MIRA
INFORM REPORT
|
Report Date : |
07.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KESHAV DIAMOND PRIVATE LIMITED |
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Registered
Office : |
525, Panchratna, Opera House, Mumbai – 400004, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.05.2007 |
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Com. Reg. No.: |
11-170606 |
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Capital
Investment/ Paid-up Capital: |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U52393MH2007PTC170606 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer, Exporter and Trader of Diamonds |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be very low. However, Trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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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 : |
525, Panchratna, Opera House, Mumbai – 400004, |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Rakesh Jeevraj Jain |
|
Designation : |
Director |
|
Address : |
525, Panchratna, Opera House, Mumbai City, Mumbai – 400004,
Maharashtra, India |
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Date of Birth/Age : |
20.06.1975 |
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Date of Appointment : |
04.05.2007 |
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DIN No: |
00532193 |
Other Directorship:
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U36910MH2002PTC138082 |
NISHA DIAMONDS PRIVATE LIMITED |
Director |
02-12-02 |
02-12-02 |
Active |
NO |
|
2 |
U36912MH1983PTC031704 |
HINDON DIAMOND PRIVATE LIMITED |
Director |
21-02-07 |
21-02-07 |
Active |
|
Name : |
Mr. Jeevraj Shobhagmal Jain |
|
Designation : |
Director |
|
Address : |
525, Panchratna, Opera House, |
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Date of Birth/Age : |
05.03.1947 |
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Date of Appointment : |
04.05.2007 |
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DIN No: |
01222941 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Rakesh Jeevraj Jain |
3000 |
|
Jeevraj Shobhagmal Jain |
7000 |
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Total |
10000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer, Exporter and Trader of Diamonds |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. R. and Company Chartered Accountant |
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Address : |
B -203, Shree Hari Park, Sagrampura, Near Centre Point Building, Surat
– 395002, Gujarat, India |
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PAN No: |
AAEFM2880L |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.359 |
0.913 |
0.477 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.459 |
1.013 |
0.577 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
1.121 |
5.000 |
0.000 |
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TOTAL BORROWING |
1.121 |
5.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.018 |
0.000 |
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TOTAL |
2.580 |
6.031 |
0.577 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.743 |
1.003 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.018 |
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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Inventories |
0.013
|
0.012
|
0.013 |
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Sundry Debtors |
1824.132
|
1856.393
|
726.198 |
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Cash & Bank Balances |
8.289
|
16.647
|
76.198 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
228.365
|
110.214
|
314.110 |
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Total
Current Assets |
2060.799
|
1983.266 |
1116.519 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2058.740
|
1977.965
|
1115.820 |
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Other Current Liabilities |
0.000
|
0.000
|
0.000 |
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Provisions |
0.240
|
0.273
|
0.122 |
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Total
Current Liabilities |
2058.980
|
1978.238 |
1115.942 |
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Net Current Assets |
1.819
|
5.028
|
0.577 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.580 |
6.031 |
0.577 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
6298.758 |
4550.207 |
2508.752 |
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Other Income |
1.795 |
NA |
NA |
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TOTAL |
6300.553 |
NA |
NA |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
6299.976 |
4550.997 |
2509.667 |
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Advertising Expenses |
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TOTAL |
6299.976 |
4550.997 |
2509.667 |
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PROFIT BEFORE
TAX |
0.577 |
0.754 |
0.259 |
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Less |
TAX |
0.132 |
0.318 |
0.084 |
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PROFIT AFTER TAX
|
0.445 |
0.436 |
0.175 |
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Earnings Per
Share (Rs.) |
44.50 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.01
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.01
|
0.02 |
0.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.03
|
0.03
|
0.02 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.74
|
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1412.00
|
1957.78
|
1934.04 |
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Current Ratio (Current Asset/Current Liability) |
|
1.00
|
1.00
|
1.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
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2. Locality of the firm |
Yes |
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3. Constructions of the firm |
Yes |
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4. Premises details |
Yes |
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5. Type of Business |
Yes |
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6. Line of Business |
Yes |
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7. Promoter’s background |
Yes |
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8. No. of Employees |
Yes |
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9. Name of person contacted |
Yes |
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10. Designation of contact person |
Yes |
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11. Turnover of firm for last three years |
Yes |
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12. Profitability for last three years |
Yes |
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13. Reasons for variation <> 20% |
------ |
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14. Estimation for coming financial year |
No |
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15. Capital in the business |
Yes |
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16. Details of sister concerns |
No |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
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20. Export / Import details |
No |
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21. Market information |
------ |
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22. Litigations that the firm / promoter involved |
------ |
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23. Banking Details |
Yes |
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24. Banking facility details |
Yes |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
Yes |
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28. Incorporation details, if applicable |
Yes |
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29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
DESCRIPTION OF STATE OF COMPANIES AFFAIR
During the year,
The Company has achieved the turnover of Rs. 6298.758 Millions and Profit after
tax of Rs. 0.445 Million the director are trying to take up good and profitable
activities during the year.
WEBSITE DETAILS
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in India.
Diamond production in India can be traced back to almost 8th Century
B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the world.
Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 20000.000 Millions lent to a dozen diamond firms in Surat. Until
about two months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have gone
sick and declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
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. 51.04 |
|
|
1 |
Rs. 81.08 |
|
Euro |
1 |
Rs. 67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.