MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNI DESIGN ELITE JEWELLERY PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
KUDRAT FINANCIALS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
401 and 402, Seepz++, Building No. 2, 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 : |
31.05.1995 |
|
|
|
|
Com. Reg. No.: |
088974 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH1995PTC088974 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMU04548F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Exporting of Diamond Studded Gold and Platinum Jewellery |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 500000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
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 : |
401 and 402, Seepz++, Building No. 2, Andheri (East), Mumbai 400096, |
|
Tel. No.: |
91-22-28291757 / 67097555 / 22-66681000 |
|
Fax No.: |
91-22-67097506 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 20.07.2010
|
Name : |
Mr. Saunak Jitendra Parikh |
|
Designation : |
Director |
|
Date of Birth/Age : |
22.08.1971 |
|
Date of Appointment : |
02.07.2001 |
|
|
|
|
Name : |
Mr. Raj Hiten Parikh |
|
Designation : |
Director |
|
Date of Birth/Age : |
21.12.1981 |
|
Date of Appointment : |
24.01.2005 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Date of Birth/Age : |
06.07.1963 |
|
Date of Appointment : |
31.05.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.07.2010
EQUITY SHARES
|
Names of Shareholders |
No. of Shares |
|
Mr. Saunak Jitendra Parikh |
1667 |
|
Mr. |
1667 |
|
Mr. Jitendra C Parikh |
3332 |
|
Smaran Enterprises LLP, Opera House, Mumbai |
1667 |
|
Mr.. Hiten B Parikh |
1667 |
|
Uni Design Jewellery Holding LLP, Mumbai |
980000 |
|
Total |
990000 |
PREFERENCE SHARES
|
Names of
Shareholders |
No. of Shares |
|
Nehal K Mehta |
100 |
|
Sheela R Butala |
100 |
|
Rasiklal D Gandhi |
100 |
|
Bishnu J Khatri joint with Hema J Khatri
joint with Khuma J Khatri |
100 |
|
Snehlala S Kothari |
100 |
|
Suman R Kothari |
100 |
|
A A Kothari |
100 |
|
Geeta N Mehta |
100 |
|
S |
100 |
|
Surekha S Mehta |
100 |
|
Dolly |
100 |
|
Shreyans Mehta as a Karta of Shreyans V
Mehta HUF |
100 |
|
R V Mehta |
100 |
|
Rameshchandra A Mehta |
100 |
|
Sonali S Modi |
100 |
|
V K Modi |
100 |
|
Jyotsna S Modi |
100 |
|
Priyanka N Mody |
100 |
|
Subhadra M Mody |
100 |
|
Sanjana S Mody |
100 |
|
Dinesh C Mehta as a Karta of Dinesh C
Mehta HUF |
100 |
|
S M Parikh |
100 |
|
Payal K Saraiya |
100 |
|
Anil C Shah |
100 |
|
Kelki D Shah |
100 |
|
Bhanumati S Shah |
100 |
|
Bhavika D Shah |
100 |
|
Raj Hiten Parikh |
100 |
|
Diarough N V, |
3610000 |
|
Total
|
3612800 |
LIST OF ALLOTTEES
AS ON 25.05.2010
|
Name of Allottee
|
No. of Shares |
|
Uni – Design Jewellery Holdings LLP,
Mumbai |
980000 |
AS ON 20.07.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
99.16 |
|
Directors or relatives of directors |
|
0.84 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporting of Diamond Studded Gold and Platinum Jewellery |
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|
Products : |
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GENERAL INFORMATION
|
Bankers : |
The Royal Bank Of Scotland N V, 74, Sakhar Bhavan, 7th
Floor, Nariman Point, Mumbai 400021, Maharashtra, India |
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Facilities : |
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Banking Relations
: |
-- |
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|
Auditors : |
Not Available |
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|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs. 10 each |
Rs.0.100 millions |
|
3980000 |
Redeemable Preference Shares |
Rs. 10.each |
Rs. 39.800 millions |
|
10000 |
Non Cumulative Redeemable Preference Shares |
Rs. 10.each |
Rs. 0.100 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs. 10 each |
Rs.0.100
millions |
|
3610000 |
4% Non Cumulative Redeemable Preference Shares ((1,752,800 preference shares are redeemable at par on or before September
4,2025, (not exceeding 20 years from the date of issue of shares) as may be
determined by the Board of Directors). (1,857,200 Preference shares are redeemable at par on or before
September 8, 2026, (not exceeding 20 years from the date of issue of shares)
as may be determined by the Board o f Directors)) |
Rs. 10.each |
Rs.36.128
millions |
|
2800 |
5% Non Cumulative Redeemable Preference Shares (2,800
Preference shares are redeemable at par on or before February 25, 2027, (not exceeding
20 years from the date of issue of shares) as Inlay be determined by the
Board of Directors). |
Rs. 10.each |
Rs. 0.028
million |
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 |
36.228 |
36.228 |
36.228 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
89.390 |
40.970 |
37.792 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
125.618 |
77.198 |
74.020 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
10.848 |
102.900 |
|
|
2] Unsecured Loans |
93.147 |
30.366 |
30.944 |
|
|
TOTAL BORROWING |
93.147 |
41.214 |
133.844 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
218.765 |
118.412 |
207.864 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
59.395 |
64.651 |
71.961 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.952 |
0.958 |
0.472 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
161.403
|
63.389 |
56.351 |
|
|
Sundry Debtors |
189.254
|
83.847 |
142.782 |
|
|
Cash & Bank Balances |
0.800
|
3.070 |
2.795 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
5.877
|
5.510 |
1.478 |
|
Total
Current Assets |
357.334
|
155.816 |
203.406 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
196.025
|
100.739 |
66.182 |
|
|
Other Current Liabilities |
1.086
|
0.985 |
0.775 |
|
|
Provisions |
1.805
|
1.289 |
1.018 |
|
Total
Current Liabilities |
198.916
|
103.013 |
67.975 |
|
|
Net Current Assets |
158.418
|
52.803 |
135.431 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
218.765 |
118.412 |
207.864 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
557.279 |
389.733 |
451.235 |
|
|
|
Other Income |
0.116 |
0.073 |
0.035 |
|
|
|
TOTAL (A) |
557.395 |
389.806 |
451.270 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
(37.162) |
7.006 |
(4.042) |
|
|
|
Administrative Expenses |
526.887 |
262.520 |
403.314 |
|
|
|
TOTAL (B) |
489.725 |
269.526 |
399.272 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
67.670 |
120.280 |
51.998 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.604 |
11.378 |
7.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
57.066 |
108.902 |
44.550 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.483 |
9.250 |
10.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
48.583 |
99.652 |
34.001 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.164 |
96.473 |
(0.326) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
48.419 |
3.179 |
34.327 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
40.971 |
37.792 |
3.465 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
89.390 |
40.971 |
37.792 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
569.334 |
346.831 |
NA |
|
|
TOTAL EARNINGS |
569.334 |
916.165 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
35.440 |
4.440 |
NA |
|
|
|
Stores & Spares |
23.210 |
1.901 |
NA |
|
|
|
Capital Goods |
3.243 |
1.364 |
NA |
|
|
TOTAL IMPORTS |
61.893 |
7.705 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4841.94 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.68
|
0.81 |
7.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.71
|
25.56 |
7.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.65
|
45.20 |
12.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
1.29 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.32
|
1.86 |
2.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79
|
1.51 |
2.99 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
Subject (formerly known as Kudrat Financials Private Limited) was
incorporated on 31st May 1995. The Company obtained permission from
the SEEPZ Special Economic Zone, to establish it's undertaking and export its
entire production.
The Company is in business of Exporting of Diamond Studded Gold and
Platinum Jewellery.
OPERATIONS AND
PERFORMANCE:
During the year the company achieved a sales of Rs. 557.279 millions as
against Rs. 389.733 millions in the previous year. The other income stood to
Rs. 0.116 million as compared to Rs. 0.073 million in the previous year. After
providing depreciation of Rs. 8.483 millions as against Rs. 9.250 millions in
the previous year and provisions for tax of Rs. 0.176 million as compared to
Rs. (0.271) million in the previous year, the company has earned a profit of
Rs. 48.419 million as compared to the profit of Rs. 3.178 millions in the
previous year. The balance carried forward to balance sheet was of Rs. 89.390
millions.
FIXED ASSETS:
- Plant and
Machinery, Equipment
- Furniture and
Fixtures
- Computers
- Software
- Vehicles
- Capital Work
in Progress
FORM 8
|
Corporate
identity number of the company |
U67120MH1995PTC088974 |
|
Name of the
company |
UNI DESIGN ELITE JEWELLERY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
401 and 402, Seepz++, Building No. 2, Andheri (East), Mumbai 400096, |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
The Royal Bank Of Scotland N V, 74, Sakhar Bhavan, 7th
Floor, Nariman Point, Mumbai 400021, Maharashtra, India Email: reenabang@rediffmail.com
|
|
Nature of
instrument creating charge |
Deed of
Hypothecation of Movable Assets |
|
Date of
instrument Creating the charge |
20.04.2010 |
|
Amount secured by
the charge |
Rs. 150.000
millions |
|
Brief 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 first charge on entire stocks and receivables, both present and
future. Other Name of the Bank
has been changed from "ABN Amro Bank N.V." to "The Royal Bank
of Scotland N.V.", w.e.f. 19 March 2010. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation by
way of first charge on entire stocks and receivables, both present and
future. (as more described in enclosed agreement). |
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.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
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 |
NO |
|
--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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.