MIRA
INFORM REPORT
|
Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHRENUJ GEMS AND JEWELLERY LIMITED (w.e.f. 22.05.2009) |
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Formerly Known
As : |
SHRENUJ GEMS AND JEWELLERY PRIVATE LIMITED |
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Registered Office
: |
Plot No. GJ 09, Seepz++, Marol Industrial Area, Seepz-Sez, 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 : |
23.03.2004 |
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Com. Reg. No.: |
11-145253 |
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CIN No.: [Company Identification
No.] |
U36911MH2004PLC145253 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS54439A |
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PAN No.: [Permanent Account No.] |
AAJCS4265M |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and trader of studded jewellery. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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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Maximum Credit Limit : |
USD 390000 |
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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. The company
had recorded some accumulated losses in previous year. however, with the
improvement in profitability, the company has successful in wiping of those
losses. 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
|
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: |
Plot No. GJ 09, Seepz++, Marol Industrial Area, Seepz-Sez, Andheri
(E), Mumbai-400096, |
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Tel. No.: |
91-22-67314600 |
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Fax No.: |
91-22-67314583 |
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E-Mail : |
DIRECTORS
As on 25.06.2010
|
Name : |
Mr. Kirtilal K. Doshi |
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Designation : |
Director |
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Address : |
162, Neelamber, 37, Dr. G.D. Marg, |
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Date of Birth/Age : |
12.10.1922 |
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Date of Appointment : |
01.08.2006 |
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Name : |
Mr. Nihar Nitin Parikh |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
28.06.1967 |
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Date of Appointment : |
01.08.2006 |
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Name : |
Mr. Vishal Shreyas Doshi |
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Designation : |
Director |
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Address : |
161, Neelamber, 37, Dr. G.D. Marg, |
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Date of Birth/Age : |
18.01.1979 |
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Date of Appointment : |
14.05.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.06.2010
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Names of Shareholders |
|
No. of Shares |
|
Shrenuj and Company Limited, |
|
5999900 |
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Kirtilal K. Doshi |
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25 |
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Suman K. Doshi |
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15 |
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Shreyas K. Doshi |
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15 |
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Geeta S. Doshi |
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15 |
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Vishal Shreyas Doshi |
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15 |
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Anuj K. Doshi |
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15 |
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Total |
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6000000 |
As on 25.06.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
|
99.99 |
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Directors
or relatives of directors |
|
0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and trader of studded jewellery. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Studded Jewellery |
Nos. |
125000 |
125000 |
109704 |
GENERAL INFORMATION
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Bankers : |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of |
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Facilities : |
Note: Term Loan from Bank is secured by way of first charge on Building and Fixed/Block of Assets, both present and future, at the company's factory situated at Seepz, Mumbai. Working Capital Loans from Bank are secured by, Hypothecation of stock in Trade and Book Debts, both present and future and the second charge on Fixed/Block of Assets, both present and future, at the company's factory situated at Seepz, Mumbai. Both the above loans are guaranteed by all the Directors of the company in their personal capacity and corporate guarantee is given by the holding company (M/s Shrenuj and Company Limited). Term Loan is repayable within one year Rs.34.318 millions
(Previous year Rs.38.750 millions) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Prakash Shantilal Doshi and Company Chartered Accountant |
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Address : |
22, Gurukul Chambers, 187-189, |
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Holding Company: |
Shrenuj and Company Limited (L99999MH1982PLC026903) |
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Fellow Subsidiary: |
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Associates: |
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CAPITAL STRUCTURE
As on 25.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 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 |
60.000 |
53.000 |
53.000 |
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2] Share Application Money |
0.000 |
7.000 |
0.961 |
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3] Reserves & Surplus |
38.152 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.274) |
(0.021) |
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NETWORTH |
98.152 |
59.726 |
53.940 |
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LOAN FUNDS |
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1] Secured Loans |
384.089 |
296.856 |
75.074 |
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2] Unsecured Loans |
85.478 |
60.025 |
0.000 |
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TOTAL BORROWING |
469.567 |
356.881 |
75.074 |
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DEFERRED TAX LIABILITIES |
8.596 |
2.870 |
0.000 |
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TOTAL |
576.315 |
419.477 |
129.014 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
261.316 |
261.284 |
10.500 |
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Capital work-in-progress |
0.000 |
0.000 |
116.418 |
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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 |
231.704
|
139.286 |
0.000 |
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Sundry Debtors |
366.054
|
111.235 |
0.000 |
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Cash & Bank Balances |
8.730
|
3.192 |
1.116 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
21.158
|
7.838 |
2.394 |
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Total
Current Assets |
627.646
|
261.551 |
3.510 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
300.871
|
101.624 |
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Other Current Liabilities |
11.089
|
1.610 |
1.358 |
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Provisions |
0.687
|
0.124 |
0.056 |
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Total
Current Liabilities |
312.647
|
103.358 |
1.414 |
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Net Current Assets |
314.999
|
158.193 |
2.096 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
576.315 |
419.477 |
129.014 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
710.353 |
127.804 |
0.000 |
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Other Income |
0.302 |
0.430 |
0.000 |
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TOTAL (A) |
710.655 |
128.234 |
0.000 |
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Less |
EXPENSES |
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Material Cost |
524.624 |
94.924 |
0.000 |
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Manufacturing and Others Expense |
112.424 |
16.144 |
0.000 |
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TOTAL (B) |
637.048 |
111.068 |
0.000 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
73.607 |
17.166 |
0.000 |
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Less |
FINANCIAL
EXPENSES (D) |
18.209 |
8.074 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
55.398 |
9.092 |
0.000 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.247 |
6.414 |
0.000 |
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PROFIT BEFORE
TAX (E-F) (G) |
44.151 |
2.678 |
0.000 |
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Less |
TAX (H) |
5.725 |
2.931 |
0.000 |
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PROFIT AFTER TAX
(G-H) (I) |
38.426 |
(0.253) |
(0.021) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.274) |
(0.021) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
38.152 |
(0.274) |
(0.021) |
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EARNINGS IN
FOREIGN CURRENCY |
|
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Export Earnings |
575.831 |
125.538 |
NA |
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IMPORTS |
|
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Raw Materials |
130.689 |
142.441 |
NA |
|
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Stores & Spares |
15.586 |
27.489 |
NA |
|
|
|
Capital Goods |
1.566 |
0.000 |
NA |
|
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TOTAL IMPORTS |
147.841 |
169.930 |
NA |
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Earnings Per
Share (Rs.) |
6.40 |
(0.05) |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.41
|
(0.20) |
(0.00) |
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Net Profit Margin (PBT/Sales) |
(%) |
6.22
|
2.10 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.97
|
0.51 |
0.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.04 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
7.97
|
7.70 |
1.42 |
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Current Ratio (Current Asset/Current Liability) |
|
2.00
|
2.53 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from 4/12, Sona Udyog
Industrial Estate,
OPERATIONS:
The Company has set up a full-fledged jewellery manufacturing and
trading facility in Seepz, Mumbai for export of gems and diamond studded
Jewellery due to which there is a tremendous increase in the sales. The total turnover
of the Company for the financial year ended 31st March, 2010 was Rs. 710.300
Millions (Previous year Rs.127.800 Millions).
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U36911MH2004PLC145253 |
|
Name of the
company |
SHRENUJ GEMS
& JEWELLERY LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. GJ 09, Seepz++, Marol Industrial Area, Seepz-Sez, Andheri
(E), Mumbai-400096, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of |
|
Email |
|
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Nature of
description of the instrument creating or modifying the charge |
Deed of Hypothecation |
|
Date of
instrument Creating the charge |
23.09.2010 |
|
Amount secured by
the charge |
Rs.200.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest SBLC/LC/ 1.75% pa
Export facilities To be decided at the time of disbursement Terms of
Repayment On Demand/ at the
end of tenor Margin 15% SBLC/LC Extent and
Operation of the charge First pari passu
charge on stocks and book debts, more particularly to Deed of Hypothecation |
|
Short particulars
of the property charged |
I)
The
whole of current assets of the borrower's stocks of raw material,
semi-finished and finished goods, stores and spares including relating to
plant and machinery. II)
more particularly
described in schedule to Deed of Hypothecation |
Fixed Assets:
- Plant and Machinery
- Electrical Installations
- Air Conditioners
- Office Equipment
- Computers
- Furniture and Fixtures
- Vehicles
- Intangible Software
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.72.97 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.