MIRA
INFORM REPORT
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Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
CUPID DIAMONDS PRIVATE LIMITED |
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Registered Office : |
5-C, Samhita Industrial Estate, Behind Sakinaka Telephone Exchange, Safed
Pool, Kurla Andheri Road, Kurla [West], Mumbai – 400072, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.07.2002 |
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Com. Reg. No.: |
11-136419 |
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CIN No.: [Company
Identification No.] |
U36911MH2002PTC136419 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC08654C |
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PAN No.: [Permanent
Account No.] |
AABCC8282A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and
exporter of rough diamond and cut diamonds studded gold jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 79000 |
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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 well established company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
5-C, Samhita Industrial Estate, Behind Sakinaka Telephone Exchange,
Safed Pool, Kurla Andheri Road, Kurla [West], Mumbai – 400072, Maharashtra,
India |
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Tel. No.: |
91-22-28504838 |
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Fax No.: |
91-22-28510198 |
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E-Mail : |
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Website : |
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Head Office : |
811, Prasad Chambers, Opera House, Charni Road, Mumbai – 400004,
Maharashtra, India |
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Tel. No.: |
91-22-23679990 / 23632918 |
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Fax No.: |
91-22- 6851289 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Manhar R. Bhansali |
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Designation : |
Director |
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Address : |
1001, Shri Pochkhanwala Road, Worli, Mumbai – 400025,Maharashtra,
India |
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Date of Birth/Age : |
20.09.1941 |
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Date of Appointment : |
04.07.2002 |
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Name : |
Mr. Rashesh M. Bhansali |
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Designation : |
Director |
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Address : |
1001, Shri Pochkhanwala Road, Worli, Mumbai – 400025,Maharashtra,
India |
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Date of Birth/Age : |
06.07.1968 |
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Date of Appointment : |
04.07.2002 |
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Name : |
Mr. Mihir J. Shah |
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Designation : |
Director |
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Address : |
145/A, 7/8, 3rd Floor, Sion Jain Society, Sion [West],
Mumbai – 400022, Maharashtra, India |
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Date of Birth/Age : |
03.09.1978 |
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Date of Appointment : |
02.06.2003 |
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Name : |
Mr. Kamal R. Bhansali |
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Designation : |
Director |
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Address : |
A – 1, Prabha – Rati Bunglow, 16, Peddar Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
31.03.1955 |
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Date of Appointment : |
12.04.2004 |
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Name : |
Mr. Smitesh S. Mehta |
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Designation : |
Director |
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Address : |
701, Pleasant Palace, 16, Narayan Dabhulkar Road, Mumbai – 400026,
Maharashtra, India |
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Date of Birth/Age : |
10.09.1959 |
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Date of Appointment : |
12.04.2004 |
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Date of Ceasing : |
01.04.2005 |
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Name : |
Mr. Ajay Rishavchand Jain |
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Designation : |
Director |
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Address : |
82, Everest Apartments, Mount Pleasant Road, Mumbai – 400005,
Maharashtra, India |
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Date of Birth/Age : |
02.02.1962 |
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Date of Appointment : |
01.02.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Manhar R. Bhansali |
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5,000 |
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Rashesh M. Bhansali |
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5,000 |
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Manhar R. Bhansali Joint with Shobhana M. Bhansali |
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695,000 |
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Rashesh M. Bhansali Joint with Ami R. Bhansali |
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45,000 |
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Mihir J. Shah |
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50,000 |
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Kamal R. Bhansali Joint with Anita K. Bhansali |
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100,000 |
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Shobhana M. Bhansali Joint with Manhar R. Bhansali |
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100,000 |
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Total |
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1,000,000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
exporter of rough diamond and cut diamonds studded gold jewellery. |
GENERAL
INFORMATION
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No. of Employees : |
About 400 |
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Bankers : |
State Bank of
Hyderabad, Overseas Branch, 1204, Tullock Road, Colaba, Mumbai – 400039 |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Vijay H Shah and Associates Chartered Accountants |
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Address : |
2-G, Navaratna, 2nd Floor, Dr. D. D. Marg, Benham Hall
Lane, Girgaum, Mumbai – 400004, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.000 |
10.000 |
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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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9.806 |
8.227 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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19.806 |
18.227 |
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LOAN FUNDS |
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1] Secured Loans |
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89.004 |
138.317 |
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2] Unsecured Loans |
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113.489 |
117.489 |
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TOTAL BORROWING |
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202.493 |
255.806 |
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DEFERRED TAX LIABILITIES |
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1.746 |
1.964 |
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TOTAL |
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224.045 |
275.997 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.736 |
16.962 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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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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164.210 |
202.136 |
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Sundry Debtors |
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71.514 |
126.635 |
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Cash & Bank Balances |
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3.998 |
0.594 |
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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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2.683 |
2.035 |
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Total
Current Assets |
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242.405 |
331.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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32.308 |
71.437 |
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Provisions |
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0.836 |
1.000 |
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Total
Current Liabilities |
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33.144 |
72.437 |
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Net Current Assets |
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209.261 |
258.963 |
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MISCELLANEOUS EXPENSES |
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0.048 |
0.072 |
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TOTAL |
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224.045 |
275.997 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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200.000 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.90 |
18.01 |
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Current Ratio (Current Asset/Current Liability) |
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7.31 |
4.58 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
CUPID DIAMONDS
PRIVATE LIMITED |
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Presented By |
State Bank of Hyderabad
and Cupid Diamonds Private Limited |
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1) Date and description of instrument creating the change |
Dated 12.09.2003 Agreement of Loan
for overall limits Agreement of
hypothecation of goods and assets and Letter regarding
grant of individual limits within the overall limits. Respectively
constitute a single charge for Rs. 90.000 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 90.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All present and
future goods, book debts and all other movable assets of the Borrower
including documents of title to the goods, outstanding moneys, receivables including
receivables by way of cash assistance and / or cash incentive 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 polices, guarantees,
engagements, securities, investments and rights and the present and future
machinery belonging to or in the possession or under the control of the
Borrower whether in India or elsewhere throughout the world [including all
such goods, other movable asset as may be in course shipment transit or
delivery] and Hypothecation of Machinery acquired / to be acquired. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Details of Credit
facilities as under :
Security to
create principal amount together with interest, cost, charges, expenses etc. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Hyderabad, Overseas Branch, 1204, Tullock Road, Colaba, Mumbai – 400039 |
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6) Date and brief description of instrument modifying the charge |
Dated 21.07.2005 Supplemental
agreement of loan for increase in the overall limit Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit and Collectively
constitute a single charge for Rs. 190.000 Millions |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Past Modification : The original
charge created on 12.09.2003 for Rs. 90.000 Millions was modified on
29.01.2004 for Rs. 105.000 Millions Present Modification : The Bank having
at the request of the Borrower has further increased and aggregate facilities
from Rs. 150 Millions to Rs. 190 Millions All other terms
and conditions shall remain the same. Thus, the total
charge now stands increased to Rs. 190 Millions. |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.27 |
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UK Pound |
1 |
Rs.82.24 |
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Euro |
1 |
Rs.57.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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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 |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<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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