MIRA
INFORM REPORT
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Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
R. KANTILAL AND COMPANY |
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Registered Office : |
Jain Tower, 6th Floor, 17th Mathews Road, Opera
House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1965 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR00059D |
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PAN No.: [Permanent
Account No.] |
AACFR5384C |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer, Exporter and Importer of Diamond Stones |
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 160000 |
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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 concern having fine track. Trade
relations are fair. Financial position is good. Payment are correct and as
per commitments. Nothing adverse reported. The concern can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered/Sales/Adm.Offic: |
Jain Tower, 6th Floor, 17th Mathews Road, Opera
House, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23638020/8030/10 |
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Fax No.: |
91-22-23638040 |
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E-Mail : |
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Website : |
http://www.rkantilal.com |
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Area : |
2750 sq. ft. |
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Location : |
Rented |
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Factory 1 : |
33-161/163/164/166, Laxmi Industrial Estate, New Link Road, Andheri
(W), Mumbai – 400053, India |
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Tel. No.: |
91-22-26333888/66910201 |
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Fax No.: |
91-22-26310822 |
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E-Mail : |
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Area : |
5500 sq. ft. |
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Location : |
Owned |
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Factory 2 : |
C-2, Plot No.15, Western Industrial Estate, 2nd Floor,
MIDC, Andheri (E), Mumbai - 400093 |
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Tel. No.: |
91-22-56970234/28269031 |
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Fax No.: |
91-22-28269029 |
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E-Mail : |
PARTNERS
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Name : |
Mr. Suresh Kothari |
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Designation : |
Partner |
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Date of Birth/Age : |
78 years |
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Qualification : |
Under – Graduate |
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Experience : |
50 years |
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Name : |
Mr. Pratik Kothari |
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Designation : |
Partner |
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Date of Birth/Age : |
45 years |
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Qualification : |
Graduate – Business Managment |
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Experience : |
25 years |
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Name : |
Mr. Parag Kothari |
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Designation : |
Partner |
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Date of Birth/Age : |
40 years |
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Qualification : |
Graduate – Business Managment |
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Experience : |
25 years |
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Name : |
Mr. Ankit Kothari |
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Designation : |
Partner |
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Date of Birth/Age : |
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Name : |
Mitanshu Kothari (Minors) |
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Designation : |
Partner |
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Name : |
Mr. Aman Kothari (Minors) |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Diamond Stones |
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Exports : |
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Products : |
Diamond Stones |
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Countries : |
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Imports : |
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Products : |
Diamond Stones |
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Countries : |
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Terms : |
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Selling : |
Cash 60% (30 days DA) |
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Purchasing : |
Cash (60 days Fixed) |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
378 (28 – Office, 350 – Factory) |
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Bankers : |
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Facilities : |
C/C Limit From (Bank of India – Rs.183.500 Milions, SBI – Rs.139.000
Millions, Bank of Baroda – Rs.114.500 Millions) |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
J. J. Shah and Company Chartered Accountants |
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Address : |
Mohammad Ali Road, Fazal Mansion, Mumbai |
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Tel. No.: |
91-22-23428389 |
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Associates/Subsidiaries : |
Munic Jewels C-2, Plot No.15, Western Industrial Estate, 2nd Floor,
MIDC, Andheri (E), Mumbai – 400093 |
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Line of Business: |
Manufacturer, Exporter and Importer of Diamond Stones |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 40.000 Millions |
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Borrowed : |
- |
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Total : |
Rs. 40.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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1050.000 |
920.000 |
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Expected Sales (2007-08) : Rs.1250.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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238.199 |
188.295 |
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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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238.199 |
188.295 |
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LOAN FUNDS |
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1] Secured Loans |
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415.841 |
422.450 |
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2] Unsecured Loans |
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3.097 |
2.905 |
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TOTAL BORROWING |
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418.938 |
425.355 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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657.137 |
613.650 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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81.581 |
22.543 |
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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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226.346 |
130.502 |
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Sundry Debtors |
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369.393 |
389.404 |
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Cash & Bank Balances |
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27.639 |
13.360 |
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Other Current Assets |
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75.741 |
65.505 |
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Loans & Advances |
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15.514 |
25.676 |
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Total
Current Assets |
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714.633 |
624.447 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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137.278 |
33.340 |
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Provisions |
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1.799 |
0.000 |
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Total
Current Liabilities |
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139.077 |
33.340 |
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Net Current Assets |
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575.556 |
591.107 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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657.137 |
613.650 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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999.865 |
916.492 |
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Other Income |
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0.355 |
0.074 |
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Total Income |
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1000.220 |
916.566 |
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Profit/(Loss) Before Tax |
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23.090 |
20.036 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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23.090 |
20.036 |
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Expenditures : |
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Manufacturing Expenses |
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41.151 |
33.668 |
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Administrative Expenses |
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32.597 |
23.511 |
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Financial Expenses |
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28.057 |
23.532 |
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MVAT |
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0.102 |
0.000 |
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Depreciation & Amortization |
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4.014 |
3.639 |
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Total Expenditure |
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105.921 |
84.350 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.31 |
2.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.31 |
2.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.90 |
3.10 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.35 |
1.08 |
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Current Ratio (Current Asset/Current Liability) |
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5.14 |
18.73 |
LOCAL AGENCY
FURTHER INFORMATION
Website details:
Subject, established in the year 1965, BEM certified, are
cutters, polishers, importers and exporters of diamonds. It is a close-knit family
business of Mr. Suresh Kothari and his sons Pratik and Parag.
Diamonds are sourced from Rio Tinto
Diamonds and BHP
Diamonds.
The Company's field of expertise lies in manufacturing and dealing in polished
diamonds. They are known for their specialization in the larger size goods.
Their stock is as consistent as it is varied in sizes ranging from 10 pts. to 3
carats and above in wide quality, color and shapes.
Customer Benefits
Advantages
- Consistent supply of product line.
- Guarantee the highest standard
diamonds.
- Online inventory with Sarin file and 3D
image can be accessed.
- Inhouse stone tracking systems showing
the source of origin of the diamond.
- Advantages of market trends and price
variations.
- Minimizing the travel time and cost.
- Key informations about the specified
itmes printed on the packets.
- BEM Certified.
- Global reach with personalized touch.
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 |
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US Dollar |
1 |
Rs.39.77 |
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UK Pound |
1 |
Rs.82.45 |
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Euro |
1 |
Rs.58.94 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
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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
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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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