MIRA
INFORM REPORT
|
Report Date : |
03.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
K P SANGHVI INTERNATIONAL LIMITED |
|
|
|
|
Registered Office : |
1301, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
15.10.1992 |
|
|
|
|
Com. Reg. No.: |
11-69038 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L51398MH1992PLC069038 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK09459C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AADFK2611A |
|
|
|
|
Legal Form : |
A closely held public limited
liability company |
|
|
|
|
Line of Business : |
Manufacturer and Trader of Diamonds |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a promoted by K P Sanghvi and Sons, a well reputed name in
Indian Diamond Industry. Directors are reported as experienced and
respectable businessmen. Trade relations are fair. Business is active.
Company’s profitability is under severe pressure. Payments are reported as
slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions.
|
LOCATIONS
|
Registered Office : |
1301, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra,
India |
|
Tel. No.: |
91-22-23811450 / 23630315 |
|
Fax No.: |
91-22-23881478 / 23630813 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
GJ 04, Seepz, Andheri [East], Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-28291880 |
|
Fax No.: |
91-22-23630813 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Babulal Poonamchand Sanghvi |
|
Designation : |
Director |
|
Address : |
Flat No. 41, Anupam, 4th Floor, Manav Mandir Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
09.09.1944 |
|
Date of Appointment : |
15.10.1992 |
|
|
|
|
Name : |
Mr. Kishore Hajarimal Sanghvi |
|
Designation : |
Director |
|
Address : |
4 B Swapnalok, 47 – L Napeansea Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
20.09.1957 |
|
Date of Appointment : |
15.10.1992 |
|
|
|
|
Name : |
Mr. Kirti Hajarimal Sanghvi |
|
Designation : |
Director |
|
Address : |
Flat No. 301, Shanti Apartment, 98 Walkeshwar Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
15.02..1959 |
|
Date of Appointment : |
15.10.1992 |
|
|
|
|
Name : |
Mr. Arvind Hajarimal Sanghvi |
|
Designation : |
Director |
|
Address : |
Flat No. 141, Kshitji, 14th Floor, 47, Nepean Sea Road,
Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
03.04.1965 |
|
Date of Appointment : |
15.10.1992 |
|
|
|
|
Name : |
Mr. Dilip Hajarimal Sanghvi |
|
Designation : |
Director |
|
Address : |
Flat No. 301, Shanti Apartment, 98 Walkeshwar Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
17.09.1969 |
|
Date of Appointment : |
15.10.1992 |
|
|
|
|
Name : |
Mr. Amrish Babulal Sanghvi |
|
Designation : |
Director |
|
Address : |
Flat No. 41, Anupam, 4th Floor, Manav Mandir Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
11.06.1973 |
|
Date of Appointment : |
15.10.1992 |
|
|
|
|
Name : |
Mr. Samir Babulal Sanghvi |
|
Designation : |
Director |
|
Address : |
Flat No. 41, Anupam, 4th Floor, Manav Mandir Road, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
18.05.1974 |
|
Date of Appointment : |
15.10.1992 |
|
|
|
|
Name : |
Ms. Apurva Kirti Sanghvi |
|
Designation : |
Director |
|
Address : |
301, Shanti Apartments, 98 Walkeswar Road, Mumbai – 400004,
Maharashtra, India |
|
Date of Birth/Age : |
04.08.1983 |
|
Date of Appointment : |
20.12.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Babulal Poonamchand Sanghvi |
|
5 |
|
Kishore Hajarimal Sanghvi |
|
30970 |
|
Kirti Hajarimal Sanghvi |
|
5 |
|
Arvind Hajarimal Sanghvi |
|
5 |
|
Dilip Hajarimal Sanghvi |
|
5 |
|
Amrish Babulal Sanghvi |
|
5 |
|
Samir Babulal Sanghvi |
|
5 |
|
Total |
|
31000 |
|
|
|
|
|
Preference Share
holder |
|
No. of Shares |
|
|
|
|
|
Babulal Sanghvi [Representing as Trustee of Babulal Sanghvi Family
Trust] |
|
18000 |
|
Amrish Babulal Sanghvi |
|
9000 |
|
Babulal Poonamchand Sanghvi |
|
9000 |
|
Samir Babulal Sanghvi |
|
9000 |
|
Kishore Hajarimal Sanghvi [Representing as Trustee of Babulal Sanghvi
Family Trust] |
|
39000 |
|
Kishore Hajarimal Sanghvi |
|
9000 |
|
Kirti Hajarimal Sanghvi |
|
9000 |
|
Arvind Hajarimal Sanghvi |
|
9000 |
|
Dilip Hajarimal Sanghvi |
|
9000 |
|
Kishore Hajarimal Sanghvi [Representing as Partner of K P Sanghvi and
Sons] |
|
20000 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Diamonds |
GENERAL
INFORMATION
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Viral and Company Chartered Accountants |
|
Address : |
G /100, Yashodhan, Irla Bridge, S V Road, Andheri [West], Mumbai –
400058, Maharashtra, India |
|
Tel. No.: |
91-22-26267030 |
|
Mobile No.: |
91-9820008051 |
|
E-Mail : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Holding Company : |
K P Sanghvi and Sons |
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200,000 |
Equity Share |
Rs. 10/- each |
Rs. 2.000 Millions |
|
800,000 |
Preference Shares |
Rs. 10/- each |
Rs. 8.000 Millions |
|
|
Total |
|
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31,000 |
Equity Share |
Rs. 10/- each |
Rs. 0.310
Million |
|
340,000 |
Preference Shares |
Rs. 10/- each |
Rs. 3.400
Millions |
|
|
|
|
Rs. 3.710 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.710 |
1.710 |
1.710 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
63.330 |
20.533 |
20.462 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
67.040 |
22.243 |
22.172 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
131.950 |
49.745 |
10.500 |
|
|
TOTAL BORROWING |
131.950 |
49.745 |
10.500 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
198.990 |
71.988 |
32.672 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15.202 |
15.202 |
12.336 |
|
|
Capital work-in-progress |
131.041 |
48.217 |
15.366 |
|
|
|
|
|
|
|
|
INVESTMENT |
75.892 |
31.673 |
31.672 |
|
|
DEFERREX TAX ASSETS |
0.302 |
0.249 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
1.099
|
0.749 |
0.653 |
|
|
Other Current Assets |
1.123
|
0.050 |
0.033 |
|
|
Loans & Advances |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
2.222
|
0.799 |
0.686 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
27.440
|
24.794 |
27.375 |
|
|
Provisions |
0.479
|
0.217 |
0.013 |
|
Total
Current Liabilities |
27.919
|
25.011 |
27.388 |
|
|
Net Current Assets |
[25.697]
|
[24.212] |
[26.702] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Pre-Operative Expenses |
2.250 |
0.859 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
198.990 |
71.988 |
32.672 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
0.000 |
0.000 |
25.241 |
|
|
Other Income [Exchange Difference - Export] |
2.795 |
0.045 |
[1.342] |
|
|
Total Income |
2.795 |
0.045 |
23.899 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
[0.236] |
[0.173] |
[0.566] |
|
|
Provision for Taxation |
0.032 |
0.053 |
0.000 |
|
|
Profit/(Loss) After Tax |
[0.268] |
[0.226] |
[0.566] |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
NA |
NA |
25.231 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
0.000 |
0.000 |
24.228 |
|
|
Consumption of stores and spares parts |
2.659 |
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
0.308 |
0.131 |
0.141 |
|
|
Payment to Auditors |
0.013 |
0.008 |
0.000 |
|
|
Other Expenditure |
0.050 |
0.078 |
0.096 |
|
Total Expenditure |
3.030 |
0.217 |
24.465 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[9.59]
|
[502.22] |
[2.37] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
-- |
[2.24] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[1.35]
|
[1.08] |
[4.35] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.00]
|
[0.01] |
[0.03] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.38
|
3.36 |
1.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.08
|
0.03 |
0.03 |
LOCAL AGENCY
FURTHER INFORMATION
NIL
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.43 |
|
UK Pound |
1 |
Rs.78.34 |
|
Euro |
1 |
Rs.57.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
37 |
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 |
|