MIRA
INFORM REPORT
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Report Date : |
15.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUBIR DIAMONDS PRIVATE LIMITED |
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Registered Office : |
903, Prasad Chambers, Swadeshimills Compound, Opera House, Mumbai –
400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.12.1982 |
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Com. Reg. No.: |
028980 |
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CIN No.: [Company
Identification No.] |
U36912MH1982PTC028980 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37789D |
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PAN No.: [Permanent
Account No.] |
AAACS6287Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and Exporter 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 : |
USD 351836 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
Trade relations are fair. Fundamentals are strong and healthy correct and as
per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
903, Prasad Chambers, Swadeshimills Compound, Opera House, Mumbai –
400 004, Maharashtra |
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Tel. No.: |
91-22-23631334/23640111/56346781 |
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Fax No: |
91-22-23682708 |
DIRECTORS
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Name : |
Mr. Nirav prabodh Mehta |
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Designation : |
Director |
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Address : |
901, Dev Darshan, 50 Ridge Road, Mumbai – 400 006, Maharashtra, India |
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Date of Birth/Age : |
02.10.1973 |
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Date of Appointment : |
31.10.1994 |
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Name : |
Ms. Priya N. Mehta |
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Designation : |
Director |
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Address : |
901, Dev Darshan, 50 Ridge Road, Mumbai – 400 006, Maharashtra, India |
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Date of Birth/Age : |
02.08.1973 |
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Date of Appointment : |
01.07.2002 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Amount per Share |
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Mrs. Purnima Prabodh Mehta |
38800 |
Rs.100/- each |
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Mr. Nirav Prabodh Mehta |
5640 |
Rs.100/- each |
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Punit Commercials Limited |
1560 |
Rs.100/- each |
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Category |
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Percentage |
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Directors |
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100 |
BUSINESS DETAILS
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Line of Business : |
Importers and Exporter of rough and polished diamonds. |
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Products : |
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. P. Mehta and company Chartered Accountants |
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Address : |
A/6, 2nd Floor, Vimal Apartment, Juhu Lane, Andheri (West),
Mumbai -400058, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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95000 |
Equity shares |
Rs.100/- each |
Rs.9.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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46000 |
Equity shares |
Rs.100/- each |
Rs.4.600 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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Profit/Loss for the year |
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Export Value |
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Import Value |
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ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.600 |
4.600 |
4.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
83.359 |
82.874 |
82.449 |
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NETWORTH |
87.959 |
87.474 |
87.049 |
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LOAN FUNDS |
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1] Secured Loans |
13.825 |
14.798 |
10.000 |
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2] Unsecured Loans |
6.118 |
1.292 |
6.292 |
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TOTAL BORROWING |
19.943 |
16.090 |
16.292 |
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TOTAL |
107.902 |
103.564 |
103.341 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.145 |
0.166 |
0.208 |
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INVESTMENT |
0.200 |
0.200 |
0.119 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
69.078
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71.146 |
84.698 |
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Sundry Debtors |
41.094
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33.978 |
38.071 |
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Cash & Bank Balances |
4.343
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3.002 |
1.737 |
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Loans & Advances |
7.844
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16.645 |
3.038 |
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Total
Current Assets |
122.359
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124.771 |
127.544 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
14.080
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20.963 |
20.000 |
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Provisions |
0.725
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0.610 |
4.531 |
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Total
Current Liabilities |
14.805
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21.573 |
24.531 |
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Net Current Assets |
107.557
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103.198 |
103.014 |
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TOTAL |
107.902 |
103.564 |
103.341 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
121.637 |
127.556 |
89.169 |
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Other Income |
0.000 |
0.000 |
0.028 |
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Total Income |
121.637 |
127.556 |
89.197 |
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Profit/(Loss) Before Tax |
0.912 |
0.733 |
1.488 |
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Provision for Taxation |
0.000 |
0.000 |
0.315 |
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Profit/(Loss) After Tax |
0.912 |
0.733 |
1.173 |
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IMPORT VALUE |
N.A. |
N.A. |
78.659 |
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EXPORT VALUE |
N.A. |
N.A. |
91.960 |
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Expenditures : |
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Cost of Goods Sold |
0.000 |
0.000 |
79.926 |
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Manufacturing Expenses |
0.000 |
0.000 |
7.724 |
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Depreciation & Amortization |
0.000 |
0.000 |
0.058 |
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Other Expenditure |
120.718 |
126.823 |
0.000 |
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Total Expenditure |
120.718 |
126.823 |
87.709 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.74
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0.57 |
1.31 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.74
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0.57 |
1.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.74
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0.58 |
1.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01
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0.00 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.39
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0.43 |
0.46 |
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Current Ratio (Current Asset/Current Liability) |
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8.26
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5.78 |
5.19 |
LOCAL AGENCY
FURTHER INFORMATION
Form
8
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Corporate
identity number (CIN) Foreign company registration number |
U36912MH1982PTC028980 |
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Name of the
Company |
SUBIR DIAMONDS
PRIVATE LIMITED |
|
Address |
903, Prasad
Chambers, Swadeshimills Compound, Opera House, mumbai – 400004, Maharashtra,
India |
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This form is for |
Modification of
charge |
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Type of Charge |
Hypothecation |
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Particulars of the
charge holder |
Oriental Bank of
commerce Shreejee
Chambers, Tata Road No.2, Opera house, Mumbai – 400004 |
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Nature or
description of the instrument(s) creating or modifying the charge |
- |
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Date of the
instrument creating or modifying the charge |
- |
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Amount secured by
the charge |
Rs.12.500
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Int. as per RBI directives/Internal
guidelines at present @ 13% p.a. The facilities with a sub limit of Rs.25
Lacks for packing credit. Security also to secure interest, cost, expenses,
charge, commission etc. |
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Short particulars
of the property charged (including location of the property) |
Hypothecation by
way of 1st charge of rough, cut polished diamonds, and all other
tangible movable properties wherever situated or in transit and book debts,
receivables, and all other current assets of the company, both present and future. |
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Particular of the
present modification |
Enhancement of
facilities from Rs.200 Lacks to Rs.250Lacks Consisting of Rs.50 Lacks and
FDBP/UDBP Rs.200 Lacks. Interest @ 7.25% p.a. for PC and @ 10% for
FDBP/FUDBP. |
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Presented By |
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1) Date and description of instrument creating the change |
Export Bill
Agreements Date 07.04.1997 Export Credit
Agreements Date 07.04.1997 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.12.500
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 |
·
Charge on
all bills and documents including railway receipts, bill of lading and
documents of title to goods, bills of exchange and promissory notes as are
acceptable to the bank. ·
Hypothecation
by way of first charge of cut, rough and polished diamonds and all other
tangible movable properties wherever situation or in transit referred as the
“Goods for Export” |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as per
RBI directives/ internal guidelines at present @ 13% p.a. The facilities with
a sub limit of Rs.25 Lacks for packing credit security also to secure
interest, Cost, expenses Charge, Commissions etc. |
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5) Name and Address and description of the person entitled to the charge. |
Global Trust Bank
Ltd., Shreejee Chambers, Tata Road No.2, Opera House, Mumbai – 400004,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Deed of
Hypothecation, Export credit agreements, Export bills
agreements all Date 21st September 2001 and credit single charge |
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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. |
The Original
charge Date 07.04.1997 for Rs.125 Lacks now modification on 21.09.2001
chancing total facilities from Rs.125 Lacks to Rs.200 Lacks consisting of PSL
Rs.125 Lacks PCL Rs.25 Lacks to Rs.50 Lacks against hypothecation of stock of
rough, cut and polished diamonds and all the presents and future current
assests of the company and present and future book debts. |
Fixed Assets:
- Carat Balance
- Electrical Equipments
- Factory Equipments
- Machinery
- Office Equipments
- Office Furniture and future
- Computer
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.28 |
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UK Pound |
1 |
Rs.80.87 |
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Euro |
1 |
Rs.57.68 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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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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62 |
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 |
|
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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