of Appointment : |
04.05.2007 |
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Pan No : |
AABPC1451E |
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|
|
|
Name : |
Mr. Abhishek Gupta |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep |
|
Designation : |
Finance and Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON (30.09.2008)
|
Names of Shareholders |
No. of Shares |
|
Gitanjali Gems Limited |
49994 |
|
Choksi C. Mehul |
1 |
|
Nair K. Gopalakrishnan |
1 |
|
Marya R. Gaurav R. |
1 |
|
Mehta A. Sudhir |
1 |
|
Shah K Upen |
1 |
|
Shah D Jignesh |
1 |
|
Total |
50000 |
AS ON (31.03.2008)
|
Equity Share
Breakup (percentage of total equity) |
|
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of trading in luxury and lifestyle products including diamonds studded watches, Gold and Diamonds studded Jewellery, silverware etc and Provide services in Health and Beauty segments. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information not divulged by management |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ford Rhodes Parks and Company Chartered Accountant |
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Address : |
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Tel. No.: |
91-22-67979819/67979823 |
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Fax No.: |
91-22-67979822 |
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E-mail : |
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Pan No.: |
AAAFF1843L |
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Holding Company : |
CIN No: L36911MH1986PLC040689 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2050000 |
Equity Shares |
Rs.10/- Each |
Rs.20.500 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2050000 |
Equity Shares |
Rs.10/- Each |
Rs.20.500 Millions |
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|
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|
Notes:
All the above equity shares are held by
Gitanjali Gems Limited (Holding Company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.500 |
20.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
80.000 |
80.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(164.854) |
(159.771) |
(39.418) |
|
|
5] Advance towards Share Capital |
0.000 |
0.000 |
100.000 |
|
|
NETWORTH |
(64.354) |
(59.271) |
61.082 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
350.600 |
247.059 |
137.694 |
|
|
TOTAL BORROWING |
350.600 |
247.059 |
137.694 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
286.246 |
187.788 |
198.776 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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|
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FIXED ASSETS [Net Block] |
52.162 |
33.721 |
26.504 |
|
|
Capital work-in-progress |
13.707 |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
163.396 |
50.940 |
10.100 |
|
|
DEFERREX TAX ASSETS |
4.368 |
4.368 |
0.000 |
|
|
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
823.676
|
156.969 |
51.072 |
|
|
Sundry Debtors |
227.232
|
158.749 |
70.175 |
|
|
Cash & Bank Balances |
1.494
|
5.444 |
1.097 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
258.573
|
125.502 |
162.691 |
|
Total
Current Assets |
1310.975
|
446.664 |
285.035 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1244.066 |
324.211 |
|
|
|
Other Current Liabilities |
10.542
|
21.134 |
120.947 |
|
|
Provisions |
3.754
|
2.560 |
1.952 |
|
Total
Current Liabilities |
1258.362
|
347.905 |
122.899 |
|
|
Net Current Assets |
52.613
|
98.759 |
162.136 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.036 |
|
|
|
|
|
|
|
|
TOTAL |
286.246 |
187.788 |
198.776 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
652.482 |
511.821 |
62.075 |
|
|
|
Other Income |
11.986 |
0.375 |
7.318 |
|
|
|
TOTAL (A) |
664.468 |
512.196 |
69.393 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Trading Goods |
431.283 |
474.517 |
59.782 |
|
|
|
Administrative, selling and distribution
expenses |
170.099 |
112.753 |
20.471 |
|
|
|
Payment and Provisions to Employees |
0.000 |
0.000 |
26.135 |
|
|
|
Preliminary Expenses written off |
0.000 |
0.000 |
0.008 |
|
|
|
Personnel costs |
59.027 |
43.230 |
0.000 |
|
|
|
TOTAL (B) |
660.409 |
630.500 |
106.396 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.059 |
(118.304) |
(37.003) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.377 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.059 |
(118.681) |
(37.003) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.142 |
5.440 |
1.589 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
(5.083) |
(124.121) |
(38.592) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
(3.769) |
(0.826) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(5.083) |
(120.352) |
(39.418) |
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|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(159.771) |
(39.419) |
|
|
|
|
|
|
|
|
|
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|
BALANCE CARRIED
TO THE B/S |
(164.854) |
(159.771) |
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
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|
Watches (US $) |
-- |
1854837 |
NA |
|
|
|
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|
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IMPORTS |
|
|
|
|
|
|
|
Watches (USD) |
11692734 |
20612773 |
|
|
|
|
Apparels (USD) |
3103161 |
3991416 |
|
|
|
|
Watches (CHF) |
-- |
5317402 |
|
|
|
|
Wet Products (AUD) |
-- |
177298 |
|
|
|
|
Watches (EURO) |
5006250 |
-- |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(91.63) |
(2169.33) |
(788) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.76)
|
(23.50) |
(56.80) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.78)
|
(24.25) |
(62.17) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.37)
|
(25.84) |
(12.39) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
2.09 |
(0.63) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(24.99)
|
(10.04) |
2.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.28 |
2.32 |
LOCAL AGENCY FURTHER INFORMATION
COMPANY BACKGROUND
The Company is engaged in the business of trading in luxury and lifestyle products including diamonds studded watches, Gold and Diamonds studded Jewellery, silverware etc and Provide services in Health and Beauty segments.
The Details of
sundry creditors
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
- Others |
1244.066 |
324.211 |
NA |
|
Total |
1244.066 |
324.211 |
NA |
Contingent
Liabilities:
Bank Guarantees amounting to Rs.0.420 million(Rupees Four hundred and twenty million only) given to Haryana, Delhi and Punjab Sales Tax Department not provided for, however it is secured against bank fixed deposit and the said Deposits are under lien with the bank.
Estimated amount of contracts remaining to be executed on capital account and not provided for are Rs.7.000 millions for the current year (Previous year Rs. Nil)
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2010
Rs. In Millions
|
Particulars |
Unaudited quarter ended 31.12.2010 |
Unaudited nine months ended 31.12.2010 |
|
Net Sales / Income from Operations |
12718.473 |
36276.621 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade and work in progress |
2800.232 |
1816.678 |
|
(b) Consumption of Raw Materials / purchase of traded goods |
8933.043 |
31328.462 |
|
(c) Employees Cost |
62.704 |
178.144 |
|
(d) Depreciation |
8.244 |
24.925 |
|
(e) Other Expenditure |
129.353 |
510.180 |
|
Total |
11933.576 |
33858.389 |
|
Profit From Operations before other Income Interest & Exceptional Items |
784.897 |
2418.232 |
|
Other Income |
1.232 |
1.307 |
|
Profit before Interest and Exceptional items |
786.128 |
2419.539 |
|
Interest |
282.642 |
773.694 |
|
Profit after interest before Exceptional items |
503.487 |
1645.845 |
|
Exceptional Items |
-- |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
503.487 |
1645.845 |
|
Tax Expenses |
|
|
|
- Provision for income tax |
22.000 |
62.000 |
|
- Provision for deferred tax |
0.252 |
0.775 |
|
- Provision for fringe benefit tax |
-- |
-- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
481.235 |
1583.069 |
|
Extraordinary Items |
-- |
-- |
|
Net Profit/(Loss) for the period |
481.235 |
1583.069 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
842.700 |
842.700 |
|
Reserves (Excluding Revaluation Reserves) |
|
|
|
Earnings per Share
(EPS) |
|
|
|
-Basic EPS for the period, for the year to date and for the previous year |
5.71 |
18.79 |
|
-Diluted EPS for the period, for the year to date and for the previous year |
4.90 |
16.11 |
|
Public Share Holding |
|
|
|
- Number of Shares |
37943463 |
37943463 |
|
- Percentage of shareholding |
45.03 |
45.03 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
10278564 |
10278564 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
22.19 |
22.19 |
|
- Percentage of shares(as a % of the total share capital of the company) |
12.19 |
12.19 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
36047973 |
36047973 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
77.81 |
77.81 |
|
- Percentage of Share (as a % of the total share capital of the company) |
42.78 |
42.78 |
STANDALOE SEGMENTWISE
REPORTING REVENUE, RESULTS AND CAPITAL EMPLOYED
A) Primary Segment (By Business Segment)
Rs. In Millions
|
Particulars |
Unaudited quarter ended 31.12.2010 |
Unaudited nine months ended 31.12.2010 |
|
1. Segment Revenue |
|
|
|
a) Segment – Diamond |
8536.730 |
25217.515 |
|
b) Segment – Jewellery |
4327.617 |
11363.558 |
|
Total |
12864.348 |
36581.074 |
|
Less: Inter segment revenue |
145.875 |
304.453 |
|
Net sales / income from
operations |
12718.473 |
36276.621 |
|
2. Segment Results |
|
|
|
Profit/(loss) before tax and interest from
each segment |
3544.90 |
1184.143 |
|
a) Segment – Diamond |
485.475 |
1322.403 |
|
b) Segment – Jewellery |
839.966 |
2506.547 |
|
Total |
|
|
|
Less |
|
|
|
i) Interest |
282.642 |
773.694 |
|
ii) Other Un-allocable expenses |
53.835 |
87.007 |
|
Total profit before tax |
503.488 |
1645.846 |
|
3. Capital employed |
|
|
|
a) Segment – Diamond |
7377.573 |
7377.573 |
|
b) Segment – Jewellery |
4805.172 |
4805.172 |
|
c) Unallocated net assets |
9883.138 |
9883.138 |
|
Total |
22065.882 |
22065.882 |
B) Secondary Segment (By Geographical Segment)
Rs. In Millions
Segment Revenue
|
Particulars |
Unaudited quarter ended 31.12.2010 |
Unaudited nine months ended 31.12.2010 |
|
|
5326.415 |
14780.475 |
|
Rest of the world |
7392.057 |
21496.145 |
|
Total Revenue |
12718.473 |
36276.621 |
Fixed Assets:
- Computers
- Civil and interior works
- Furniture and fixture
- Motor boat
- Office equipment
- 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,
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.44.52 |
|
|
1 |
Rs.72.72 |
|
Euro |
1 |
Rs.64.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.