MIRA
INFORM REPORT
|
Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
AMORE JEWELS PRIVATE LIMITED |
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|
Registered
Office : |
Plot No. 3A, Pandit Motilal Nehru Marg, Behind Patel Alluminum, ITT
Bhatt, Goregaon (East), Mumbai-400063, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
17.05.2004 |
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Com. Reg. No.: |
146334 |
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Capital
Investment / Paid-up Capital : |
Rs.12.582
Millions |
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|
|
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CIN No.: [Company Identification
No.] |
U36910MH2004PTC146334 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA21067E |
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PAN No.: [Permanent Account No.] |
AAECA7184J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Princess Cut Diamonds, Baguettes, Trapeziums
Bracelets, Necklaces, Pendants, Rings, Errings, Diamond Jewelry, Bangles. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 560000 |
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|
|
|
Status : |
Satisfactory |
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|
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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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. 3A, Pandit Motilal Nehru Marg, Behind Patel Alluminum, ITT Bhatt,
Goregaon (East), Mumbai-400063, |
|
Tel. No.: |
91-22-28712088 |
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Fax No.: |
91-22-28723405 |
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E-Mail : |
DIRECTORS
As on 13.09.2010
|
Name : |
Mr. Shantilal Bhanwarlal Barmecha |
|
Designation : |
Director |
|
Address : |
501/503, Vinayak Hieghts, |
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Date of Birth/Age : |
25.01.1953 |
|
Date of Appointment : |
17.05.2004 |
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|
|
|
Name : |
Mr. Bhavesh Sureshkumar Barmecha |
|
Designation : |
Director |
|
Address : |
24, Sunita, 98, Cuffe Parade, Mumbai-400005, |
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Date of Birth/Age : |
23.06.1979 |
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Date of Appointment : |
17.05.2004 |
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|
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Name : |
Mrs. Usha Shantilal Barmecha |
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Designation : |
Director |
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Address : |
501/503, Vinayak Hieghts, |
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Date of Birth/Age : |
11.05.1957 |
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Date of Appointment : |
22.06.2005 |
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|
|
|
Name : |
Mr. Viral Shantilal Barmecha |
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Designation : |
Director |
|
Address : |
501/503, Vinayak Hieghts, |
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Date of Birth/Age : |
11.06.1980 |
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Date of Appointment : |
01.06.2007 |
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|
|
|
Name : |
Mr. Vinay Shantilal Barmecha |
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Designation : |
Director |
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Address : |
501/503, Vinayak Hieghts, |
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Date of Birth/Age : |
28.08.1986 |
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Date of Appointment : |
02.12.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 13.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ashish Bokaria |
|
300 |
|
Bhavesh Sureshkumar Barmecha |
|
6600 |
|
Bhavesh Sureshkumar Barmecha HUF |
|
23000 |
|
Divya Barmecha |
|
100 |
|
Nirmala Barmecha |
|
285794 |
|
Prakash Barmecha HUF |
|
100 |
|
Prem Barmecha |
|
188600 |
|
Shantilal Bhanwarlal Barmecha |
|
130900 |
|
Suresh Kumar Barmecha HUF |
|
31100 |
|
Usha Shantilal Barmecha |
|
100 |
|
Viral Shantilal Barmecha |
|
100 |
|
AAA Diamonds Private Limited, |
|
591460 |
|
|
|
|
|
Total |
|
1258154 |
As on 13.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
47.01 |
|
Directors
or relatives of directors |
|
52.97 |
|
Other
top fifty shareholders |
|
0.02 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Princess Cut Diamonds, Baguettes, Trapeziums
Bracelets, Necklaces, Pendants, Rings, Errings, Diamond Jewelry, Bangles. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
Note:
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Sampat Mehta and Associates Chartered Accountant |
|
Address : |
3 Kapur Mansion, 47, |
CAPITAL STRUCTURE
As on 13.09.2010
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 |
|
1258154 |
Equity Shares |
Rs.10/- each |
Rs.12.582
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
12.582 |
12.248 |
9.842 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
128.393 |
113.106 |
83.845 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
140.975 |
125.354 |
93.687 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
98.828 |
82.111 |
86.886 |
|
|
2] Unsecured Loans |
14.338 |
6.995 |
7.706 |
|
|
TOTAL BORROWING |
113.166 |
89.106 |
94.592 |
|
|
DEFERRED TAX LIABILITIES |
1.117 |
0.969 |
0.843 |
|
|
|
|
|
|
|
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TOTAL |
255.258 |
215.429 |
189.122 |
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
87.923 |
92.219 |
93.624 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
100.490
|
100.403 |
138.457 |
|
|
Sundry Debtors |
205.048
|
165.368 |
171.516 |
|
|
Cash & Bank Balances |
30.242
|
31.893 |
29.118 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.271
|
7.796 |
10.283 |
|
Total
Current Assets |
345.051
|
305.460 |
349.374 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
173.496
|
181.648 |
249.447 |
|
|
Other Current Liabilities |
2.749
|
0.602 |
0.460 |
|
|
Provisions |
1.471
|
0.000 |
3.969 |
|
Total
Current Liabilities |
177.716
|
182.250 |
253.876 |
|
|
Net Current Assets |
167.335
|
123.210 |
95.498 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
255.258 |
215.429 |
189.122 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
375.829 |
|
|
|
Other Income |
|
|
NA |
|
|
|
TOTAL |
647.041 |
601.756 |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
626.764 |
600.118 |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
626.764 |
600.118 |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.277 |
1.638 |
14.127 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.172 |
5.825 |
4.904 |
|
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|
|
|
|
|
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|
PROFIT BEFORE
TAX |
15.105 |
(4.187) |
9.223 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3.008 |
0.245 |
3.008 |
|
|
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|
PROFIT AFTER TAX
|
12.097 |
(4.432) |
6.215 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(4.403) |
0.029 |
0.114 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.500 |
0.000 |
6.300 |
|
|
|
Dividend |
1.258 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
0.214 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
0.722 |
(4.403) |
0.029 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
284.500 |
294.566 |
NA |
|
|
|
|
|
|
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|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
341.750 |
255.595 |
NA |
|
|
|
Finished Goods |
2.782 |
99.148 |
NA |
|
|
|
Capital Goods |
0.337 |
0.585 |
NA |
|
|
TOTAL IMPORTS |
344.869 |
355.328 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.65 |
(3.87) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.87
|
(0.74) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
2.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.49
|
(1.05) |
2.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
(0.03) |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
2.16 |
3.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.68 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
WORKING RESULTS:
During the year the company has earned a profit after tax amounting to Rs.12.097
millions as compared to loss of Rs.4.432 millions incurred during previous
year. The directors are hopeful of achieving better results in the current
year.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10257982 |
|
Corporate
identity number of the company |
U36910MH2004PTC146334 |
|
Name of the
company |
AMORE JEWELS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 3A, Pandit Motilal Nehru Marg, Behind Patel Alluminum, ITT
Bhatt, Goregaon (East), Mumbai-400063, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
The Royal Bank of
|
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry |
|
Date of
instrument Creating the charge |
23.02.2011 |
|
Amount secured by
the charge |
Rs.300.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Credit facilities
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 bank is
having exclusive first charge on the security given by the company. |
|
Short particulars
of the property charged |
I)
Exclusive
first charge on all the piece or parcel of freehold land or ground being plot
no. 3A, Admeasuring 1546.22 Sq. Yds, equivalent to 1292.81 sq mtrs or
thereabouts, bearing survey no. 23 II)
Hissa
No. 5A, and city survey no. 7 and 8 situate lying and being at Village
Dindoshi in the registration district and sub district of Bombay Suburban with
factory structure thereon III)
Consisting
of ground plus tow floors, admeasuring 1205 sq. mtr. |
|
Particulars of
the present modification |
The existing
charge amount of Rs.300.000 millions is also now secured as exclusive first
charge on all the piece/ parcel of freehold land or ground being plot no. 3A,
admeasuring 1546.22 sq. yds, equivalent to 1292.81 sq. mtrs or thereabouts,
bearing survey no 23, Hissa no. 5A and city survey no. 7 and 8 and situate
lying and being at Village Dindoshi in the regn district nad sub district of
Bombay city and Bombay suburban with factory structure thereon consisting of
ground plus two floors, admeasuring 1205 sq. mtrs. |
Fixed Assets:
- Land
- Building
- Electrical
Installations
- Machineries
- Equipments
- Computer
- Furniture and
Fixtures
- Motor Car
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.72.34 |
|
Euro |
1 |
Rs.63.87 |
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 |
4 |
|
--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 |
|
44 |
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.