MIRA
INFORM REPORT
|
Report Date : |
04.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOLDIAM JEWELS LIMITED (w.e.f. 08.12.2004) |
|
|
|
|
Formerly Known
As : |
GOLDIAM JEWELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1st and 2nd Floor, 5-C, Samhita Industrial
Estate, Behind Sakinaka Telephone Exchange, Kurla (West), Mumbai-400072, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
16.09.2004 |
|
|
|
|
Com. Reg. No.: |
11-148637 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.30.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36910MH2004PLC148637 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG10410B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCG2748N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturer of Diamond Studded Gold Jewellery. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 220000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business sis active. Payments are reported to be slow. The company can be considered for business dealings with some caution. |
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 : |
1st and 2nd Floor, 5-C, Samhita Industrial
Estate, Behind Sakinaka Telephone Exchange, Kurla (West), Mumbai-400072, |
|
Tel. No.: |
91-22-28521390/ 28521392 |
|
Fax No.: |
91-22-28517101 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.06.2010
|
Name : |
Mr. Manhar Ratilal Bhansali |
|
Designation : |
Director |
|
Address : |
Nishika Terrace, 5th Floor, 55-A, Khan Abdul, Gaffar Khan
Road, Worli Sea Face, Worli, Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
20.09.1941 |
|
Date of Appointment : |
16.09.2004 |
|
DIN No.: |
00058699 |
|
|
|
|
Name : |
Mr. Rashesh Manhar Bhansali |
|
Designation : |
Director |
|
Address : |
Nishika Terrace, 5th Floor, 55-A, Khan Abdul, Gaffar Khan
Road, Worli Sea Face, Worli, Mumbai-400018, Maharashtra, India |
|
Date of Birth/Age : |
06.07.1968 |
|
Date of Appointment : |
16.09.2004 |
|
DIN No.: |
00057931 |
|
|
|
|
Name : |
Mrs. |
|
Designation : |
Director |
|
Address : |
Jeevan Villa, 2nd Floor, 351A, Narayan Dabholkar Marg,
Mumbai-400006, |
|
Date of Birth/Age : |
31.10.1953 |
|
Date of Appointment : |
12.03.2005 |
|
DIN No.: |
00017932 |
|
|
|
|
Name : |
Mr. Ashish Surendra Karnavat |
|
Designation : |
Director |
|
Address : |
104-20, |
|
Date of Birth/Age : |
24.07.1977 |
|
Date of Appointment : |
23.06.2007 |
|
DIN No.: |
00846173 |
|
|
|
|
Name : |
Mr. Surendra Sardasingh Karnavat |
|
Designation : |
Director |
|
Address : |
104-20, |
|
Date of Birth/Age : |
10.06.1953 |
|
Date of Ceasing: |
23.06.2007 |
|
DIN No.: |
01555272 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Goldian International Limited, |
|
1516500 |
|
Manhar R Bhansali |
|
15000 |
|
Nehal M Mehta |
|
75000 |
|
Nirav M Mehta |
|
75000 |
|
|
|
118500 |
|
Nalini S Karnavat |
|
796000 |
|
Karnavat S Surendra |
|
404000 |
|
|
|
|
|
Total |
|
3000000 |
AS ON 30.09.2010
Equity Share Breakup (Percentage of Total Equity)
|
Category |
Percentage |
|
|
|
|
Foreign holdings( Foreign institutional investor(s),
Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
40.00 |
|
Bodies corporate |
50.55 |
|
Directors or relatives of Directors |
9.45 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamond Studded Gold Jewellery. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Jewellery |
Kgs. |
N A |
NA |
27.34 |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vijay J Shah and Associates Chartered Accountant |
|
Address : |
2-G, Navratha, 2nd Floor, D.D. Sathe Marg, Giregaon,
Mumbai-400004, |
|
Tel. No.: |
91-22-3895447 |
|
Fax No.: |
91-22-3823789 |
|
|
|
|
Associates : |
·
Goldiam HK Limited (From 23.07.2009) ·
OOO Tiara Jewels ·
·
Goldiam Jewels SDMN BHD |
|
|
|
|
Holding Company: |
Goldiam International Limited, India L36912MH1986PLC041203 |
|
|
|
|
Entities over which significant influence in exercised by key
management / management personnel: |
·
M R Bhansali and Company ·
Imperial Diamonds Private Limited ·
Sampada Promoters Private Limited ·
Sampada Reallities Private Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Diagold Designs Limited ·
Goldium Jewels Limited ·
Goldiam HK Limited (upto 22.07.2009) ·
Goldiam USA Inc |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Out of which 1516500 Equity Shares are held by
holding company Goldiam International Limited.
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 |
30.000 |
30.000 |
30.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
32.320 |
32.320 |
32.320 |
|
|
4] (Accumulated Losses) |
[7.547] |
[4.783] |
[6.094] |
|
|
NETWORTH |
54.773 |
57.537 |
56.226 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.268 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.268 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
55.041 |
57.537 |
56.226 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
27.283 |
28.417 |
29.870 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.241 |
0.667 |
1.219 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
22.222
|
10.956 |
10.665 |
|
|
Sundry Debtors |
40.972
|
69.227 |
52.986 |
|
|
Cash & Bank Balances |
3.696
|
3.171 |
3.407 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.292
|
2.516 |
2.712 |
|
Total
Current Assets |
70.182
|
85.870 |
69.770 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
43.803
|
59.722 |
48.080 |
|
|
Other Current Liabilities |
0.026
|
0.019 |
0.000 |
|
|
Provisions |
0.000
|
0.004 |
0.046 |
|
Total
Current Liabilities |
43.829
|
59.745 |
48.126 |
|
|
Net Current Assets |
26.353
|
26.125 |
21.644 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.164 |
2.328 |
3.493 |
|
|
|
|
|
|
|
|
TOTAL |
55.041 |
57.537 |
56.226 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
115.101 |
102.985 |
102.933 |
|
|
|
Other Income |
0.031 |
0.022 |
0.027 |
|
|
|
TOTAL (A) |
115.132 |
103.007 |
102.960 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materiel Consumed |
97.283 |
86.449 |
89.853 |
|
|
|
Manufacturing And Other Expenses |
16.946 |
11.455 |
10.729 |
|
|
|
Preliminary Expenses written off |
1.164 |
1.164 |
1.164 |
|
|
|
Loss on |
0.169 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
115.562 |
99.068 |
101.746 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
[0.430] |
3.939 |
1.214 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.379 |
0.419 |
0.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[0.809] |
3.520 |
0.682 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.529 |
1.618 |
1.689 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
[2.338] |
1.902 |
[1.007] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.426 |
0.591 |
0.739 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
[2.764] |
1.311 |
[1.746] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[4.784] |
[6.094] |
[4.348] |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
[7.548] |
[4.783] |
[6.094] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
71.659 |
89.533 |
99.302 |
|
|
TOTAL EARNINGS |
71.659 |
89.533 |
99.302 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4.836 |
6.036 |
22.395 |
|
|
|
Stores & Spares |
0.453 |
0.204 |
0.400 |
|
|
TOTAL IMPORTS |
5.289 |
6.240 |
22.795 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
[0.92] |
0.44 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
[2.40]
|
1.27 |
[1.70] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[2.03]
|
1.85 |
[0.98] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[2.40]
|
1.66 |
[1.01] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.04]
|
0.03 |
[0.02] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.81
|
1.04 |
0.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.60
|
1.44 |
1.45 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered office of the company has been shifted from 5-C, Samhita
Industrial Estate, Behind Sakinaka Telephone Exchange, Kurla (West),
Mumbai-400072,
FINANCIAL RESULTS:
The Sale for the year amounted to Rs.115.101 Millions of which export
sales amounted to Rs.67.122 Millions and Local Sales amounted to Rs.47.979
Millions as compared to Rs.102.985 Millions for the previous year registering a
growth of 11.76% in the market recovering from recession. The company earned
other income of Rs.0.031 Million as compared to Rs.0.022 Million for the
previous year. The company incurred net loss of Rs.2.764 Millions after
providing Rs.1.530 Millions towards Depreciation, Rs.1.164 Million towards
preliminary expenses, Rs.0.426 Million towards Deferred Tax Liability, as
compared to a net profit of Rs.1.311 Millions fort the previous year. The
company incurred the loss due to increase in cost of materials by 12.53% and
manufacturing and other expenses by 47.92%.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
a)
The company has outstanding performance Guarantee
of Rs.3.500 Millions as on the Balance sheet date executed in favour of
Assistant Commissioner of Customs (Previous year Rs.3.500 Millions)
b)
During the year company has deposit in bank as
Fixed Deposits as security against margin money of the bank guarantee obtained
form bank on time basis for
i) Rs.0.175 Million against security for
B-17 Bond for Rs.3.500 Millions in favour of The Commissioner of customs,
Mumbai for Performance Guarantee.
FIXED ASSETS:
·
·
Furniture and Fixture
·
Office Equipments
·
Plant and Machinery
·
Computers
·
Air Conditioners
·
Electrical Installation
·
Vehicles
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.44.23 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
29 |
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.