MIRA
INFORM REPORT
|
Report Date : |
26.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
K GIRDHARLAL INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
1003, 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 : |
10.06.2005 |
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Com. Reg. No.: |
11-153898 |
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CIN No.: [Company
Identification No.] |
U36910MH2005PTC153898 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK14642F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Diamonds. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 7081952 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track records.
Directors are reported as experienced, respectable and resourceful
businessmen. Trade relations are fair. Fundamentals are strong and healthy.
Payments are usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
1003, Pancharatna, Opera House, Mumbai – 400 004, India |
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Tel. No.: |
91-22-23637896 |
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Fax No.: |
91-33-23676795 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office : |
1011, Prasad Chambers, Opera House, Mumbai – 400 004,
India |
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Tel. No.: |
91-22-3631513 / 3695600 / 3684875 / 3691017 |
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Fax No.: |
91-22-3633027 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kishore G. Shah |
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Designation : |
Director |
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Address : |
A -5, Arvind Kunj, opposite A C Market, tardeo Road, Mumbai – 400 034 |
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Name : |
Mr. Parag K. Shah |
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Designation : |
Director |
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Address : |
A -5, Arvind Kunj, opposite A C Market, tardeo Road, Mumbai – 400 034 |
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Name : |
Mr. Vinod G. Shah |
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Designation : |
Director |
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Name : |
Ms. Rashmi N. Shah |
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Designation : |
Director |
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Name : |
Ms. Nila Y. Shah |
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Designation : |
Director |
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Name : |
Mr. Dineshchandra M. Shah |
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Designation : |
Director |
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Name : |
Mr. Piyush V. Shah |
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Designation : |
Director |
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Name : |
Mr. Yogesh N. Shah |
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Designation : |
Director |
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Name : |
Mr. Pintu V. Shah |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Kishore G. Shah |
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Designation : |
Chief Executive Officer |
SHAREHOLDING
PATTERN
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Foreign Holdings (Foreign Institutional Investor(S),
Foreign Companie(S), Foreign Financial Institution(S), Non Resident Indian(S)
Or Overseas Corporate Bodies Or Others |
15.00 |
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2 |
Directors or relative of directors |
85.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Diamonds. |
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Exports : |
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Products : |
Cut and Polished Diamonds |
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Countries : |
USA, Hong Kong, Japan, Switzerland, Thailand, Israel, Belgium, Germany, Singapore, UAE And U.K. |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
U.K., Israel |
GENERAL
INFORMATION
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Customers : |
Wholesalers. |
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No. of Employees : |
312 (12 in office and 300 in factory.) |
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Bankers : |
· State Bank of India Address: Mumbai · ABN Amro Bank N V Address: Sakhar Bhavan, 4th Floor, Nariman Point, Mumbai – 400 021 · Bank of Baroda Address: 1012, Mumbai Samachar Marg, Mumbai – 400 023 · Dena Bank Address: Maker Towers, “E”, Cuffe parade, MUMBAI – 400 005 · HDFC Bank Limited Address: Sandoz House, Dr. Annie Besant Road, Worli, Mumbai – 400 018 · State Bank of Indore Address: Industrial Finance Branch, Hitkari House, 282 Shahid Bhagat Singh Road, Mumbai – 400 001 · State Bank of Patiala Address: Atlanta , 1st Floor, Nariman Point, Mumbai – 400 021 · State Bank of Hyderabad Address: Overseas Branch No. 1204, Ashok Mahal Tulloch Road, Colaba, Mumbai – 400 039 · IndusInd Bank Address: IndusInd House 425, D B Marg, Mumbai – 400 004 · ICICI Bank Limited Address: 212 Free press house, Nariman Point, Mumbai – 400 021 · Canara Bank Address: Overseas Branch, Dalamal Tower, 211, Nariman Point, Mumbai – 400 021 · Antwerp Diamond Bank NV Address: 2nd Floor, engineering Centre, 9 Mathew Road, opera House, Mumbai – 400 004 · State Bank Tranvancore Address: corporate Finance Branch, 465 Free press House 251, Nariman Point, Mumbai – 400 021 · IDBI Bank Limited Address: Sandoz House, Dr. Annie Besant Road, Worli, Mumbai – 400 018 · Axis Bank Limited Address: Universal Insurance Building, Sir P M Road Fort, Mumbai – 400 001 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Suresh Surana and Associates Chartered Accountants |
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Address : |
602 - 3, 6th Floor, Regent Chambers, 208 Nariman Point, Mumbai
– 400 021, Maharashtra |
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Memberships : |
The Gem and Jewellery Export Promotion Council |
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Associates/Subsidiaries : |
· CIN of company: U36912MH1999PTC119076 Name of the Company:K Girdharlal Diamonds
(India) private limited · CIN of the company: U70101Gj2003PTC042842 Name of the Company: Surat Enterprises
Private Limited · Name of the company: K Girdharlal (HK) Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity shares |
Rs. 10/- each |
Rs. 20.000 millions |
|
594000000 |
Preference shares |
Rs. 2.5/- each |
Rs. 1485.000 millions |
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Total |
Rs. 1505.000
millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
1217700 |
Equity shares |
Rs. 10/-
each |
Rs. 12.177
millions |
|
147541176 |
Preference shares |
Rs. 10/-
each |
Rs. 1475.411
millions |
|
|
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Total |
Rs. 1487.588 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1487.589 |
1150.350 |
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2] Share Application Money |
|
1.247 |
40.000 |
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3] Reserves & Surplus |
|
1160.905 |
580.138 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
2649.741 |
1770.488 |
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LOAN FUNDS |
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1] Secured Loans |
|
4181.730 |
4586.092 |
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2] Unsecured Loans |
|
1105.069 |
1191.493 |
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TOTAL BORROWING |
|
5286.799 |
5777.585 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
3.707 |
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TOTAL |
|
7936.540 |
7551.780 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
104.454 |
121.097 |
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Capital work-in-progress |
|
69.930 |
39.156 |
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INVESTMENT |
|
1174.657 |
306.808 |
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DEFERREX TAX ASSETS |
|
12.735 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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3545.811 |
4530.295 |
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Sundry Debtors |
|
2300.384 |
2746.684 |
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Cash & Bank Balances |
|
344.204 |
22.582 |
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Other Current Assets |
|
10.990 |
4.937 |
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Loans & Advances |
|
931.233 |
435.504 |
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Total
Current Assets |
|
7132.622 |
7740.002 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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187.328 |
370.612 |
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Provisions |
|
370.530 |
284.671 |
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Total
Current Liabilities |
|
557.858 |
655.283 |
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Net Current Assets |
|
6574.764 |
7084.719 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
7936.540 |
7551.780 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
10.121 |
8.571 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
10.121 |
8.571 |
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Profit/(Loss) Before Tax |
|
0.207 |
0.216 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
0.207 |
0.216 |
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Export value |
|
9.756 |
8.559 |
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Expenditures : |
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Interest |
|
0.276 |
0.190 |
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Depreciation & Amortization |
|
0.017 |
0.017 |
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Other Expenditure |
|
9.620 |
8.147 |
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Total Expenditure |
|
9.913 |
8.354 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
2.04 |
2.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.04 |
2.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.00 |
0.00 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.20 |
3.63 |
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Current Ratio (Current Asset/Current Liability) |
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12.78 |
11.81 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the
company |
K GIRDHARLAL
INTERNATIONAL PRIVATE LIMITED |
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Presented
By |
ABN Amro Bank N
V and K Girdharlal International Private limited |
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1) Date and
description of instrument creating the change |
Dated :
10.06.2005 Certificate of
incorporation No. U36910MH2005PTC153898 dated 10.06.2005 and memorandum and Article
of Association of the Company Incorporated under Chapter IX of the companies
Act, 1956. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 4400.000
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 |
Assets of the firm: Hypothecation of
the whole of the current assets of the Borrowers namely, Stock, Raw Material
comprising of diamond and precious Stones and Gems, Stocks in process, Semi
Finished and finished goods viz. Polished Diamonds, stones and gems, stores
and spares not relating to Plant and Machinery (Consumables Stores and spares
), Bill receivable and book debts and movable machinery and all other movables,
both present and future as per Joint Deed of hypothecation dated 26.02.2001,
Joint Supplemental Deed of hypothecation dated 19.08.2002, 2nd
Joint Supplemental Deed of hypothecation dated 17.02.2004, and 3rd
Supplemental Deed of hypothecation dated 23.03.2005 |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The above securities were created by way
of first pari passu charge in favour of the following Banks for repayment of monies
due and payable by the Borrower to the banks from time to time
Interest shall be charged on the
outstanding (s) in the accounts opened in respect of the aforesaid credit
facilities at such rates(s) as may be determined by the respective Banks from
time to time. |
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5) Name and
Address and description of the person entitled to the charge. |
· ABN Amro Bank N V Address: Sakhar Bhavan, 4th Floor, Nariman Point, Mumbai – 400 021 Email ID: in.bs.delhi@in.abnamro.com · Bank of Baroda Address: 1012, Mumbai Samachar Marg, Mumbai – 400 023 · Dena Bank Address: Maker Towers, “E”, Cuffe parade, MUMBAI – 400 005 · HDFC Bank Limited Address: Sandoz House, Dr. Annie Besant Road, Worli, Mumbai – 400 018 · State Bank of Indore Address: Industrial Finance Branch, Hitkari House, 282 Shahid Bhagat Singh Road, Mumbai – 400 001 · State Bank of Patiala Address: Atlanta , 1st Floor, Nariman Point, Mumbai – 400 021 · State Bank of Hyderabad Address: Overseas Branch No. 1204, Ashok Mahal Tulloch Road, Colaba, Mumbai – 400 039 · IndusInd Bank Address: IndusInd House 425, D B Marg, Mumbai – 400 004 · ICICI Bank Limited Address: 212 Free press house, Nariman Point, Mumbai – 400 021 · Canara Bank Address: Overseas Branch, Dalamal Tower, 211, Nariman Point, Mumbai – 400 021 · Antwerp Diamond Bank NV Address: 2nd Floor, engineering Centre, 9 Mathew Road, opera House, Mumbai – 400 004 · State Bank Tranvancore Address: corporate Finance Branch, 465 Free press House 251, Nariman Point, Mumbai – 400 021 · IDBI Bank Limited Address: Sandoz House, Dr. Annie Besant Road, Worli, Mumbai – 400 018 · Axis Bank Limited Address: Universal Insurance Building, Sir P M Road Fort, Mumbai – 400 001 |
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Corporation identity number or foreign company registrations number of
the company |
U36910MH2005PTC153898 |
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Name of the company |
K GIRDHARLAL
INTERNATIONAL PRIVATE LIMITED |
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Address |
1003, Pancharatna, Opera House, Mumbai – 400 004, 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
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ABN Amro Bank N A Address: Sakhar Bhavan, 4th floor, Nariman Point, Mumbai –
400 021 Email ID: in.bs.delhi@in.abnamro.com
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Nature or description of the instrument creating charge |
Memorandum of entry creating a joint mortgage by deposit of title
deeds in respect of immovable properties of the Company as security. |
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Date of the instrument creating charge |
09.05.2006 |
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Amount Secure by the charge |
Rs. 5000.000 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of interest: As may be stipulated by each member bank of ABN Amro Bank Consortium
from time to time. Terms of Repayment: On Demand Margin: As may be stipulated by each member bank of ABN Amro Bank Consortium
from time to time. Extent and operation of charge: The Company created a mortgage by deposit of title deeds in respect of
its movable properties more particularly described in Column No. 14 as
security for repayment of following credit facilities aggregating Rs. 5000
millions together with all interest , liquidated damages, cost, charges,
expenses, commission and other monies payable thereunder |
|
Short particulars of the
Property charged |
The Company created a mortgage by deposit in respect of its immovable
properties, namely, · Premises No. 1011 in Prasad Chambers at Opera House, Mumbai – 400 004 · Premises No. 1003 in panchratna at Opera House, Mumbai – 400 004 · Premises No. 1003A in panchratna at opera House, Mumbai – 400 004 · Premises No. 1010 in Prasad Chambers at Opera house , Mumbai – 400 004 · New factory at Diamond Park, Kohinoor Road, Katargam, Surat |
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Particulars of the present modification |
The company created a mortgage by deposit of title deed in respect of
its immovable properties to secure the aggregate credit facilities to the
extent of Rs. 5000.000 millions in favour of ABN Amro Bank Consortium
together with interest, cost, charges, expenses and other monies due and
payable thereunder. |
OTHER INFORMATION:
Observation points:
· Name Board could be sighted and the visibility of the Name Board is high.
· The concern’s office is located at an easy location.
· Subject is located in an upmarket area.
· Subject is located on 10th Floor in building, which is located in commercial locality.
·
Items such as Telephones, Fax Machine, Computers and
Air Conditioner
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.39.68 |
|
UK Pound |
1 |
Rs.81.95 |
|
Euro |
1 |
Rs.58.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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/normal. |
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 |
|