MIRA
INFORM REPORT
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Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
K. CHANDRAKANT AND COMPANY |
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Registered Office : |
307, Mehta Bhavan, 311, Charni Road, Mumbai 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.08.1966 |
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IEC No.: |
0388010258 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK03454D |
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PAN No.: [Permanent
Account No.] |
AAAFK0996R |
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Legal Form : |
Partnership Concern with an unlimited liability of the
partners |
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Line of Business : |
Manufacturer, Exporter and Importer of Cut and Polished Diamonds |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 910000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having fine
track. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per
commitments. The Concern can be considered good for any normal business
dealings. It can be regarded as a
promising business partner in a medium to long run. |
LOCATIONS
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Registered Office : |
307, Mehta Bhavan, 311, Charni Road, Mumbai 400 004, Maharashtra,
India |
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Tel. No.: |
91-22-23867155 / 23872387 |
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Mobile No.: |
91-9821514817 |
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Fax No.: |
91-22-23878764 |
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E-Mail : |
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Area : |
960 Sq. fts. |
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Location : |
Owned |
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Branches : |
Ø 307, Dalgiya
Mohalio, Diamond Trade Centre, Mahidharpura, Surat 395003, Gujarat, India Ø 101, First floor,
R. S. No. 434, Nandu Doshi Ni Wadi, Katargam, Surat 395003, Gujarat, India |
PARTNERS
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Name : |
Mr. Chhabildas A. Shah |
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Designation : |
Partner |
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Address : |
52-A, Sudha Kalash, Harkness Road, Mumbai 400006, Maharashtra, India |
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Tel. No. : |
91-22-23624585 |
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Date of Birth/Age : |
68 Years |
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Qualification : |
S.S.C |
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Name : |
Mr. Kantilal D. Shah |
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Designation : |
Partner |
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Address : |
2001/2002, Chandanbala, Ratilal R. Thakkar Marg, Mumbai 400006,
Maharashtra, India |
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Tel. No. : |
91-22-23636627 |
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Date of Birth/Age : |
67 Years |
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Qualification : |
S.S.C |
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Name : |
Mr. Chandrakant S. Doshi |
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Designation : |
Partner |
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Address : |
301/302, Venna Apartment, Teenbatti, 198, Walkeshwar Road, Mumbai 400006,
Maharashtra, India |
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Tel. No.: |
91-22-23628210 |
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Date of Birth/Age : |
66 Years |
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Qualification : |
S.S.C |
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Name : |
Mr. Vipul K. Shah |
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Designation : |
Partner |
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Address : |
2001/2002, Chandanbala, Ratilal, R. Thakkar Marg, Mumbai 400006,
Maharashtra, India |
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Tel. No.: |
91-22-23636627 |
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Date of Birth/Age : |
38 Years |
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Qualification : |
B. Com |
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Name : |
Mr. Niren K. Shah |
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Designation : |
Partner |
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Address : |
2001/2002, Chandanbala, Ratilal R. Thakkar Marg, Mumbai 400006,
Maharashtra, India |
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Tel. No. : |
91-22-23636627 |
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Name : |
Mr. Sanjiv C. Shah |
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Designation : |
Partner |
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Address : |
52-A, Sudha Kalash, Harkness Road, Mumbai 400006, Maharashtra, India |
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Tel. No. : |
91-22-23624585 |
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Date of Birth/Age : |
38 Years |
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Qualification : |
12th |
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Name : |
Mr. Jatin C. Doshi |
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Designation : |
Partner |
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Address : |
301/302, Veena Apartment, 198, Walkeshwar Road, Mumbai 400006, Maharashtra, India |
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Tel. No. : |
91-22-23648210 |
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Date of Birth/Age : |
38 Years |
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Qualification : |
B. Com |
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Name : |
Mr. Sachin C. Doshi |
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Designation : |
Partner |
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Address : |
301/302, Veena Apartment, 198, Walkeshwar Road, Mumbai 400006,
Maharashtra, India |
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Tel. No. : |
91-22-23648210 |
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Date of Birth/Age : |
30 Years |
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Qualification : |
B. Com |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Cut and Polished Diamonds |
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Exports : |
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Products : |
Ø Cut and Polished
Diamonds |
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Countries : |
Ø USA Ø Hong Kong Ø Belgium Ø Dubai |
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Imports : |
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Products : |
Ø Rough Diamonds Ø Polished
Diamonds |
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Countries : |
Ø Antwerp Ø Belgium Ø Dubai Ø New York Ø USA |
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Terms : |
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Purchasing : |
Cash (120 days) |
GENERAL
INFORMATION
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Suppliers : |
For Import Ø Diarough NV Ø Samir Gems NV Ø Simplex Diam NV Ø Swadip Gems BVBA For Local Ø Chayya Gems Ø Dimexon Diamonds
Limited Ø Karp Impex
Limited Ø Kiran Exports Ø Mahendra
Brothers Ø Manav Trading
(India) Private Limited Ø Rosy blue
(India) Private Limited Ø Suashish
Diamonds Limited Ø Sur Gems |
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Customers : |
Ø Akash Jewels
Private Limited Ø Andin
International Inc. Ø Andin Caribe Ø Combine
International Ø Creations
Jewellery Manufacturing Private Limited Ø Euro Diamonds
Private Limited Ø Heng NGAI
Jewellery (HK) Limited Ø Lotus Ornaments
Private Limited Ø Mohit Jewellery
Private Limited Ø Niru Jewels
Private Limited Ø Rolly Jewellery
Private Limited Ø Simi Diam
Limited Ø Sugem Inc. Ø Tara Ultimo
Private Limited Ø Tache USA Inc. Ø Uni Gems (India)
Private Limited |
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No. of Employees : |
740 [In office 40, Factory 700] |
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Bankers : |
Ø Bank of India Ø Corporation Bank Ø State Bank of
India Ø ABN Bank Ø Standard
Chartered Bank |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Sampat Mehta and Associates Chartered Accountants |
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Address : |
3, Kapur Mansion, 47,Huges Road, Mumbai 400007 |
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Tel. No.: |
91-22-23685151 |
PARTNERS CAPITAL
STRUCTURE
|
Name of the Partner |
Rs. in Millions |
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Chhabildas Shah |
55.450 |
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Chandrakant S. Doshi |
47.322 |
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Kantilal D. Shah |
33.389 |
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Niren K. Shah |
22.274 |
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Sachin C. Doshi |
27.612 |
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Sanjiv C. Shah |
8.888 |
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Vipul K. Shah |
14.405 |
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Jatin C. Doshi |
19.553 |
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Total |
228.893 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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228.893 |
211.623 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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228.893 |
211.623 |
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LOAN FUNDS |
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1] From Bank |
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418.200 |
383.155 |
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2] From Others |
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1.542 |
1.456 |
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TOTAL BORROWING |
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419.742 |
384.611 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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648.635 |
596.235 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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23.625 |
25.626 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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316.999 |
302.751 |
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Sundry Debtors |
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703.409 |
718.304 |
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Cash & Bank Balances |
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5.502 |
6.414 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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59.844 |
59.357 |
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Total
Current Assets |
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1085.754 |
1086.826 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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440.154 |
489.782 |
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Provisions |
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20.590 |
26.435 |
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Total
Current Liabilities |
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460.744 |
516.217 |
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Net Current Assets |
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625.010 |
570.609 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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648.635 |
596.235 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1541.754 |
1238.592 |
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Profit/(Loss) Before Tax |
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31.793 |
31.251 |
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Provision for Taxation |
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11.155 |
9.435 |
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Profit/(Loss) After Tax |
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20.638 |
21.816 |
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Total Expenditure |
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1509.961 |
1207.341 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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1.33 |
1.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.06 |
2.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.86 |
2.80 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.84 |
4.25 |
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Current Ratio (Current Asset/Current Liability) |
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2.35 |
2.10 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES :
Ø
Samuel Aaron, New York, USA
Ø
Saral Diamonds, New York, USA
Ø
Swadip BUA, Belgium
Ø
Chan Nit Trading, Hong Kong
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 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. 39.45 |
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UK Pound |
1 |
Rs. 81.12 |
|
Euro |
1 |
Rs. 58.20 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
63 |
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 |
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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 |
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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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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