|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
MALVIKA JEWELLERY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 4/8, 80/88, D.L. Marg, Opposite Hakoba Mills, Kalchowky,
Mumbai – 400033, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
31.12.2008 |
|
|
|
|
Com. Reg. No.: |
11-189241 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.850 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2008PTC189241 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM35778B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM8618N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Gold Jewellery. |
|
|
|
|
No. of Employees
: |
140 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 58000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company
has been successful in wiping off the accumulated losses of previous year.
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 some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. M.L. Choraria |
|
Designation : |
Chartered Accountant |
|
Contact No.: |
91-9967075757 |
|
Date : |
27.03.2012 |
LOCATIONS
|
Registered Office : |
Unit No. 4/8, 80/88, D.L. Marg, Opposite Hakoba Mills, Kalchowky,
Mumbai – 400033, |
|
Tel. No.: |
Not Divulged |
|
Mobile No.: |
91-9967075757 (Mr. M.L. Choraria) |
|
Fax No.: |
Not Divulged |
|
E-Mail : |
|
|
Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Jai Gobind Alwani |
|
Designation : |
Director |
|
Address : |
Flat No. 10, 4th Floor, Rukhi Mahal, S. B. S. Road, Colaba,
Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
22.06.1979 |
|
Date of Appointment : |
31.12.2008 |
|
DIN No.: |
02437381 |
|
|
|
|
Name : |
Mr. Manoj Mahesh Purswani |
|
Designation : |
Director |
|
Address : |
Shivdham, B-Wing, 101, Opposite Laxmi Colony, Chembur, Mumbai –
400074, |
|
Date of Birth/Age : |
08.12.1982 |
|
Date of Appointment : |
05.01.2009 |
|
DIN No.: |
02442733 |
|
|
|
|
Name : |
Mr. Shailesh Laxmishanker Joshi |
|
Designation : |
Director |
|
Address : |
B-101, Matru Sadan, Near Garden, |
|
Date of Birth/Age : |
10.11.1967 |
|
Date of Appointment : |
21.01.2009 |
|
DIN No.: |
02464847 |
KEY EXECUTIVES
|
Name : |
Mr. M.L. Choraria |
|
Designation : |
Chartered Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Jai Gobindram Alwani |
|
5000 |
|
Manoj Purswani |
|
5000 |
|
Chheda Dhiraj Popatlal HUF |
|
6000 |
|
Gadda Chetana Kalyanji |
|
7500 |
|
Furia Bharti Jayantilal |
|
6500 |
|
Shilpa Bharat Rathod |
|
5000 |
|
Gogri Shilpa Vijay |
|
6000 |
|
Mamania Jayant Vasanji |
|
10000 |
|
Vinal Damji Savala HUF |
|
8000 |
|
Ratilal Premji Gada HUF |
|
10000 |
|
Chheda Ratanben Surji |
|
6000 |
|
Shah Sarla Kamlesh |
|
10000 |
|
TOTAL |
|
85000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Bodies corporate |
11.76 |
|
Directors or relatives of Directors |
88.24 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Gold Jewellery. |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30-60 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30-60 Days) |
GENERAL INFORMATION
|
No. of Employees : |
140 (Approximately) |
|||||||||||||||||||||||||||
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|
Bankers : |
The Shamrao Vithal Co-operative Bank Limited, |
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|||||||||||||||||||||||||||
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Facilities : |
|
|||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M L Choraria and Associates Chartered Accountant |
|
Address : |
C-712, Dosti Lily, Dosti Acres, Wadala (East), Mumbai – 400037, |
|
Mobile No. : |
91-9967075757 |
|
Email : |
|
|
PAN.: |
AAQPC7819K |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000 |
Equity Shares |
Rs.10/- each |
Rs.0.900 Millions |
|
2000000 |
Preference Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
TOTAL |
|
Rs.20.900
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85000 |
Equity Shares |
Rs.10/- each |
Rs.0.850
Million |
|
|
|
|
|
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.850 |
0.850 |
0.100 |
|
|
2] Share Application Money |
5.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8.652 |
6.750 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14.502 |
7.600 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.021 |
10.119 |
0.000 |
|
|
2] Unsecured Loans |
2.457 |
2.600 |
1.950 |
|
|
TOTAL BORROWING |
11.478 |
12.719 |
1.950 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.306 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25.980 |
20.625 |
2.050 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
40.363 |
24.793 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
10.686 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.150 |
0.250 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.899
|
18.995 |
0.000 |
|
|
Sundry Debtors |
5.089
|
16.059 |
0.000 |
|
|
Cash & Bank Balances |
22.965
|
0.422 |
0.100 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
7.407
|
3.049 |
0.230 |
|
Total
Current Assets |
54.360
|
38.525 |
0.330 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
65.706
|
48.089 |
9.041 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
3.288
|
0.308 |
0.005 |
|
Total
Current Liabilities |
68.994
|
48.397 |
9.046 |
|
|
Net Current Assets |
(14.634)
|
(9.872) |
(8.716) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.101 |
5.454 |
0.080 |
|
|
|
|
|
|
|
|
TOTAL |
25.980 |
20.625 |
2.050 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Income |
|
118.959 |
61.800 |
|
|
|
Other Income |
|
0.007 |
0.542 |
|
|
|
TOTAL (A) |
|
118.966 |
62.342 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
73.991 |
44.007 |
|
|
|
Manufacturing Expenses |
|
13.264 |
9.948 |
|
|
|
Salaries, Wages, Bonus and Benefits to Employees |
|
9.951 |
5.658 |
|
|
|
Administration Expenses |
|
4.846 |
3.649 |
|
|
|
Sales Expenses |
|
0.282 |
0.318 |
|
|
|
Preliminary Expenses |
|
0.007 |
0.008 |
|
|
|
TOTAL (B) |
|
102.341 |
63.588 |
|
|
|
|
|
|
|
|
Less |
PROFIT(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
16.625 |
(1.246) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2.645 |
1.082 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
13.980 |
(2.328) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
4.472 |
2.719 |
|
|
|
|
|
|
|
|
|
|
PROFIT(LOSS)
BEFORE TAX (E-F) (G) |
|
9.508 |
(5.047) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
2.252 |
0.306 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
|
7.256 |
(5.354) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(5.354) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
1.902 |
(5.354) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
85.36 |
NA |
|
Expected Sales (2011-2012) : Rs.150.000 Millions
The above information has been parted by Mr. M.L. Choraria – Chartered
Accountant
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.10
|
(8.59) |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.99
|
(8.17) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.04
|
(7.97) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.66
|
(0.66) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.55
|
8.04 |
109.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79
|
0.80 |
0.04 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors
|
Particulars
|
31.03.2011
|
31.03.2010 |
31.03.2009 |
|
|
Rs. in Millions |
||
|
Sundry Creditors |
|
|
|
|
For Expenses |
2.331
|
0.999 |
9.041 |
|
For Goods |
63.375
|
47.089 |
0.000 |
|
TOTAL |
65.706
|
48.088 |
9.041 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
-- |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
No |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
No |
|
28) Incorporation details, if applicable |
-- |
|
29) Last accounts filed at ROC |
-- |
|
30) Major Shareholders, if available |
-- |
Financial Review
The company has achieved a turnover of Rs.118.966
millions but has incurred a net profit of Rs.7.256 millions due to increase in
manufacturing expenses and other overheads. The company will improve its
production techniques and minimize expenses to operate profitability.
Form 8
|
Corporate identity
number of the company |
U36911MH2008PTC189241 |
|
Name of the
company |
MALVIKA JEWELLERY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit No. 4/8, 80/88, D.L. Marg, Opposite Hakoba Mills, Kalchowky,
Mumbai – 400033, Email: nayana@tforo.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of charge
holder |
The Shamrao Vithal Co-operative Bank Limited, |
|
Nature of instrument
creating charge |
Composite
hypothecation agreement |
|
Date of
instrument Creating the charge |
15.12.2009 |
|
Amount secured by
the charge |
Rs.10.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
@ PLR – 1.00% p.a or at such other rate as may be fixed by the Bank from time
to time. Terms of
Repayment Repayment by way
of 84 EMLs of Rs.0.194 millions per month and commencing form Jan 2010
(Inclusive 3month moratorium) Margin 25% Extent and
Operation of the charge To secure the due
repayment of Term loan of Rs.10.000 millions together with interest,
discount, commission charges costs and exception thereon granted by the bank
to the company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All the plant and
machinery other assets all other tangible movable assets, furniture, fixture,
civil work, cranes, computer and other accessories |
Fixed Assets
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.50.91 |
|
|
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.67.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
-- |
|
--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 |
NO |
|
--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.