MIRA INFORM REPORT
|
Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
DHARMANANDAN DIAMONDS PRIVATE LIMITED |
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Registered
Office : |
1014-16 Prasad Chambers, Mumbai – 400004, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.08.2007 |
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Com. Reg. No.: |
173674 |
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CIN No.: [Company Identification
No.] |
U36912MH2007PTC173674 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD15331B |
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PAN No.: [Permanent Account No.] |
AACCD6676J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and exporting of precious diamonds, round diamond, hearts
diamond, gold jewelry, gold pendants, gold rings, platinum jewelry, diamond
platinum rings, silver jewelry, silver bracelets and silver pendants. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company engaged in manufacturing and trading
of a diamond jewellery having fine track. Trade relations are fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
1014-16 Prasad Chambers, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-40041111/2/3/4/5 |
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Fax No.: |
91-22-66355533 |
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E-Mail : |
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Website : |
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|
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Factory 1 : |
Behind Patel Faliya,
Gotalawadi, Katargam Road, Surat - 395
004, Gujarat - India. |
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Tel. No.: |
91-261-2533777 |
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Fax No.: |
91-261-2533775 |
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Factory 2: |
Dharm Exim (Exporters
of Diamonds & Diamond Jewellery) |
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Tel. No.: |
91-261-2398511/8233 |
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Fax No.: |
91-261-2398088 |
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E-Mail : |
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Affilated Office : |
Dharam Creations (HK)
Ltd. |
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Tel. No.: |
+852 2723 1466/60-63 |
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Fax No.: |
+852 2722 6214 |
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E-Mail : |
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Affilated Office : |
DHARM INTERNATIONAL
LLC. |
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Tel. No.: |
+1 212 398 7777 – 7778 |
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Fax No.: |
+1 212 398 7775 |
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E-Mail : |
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Affilated Office : |
Dharm Diam B.V.B.A. |
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Tel. No.: |
+323 234 1444 |
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Fax No.: |
+323 234 1445 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Laljibhai T. Patel |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
52, Narayanmuni Nagar, Ved Road, Surat – 395004, Gujarat, India |
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Date of Birth/Age : |
28.11.1955 |
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Date of Appointment : |
31.08.2007 |
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Name : |
Mr. Tulsibhai K. Patel |
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Designation : |
Director |
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Address : |
57, Narayanmuni Nagar, Ved Road, Surat – 395004, Gujarat, India |
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Date of Birth/Age : |
11.07.1950 |
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Date of Appointment : |
31.08.2007 |
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|
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Name : |
Mr. Dayalbhai K. Patel |
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Designation : |
Director |
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Address : |
56, Narayanmuni Nagar, Ved Road, Surat – 395004, Gujarat, India |
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Date of Birth/Age : |
11.03.1954 |
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Date of Appointment : |
31.08.2007 |
|
|
|
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Name : |
Mr. Prakashbhai T. Goti |
|
Designation : |
Director |
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Address : |
12/A, Ramesh Niwas, 51-C, Bhulabhai Desai Road, Mumbai – 400 026,
Maharashtra, India |
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Date of Birth/Age : |
28.09.1973 |
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Date of Appointment : |
31.08.2007 |
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|
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Name : |
Mr. Sanjaykumar J. Virani |
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Designation : |
Director |
|
Address : |
E-1, Rock View Apartment, Raghavji Road, Mumbai – 400 036,
Maharashtra, India |
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Date of Birth/Age : |
20.02.1976 |
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Date of Appointment : |
31.08.2007 |
|
|
|
|
Name : |
Mr. Hiteshkumar L. Patel |
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Designation : |
Director |
|
Address : |
52, Narayanmuni Nagar, Ved Road, Surat – 395004, Gujarat, India |
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Date of Birth/Age : |
31.05.1979 |
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Date of Appointment : |
31.08.2007 |
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|
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Name : |
Mr. Piyushkumar L. Patel |
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Designation : |
Director |
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Address : |
51-52, Narayanmuni Nagar, Ved Road, Surat – 395004, Gujarat, India |
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Date of Birth/Age : |
04.05.1982 |
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Date of Appointment : |
31.08.2007 |
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|
|
|
Name : |
Mr. Shailesh D. Goti |
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Designation : |
Director |
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Address : |
56, Narayanmuni Nagar, Ved Road, Surat – 395004, Gujarat, India |
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Date of Birth/Age : |
09.10.1984 |
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Date of Appointment : |
31.08.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Prakashbhai T. Goti |
|
500000 |
|
Sanjaykumar J. Virani |
|
500000 |
|
Hiteshkumar L. Patel |
|
833500 |
|
Piyushkumar L. Patel |
|
778000 |
|
Shailesh D. Goti |
|
388500 |
|
Dharmanandan Industries Limited, Mumbai |
|
1000000 |
|
Total |
|
4000000 |
AS ON 30.09.2010
|
Category |
Percentage |
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|
|
|
|
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Directors or relatives of Directors |
100.00 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and exporting of precious diamonds, round diamond, hearts diamond, gold
jewelry, gold pendants, gold rings, platinum jewelry, diamond platinum rings,
silver jewelry, silver bracelets and silver pendants. |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking Relations : |
---- |
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Auditors : |
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|
Name : |
Rajiv N Shah and Associates Chartered Accountant |
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Address : |
A-001, Shreenath Darshan, Off Factory Lane, Borivali (W), Mumbai –
400092, Maharashtra, India |
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Tel. No.: |
91-22-28991687 |
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Fax No.: |
91-22-28997440 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
10,00,000 |
Preference Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
Share Application Money |
|
Rs. 530.000 Millions |
|
|
|
|
|
|
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Total |
|
Rs. 590.000
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
590.000 |
60.000 |
50.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1330.211 |
971.842 |
782.401 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1920.211 |
1031.842 |
832.401 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3099.693 |
2927.736 |
1966.125 |
|
|
2] Unsecured Loans |
833.397 |
1162.211 |
973.384 |
|
|
TOTAL BORROWING |
3933.090 |
4089.947 |
2939.509 |
|
|
DEFERRED TAX LIABILITIES |
111.374 |
101.203 |
38.256 |
|
|
|
|
|
|
|
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TOTAL |
5964.675 |
5222.992 |
3810.166 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
1479.959 |
1339.880 |
1252.114 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.719 |
0.720 |
2.139 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1985.708
|
1174.274 |
2213.906 |
|
|
Sundry Debtors |
4421.285
|
3592.085 |
2294.369 |
|
|
Cash & Bank Balances |
137.707
|
74.983 |
61.176 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
146.030
|
70.471 |
108.487 |
|
Total Current Assets |
6690.730
|
4911.813 |
4677.938 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2053.192
|
912.420 |
1942.012 |
|
|
Other Current Liabilities & Provisions |
154.108
|
117.649 |
180.742 |
|
Total Current Liabilities |
2207.300
|
1030.069 |
2122.754 |
|
|
Net Current Assets |
4483.430
|
3881.744 |
2555.184 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.567 |
0.648 |
0.729 |
|
|
|
|
|
|
|
|
TOTAL |
5964.675 |
5222.992 |
3810.166 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales & Other Income |
12679.050 |
8700.260 |
3910.390 |
|
|
|
TOTAL (A) |
12679.050 |
8700.260 |
3910.390 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
12095.050 |
8355.550 |
3679.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
584.000 |
344.710 |
231.290 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
141.630 |
169.040 |
84.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
442.370 |
175.670 |
146.680 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
52.780 |
48.470 |
21.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
389.590 |
127.200 |
125.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
31.220 |
77.760 |
42.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
358.370 |
49.440 |
82.740 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
131.840 |
82.400 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
490.210 |
131.840 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.82
|
5.63 |
2.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.76
|
2.03 |
2.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.12 |
015 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.19
|
4.96 |
6.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03
|
4.76 |
2.20 |
LOCAL AGENCY FURTHER INFORMATION
Note – The registered
office address of the company has been shifted from G-14, Prasad Chambers, Opera
House, Mumbai, Maharashtra India, to present address w.e.f. 01.12.2008
FORM 8
|
Corporate
identity number of the company |
U36912MH2007PTC173674 |
||||||
|
Name of the
company |
DHARMANANDAN DIAMONDS PRIVATE LIMITED |
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|
Address of the registered
office or of the principal place of
business in |
1014-16 Prasad Chambers, Mumbai – 400004, Maharashtra, India |
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|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
property |
||||||
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Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
A. No instrument. Memorandum of deposit for creation of
further charge for overall limit where the initial charge is created by way
of mortgage by deposit of title deeds. B.letter
confirming the deposit of title deeds (for extensions of the existing
mortgage)Both the above agmts. Constitute single modification. |
||||||
|
Date of
instrument Creating the charge |
20.10.2010 |
||||||
|
Amount secured by
the charge |
Rs. 4750.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letters from all consortium bankers Terms of
Repayment As per sanction
letters from all consortium bankers Margin As per sanction
letters from all consortium bankers Extent and
Operation of the charge Not Applicable Others Not Applicable |
||||||
|
Particulars of
the property charged |
All and singular
the borrowers stocks of raw materials, semi finished and finished goods,
stores and spares not relating to the plant and machinery (consumable stores and
spares) bills receivables, Bookdebts And All
Other Movables Of The Borrower But Including Documents Of Title To Goods And
Other Assets, Such As Outstanding Moneys, Receivables Including Receivables
By Way Of Cash Assistance And/Or Cash
Including Under The Cash Incentive Scheme Or Any Other Scheme Claims, Scheme
Or Any Other Scheme, Bills, Invoices, Docuemtns, Contracts, Engagements,
Investments And Rights Both Present And Future
Whether Now Lying Loose Or In Cases Or Which Are Now Lying Or Stored In Or
About Or Shall Hereinafter From Time To Time During The Continuance Of The
Security Of These Presents Be Brought Into Or Upon Or
Be Stored Or Be In Or About Of The Borrowers Factories, Premises And Godowns
Situated At Mumbai And Surat In The State Of Maharashtra And Gujarat Or
Wherever Else The Same May Be Or Be Held By Any Party
To The Order Or Disposition Of The Borrower Or In The Course Of Transit Or On
High Seas Or On Order Or Delivery, Howsoever And Wheresoever In The
Possession Of The Borrower And Either By Way Of
Substitution. |
||||||
|
Date of
instrument modifying the charge |
20.10.2010 |
||||||
|
Particulars of
the present modification |
Memo. Of entry
was executed by state bank of india (sbi),
sbi acting for itself & as an agent of the royal bank of scotland,
union bank of india, dena bank, idbi bank ltd., antwerp diamond bank n.v.,
central bank of india, state bank of patiala, bank of baroda, bank of india
and yes bank ltd. By way of an equitable mortgage by way of first charge by
deposit of title deeds over the immov. Prop. To secure its extended limits of
rs.4750.000 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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
51 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.