MIRA
INFORM REPORT
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Report Date : |
14.01.2011 |
IDENTIFICATION DETAILS
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Name : |
JEWELMARK INDIA PRIVATE LIMITED |
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Registered Office : |
Unit No. 501 Tower, 2 Seepz MIDC, Marol Area Andheri (East), Mumbai –
400 096, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
29.12.2003 |
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Com. Reg. No.: |
11-143715 |
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CIN No.: [Company
Identification No.] |
U36910MH2003PTC143715 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ09358G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The company is engaged in manufacturing of Diamond Studded Gold
Jewellery. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 an established company having moderate track. There appears
some accumulated losses recorded by the company. However trade relations are reported
as fair. Business is active. Payments are reported to be slow. 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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 : |
Unit No. 501 Tower, 2 Seep MIDC, Marol Area Andheri (East), Mumbai –
400096, |
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Tel. No.: |
91-28290904 / 28290905 |
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Fax No.: |
91-28290034 |
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E-Mail : |
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Website : |
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Area : |
6638.92 sq. fts. |
DIRECTORS
As on 30.09.2009
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Name : |
Mr. Kumarpal Chimanlal Shah |
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Designation : |
Director |
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Address : |
Mechelsesteenwe, G 211, |
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Date of Birth/Age : |
11.06.1945 |
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Date of Appointment : |
29.12.2003 |
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Name : |
Mr. Niraj Naresh Parikh |
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Designation : |
Director |
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Address : |
402, 5th Floor, Hrishikesh Apartment, |
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Date of Birth/Age : |
02.01.1973 |
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Date of Appointment : |
20.05.2006 |
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Name : |
Mr. Parag Babulala Mehta |
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Designation : |
Director |
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Address : |
101, Ahoka Apartment, 10th Floor, 68, |
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Date of Birth/Age : |
30.09.1964 |
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Date of Appointment : |
16.04.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2009
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Names of Shareholders |
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No. of Shares |
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Kumarpal Chimanlal Shah |
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500000 |
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Shital Kumarpal Shah |
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500000 |
|
Princess Gems and Gold Limited, |
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1000000 |
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Total |
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2000000 |
As on 30.09.2009
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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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50.00 |
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Directors
or relatives of directors |
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50.00 |
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TOTAL |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing of Diamond Studded Gold
Jewellery |
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Products : |
Gold Jewellery |
GENERAL INFORMATION
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Suppliers : |
·
Ashesh Brothers ·
Classic Diamonds ( ·
Dhanera Diamonds ·
Dharmanandan Diamonds ·
Godhani Gems ·
Godhani Impex ·
H.Dipak and Company ·
Interjewel Private Limited ·
Lipi Enterprise ·
Shail International ·
Sundaram Exports ·
Lalbhai Kalidas and Company ·
Poddar Diamond Limited ·
Jay Gems Inc |
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No. of Employees : |
50 Approximately |
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Bankers : |
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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 Accountants |
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Address : |
3, |
CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity |
Rs.10/- each |
Rs.20.000 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
(10.875) |
4.429 |
1.468 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.125 |
24.429 |
21.468 |
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LOAN FUNDS |
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1] Secured Loans |
26.163 |
41.357 |
43.959 |
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2] Unsecured Loans |
17.173 |
17.173 |
17.173 |
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TOTAL BORROWING |
43.336 |
58.530 |
61.132 |
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DEFERRED TAX LIABILITIES |
4.034 |
3.626 |
2.734 |
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TOTAL |
56.495 |
86.585 |
85.334 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.275 |
43.824 |
45.943 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.196
|
33.033 |
33.804 |
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Sundry Debtors |
39.554
|
36.576 |
68.211 |
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Cash & Bank Balances |
4.411
|
4.324 |
1.873 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
2.414
|
2.307 |
3.175 |
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Total
Current Assets |
70.575
|
76.240 |
107.063 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
55.231
|
33.388 |
67.631 |
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Provisions |
0.124
|
0.091 |
0.041 |
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Total
Current Liabilities |
55.355
|
33.479 |
67.672 |
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Net Current Assets |
15.220
|
42.761 |
39.391 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
56.495 |
86.585 |
85.334 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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TOTAL |
101.519 |
225.129 |
186.096 |
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Less |
EXPENSES |
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TOTAL |
116.383 |
221.226 |
180.530 |
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PROFIT BEFORE
TAX |
(14.864) |
3.903 |
5.566 |
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Less |
TAX |
0.441 |
0.941 |
0.903 |
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PROFIT AFTER TAX
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(15.305) |
2.962 |
4.663 |
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Earnings Per
Share (Rs.) |
(7.65) |
1.48 |
- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
(15.08)
|
1.32 |
2.51 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(13.29)
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3.25 |
3.64 |
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Return on Investment (ROI) (PBT/Networth) |
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(1.63)
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0.16 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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10.82
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3.77 |
6.00 |
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Current Ratio (Current Asset/Current Liability) |
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1.27
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2.28 |
1.58 |
LOCAL AGENCY FURTHER INFORMATION
Operating Results:
During the year,
the Company had earned total income of Rs.101.519 millions (previous year
Rs.225.129 millions after deducting various expenses of Rs.116.382 millions
(previous year Rs.221.226 millions), the Company has suffered loss before tax
of Rs.14.864 millions (previous year Rs.3.903 millions).
Bankers Charges
Report as per Registry
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Name of the
company |
JEWEL MARK INDIA PRIVATE LIMITED |
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Presented By |
Union Bank of |
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1) Date and
description of instrument creating the change |
i) Letter of
hypothecation of bills Dated: 16th
December, 2004 ii)Memorandum of
Equitable Mortgage by Deposit of Titles Deeds on 16th December,
2004 (both the above
documents, agreement, writing, etc constitute a single charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs.22.500
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
i) Purchase from negotiate
a Bill or Bills of exchange drawn or accepted or endorsed against goods and /
or shipping or other documents and / or hold such or any other Bills or Bills
of exchange and / or documents for collection on the Borrowers account under
lien to the Bank. ii) Equitable
Mortgage by way of Deposit of Title Deeds in respect of company’s Immovable Property viz. Unit No. 501, Block
No. II on the fifth floor of building known as Tower No. 1 located in SEEPZ
++, SEZ Marol Industrial Area, all present and
future plant and machinery, furniture and fixtures, office gadgets /
equiptments, casting machines, chairs, tables, wax injecting machines,
vulcanizer etc lying in Unit No. 501, Block No. II SEEPZ + + Complex, Fifth Floor,
in the building known as Tower No. II, located in Seepz + +, SEZ Marol
Industrial Area, ( more
particularly described in second schedule of Mortgage Deed) |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
i) Interest at the rate of 7% per annum
for the FBP/FUDBP/FDBD/AFDBC facility of Rs. 22.500 millions W/w Direct
Bills/Bills on Associates ( Rs. 15.000 millions granted by the bank to the
Company. ii) The security
as stated in column No. 3 ii )above i.e. Equitable Mortgage has been
taken to secure the due repayment to Union Bank of India of all amounts
advanced or to be advanced and of all the amounts under
FBP/FUDBP/FDBD/AFDBC/FDBP facility of Rs. 22.500 millions W/w Direct Bills ( Rs. 15.000 millions)
granted or to be granted by the bank to the Company together with interest,
compound interest and / or additional interest in case of default, exchange
fluctuation, costs, charge expenses etc |
|
Name and Address
and description of the person entitled to the charge. |
Union Bank of Overseas Branch Seepz ++ , Unit 007, Block
No. II, Seepz++ Complex, Marol Industrial Area, Jogeshwari – Mumbai – 400 096, |
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified |
80035920 |
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Corporate
identity number of the company |
U36910MH2003PTC143715 |
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Name of the
company |
JEWELMARK INDIA
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Unit No. 501 Tower, 2 Seep MIDC, Marol Area Andheri (East), Mumbai –
400096, |
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Type of charge |
Movable Property |
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Particular of charge
holder |
Union Bank Of |
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Nature of
description of the instrument creating or modifying the charge |
Packing Credit
Agreement |
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Date of
instrument Creating the charge |
24.08.2007 |
|
Amount secured by
the charge |
Rs.23.100
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 8.75% per annum
with monthly rests Terms of
Repayment On Demand Margin 25% Extent and
Operation of the charge To secure Packing
Credit facility to the extent of Rs.23.100 millions granted by the Bank to
the Company. |
|
Short particulars
of the property charged |
The Borrower
hereby hypothecates and creates in favour of the Bank by way of first charge
of all those movable properties of the Borrower meant or intended for export
of goods such as Gold, Silver,Diamonds,
Precision Stones, Alloys,
consumables and Other Stock in trade including raw materials,semi finished
goods and finished goods meant intended or being manufactured for export
lying in the factory or stored at the Borrower's factory at Seepz Andheri |
|
Particulars of
the present modification |
The Original
Charge Dated: 16/12/2004 for Rs.17.500 millions is hereby modified by
granting an additional sum of Rs.5.600 millions thereby enhancing the Packing
Credit facility from Rs.17.500 millions to Rs.23.100 millions and The
Borrower hereby hypothecates and creates in favour of the Bank by way of
first charge of all those movable properties of the Borrower meant or
intended for export of goods such as Gold, Silver, Diamonds, Precision
Stones, Alloys, Consumables and Other Stock in trade |
Fixed Assets:
·
Computer Software
·
·
Plant and Machinery
·
Furniture and Fixtures
·
Silver Moulds
·
Office Equipment
·
Motor Car
·
Scooter
·
Mobile Phone
·
Cycle
·
Computer
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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.