MIRA
INFORM REPORT
|
Report Date : |
19.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
KALYAN JEWELLERS INDIA PRIVATE LIMITED |
|
|
|
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Registered
Office : |
TC-35/1403, |
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Country : |
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|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
29.01.2009 |
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|
|
|
Com. Reg. No.: |
09-024641 |
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|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 395.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911KL2009PTC024641 |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
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|
|
Line of Business
: |
Retailers of Jewellery ornaments like Bangles, Rings. |
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|
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No. of
Employees: |
150 (Office 80, Branch 70) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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|
Comments : |
Subject was originally established as a partnership concern in the year
2004 under the name of Kalyan Jewellers. The name of the concern as
subsequently changed to Kalyan Jewellers TSK in the year 2008 and later it
converted into private limited company in the year 2009. It is an established company having moderate track. The company
improved its performance in the year 2009-10. The company has been successful
in wiping off the accumulated losses of previous years. Trade relations
are reported as fair. Business is
active. Payments are reported to be slow but correct. The company can be considered for business dealings with slight
cautions. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
TC-35/1403, |
|
Tel. No.: |
91-487-2323733 |
|
E-Mail : |
|
|
Website : |
www.kalyanjewellers.in |
|
Area : |
5000 sq.ft |
|
Location : |
Rented |
|
|
|
|
Branch Office 1 : |
Kandath Complex, |
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Tel. No.: |
91-491-2533744 |
|
Fax No.: |
91-491-2533755 |
|
Area : |
2500 sq.ft |
|
Location : |
Owned |
|
|
|
|
Branch Office 2 : |
|
|
Tel. No.: |
91-4933-224126 |
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Fax No.: |
91-4933-224127 |
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|
|
|
Branch Office : |
5th Cross, |
|
Tel. No.: |
91-422-2528883/ 2528884 |
DIRECTORS
As on 30.09.2010
|
Name : |
Trikkur Seetharama Iyer Kalyana Raman |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
TC/1/196, Kalyan Extension, Poonkunnam, Thrissur-680002, |
|
Date of Birth/Age : |
23.05.1947 |
|
Date of Appointment : |
29.01.2009 |
|
DIN No: |
01021928 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U65992KL1983PTC003808 |
YUVASAKTHI KURIES PVT LTD |
Director |
24-10-83 |
24-10-83 |
- |
Active |
NO |
|
2 |
U67120KL2005PTC017908 |
FAMILY SECURITIES PRIVATE LIMITED |
Director |
14-02-05 |
14-02-05 |
- |
Dormant |
NO |
|
3 |
U36911KL2008PTC022470 |
KALYAN JEWELLERS SALEM PRIVATE LIMITED |
Managing director |
01-12-08 |
22-05-08 |
- |
Active |
NO |
|
4 |
U36911KL2009PTC024641 |
KALYAN JEWELLERS INDIA PRIVATE LIMITED |
Managing director |
29-01-09 |
29-01-09 |
- |
Active |
NO |
|
Name : |
Trikkur Kalyana Raman Seetharam |
|
Designation : |
Director |
|
Address : |
31/294 Kalyan Extension, Pushpagiri, Punkunnam Trichur -680002, |
|
Date of Birth/Age : |
20.10.1975 |
|
Date of Appointment : |
29.01.2009 |
|
DIN No: |
01021898 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U36911KL2008PTC022470 |
KALYAN JEWELLERS SALEM PRIVATE LIMITED |
Director |
22-05-08 |
22-05-08 |
- |
Active |
NO |
|
2 |
U36911KL2009PTC024641 |
KALYAN JEWELLERS INDIA PRIVATE LIMITED |
Director |
29-01-09 |
29-01-09 |
- |
Active |
NO |
|
Name : |
Ramesh Trikkur Kalyan Raman |
|
Designation : |
Director |
|
Address : |
31/294 Kalyan Extension, Pushpagiri, Punkunnam Trichur -680002, |
|
Date of Birth/Age : |
16.07.1978 |
|
Date of Appointment : |
29.01.2009 |
|
DIN No: |
01021868 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation of the director |
Date of appointment at current designation |
Original date of appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U36911KL2008PTC022470 |
KALYAN JEWELLERS SALEM PRIVATE LIMITED |
Director |
22-05-08 |
22-05-08 |
- |
Active |
NO |
|
2 |
U36911KL2009PTC024641 |
KALYAN JEWELLERS INDIA PRIVATE LIMITED |
Director |
29-01-09 |
29-01-09 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Thrikur Seetharaman Iyer Kalyana Raman |
|
11862000 |
|
Trikkur Kalyana Raman Seetharam |
|
5931000 |
|
Ramesh Trikkur Kalyan Raman |
|
5931000 |
|
N V Ramadevi |
|
3954000 |
|
Maya Ramakrishnan |
|
3954000 |
|
Deepa Harikrishnan |
|
3954000 |
|
T K Radhika |
|
3954000 |
|
Total |
|
39540000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retailers of Jewellery ornaments like Bangles, Rings |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
150 (Office 80, Branch 70) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Balaram and Nandakumar Chartered Accountant |
|
Address : |
Nanu Ezhuthassan Buildings, West Fort, Thrissur, Kerala – 680004, |
|
PAN No: |
AACFB4299C |
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|
|
|
Sister Concern : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Equity shares |
Rs. 10/- each |
Rs. 420.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39540000 |
Equity Shares |
Rs. 10/-
each |
Rs. 395.400
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
395.400 |
1.500 |
|
|
2] Share Application Money |
|
0.000 |
393.900 |
|
|
3] Reserves & Surplus |
|
111.007 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
[2.685] |
|
|
NETWORTH |
|
506.407 |
392.715 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1446.474 |
719.781 |
|
|
2] Unsecured Loans |
|
100.123 |
0.349 |
|
|
TOTAL BORROWING |
|
1546.597 |
720.130 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2053.004 |
1112.845 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
168.960 |
93.529 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
2282.021
|
1042.959 |
|
|
Sundry Debtors |
|
14.922
|
83.935 |
|
|
Cash & Bank Balances |
|
232.318
|
49.906 |
|
|
Other Current Assets |
|
38.951
|
12.147 |
|
|
Loans & Advances |
|
1.986
|
0.000 |
|
Total
Current Assets |
|
2570.198 |
1188.947 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
351.538
|
61.745 |
|
|
Other Current Liabilities |
|
295.897
|
97.731 |
|
|
Provisions |
|
43.924
|
10.403 |
|
Total
Current Liabilities |
|
691.359 |
169.879 |
|
|
Net Current Assets |
|
1878.839 |
1019.068 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
5.205 |
0.248 |
|
|
|
|
|
|
|
|
TOTAL |
|
2053.004 |
1112.845 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
12960.171 |
531.778 |
|
|
|
Other Income |
|
1.871 |
0.000 |
|
|
|
TOTAL (A) |
|
12962.042 |
531.778 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Selling and Other Expenses |
|
263.997 |
19.147 |
|
|
|
Material Consumed |
|
12421.155 |
488.095 |
|
|
|
TOTAL (B) |
|
12685.152 |
507.242 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
276.89 |
24.536 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
|
87.452 |
19.691 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
189.438 |
4.845 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
20.451 |
2.788 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
168.987 |
2.057 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
55.297 |
4.742 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ LOSS
AFTER TAX (G-H) (I) |
|
113.69 |
[2.685] |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
2.875 |
[17.89] |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
0.87 |
[0.50] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.30 |
0.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.16 |
0.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.33 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.41 |
2.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
3.71 |
6.99 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from 283, 5th Cross, 100 Feet Road, Tatabad,
Coimbatore-641012, Tamilnadu, India to present address w.e.f. 18.08.2009
Result of Operation:
Total Revenue recorded for the year under report is 12962.000 Millions as against the last year revenue from the date of incorporation (29/01/2009) recorded of Rs. 531.800 Millions and the company has achieved a gross profit of Rs. 540.900 Millions as against the last year gross profit of Rs. 43.700 Millions .Total Profit after tax for the year under report is Rs. 113.70 Millions.
Revision of the Balance
Sheet:
Clerical mistakes were noticed by the Board of Directors at their meeting held on 20.08.2010 that the entry of Rs. 393.900 Millions mistakenly made in Schedule – 1 to the Balance Sheet under the head of Share Application Money in stead of Issued, Subscribed and Paid – up Capital and a omission of current year depreciation of Rs. 1.148 Millions in Schedule – 4 to the Balance Sheet and Pand L Account after making the necessary entries.
Business:
The Company is a primary business establishment in selling and dealings of gold ornaments and jewellery among the other business establishment in Kerala. As a Strategy, The Company has taken steps to scale up its operations to bring down cost and increase efficiency of its sales.
The Company has firmed up plans and taken initiatives for
expanding its presence all over
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge Identification
(ID) Number of the charge to be modified |
10163382 |
|
Corporate
identity number of the company |
U36911KL2009PTC024641 |
|
Name of the
company |
KALYAN JEWELLERS INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
TC-35/1403, Email: rameshperiasamy.cs@gmail.com |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
State Bank of Email: sbi.07536@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
18.04.2011 |
|
Amount secured by
the charge |
Rs. 2217.900
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 12.75% for Cash
Credit and 13% for Term Loan Terms of
Repayment Term Loan are repayable
as per repayment schedule and cash credit of Rs. 2162.500 Millions is
repayable on demand. Margin 25% Extent and
Operation of the charge PRIMARY: CC
(Hypothecation) – First charge on
entire current assets of the company viz. raw materials, stock in process,
finished goods/ Trade stocks, receivable and other current assets on pari
passu basis with other banks in the MBA. Term Loan- Exclusive First charge
over the fixed assets created out of bank finance. COLLATERAL : WC limits –
Extension of charge on the entire current assets. Term Loans – Second charge
on the current assets of the company. |
|
Short particulars
of the property charged |
Hypothecation of
entire current assets of the company both present and future. Hypothecation of Entire assets created/ to
be created with bank Finance. |
|
Date of last
modification prior to the present modification |
08.04.2011 |
|
Particulars of
the present modification |
HDFC issued No
objection to State Bank of |
Fixed Assets:
- Corporate Office
- Round
- Palakkad
- Perin Thalmanna
- Kozhiokods
- Kottayam
- Pondichery
- Construction Office
- Construction Ernakulam
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.47.46 |
|
|
1 |
Rs.74.95 |
|
Euro |
1 |
Rs.65.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
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 |
|
30 |
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.