MIRA
INFORM REPORT
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Report Date : |
07.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
LAXMI DIAMOND PRIVATE LIMITED |
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Registered Office : |
416, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
12.04.2006 |
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Com. Reg. No.: |
161091 |
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CIN No.: [Company
Identification No.] |
U36911MH2006PTC161091 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML06215G |
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PAN No.: [Permanent
Account No.] |
AABCL1815G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Diamonds |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company, promoted by resourceful businessmen who has
several year of experience in the diamond industry. Their trade relations are
fair. Payment are not available. The company has taken loans of Rs. 142 Millions from State Bank of
Saurashtra. Initially, the company can be considered for your normal business
dealings with some caution. |
LOCATIONS
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Registered Office / Factory : |
416, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23696643 / 23696645 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Vasantbhai Haribhai Gajera |
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Designation : |
Managing Director |
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Address : |
1 Vrushal Nagar Society, Near Katargam Police Station, Katargam, Surat
– 395004, Gujarat, India |
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Date of Birth/Age : |
01.06.1954 |
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Date of Appointment : |
12.04.2006 |
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Name : |
Mr. Chunibhai Haribhai Gajera |
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Designation : |
Whole Time Director |
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Address : |
49-50, Vishnu Nagar Society, Neew A. K. Road, Surat – 395008, Gujarat,
India |
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Date of Birth/Age : |
05.07.1960 |
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Date of Appointment : |
12.04.2006 |
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Name : |
Mr. Ashokbhai Haribhai Gajera |
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Designation : |
Whole Time Director |
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Address : |
31, Kalpavruksh Apartment, 27, B. G. Kher Marg, Walkeshwar, Mumbai –
400006, Maharashtra, India |
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Date of Birth/Age : |
01.06.1965 |
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Date of Appointment : |
12.04.2006 |
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Name : |
Mr. Nitinbhai Chunibhai Gajera |
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Designation : |
Director |
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Address : |
49-50, Vishnu Nagar Society, Neew A. K. Road, Surat – 395008, Gujarat,
India |
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Date of Birth/Age : |
11.06.1984 |
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Date of Appointment : |
12.04.2006 |
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Name : |
Mrs. Champaben Vasantbhai Gajera |
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Designation : |
Director |
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Address : |
1 Vrushal Nagar Society, Near Katargam Police Station, Katargam, Surat
– 395004, Gujarat, India |
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Date of Birth/Age : |
01.06.1958 |
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Date of Appointment : |
22.04.2006 |
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Other Directorship : |
Sharddha Jewels Private Limited CIN No.: U36910GJ1999PTC035847 Balmukund Sizers Private limited CIN No.: U17110GJ1991PTC015656 |
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Name : |
Mrs. Sunitaben Chunibhai Gajera |
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Designation : |
Director |
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Address : |
49-50, Vishnu Nagar Society, Neew A. K. Road, Surat – 395008, Gujarat,
India |
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Date of Birth/Age : |
12.10.1963 |
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Date of Appointment : |
22.04.2006 |
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Other Directorship : |
Laxmi Technovision Private Limited CIN No.: U29199GJ2002PTC041728 |
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Partnership Held : |
Dayalji Developers 31, Dayalji Park Raw House, Behind Gopal Nagar, Paravat Patiya,
Dumbhal, Surat – 395010, Gujarat, India |
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Name : |
Mrs. Sarojben Ashokbhai Gajera |
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Designation : |
Director |
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Address : |
31, Kalpvruksha, B. G. Kher Marg, Walkeshwar, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
27.08.1969 |
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Date of Appointment : |
22.04.2006 |
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Other Directorship : |
Sharddha Jewels Private Limited CIN No.: U36910GJ1999PTC035847 |
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Partnership Held : |
S Bipin and Company 1042, Jash Textile Market, Sahara Darwaja, Ring Road, Surat – 395002,
Gujarat, India |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Diamonds |
GENERAL
INFORMATION
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Bankers : |
State Bank of Saurashtra 1st Floor, Diamond Queen, 198, Rajaram Mohan Roy Marg,
Girgaon, Mumbai – 400004, Maharashtra, India |
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Banking Relations
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Satisfactory |
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Associates/Subsidiaries : |
Sharddha Jewels Private Limited CIN No.: U36910GJ1999PTC035847 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
As the subject is a new company, no financials are available.
Management remained non-cooperative during our current investigation.
LOCAL AGENCY
FURTHER INFORMATION
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Corporate
identity number of the company |
U36911MH2006PTC161091 |
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Name of the
company |
LAXMI DIAMOND PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
416, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
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This form is for |
Modification of charge |
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Type of charge |
Equitable mortgage or mortgage of property by deposition the title deeds |
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Particular of
charge holder |
State Bank of Saurashtra Overseas Branch, 1st Floor, Diamond Queen, 198, Rajaram Mohan
Roy Marg, Girgaon, Mumbai – 400004, Maharashtra, India |
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Amount secured by
the charge |
Rs. 142.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
The above goods,
debts and assets shall be the security by way of first charge for payment and
discharge by the Borrower to the bank on demand a sum of Rs. 142 Millions |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
All present and
future goods book debts and all other movable assets of the borrower
including documents of title to the goods, outstanding moneys, receivable
including receivables by way of cash assistance and / or cash incentives
under the Cash Incentive Scheme or any other. |
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Charge
identification number of the charge to be modified |
10015617 |
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Brief description
of the instrument modifying the charge under section 135 |
Memorandum of
Entry |
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Date of
instrument modifying the charge |
02.08.2006 |
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Particulars of
the present modification |
The company
created a mortgage by deposit of title deeds in respect of its immovable
properties namely : Unit No. 317 adm.
250 sq. ft. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.33 |
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UK Pound |
1 |
Rs.81.75 |
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Euro |
1 |
Rs.57..54 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
4 |
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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 |
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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19 |
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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