MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
M. SURESH JEWELLERY PRIVATE LIMITED |
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Formerly Known
As : |
ZEROTH JEWELLERY PRIVATE LIMITED |
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Registered
Office : |
Plot No. 18, 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 : |
11.08.1994 |
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Com. Reg. No.: |
11-080302 |
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Capital Investment
/ Paid-up Capital : |
Rs.5.000
Millions |
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CIN No.: [Company Identification
No.] |
U65920MH1994PTC080302 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of Diamond Studded Jewellery. |
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No. of Employees
: |
Not Available |
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 6200000 |
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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. Trader
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 |
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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
|
Registered Office : |
Plot No. 18, Seepz Sez, Andheri (E), Mumbai-400096, |
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Tel. No.: |
91-22-28290464 / 28292111 / 28292444 |
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Fax No.: |
91-22-28292888 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Lalit Chunilal Adani |
|
Designation : |
Director |
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Address : |
3-B, Swapnalok, I.J Marg, |
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Date of Birth/Age : |
24.02.1958 |
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Date of Appointment : |
13.02.2003 |
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|
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|
Name : |
Mr. Manish Ramesh Pethani |
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Designation : |
Director |
|
Address : |
1901/02, Chandanbala Apartment, Ratilal Thakker Marg, Wlkeshwar,
Mumbai-400006, |
|
Date of Birth/Age : |
13.06.1966 |
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Date of Appointment : |
13.02.2003 |
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|
|
|
Name : |
Mr. Shailesh Kumar Sumanlal Mehta |
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Designation : |
Director |
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Address : |
72-A, |
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Date of Birth/Age : |
14.09.1949 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Lalit Chunilal Adani |
|
43040 |
|
Manish Ramesh Pethani |
|
31200 |
|
Paresh Ramesh Pethani |
|
59750 |
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Vijay Chunilal Adani |
|
27000 |
|
Nitin Chunilal Adani |
|
27000 |
|
Suresh Company Private Limited, |
|
10 |
|
Apex Diamond Export Private Limited, |
|
86000 |
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Suresh Exports Private Limited, |
|
226000 |
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|
|
|
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Total |
|
500000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
62.40 |
|
Directors
or relatives of directors |
|
37.60 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of Diamond Studded Jewellery. |
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Products : |
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GENERAL INFORMATION
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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 : |
Jain and Kachhawaha Chartered Accountant |
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Address : |
Office No. 26, 47, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
5.000 |
5.000 |
5.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1550.676 |
1415.666 |
1050.769 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1555.676 |
1420.666 |
1055.769 |
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|
LOAN FUNDS |
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|
|
|
|
1] Secured Loans |
106.518 |
128.382 |
64.487 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
106.518 |
128.382 |
64.487 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
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|
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TOTAL |
1662.194 |
1549.048 |
1120.256 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
131.635 |
138.409 |
142.814 |
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Capital work-in-progress |
0.756 |
0.756 |
0.756 |
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INVESTMENT |
307.001 |
299.151 |
248.521 |
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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 |
94.436
|
93.424 |
127.109 |
|
|
Sundry Debtors |
291.260
|
361.168 |
475.264 |
|
|
Cash & Bank Balances |
1.844
|
3.379 |
48.601 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1073.319
|
936.497 |
272.971 |
|
Total
Current Assets |
1460.859
|
1394.468 |
923.945 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
187.828
|
260.331 |
147.870 |
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|
Other Current Liabilities |
5.825
|
6.901 |
7.611 |
|
|
Provisions |
44.404
|
16.504 |
41.142 |
|
Total
Current Liabilities |
238.057
|
283.736 |
196.623 |
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|
Net Current Assets |
1222.802
|
1110.732 |
272.322 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.843 |
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TOTAL |
1662.194 |
1549.048 |
1120.256 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT BEFORE
TAX |
171.566 |
348.627 |
350.192 |
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Less |
TAX |
36.556 |
23.361 |
48.294 |
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PROFIT AFTER TAX
|
135.010 |
325.266 |
301.898 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1278.466 |
913.569 |
611.671 |
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|
PRIOR
PERIOD ADJUSTMENT |
0.000 |
39.631 |
0.000 |
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Less |
APPROPRIATIONS |
|
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Transfer to General Reserve |
78.743 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
1334.733 |
1278.466 |
913.569 |
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IMPORTS |
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Raw Materials |
1267.855 |
967.227 |
1093.821 |
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Stores & Spares |
2.375 |
1.160 |
2.054 |
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Capital Goods |
0.203 |
0.000 |
0.883 |
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TOTAL IMPORTS |
1270.433 |
968.387 |
1096.758 |
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Earnings Per
Share (Rs.) |
270.02 |
729.87 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.77
|
22.74 |
32.83 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.25 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.08
|
0.29 |
0.25 |
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Current Ratio (Current Asset/Current Liability) |
|
6.14
|
4.91 |
4.70 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80041712 |
|
Corporate
identity number of the company |
U65920MH1994PTC080302 |
|
Name of the
company |
M. Suresh Jewellery
Private Limited |
|
Address of the
registered office or of the principal place of business in |
Plot No. 18, Seepz Sez, Andheri (E), Mumbai-400096, |
|
Type of charge |
Book Debts |
|
Particular of charge
holder |
Bank of |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
First
supplemental deed of hypothecation of stocks and book debts |
|
Date of
instrument Creating the charge |
01.02.2008 |
|
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 As stipulated by
bank from time to time Terms of
Repayment As stipulated by
bank from time to time Margin As stipulated by
bank from time to time Extent and
Operation of the charge First charge
(present and future) = Total limit Rs. 200.000 Millions. EPC = Rs.100.000 Millions GOLD LOAN =
Rs.75.000 Millions MAX (1+2) =
Rs.100.000 Millions FBP/FBD/FBN/ODFOBC
= Rs.100.000 Millions TOTAL (1 TO 3) =
Rs.200.000 Millions INLAND GUARANTEE
= Rs.5.000 Millions IMPORT/INLAND LC
= Rs.5.000 Millions MAX (4+5) =
Rs.5.000 Millions MAX (1 TO 5) =
Rs.200.000 Millions Others As stipulated by bank
from time to time and as per agreement attached and as per sanction letter of
the bank |
|
Short particulars
of the property charged |
First charge
(present and future)-hypothecation of all gold, diamonds, silver, alloys,
precious and semi precious stones, finished goods like rings, pendants,
bracelets and all types of ornaments/jewellery, semi finished goods, stock in
process, mounting and samples, findings, rubber moulds, plaster of pari and
all other raw materials etc and book debts |
|
Particulars of
the present modification |
By this
modification limit enhanced to Rs. 200.000 millions, continued security as
given by original charge as well as by modifications. |
Fixed Assets:
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Computer
- Vehicles
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.44.23 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
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 |
|
- |
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.