MIRA
INFORM REPORT
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Report Date : |
13.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SIM DIAM PRIVATE LIMITED |
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Registered Office : |
601, Madhu Kunj, Sayan Road, Prabhadevi, Mumbai – 400025, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.02.2006 |
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Com. Reg. No.: |
11-159718 |
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CIN No.: [Company
Identification No.] |
U36911MH2006PTC159718 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS51722G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of
Rough Diamonds |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a 2 years old company and has done satisfactory business in
the very first year of its operations. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Mukund |
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Designation : |
Accountant Manager |
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Date : |
11.10.2008 |
LOCATIONS
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Registered Office : |
601, Madhu Kunj, Sayan Road, Prabhadevi, Mumbai – 400025, Maharashtra,
India |
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Tel. No.: |
91-22-40042222 |
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E-Mail : |
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Website : |
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Area : |
900 sq. ft. |
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Location : |
Owned |
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Administrative Office : |
215, Prasad Chambers, Near Charni Road, Station Opera House, Mumbai –
400004, Maharashtra, India |
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Tel. No.: |
91-22-40042222 |
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Fax No.: |
91-22-40042223 |
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E-Mail : |
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Area : |
1200 sq. ft. |
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Location : |
Rented |
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Factory : |
Gala No.116 to 122, 1st Floor, Ketki Pada, Diamond
industrial Estate, Dahisar (East), Mumbai – 400068, Maharashtra, India |
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Branch No.: |
102/103, Panchratna, 2/2661, Beadon Pura, Karol Baag, New Delhi –
110005, India |
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Tel. No.: |
91-11-32519441 |
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Fax No.: |
91-11-45081789 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Fatehchand Sethia |
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Designation : |
Director |
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Address : |
51 Miami Co-op Housing Society, 70-A, Bhulabhai Desai Road, Mumbai –
400026, Maharashtra, India |
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12.08.1940 |
65 years |
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Date of Appointment : |
14.02.2006 |
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Name : |
Mr. Roshan Sethia |
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Designation : |
Director |
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Address : |
601, Madhu Kunj, Sayan Road, Prabhadevi, Mumbai – 400025, Maharashtra,
India |
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Date of Birth/Age : |
24.01.1974 |
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Qualification : |
B. Com |
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Date of Appointment : |
14.02.2006 |
KEY EXECUTIVES
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Name : |
Mr. Shiv Hari Jalan |
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Designation : |
Company Secretary |
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Address : |
104 Mahavir Building, 44/46 Popatwadi Lane, Kalbadevi, Mumbai –
400002, Maharashtra, India |
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Tel No.: |
91-22-22075834 |
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Fax No.: |
91-22-22075835 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 24.01.2006)
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Names of Shareholders |
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No. of Shares |
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Roshan Sethia |
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620000 |
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Fatehchand Sethia |
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90000 |
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Rajendra Sethia |
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40000 |
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Sohini Devi Sethia |
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40000 |
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Purvi Sethia |
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6000 |
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Simran Sethia |
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144000 |
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Ami Sethia |
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360000 |
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Roshan Sethia (HUF) |
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4000 |
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Parekh Kamal |
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250 |
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Others |
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1700 |
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Total |
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1305950 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of director |
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99.87 |
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Other top fifty shareholders (Other than listed above) |
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0.13 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of
Rough Diamonds |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
5 |
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Bankers : |
Bullion Exchange Branch, 185, Sheikh Memon Street, Bullion Exchange, Mumbai
– 400002, Maharashtra, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh Mal Lodha and Company Chartered Accountant |
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Address : |
75/79 Old Hanuman Lane, Second Floor, R No.25, Kalbadevi Road, Mumbai
– 400002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1305950 |
Equity Shares |
Rs.10/- each |
Rs.13.060
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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13.060 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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55.930 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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68.990 |
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LOAN FUNDS |
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1] Secured Loans |
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111.290 |
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2] Unsecured Loans |
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64.174 |
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TOTAL BORROWING |
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175.464 |
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DEFERRED TAX LIABILITIES |
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0.095 |
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TOTAL |
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244.549 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.384 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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187.772 |
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Sundry Debtors |
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163.422 |
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Cash & Bank Balances |
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10.944 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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7.502 |
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Total
Current Assets |
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369.640 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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127.076 |
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Provisions |
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5.654 |
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Total
Current Liabilities |
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132.730 |
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Net Current Assets |
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236.910 |
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MISCELLANEOUS EXPENSES |
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0.255 |
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TOTAL |
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244.549 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
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Sales Turnover |
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624.249 |
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Other Income |
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6.299 |
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Total Income |
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630.548 |
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Profit/(Loss) Before Tax |
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7.006 |
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Provision for Taxation |
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2.612 |
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Profit/(Loss) After Tax |
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4.394 |
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Export Value |
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414.776 |
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Import Value |
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334.345 |
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Expenditures : |
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Financial Charge |
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13.517 |
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Depreciation & Amortization |
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0.999 |
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Other Expenditure |
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609.026 |
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Total Expenditure |
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623.542 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
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PAT / Total Income |
(%) |
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0.70 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.86 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.47 |
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Current Ratio (Current Asset/Current Liability) |
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2.78 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Choice Diamond – Prasad Chambers
- Darmanand Diamond – Prasad Chambers
- Kiran Gems Diamonds – Prasad Chambers
Website Details:
Profile:
Subject an endeavor that was started by Mr. Roshan Sethia is a young and dynamic player in diamond
manufacturing and exporting from India, began
it's journey in 1998.
They are known for consistent assortment, commitment to quality
and perfection. Advanced technology & innovation together with
alliances with established global players, they will continue to build
long-term value.
The manufacturing excellence is
accompanied by business ethics and capability to respond positively to the
changing needs of their clients.
Diamonds:
Their product line rages from Full cut
Diamonds from 0.01 - 20.00
cts in all shapes and clarity & they specialize in Large Sizes
especially between 0.50ct till 3.00
Cts Rounds & Princess, in all colour and clarity.
The customer's loyalty and growth
in their business has proved as masters in this product line. Their entire
direct sales network in Mumbai,
Surat, Delhi, Kolkata, Tel-aviv, Budapest have helped reach
directly to their customers - jewelry manufacturers, retail traders,
chain stores and they in turn are taking their constantly upgraded product line
to the desired customer group.
Jewellery:
It has been a well planned step to progress
from loose diamonds to jewelry with their value added service.
They believe growth is a way of
life. Whether it is productivity, quality, customer satisfaction, marketing or
social responsibility.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.48.72 |
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UK Pound |
1 |
Rs.82.17 |
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Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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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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45 |
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 |
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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 |
|
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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