MIRA
INFORM REPORT
|
Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RIVER DIAMOND AND JEWELS COMPANY LIMITED |
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Registered Office : |
14, Shreeji Plaza, Tata Road No. 1, 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 : |
30.03.1995 |
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Com. Reg. No.: |
11-87027 |
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CIN No.: [Company
Identification No.] |
L36911MH1995PLC087027 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR15350G |
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PAN No.: [Permanent
Account No.] |
AAACR2561C |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Importers of Diamonds and Diamond Jewelry |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 150000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. Payments are usually correct and as per commitments. It can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
14, Shreeji Plaza, Tata Road No. 1, Opera House, Mumbai – 400004,
Maharashtra, India |
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Tel. No.: |
91-22-23666567 |
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E-Mail : |
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Corporate Office : |
110, Shreeji Chambers, 2nd Tata Road, Opposite Prasad Chambers, Opera
House, Mumbai 400004, Maharashtra, India |
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Tel. No.: |
91-22-23616538/23626499/23631186 |
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Fax No.: |
91-22-23632854 |
DIRECTORS
|
Name : |
Mr. Prakash Pravinchandra Jhaveri |
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Designation : |
Chairman cum Managing Director |
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Address : |
31/A, Beach View, Chowpatty Seaface, Mumbai – 400007, Maharashtra,
India |
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Date of Birth/Age : |
11.03.1944 |
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Date of Appointment : |
2311.1995 |
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Name : |
Mr. Nehal PraKash Jhaveri |
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Designation : |
Director |
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Address : |
31/A, Beach View, Chowpatty Seaface, Mumbai – 400007, Maharashtra,
India |
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Date of Birth/Age : |
08.02.1972 |
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Date of Appointment : |
30.03.1995 |
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Name : |
Mr. Devang Prakash Jhaveri |
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Designation : |
Director |
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Address : |
31/A, Beach View, Chowpatty Seaface, Mumbai – 400007, Maharashtra,
India |
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Date of Birth/Age : |
09.02.1970 |
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Date of Appointment : |
23.05.1997 |
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Name : |
Ms. Jigna Nehal Jhaveri |
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Designation : |
Director |
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Address : |
31/A, Beach View, Chowpatty Seaface, Mumbai – 400007, Maharashtra,
India |
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Date of Birth/Age : |
06.04.1975 |
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Date of Appointment : |
01.04.2000 |
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Name : |
Ms. Nipa Rajkumar Choksi |
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Designation : |
Director |
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Address : |
4/74, Marine Drive, Seksaria Building, 1st Floor, Mumbai –
400020, Maharashtra, India |
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Date of Birth/Age : |
13.05.1968 |
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Date of Appointment : |
01.04.2000 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Shah Ramniklal Arvindbhai Shah Arvindbhai Ranjanben Shah Arvindbhai Chirag |
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40000 |
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Gandhi Punamchand Ashwinbhai Gandhi Ashwinbhai Jyotsnaben Gandhi Ashwinbhai Amit |
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40000 |
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Gandhi Punamchand Babubhai Gandhi Babubhai Nirmalaben Gandhi Babubhai Rakesh |
|
40000 |
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Parikh Himatlal Bharat Parikh Bharat Preeti |
|
2500 |
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Jhaveri Ravichandra Bharat Jhaveri Bharat Anjana |
|
5000 |
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Gandhi Punamchand Champaklal Gandhi Champaklal Pravina Gandhi Champaklal Mitesh |
|
40000 |
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Jhaveri Abhechand Chandrasen |
|
100 |
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Jhaveri Akshay Chandrika |
|
1100 |
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Jhaveri Prakash Devang NRI |
|
234500 |
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Jhaveri Bharat Jigna |
|
1000 |
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Jhaveri Nehal Jigna Jhaveri Prakash Kaushika |
|
1000 |
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Choksey Sushil Jiten |
|
100 |
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Jhaveri Prakash Kaushika Jhaveri P Prakash |
|
10000 |
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Jhaveri C Ketan Jhaveri Ketan Bina |
|
1100 |
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Jhaveri Bharat Kunjan Jhaveri Barat Malini |
|
1000 |
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Jhaveri Bharat Malini Jhaveri H. Bharat |
|
1000 |
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Gandhi Champaklal Mitesh Gandhi Mitesh Falguni Candhi P. C. |
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40000 |
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Shah Ramnikalal Navin Shah Navin Jyotsna Shah Navinbhai Parag |
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10000 |
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Jhaveri Prakash Nehal |
|
230100 |
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Jhaveri Prakash NRI |
|
151000 |
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Nipa Raj Choksi |
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210000 |
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Pachchigar Kantilal Nitin Pachchigar Nitin Daksha |
|
1000 |
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Mehta Kalidas Prabodh |
|
100 |
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Jhaveri Amichand Praful – HUF Jhaveri Praful Kaushal |
|
5000 |
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Jhaveri P Prakash |
|
774200 |
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Prakh Bharat Preeti |
|
2000 |
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Jhaveri Rajeshri Jhaveri Pinakin |
|
1000 |
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Choksi Rajkumar Choksi Nipa |
|
3200 |
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Choksi Mahendra Rajkumar |
|
100 |
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River Jewels – HUF |
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2000 |
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Jhaveri Ravichandra Shandichand Jhaveri Shantichand Sohini |
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5000 |
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Chudawala manharlal Sucheta Chudawala Manharlal Kala |
|
1000 |
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Patel Suresh |
|
1000 |
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Total |
|
1855100 |
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Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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87.90 |
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Other top fifty shareholders |
|
12.10 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importers of Diamonds and Diamond Jewelry |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
State Bank of India Chowpatty Diamond Branch Mumbai – 400007, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P G Choksey and Company Chartered Accountants |
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Address : |
101, 1st Floor, Roopraj Building, 497, S. V. P. Road, Opera
House, Mumbai – 400004, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1885100 |
Equity Shares |
Rs. 10/- each |
Rs. 18.851 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
18.851 |
18.851 |
18.851 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
18.890 |
17.994 |
17.524 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.741 |
36.845 |
36.375 |
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LOAN FUNDS |
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1] Secured Loans |
14.318 |
9.157 |
5.437 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
14.318 |
9.157 |
5.437 |
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DEFERRED TAX LIABILITIES |
1.433 |
1.635 |
1.664 |
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TOTAL |
53.492 |
47.637 |
43.476 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.203 |
6.690 |
7.232 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.113 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
19.845
|
15.120 |
12.805 |
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Sundry Debtors |
27.048
|
27.698 |
28.620 |
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Cash & Bank Balances |
0.797
|
0.980 |
0.486 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.466
|
1.056 |
0.941 |
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Total
Current Assets |
53.156
|
44.854 |
42.852 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.800
|
3.326 |
6.281 |
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Provisions |
1.180
|
0.584 |
0.330 |
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Total
Current Liabilities |
6.980
|
3.910 |
6.611 |
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Net Current Assets |
46.176
|
40.944 |
36.241 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
53.492 |
47.637 |
43.476 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
75.953 |
51.411 |
50.178 |
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Other Income |
0.107 |
1.026 |
0.024 |
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Total Income |
76.060 |
52.437 |
50.202 |
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Profit/(Loss) Before Tax |
[3.649] |
[6.073] |
0.299 |
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Provision for Taxation |
0.395 |
0.330 |
0.215 |
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Profit/(Loss) After Tax |
[4.044] |
[6.403] |
0.084 |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
4.148 |
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Raw Material Consumed |
1.034 |
3.079 |
0.000 |
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Purchases made for re-sale |
64.351 |
46.158 |
44.328 |
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Increase/(Decrease) in Finished Goods |
4.725 |
2.316 |
0.000 |
|
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Salaries, Wages, Bonus, etc. |
0.472 |
0.595 |
0.000 |
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Managerial Remuneration |
1.075 |
0.724 |
0.000 |
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Payment to Auditors |
0.034 |
0.031 |
0.000 |
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Interest |
1.047 |
1.082 |
0.812 |
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Insurance Expenses |
0.096 |
0.041 |
0.000 |
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Power & Fuel |
0.092 |
0.053 |
0.000 |
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Depreciation & Amortization |
0.582 |
0.582 |
0.614 |
|
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Other Expenditure |
6.202 |
3.851 |
0.000 |
|
Total Expenditure |
79.710 |
58.512 |
49.902 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
[5.32]
|
[12.21] |
0.17 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
[4.80]
|
[11.81] |
0.60 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
[6.05]
|
[11.78] |
0.60 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.10]
|
[0.16] |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.56
|
0.35 |
0.33 |
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|
Current Ratio (Current Asset/Current Liability) |
|
7.62
|
11.47 |
6.48 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Office Premises
- Furniture and Fixture
- Plant and Machinery
- Computer
- Motor Cars
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L36911MH1995PLC087027 |
|
Name of the
company |
RIVER DIAMOND AND JEWELS COMPANY LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
14, Shreeji Plaza, Tata Road No. 1, Opera House, Mumbai – 400004,
Maharashtra, India |
|
This form is for |
Modification of Charges |
|
Type of charge |
Hypothecation
|
|
Particular of
charge holder |
State Bank of India Chowpatty Diamond Branch Mumbai – 400007, Maharashtra, India |
|
Amount secured by
the charge |
Rs. 12.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Stock in trade |
|
Charge
identification number of the charge to be modified |
80002324 |
|
Brief description
of the instrument modifying the charge under section 135 |
Supplementary AGTM
of hypothecation of goods and assets for increase in the overall Limit |
|
Date of
instrument modifying the charge |
17.04.2006 |
|
Particulars of
the present modification |
Limit increased
form Rs. 12.500 Million to Rs. 20.000 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 |
|
UK Pound |
1 |
Rs.80.52 |
|
Euro |
1 |
Rs.57.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
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 |
|