MIRA
INFORM REPORT
|
Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KHUSHBOO DIAMOND PRIVATE LIMITED |
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Registered
Office : |
228, Panchratna, Opera House, Mumbai – 400002, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.09.2007 |
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Com. Reg. No.: |
11-174434 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.200 Million |
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CIN No.: [Company Identification
No.] |
U52393MH2007PTC174434 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK17502C |
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PAN No.: [Permanent Account No.] |
AADCK1753G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Exporter and Importer of Diamonds |
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No. of Employees
: |
5 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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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 on a safe and
secured 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.
INFORMATION PARTED BY
|
Name : |
Mr. Ashok |
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Designation : |
Director |
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Contact No.: |
91-22-23690281 |
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Date : |
16.04.2012 |
LOCATIONS
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Registered Office : |
228, Panchratna, Opera House, Mumbai – 400002, |
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Tel. No.: |
91-22-23690281 |
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Fax No.: |
Not Available |
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E-Mail : |
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Location : |
Owned |
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Head Office : |
H.No. - 6-194-6 Office - B,
Office 103, |
DIRECTORS
As on 29.09.2011
|
Name : |
Mr. Nemichand Mohanlal Kawadia |
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Designation : |
Director |
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Address : |
Room no. 206,B-Wing, |
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Date of Birth/Age : |
17.02.1972 |
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Date of Appointment : |
24.09.2007 |
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DIN No.: |
01590807 |
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Name : |
Mr. Ashokkumar Hastimal Kothari |
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Designation : |
Director |
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Address : |
Room No. 302, |
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Date of Birth/Age : |
04.10.1967 |
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Date of Appointment : |
24.09.2007 |
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DIN No.: |
01590833 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nemichand Mohanlal Kawadia |
|
5000 |
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Ashokkumar Hastimal Kothari |
|
5000 |
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TOTAL |
|
10000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter and Importer of Diamonds |
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Exports : |
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Products : |
Diamonds |
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Countries : |
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Imports : |
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Products : |
Diamonds |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days) |
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Purchasing : |
L/C, Cash and Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
Wholesaler and Retailers |
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No. of Employees : |
5 (Approximately) |
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Bankers : |
Ing Vysya Bank, Opera House Branch, Mumbai, |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Kabra and Jagetia Chartered Accountant |
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Address : |
World Trade Centre, New Udhna Darwaja, Ring Road, Surat – 395002,
Gujarat, India |
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PAN.: |
ACQPJ6105R |
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Sister Concern : |
B. Ashok Kumar and Company |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
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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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As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200
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 |
0.200 |
0.200 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.100 |
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3] Reserves & Surplus |
1.030 |
0.612 |
0.290 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.230 |
0.812 |
0.490 |
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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 |
1.400 |
0.000 |
0.000 |
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TOTAL BORROWING |
1.400 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2.630 |
0.812 |
0.490 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
0.000 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.887 |
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 |
0.000
|
20.859 |
13.999 |
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Sundry Debtors |
2162.596
|
1349.154 |
990.724 |
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Cash & Bank Balances |
8.302
|
5.495 |
1.665 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
174.001
|
14.861 |
0.034 |
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Total
Current Assets |
2344.899
|
1390.369 |
1006.422 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
2347.737
|
1389.380 |
1005.549 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.425
|
0.189 |
0.402 |
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Total
Current Liabilities |
2348.162
|
1389.569 |
1005.951 |
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Net Current Assets |
(3.263)
|
0.800 |
0.471 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.012 |
0.019 |
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TOTAL |
2.630 |
0.812 |
0.490 |
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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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|
5429.218 |
3807.292 |
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Other Income |
|
5.479 |
0.152 |
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TOTAL |
|
5434.697 |
3807.444 |
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Less |
EXPENSES |
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Purchase |
|
5432.757 |
3659.382 |
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Operative Expenses |
|
4.290 |
3.652 |
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Office and Administration Expenses |
|
4.017 |
18.267 |
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Preliminary Expenses Written off |
NA |
0.006 |
0.006 |
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Variation in Stock |
|
(6.859) |
125.730 |
|
|
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TOTAL |
|
5434.211 |
3807.037 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
0.486 |
0.407 |
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Less |
FINANCIAL
EXPENSES |
|
0.002 |
0.000 |
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PROFIT BEFORE
TAX |
0.607 |
0.484 |
0.407 |
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Less |
TAX |
0.188 |
0.162 |
0.142 |
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PROFIT AFTER TAX |
0.419 |
0.322 |
0.265 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.612 |
0.290 |
0.025 |
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BALANCE CARRIED
TO THE B/S |
1.031 |
0.612 |
0.290 |
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Earnings Per
Share (Rs.) |
20.95 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
0.01 |
0.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.01 |
0.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.03
|
0.03 |
0.04 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.59 |
0.83 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1910.21
|
1711.29 |
2052.96 |
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Current Ratio (Current Asset/Current Liability) |
|
0.99
|
1.00 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2011 |
31.03.2010
|
31.03.2009 |
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|
Rs. in Millions |
||
|
Creditors due small micro enterprises |
0.000 |
0.000
|
0.000 |
|
Creditors due others |
2347.737 |
1389.380
|
1005.549 |
|
TOTAL |
2347.737 |
1389.380
|
1005.549 |
OPEERATION/WORKING
AND PROSPEECTUS
During the year under review there is profit of Rs.0.607 millions (Rs.0.484 millions in Previous year) after claiming depreciation of Rs. Nil ( Rs. Nil in Previous year ) There is heavy competitions in the market till the see a very good future of the business of the company.
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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 |
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 |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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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 |
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30) Major Shareholders, if available |
Yes |
DIAMOND INDUSTRY –
-
From time immemorial,
-
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.
-
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
-
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
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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.51.66 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.67.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
16 |
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.