MIRA
INFORM REPORT
|
Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
S VINODKUMAR DIAMONDS PRIVATE LIMITED |
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Registered Office : |
509 / 510, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
01.12.2004 |
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Com. Reg. No.: |
11-149769 |
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CIN No.: [Company
Identification No.] |
U36910MH2004PTC149769 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS45212G |
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PAN No.: [Permanent
Account No.] |
AAICS5514N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and exporter of loose diamonds, diamond
studded jewelry. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 3300000 |
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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. Directors are
reported as experienced, respectable and resourceful businessmen. Trade
relations are fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
509 / 510, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra,
India |
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Tel. No.: |
91-22-23690364 / 40328050 |
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Fax No.: |
91-22-23673680 / 23630704 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Vinod Dhudalal Shah |
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Designation : |
Director |
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Address : |
71 Anupam 11 Manav Mandir Road, Walkeshwar, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
15.11.1948 |
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Date of Appointment : |
01.12.2004 |
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Name : |
Mr. Manish Sumatilal Shah |
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Designation : |
Director |
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Address : |
71 Anupam 11 Manav Mandir Road, Walkeshwar, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
05.07.1972 |
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Date of Appointment : |
01.12.2004 |
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Name : |
Mr. Amish Vinod Shah |
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Designation : |
Director |
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Address : |
71 Anupam 11 Manav Mandir Road, Walkeshwar, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
21.05.1970 |
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Date of Appointment : |
01.12.2004 |
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Name : |
Mr. Sumatilal Dhudalal Shah |
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Designation : |
Director |
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Address : |
71 Anupam 11 Manav Mandir Road, Walkeshwar, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
22.02.1942 |
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Date of Appointment : |
01.12.2004 |
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|
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Name : |
Mr. Kamlesh Dhudalal Shah |
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Designation : |
Director |
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Address : |
71 Anupam 11 Manav Mandir Road, Walkeshwar, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
25.05.1963 |
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Date of Appointment : |
01.12.2004 |
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Name : |
Mr. Samir V Shah |
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Designation : |
Director |
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Address : |
71 Anupam 11 Manav Mandir Road, Walkeshwar, Mumbai – 400006,
Maharashtra, India |
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Date of Appointment : |
01.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Sumatilal Dhudalal Shah |
|
735000 |
|
Vinod Dhudalal Shah |
|
490000 |
|
Manish Sumatilal Shah |
|
490000 |
|
Meenaben Shah |
|
490000 |
|
Kamlesh Shah – HUF |
|
245000 |
|
Amish Shah – HUF |
|
98000 |
|
Sonali A Shah |
|
245000 |
|
Smruti M Shah |
|
245000 |
|
Manjula S Shah |
|
245000 |
|
Hansa Shah |
|
245000 |
|
Bhuriben Shah |
|
147000 |
|
Samir V Shah |
|
245000 |
|
Kamlesh Shah |
|
490000 |
|
Amish Shah |
|
490000 |
|
S Vinodkumar International Pte Limited |
|
490000 |
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Total |
|
5390000 |
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Equity Share
Breakup |
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|
Category |
|
Percentage of
Holding |
|
Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas
corporate bodies or others] |
|
50.00 |
|
Directors or relatives of directors |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of loose diamonds, diamond
studded jewelry. |
GENERAL
INFORMATION
|
Bankers : |
Union Bank of India Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai
– 400023, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J K Shah and Company Chartered Accountants |
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Address : |
3rd Floor, Flat No. 14, Al – Karim Manzil, 15 Palton Road,
Mumbai – 400001, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9,800,000 |
Equity Shares |
Rs. 10/- each |
Rs. 98.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
01.12.2004 to
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
|
|
98.000 |
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2] Share Application Money |
|
|
0.000 |
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3] Reserves & Surplus |
|
|
724.145 |
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4] (Accumulated Losses) |
|
|
0.000 |
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NETWORTH |
|
|
822.145 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
|
|
2002.598 |
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2] Unsecured Loans |
|
|
725.723 |
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TOTAL BORROWING |
|
|
2728.321 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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3550.466 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
149.435 |
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Capital work-in-progress |
|
|
0.023 |
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INVESTMENT |
|
|
0.025 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
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1735.563 |
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Sundry Debtors |
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2930.991 |
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Cash & Bank Balances |
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|
18.530 |
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Other Current Assets |
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|
0.000 |
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Loans & Advances |
|
|
41.211 |
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Total
Current Assets |
|
|
4726.295 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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Current Liabilities |
|
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1325.568 |
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|
Provisions |
|
|
0.682 |
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Total
Current Liabilities |
|
|
1326.250 |
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Net Current Assets |
|
|
3400.045 |
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MISCELLANEOUS EXPENSES |
|
|
0.938 |
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TOTAL |
|
|
3550.466 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
01.12.2004 to
31.03.2005 |
|
|
Sales Turnover |
|
|
1779.188 |
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Other Income |
|
|
199.021 |
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Total Income |
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|
1978.209 |
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Profit/(Loss) Before Tax |
|
|
24.078 |
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Provision for Taxation |
|
|
8.844 |
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Profit/(Loss) After Tax |
|
|
15.234 |
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Expenditures : |
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Raw Material Consumed |
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1458.764 |
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Purchases made for re-sale |
|
|
216.399 |
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Salaries, Wages, Bonus, etc. |
|
|
28.885 |
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Managerial Remuneration |
|
|
3.000 |
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Payment to Auditors |
|
|
0.030 |
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Interest |
|
|
62.343 |
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Insurance Expenses |
|
|
0.076 |
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Power & Fuel |
|
|
2.921 |
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Other Expenditure |
|
|
181.713 |
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Total Expenditure |
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|
1954.131 |
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KEY RATIOS
|
PARTICULARS |
|
|
|
01.12.2004 to
31.03.2005 |
|
PAT / Total Income |
(%) |
|
|
0.77 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
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0.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
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0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.93 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
3.56 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U36910MH2004PTC149769 |
|
Name of the
company |
S VINODKUMAR DIAMONDS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
509 / 510, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra,
India |
|
This form is for |
Modification of charge |
|
Type of charge |
Equitable
mortgage or mortgage of property by deposition the title deeds |
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Particular of
charge holder |
Union Bank of India Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023, Maharashtra, India |
|
Amount secured by
the charge |
Rs. 2850.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Union Bank of
India – Total Limit Rs. 684.000 Millions State Bank of
India – Total Limit Rs. 500.000
Millions ING Vysya Bank
Limited – Total Limit Rs. 400.000 Millions Antwerp Diamond
Bank Limited – Total Limit Rs. 310.000 Millions Canara Bank -
Total Limit - Rs. 280.000 Millions IDBI Bank Limited
– Total Limit Rs. 250.000 Millions ABN AMRO Bank N.
V. – Total Limit – Rs. 226.000 Millions HDFC Bank Limited
– Total Limit – Rs. 200.000 Millions Aggregate of all
the Eight Banks Rs. 2850.000 Millions |
|
Description of
the property charged indicating whether it is a charged on |
|
|
Particulars of
the property charged |
Hypothecation of
stocks of raw materials, stocks in progress, Semi finished and finished
goods, stores and spares not relating to plant and machinery, bills
receivable and book debts and all other movables both present and future
stored at borrower’s godowns at : Plot No. 4485,
4486 & 4487, Katargam, Taluka Choryasi, Surat 509 / 510, Prasad
Chambers, Opera House, Mumbai – 400004 3rd
Floor, Mehta Mahal, 15, Mathew Road, Opera House, Mumbai or wherever else the
same may be. |
|
Charge identification
number of the charge to be modified |
80007662 |
|
Brief description
of the instrument modifying the charge under section 135 |
Supplementary
memorandum of entry |
|
Date of
instrument modifying the charge |
29.06.2006 |
|
Particulars of the
present modification |
Equitable
mortgage has been extended in favour of the consortium banks of the company’s
immovable properties to secure the aggregate enhanced limit of Rs. 3795
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 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.39.33 |
|
UK Pound |
1 |
Rs.81.75 |
|
Euro |
1 |
Rs.57.54 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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. |
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 |
|