MIRA
INFORM REPORT
|
Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
UNI-DESIGN JEWELLERY PRIVATE LIMITED |
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Registered
Office : |
Plot No.4 5 And 6 (Part) Seepz, Andheri (E), Mumbai-400096, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.07.1989 |
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Com. Reg. No.: |
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 Divulged by the management |
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 |
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Maximum Credit Limit : |
USD 2048216 |
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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.
INFORMATION DECLINED BY
|
Name : |
Ms. Shilpa |
|
Designation : |
Accountant |
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Contact No.: |
91-22-66681000 |
|
Date : |
11.06.2011 |
LOCATIONS
|
Registered Office : |
Plot No.4 5 And 6 (Part) Seepz, Andheri (E), Mumbai-400096, |
|
Tel. No.: |
91-22-66681000 |
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Fax No.: |
91-22-66681050 |
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E-Mail : |
DIRECTORS
AS ON 20.07.2010
|
Name : |
Mr. Raj Hiten Parikh |
|
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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Date of Appointment : |
08.11.2004 |
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|
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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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Date of Appointment : |
27.01.1995 |
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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 : |
06.07.1953 |
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Date of Appointment : |
30.11.1994 |
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Name : |
Jitendra C Parikh |
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Designation : |
Director |
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|
Name : |
Ketan B Parikh |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.07.2010
|
Names of Shareholders Equity Shares : |
No. of Shares |
|
Mr. Jitendra Chimanlal Parikh |
4000 |
|
Mr. |
2000 |
|
Mr.Diarough N. V. |
7120 |
|
Mr. Saunak Jitendra Parikh |
1600 |
|
United Kingdom-Design Jewellery Holding LLP |
60280 |
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Total |
139000 |
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|
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Preference
Shares : |
|
|
Diarough N. V. |
5000000 |
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Total |
5000000 |
AS ON 20.07.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.17 |
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Bodies corporate |
|
43.37 |
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Directors or relatives of directors |
|
5.46 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of Plain and Diamond Studded Gold and
Platinum Jewellery. |
GENERAL INFORMATION
|
Bankers : |
ABN AMRO Bank 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai-40021, reenabang@rediffmail.com |
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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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Subsidiaries : Holding Company: Subsisidiary: Fellow
Subsidiary: |
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Associates : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 100 each |
Rs.15.000Millions |
|
5010000 |
Preference Shares |
Rs. 10 each |
Rs. 50.100Millions |
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
139000 |
Equity Shares |
Rs. 100 each |
Rs.13.900Millions
|
|
5000000 |
Preference Shares |
Rs. 10 each |
Rs.50.000Millions |
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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 |
57.872 |
57.872 |
57.872 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
454.182 |
417.460 |
359.946 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
512.054 |
475.332 |
417.818 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
271.108 |
193.960 |
141.997 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
271.108 |
193.960 |
141.997 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
(0.346) |
1.850 |
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|
|
|
|
|
|
|
TOTAL |
783.162 |
668.946 |
561.665 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
43.211 |
51.222 |
62.086 |
|
|
Capital work-in-progress |
5.603 |
0.000 |
0.868 |
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|
|
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|
INVESTMENT |
252.874 |
156.994 |
36.994 |
|
|
DEFERREX TAX ASSETS |
1.241 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
260.837
|
141.449 |
189.207 |
|
|
Receivables |
310.878
|
222.703 |
330.192 |
|
|
Cash & Bank Balances |
24.271
|
37.358 |
58.632 |
|
|
Loans & Advances |
230.532
|
102.334 |
30.838 |
|
Total
Current Assets |
826.518
|
503.844 |
608.869 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
318.196
|
28.757 |
133.846 |
|
|
Other Current Liabilities |
2.115
|
2.482 |
2.966 |
|
|
Provisions |
25.973
|
11.875 |
10.339 |
|
Total
Current Liabilities |
346.284
|
43.114 |
147.151 |
|
|
Net Current Assets |
480.234
|
460.730 |
461.718 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
TOTAL |
783.162 |
668.946 |
561.665 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
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|
|
|
|
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|
Sales and Operating Income |
131.039 |
1132.449 |
1166.933 |
|
|
|
Other Income |
2.856 |
7.518 |
(0.626) |
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|
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TOTAL |
133.895 |
1139.967 |
1166.307 |
|
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|
|
|
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|
EXPENSES |
|
|
|
|
|
|
|
Increase/(Decrease) in Finished Goods |
(43.701) |
19.660 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
63.695 |
79.340 |
68.793 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5.196 |
9.641 |
12.033 |
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
58.499 |
69.699 |
56.760 |
|
|
|
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|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9.586 |
12.948 |
14.023 |
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|
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|
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|
PROFIT BEFORE
TAX |
48.913 |
56.751 |
42.737 |
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|
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|
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Less |
TAX |
12.19 |
0.762 |
0.427 |
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|
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|
|
|
|
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|
PROFIT AFTER TAX |
36.723 |
57.513 |
42.310 |
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
382.132 |
324.618 |
282.439 |
|
|
|
|
|
|
|
|
|
Less |
Prior
period Expenses |
0.000 |
0.000 |
0.131 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
418.855 |
382.132 |
324.618 |
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1286.443 |
1060.048 |
1152.891 |
|
|
TOTAL EARNINGS |
1286.443 |
1060.048 |
1152.891 |
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|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
151.042 |
91.850 |
97.986 |
|
|
|
Consumables (Stores & Spares) |
4.028 |
4.889 |
0.792 |
|
|
|
Capital Goods |
0.705 |
0.000 |
5.613 |
|
|
TOTAL IMPORTS |
155.775 |
96.739 |
104.391 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
27.43
|
5.05 |
3.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
37.33
|
5.01 |
3.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.62
|
10.22 |
6.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.12 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.21
|
0.50 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.39
|
11.69 |
4.14 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Goods |
303.197 |
19.067 |
118.944 |
|
For Expenses |
14.999 |
9.690 |
14.902 |
BUSINESS
OPERATIONS AND PERFORMANCE:
During the year under review, company achieved a Sales of
Rs.1313.039millions as against Rs. 1132.449 millions in the previous year. The
other income stood to Rs. 2.856millions as compared to rs. 7.518 millions in
the previous year. After providing depreciation of Rs. 9.586 millions as
against Rs.12.948millions in the prvious year and Provisions for Tax of
Rs.12.205millions as compared to Rs. (1.525) millions in the previous year, the
Company has earned a profit of Rs. 36.723millions as compared to the profit of
Rs. 57.513 millions in the previous year. The balance carried forward to
Balance Sheet was of Rs. 418.855 millions.
CONTINGENT LIABILITIES
|
|
Particulars |
As at March 31,2010 |
As at March 31,2009 |
|
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. |
7.922 |
7.820 |
|
2 |
Claims against the company not acknowledged
as debts |
3.001 |
0.000 |
|
3 |
Guarantees given by Bank on behalf of the
Company |
5.375 |
0.850 |
|
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 |
74.396 |
0.240 |
CIF VALUE OF IMPORTS (ON ACCRUAL BASIS)
|
In Respect Of |
31.03.2010 Rs. In Millions |
31.03.2009 Rs. In Millions |
|
Raw Materials (excl Deemed Import) |
151.042 |
91.850 |
|
Consumables (Stores and Spares) |
4.028 |
4.889 |
|
Capital Goods |
0.704 |
0.000 |
EARNINGS IN FOREIGN CURRENCY (ON ACCRUAL BASIS)
|
In Respect Of |
31.03.2010 Rs. In Millions |
31.03.2009 Rs. In Millions |
|
FOB Value of Exports |
1286.443 |
1060.047 |
|
Dividend |
1.049 |
0.000 |
Form 8
|
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, |
|
This form is for |
Modification of
charge Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
ABN AMRO Bank 74,Sakhar Bhavan,
7th Floor, Nariman Point, Mumbai-400021, reenabang@rediffmail.com |
|
Nature of
instrument creating charge |
Letter Of
Extension of Mortgage |
|
Date of instrument
Creating the charge |
07.08.2008 |
|
Amount secured by
the charge |
700.000 |
|
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. Other |
|
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. |
|
Whether any of
the property or interest therein under reference is not registered in the
name of the company. If yes, in whose name
it is registers |
No |
|
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. |
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.44.72 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.72 |
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.