MIRA
INFORM REPORT
|
Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIM DIAM PRIVATE LIMITED |
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Registered
Office : |
608, Prasad Chambers, Swadeshi Mills Compound, Opera House, Mumbai –
400004, |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
14.02.2006 |
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Com. Reg. No.: |
11-159718 |
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Capital
Investment / Paid-up Capital : |
Rs. 13.060 millions |
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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, Exporter and Importer of
Rough Diamonds |
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No. of Employees
: |
87 (Office – 7, Factory – 80)
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
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 320000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal 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) |
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|
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 : |
608, Prasad Chambers, Swadeshi Mills Compound, Opera House, Mumbai –
400004, |
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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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Website : |
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Area : |
900 sq. ft. |
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Location : |
Owned |
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Factory : |
Gala No.116 to 122, 1st Floor, Ketki Pada, Diamond
industrial Estate, Dahisar (East), Mumbai – 400068, |
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Tel No.: |
91-22-65739234 |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Fatehchand Sethia |
|
Designation : |
Director |
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Address : |
51 |
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Date of Birth/Age : |
12.08.1940 |
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Qualification : |
HSC |
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Date of Appointment : |
14.02.2006 |
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DIN No.: |
01482289 |
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Name : |
Mr. Roshan Sethia |
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Designation : |
Director |
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Address : |
601, Madhu Kunj, |
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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 |
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DIN No.: |
00660156 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Roshan Sethia |
620000 |
|
Fatehchand Sethia |
90000 |
|
Rajendra Sethia |
40000 |
|
Sohini Devi Sethia |
40000 |
|
Purvi Sethia |
6000 |
|
Simran Sethia |
144000 |
|
Ami Sethia |
360000 |
|
Roshan Sethia (HUF) |
4000 |
|
Alkadevi Rakhecha |
100 |
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Anju Sethia |
100 |
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Bhartidevi Chopra |
100 |
|
Gunsunari Rakhecha |
100 |
|
Motilal Sethia |
100 |
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Navratan Rakhecha HUF |
100 |
|
Nirmala Maroti |
100 |
|
Paras Sethia |
100 |
|
Premsukh Chopra |
100 |
|
Rajesh Bhugari |
100 |
|
Santosh Jain |
100 |
|
Shardadevi Sethia |
100 |
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Sunita Jain |
100 |
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Sanjana Nahata |
100 |
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Vijaydevi |
100 |
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Yogesh Bhugari |
100 |
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Kamal Parekh |
250 |
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Mafatlal Patel HUF |
50 |
|
Patel Magan Bhai |
50 |
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Total |
1305950 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
99.87 |
|
Other top fifty shareholders |
0.13 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of
Rough Diamonds |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Polished Diamonds |
In Cts |
-- |
-- |
11747.28 |
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GENERAL INFORMATION
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No. of Employees : |
87 (Office – 7, Factory – 80)
(Approximately) |
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Bankers : |
Bullion Exchange Branch, 185,
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Facilities : |
Notes: 1.
Working capital loan and packing credit are
secured by hypothecation of inventories and book debts and is also secured by
charge on fixed assets of the company and guarantee of two directors. 2.
Car loan from Kotak Mahindra and from ICIC are
secured by way of hypothecation of respective cars. 3.
Foreign Bill purchase and Foreign Bill
Negotiation Facility by BOI are secured against Foreign Documentary demand /
Bills
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R Lodha and Associates Chartered Accountant |
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Address : |
75/79, Old Hanuman Lane, 2nd Floor, Kalbadevi Road,
Mumbai-400002, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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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
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
13.060 |
13.060 |
13.060 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
69.086 |
63.284 |
61.234 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
82.146 |
76.344 |
74.294 |
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LOAN FUNDS |
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|
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1] Secured Loans |
198.774 |
175.757 |
106.816 |
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2] Unsecured Loans |
58.399 |
59.742 |
37.172 |
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TOTAL BORROWING |
257.173 |
235.499 |
143.988 |
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DEFERRED TAX LIABILITIES |
0.527 |
0.216 |
0.180 |
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TOTAL |
339.846 |
312.059 |
218.462 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.561 |
16.997 |
8.395 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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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|
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Inventories |
348.229
|
274.023
|
229.804 |
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Sundry Debtors |
311.798
|
123.510
|
132.195 |
|
|
Cash & Bank Balances |
19.309
|
12.096
|
20.846 |
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|
Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
8.257
|
10.675
|
9.071 |
|
Total
Current Assets |
687.593
|
420.304 |
391.916 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Sundry Creditors |
370.217
|
118.797 |
176.364 |
|
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Other Current Liabilities |
0.586
|
0.516
|
0.632 |
|
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Provisions |
3.569
|
6.056
|
5.045 |
|
Total
Current Liabilities |
374.372
|
125.369 |
182.041 |
|
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Net Current Assets |
313.221
|
294.935
|
209.875 |
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MISCELLANEOUS EXPENSES |
0.064 |
0.127 |
0.192 |
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TOTAL |
339.846 |
312.059 |
218.462 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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INCOME |
1151.835 |
749.306 |
718.049 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Financial |
1143.356 |
746.206 |
710.047 |
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Deprecation |
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Advertising Expenses |
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TOTAL |
1143.356 |
746.206 |
710.047 |
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PROFIT BEFORE
TAX |
8.479 |
3.100 |
8.002 |
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Less |
TAX |
2.678 |
1.049 |
2.698 |
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PROFIT AFTER TAX
|
5.801 |
2.051 |
5.304 |
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EXPORT VALUE |
775.193 |
444.362 |
477.234 |
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IMPORTS VALUE |
631.919 |
373.777 |
439.068 |
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Earnings Per
Share (Rs.) |
4.44 |
1.57 |
4.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.74
|
0.41
|
1.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.19
|
0.71
|
2.00 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.04
|
0.11 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
7.69
|
4.73
|
4.39 |
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84
|
3.35
|
2.15 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Address of the company has been
shifted from 601, Madhu Kunj,
FORM 8
|
Corporate
identity number of the company |
U36911MH2006PTC159718 |
|
Name of the
company |
SIM DIAM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
601, Madhu Kunj, Sayan Road, Prabhadevi, Mumbai – 400025, Maharashtra,
India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) Floating charge Others |
|
Particular of
charge holder |
Bank of India, Bullion Exchange Branch, 185, Sheikh Memon Street,
Bullion Exchange, Mumbai – 400002, Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum
of Deposit of title deeds by way of constructive delivery. |
|
Date of
instrument Creating the charge |
31.12.2010 |
|
Amount secured by
the charge |
Rs. 230.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest
as may be stipulated by the Member Banks from time to time. Terms of
repayment On
demand Margin As
may be stipulated by each of the Member Banks from time to time. Extent and
operation of the charge The Company
created an equitable mortgage by way of deposit of title deeds with Bank of
India (BOI) and BOI acting for itself and acting as agent inter alia of ICICI
Bank Limited and Royal Bank of Scotland N.V. in respect of its immovable
properties as security for repayment Company's dues including principal
amount of the facility, interest, liquidated damages, cost, charges and other
money payable by the borrower to the Bank |
|
Short particulars
of the property charged (Including location of the property) |
Immovable
properties bearing Office premises No.608 measuring about 630 sq. ft.
(Carpet) on the sixth floor of Prasad Chambers situated at Swadeshi Mill
Compound, Opera House, Mumbai - 400004 on the Plot bearing C.S. No.1/1487 of
Girgaon Division, Mumbai. |
|
Charge
identification number of the charge to be modified |
10167417 |
|
Date of
instrument modifying the charge |
31.12.2010 |
|
Particulars of
the present modification |
The
present modification is for furnishing additional security of immovable property
of the Company situated at Mumbai, in addition to securities already
furnished by the company at the time of creation of the charge and, there is,
therefore no change in amount of charge which stands secured at Rs.230.000
millions in favour of the Bank. |
FIXED ASSETS:
- Plant and machinery
- Motor Car
- Furniture and Fixture
- Office Equipment
- Company Machine
- Air Conditioner
WEB SITE 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 and innovation together with
alliances with established global players, we will continue to build long-term
value.
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.44.37 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
44 |
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.