MIRA
INFORM REPORT
|
Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEEL GEMS AND JEWELLERY PRIVATE LIMITED [w.e.f. 29.03.2011] |
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Formerly Known
As : |
NEEL GEMS PRIVATE LIMITED |
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Registered
Office : |
Flat No. 404, Narvik’s Mahiraj Apartment, D-240, Bihari Marg, Bani
Park, Jaipur-302016, Rajasthan |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.12.2004 |
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Com. Reg. No.: |
17-020067 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U36911RJ2004PTC020067 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JPRP02618A |
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PAN No.: [Permanent Account No.] |
AADCP4461A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Silver Jewellery, Sterling Silver
Jewellery etc. |
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No. of Employees
: |
150 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
|
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 1000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. 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.
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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. Anil Kumar Aggarwal |
|
Designation : |
Managing Director |
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Contact No.: |
91-9680004499 |
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Date : |
19.11.2011 |
LOCATIONS
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Registered Office / Factory : |
Flat No. 404, Narvik’s Mahiraj Apartment, D-240, Bihari Marg, Bani
Park, Jaipur-302016, Rajasthan, India |
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Tel. No.: |
91-141-2202297/4025198 |
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Mobile No.: |
91-9680004499 [Mr. Anil Kumar Aggarwal] |
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Fax No.: |
91-141-2202295 |
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E-Mail : |
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Area : |
1800 sq. ft. |
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Location : |
Owned |
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Overseas Office / Showroom: |
Plate Jewels International, S.R.A.L 13, Rue Jean Pierre, Timbaud,
Stains 93240, France |
DIRECTORS
AS ON 05.08.2011
|
Name : |
Mr. Anil Kumar Aggarwal |
|
Designation : |
Managing Director |
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Address : |
105-Upasana Apartment, E-14, Behari Marg, Bani Park, Jaipur-302016,
Rajasthan, India |
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Date of Birth/Age : |
30.10.1964 |
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Date of Appointment : |
29.12.2004 |
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Din No.: |
01319196 |
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Name : |
Mrs. Sunita Anil Aggarwal |
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Designation : |
Director |
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Address : |
105-Upasana Apartment, E-14, Behari Marg, Bani Park, Jaipur-302016,
Rajasthan, India |
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Date of Birth/Age : |
15.11.1969 |
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Date of Appointment : |
29.12.2004 |
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Din No.: |
01100339 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.08.2011
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Names of Shareholders |
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No. of Shares |
|
Anil Kumar Aggarwal |
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5000 |
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Sunita Anil Aggarwal |
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5000 |
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Total |
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10000 |
AS ON 05.08.2011
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Silver Jewellery, Sterling Silver
Jewellery etc. |
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Products : |
·
Silver Jewellery ·
Sterling Silver Jewellery Sutdded with Precision
and Semi Precious Stones ·
Silver Sets ·
Silver Pendants ·
Silver Chains ·
Silver Earrings ·
Silver Rings ·
Silver Necklaces ·
Silver Bangles |
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Exports : |
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Products : |
Silver Jewellery |
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Countries : |
·
European Countries ·
USA ·
South Africa ·
Australia |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Retailers and End Users |
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No. of Employees : |
150 [Approximately] |
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Bankers : |
·
Axis Bank, Jaipur, Rajasthan, India ·
IDBI Bank ·
The Bank of Rajasthan Limited ·
HSBC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vikas Sethi Chartered Accountant |
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Address : |
A-1, Nandanam Apartment, Tilak Marg, C-Scheme, Jaipur-302001,
Rajasthan, India |
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Pan No.: |
ACAPS0585L |
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Associates/Subsidiaries : |
Aggarwal Export |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.130 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.092) |
(0.135) |
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NETWORTH |
0.230 |
0.008 |
(0.035) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.975 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.975 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.205 |
0.008 |
(0.035) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.750 |
0.011 |
0.014 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.012 |
0.024 |
0.051 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.098
|
2.013 |
1.174 |
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Sundry Debtors |
0.031
|
0.308 |
0.024 |
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Cash & Bank Balances |
0.162
|
0.500 |
0.185 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.166
|
0.137 |
0.233 |
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Total
Current Assets |
2.457
|
2.958 |
1.616 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.953
|
0.360 |
0.578 |
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Other Current Liabilities |
0.993
|
2.620 |
1.115 |
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Provisions |
0.068
|
0.005 |
0.026 |
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Total
Current Liabilities |
2.014
|
2.985 |
1.719 |
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Net Current Assets |
0.443
|
(0.027) |
(0.103) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
1.205 |
0.008 |
(0.035) |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales (Export) |
3.791 |
6.898 |
6.776 |
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Sales (Showroom) |
0.000 |
1.475 |
0.000 |
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Foreign Exchange Rate Difference |
|
0.117 |
0.000 |
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Sundry Balance Written Off |
0.342 |
0.000 |
0.003 |
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TOTAL |
4.133 |
8.490 |
6.779 |
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Less |
EXPENSES |
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Cost of Goods Sold |
|
5.592 |
4.512 |
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Administrative Expenses |
3.831 |
2.235 |
1.648 |
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Personnel Expenses |
|
0.577 |
0.546 |
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Preliminary Expenses Written Off |
|
0.002 |
0.002 |
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TOTAL |
3.831 |
8.406 |
6.708 |
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PROFIT BEFORE
TAX |
0.302 |
0.084 |
0.071 |
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Less |
TAX |
NA |
0.041 |
0.048 |
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PROFIT AFTER TAX
|
NA |
0.043 |
0.023 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(0.135) |
(0.158) |
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BALANCE CARRIED
TO THE B/S |
NA |
(0.092) |
(0.135) |
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EARNINGS IN
FOREIGN CURRENCY |
4.131 |
8.490 |
6.764 |
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Earnings Per Share
(Rs.) |
NA |
8.40 |
2.30 |
|
Expected Sales (2011-12) : Rs.6.200 Millions.
The above information has been parted by Mr. Anil Kumar Aggarwal.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
0.51 |
0.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.97
|
1.00 |
1.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.42
|
2.83 |
4.35 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.31
|
10.50 |
(2.03) |
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Debt Equity Ratio (Total Liability/Networth) |
|
13.00
|
373.12 |
(49.11) |
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Current Ratio (Current Asset/Current Liability) |
|
1.22
|
0.99 |
0.94 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
-- |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
Yes |
|
14) Estimation for coming financial year |
Yes |
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15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
|
24) Banking facility details |
No |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
No |
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28) Incorporation details, if applicable |
-- |
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29) Last accounts filed at ROC |
-- |
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30) Major Shareholders, if available |
-- |
FINANCIAL RESULTS:
The sales of the company decrease from Rs.8.373 millions to Rs.3.792
millions in spite of recession in the market and higher competition in the export
market. The directors are optimistic to achieve higher growth in the coming
year.
FIXED ASSETS:
·
Computer
·
Weight Machine
·
Cycle
·
Motor Car
·
Printer
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 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.51.35 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.69.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.