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Report Date : |
03.03.2014 |
IDENTIFICATION DETAILS
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Name : |
C I 2 JEWELLERY PRIVATE LIMITED |
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Registered Office : |
Plot No. GJ-05, Seepz ++ Seepz – Sez, Andheri East, Mumbai-400096, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
16.08.2007 |
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Com. Reg. No.: |
11-163558 |
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Capital
Investment/ Paid-up Capital: |
Rs.12.500
Millions |
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CIN No.: [Company
Identification No.] |
U27205MH2006PTC163558 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC14545G |
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PAN No.: [Permanent
Account No.] |
AACCC8614P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Studded Gold, Studded Platinum and
Studded Silver. |
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No. of Employees: |
Not Available |
ECGC Country Risk Classification List – December 1, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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India |
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 |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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
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Registered Office/ Factory 1 : |
Plot No. G J – 05, Seepz + +, Seepz – Sez, Andheri [East], Mumbai –
400096, |
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Tel. No.: |
91-22-28290055 / 28290056/ 40677777 |
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Fax No.: |
91-22-28290317/ 40677798 |
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E Mail: |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Ashwinkumar Mehta |
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Designation : |
Director |
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Address : |
2 Aryavarta, 351, Naryan Dabholkar Marg, Near Government Guest House,
Mumbai – 400006, |
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Date of Birth/Age : |
10.09.1946 |
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Date of Appointment: |
08.04.2006 |
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DIN No.: |
00410492 |
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Other Directorship : |
M Suresh Exports Private Limited U36910MH1991PTC064190 |
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Partnership held
in partnership firm : |
Exquisite Jewellery G-7, Gems and Jewellery Complex – II, Seepz – Sez, Andheri [East],
Mumbai – 400096, |
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Name : |
Mr. Shanay Shailesh Mehta |
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Designation : |
Director |
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Address : |
A-61, |
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Date of Birth/Age : |
14.03.1987 |
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Date of Appointment : |
30.09.2009 |
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DIN No.: |
00531904 |
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Name : |
Mr. Shaileshkumar Sumanlal Mehta |
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Designation : |
Director |
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Address : |
A – 72, |
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Date of Birth/Age : |
14.09.1949 |
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Date of Appointment |
08.04.2006 |
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DIN No.: |
00410580 |
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Name : |
Mr. Ashish Ashwinkumar Mehta |
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Designation : |
Director |
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Address : |
2 Aryavarta, 351, Naryan Dabholkar Marg, Near Government Guest House,
Mumbai – 400006, |
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Date of Birth/Age : |
14.01.1972 |
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Date of Appointment |
08.04.2006 |
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DIN No.: |
00410546 |
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Other Directorship : |
Exquisite Jewellery G-7, Gems and Jewellery Complex – II, Seepz – Sez, Andheri [East],
Mumbai – 400096, |
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Name : |
Mr. Minesh Shah |
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Designation : |
Director |
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Address: |
B-56, Nalanda, 62, |
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Date of Birth/ Age: |
23.09.1965 |
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Date of Appointment: |
08.04.2006 |
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DIN No.: |
00515568 |
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Name : |
Mr. Himanshu Shah |
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Designation : |
Whole Time Director |
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Address: |
301, Dhavalgiri, Gowalia Tank, Nana Chowk, Mumbai-400036, |
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Date of Birth/ Age: |
09.07.1969 |
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Date of Appointment: |
08.04.2006 |
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DIN No.: |
00410645 |
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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Ashwinkumar Mehta |
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400000 |
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Shaileshkumar Mehta |
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400000 |
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Shobhana Mehta |
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125000 |
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Nita S. Mehta |
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125000 |
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Ashish A Mehta |
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100000 |
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Shanay Mehta |
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100000 |
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Total |
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1250000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Studded Gold, Studded Platinum and
Studded Silver. |
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Products: |
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PRODUCTION STATUS AS ON (31.03.2010)
Actual Production: 75055 PCs.
GENERAL INFORMATION
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Bankers : |
Bank of |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
G. N. Joshi Associates Chartered Accountant |
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Address : |
K K Chambers, 3rd Floor, Sir P.T. Marg, Fort, Mumbai-400001,
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Tel. No.: |
91-22-22071551/ 22077200/ 22071417 |
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Fax No.: |
91-22-22077592 |
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E-Mail : |
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Group Company : |
Ø
A. S. Exports Address : Seepz, Andheri [East],
Mumbai – 400096, Line of Business: Manufacturers and Exporters of Studded Gold, Studded
Platinum and Studded Silver. Ø
Exquisite Jewellery Address : Seepz, Andheri
[East], Mumbai – 400096, Line of Business: Manufacturers and Exporters of Studded Gold, Studded
Platinum and Studded Silver |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.500
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10/-
each |
Rs. 12.500
Millions |
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 |
12.500 |
12.500 |
12.500 |
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2] Share Application Money |
108.775 |
89.584 |
26.664 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
121.275 |
102.084 |
39.164 |
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LOAN FUNDS |
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1] Secured Loans |
13.476 |
10.598 |
58.000 |
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2] Unsecured Loans |
187.010 |
187.010 |
194.510 |
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TOTAL BORROWING |
200.486 |
197.608 |
252.510 |
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DEFERRED TAX LIABILITIES |
8.924 |
6.337 |
3.034 |
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TOTAL |
330.685 |
306.029 |
294.708 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
153.821 |
155.647 |
129.587 |
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Capital work-in-progress |
0.000 |
0.000 |
3.917 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
72.274
|
56.902 |
66.773 |
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Sundry Debtors |
140.350
|
100.733 |
169.791 |
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Cash & Bank Balances |
14.089
|
24.123 |
3.459 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
8.832
|
8.986 |
16.307 |
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Total
Current Assets |
235.545
|
190.744 |
256.330 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
60.142
|
42.554 |
97.975 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.000
|
0.000 |
0.073 |
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Total
Current Liabilities |
60.142
|
42.554 |
98.048 |
|
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Net Current Assets |
175.403
|
148.190 |
158.282 |
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MISCELLANEOUS EXPENSES |
1.461 |
2.192 |
2.923 |
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TOTAL |
330.685 |
306.029 |
294.708 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
27.985 |
72.077 |
32.321 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
6.118 |
5.743 |
2.665 |
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PROFIT BEFORE
TAX |
21.867 |
66.334 |
29.656 |
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Less |
TAX |
2.676 |
3.413 |
3.070 |
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PROFIT AFTER TAX
|
19.191 |
62.921 |
26.588 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
89.584 |
26.664 |
0.076 |
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BALANCE CARRIED
TO THE B/S |
108.775 |
89.585 |
26.664 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
392.582 |
420.912 |
NA |
|
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TOTAL EARNINGS |
392.582 |
420.912 |
NA |
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IMPORTS |
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Raw Materials |
38.979 |
40.385 |
NA |
|
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|
Stores & Spares |
0.288 |
5.585 |
NA |
|
|
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Capital Goods |
0.020 |
0.820 |
NA |
|
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TOTAL IMPORTS |
39.287 |
46.790 |
NA |
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Earnings Per
Share (Rs.) |
15.35 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.78
|
19.15 |
5.83 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.65 |
0.76 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.15
|
2.35 |
8.95 |
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Current Ratio (Current Asset/Current Liability) |
|
3.92
|
4.48 |
2.61 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company is shifted from 615-624, Parekh Market,
39, Kennedy Bridge, Opera House, Mumbai – 400004, Maharashtra, India to present
address w.e.f. 20.03.2007
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U27205MH2006PTC163558 |
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Name of the
company |
C I 2 JEWELLERY PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. G J – 05, Seepz + +, Seepz – Sez, Andheri [East], Mumbai – 400096,
|
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Type of charge |
Immovable Property Others |
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Particular of
charge holder |
Bank of |
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Nature of description
of the instrument creating or modifying the charge |
Mortgage has been
created by way of deposit of title deeds in favour of Bank of India Seepz
branch and memorandum of Entry/ Oral Assents Dated 25.06.2008 |
|
Date of
instrument Creating the charge |
25.06.2008 |
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Amount secured by
the charge |
Rs. 240.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As stipulated by
bank from time to time Terms of
Repayment On demand and/ or
as stipulated by bank from time to time Margin As stipulated by
bank from time to time Extent and
Operation of the charge First charge
(Present and future) Total Limit of Rs. 240.000 Millions 1) Export Packing Credit : Rs. 50.000 Millions 2) Gold Loan : Rs. 50.000 Millions Max (1 + 2): Rs. 50.000 Millions 3) FBP/FBD/ FBN/ ODFOBC (DP/DA 120 Days) :
Rs. 50.000 Millions 4) Term Loan: Rs. 140.000 Millions As stipulated by
bank from time to time. Others As stipulated by bank
from time to time and as per sanction letter of the bank |
|
Short particulars
of the property charged |
First charge (Present and future) – 1) EMG of Factory land and building located on Plot No. GJ-05, Seepz++ In Seepz- Sez, Andheri- East, Mumbai-400096 together with all the immovable plant and machinery constructed/ erected or installed thereon. |
Fixed Assets:
·
Land
·
Building
·
Machineries
·
Computer
·
Furniture and Fixture
·
Office Equipments
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its importance
from the huge conglomerate of family run organizations which operate in the
diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process, several
public sector banks lost several hundred million rupees. They mostly diverted
borrowed money for diamond business into real estate and capital markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
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.62.73 |
|
|
1 |
Rs.103.87 |
|
Euro |
1 |
Rs.85.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
NKT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.