MIRA INFORM REPORT
|
Report No. : |
314391 |
|
Report Date : |
25.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
ATLAS JEWELLERY INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
GEE EL WOLLENS LIMITED |
|
|
|
|
Registered
Office : |
A-12, RHS, Lower Ground Floor, Lajpat Nagar - III, New Delhi - 110024 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
31.05.1989 |
|
|
|
|
Com. Reg. No.: |
55-131289 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.507.115 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74140DL1989PLC131289 |
|
|
|
|
TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufactures and Sells Gems and Jewelry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2080000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject belongs to the “Atlas Jewellery” Group. It has re-commenced
its commercial operations in January 2014 by exporting gems and jewellery,
after the present promoters acquired controlling interest in the company. Previously, the subject was originally incorporated as “Gee El Wollens
Limited” under which the erstwhile promoters were undertaking miscellaneous
business activities and the same were stopped in the FY 2012-2013. Further, the new management has recently commenced its domestic retail
operations by inaugurating two showrooms in December 2014. The rating also take into consideration, the high receivables leading
to stretched liquidity position during FY 2014. However, the risks are
mitigated to an extent on account of the financial strength of the promoters.
Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of nascent stages of operations in India, backed by the
parent’s sizeable and long standing presence in GCC States, the subject 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Issuer Rating = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
January 2015 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Chandra Mahapatra |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-8179075431 |
|
Date : |
24.03.2015 |
LOCATIONS
|
Registered Office : |
A-12, RHS, Lower Ground Floor, Lajpat Nagar-III, New Delhi – 110024, India |
|
Tel. No.: |
91-11-41041149 |
|
Mobile No.: |
91-8179075431 (Mr. Chandra Mahapatra) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. M. M. Ramachandran |
|
Designation : |
Chairman (Non-Executive Director) |
|
Qualification : |
Post Graduate |
|
|
|
|
Name : |
Mr. Ajith Muruleedharan Kovooril |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mrs. Indira Ramachandran |
|
Designation : |
Non-Executive Director |
|
Qualification : |
Science graduate in physics |
|
|
|
|
Name : |
Mr. Gaurav Goswami |
|
Designation : |
Non-Executive Independent Director |
|
Qualification : |
Commerce and Management Graduate |
|
|
|
|
Name : |
Mr. Luko Sugunan Madathiparmbil |
|
Designation : |
Non-Executive Independent Director |
|
Qualification : |
Commerce Graduate |
|
|
|
|
Name : |
Mr. Ashish Srivastava |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Chandra Mahapatra |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
51636044 |
51.30 |
|
|
0 |
0.00 |
|
|
51636044 |
51.30 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
51636044 |
51.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
109739 |
0.11 |
|
|
|
|
|
|
1471643 |
1.46 |
|
|
938327 |
0.93 |
|
|
46498780 |
46.20 |
|
|
2300 |
0.00 |
|
|
2951 |
0.00 |
|
|
43594 |
0.04 |
|
|
46449333 |
46.15 |
|
|
602 |
0.00 |
|
|
49018489 |
48.70 |
|
Total Public shareholding (B) |
49018489 |
48.70 |
|
Total (A)+(B) |
100654533 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
100654533 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and Sells Gems and Jewelry. |
|
|
|
|
Products : |
Gems and Jewelry |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
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Exports : |
Not Divulged |
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|
Imports : |
Not Divulged |
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|
|
|
Terms : |
|
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Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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|
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Auditors : |
|
|
Name : |
A. Kay Mehra and Company Chartered Accountants |
|
Address : |
114, Basement, Mall Road, Kingsway Kamp, GTB Nagar, New Delhi -110009, India |
|
Tel. No.: |
91-11-32965997 |
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E-Mail : |
|
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|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
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|
|
|
Sister Concern : |
Atlas Jewellery Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
199980000 |
Equity Shares |
Rs.10/- each |
Rs.1999.800 Million |
|
20000 |
Preference Shares |
Rs.10/- each |
Rs.0.200 Million |
|
|
Total |
|
Rs.2000.000
Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50797133 |
Equity Shares |
Rs.10/- each |
Rs.507.971 Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50654533 |
Equity Shares |
Rs.10/- each |
Rs.506.545 Million |
|
|
Add : Forfeited Shares Account |
|
Rs.0.570 Million |
|
|
Total |
|
Rs.507.115
Million |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Al Marejia Precious Metals And Bullions (FZE) |
12494680 |
24.67 |
|
Al Layyah General Trading (FZE) |
12188737 |
24.06 |
|
Mankool General Trading (FZE) |
12110748 |
23.91 |
|
Al Juraina Precious Metal And Bullions (FZE) |
9655168 |
19.06 |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
4205200 |
|
Shares Issued during the year |
46449333 |
|
Shares Forfeited during the year - |
-- |
|
Shares outstanding |
50654533 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
507.115 |
42.622 |
42.603 |
|
(b) Reserves & Surplus |
177.440 |
(24.564) |
(24.248) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
43.189 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
727.744 |
18.058 |
18.355 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.233 |
0.233 |
0.233 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.233 |
0.233 |
0.233 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4.124 |
0.000 |
2.550 |
|
(b) Trade
payables |
0.000 |
0.000 |
0.000 |
|
(c) Other
current liabilities |
18.672 |
0.076 |
0.191 |
|
(d) Short-term
provisions |
1.346 |
0.000 |
0.208 |
|
Total Current
Liabilities (4) |
24.142 |
0.076 |
2.949 |
|
|
|
|
|
|
TOTAL |
752.119 |
18.367 |
21.537 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.059 |
0.079 |
0.107 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.003 |
0.003 |
0.003 |
|
(c) Deferred tax assets (net) |
0.035 |
0.038 |
0.041 |
|
(d) Long-term Loan and Advances |
15.184 |
17.550 |
20.567 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
15.281 |
17.670 |
20.718 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
722.678 |
0.000 |
0.234 |
|
(d) Cash
and cash equivalents |
12.094 |
0.170 |
0.585 |
|
(e)
Short-term loans and advances |
2.066 |
0.527 |
0.000 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
736.838 |
0.697 |
0.819 |
|
|
|
|
|
|
TOTAL |
752.119 |
18.367 |
21.537 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
729.671 |
0.000 |
10.001 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
729.671 |
0.000 |
10.001 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of gold and Bullions |
671.791 |
0.000 |
0.000 |
|
|
|
Employees benefits expense |
0.163 |
0.180 |
0.240 |
|
|
|
Other expenses |
39.902 |
0.105 |
2.183 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
6.531 |
|
|
|
TOTAL (B) |
711.856 |
0.285 |
8.954 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.815 |
(0.285) |
1.047 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.239 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
17.576 |
(0.285) |
1.047 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.020 |
0.028 |
0.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
17.556 |
(0.313) |
1.010 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.350 |
0.002 |
0.166 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
16.206 |
(0.315) |
0.844 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(27.201) |
(26.886) |
(27.730) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(10.995) |
(27.201) |
(26.886) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
729.671 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
729.671 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.32 |
(0.07) |
0.20 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.22 |
0.00 |
8.44 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
2.44 |
0.00 |
10.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.33 |
(1.71) |
4.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
(0.02) |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.00 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
30.52 |
9.17 |
0.28 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
42.603 |
42.622 |
507.115 |
|
Reserves & Surplus |
(24.248) |
(24.564) |
177.440 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
43.189 |
|
Net
worth |
18.355 |
18.058 |
727.744 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
2.550 |
0.000 |
4.124 |
|
Total
borrowings |
2.550 |
0.000 |
4.124 |
|
Debt/Equity
ratio |
0.139 |
0.000 |
0.006 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
10.001 |
0.000 |
729.671 |
|
|
|
(100.00) |
|
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
10.001 |
0.000 |
729.671 |
|
Profit |
0.844 |
(0.315) |
16.206 |
|
|
8.44% |
0.00% |
2.22% |
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 |
No |
|
8] |
No. of employees |
No |
|
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 |
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
ATLAS JEWELLERY
INDIA LIMITED |
|
SEBI |
DELAY
IN MAKING DISCLOSURE OF SHAREHOLDING/CHANGES IN SHAREHOLDING TO STOCK EXCHANGES
AS REQUIRED UNDER REGULATION 8(3) OF SEBI TAKEOVER CODE, 1997 |
IMPOSED PENALTY
RS.0.300 MILLION |
|
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and Advances From Related Parties |
4.124 |
0.000 |
|
Total |
4.124 |
0.000 |
FINANCIAL HIGHLIGHTS
AND BUSINESS RESULTS
The Company has effectively started its export business operations from the month of January, 2014 onwards. The Company has only exported Gems and Jewellery to the foreign customers on wholesale basis. During the year the company has achieved the turnover of Rs.729.671 Million as against the nil turnover in the previous year. This is because of starting of export activities of the Company in the international market. The Company is expanding its international business day by day. As a result of this good business there has been an increase in the profits of the company to Rs.17.556 Million in the present financial year.
CHANGE IN THE
NAME AND MAIN OBJECTIVES OF THE COMPANY
During the year the name and main objectives of the Company were changed with the approval of the shareholders of the Company in accordance with the provisions of the Companies Act, 1956. The name of the Company has been changed from Gee El Woollens Limited to "Atlas Jewellery India Limited".
The new main objectives of the Company are as follows:
(i) To carry on in India or elsewhere the business of goldsmiths, silver smiths, jewellers, gem and diamond merchants and of producing, acquiring and trading, importing, exporting, buying, selling in all kind of metals, bullion, gold, silver, platinum, diamonds, precious stones and pearls, watches, sunglasses etc.
(ii) To carry on in India or elsewhere the business to manufacture, produce, process, prepare, commercialize, cut, polish, set, design, display, exchange, examine, finish, grind, grade, assort, import, export, buy, sell, resale, demonstrate, market and to act as agent, broker, indentor, liasioner, adatias, representative, C & F agents, export house, valuer, sales promoter, supplier, provider, merchants, stockists, distributor, wholesaler, retailer or otherwise to deal in all shapes, sizes, varieties, description, specifications, applications & designs of rough, raw cut, uncut, polished or processed, natural & man made precious semiprecious & natural stones such as diamonds, ruby, pearls, gemstones, blue sapphires, cat's eye stone, coral, topaz, opal, zircon, tourmaline, jade, spinel ruby, aquamarine, turquoise, peidot, agate, garnet, corundum, amethyst, malachite, citrine, alexendrite, smoky quartz, lapis lazuli, rock crystal, onyx, moon stone, jasper, blood stone, gold stone, bismuth, jet, diopside, tiger eye, sunstone, spinal, jews stone, load stoner, sardonex, touch stone, amber and their ornaments, jewelleries, articles, goods, or things, made in the combination of gold, silver, platinum, or other metals, and alloys thereof and for the purpose to act as goldsmith, silversmith, jewelers, gem merchants,
OUTLOOK
Since the Company has started business in Gem and Jewellery sector last year only after change in its main object clause, actual business started in the last quarter and the Company has achieved a significant export. The Company is working towards improvising the performance even better by aiming for ambitious growth targets through various initiatives, constant exploration of new consumer segments. The Company is also planning to open showrooms to start direct selling of jewellery to end consumers.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
16.750 |
1685.297 |
1756.532 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
16.750 |
1685.297 |
1756.532 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
356.901 |
1545.751 |
1953.283 |
|
b) Purchases of stock in trade |
(342.444) |
0.000 |
(342.444) |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
5.263 |
4.803 |
12.315 |
|
d) Employees benefit expenses |
(4.856) |
0.000 |
(4.856) |
|
e) Depreciation and amortization expenses |
0.125 |
0.052 |
0.189 |
|
f) Other expenditure |
12.013 |
50.564 |
67.617 |
|
Total expenses |
27.002 |
1601.170 |
1686.104 |
|
3. Profit from operations before other income and
financial costs |
(10.252) |
84.127 |
70.428 |
|
4. Other income |
0.000 |
0.000 |
0.000 |
|
5. Profit from ordinary activities before finance costs |
(10.252) |
84.127 |
70.428 |
|
6. Finance costs |
1.416 |
0.098 |
1.544 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(11.668) |
84.029 |
68.884 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(11.668) |
84.029 |
68.884 |
|
10.Tax expenses |
3.661 |
25.994 |
29.655 |
|
11.Net
Profit / (Loss) from ordinary activities after tax |
(15.329) |
58.035 |
39.229 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period |
(15.329) |
58.035 |
39.229 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
|
|
|
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
(0.15) |
0.58 |
0.39 |
|
(b) Diluted |
(0.15) |
0.58 |
0.39 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
49018489 |
49018489 |
49018489 |
|
- Percentage of shareholding |
48.70% |
48.70% |
48.70% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
51636044 |
51636044 |
51636044 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
51.30% |
51.30% |
51.30% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
1 |
|
|
Receiving during the quarter |
|
0 |
|
|
Disposed of during the quarter |
|
0 |
|
|
Remaining unreserved at the end of the quarter |
|
1 |
|
Notes:
1.
The
above results have been reviewed by the Audit Committee and taken on by the
Board of Directors of the Company in the Board meeting held on February 08th,
2015. The Auditors have also carried out Limited Review of these financial
results.
2.
The
Company has started its retail operations from 27th December 2014 in Bangalore
and Navi Mumbai respectively.
3.
As
the Company business activity falls within a single primary business segment
viz (manufacturing & sale of precious metals and jewellery) the disclosure
requirements of Accounting Standard (AS-17) "Segment Reporting",
issued by The Institute of Chartered Accountants of India are not applicable.
4.
Previous
quarter period figures have been regrouped / rearranged wherever necessary, to
make them comparable.
5.
EPS
has been calculated in accordance with AS-20 issued by ICAI.
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90072413 |
24/03/1990 |
3,758,000.00 |
Rajasthan Financial Corporation |
Rajasthan, Rajasthan, Rajasthan, India |
- |
|
2 |
90074304 |
15/11/1994 * |
2,500,000.00 |
Bank Of India |
Industrial Finance Branch, Near Shivaji Stadium; Connaught Place, New Delhi, Delhi, India |
- |
|
3 |
90074303 |
15/11/1994 * |
2,500,000.00 |
Bank Of India |
Industrial
Finance Branch, Near Shivaji Stadium; |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS
DID YOU KNOW: MKT CAP OF THIS CO JUMPED 25000% IN 10 MTHS
Formerly known as Gee El Woollens Limited, Atlas has 45 showrooms in UAE, Qatar, Oman, Bahrain, Saudi Arabia, Kuwait and India.
This week’s ‘Did You Know’ segment focuses on a company whose market cap has surged from 5 crore to a whopping 1,170 crore in the last 10 months.
The stock Atlas Jewellery India’s current market cap stands at Rs.11700.00 Million and zoomed from 25000 percent since December 2013.
Formerly known as Gee El Woollens Limited, Atlas has 45 showrooms in UAE, Qatar, Oman, Bahrain, Saudi Arabia, Kuwait and India. Its website claims that the vision of the company is offering luxury jewellery at an affordable price. However, the financials don't reflect that at all. It was only in 2014 when company did sales worth Rs.730.000 Million. In the last four-five years, there were no sales. It was only in 2014 when the company reported a profit of Rs.16.000 Million.
The shareholding pattern is very interesting for this company. Promoter holding is 51.3 percent, four foreign corporate bodies own 46 percent stake in this company. It is only these five entities put together who own nearly 97 percent of the entire equity of this company.
The company exported gems and jewellery in 2014 and its fixed asset (net block) stands at Rs0.059 Million.
Here are the facts
|
Year |
Sales (Rs. In Million) |
PAT (Rs. In Million) |
|
2014 |
Nil |
16.200 |
|
2013 |
Nil |
(0.300) |
|
2012 |
Nil |
0.900 |
|
2011 |
Nil |
1.200 |
|
2010 |
Nil |
1.400 |
|
Date |
Total No. of shares (Rs. In Million) |
M Cap (Rs. In Million) |
|
14 Sep |
100.700 |
11710.000 |
|
14 Jun |
50.700 |
1820.000 |
|
14 Mar |
50.700 |
1520.000 |
|
13 Dec |
4.200 |
50.000 |
ATLAS
JEWELLERY - ATLAS JEWELLERY INDIA LIMITED ANNOUNCES THE OPENING OF ITS TWO
NEW SHOWROOMS
Subject has informed BSE regarding a Press Release titled
"Atlas Jewellery India Limited announces the opening of its two new
showrooms".
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 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.62.20 |
|
UK Pound |
1 |
Rs.92.93 |
|
Euro |
1 |
Rs.68.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
44 |
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.