MIRA
INFORM REPORT
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Report Date : |
03.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MOON DIAMOND LIMITED |
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Registered Office : |
G-35, Gems and Jewellery Complex, Seepz, Andheri (East), Mumbai – 400
096, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.07.1990 |
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Com. Reg. No.: |
11-57116 |
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CIN No.: [Company
Identification No.] |
U36912MH1990PLC057116 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM22112G |
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PAN No.: [Permanent
Account No.] |
AAACM6115H |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Trader of Studded 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 : |
--- |
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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. Directors are reported as experienced and respectable
businessmen. Trade relations are reported as fair. Business is active.
Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
G-35, Gems and Jewellery Complex, Seepz, Andheri (East), Mumbai – 400
096, |
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Tel No. |
91-22-28211325 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Shreyas K Doshi |
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Designation : |
Director |
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Name : |
Mr. Vishal S Doshi |
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Designation : |
Director |
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Name : |
Mr. Nihar N Parikh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Kirtilal K Doshi |
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Designation : |
Chairman |
BUSINESS DETAILS
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Line of Business : |
Trader of Studded Jewellery. |
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Products : |
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PRODUCTION STATUS
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Class of Goods |
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Unit |
Actual
Production |
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69435 |
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Studded Jewellery |
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Pcs |
(69122) |
GENERAL INFORMATION
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
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Holding Company: |
Shrenuj and Company Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/-
each |
Rs.5.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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31712 |
Equity Shares |
Rs.100/-
each |
Rs.3.172
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.172 |
3.200 |
3.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
83.408 |
77.900 |
70.800 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
86.580 |
81.100 |
74.000 |
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LOAN FUNDS |
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1] Secured Loans |
114.587 |
94.900 |
100.700 |
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2] Unsecured Loans |
14.913 |
34.500 |
52.700 |
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TOTAL BORROWING |
129.500 |
129.400 |
153.400 |
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DEFERRED TAX LIABILITIES |
3.997 |
0.000 |
0.000 |
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TOTAL |
220.077 |
210.500 |
227.400 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.742 |
23.700 |
24.400 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.052 |
0.100 |
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 |
106.903
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78.800 |
89.100 |
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Sundry Debtors |
182.802
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153.200 |
233.100 |
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Cash & Bank Balances |
7.942
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3.400 |
3.200 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
11.910
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7.000 |
2.300 |
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Total
Current Assets |
309.557
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242.400 |
327.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
103.124
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50.700 |
123.300 |
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Provisions |
9.150
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5.000 |
1.400 |
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Total
Current Liabilities |
112.274
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55.700 |
124.700 |
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Net Current Assets |
197.283
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186.700 |
203.000 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
220.077 |
210.500 |
227.400 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
360.654 |
400.700 |
427.700 |
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Other Income |
0.507 |
0.100 |
0.100 |
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Stock Adjustments |
0.000 |
[0.200] |
[24.200] |
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Total Income |
361.161 |
400.600 |
403.600 |
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Profit/(Loss) Before Tax |
8.998 |
10.000 |
2.500 |
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Provision for Taxation |
3.501 |
2.900 |
[0.100] |
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Profit/(Loss) After Tax |
5.497 |
7.100 |
2.600 |
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Earnings in Foreign Currency : |
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FOB Value of Goods exported |
250.219 |
386.924 |
0.000 |
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Imports : |
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Raw Materials |
246.016 |
171.497 |
0.000 |
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Stores & Spares |
5.129 |
2.329 |
0.000 |
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Capital Goods |
0.944 |
1.364 |
0.000 |
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Total Imports |
252.089 |
175.190 |
0.000 |
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Expenditures : |
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Material cost |
295.643 |
0.000 |
0.000 |
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Manufacturing and other expenses |
46.192 |
0.000 |
0.000 |
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Selling and Administrative Expenses |
0.000 |
5.700 |
10.200 |
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Raw Material |
0.000 |
334.100 |
346.300 |
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Provision for Bad and Debtful Debts |
1.137 |
0.000 |
0.000 |
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Employee Cost |
0.000 |
24.400 |
20.500 |
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Interest and Financial charges |
6.455 |
8.100 |
6.600 |
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Power & Fuel |
0.000 |
3.000 |
2.800 |
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Miscellaneous Expenses |
0.000 |
4.500 |
4.200 |
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Depreciation & Amortization |
2.736 |
2.600 |
2.600 |
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Other Manufacturing Expenses |
0.000 |
8.200 |
7.900 |
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Total Expenditure |
352.163 |
390.600 |
401.100 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.522
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1.77 |
0.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.49
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2.49 |
0.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.70
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3.75 |
0.71 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.12 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.79
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2.28 |
3.75 |
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Current Ratio (Current Asset/Current Liability) |
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2.75
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4.35 |
2.62 |
LOCAL AGENCY FURTHER INFORMATION
Director Reports:
Operations:
The profit for the year amounts to Rs.5.497 millions. After taking into account brought forward profits of Rs.77.911 millions, the profit of Rs.83.408 millions is carried to the Balance Sheet.
The Directors have not recommended any dividend in order to conserve the resources of the Company.
Amalgamation:
The Board has approved the Scheme of Amalgamation of the
Company with Shrenuj and Companv
Limited, a Holding Companv. The valuation report submitted to the Board by M/'s. N. M. Raiji and Company..
Chartered Accountants jointly with M/s. Rajendra and Company..
Chartered Accounts states the following swap ratio:
• One equity share of Rs.2/- each of Shrenuj and Company Limited for every one equity share of Rs.10/- each held in the Company.
Fixed Assets:
- Factory Premises (Leasehold)
- Plant and Machinery
- Electrical Installations
- Air Conditioner
- Office Equipments
- Computers
- Furniture and Fixtures
- Vehicles
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.91 |
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1 |
Rs.82.57 |
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Euro |
1 |
Rs.55.72 |
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 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
YES |
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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 |
YES |
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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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