MIRA INFORM REPORT
|
Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
GOLD STAR JEWELLERY PRIVATE LIMITED [w.e.f.12.03.2010] |
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Formerly Known
As : |
GOLD STAR JEWELLERY LIMITED |
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Registered
Office : |
Block 'C', Plot
16P, 17, 28 and 29(P), SEEPZ, Andheri (East), Mumbai – 400096, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of Incorporation
: |
18.06.1990 |
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Com. Reg. No.: |
11-056881 |
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Capital
Investment / Paid-up Capital : |
Rs. 41.900
Millions |
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|
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CIN No.: [Company Identification
No.] |
U39611MH1990PTC056881 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMG08117E |
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PAN No.: [Permanent Account No.] |
AAACG3264B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Importer of Gold Studded Jewellery. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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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 3010000 |
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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 a company having satisfactory track record. The profitability of the company has improved during 2012. Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
December 04, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory : |
Block ‘C’, Plot 16P, 17, 28 and 29 (P), SEEPZ, Andheri (East), Mumbai - 400096, Maharashtra, India |
|
Tel. No.: |
91-22-26947000/ 66947000 |
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Fax No.: |
91-22-28290255/ 28291257 |
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E-Mail : |
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Website : |
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Branch Office 1 : |
Gold Star Jewellery India Private Limited Royal Star Arcade, Plot No.- 8, Western Industrial Estate, Opposite SEEZE- SEZ, M.I.D.C. Andheri (East), Mumbai - 400093, Maharashtra, India |
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Tel. No.: |
91-22-66947100 / 28251505 |
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Fax No.: |
91-22-28303114 |
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Email : |
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Branch Office 2 : |
Gold Star Diamond Private Limited SE4011, 4th Floor, F Tower, Bharat Diamond Bourse, BKC, Bandra-E, Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-67300000 |
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Email : |
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Website : |
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Overseas Office : |
Located at: Ø New York Ø Europe Ø Hong Kong Ø Japan |
DIRECTORS
AS ON 26.09.2012
|
Name : |
Mr. Ashish Vinodrai Shah |
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Designation : |
Managing director |
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Address : |
19/2, Suvarna Nagar, Soni House,
N.S. Road No.4, JVPD Scheme, Vile Parle (West), Mumbai - 400056, Maharashtra,
India |
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Date of Birth/Age : |
04.05.1970 |
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Date of Appointment : |
01.05.2009 |
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PAN No.: |
AMNPS2341B |
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DIN No.: |
00007729 |
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Name : |
Mr. Alkesh Satish Shah |
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Designation : |
Director |
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Address : |
04, Aryavarta ND Road, Nepean
Sea Road, Mumbai - 400006, Maharashtra, India |
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Date of Birth/Age : |
06.02.1970 |
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Date of Appointment : |
29.09.2003 |
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PAN No.: |
AAHPS1762J |
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DIN No.: |
00004149 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Satish R. Shah |
|
1951990 |
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Alkesh S. Shah |
|
515000 |
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Sanjay S. Shah |
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420000 |
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Hansaben S. Shah |
|
145000 |
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Smita A. Shah |
|
47000 |
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Shweta S. Shah |
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33000 |
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Sanjay S. Shah |
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685000 |
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Satish R. Shah |
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393000 |
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Sayam S. Shah |
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10 |
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Total |
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4190000 |
AS ON 26.09.2012
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Gold Studded 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 : |
Ø State Bank of
India, SEEPZ Branch, Andheri (East), Mumbai - 400096, Maharashtra, India Ø ICICI Bank Limited,
Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India Ø Bank of India,
Seepz Mid Corporate Branch, Behind Seepz Service Centre, Marol Industrial
Area, Seepz, Mumbai - 400096, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B J Shah and
Associates Chartered Accountants |
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Address : |
203-A-1, Modern
Apartment, Garden Lane, Ghatkopar [West] Mumbai – 400086, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAHPS5959D |
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Associates : |
Ø Gold Star
Diamond Private Limited Ø Mindtech
Solution Private Limited Ø Gold Star
Corporate Solutions Private Limited Ø Diam Star
Jewellery India Private Limited Ø Gold Star
Jewellery Designs Private Limited Ø Gold Star
Centoquattro Jewellery Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
4,190,000 |
Equity Shares |
Rs. 10/- each |
Rs. 41.900
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
41.900 |
41.900 |
41.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
711.121 |
655.064 |
627.626 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
753.021 |
696.964 |
669.526 |
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LOAN FUNDS |
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1] Secured Loans |
488.850 |
483.959 |
430.823 |
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2] Unsecured Loans |
181.303 |
50.778 |
188.187 |
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TOTAL BORROWING |
670.153 |
534.737 |
619.010 |
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DEFERRED TAX LIABILITIES |
25.128 |
13.633 |
14.272 |
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TOTAL |
1448.302 |
1245.334 |
1302.808 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
228.588 |
189.311 |
163.242 |
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Capital work-in-progress |
0.000 |
0.000 |
38.066 |
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INVESTMENT |
10.375 |
9.373 |
8.373 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
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Inventories |
1321.239
|
1067.093 |
854.529 |
|
|
Sundry Debtors |
1035.133
|
606.353 |
888.265
|
|
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Cash & Bank Balances |
44.758
|
62.783 |
37.383
|
|
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Other Current Assets |
32.575
|
59.710 |
42.589
|
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Loans & Advances |
71.656
|
81.595 |
30.771
|
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Total
Current Assets |
2505.361
|
1877.534 |
1853.537 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
1235.962
|
807.874 |
749.542
|
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Other Current Liabilities |
41.765
|
22.345 |
1.323
|
|
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Provisions |
18.295
|
0.665 |
9.545
|
|
Total
Current Liabilities |
1296.022
|
830.884 |
760.410
|
|
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Net Current Assets |
1209.339
|
1046.650 |
1093.127
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1448.302 |
1245.334 |
1302.808 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
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Income |
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Other Income |
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TOTAL |
5099.483 |
3907.755 |
2789.917 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
5014.629 |
3874.596 |
2759.570 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(Including
Depreciation Expenses) |
55.219 |
30.347 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
22.060 |
25.413 |
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PROFIT BEFORE
TAX |
84.854 |
33.159 |
4.934 |
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Less |
TAX |
28.798 |
5.721 |
(17.929) |
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PROFIT AFTER TAX
|
56.056 |
27.438 |
22.863 |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
532.662 |
505.224 |
482.361 |
|
|
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|
|
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|
|
BALANCE CARRIED
TO THE B/S |
588.718 |
532.662 |
505.224 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
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|
Export Earnings |
2769.188 |
2220.973 |
1618.872 |
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IMPORTS |
|
|
|
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|
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|
Raw Materials |
1345.593 |
1018.115 |
836.370 |
|
|
|
Stores & Spares |
13.459 |
22.137 |
16.083 |
|
|
|
Capital Goods |
1.735 |
11.012 |
8.583 |
|
|
TOTAL IMPORTS |
1360.787 |
1051.264 |
861.036 |
|
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|
|
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|
|
|
Earnings Per
Share (Rs.) |
13.38 |
8.53 |
5.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.10
|
0.70 |
0.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.10
|
1.60 |
0.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.05 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.89
|
0.77 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
2.26 |
2.44 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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
three 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 |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Loans and advances from related parties |
181.303 |
50.778 |
|
Total |
181.303 |
50.778 |
PERFORMANCE
The company’s
total income has increased from Rs. 3907.755 Millions to Rs. 5099.483 Millions.
The increase was mainly due to the rigorous marketing and the efforts of the
management. The profit after tax is Rs.56.056 Millions as compared to a profit
after tax of Rs.27.438 Millions in the previous year.
OUTLOOK
The director
anticipates that the company shall increase its turnover and profitability in
the current financial year. The company is focusing on the growth of the
company and reducing the cost.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U39611MH1990PTC056881 |
|
Name of the
company |
GOLD STAR
JEWELLERY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Block 'C', Plot
16P, 17, 28 and 29(P), SEEPZ, Andheri (East), Mumbai – 400096, Maharashtra,
India Email: legal@goldstarjewellery.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) Others [Current Assets, Stock, Plant and Machinery.] |
|
Particular of
charge holder |
State Bank of India, SEEPZ Branch, Andheri (East), Mumbai - 400096,
Maharashtra, India Email: sbi.03473@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of goods and assets Form C. 2 Letter regarding
the grant of individual limits within the overall limit Form C. 5 |
|
Date of
instrument Creating the charge |
28.02.2013 |
|
Amount secured by
the charge |
Rs. 40.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per SBI
Guidelines from time to time. Terms of Repayment Repayment on
demand. Margin Raw Materials -
10%, Stock in process - 10%, Finished Goods - 10%, Any others (specify) -
10%. Extent and Operation of the charge Security to cover
principal amount together with interest, costs, charges and expenses etc. Corporate
guarantee to Royal Star Jewellery Private Limited. Others Stand by Limit -
Rs. 40.000 Millions. All other terms
and conditions as per the sanctioned letter and loan agreement. |
|
Short particulars
of the property charged |
All the present and
future goods, books debts and all other moveable assets of the borrower
including documents of title to goods, outstanding moneys, receivables
including receivables by way of cash assistance and/or cash incentives under
the Cash Incentive Scheme or any other Scheme claims including claims by way
of refund of customs/excise duties under the Duty Drawback Credit Scheme or
any other Scheme, bills, invoices, documents, contracts, insurance policies,
guarantees, engagements, securities, investments and right and the present
machinery listed in the Schedule hereunto and all future machinery belonging
to or in the possession or under the control of the borrower wherever lying
stored and kept and whether in possession of the borrower or of the Bank or
of any Third party |
CONTINGENT
LIABILITIES:
Contingent
liabilities not provided for
a. Contingent
liability on account of Bank Guarantees of Rs. 51.500 Millions (previous year
Rs. 51.500 Millions) issued to Nova Scotia Bank for gold procurement on loan
basis on behalf of the Company is not accounted for.
b. The company has
given third party corporate guarantee in favor of one of its associate
concerns, Diam Star Jewellery (India) Private Limited To the extent of Rs.
470.000 Millions, not accounted for.
c. The company has
filed an appeal before the Honorable Mumbai High Court against order of Income
Tax Tribunal for A.Y. 2002-03. The disputed amount of tax is Rs. 1.853
Millions.
d. The company has
received a draft Order AY 2008-09 wherein the Income Tax Department proposed
additions totaling to Rs.25.000 Millions and raised the tax Demand of Rs. 9.595
Millions as a consequences of the order of Transfer Pricing Officer u/s 92CA(3)
of the IT Act. The company has filed on appeal before Dispute Resolution Panel
against said order.
FIXED ASSETS:
Ø Land
Ø Buildings
Ø Factory building
Ø Plant and equipment
Ø Factory equipments
Ø Furniture and fixtures
Ø Vehicles
Ø Motor vehicles
Ø Office equipment
Ø Computer equipments
Ø Patents
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 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 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. 56.24 |
|
|
1 |
Rs. 84.54 |
|
Euro |
1 |
Rs. 72.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.