MIRA
INFORM REPORT
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Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
DIMEXON DIAMONDS LIMITED |
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Registered Office : |
716, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
25.05.1995 |
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Com. Reg. No.: |
88786 |
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CIN No.: [Company
Identification No.] |
U36912MH1995PTC088786 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD04573C |
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PAN No.: [Permanent
Account No.] |
AAACD1877D |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Diamonds and Jewelry conglomerate. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 8131208 |
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Status : |
Excellent |
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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 excellent
track. Available information indicates high financial responsibility of the
company. Fundamentals are strong and healthy. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
716, Raheja Chambers, Nariman Point, Mumbai – 400 021, Maharashtra |
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Tel. No.: |
91-22-66367777 |
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Fax No.: |
91-22-66367776 |
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E-Mail : |
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Website : |
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Corporate Office : |
1202 Prasad Chambers, Tata Road No. 2, Mumbai – 400 004, Maharashtra ,
India |
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Tel. No.: |
91-22-56357777 / 8 |
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Fax No.: |
91-22-56357799 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pankaj Kirtilal Mehta |
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Designation : |
Whole Time Director |
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Address : |
9/B, Suneeta, Ridge Road, Walkeshwar, Mumbai – 400 006, Maharashtra |
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Date of Appointment : |
29.06.2002 |
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Name : |
Mr, Paresh Kirtilal Mehta |
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Designation : |
Director |
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Address : |
114, Tanhee Heights, Petit Hall Complex, Napeansea Road, Muymbai – 400
006, Maharashtra |
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Date of Appointment : |
1.04.2007 |
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Directorship in other companies: |
CIN of the Company: U65990MH1989PTC052496 Name of the Company: Paresh K Mehta Investments Private Limited Designation: Director |
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Partnership held in partnership firm |
Name of the Partnership firm: Kirtilal Exports Address: 704/705, Raheja Chambers, Nariman Point, Mumbai – 400 021,
Maharashtra |
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Name : |
Mr. Smita Paresh Mehta |
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Designation : |
Director |
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Address : |
114, Tanhee Heights, Petit Hall Complex, Napeansea Road, Muymbai – 400
006, Maharashtra |
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Date of Appointment : |
29.06.2002 |
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Name : |
Mr. Farouq Kasamali Rattonsey |
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Designation : |
Director |
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Address : |
51, Ritu Apartment, B J Road
Bandra (West), Mumbai – 400 050, Maharashtra |
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Date of Appointment : |
11.07.2003 |
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Directorship in other companies: |
· CIN of the Company; U36900MH1979PTC021537 Name of the Company: Dimexon Exports
Private limited Designation: Director · CIN of the company: U65990MH1989PTC052968 Name of the Company: F K Rattonsey
Investment Private limited Designation: Director · CIN of the Company: U05121TZ1993PTC004429 Name of the Company: Suraj Agro
Infrastructure (India) Private Limited Designation:
Director · CIN of the Company: U02413KA1990PTC11190 Name of the Company: Aleppo Fibreglass
Private limited Designation : director · CIN of the company: U85110KA1997PTC022199 Name of the Company: Aleppo Bloods stock
Private limited Designation : director · CIN of the Company: U1810KA2004PTC034917 Name of the Company: Aleppo Clean Enviro
Wears Private limited Designation: Director |
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Name : |
Mr. Paras Paresh Mehta |
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Designation : |
Director |
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Address : |
114, Tanhee Heights, Petit Hall Complex, Napeansea Road, Muymbai – 400
006, Maharashtra |
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Date of Appointment : |
29.06.1999 |
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Name : |
Mr.Vishal Pankaj Mehta |
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Designation : |
Director |
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Address : |
9/B, Suneeta, Ridge Road, Walkeshwar, Mumbai – 400 006, Maharashtra |
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Date of Appointment : |
01.04.2004 |
KEY EXECUTIVES
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Name : |
Mr. Jayesh Uttamlal Chauhan |
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Designation : |
Secretary |
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Address : |
A -401, Kalpavrukash Garden No. 1, Mahavir Nagar, Link Road, Mumbai –
400 067, Maharashtra |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Pankaj Mehta |
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758000 |
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Mr. Paresh K Mehta |
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330000 |
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Mr. Pankaj K Mehta , Karta |
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76000 |
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Mr .Paresh K Mehta, karta |
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257800 |
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Mr. Farouq K Rattonsey |
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135000 |
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Mrs. Nina Mehta |
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891300 |
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Mrs. Smita P Mehta |
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519200 |
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Mr. Paresh P Mehta |
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10000 |
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Mr. Vishal Mehta |
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22700 |
Equity share breakup (percentage of total equity):
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Sr.No. |
Category |
Percentage |
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1 |
Bodies Corporate |
94.50 |
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2 |
Directors or relative of directors |
4.00 |
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3 |
Other top fifty (50) shareholders |
1.50 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Diamonds and Jewelry conglomerate. |
GENERAL
INFORMATION
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Bankers : |
NA |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
· Chaitanya C Dalal and Company Chartered Accountants Address: 104, Bombay Samachar Marg, Bharat
House, 3rd Floor, Mumbai – 400 023, Maharashtra · Suri and Company Chartered Accountants Address: AMM Building, 2nd Floor,
354, Mettupalayam Road, Coimbatore – 641 043, Tamil Nadu |
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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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3000000 |
Equity shares |
Rs.10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity shares |
Rs.10/- each |
Rs. 30.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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30.000 |
30.000 |
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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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2002.802 |
1929.150 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2032.802 |
1959.150 |
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LOAN FUNDS |
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1] Secured Loans |
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7693.995 |
7256.841 |
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2] Unsecured Loans |
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1505.100 |
1292.034 |
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TOTAL BORROWING |
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9199.095 |
8548.875 |
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DEFERRED TAX LIABILITIES |
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30.971 |
34.031 |
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TOTAL |
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11262.868 |
10542.056 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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745.663 |
427.877 |
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Capital work-in-progress |
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428.734 |
226.384 |
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INVESTMENT |
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94.098 |
16.261 |
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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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4691.295 |
4761.948 |
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Sundry Debtors |
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5441.935 |
4976.703 |
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Cash & Bank Balances |
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165.821 |
229.823 |
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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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191.191 |
83.243 |
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Total
Current Assets |
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10490.242 |
10051.717 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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474.699 |
165.321 |
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Provisions |
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21.170 |
14.862 |
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Total
Current Liabilities |
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495.869 |
180.183 |
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Net Current Assets |
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9994.373 |
9871.534 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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11262.868 |
10542.056 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.12.2006 |
31.12.2005 |
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Sales Turnover |
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11936.414 |
11919.023 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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11936.414 |
11919.023 |
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Profit/(Loss) Before Tax |
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156.957 |
489.411 |
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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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156.957 |
489.411 |
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Export Value |
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8793.167 |
9691.427 |
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Expenditures : |
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Interest |
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439.756 |
381.330 |
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Depreciation |
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23.066 |
33.574 |
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Other expenditure |
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11316.635 |
11014.708 |
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Total Expenditure |
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11779.457 |
11429.612 |
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KEY RATIOS
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PARTICULARS |
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31.12.2006 |
31.12.2005 |
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PAT / Total Income |
(%) |
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1.31 |
4.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.31 |
4.10 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.34 |
4.57 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.76 |
4.45 |
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Current Ratio (Current Asset/Current Liability) |
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21.15 |
55.78 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
It takes a trained eye to identify a diamond from the rough; but at company, this expertise is their strength. Founded in 1966, the company has evolved to become a global player in the Diamond Manufacturing and distribution business. As part of a market that demands the highest degree of quality, they have earned a reputation for being innovative and being able to execute with impeccable precision and uncompromising consistency. Today, as a leading sightholder of the Diamond Trading Company (London), the company has emerged as one of the largest and most trusted manufacturers of gem diamonds in the world.
History:
At the company, they have the vision, resources, energy and integrity. Their commitment is reflected in their team of master diamond artisans, gemologists and professionals, equipped with the aspiration and the means to meet the challenges of the 21st century.
Subject was established in Mumbai in 1966 by Mr. Pankaj Mehta. An enterprise that commenced its journey as a jewelry retailer, the company has grown into a principal diamond manufacturer, through the acquisition of a clear understanding of the finer nuances of crafting jewelry.
Their 65-year history in retailing and manufacturing jewelry has made it possible for them to understand their clients' requirements. Today, Dimexon's experience and industry insights have made it one of the premier diamond companies.
Group Companies:
The Company is an integral part of the Dimexon Group—a leading international diamond manufacturing and jewelry conglomerate that specializes in crafting diamonds and jewelry, which are retailed in India and exported all over the world.
Besides the diamond jewelry industry, the Dimexon Group is closely associated with infrastructure development and information technology.
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.39.34 |
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UK Pound |
1 |
Rs.82.66 |
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Euro |
1 |
Rs.57.57 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
9 |
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OPERATING SCALE |
1~10 |
9 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
10 |
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--PROFITABILIRY |
1~10 |
8 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
9 |
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--CREDIT LINES |
1~10 |
9 |
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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 |
|
81 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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