MIRA
INFORM REPORT
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Report Date : |
07.04.2012 |
IDENTIFICATION DETAILS
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Name : |
NAZAR IMPEX PRIVATE LIMITED |
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Registered
Office : |
201, Paras Centre B, Tata Road No.2, Opera House, Mumbai – 400004,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.09.2006 |
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Com. Reg. No.: |
11-164655 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U51398MH2006PTC164655 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN14097G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer, Exporter and Distributor of Rough and Polished Diamond. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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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 3700 |
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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 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
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
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Registered Office : |
201, Paras Centre B, Tata Road No.2, Opera House, Mumbai – 400004,
Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax : |
Not Available |
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E-Mail : |
DIRECTORS
As on 27.09.2011
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Name : |
Mr. Hiralal Parasmal Nahar |
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Designation : |
Director |
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Address : |
5th Floor, 109, Parvati Building, M.H. No. 359, J.S.S. Road, Near
Thakurdwar, Mumbai – 400002, Maharashtra, India |
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Date of Birth/Age : |
23.03.1953 |
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Date of Appointment : |
16.09.2006 |
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Din No.: |
00652094 |
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Name : |
Mr. Sanjay Kailaschand Jain |
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Designation : |
Director |
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Address : |
B-1108, Prabha Apartment, Sejal Park, New Link Road, Near Oshiwara
Depot, Goregaon (West), Mumbai – 400062, Maharashtra, India |
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Date of Birth/Age : |
04.04.1975 |
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Date of Appointment : |
16.09.2006 |
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Din No.: |
00651962 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2011
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Names of Shareholders |
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No. of Shares |
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Hiralal Parasmal Nahar |
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5000 |
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Sanjay Kailaschand Jain |
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5000 |
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Total |
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10000 |
As on 27.09.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer, Exporter and Distributor of Rough and Polished Diamond. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
·
A.G. Diamond Direct (I) Private Limited ·
Brown Diamond and Jewellers ·
Om Gem Creations Limited ·
S. Goldi (Asia) Limited ·
Shamya Exim Limited ·
Regalia Company Limited ·
Ruth Diamonds ·
True Diamonds (LLC) ·
Niru USA Inc. ·
Crystel Traders BVBA |
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Customers : |
·
Khanna Jewellers Private Limited ·
Kripalani and Sons Jewellers Private Limited ·
LA Solitaire Jewels Private Limited ·
Mayank Impex ·
M. Sons Enterprises Private Limited ·
Ornate Designs (India) Private Limited ·
Radiant ·
Romil Diam ·
Tulsi Diamonds ·
Surana Gems and Jewellers ·
SRD Jewels Private Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
Indusland Bank Limited ·
ING Vysya Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anil Mandawat and Company Chartered Accountant |
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Address : |
706, Padmavati Tower, Balaji Nagar, Bhayander (West), Mumbai – 401101,
Maharashtra, India |
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Pan No.: |
AAEPM4439M |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
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 |
0.838 |
0.512 |
0.376 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.938 |
0.612 |
0.476 |
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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 |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.002 |
0.000 |
0.000 |
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TOTAL |
0.940 |
0.612 |
0.476 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.026 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.621 |
1.567 |
0.024 |
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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 |
119.994
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24.098
|
19.978 |
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Sundry Debtors |
547.757
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395.904
|
358.490 |
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Cash & Bank Balances |
12.312
|
9.113
|
2.076 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
104.853
|
19.119
|
66.030 |
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Total
Current Assets |
784.916
|
448.234
|
446.574 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
786.296
|
448.928 |
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Other Current Liabilities |
0.130
|
0.065
|
445.942 |
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Provisions |
0.205
|
0.213
|
0.204 |
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Total
Current Liabilities |
786.631
|
449.206
|
446.146 |
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Net Current Assets |
(1.715)
|
0.972
|
0.428 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.016 |
0.024 |
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TOTAL |
0.940 |
0.612 |
0.476 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
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Other Income |
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TOTAL |
1076.096 |
886.209 |
1104.699 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
1075.623 |
886.013 |
1104.396 |
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Advertising Expenses |
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TOTAL |
1075.623 |
886.013 |
1104.396 |
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PROFIT BEFORE
TAX |
0.473 |
0.196 |
0.303 |
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Less |
TAX |
0.147 |
0.061 |
0.102 |
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PROFIT AFTER TAX
|
0.326 |
0.135 |
0.201 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
86.969 |
65.422 |
0.000 |
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IMPORTS |
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Raw Materials |
726.956 |
632.651 |
1027.638 |
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Earnings Per
Share (Rs.) |
32.60 |
13.56 |
20.17 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.03
|
0.01
|
0.01 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.06
|
0.04
|
0.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.32
|
0.63 |
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Debt Equity Ratio (Total Liability/Networth) |
|
838.63
|
733.99
|
937.28 |
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Current Ratio (Current Asset/Current Liability) |
|
1.00
|
0.99
|
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) Constitutions
of the firm |
Yes |
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4) Premises details |
No |
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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 |
No |
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9) Name of
person contacted |
No |
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10) Designation
of contact person |
No |
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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 |
Yes |
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18) Major
customers |
Yes |
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19) Payments
terms |
No |
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20) Export /
Import details (if applicable) |
No |
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21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
No |
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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 |
|
29) Last
accounts filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
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 millions 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.
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Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
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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.
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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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
28 |
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.