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Report Date : |
03.05.2012 |
IDENTIFICATION DETAILS
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Name : |
VISPARK JEWELLERY MANUFACTURERS PRIVATE LIMITED |
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Registered
Office : |
No. 601, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.08.1992 |
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Com. Reg. No.: |
18-003877 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U27205TZ1992PTC003877 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CMBV03055D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Gold Jewellery. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 290000 |
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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 – 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 |
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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 Office : |
No. 601, |
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Tel. No.: |
91-422-2398899 / 2642188 / 2642907 |
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Fax No.: |
91-422-2642835 |
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E-Mail : |
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Factory : |
11, G. N. Mills Post, Mettupalayam Road, Coimbatore –
673004, Tamilnadu, India |
DIRECTORS
As on 10.08.2011
|
Name : |
Mr. Thangamuthu Shanthkumar |
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Designation : |
Director |
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Address : |
91, West Venkatasamy Road, R.S. Puram, Coimbatore-641002, Tamilnadu,
India |
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Date of Birth/Age : |
01.02.1949 |
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Date of Appointment : |
27.08.1992 |
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Din No.: |
00012631 |
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Other Directorship:
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Name : |
Mr. Paresh Kirtilal Mehta |
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Designation : |
Director |
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Address : |
86-89, West Periasamy Road, R.S. Puram, Coimbatore-641002, Tamilnadu,
India |
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Date of Birth/Age : |
13.06.1951 |
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Date of Appointment : |
10.01.2006 |
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Din No.: |
00004179 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 10.08.2011
|
Names of Shareholders |
Address of
Shareholders |
No. of Shares |
|
Thangamuthu Shanthkumar |
91, West
Venkatasamy Road, R.S. Puram, Coimbatore-641002, Tamilnadu, India |
99990 |
|
Usha Kirtilal Mehta |
86, West
Periasamy Road, R.S. Puram, Coimbatore-641002, Tamilnadu, India |
8000 |
|
Dimexon Diamonds Limited |
716, Raheja
Chambers, Nariman Point, Mumbai-400021, Maharashtra, India |
10 |
|
Secural |
9B, Boulesard
Prince, Herm, S1-1724, Lusern Boung |
391990 |
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Paresh Kirtilal Mehta |
86-89, West
Periasamy Road, R.S. Puram, Coimbatore-641002, Tamilnadu, India |
10 |
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Total |
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500000 |
As on 10.08.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
78.40 |
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Directors
or relatives of directors |
|
21.60 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gold Jewellery. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Suri and Company Chartered Accountants |
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Address : |
2nd Floor, A.M.M. Building, 354, Mettupalayam Road,
Coimbatore-641043, Tamilnadu, India |
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Tel. No.: |
91-422-2433627/2440720 |
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Pan No.: |
AABFS5023Q |
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Holding Company: |
Secural SA |
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Related Parties: |
·
Kirtilal Kalidas Jewellers Private Limited ·
Benchmark Softec Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
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 |
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3] Reserves & Surplus |
68.811 |
58.218 |
50.112 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
73.811 |
63.218 |
55.112 |
|
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LOAN FUNDS |
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1] Secured Loans |
8.436 |
25.347 |
30.801 |
|
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2] Unsecured Loans |
0.407 |
0.407 |
0.422 |
|
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TOTAL BORROWING |
8.843 |
25.754 |
31.223 |
|
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DEFERRED TAX LIABILITIES |
0.639 |
0.000 |
0.125 |
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TOTAL |
83.293 |
88.972 |
86.460 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.195 |
35.465 |
33.564 |
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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 |
0.000 |
0.003 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
4.167
|
10.925 |
21.571
|
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Sundry Debtors |
49.842
|
48.342 |
41.685
|
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Cash & Bank Balances |
0.960
|
1.010 |
11.405
|
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Other Current Assets |
0.000
|
0.000 |
0.000
|
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Loans & Advances |
17.423
|
19.293 |
29.511
|
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Total
Current Assets |
72.392
|
79.570 |
104.172 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
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Sundry Creditors |
9.780
|
12.092 |
37.602
|
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000
|
|
|
Provisions |
12.514
|
13.974 |
13.674
|
|
Total
Current Liabilities |
22.294
|
26.066 |
51.276
|
|
|
Net Current Assets |
50.098
|
53.504 |
52.896
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
83.293 |
88.972 |
86.461 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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TURNOVER |
NA |
199.568 |
266.393 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
20.663 |
16.864 |
18.231 |
|
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Less/ Add |
DEPRECIATION/ AMORTISATION |
5.328 |
5.071 |
5.406 |
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PROFIT / (LOSS)
BEFORE TAX |
15.335 |
11.793 |
12.825 |
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Less |
TAX |
4.743 |
3.686 |
3.766 |
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PROFIT / (LOSS)
AFTER TAX |
10.592 |
8.107 |
9.059 |
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|
Less |
EXCESS/ SHORT
PROVISION OF INCOME TAX FOR EARLIER YEARS |
0.000 |
0.000 |
(0.042) |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
58.219 |
50.112 |
41.011 |
|
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|
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BALANCE CARRIED
TO THE B/S |
68.811 |
58.219 |
50.112 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
30.658 |
25.740 |
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IMPORTS |
|
|
|
|
|
|
|
Consumables |
0.125 |
0.159 |
0.089 |
|
|
|
Stores & Spares |
0.922 |
0.303 |
0.832 |
|
|
|
Capital Goods |
0.000 |
2.881 |
0.000 |
|
|
|
Consulting Charges |
0.000 |
0.000 |
1.958 |
|
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TOTAL IMPORTS |
1.047 |
3.343 |
2.879 |
|
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|
|
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|
Earnings / (Loss)
Per Share (Rs.) |
21.18 |
16.21 |
18.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
5.90 |
4.81 |
|
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|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.52
|
10.25 |
9.31 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.19 |
0.23 |
|
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|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.82 |
1.50 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.25
|
3.05 |
2.03 |
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 |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
FUTURE OUTLOOK:
In spite of the gold market continuing to be volatile, the company has continued
to perform well in the domestic market. The directors are optimistic that in
the coming year to the company will be able to put up a good performance taking
into consideration the steady Jewellery Market.
As the export performance of the company has not shown any improvement,
the company has closed EOU Unit and converted the same in to DTA Unit.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10181556 |
|
Corporate
identity number of the company |
U27205TZ1992PTC003877 |
|
Name of the
company |
VISPARK JEWELLERY
MANUFACTURERS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 601, |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Axis Bank Limited, 1095, Vigneshwar Cresta, Pappanaickenpalayam,
Aninash Road, Coimbatore-641037, Tamilnadu, India Email: akshayasri23@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Declaration cum
deed of confirmation for the extension of mortgage (made on 03.01.2012 and
confirmed on 04.01.2012) |
|
Date of
instrument Creating the charge |
03.01.2012 |
|
Amount secured by
the charge |
Rs.1250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit: base
rate plus 3.00% presently 10.50% p.a. WCDL : base rate plus 2.75%
presently 10.25% p.a. (interest payable at monthly intervals) Terms of
Repayment Cash Credit: - On
Demand. Margin Cash credit : 25% (book debts with a cover
period of 120 days) Stand-by LC /
BG : 5.00% to be collected upfront and
kept in TDR with bank's lien noted thereon Extent and
Operation of the charge This charge
operates to secure the loan amount of Rs.1250.000 millions extended to
Kirtilal Kalidas Jewellers Private Limited. EM of immovable
properties of land and building situated at Thudiyalur Village,
Periyanaickenpalayam sub registration, Coimbatore belonging to Vispark
Jewellery Manufacturers Private Limited.
|
|
Short particulars
of the property charged |
EM of immovable
properties of land and building situated at Thudiyalur Village, Coimbatore
North Taluk, Periyanaickenpalayam sub-registration District, Coimbatore
registration district as more fully (Cont.)
Description of property of declaration cum deed of confirmation for the
extension of mortgage. |
|
Date of latest
modification prior to the present modification |
03.01.2011 |
|
Particulars of
the present modification |
The overall
existing loan amount of Rs.1050.000 millions is being enhanced to Rs.1250.000
millions extended to Kirtilal Kalidas Jewellers Private Limited by way of
declaration cum deed of confirmation for the extension of mortgage. The other terms
and conditions continue to remain the same. |
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.52.93 |
|
|
1 |
Rs.85.85 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
yes |
|
--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.