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MIRA
INFORM REPORT
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Report Date : |
06.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUMIT DIAMOND (INDIA) PRIVATE LIMITED |
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Registered Office : |
503, Panchartna, 14, M.P. Marg, 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 : |
21.06.1976 |
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Com. Reg. No.: |
019089 |
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CIN No.: [Company
Identification No.] |
U36912MH1976PTC019089 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37962B |
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PAN No.: [Permanent
Account No.] |
AAACS0679J |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers of Rough and Polished 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 : |
USD1156056 |
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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 company having fine track. Directors are reported as experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported as usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
503, Panchartna, 14, M.P. Marg, Opera House, Mumbai – 400004,
Maharashtra |
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Tel No. : |
91-22-23631534 |
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Fax No. : |
91-22-23634361 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Nilesh Manharlal Bhansali |
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Designation : |
Director |
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Address : |
A/2, Matru Ashish, 3rd Floor, 39, Nepeansea Road, Mumbai –
400036, Maharashtra |
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Date of Birth/Age : |
02.12.1956 |
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Date of Appointment : |
01.08.1994 |
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Name : |
Mr. Naren Vasantlal Shah |
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Designation : |
Director |
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Address : |
67/ A, Surya Kiran, 6th Floor, Pan Gully, August Kranti
Marg, Mumbai – 400026, Maharashtra |
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Date of Birth/Age : |
01.01.1928 |
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Date of Appointment : |
07.11.1992 |
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Name : |
Mrs. Vimlaben Sevantilal Javeri |
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Designation : |
Director |
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Address : |
Mount Unique Flat no. 41, 62 – A/ Peddar Road, Mumbai – 400026,
Maharashtra |
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Date of Birth/Age : |
01.01.1928 |
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Date of Appointment : |
07.01.1985 |
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Name : |
Mr. Sumit Kumar Javeri |
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Designation : |
Director |
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Address : |
Mount Unique Flat no. 41, 62 – A/ Peddar Road, Mumbai – 400026,
Maharashtra |
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Date of Birth/Age : |
23.01.1980 |
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Date of Appointment : |
10.10.2002 |
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Name : |
Shri Sevantilal T. Javeri |
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Designation : |
Director |
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Name : |
Shri Nanlal Laxmichand Javeri |
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Designation : |
Director |
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Name : |
Shri Vijay Sevantilal Javeri |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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Mrs. Vimlaben Sevantilal Javeri |
1411 |
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Mrs. Neeta Kumar Javeri |
400 |
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Mr. Sevantilal Javeri |
354 |
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Mr. Amit Kumar Javeri |
1434 |
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Mr. Sumit Kumar Javeri |
1450 |
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Mr.Atit Kumar Javeri |
1427 |
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Mrs. Vimlaben Sevantilal Javeri jointly holding with Mr. Sumit Kumar
Javeri |
3524 |
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Total |
10000 |
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Equity Share
Breakup |
Percentage
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Director or Relatives of Directors |
100.00 |
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Total |
100
% |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers in Rough and Polished Diamonds. |
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GENERAL
INFORMATION
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Bankers : |
State Bank of
India Overseas Branch,
Mumbai – 400 023 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K J Vegad and Company Chartered Accountant |
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Address : |
611, Jolly Bhavan No. 1, 10, New Marine lines, Mumbai – 400020,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Share |
Rs.100/- Each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Share |
Rs.100/- Each |
Rs.1.000 million |
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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1.000 |
1.000 |
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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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288.014 |
278.723 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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289.014 |
279.723 |
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LOAN FUNDS |
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1] Secured Loans |
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188.658 |
3.123 |
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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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188.658 |
3.123 |
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DEFERRED TAX LIABILITIES |
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7.093 |
7.647 |
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TOTAL |
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484.765 |
290.493 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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61.696 |
59.429 |
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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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36.235 |
42.722 |
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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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246.363 |
115.718 |
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Sundry Debtors |
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137.395 |
60.631 |
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Cash & Bank Balances |
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0.748 |
5.306 |
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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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11.127 |
9.740 |
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Total
Current Assets |
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395.633 |
191.395 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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8.799 |
3.053 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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8.799 |
3.053 |
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Net Current Assets |
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386.834 |
188.342 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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484.765 |
290.492 |
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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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614.895 |
423.962 |
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Total Income |
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614.895 |
423.962 |
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Profit/(Loss) Before Tax |
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14.303 |
3.803 |
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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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14.303 |
3.803 |
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Export Value |
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517.864 |
414.635 |
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Imports : |
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Expenditures : |
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Interest |
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5.827 |
2.516 |
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Depreciation & Amortization |
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4.449 |
4.674 |
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Other Expenditure |
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590..316 |
412.969 |
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Total Expenditure |
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600.592 |
420.159 |
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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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2.32 |
0.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.32 |
0.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.12 |
1.51 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.03 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
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44.96 |
62.69 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
M/s Seventilal Brothers Exports Private Limited |
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Presented By |
State Bank of
India Overseas Branch,
Mumbai – 400 023 |
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1) Date and description of instrument creating the change |
Letter of
Hypothecation dated 24.5.1977 with restriction not to create any further
charge in further |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 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 |
The Whole of the
company’s stocks of rough diamonds, cut and polished diamonds whether raw or
in process of manufactured there from wherever in the possession of the
company or of the bank or of any third party Whether in India or Elsewhere
through the world ( including all such goods as may be in course of shipment
transit or delivery) and also all shipping and other document of title
negotiable instruments of title negotiable instruments relsting to such goods
together with the benefit of all rights relating there to. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The company’ s
assets as details in Column 3 here of are hypothecated to the Bank and its
assigns by way of first charge as security for payment to the Bank on demand
of all momes at any time payable by the company cash credit account (packing
credit account) or in any manner whatsoever. The company
undertake not to create any mortgage charge lien or encumbrance upon or over
the said goods hypothecated to the bank except to the bank nor suffer any
mortgage charge lien or encumbrance to affect this security The company
affirm that all present goods aforesaid are the absolute property of the
company free from any prior charge or encumbrance and undertake that all
future goods under this security shall be likewise the unencumbered absolute
and disposable property of the company. The company agree
that interest at the rate of eleven and one half percent per annum shall be
calculate on the daily balance payable by the company to the bank and charged
in account quarterly in accordance with the practice of the bank. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Overseas branch,
Bank Street, Mumbai – 400 023 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
L
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 |
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 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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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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