MIRA
INFORM REPORT
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Report Date : |
18.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
VISION GEMS PRIVATE LIMITED |
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Registered
Office : |
F-129, Malviya Nagar Industrial Area, Jaipur – 302017, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.04.2001 |
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Com. Reg. No.: |
17-16967 |
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Capital Investment
/ Paid-up Capital : |
Rs.2.000 Millions |
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CIN No.: [Company Identification
No.] |
U36910RJ2001PTC016967 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JPRV02055E |
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PAN No.: [Permanent Account No.] |
AABCV2204M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Gemstone and Jewellery. |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 26000 |
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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 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Manoj |
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Designation : |
Director |
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Date : |
11.05.2011 |
LOCATIONS
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Registered Office/Factory : |
F-129, Malviya Nagar Industrial Area, Jaipur – 302017, |
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Tel. No.: |
91-141-2750714 |
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Mobile No.: |
91-982919674 (Mr. Manoj) |
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Fax No.: |
91-141-2759147 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Manoj Bahl |
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Designation : |
Director |
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Address : |
606, Adarsh Nagar, Jaipur – 302004, |
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Date of Birth/Age : |
25.02.1967 |
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Date of Appointment : |
12.04.2001 |
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DIN No. : |
00127163 |
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Name : |
Mrs. Hema Bahl |
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Designation : |
Director |
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Address : |
606, Adarsh Nagar, Jaipur – 302004, |
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Date of Birth/Age : |
03.09.1967 |
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Date of Appointment : |
02.12.2002 |
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DIN No. : |
00127190 |
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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Manoj Bahl |
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170000 |
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Hema Bahl |
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30000 |
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Total |
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200000 |
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 : |
Manufacturer and Exporter of Gemstone and Jewellery. |
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Products : |
Precious and Semi Precious Stones |
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Exports : |
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Products : |
Gemstone and Jewellery |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
T/T |
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Purchasing : |
T/T |
GENERAL INFORMATION
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Customers : |
Retailers, Wholesalers and OEM’s |
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No. of Employees : |
500 (Approximately) |
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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 : |
Shah Surendra and Associates Chartered Accountant |
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Address : |
208, Anukampa II, |
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Tel. No.: |
91-141-2362335 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
200000 |
Equity Shares |
Rs.10/-each |
Rs.2.000
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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.519 |
4.151 |
3.611 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.519 |
6.151 |
5.611 |
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LOAN FUNDS |
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1] Secured Loans |
8.990 |
0.000 |
0.273 |
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2] Unsecured Loans |
45.270 |
32.464 |
46.356 |
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TOTAL BORROWING |
54.260 |
32.464 |
46.629 |
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DEFERRED TAX LIABILITIES |
0.543 |
0.451 |
0.878 |
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TOTAL |
61.322 |
39.066 |
53.118 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.949 |
20.336 |
20.527 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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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 |
34.158
|
18.563 |
22.956 |
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Sundry Debtors |
18.145
|
9.803 |
16.814 |
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Cash & Bank Balances |
7.788
|
0.251 |
1.249 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.747
|
2.070 |
0.912 |
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Total
Current Assets |
68.838
|
30.687 |
41.931 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
28.925
|
6.269 |
9.126 |
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Other Current Liabilities |
3.460
|
5.605 |
0.052 |
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Provisions |
0.083
|
0.086 |
0.165 |
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Total
Current Liabilities |
32.468
|
11.960 |
9.343 |
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Net Current Assets |
36.370
|
18.727 |
32.588 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
61.322 |
39.066 |
53.118 |
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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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SALES |
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Income |
50.423 |
35.403 |
47.245 |
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Other Income |
16.990 |
1.463 |
NA |
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TOTAL |
67.413 |
36.866 |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
66.902 |
36.666 |
NA |
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PROFIT BEFORE
TAX |
0.511 |
0.200 |
0.195 |
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Less |
TAX |
0.083 |
(0.361) |
NA |
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PROFIT AFTER TAX |
0.428 |
0.561 |
NA |
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Earnings Per
Share (Rs.) |
2.14 |
2.65 |
-- |
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Particulars |
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31.03.2011 |
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Sales Turnover |
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|
60.000 |
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The above information has been parted by Mr. Manoj
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
0.63
|
1.52 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.01
|
0.56 |
0.41 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.54
|
0.39 |
0.31 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.03 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
13.30
|
7.22 |
9.97 |
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Current Ratio (Current Asset/Current Liability) |
|
2.12
|
2.56 |
4.49 |
LOCAL AGENCY FURTHER INFORMATION
CHANGE OF ADDRESS
:
Registered office of the company has been shifted from 4th Floor,
Navratan Complex, K.G.B. Ka Rasta, Johari Bazar, Jaipur,
FINANCIAL RESULTS
AND OPERATIONS :
During the year, the Company has achieved total sales
turnover of Rs.50.423 Millions (Previous year Rs 35.403 Millions). During the
year the Company has earned a profit of Rs 0.512 Million (Previous year Profit
of Rs.0.200 million) before making provision for taxes
FORM 8 :
|
Corporate
identity number of the company |
U36910RJ2001PTC016967 |
|
Name of the
company |
VISION GEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
F-129, Malviya Nagar Industrial Area, Jaipur – 302017, |
|
This form is for |
Creation
of charge |
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Type of charge |
Immovable
property Any interest in
immovable property Others |
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Particular of
charge holder |
Bank of |
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Nature of
instrument creating charge |
Corporate
Guarantee Memorandum of
Entry Board Resolution |
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Date of
instrument Creating the charge |
23.10.2010 |
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Amount secured by
the charge |
Rs.12.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: Interest on PCL
upto 180 days 10 % p.a. beyond 180 to 270 days 13.75 % p.a. with monthly
rests. Interest on PSDL upto 180 days 10.25 % p.a. beyond 180 days 16.25 %
p.a. with monthly rests. Terms of
repayment : Repayable on
demand. Margin : 25% Extent and
operation of the charge : The charge
operates on first basis. Others : Bank of Detailed as Packing Credit
Limit Rs.5.000 Millions Post Shipment
Demand Loan Rs.7.500 Millions Total Rs.12.500 Millions The Company
VISION GEMS Private Limited has granted Corporate Guarantee and mortgaged
entire property of the company situated at F -129, Malviya Industrial Area
,Malviya Nagar Jaipur - 302017 to Bank of Baroda, Tripoliya Bazar, Jaipur. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
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TRADE REFERENCE :
- Devel Gems
Limited
FIXED ASSETS :
- Land
- Building
- Plant and Machinery
- Computer
- Furniture and Fixtures
- Fan
- Tools and Equipments
- Cooler
- Office Equipments
- Electrical Installation
- Gas Cylinder
- Water Tank
- Weight Machine
- Air Conditioner
- Camera Systems
- D.G. Set
- EPBX System
- Car
- Water Cooler
- Dies
- Fire Fighting Equipment
- Money Count Machine
- Metal Detector
- Water Dispenser
- Motor Bike
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.45.07 |
|
|
1 |
Rs.72.97 |
|
Euro |
1 |
Rs.63.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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.