MIRA
INFORM REPORT
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Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
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Name : |
C I 2 JEWELLERY PRIVATE LIMITED |
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Registered Office : |
Plot No. GJ-05, Seepz ++ Seepz – Sez, Andheri East, Mumbai-400096, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
16.08.2007 |
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Com. Reg. No.: |
11-163558 |
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Capital
Investment/ Paid-up Capital: |
Rs. 12.500
Millions |
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CIN No.: [Company
Identification No.] |
U27205MH2006PTC163558 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC14545G |
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PAN No.: [Permanent
Account No.] |
AACCC8614P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Studded Gold, Studded Platinum and Studded
Silver. |
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No. of Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 490000 |
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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 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) |
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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/ Factory 1 : |
Plot No. G J – 05, Seepz + +, Seepz – Sez, Andheri [East], Mumbai –
400096, |
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Tel. No.: |
91-22-28290055 / 28290056/ 40677777 |
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Fax No.: |
91-22-28290317/ 40677798 |
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E Mail: |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Ashwinkumar Mehta |
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Designation : |
Director |
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Address : |
2 Aryavarta, 351, Naryan Dabholkar Marg, Near Government Guest House,
Mumbai – 400006, |
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Date of Birth/Age : |
10.09.1946 |
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Date of Appointment: |
08.04.2006 |
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DIN No.: |
00410492 |
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Other Directorship : |
M Suresh Exports Private Limited U36910MH1991PTC064190 |
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Partnership held
in partnership firm : |
Exquisite Jewellery G-7, Gems and Jewellery Complex – II, Seepz – Sez, Andheri [East],
Mumbai – 400096, |
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Name : |
Mr. Shanay Shailesh Mehta |
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Designation : |
Director |
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Address : |
A-61, |
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Date of Birth/Age : |
14.03.1987 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
00531904 |
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Name : |
Mr. Shaileshkumar Sumanlal Mehta |
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Designation : |
Director |
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Address : |
A – 72, |
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Date of Birth/Age : |
14.09.1949 |
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Date of Appointment |
08.04.2006 |
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DIN No.: |
00410580 |
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Name : |
Mr. Ashish Ashwinkumar Mehta |
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Designation : |
Director |
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Address : |
2 Aryavarta, 351, Naryan Dabholkar Marg, Near Government Guest House,
Mumbai – 400006, |
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Date of Birth/Age : |
14.01.1972 |
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Date of Appointment |
08.04.2006 |
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DIN No.: |
00410546 |
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Other Directorship : |
Exquisite Jewellery G-7, Gems and Jewellery Complex – II, Seepz – Sez, Andheri [East],
Mumbai – 400096, |
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Name : |
Mr. Minesh Shah |
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Designation : |
Director |
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Address: |
B-56, Nalanda, 62, |
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Date of Birth/ Age: |
23.09.1965 |
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Date of Appointment: |
08.04.2006 |
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DIN No.: |
00515568 |
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Name : |
Mr. Himanshu Shah |
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Designation : |
Whole Time Director |
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Address: |
301, Dhavalgiri, Gowalia Tank, Nana Chowk, Mumbai-400036, |
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Date of Birth/ Age: |
09.07.1969 |
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Date of Appointment: |
08.04.2006 |
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DIN No.: |
00410645 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Ashwinkumar Mehta |
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400000 |
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Shaileshkumar Mehta |
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400000 |
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Shobhana Mehta |
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125000 |
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Nita S. Mehta |
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125000 |
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Ashish A Mehta |
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100000 |
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Shanay Mehta |
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100000 |
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Total |
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1250000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Studded Gold, Studded Platinum and
Studded Silver. |
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Products: |
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PRODUCTION STATUS AS ON (31.03.2010)
Actual Production: 75055 PCs.
GENERAL INFORMATION
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Bankers : |
Bank of |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G. N. Joshi Associates Chartered Accountant |
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Address : |
K K Chambers, 3rd Floor, Sir P.T. Marg, Fort,
Mumbai-400001, |
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Tel. No.: |
91-22-22071551/ 22077200/ 22071417 |
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Fax No.: |
91-22-22077592 |
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E-Mail : |
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Group Company : |
Ř
A. S. Exports Address : Seepz, Andheri
[East], Mumbai – 400096, Line of Business: Manufacturers and Exporters of Studded Gold, Studded
Platinum and Studded Silver. Ř
Exquisite Jewellery Address : Seepz, Andheri
[East], Mumbai – 400096, Line of Business: Manufacturers and Exporters of Studded Gold, Studded
Platinum and Studded Silver |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.500
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.500 |
12.500 |
12.500 |
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2] Share Application Money |
108.775 |
89.584 |
26.664 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
121.275 |
102.084 |
39.164 |
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LOAN FUNDS |
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1] Secured Loans |
13.476 |
10.598 |
58.000 |
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2] Unsecured Loans |
187.010 |
187.010 |
194.510 |
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TOTAL BORROWING |
200.486 |
197.608 |
252.510 |
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DEFERRED TAX LIABILITIES |
8.924 |
6.337 |
3.034 |
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TOTAL |
330.685 |
306.029 |
294.708 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
153.821 |
155.647 |
129.587 |
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Capital work-in-progress |
0.000 |
0.000 |
3.917 |
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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 |
72.274
|
56.902 |
66.773 |
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Sundry Debtors |
140.350
|
100.733 |
169.791 |
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Cash & Bank Balances |
14.089
|
24.123 |
3.459 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.832
|
8.986 |
16.307 |
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Total
Current Assets |
235.545
|
190.744 |
256.330 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
60.142
|
42.554 |
97.975 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.000
|
0.000 |
0.073 |
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Total
Current Liabilities |
60.142
|
42.554 |
98.048 |
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Net Current Assets |
175.403
|
148.190 |
158.282 |
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MISCELLANEOUS EXPENSES |
1.461 |
2.192 |
2.923 |
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TOTAL |
330.685 |
306.029 |
294.708 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
27.985 |
72.077 |
32.321 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
6.118 |
5.743 |
2.665 |
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PROFIT BEFORE
TAX |
21.867 |
66.334 |
29.656 |
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Less |
TAX |
2.676 |
3.413 |
3.070 |
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PROFIT AFTER TAX
|
19.191 |
62.921 |
26.588 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
89.584 |
26.664 |
0.076 |
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BALANCE CARRIED
TO THE B/S |
108.775 |
89.585 |
26.664 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
392.582 |
420.912 |
NA |
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TOTAL EARNINGS |
392.582 |
420.912 |
NA |
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IMPORTS |
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Raw Materials |
38.979 |
40.385 |
NA |
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Stores & Spares |
0.288 |
5.585 |
NA |
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Capital Goods |
0.020 |
0.820 |
NA |
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TOTAL IMPORTS |
39.287 |
46.790 |
NA |
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Earnings Per
Share (Rs.) |
15.35 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.78
|
19.15 |
5.83 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.65 |
0.76 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.15
|
2.35 |
8.95 |
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Current Ratio (Current Asset/Current Liability) |
|
3.92
|
4.48 |
2.61 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company is shifted from 615-624, Parekh Market,
39, Kennedy Bridge, Opera House, Mumbai – 400004, Maharashtra, India to present
address w.e.f. 20.03.2007
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U27205MH2006PTC163558 |
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Name of the
company |
C I 2 JEWELLERY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. G J – 05, Seepz + +, Seepz – Sez, Andheri [East], Mumbai –
400096, |
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Type of charge |
Immovable Property Others |
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Particular of
charge holder |
Bank of |
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Nature of description
of the instrument creating or modifying the charge |
Mortgage has been
created by way of deposit of title deeds in favour of Bank of India Seepz
branch and memorandum of Entry/ Oral Assents Dated 25.06.2008 |
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Date of instrument
Creating the charge |
25.06.2008 |
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Amount secured by
the charge |
Rs. 240.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
bank from time to time Terms of
Repayment On demand and/ or
as stipulated by bank from time to time Margin As stipulated by
bank from time to time Extent and
Operation of the charge First charge
(Present and future) Total Limit of Rs. 240.000 Millions 1) Export Packing Credit : Rs. 50.000 Millions 2) Gold Loan : Rs. 50.000 Millions Max (1 + 2): Rs. 50.000 Millions 3) FBP/FBD/ FBN/ ODFOBC (DP/DA 120 Days) :
Rs. 50.000 Millions 4) Term Loan: Rs. 140.000 Millions As stipulated by
bank from time to time. Others As stipulated by
bank from time to time and as per sanction letter of the bank |
|
Short particulars
of the property charged |
First charge (Present and future) – 1) EMG of Factory land and building located on Plot No. GJ-05, Seepz++ In Seepz- Sez, Andheri- East, Mumbai-400096 together with all the immovable plant and machinery constructed/ erected or installed thereon. |
Fixed Assets:
·
Land
·
Building
·
Machineries
·
Computer
·
Furniture and Fixture
·
Office Equipments
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.44.38 |
|
|
1 |
Rs.71.24 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.