MIRA
INFORM REPORT
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Report Date : |
13.12.2011 |
IDENTIFICATION DETAILS
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Name : |
UNI-DESIGN JEWELLERY PRIVATE LIMITED |
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Formerly Known
As : |
PRESTIGE JEWELLERY EXPORTS PRIVATE LIMITED |
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Registered
Office : |
Plot No.4 5 And 6 (Part) Seepz, Andheri (East), Mumbai-400096, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.07.1989 |
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Com. Reg. No.: |
11-052544 |
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Capital Investment
/ Paid-up Capital : |
Rs.63.900 Millions |
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CIN No.: [Company Identification
No.] |
U36911MH1989PTC052544 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Exporting of Plain and Diamond Studded Gold and
Platinum Jewellery. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 2150000 |
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Status : |
Satisfactory |
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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 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 term 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
LOCATIONS
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Registered Office : |
Plot No.4 5 And 6 (Part) Seepz, Andheri (East), Mumbai-400096, |
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Tel. No.: |
91-22-66681000 |
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Fax No.: |
91-22-66681050 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 18.08.2011
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Name : |
Mr. Raj Hiten Parikh |
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Designation : |
Director |
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Address : |
41, Laxmi Vilas, 87, |
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Date of Birth/Age : |
21.12.1981 |
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Qualification : |
B.Com. |
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Date of Appointment : |
08.11.2004 |
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DIN : |
00921828 |
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Other Directorship : |
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Name : |
Mr. Saunak Jitendra Parikh |
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Designation : |
Director |
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Address : |
171-D, Petit Hali Apartment, 66, |
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Date of Birth/Age : |
21.08.1971 |
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Qualification : |
B.Com. |
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Date of Appointment : |
27.01.1995 |
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DIN : |
00256316 |
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Other Directorship : |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
15-A, Next To Khatau Condominium, J. Mehta Marg, Mumbai-400006, |
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Date of Birth/Age : |
06.07.1963 |
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Qualification : |
B.Com. |
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Date of Appointment : |
30.11.1994 |
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DIN : |
00256411 |
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Other Directorship : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 18.08.2011
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Names of Shareholders Equity Shares : |
No. of Shares |
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Mr. Jitendra Chimanlal Parikh |
4000 |
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Mr. |
2000 |
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Mr.Diarough N. V., |
71120 |
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Mr. Saunak Jitendra Parikh |
1600 |
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United Kingdom-Design Jewellery Holding LLP, |
60280 |
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Total |
139000 |
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Preference
Shares : |
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Diarough N. V., |
5000000 |
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Total |
5000000 |
AS ON 18.08.2011
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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51.17 |
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Bodies corporate |
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43.37 |
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Directors or relatives of directors |
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5.46 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Exporting of Plain and Diamond Studded Gold and
Platinum Jewellery. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
ABN AMRO Bank, 74, Sakhar Bhavan, 7th Floor, Nariman Point,
Mumbai-40021, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sampat Mehta And Associates Chartered Accountant |
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Address : |
3, |
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PAN : |
ACGPB1116Q |
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Subsidiaries : Holding Company: Subsisidiary: Fellow
Subsidiary: |
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Associates : |
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Enterprises under
control of relatives of KMP where transactions have taken place: |
Uni Creation Inc |
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Enterprises under significant
influence / control of the KMP where transactions have taken place |
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CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
150,000 |
Equity Shares |
Rs. 100/- each |
Rs.15.000 Millions |
|
5,010,000 |
4% Non-Cumulative
Redeemable Preference Shares |
Rs. 10/- each |
Rs. 50.100 Millions |
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Total
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|
Rs.65.100
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
139,000 |
Equity Shares |
Rs. 100/- each |
Rs.13.900
Millions |
|
5,000,000 |
4% Non-Cumulative
Redeemable Preference Shares |
Rs. 10/- each |
Rs.50.000
Millions |
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Total
|
|
Rs.63.900
millions |
Footnotes
(A) Authorised Capital:150,000
(PY- 119,000) Equity Shares of Rs.100 each.5,010,000 (PY- 5,010,000) 4%
Non-Cumulative Redeemable Preference Shares of Rs.10 each.
(B) Issued,
Subscribed and Paid-up Equity Share Capital:139,000 (PY- 78,720) Equity Shares
of Rs 100 each.[Of the above 71,120 (PY- 71,120) shares are held by Holding
Company- Diarough NV]
(C) Issued,
subscribed and paid-up Preference Share Capital:5,000,000 (PY-5,000,000) 4%
Non-Cumulative Redeemable Preference Shares of Rs 10 each.[Held by Holding
Company Diarough NV][Redeemable anytime on or before 18 April 2014]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
63.900 |
57.872 |
57.872 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
473.966 |
454.182 |
417.460 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
537.866 |
512.054 |
475.332 |
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LOAN FUNDS |
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1] Secured Loans |
327.752 |
271.108 |
193.960 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
327.752 |
271.108 |
193.960 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
865.618 |
783.162 |
669.292 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
59.060 |
43.211 |
51.222 |
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Capital work-in-progress |
62.539 |
5.602 |
0.000 |
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INVESTMENT |
360.856 |
252.874 |
156.994 |
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DEFERREX TAX ASSETS |
2.994 |
1.240 |
0.345 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
|
|
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Inventories |
353.645
|
260.837
|
141.449 |
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Sundry Debtors |
209.993
|
310.878
|
222.703 |
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Cash & Bank Balances |
18.558
|
24.271
|
37.358 |
|
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Loans & Advances |
34.322
|
211.951
|
102.334 |
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Total
Current Assets |
616.518
|
807.937
|
503.844 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
|
|
Sundry Creditors |
223.845
|
318.196
|
28.757 |
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Other Current Liabilities |
4.325
|
1.191
|
2.481 |
|
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Provisions |
8.179
|
8.315
|
11.875 |
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Total
Current Liabilities |
236.349
|
327.702
|
43.113 |
|
|
Net Current Assets |
380.169
|
480.235
|
460.731 |
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
865.618 |
783.162 |
669.292 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
|
SALES |
|
|
|
|
|
|
|
Sales and Operating Income |
1344.874 |
1313.039 |
1132.449 |
|
|
|
Other Income |
1.985 |
2.842 |
7.518 |
|
|
|
TOTAL |
1346.859 |
1315.881 |
1139.967 |
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|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Variation in stock |
(19.005) |
(43.701) |
19.660 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
44.119 |
74.286 |
79.340 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
11.262 |
15.787 |
9.641 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
32.857 |
58.499 |
69.699 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7.305 |
9.586 |
12.948 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
25.552 |
48.913 |
56.751 |
|
|
|
|
|
|
|
|
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Less |
TAX |
5.768 |
12.190 |
[0.762] |
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|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
19.784 |
36.723 |
57.513 |
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|
|
|
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|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
418.855 |
382.132 |
324.619 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
438.639 |
418.855 |
382.132 |
|
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
1286.443 |
1060.048 |
|
|
|
Dividend |
NA |
1.049 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
1287.492 |
1060.048 |
|
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
151.042 |
91.850 |
|
|
|
Consumables (Stores & Spares) |
NA |
4.028 |
4.889 |
|
|
|
Capital Goods |
NA |
0.705 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
155.775 |
96.739 |
|
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|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (Rs.) |
3.85 |
466.31 |
- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.47
|
2.79
|
5.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.90
|
3.72
|
5.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.78
|
5.75
|
10.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.10
|
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.05
|
1.17
|
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
2.46
|
11.69 |
LOCAL AGENCY FURTHER INFORMATION
Description of state of Companies affair
During the year,
Company has achieved a Sales of Rs.1344.874 Millions as against Rs.1313.039
Millions in the previous year. The other income stood to Rs.1.985 Millions as
compared to Rs.2.842 Millions in the previous year. After providing
depreciation of Rs.7.305 Millions as against Rs.9.586 Millions in the previous
year and Provisions for Tax of Rs.5.745 Millions as compared to Rs.12.205
Millions in the previous year, the Company has earned a profit of Rs.19.784
Millions as compared to the profit of Rs.36.723 Millions in the previous year.
The balance carried forward to Balance Sheet was of Rs.438.638 Millions.
Contingent Liabilities
Rs. in millions
|
|
Particulars |
31.03.2011 |
31.03.2010 |
|
1 |
Income tax demand in respect of Assessment
Year 2001-2002, Assessment Year 2003-2004, Assessment Year 2004-2005, Assessment
Year 2005-2006, and Assessment Year 2007-2008 for which the Company has
preferred on appeal with Higher Authorities, Based on judicial
pronouncements, the Company’s claim is likely to be accepted by the judicial
authorities. |
7.481 |
7.922 |
|
2 |
Claims against the company not acknowledged
as debts |
0.000 |
3.001 |
|
3 |
Guarantees given by Bank on behalf of the
Company |
2.255 |
5.375 |
|
4 |
Corporate Guarantee given by the Company to bankers on behalf of group
companies where Directors of the Company are interested. |
To the extent of working capital borrowings |
To the extent of working capital borrowings |
|
5 |
Estimated amount of contracts remaining to be executed on capital
account and not provided for |
60.601 |
74.396 |
Form 8
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90213483 |
|
Corporate
identity number of the company |
U36911MH1989PTC052544 |
|
Name of the
company |
UNI-DESIGN JEWELLERY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No.4 5 And 6 (Part) Seepz, Andheri (E), Mumbai-400096, |
|
Type of charge |
Immovable property
|
|
Particular of
charge holder |
ABN AMRO Bank 74,Sakhar Bhavan,
7th Floor, Nariman Point, Mumbai-400021, |
|
Nature of
instrument creating charge |
Letter Of Extension
of Mortgage |
|
Date of
instrument Creating the charge |
07.08.2008 |
|
Amount secured by
the charge |
Rs. 700.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Credit Facilities
(Fund Based and Non Fund Based) Interest /
Commission- 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 Banks are
having first charge on the security offered by the Company. |
|
Short particulars
of the property charged (Including location of the property) |
The building
situated on all that piece of land known as plot nos. 4, 5 and 6 (part) in
the Santacruz Electronics Export Processing Zone, within the village Limits
of Paharpur Taluka Andheri Dist Bombay Suburban, containing by admeasurement
2600 sq. mtrs or thereabouts. |
|
Date of
instrument modifying the charge |
21.05.2008 |
|
Particulars of the
present modification |
By present
modification, the existing charge of Rs.7.000millions is now secured with all
that piece of land known as plot nos.4, 5 and 6 (part) in the Santacruz
Electronics Export Processing Zone, within the village Limits of Paharpur
Taluka Andheri Dist Bombay Suburban, containing by admeasurement 2600 sq.
mtrs or thereabouts. |
DIAMOND INDUSTRY –
- From time
immemorial,
- The
achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
- The area of
study of family owned diamond businesses derives its importance from the
huge conglomerate of family run organizations which operate in the diamond
industry since many generations.
- Some of the
basic traits of family run business enterprises include spirit of
entrepreneurship; mutual trust lowers transaction costs, small, nimble and
quick to react, information as a source of advantage and philanthropy.
- Family owned
diamond businesses need to improve on many fronts including higher
standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
- The Diamond
Jewelry Industry in
- Utmost
caution is to be exercised while dealing with some medium and large
diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They
mostly diverted borrowed money for diamond business into real estate and
capital markets.
- Excerpts from
Times of India dated 30th October 2010 is as under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
- This could be
the biggest credibility crisis the Indian diamond industry has ever faced.
Fifteen banks run the risk of losing Rs 20000 millions lent to a dozen
diamond firms in
- Most of the
money borrowed from the banks in the name of their diamond business has
been diverted in real estate and the share market. The banks are not in a
position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FIXED ASSETS :
- Land
Development
- Plant and
Machinery
- Furniture and
Fixtures
- Computer
- Office
Equipments
- Vehicles
- Software
- Brand
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.52.42 |
|
|
1 |
Rs.81.92 |
|
Euro |
1 |
Rs.69.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
|
45 |
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.