MIRA
INFORM REPORT
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Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
ARJAV DIAMONDS [INDIA] PRIVATE LIMITED |
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Registered Office : |
314, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
05.04.2007 |
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Com. Reg. No.: |
169725 |
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CIN No.: [Company
Identification No.] |
U36996MH2007PTC169725 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA29978E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Distributors of Rough 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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Status : |
New Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new company, promoted by strong promoters and sound capital
base. Directors are experienced, respectable and resourceful businessmen.
Their trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings. There is a marriage in director’s family and at present no responsible
person available in the office of the company. |
LOCATIONS
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Registered Office : |
314, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Akshay Vasantlal Mehta |
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Designation : |
Director |
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Address : |
A – 26, Nalanda, 62, Peddar Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
12.10.1953 |
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Pervious Employment : |
Bessar Diamonds Private Limited CIN No.: U36911MH1995PTC090712 Auro Travels [India] Private Limited CIN No.: U63030MH1994PTC076959 Aurostar Jewellery [India] Private Limited CIN No.: U67120MH1995PTC086993 Glossy Financial Services Consultancy Private Limited CIN No.: U65990MH1994PTC082435 Blue Star Investments and Financial Service Private Limited CIN No.: U65993MH2006PTC165505 Auro Developers Private Limited CIN No.: U45203PY2006PTC002002 Amba Impex Private Limited CIN No.: U52393MH2001PTC130539 |
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Partnership Held : |
Arjav Diamonds [India] 314 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
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Name : |
Mr. Anuj Vasantlal Mehta |
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Designation : |
Director |
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Address : |
Cliff 14 FL, 25, Balgangadhar Kher Marg, Malarbar Hill, Mumbai –
400006, Maharashtra, India |
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Date of Birth/Age : |
03.10.1955 |
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Pervious Employment : |
Bessar Diamonds Private Limited CIN No.: U36911MH1995PTC090712 Auro Travels [India] Private Limited CIN No.: U63030MH1994PTC076959 Aurostar Jewellery [India] Private Limited CIN No.: U67120MH1995PTC086993 Glossy Financial Services Consultancy Private Limited CIN No.: U65990MH1994PTC082435 Blue Star Investments and Financial Service Private Limited CIN No.: U65993MH2006PTC165505 Amba Impex Private Limited CIN No.: U52393MH2001PTC130539 |
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Partnership Held : |
Arjav Diamonds [India] 314 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
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Name : |
Mr. Arnav Akshay Mehta |
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Designation : |
Director |
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Address : |
A – 26, Nalanda, 62, Peddar Road, Mumbai – 400026, Maharashtra, India |
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Date of Birth/Age : |
02.01.1983 |
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Pervious Employment : |
Bessar Diamonds Private Limited CIN No.: U36911MH1995PTC090712 Aurostar Jewellery [India] Private Limited CIN No.: U67120MH1995PTC086993 Blue Star Investments and Financial Service Private Limited CIN No.: U65993MH2006PTC165505 Auro Developers Private Limited CIN No.: U45203PY2006PTC002002 |
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Partnership Held : |
Arjav Diamonds [India] 314 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Distributors of Rough Diamond |
GENERAL
INFORMATION
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Bankers : |
ABN Amro Bank N. V. 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai –
400021, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Bessar Diamonds Private Limited CIN No.: U36911MH1995PTC090712 Auro Travels [India] Private Limited CIN No.: U63030MH1994PTC076959 Aurostar Jewellery [India] Private Limited CIN No.: U67120MH1995PTC086993 Glossy Financial Services Consultancy Private Limited CIN No.: U65990MH1994PTC082435 Blue Star Investments and Financial Service Private Limited CIN No.: U65993MH2006PTC165505 Auro Developers Private Limited CIN No.: U45203PY2006PTC002002 Amba Impex Private Limited CIN No.: U52393MH2001PTC130539 Rameshchandra Ramniklal and Company |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
As the subject is a new company, no financials are yet available.
Financials of parent company is given herewith for information.
RAMESHCHANDRA
RAMNIKLAL AND COMPANY
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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89.314 |
169.310 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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89.314 |
169.310 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
191.230 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
191.230 |
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DEFERRED TAX LIABILITIES |
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2.064 |
1.291 |
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TOTAL |
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91.378 |
361.831 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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60.049 |
43.301 |
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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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0.010 |
0.010 |
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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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0.420 |
316.850 |
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Sundry Debtors |
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2.191 |
241.171 |
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Cash & Bank Balances |
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0.599 |
30.631 |
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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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54.626 |
88.087 |
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Total
Current Assets |
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57.836 |
676.739 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.517 |
331.919 |
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Provisions |
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26.000 |
26.300 |
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Total
Current Liabilities |
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26.517 |
358.219 |
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Net Current Assets |
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31.319 |
318.520 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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91.378 |
361.831 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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478.867 |
732.869 |
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Net Profit |
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0.527 |
11.845 |
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Expenditures : |
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Advertisement |
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0.006 |
0.002 |
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Payment to Auditors |
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0.028 |
0.050 |
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Salaries, Wages, Bonus, etc. |
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0.101 |
0.039 |
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Interest |
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7.738 |
8.494 |
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Power & Fuel |
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0.034 |
0.198 |
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Depreciation & Amortization |
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8.607 |
2.987 |
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Other Expenditure |
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23.213 |
13.576 |
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Total Expenditure |
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39.727 |
25.346 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.11 |
1.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.11 |
1.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.45 |
1.65 |
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Return on Investment (ROI) (PBT/Networth) |
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0.01 |
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.30 |
3.25 |
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Current Ratio (Current Asset/Current Liability) |
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2.18 |
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U36996MH2007PTC169725 |
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Name of the
company |
ARJAY DIAMONDS [INDIA] PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
314, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Type of charge |
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Particular of
charge holder |
ABN Amro Bank N. V. 74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai –
400021, Maharashtra, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation of Movable Assets |
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Date of
instrument Creating the charge |
27.09.2007 |
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Amount secured by
the charge |
Rs. 1000.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Export
Post Finance / Export Pre Finance – Interest – As per RBI Guidelines rest Terms of
repayment Export Post
Finance : Max. 120 days Export Pre
Finance – Max 90 days Margin As applicable, if
any. Extent operation
of the charge The Bank is having
first charge on the security offered by the company. |
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Short particulars
of the property charged |
Hypothecation on
: Entire movable
plant and machinery all the spare parts and all other movable assets All present and future
stock in trade, raw materials, spars, consumables, semi finished goods, goods
in process of manufacturing, finished and manufactured goods All present and
future book debts, outstanding monies receivables, claims, bills, cash in
hand, cash at bank, investments, securities, contracts, choses in action and
rights. |
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 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 |
|
US Dollar |
1 |
Rs.39.68 |
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UK Pound |
1 |
Rs.81.95 |
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Euro |
1 |
Rs.58.79 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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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 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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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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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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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