MIRA
INFORM REPORT
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Report Date : |
15.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
DHADDA DIAMONDS PRIVATE LIMITED |
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Registered Office : |
1208, Panchratna, Opera House, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.09.1986 |
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Com. Reg. No.: |
11-41006 |
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CIN No.: [Company
Identification No.] |
U36900MH1986PTC041006 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD10871A |
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PAN No.: [Permanent
Account No.] |
AAACD0539L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Loose Diamonds, Gems and Jewellery. |
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 624220 |
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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 satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
1208, Panchratna, Opera House, Mumbai – 400 004, Maharashtra, India |
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Tel. No.: |
91-22-23461953/ 23468474/ 23697374 |
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Fax No.: |
91-22-3478705/ 23614760 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dhanraj Bhanwarlal Dhadda |
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Designation : |
Director |
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Address : |
9, Mangesh Building, Avantikabai Gokhale Road, Opera House, Mumbai – 400 004, Maharashtra, India
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Date of Birth/Age : |
31.10.1929 |
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Date of Appointment : |
02.04.1987 |
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Name : |
Mr. Jay Kumar Dhadda |
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Designation : |
Director |
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Address : |
9, Mangesh Building, Avantikabai Gokhale Road, Opera House, Mumbai – 400 004, Maharashtra, India
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Date of Birth/Age : |
22.07.1956 |
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Date of Appointment : |
07.121.1987 |
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Name : |
Mr. Narendra Kumar Dhadda |
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Designation : |
Director |
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Address : |
9, Mangesh Building, Avantikabai Gokhale Road, Opera House, Mumbai – 400 004, Maharashtra, India
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Date of Birth/Age : |
27.07.1961 |
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Date of Appointment : |
07.12.1987 |
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Name : |
Ms. Nihal D Dhadda |
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Designation : |
Director |
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Address : |
9, Mangesh Building, Avantikabai Gokhale Road, Opera House, Mumbai – 400 004, Maharashtra, India
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Date of Birth/Age : |
23.02.1965 |
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Date of Appointment : |
07.12.1987 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Jay Kumar Dhadda |
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4517 |
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Mr. Narendra Kumar Dhadda |
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10471 |
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Mr. Dhanraj B Dhadda |
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1960 |
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Mrs. Kirandevi D Dhadda |
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2511 |
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Ms. Nehal D Dhadda |
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23411 |
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Mrs. Pratibha J Dhadda |
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250 |
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Mrs. Shobha N Dhadda |
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450 |
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Jay Kumar Dhadda (HUF) |
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250 |
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Narendra Kumar Dhadda (HUF) |
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250 |
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Ms. Sarita Dhadda |
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300 |
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Ms. Shruti J Dhadda |
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300 |
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Ms. Neha J Dhadda |
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300 |
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Mr. Harsh J Dhadda |
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300 |
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Ms. Nisha N Dhadda |
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300 |
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Ms. Khushboo N Dhadda |
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1000 |
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Ms. Yashasvi N Dhadda |
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1000 |
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Abhinandan Gems Private Limited |
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33350 |
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Bright Diamonds Private Limited |
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33350 |
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Crown Gems Private Limited |
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33350 |
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Dhadda Exports Private Limited |
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33380 |
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Total |
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181000 |
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Names of Shareholders |
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Percentage of
Holding |
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Bodies Corporate |
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74.00 |
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Directors or Relatives of Directors |
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26.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Loose Diamonds, Gems and Jewellery. |
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Products : |
* 71023901 – Loose
Diamonds * Gems * Jewellery |
GENERAL
INFORMATION
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Bankers : |
State Bank of Bikaner and Jaipur D N Road, Fort, Mumbai – 400 001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M M Nissim and Company Chartered Accountants |
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Address : |
Barodawala Mansion, B Wing, 3rd Floor, 81, Dr. Annie Besant
Road, Worli, Mumbai – 400 013, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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181000 |
Equity Shares |
Rs. 100/- each |
Rs. 18.100 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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18.100 |
18.100 |
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2] Reserves & Surplus |
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137.955 |
137.944 |
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NETWORTH |
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156.055 |
156.044 |
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LOAN FUNDS |
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TOTAL BORROWING |
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0.000 |
0.000 |
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TOTAL |
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156.055 |
156.044 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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38.882 |
40.928 |
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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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69.697 |
88.948 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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16.107 |
0.000 |
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Cash & Bank Balances |
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0.828 |
0.374 |
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Loans & Advances |
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30.620 |
25.820 |
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Total
Current Assets |
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47.555 |
26.194 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.079 |
0.026 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.079 |
0.026 |
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Net Current Assets |
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47.476 |
26.168 |
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TOTAL |
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156.055 |
156.044 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.00 |
1.00 |
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Current Ratio (Current Asset/Current Liability) |
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601.96 |
1007.46 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Corporation identity number (CIN) or foreign company registrations number of the company |
U36900MH1986PTC041006 |
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Name of the company |
DHADDA DIAMONDS PRIVATE LIMITED |
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Address |
1208, Panchratna, Opera House, Mumbai – 400 004, Maharashtra, India |
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This Form is for |
Modification of charge |
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Type of Charges |
Immovable Property |
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Particular of the charge holder |
State Bank of Bikaner and Jaipur D N Road, Fort, Mumbai – 400 001, Maharashtra, India |
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Nature or description of the instrument creating charge |
Memorandum of deposite of immovable property |
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Date of the instrument creating charge |
29.12.2006 |
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Amount Secure by the charge |
Rs. 390.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: as per Bank’s Card scheme for the Exporters or as prescribed by the RBI, subject to change from time to time. Terms of Payment: upto 120 days maximum excluding transit period. Margin: Export Packing Credit EPC – 25% on the stocks hypothecated or as prescribed by RBI whichever is higher. The DP shall be calculated on the basis of stock statement submitted by the borrower at monthly intervals. It shall be ensured that the advance does not exceed 75% of the value of stock. Post shipment finance – nil for FBP/FBD, 10% in case of overdraft against foreign bills send on collection Extent and operation of the charge: collateral security for the advance given to Dhanraj Dhadda Exports, partnership firm against hypothecation of goods, book debts and stock of rough, cut and polished diamonds and other current debts. |
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Description of the property charge whether it is a charge on |
-- |
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Modification charge Charge identification number of the charge to be modified |
80004387 |
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Date of instrument modifying the charge |
02.06.2006 |
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Particulars of the Property charged |
Immovable property situated at 1207 Panchratna, Opera House, Mumbai – 400 004, Maharashtra, India admeasuring 453 sq. ft. Immovable property situated at 1208 Panchratna, Opera House, Mumbai – 400 004, Maharashtra, India admeasuring 1073 sq. ft. and Immovable property situated at 1308 Panchratna, Opera House, Mumbai – 400 004, Maharashtra, India admeasuring 1468 sq. ft. |
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Particular of the present modification |
Overall limit increased from Rs. 330.000 millions to Rs. 390.000 millions by memorandum of deposit for creation of further charge for term loan / overall limit in respect of properties 1207 and 1207 (A) Panchratna, Opera House, Mumbai – 400 004, Maharashtra, India |
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Name of the company |
DHADDA DIAMONDS PRIVATE LIMITED |
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Presented By |
Director |
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1) Date and description of instrument creating the change |
Mortage by deposit of title deeds in respect of immovable property dated 10.08.1999 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 145.000 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 |
Immovable property situated at 1308 Panchratna, Opera House, Mumbai – 400 004, Maharashtra, India admeasuring 860 sq. ft. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Collateral security for the advances given to Dnahraj Dhadda Exports against the hypothecation of goods, debts and stock of rough, cut and polished diamonds and other current assets. Interest rate at State Bank advance rate with a minimum of 10% p.a. arising and filling therewith. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Bikaner and Jaipur D N Road, Fort, Mumbai – 400 001, Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Memorandum of deposit for creation of further charge by way of mortgage by deposit of title deeds dated 15.05.2000 |
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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. |
By above mentioned memorandum of deposit dated 15.05.2000 the amount secured by way of collateral security increased to Rs. 180.000 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 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.39.35 |
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UK Pound |
1 |
Rs.80.52 |
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Euro |
1 |
Rs.57.56 |
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 |
9 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
64 |
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 |
|
|
>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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