MIRA
INFORM REPORT
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Report Date : |
17.09.2011 |
IDENTIFICATION DETAILS
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Name : |
PRINCE GEM AND JEWELRY PRIVATE LIMITED PRINCE JEWELLERY (A UNIT OF PRINCE GEM AND JEWELRY PRIVATE LIMITED) |
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Registered
Office : |
No. 3, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
07.09.2006 |
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Com. Reg. No.: |
18-61041 |
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Capital
Investment / Paid-up Capital : |
Rs.48.000 millions |
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CIN No.: [Company Identification
No.] |
U36911TN2006PTC061041 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Gold and Diamond Studded Jewellery. |
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No. of Employees
: |
200 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 1200000 |
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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 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) |
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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 and Corporate Office : |
No. 3, |
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Tel. No.: |
91-44-42289800 |
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Fax No.: |
91-44-42289901 |
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E-Mail : |
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Website : |
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Showroom : |
·
T. Nagar No.13, Phone No : 91-44- 42668181 Fax no : 91-44-43474901 Email : princetn@princejewellery.com ·
Cathedral Road VDS Hose, New No.41, Phone No: 91-44-42036655 Fax no: 91-44-43471901 Email: catrd@princejewellery.com ·
G-15A,Phase-1, Phone no: 91-44-42036565 Email: srmspencer@princejewellery.com
·
TC No.37/883, Phone No : 91-471-4012999 Fax no : 91-471-4012999 Email : princetvm@princejewellery.com
·
No 393 and 394, 11th main road, III block,
Jayanagar, Banglore-560011, Phone No : 91-80-4264 9999 Fax no : 91-80-42649910 Email : princeblore@princejewellery.com
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DIRECTORS
As on 30.09.2010
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Name : |
Mr. Princeson Jose |
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Designation : |
Chairman / Managing Director |
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Address : |
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Date of Birth/Age : |
30.05.1958 |
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Date of Appointment : |
07.09.2006 |
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DIN No.: |
01479942 |
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Other Directorship :
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Name : |
Mrs. Sheeba Prince |
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Designation : |
Whole Time Director |
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Address : |
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Date of Birth/Age : |
23.06.1966 |
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Date of Appointment : |
07.09.2006 |
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DIN No.: |
01503126 |
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Name : |
Mr. Joseph Prince |
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Designation : |
Whole Time Director |
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Address : |
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Date of Birth/Age : |
12.05.1987 |
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Date of Appointment : |
07.09.2006 |
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DIN No.: |
01380991 |
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Name : |
Mr. Antony Prince |
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Designation : |
Whole Time Director |
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Address : |
86/ |
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Date of Birth/Age : |
09.08.1990 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
02326183 |
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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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Princeson Jose |
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244800 |
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Sheeba Prince |
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139200 |
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Joseph Prince |
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48000 |
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Antony Prince |
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48000 |
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Total |
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480000 |
As on 30.09.2010
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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 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Gold and Diamond Studded Jewellery. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
200 Approximately |
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Bankers : |
·
State Bank of Commercial Brach, No. 86, Rajaji Salai,
Chennai – 600 001, ·
HDFC Bank |
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Facilities : |
(Secured on Hypothecation of interior decoration and Civil Works at
the Company's Showrooms at
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Raj and Alexander Chartered Accountant |
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Address : |
No. 8, Brindavan Colony, |
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Tel. No.: |
91-44-23614221 |
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Related Parties : |
Prince Exports |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
480000 |
Equity Shares |
Rs.100/- each |
Rs.48.000
millions |
Pursuant to a
resolution of the members of the company passed at the extra ordinary general
meeting held on 2.9.2009 the Authorised Share Capital of the company has been
altered and increased from Rs.10.000 millions to Rs.50.000 millions divided in to 500,000
equity shares of Rs.100/- each.
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 |
48.000 |
9.900 |
9.900 |
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2] Share Application Money |
0.000 |
14.000 |
0.000 |
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3] Reserves & Surplus |
258.197 |
185.562 |
125.963 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
306.197 |
209.462 |
135.863 |
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LOAN FUNDS |
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1] Secured Loans |
472.708 |
470.640 |
219.121 |
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2] Unsecured Loans |
254.306 |
168.798 |
116.882 |
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TOTAL BORROWING |
727.014 |
639.438 |
336.003 |
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DEFERRED TAX LIABILITIES |
1.341 |
0.355 |
0.000 |
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TOTAL |
1034.552 |
849.255 |
471.866 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
97.566 |
87.622 |
26.784 |
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Capital work-in-progress |
38.951 |
38.028 |
25.097 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.961 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1312.867
|
1094.519 |
664.246 |
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Sundry Debtors |
5.444
|
6.469 |
4.156 |
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Cash & Bank Balances |
102.957
|
54.273 |
63.933 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
75.687
|
77.091 |
64.881 |
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Total
Current Assets |
1496.955
|
1232.352 |
797.216 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
83.170
|
128.737 |
98.472 |
|
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Other Current Liabilities |
473.600
|
348.810 |
251.883 |
|
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Provisions |
42.197
|
31.259 |
27.910 |
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Total
Current Liabilities |
598.967
|
508.806 |
378.265 |
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Net Current Assets |
897.988
|
723.546 |
418.951 |
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MISCELLANEOUS EXPENSES |
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Preliminary Expenses |
0.019 |
0.023 |
0.029 |
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Pre-operative Expenses |
0.028 |
0.036 |
0.044 |
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TOTAL |
1034.552 |
849.255 |
471.866 |
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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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Turnover |
3297.836 |
2781.174 |
1709.852 |
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Other Income |
6.919 |
6.701 |
10.253 |
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TOTAL (A) |
3304.755 |
2787.875 |
1720.105 |
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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 (B) |
3087.413 |
2619.983 |
1616.358 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
217.342 |
167.892 |
103.747 |
|
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Less |
INTEREST AND
FINANCE CHARGES (D) |
82.320 |
66.125 |
24.638 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
135.022 |
101.767 |
79.109 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.320 |
9.626 |
6.296 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
115.702 |
92.141 |
72.813 |
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Less |
TAX (H) |
43.066 |
32.475 |
26.950 |
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PROFIT AFTER TAX
(G-H) (I) |
72.636 |
59.666 |
45.863 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
105.462 |
45.863 |
0.000 |
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Less |
APPROPRIATIONS |
|
|
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|
|
|
|
Provision for past years gratuity
liability |
0.000 |
0.067 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
178.098 |
105.462 |
45.863 |
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IMPORTS |
|
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|
Capital Goods |
0.020 |
3.401 |
0.120 |
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|
TOTAL IMPORTS |
0.020 |
3.401 |
0.120 |
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|
Earnings Per
Share (Rs.) |
151.33 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.20
|
2.14 |
2.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.51
|
3.31 |
4.26 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.26
|
6.98 |
8.84 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.44 |
0.54 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.33
|
5.48 |
5.26 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.50
|
2.42 |
2.11 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The company had recorded a sales turnover of Rs.3297.836 millions during
the year as against Rs.2781.174 millions during the previous year.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
Kerala Value Added Tax, interest and penalty Rs.11.329 millions
FORM 8
|
Corporate identity number of the company |
U36911TN2006PTC061041 |
|
Name of the company |
PRINCE GEM AND JEWELRY PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
No. 3, |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10072904 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
State Bank of Commercial Brach, No. 86, Rajaji Salai, Chennai – 600 001, |
|
Nature of instrument creating charge |
·
Supplemental Agreement of Loan for increase in
the overall limit. ·
Supplemental Agreement of Hypothecation of Goods
and Assets for increase in the overall limit. ·
Letter regarding the grant of individual limits
within the overall limit. |
|
Date of instrument Creating the charge |
24.02.2011 |
|
Amount secured by the charge |
Rs.762.500 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest As stipulated by the Bank from time to time. Terms of Repayment As stipulated by the Bank from time to time. Margin As stipulated by the Bank from time to time. Others Nature of Facilities
Rs. in. Millions Cash Credit (Hypn)
530.000 Term Loan
32.500 Bank Guarantee
200.000
--------- Total
762.500 |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation of Raw Materials, Semi Finished and Finished Goods,
Receivables (other than Credit Card Receivables) and other Current Assets. |
|
Particulars of the present modification |
By the present modification, the overall limit has been enhanced from
Rs.682.500 millions to Rs.762.500 millions and secured by Raw Materials, Semi
Finished and Finished Goods, Receivables (other than Credit Card Receivables)existing
charge on Current Assets. Other existing securities remain same. |
FIXED ASSETS
·
Lease hold Building
·
Temporary Shed
·
Furnitures and Fixtures
·
Plant and Machinery
·
Vehicles
·
Motor Car
·
Scooter
·
Cycle
·
Office Equipments
·
Other Miscellaneous Assets
·
Lift
·
Computer
·
Software
WEB DETAILS
Profile
Subject is one of Chennai's most contemporary jewellers, specializing in
the latest variation of fashionable ornaments, a la mode, ranging from gold,
diamond, rubies, emeralds, silver, platinum jewellery and coloured gold. With
the distinction of being the trend-setters in jewellery design, subject has an
exquisite jewellery collection in wedding, lightweight, designer and work wear
for women.
Renowned for their custom-made jewellery, with a focus on designs for 'career
women', they also provide opportunities for young, enterprising designers and
train students of the National Institute of Fashion Technology, in jewellery
design. Comprising 3 spacious showrooms - in
To facilitate the accessibility of premier jewellery to the common man, subject
has a variety of schemes - the Prince Gold Plus savings scheme and Precious
Poetry - the diamond jewellery savings scheme, which offers the option of
buying contemporary jewellery in easy installment schemes.
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.47.47 |
|
|
1 |
Rs.74.96 |
|
Euro |
1 |
Rs.65.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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.