MIRA
INFORM REPORT
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Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
HARSHIT DIAMONDS PRIVATE LIMITED |
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Registered Office : |
2508, Panchratna, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2001 |
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Date of Incorporation : |
22.03.1996 |
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Com. Reg. No.: |
11-98345 |
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CIN No.: [Company
Identification No.] |
U36900MH1996PTC098345 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH07250F |
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PAN No.: [Permanent
Account No.] |
AAACH3908B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Importers and Exporters of Polished Diamond |
RATING & COMMENTS
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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 : |
Slow by average 45 days |
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Litigation : |
Clear |
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Comments : |
Subject appears to be an established trading company in diamond market
having estimated sales of Rs. 100 Millions. Trade relations are fair.
Payments are slow by average 45 days. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
2508, Panchratna, Opera House, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23640368 / 23614719 / 3698733 |
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Fax No.: |
91-22-23634534 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Harshit Kothari |
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Designation : |
Director |
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Address : |
53, Hangal Kunj, MT. Pleasant Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
26.09.1951 |
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Date of Appointment : |
22.03.1996 |
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Name : |
Mr. Punit Kothari |
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Designation : |
Director |
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Address : |
81, Anupam, 11, Manav Mandir Road, Mumbai – 400006 |
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Date of Birth/Age : |
03.02.1953 |
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Date of Appointment : |
22.03.1996 |
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Name : |
Mr. Amit Kothari |
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Designation : |
Director |
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Address : |
9, Krishna Kunj, 2nd Floor, 29/30, Chowpatty Road, K. M.
Munshi Road, Mumbai – 400004 |
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Date of Birth/Age : |
19.12.1954 |
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Date of Appointment : |
22.03.1996 |
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Name : |
Ms. Rupa Kothari |
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Designation : |
Director |
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Address : |
53, Hangal Kunj, MT. Pleasant Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
29.05.1953 |
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Date of Appointment : |
22.03.1996 |
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Name : |
Ms. Aruna Kothari |
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Designation : |
Director |
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Address : |
81, Anupam, 11, Manav Mandir Road, Mumbai – 400006 |
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Date of Birth/Age : |
17.04.1956 |
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Date of Appointment : |
22.03.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Harshit Kothari |
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10 |
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Amit Kothari |
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10 |
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Punit Kothari |
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10 |
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Rupa Kothari |
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10 |
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Aruna Kothari |
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400 |
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Harshit Kothari Joint With
Rupa Kothari |
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440 |
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Rupa Kothari Joint with Harshit Kothari |
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1690 |
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Punit Kothari Joint with Aruna Kothari |
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440 |
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Amit Kothari |
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440 |
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Jyoti Kothari |
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1550 |
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Total |
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5000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers and Exporters of Polished Diamond |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 15 |
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Bankers : |
ABN Amro Bank N.
V. 14, Veer Nariman
Point, Mumbai – 400023 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Champaklal Shah and Company Chartered Accountants |
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Address : |
2/3, Shahviri, 1st Floor, 37/41, R. S. Sapre Road,
Kalbadevi, Mumbai – 400002, Maharashtra, India |
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Tel. No.: |
91-22-2017858 / 2019831 |
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Fax No.: |
91-22-2005516 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5,000 |
Equity Shares |
Rs. 100/-
each |
Rs. 0.500
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
The company’s last available financial is enclosed herewith. The company
appears to be poor in Corporate Government as no subsequent financials are
field after 2001.
Several attempts were made to up-date old details and tried to reach Mr.
Harshadbhai Kothari but either he was on other phones or not in office.
Still, we are trying to obtain require details from unofficial source
and may expect.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2001 |
31.03.2000 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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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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37.561 |
33.490 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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38.061 |
33.990 |
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LOAN FUNDS |
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1] Secured Loans |
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15.627 |
9.200 |
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2] Unsecured Loans |
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24.740 |
0.010 |
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TOTAL BORROWING |
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40.367 |
9.210 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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78.428 |
43.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.032 |
0.000 |
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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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0.000 |
0.000 |
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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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84.383 |
52.373 |
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Sundry Debtors |
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18.940 |
13.228 |
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Cash & Bank Balances |
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0.108 |
0.017 |
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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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0.487 |
0.105 |
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Total
Current Assets |
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103.918 |
65.723 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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25.533 |
22.535 |
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Provisions |
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Total
Current Liabilities |
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25.533 |
22.535 |
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Net Current Assets |
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78.385 |
43.188 |
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MISCELLANEOUS EXPENSES |
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0.011 |
0.012 |
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TOTAL |
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78.428 |
43.200 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2001 |
31.03.2000 |
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Sales Turnover |
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63.341 |
46.126 |
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Other Income |
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0.046 |
0.677 |
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Total Income |
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63.387 |
46.803 |
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Profit/(Loss) Before Tax |
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4.431 |
8.881 |
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Provision for Taxation |
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0.360 |
0.000 |
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Profit/(Loss) After Tax |
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4.071 |
8.881 |
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Earnings in Foreign Currency : |
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Total Earnings |
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63.284 |
46.101 |
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Imports : |
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Total Imports |
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77.822 |
39.318 |
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Expenditures : |
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Consumption of Raw Material |
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69.928 |
30.538 |
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Trading Purchase |
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0.000 |
13.984 |
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Manufacturing and Other Expenses |
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11.035 |
5.643 |
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Increase/(Decrease) in Finished Goods |
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[24.134] |
[12.711] |
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Bank Interest |
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2.123 |
0.468 |
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Depreciation & Amortization |
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0.003 |
0.000 |
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Total Expenditure |
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58.955 |
37.922 |
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KEY RATIOS
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PARTICULARS |
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31.03.2001 |
31.03.2000 |
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PAT / Total Income |
(%) |
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6.42 |
18.98 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.00 |
19.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.26 |
13.51 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.73 |
0.93 |
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Current Ratio (Current Asset/Current Liability) |
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4.07 |
2.91 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
HARSHIT DIAMONDS
PRIVATE LIMITED |
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Presented By |
ABN AMRO BANK,
N. V. AND HARSHIT DIAMONDS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Dated 23.03.1999 Facility cum
hypothecation agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
INR 16.000
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 |
All the borrower’s
stock in trade present and future consisting of cut, rough and polished
diamonds and all products goods and movables properties of any kind,
borrower’s present and future book debts, outstandings moneys, receivable,
claims and bills. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge over
all the borrower’s stock in trade, present and future and all book debts
present and future in consideration of the working capital facilities granted
to the borrower. |
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5) Name and Address and description of the person entitled to the charge. |
ABN Amro Bank N.
V. 14, Veer Nariman
Point, Mumbai – 400023 |
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6) Date and brief description of instrument modifying the charge |
Dated 16.11.2004 Supplemental facility
– cum hypothecation agreement |
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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. |
Past Modification
: The original charge
created on 23.03.1999 for Rs. 16.00 million was modified on 05.10.99 for Rs.
23.00 million Last modification
registered on 22.10.1999 Under doc. No. 8 |
Present Modification
At the request of the borrower, the bank has agreed to increase the facilities from Rs. 23 millions to Rs. 70 millions as shown hereunder :
[Rs in Millions]
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Nature of facility |
Existing Limit |
Revised Limit |
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Packing Credit [PC] |
2.000 |
5.000 |
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Post Shipment Credit [PSC] |
21.000 |
65.000 |
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Total |
23.000 |
70.000 |
Against hypothecation all book debts and the tangible movable properties of the company including raw materials, stock, spares, semi finished and finished goods, goods in process of manufacture therefrom belonging to the company which now are, or hereinafter from time to time during the subsistence of the security hereby created, be brought in or stored in or about the company’s factories, premises, warehouse and godowns including any such goods in the course of transit or delivery.
Interest as per : RBI / Internal guidelines
Margin : 25 %
Thus, the charge now stands secured at Rs. 70.000 Millions
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
80011896 |
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Corporate
identity number of the company |
U36900MH1996PTC098345 |
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Name of the
company |
HARSHIT DIAMONDS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
2508, Panchratna, Opera House, Mumbai – 400004, Maharashtra, India |
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Type of charge |
|
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Particular of
charge holder |
ABN Amro Bank N.
V. 7th Floor,
Sashar Bhavan, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
facility – cum hypothecation agreement |
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Date of
instrument Creating the charge |
11.09.2006 |
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Amount secured by
the charge |
Rs. 140.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per RBI
Guidelines / Internal Guidelines Terms of
repayment On Demand Margin 25 % Extent operation
of the charge First charge over
all the borrower’s stock in trade, present and future an all book debts
present and future in consideration of the working capital facilities granted
to the borrower. |
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Short particulars
of the property charged |
All the request
of the borrower, the bank has agreed to increase the facilities from Rs.
102.000 Millions to Rs. 140.000 Millions against hypothecation all book debts
and the tangible movable properties of the company including raw materials,
stock, spars, semi-finished and finished goods, goods in process of
manufacture and all goods manufactured there from belonging to the company
which now are, or hereinafter from time to time. |
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Date of latest
modification prior to the present modification |
27.02.2006 |
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Particulars of
the present modification |
At the request of
the borrower, the bank has agreed to increase the facilities from Rs. 102.000
Million to Rs. 140.000 Million |
Operations
The sales turnover of the Company for the year is Rs. 63.387 Millions as
compared to Rs. 46.803 Millions in the previous year showing an increase of over
26 %. But due to adverse circumstances, the operating profit, before taxation
for the year decreased to Rs. 4.431 Millions as against Rs. 8.881 Millions in
the previous year. Barring unforeseen circumstances, the Directors are hopeful
to achieve better results in the current year.
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.39.41 |
|
UK Pound |
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.58.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
|