%20PRIVATE%20LIMITED%2006-Nov-2007_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
FABRIKANT TRADING (INDIA) PRIVATE LIMITED |
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Registered Office : |
417, - B, Panchratna, Opera House, Mumbai -400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.07.1997 |
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Com. Reg. No.: |
109328 |
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CIN No.: [Company
Identification No.] |
U36912MH1997PTC109328 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF02148G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
To carry on the business of manufacture, supply, sales and marketing, cutting
and polishing, distribution, agency, buying and selling exports and CIF agent
of Loose 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 : |
USD176238000 |
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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 company having several
foreign affiliates. Trade relations are fair. Payments are usually correct
and as per commitment. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
417, - B, Panchratna, Opera House, Mumbai -400004, Maharashtra |
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E-Mail : |
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Factory : |
304, Panchratna, Opera House, Mumbai -400004, Maharashtra, India |
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Tel. No.: |
91-22-23618713 |
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Fax No. : |
91-22-23676240 |
DIRECTORS
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Name : |
Mr. Matthew Fabrikant Fortgang |
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Designation : |
Director |
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Address : |
1120, 5th Avenue Apt. 8 B, New york |
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Date of Birth/Age : |
08.09.1961 |
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Date of Appointment : |
09.07.1997 |
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Name : |
Mr. Michael Nelson Shaffet |
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Designation : |
Director |
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Address : |
203 E, 72 No. Strre, New york |
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Date of Birth/Age : |
01.10.1935 |
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Date of Appointment : |
09.07.1997 |
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Name : |
Mr. Shailesh Rasiklal Jhaveri |
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Designation : |
Director |
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Address : |
Dunkeld, 4th Floor, 8, J, Mehta MArg, Elizabeth Hospital,
Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
05.10.1952 |
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Date of Appointment : |
09.07.1997 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Shalish Rasiklal Jhaveri |
112050 |
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M. Fabrikant and Sons INC. |
354825 |
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Equity Share
Breakup |
Percentage of
Holding |
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Foreign holdings(Foreign institutional investors, foreign companies foreign
financial institutional, non resident Indians or Overseas corporate bodies or
others. |
76.00 |
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Directors or Relatives of Directors |
24.00 |
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Total |
100
% |
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BUSINESS DETAILS
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Line of Business : |
To carry on the business of manufacture, supply, sales and marketing,
cutting and polishing, distribution, agency, buying and selling exports and
CIF agent of Loose diamonds. |
GENERAL
INFORMATION
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Bankers : |
ABN Amro Bank 74, Sakhar
bhavan, 7th Floor, Nariman Point, Mumbai - 400021 |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
A.J. Shah and Company Chartered Accountant |
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Address : |
Fort Chamber C Block, 65 Tamrind Lane Fort, Mumbai – 400023,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- Each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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466875 |
Equity Shares |
Rs.10/- Each |
Rs.4.668
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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4.668 |
4.668 |
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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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435.927 |
430.728 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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440.595 |
435.396 |
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LOAN FUNDS |
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1] Secured Loans |
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691.231 |
694.822 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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691.231 |
694.822 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.639 |
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TOTAL |
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1131.826 |
1130.857 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.813 |
5.298 |
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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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0.005 |
0.006 |
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DEFERREX TAX ASSETS |
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5.804 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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838.896 |
657.301 |
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Sundry Debtors |
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959.836 |
709.061 |
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Cash & Bank Balances |
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50.107 |
41.214 |
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Other Current Assets |
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0.001 |
0.001 |
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Loans & Advances |
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83.781 |
60.242 |
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Total
Current Assets |
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1932.621 |
1467.819 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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760.481 |
299.575 |
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Provisions |
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51.940 |
42.700 |
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Total
Current Liabilities |
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812.421 |
342.275 |
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Net Current Assets |
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1120.200 |
1125.544 |
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MISCELLANEOUS EXPENSES |
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0.004 |
0.009 |
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TOTAL |
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1131.826 |
1130.857 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover ( Including Other Income ) |
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2415.373 |
3207.559 |
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Total Income |
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2415.373 |
3207.559 |
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Profit/(Loss) Before Tax |
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7.995 |
66.116 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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7.995 |
66.116 |
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Interest |
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52.421 |
23.845 |
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Depreciation & Amortization |
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1.275 |
0.868 |
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Other Expenditure |
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2353.682 |
3116.729 |
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Total Expenditure |
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2407.378 |
3141.442 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.33 |
2.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.33 |
2.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.41 |
4.48 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.41 |
2.38 |
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Current Ratio (Current Asset/Current Liability) |
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2.37 |
4.28 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
FABRIKANT TRADING (INDIA) PRIVATE LIMITED |
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Presented By |
ABN Amro Bank
N.V. and Fabrikant Trading (India) Private Limited |
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1) Date and description of instrument creating the change |
Dated : 20th
March, 1998 Facility cum hypothecation
agreement for stocks and book debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
INR 150 Million |
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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 the borrowers
stocks in trade present and future consisting of cut, rough and polished
diamonds (whether raw or in the process of manufacturer ) and all products
goods and movable properties of any kind, borrowers present and future book
debts, outstanding money, receivables, claims and bills. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Working capital
facilities aggregating Rs.0.150 million interest as per RBI directives. Secured
by charge on current assets indicated above wherever situated both present
and future |
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5) Name and Address and description of the person entitled to the charge. |
ABN Amro Bank
N.V. 14, Veer Nariman
Road, Mumbai – 400 023 (Now Shifted to
ABN Amro Bank N.V. , 74, Sakhar bhavan, 7th Floor, Nariman Point) |
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6) Date and brief description of instrument modifying the charge |
Dated :13th
October 2003. Supplemental
facility cum hypothecation agreement. |
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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. |
a) Past
Modifications: The original
charge created on 20.03.1998 for Rs. 0.150 million has been modified and
increased to Rs. 0.250 million on 22.10.1999 Further modified
on 5.12.2002 for Rs. 0.400 million. Further modified
on 15.07.2003 for Rs. 0.500 million (Last modification registration on
29.07.2003 under Doc. No. 26) b) Present
Modification : The Bank having
at the request of the borrower has further increased the exist facilities
from Rs. 0.500 million to Rs. 0.550 millions against hypothecation of all the
borrowers book debts and the tangible movable properties of the borrower
including raw materials, Stocks, spares, semi-finished and finished goods,
goods in process of manufacturer and all goods manufactured thereform
belonging to the borrower which now are or hereafter from time to time during
the subsitance of the security hereby created, be brought in or stored in or
about the borrowers factiories, premises, warehouses and godown including any
such goods in the course of transit or delivery. All other terms
and conditions shall remain the same |
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
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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.56.48 |
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 |
YES |
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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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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
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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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