MIRA INFORM REPORT
|
Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
LOTUS ORNAMENTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
SDF – 3, Unit No. 78, Seepz, Andheri (East), Mumbai – 400096, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
30.03.2004 |
|
|
|
|
Com. Reg. No.: |
11-145442 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51397MH2004PTC145442 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04761B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACL9830C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Diamond, Precious and
Semi Precious, Stone, Studded Gold and Pt. Jewellery. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 445156 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
SDF – 3, Unit No. 78, Seepz, Andheri (East), Mumbai – 400096, |
|
Tel. No.: |
91-22-28290686/ 28290688 |
|
Fax No.: |
91-22-28290686 |
|
E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sameer H. Shah |
|
Designation : |
Director |
|
Address : |
2/27, Samrat Ashok Society, R R Thakkar Marg, |
|
Date of Birth/Age : |
16.12.1963 |
|
Date of Appointment : |
30.03.2004 |
|
|
|
|
Name : |
Mrs. Rupali S. Shah |
|
Designation : |
Director |
|
Address : |
2/27, Samrat Ashok Society, R R Thakkar Marg, |
|
Date of Birth/Age : |
19.10.1968 |
|
Date of Appointment : |
30.03.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Sameer H. Shah |
|
983000 |
|
Rupali S. Shah |
|
17000 |
|
|
|
|
|
Total |
|
1000000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamond, Precious and
Semi Precious, Stone, Studded Gold and Pt. Jewellery. |
GENERAL INFORMATION
|
Customers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Suppliers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Seepz Branch, Seepz, Andheri (East), Mumbai – 400096,
Block – I/002, Seepz, Andheri (East), Mumbai – 400096,
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
- |
|
|
|
|
Auditors : |
|
|
Name : |
B J Shah and Associates Chartered Accountant |
|
Address : |
7 Someshwar Building, Sanghani Estate, |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.000 |
10.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
101.289 |
49.158 |
27.760 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
111.289 |
59.158 |
37.760 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
145.621 |
103.633 |
80.898 |
|
|
2] Unsecured Loans |
20.852 |
79.233 |
76.504 |
|
|
TOTAL BORROWING |
166.473 |
182.866 |
157.402 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
277.762 |
242.024 |
195.162 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
22.053 |
22.826 |
21.781 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
15.500 |
0.500 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
95.341
|
85.239 |
58.724 |
|
|
Sundry Debtors |
633.310
|
441.728 |
316.639 |
|
|
Cash & Bank Balances |
7.393
|
1.093 |
1.321 |
|
|
Other Current Assets |
0.000
|
0.000 |
22.493 |
|
|
Loans & Advances |
28.408
|
37.300 |
6.459 |
|
Total
Current Assets |
764.452
|
565.360 |
405.636 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
503.281
|
341.177 |
226.341 |
|
|
Provisions |
20.971
|
5.497 |
5.926 |
|
Total
Current Liabilities |
524.252
|
346.674 |
232.267 |
|
|
Net Current Assets |
240.200
|
218.686 |
173.369 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.009 |
0.012 |
0.012 |
|
|
|
|
|
|
|
|
TOTAL |
277.762 |
242.024 |
195.162 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales & Other Income |
655.110 |
703.295 |
703.473 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
54.684 |
24.880 |
23.578 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2.554 |
3.482 |
1.389 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
52.130 |
21.398 |
22.189 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.95
|
4.22 |
5.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.42 |
0.62 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.20
|
8.95 |
10.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.63 |
1.74 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the Company has been shifted from Chhaturbhuj
Niwasgaribdas Street 70 Wadgadi, Mumbai – 400003,
Form 8
|
Corporate
identity number of the company |
U51397MH2004PTC145442 |
||||||
|
Name of the
company |
LOTUS ORNAMENTS PRIVATE LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
SDF – 3, Unit No. 78, Seepz, Andheri (East), Mumbai – 400096,
Maharashtra, India |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
property Book debts Movable property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Fifth
Supplemental Joint Deed Of Hypothecation For Rs.310.000 millions(Modified For
Induction Of New Bank I.E. Bank Of Baroda) Fifth
Supplemental Working Capital
Consortium Agreement For Rs.310.000 millions(Modified For Induction Of
New Bank I.E. Bank Of Baroda) [Both The Above
Documents Constitute Single Charge Of Rs.310.000 millions] |
||||||
|
Date of
instrument Creating the charge |
27.10.2010 |
||||||
|
Amount secured by
the charge |
Rs. 310.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest This is being consortium
agreements/documents, the rate of interest
are as per individual banks sanction. Terms of
Repayment This is being
working capital finance and the same are subject to renewal at every year and
may be repaid on demand. Margin Margins are as per
individual banks sanction terms and conditions. Extent and
Operation of the charge Rs310.000
millions together with interest, cost ,charges and expenses etc and operation of charge secured on pari passu first charge basis in favour of the said
banks and entire hypothecated assets (
Which Includes Book Debts And Stocks
And All Other Movable Assets Both Present And Futuer) as described in the schedules of above
agreements / documents and immovable properties at Flat no. BO 52 and Garage
no 67, Samrat Ashok CHS Ltd,R.R.Thakkar Marg.Malabar Hill, Mumbai- 6. Others Nil |
||||||
|
Particulars of
the property charged |
secured on pari
passu first charge basis in favour of the said banks and operation of charge on entire
hypothecated/pledged assets ( Which Includes Book Debts And Stocks) as described in schedules immovable
properties at Flat no. BO 52 and Garage no 67, Samrat Ashok CHS
Ltd,R.R.Thakkar Marg.Malabar Hill, Mumbai- 6.
AS detailed in the schedules of above documents. Plant and machinery
as mentioned in the respective documents |
||||||
|
Particulars of
the present modification |
By this
submission of modification for induction of new bank in consortium where in,
the Company has created first charge on pari passu basis on
Entire Current assets including stock(s), book debts ,
receivables etc present and future and
on plant and machineries and on Flat no. BO 52 and Garage no 67, Samrat Ashok
CHS Ltd,R.R.Thakkar Marg.Malabar Hill, Mumbai- 6 to
secure the consortium - P N B-lead ,SBOP, SBOM and Bank of Baroda(new
member) for Rs. 310.000 Millions. |
FIXED
ASSETS:
- Computers
- Plant and Machinery
- Motor Car
- Factory Civil Work
- Furniture and Fittings
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
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
|
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.