MIRA
INFORM REPORT
|
Report Date : |
20.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
DIAGOLD DESIGNS LIMITED |
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Registered Office : |
R -1, Cama Industrial Estate, Opposite Bajrang Nagar, Walbhat Road, Goregaon
[East], Mumbai – 400063, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.10.2000 |
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Com. Reg. No.: |
11-129176 |
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CIN No.: [Company
Identification No.] |
U36900MH2000PLC129176 |
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IEC No.: |
0301056846 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD06895A |
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PAN No.: [Permanent
Account No.] |
AABCD3716A |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturers, Exporters and Importers of Diamond Studded Gold
Jewellery |
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 1000000 |
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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 satisfactory track
records. Trade relations are fair. Financial position is good. Payments are
correct and as per commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
R -1, Cama Industrial Estate, Opposite Bajrang Nagar, Walbhat Road,
Goregaon [East], Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-26850038 / 39 / 40 |
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Fax No.: |
91-22-26851289 |
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E-Mail : |
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Website : |
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Area : |
20000 sq. ft. [Owned] |
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Branches : |
201, Regal, Diamond Centre, Opera House, Mumbai – 400004, |
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Tel. No.: |
91-22-23697459 |
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Area : |
700 sq. ft. [Rented] |
DIRECTORS
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Name : |
Mr. Manhar Ratilal Bhansali |
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Designation : |
Chairman |
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Address : |
55/A, Nishika Terrace, Khan Abdul Gaffar Khan Road, Worli – Sea face,
Worli, Mumbai – 400018 |
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Date of Birth/Age : |
20.09.1941 |
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Date of Appointment : |
16.10.2000 |
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Name : |
Mr. Milan Mehta |
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Designation : |
Managing Director |
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Address : |
2nd Floor, Jeevan Villa, 351-A, Narayan Dhabhaolkar Marg,
Mumbai – 400018, |
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Date of Birth/Age : |
31.10.1953 |
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Date of Appointment : |
03.12.2001 |
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Name : |
Mr. Rashesh M. Bhansali |
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Designation : |
Director |
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Address : |
55/A, Nishika Terrace, Khan Abdul Gaffar Khan Road, Worli – Sea face,
Worli, Mumbai – 400018 |
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Date of Birth/Age : |
06.07.1968 |
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Date of Appointment : |
16.10.2000 |
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Name : |
Mr. Nirav M. Mehta |
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Designation : |
Whole Time Director |
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Address : |
2nd Floor, Jeevan Villa, 351-A, Narayan Dhabhaolkar Marg,
Mumbai – 400018, |
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Date of Birth/Age : |
07.12.1980 |
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Date of Appointment : |
03.12.2001 |
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Name : |
Mrs. Ami R. Bhansali |
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Designation : |
Director |
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Address : |
55/A, Nishika Terrace, Khan Abdul Gaffar Khan Road, Worli – Sea face,
Worli, Mumbai – 400018 |
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Date of Birth/Age : |
23.05.1968 |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. Rajesh G. Kapadia |
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Designation : |
Director |
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Address : |
9/C, Dr. Woodlands, 67, Dr. G. Deshmukh Marg, Mumbai – 400026, |
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Date of Birth/Age : |
02.11.1956 |
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Date of Appointment : |
01.03.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Manhar Ratilal Bhansali |
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100 |
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Shobhana Bhansali |
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100 |
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Goldiam International Corporate Body
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1999665 |
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1230000 |
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Trupti Mehta |
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2500000 |
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Nehal Mehta |
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110000 |
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Nirav Mehta |
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1100000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
|
50.99 |
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Directors or relatives of directors |
|
49.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Importers of Diamond Studded Gold
Jewellery |
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Exports : |
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Products : |
Studded Jewellery |
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Countries : |
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Imports : |
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Products : |
Diamond Precious and Semi Precious |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit [30-120 days] |
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Purchasing : |
L/C and Credit [90 days] |
GENERAL INFORMATION
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No. of Employees : |
300 [In Office : 25 and In Factory 275] |
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Bankers : |
MIDC, Seepz Andheri [East],
Mumbai
HDFC Bank House. Senapati Bapat
Marg, |
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Facilities : |
PC/PSC/PCFC/FOBD |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pulindra Patel and Company Chartered Accountants |
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Address : |
307, Gold Mohur Co-Operative Society, 174, |
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Associates/Subsidiaries : |
Goldiam International Limited L36912MH1986PLC041203 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3921500 |
Equity Shares |
Rs. 10/-
each |
Rs. 39.215
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
39.215 |
39.215 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
231.365 |
144.235 |
48.342 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
270.580 |
183.450 |
78.342 |
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LOAN FUNDS |
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1] Secured Loans |
166.698 |
154.903 |
101.242 |
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2] Unsecured Loans |
0.000 |
0.000 |
50.036 |
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TOTAL BORROWING |
166.698 |
154.903 |
151.278 |
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DEFERRED TAX LIABILITIES |
0.703 |
1.171 |
1.609 |
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TOTAL |
437.981 |
339.524 |
231.229 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.583 |
50.186 |
53.532 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.243 |
1.243 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
133.419
|
117.251 |
69.101 |
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Sundry Debtors |
408.765
|
404.245 |
268.013 |
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Cash & Bank Balances |
17.788
|
16.193 |
13.704 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.889
|
8.649 |
3.824 |
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Total
Current Assets |
570.861
|
546.338 |
354.642 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
219.712
|
242.077 |
177.116 |
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Provisions |
2.096
|
16.303 |
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Total
Current Liabilities |
221.808
|
258.380 |
177.116 |
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Net Current Assets |
349.053
|
287.958 |
177.256 |
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MISCELLANEOUS EXPENSES |
0.102 |
0.137 |
0.171 |
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TOTAL |
437.981 |
339.524 |
231.229 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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914.252 |
784.159 |
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Other Income |
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0.590 |
0.155 |
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Total Income |
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914.842 |
784.314 |
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Profit/(Loss) Before Tax |
|
64.105 |
73.671 |
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Provision for Taxation |
|
1.176 |
1.223 |
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Profit/(Loss) After Tax |
|
62.929 |
72.448 |
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Earnings in Foreign Currency : |
|
884.474 |
735.702 |
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Expenditures : |
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Raw Material Consumed |
|
750.118 |
626.799 |
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Consumption of stores and spares parts |
|
6.018 |
4.386 |
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Increase/(Decrease) in Finished Goods |
|
5.173 |
[4.226] |
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Salaries, Wages, Bonus, etc. |
|
28.553 |
24.073 |
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Managerial Remuneration |
|
7.122 |
8.186 |
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Payment to Auditors |
|
0.051 |
0.045 |
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Interest |
|
16.499 |
12.100 |
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Insurance Expenses |
|
0.288 |
0.277 |
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Power & Fuel |
|
2.255 |
2.190 |
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Depreciation & Amortization |
|
5.996 |
6.570 |
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Other Expenditure |
|
28.664 |
30.242 |
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Total Expenditure |
|
850.737 |
710.642 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
6.88
|
9.24 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
7.01
|
9.39 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.74
|
12.35 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.40 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.44
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2.25 |
4.19 |
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Current Ratio (Current Asset/Current Liability) |
|
2.57
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2.11 |
2.00 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Air Conditioner
- Computer
- Electrical Installation
- Plant and Machinery
- Furniture and Fixture
- Office Equipment
- Vehicles
Bankers Charges
Report as per Registry
|
Name of the company |
DIAGOLD DESIGNS
LIMITED |
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Presented By |
DIAGOLD DESIGNS LIMITED
|
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1) Date and description of instrument creating the change |
Agreement for
Auto Loan dated 30.03.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.900 Million
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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 |
Hypothecation of
Chevrolet Optra Car bearing Engine No. 102311 and Chasis No. 314806 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First and
Exclusive charge in favour of the bank Repayment of
monthly installment Rs. 0.028 Millions for 36 months On daily payment
addition interest of 2 % p.m. |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited
HDFC Bank House.
Senapati Bapat Marg, |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
90144083 |
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Corporate
identity number of the company |
U36900MH2000PLC129176 |
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Name of the
company |
DIAGOLD DESIGNS LIMITED |
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Address of the
registered office or of the principal place of business in |
R -1, Cama Industrial Estate, Opposite Bajrang Nagar, Walbhat Road,
Goregaon [East], Mumbai – 400063, Maharashtra, India |
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Type of charge |
|
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Particular of
charge holder |
Punjab National
Bank Seepz Branch,
SEZ, Andheri [East], Mumbai – 400096, |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
09.12.2006 |
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Amount secured by
the charge |
Rs. 250.000
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 schedule
of bank, along with penal interest in terms of guidelines issued in this
regard from time to time. Terms of
repayment Repayable on
Demand Margin 10 % on Packing
Credit Facility 10 % on ILC/ILG Extent operation
of the charge Hypothecation of
all plant and machinery, furniture and fixture. Electrical equipment and
office equipment both present and future to the bank Equitable
mortgage in favour of the Bank viz. all the piece of land being Plot No. R 1,
bearing CTS No. 130 of Village Pahadi, Goregaon Division adm. 1280.18 sq.
yards i.e. 1070 sw. mts. or thereabouts situated at Cama Industrial Estate,
Goregaon, Mumbai with building thereon consisting of Group + Three Upper
Floors and Bounded. |
|
Short particulars
of the property charged |
All the piece of
land being Plot No. R 1, bearing CTS No. 130 of Village Pahadi, Goregaon
Division adm. 1280.18 sq. yards i.e. 1070 sw. mts. or thereabouts situated at
Cama Industrial Estate, Goregaon, Mumbai with building thereon consisting of
Group + Three Upper Floors and Bounded on North by 18.29 mtr wide Road, on
East by Plot No. S 1 of the Estate, on south by 6.1 meters wide excess and on
West by Plot No Q/2 of the estate. |
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Date of latest
modification prior to the present modification |
27.10.2005 |
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Particulars of
the present modification |
By present modification
the ILC / ILG limits have enhanced from Rs. 30.000 millions to Rs. 50.000
Millions increasing the overall credit facility from Rs. 230.000 Millions to
Rs. 250.000 Millions |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.39.79 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.56.87 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
NO |
|
--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. |
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 |
|