MIRA
INFORM REPORT
|
Report Date : |
06.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNI-GEM INDIA PRIVATE LIMITED |
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Registered
Office : |
401-402, Prasad Chambers, Opera House, Mumbai – 400 004, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.05.1973 |
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Com. Reg. No.: |
11-16542 |
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Capital
Investment / Paid-up Capital : |
Rs.1.000 million |
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|
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CIN No.: [Company Identification No.] |
U36900MH1973PTC016542 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Processing and Polishing Diamonds. |
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|
No. of Employees
: |
3000 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2600000 |
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|
Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. 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 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
401-402, Prasad Chambers, Opera House, Mumbai – 400 004, |
|
Tel. No.: |
91-22-23631351 / 23633452 / 23634953 / 42135000 |
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Fax No.: |
91-22-23631918 / 23632899 / 42133030 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Abhay Ratilal Jasani |
|
Designation : |
Director |
|
Address : |
Shunudeep, 14th floor, 10, |
|
Date of Birth/Age : |
22.10.1945 |
|
Date of Appointment : |
11.05.1973 |
|
DIN No. : |
00083721 |
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|
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|
Name : |
Mrs. Mridula Abhay Jasani |
|
Designation : |
Director |
|
Address : |
Shunudeep, 14th floor, 10, |
|
Date of Birth/Age : |
11.06.1948 |
|
Date of Appointment : |
11.08.1975 |
|
DIN No. : |
00083676 |
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|
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|
Name : |
Mr. Jehangir Adi Moos |
|
Designation : |
Director |
|
Address : |
Karai Estate, 4th Floor, |
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Date of Birth/Age : |
21.05.1944 |
|
Date of Appointment : |
13.09.1989 |
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DIN No. : |
00020609 |
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Name : |
Mr. Shyam Abhay Jasani |
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Designation : |
Director |
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Address : |
22.03.1971 |
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Date of Birth/Age : |
Shunudeep, 7th Floor, 10, |
|
Date of Appointment : |
16.11.1995 |
|
DIN No. : |
00083679 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Abhay Ratilal Jasani |
|
3500 |
|
Shyam Abhay Jasani |
|
600 |
|
Mridula Abhay Jasani |
|
400 |
|
Abhay Ratilal Jasani HUF |
|
50 |
|
Diaman Exports Private Limited, |
|
2450 |
|
Abhay Ratilal Jasani (JT) |
|
1150 |
|
Mridula Abhay Jasani (JT) |
|
495 |
|
Mukesh Shah |
|
200 |
|
Abhay R Jasani |
|
1155 |
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Total |
|
10000 |
As on 29.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
25.00 |
|
Directors
or relatives of directors |
|
75.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Processing and Polishing Diamonds. |
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Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Polished diamond |
Carats |
Not Applicable |
Not Applicable |
52695.22 |
|
Polished diamond – Purchases |
Carats |
Not Applicable |
Not Applicable |
67677.79 |
GENERAL INFORMATION
|
No. of Employees : |
3000 Approximately |
|
|
|
|
Bankers : |
·
Standard Chartered Bank 90, ·
The Royal Bank of 74, Sakhar Bhavan, 74th Floor,
Nariman Point, Mumbai – 400 021, ·
State Bank of Chowpatty Diamond Market Branch,
Mumbai – 400 007, |
FACILITIES :
(Rs.
in millions)
|
Secured Loans |
As
on 31.03.2010 |
As
on 31.03.2009 |
As
on 31.03.2008 |
As
on 31.03.2007 |
|
Working Capital
Loans from Banks |
|
|
|
|
|
Export Packing Credit (In Rupees) |
22.537 |
0.000 |
43.829 |
0.000 |
|
Export Packing Credit (PCFC) |
302.134 |
105.776 |
70.680 |
32.236 |
|
Post Shipment Credit (EBRD) |
51.757 |
2.079 |
46.040 |
0.000 |
|
ABN Amro Bank Overdraft |
0.000 |
0.000 |
0.408 |
0.000 |
|
Total |
376.428 |
107.855 |
160.957 |
32.236 |
(Secured against hypothecation of stock-in-trade, trader receivables and
further secured collaterally by pledge of fixed deposit with bank)
(The above loans are guaranteed by some of the directors in their
personal capacity)
(Rs.
in millions)
|
Unsecured Loans |
As
on 31.03.2010 |
As
on 31.03.2009 |
As
on 31.03.2008 |
As
on 31.03.2007 |
|
From Directors |
0.000 |
0.000 |
0.000 |
35.407 |
|
From Shareholders |
0.000 |
0.000 |
0.000 |
8.128 |
|
Total |
0.000 |
0.000 |
0.000 |
43.535 |
|
|
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Banking
Relations : |
-- |
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|
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Auditors : |
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|
Name : |
Rajendra and Company Chartered Accountant |
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Address : |
1311, |
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Tel. No.: |
91-22-22855770 |
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Fax No.: |
91-22-22834243 |
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E-Mail : |
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Associates : |
Dia Man Exports Private Limited |
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Related Parties : |
·
Ratilal Becharlal Diamonds Private Limited ·
R B Jewellery Corporation ·
Supreme Gems Private Limited ·
Jasani Jewellery ·
Ratilal Becharlal and Sons ·
Jasani Designs ·
Elegant Collection ·
Ornate Gems Private Limited |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000
million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
642.147 |
599.827 |
719.418 |
708.965 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
643.147 |
600.827 |
720.418 |
709.965 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
376.428 |
107.855 |
160.957 |
32.236 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
43.535 |
|
|
TOTAL BORROWING |
376.428 |
107.855 |
160.957 |
75.771 |
|
|
DEFERRED TAX LIABILITIES |
5.088 |
0.000 |
1.798 |
3.836 |
|
|
|
|
|
|
|
|
|
TOTAL |
1024.663 |
708.682 |
883.173 |
789.572 |
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
68.822 |
66.242 |
70.286 |
76.396 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
Advance against capital expenditure |
22.563 |
11.216 |
11.216 |
11.216 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
25.336 |
78.001 |
115.218 |
59.836 |
|
|
DEFERREX TAX ASSETS |
0.000 |
5.082 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
655.249
|
440.039 |
462.114 |
372.899 |
|
|
Sundry Debtors |
597.943
|
113.616 |
423.869 |
376.510 |
|
|
Cash & Bank Balances |
129.811
|
148.664 |
61.589 |
99.911 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
44.525
|
25.720 |
39.817 |
23.855 |
|
Total
Current Assets |
1427.528
|
728.039 |
987.389 |
873.175 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditors |
432.906
|
76.455 |
273.126 |
210.605 |
|
|
Other Current Liabilities |
0.447
|
7.200 |
0.000 |
0.000 |
|
|
Provisions |
86.233
|
96.243 |
27.810 |
20.446 |
|
Total
Current Liabilities |
519.586
|
179.898 |
300.936 |
231.051 |
|
|
Net Current Assets |
907.942
|
548.141 |
686.453 |
642.124 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
1024.663 |
708.682 |
883.173 |
789.572 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Sales |
1965.667 |
2092.119 |
2256.234 |
1585.958 |
|
|
|
Other Income |
11.472 |
5.215 |
12.475 |
3.868 |
|
|
|
Profit on |
0.055 |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
1977.194 |
2097.334 |
2268.709 |
1589.826 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Material and Manufacturing Cost |
1900.833 |
1974.937 |
2250.958 |
1354.818 |
|
|
|
Administrative and Other Expenses |
31.439 |
27.850 |
36.751 |
27.986 |
|
|
|
Selling and Distribution Expenses |
2.951 |
2.531 |
3.543 |
2.249 |
|
|
|
Loss on sale of Investments (Net) |
1.071 |
17.282 |
0.000 |
0.000 |
|
|
|
Provision for dimunition in value of investments |
(31.066) |
22.302 |
0.000 |
0.000 |
|
|
|
Charity and Donation |
8.675 |
0.731 |
2.475 |
4.776 |
|
|
|
Loss on sale of Fixed Assets (Net) |
0.000 |
0.131 |
0.000 |
0.097 |
|
|
|
Variation in Stock |
(38.114) |
57.797 |
(114.836) |
133.562 |
|
|
|
TOTAL (B) |
1875.789 |
2103.561 |
2178.891 |
1523.488 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
101.405 |
(6.227) |
89.818 |
66.338 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL COST (D) |
17.714 |
21.869 |
15.514 |
11.118 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
83.691 |
(28.096) |
74.304 |
55.220 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.501 |
5.056 |
5.770 |
7.062 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F)
(G) |
79.190 |
(33.152) |
68.534 |
48.158 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
29.307 |
(4.851) |
19.339 |
17.951 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-H) (I) |
49.883 |
(28.301) |
49.195 |
30.207 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
261.639 |
324.658 |
319.186 |
370.901 |
|
|
|
|
|
|
|
|
|
|
Add |
Excess Provision of taxation of earlier years |
0.000 |
0.381 |
0.018 |
1.034 |
|
|
|
Prior years income (expense) |
0.000 |
0.000 |
(0.122) |
(0.018) |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
Proposed Dividend for the year |
55.000 |
30.000 |
30.000 |
70.000 |
|
|
|
Proposed Dividend Distribution Tax on
above |
9.135 |
5.099 |
5.099 |
9.818 |
|
|
|
Transfer to General Reserve |
5.000 |
0.000 |
4.520 |
3.120 |
|
|
BALANCE CARRIED
TO THE B/S |
242.387 |
261.639 |
324.658 |
319.186 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1703.272 |
1637.687 |
1511.838 |
1561.572 |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
Raw Materials |
1310.293 |
984.505 |
964.776 |
1071.022 |
|
|
TOTAL IMPORTS |
1310.293 |
984.505 |
964.776 |
1071.022 |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4988.00 |
(2830.00) |
4519.00 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
2.52
|
(1.35) |
2.17 |
1.90 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.03
|
(1.58) |
3.04 |
3.04 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.29
|
(4.17) |
6.48 |
5.07 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
(0.06) |
0.10 |
0.07 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.39
|
0.48 |
0.64 |
0.43 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
4.05 |
3.28 |
3.78 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE OF THE
COMPANY
In the given scenario of the market, result achieved by the company would
be taken satisfactory.
FORM 8
|
Corporate identity number of the company |
U36900MH1973PTC016542 |
|
Name of the company |
UNI-GEM INDIA PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
401-402, Prasad Chambers, Opera House, Mumbai – 400 004, |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Floating charge ·
Others o
Stock |
|
Particular of charge holder |
Standard Chartered Bank 90, |
|
Nature of instrument creating charge |
Unattested Memorandum of Hypothecation |
|
Date of instrument Creating the charge |
08.04.2011 |
|
Amount secured by the charge |
Rs.250.000 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As agreed by and with the Bank from time to time. Terms of Repayment As agreed by and with the Bank from time to time. Margin As applicable, if any. Extent and Operation of the charge The Bank is having pari passu charge on the security given by the
Company |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
·
Secured by way of pari passu charge by way of
hypothecation of a) all present and future book debts, outstanding moneys
receivables, claim and bills..... ·
b) all present and future stock in trade consisting
of raw materials, finished goods, goods in process of manufacturing and other
merchandise whatsoever…. |
CONTINGENT LIABILITY
Estimated amount of contracts remaining to be
executed on capital amount and not provided for (net of advance) is Rs.29.700
millions.
FIXED ASSETS
·
·
Buildings
·
Plant and Machinery
·
Air Conditioners
·
Office Equipment
·
Electric Installation
·
Factory Equipment
·
Vehicles
·
Computers
·
Furniture and Fixture
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.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
53 |
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.