MIRA
INFORM REPORT
|
Report Date : |
19.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
TACHE DIAMONDS ( |
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Registered
Office : |
309, Blue Rose Industrial Estate, Next to Western Express Highway,
Opposite Maga Thane Depot, Borivali (East), Mumbai-400066, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.04.2004 |
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Com. Reg. No.: |
11-145605 |
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Capital
Investment / Paid-up Capital : |
Rs.10.000
Millions |
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CIN No.: [Company Identification
No.] |
U36910MH2004PTC145605 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Diamonds. [There was no activity from
last 3 years in this company.] |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
No Business Activity |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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Comments : |
As conformed by the management the company has no business activity in
this company form last three years. As well as the company has no future planning
in doing business in this company. The company is doing its business activity from its sister concern
company named as “Kamyen” which was established in the year 2005. The company can be considered for business dealing 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 [GENERAL DETAILS]
|
Name : |
Mr. Prakash Jain |
|
Designation : |
Senior Accounts Manager |
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Contact No.: |
91-9820671835 |
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Date : |
17.04.2012 |
LOCATIONS
|
Registered Office/ Factory : |
309, Blue Rose Industrial Estate, Next to Western Express Highway, Opposite
Maga Thane Depot, Borivali (East), Mumbai-400066, Maharashtra, India |
|
Tel. No.: |
91-22-23686740 |
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Mobile No.: |
91-9820671835 [Mr. Prakash Jain ] |
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Fax No.: |
91-22-23632917 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Sunit Vimalchand Hirawat |
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Designation : |
Director |
|
Address : |
1002, Manju Apartment, 10th Floor, |
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Date of Birth/Age : |
28.11.1979 |
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Date of Appointment : |
08.04.2004 |
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Din No.: |
00815810 |
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Name : |
Mr. Kailashchand Kewalchand Hirawat |
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Designation : |
Director |
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Address : |
5D, Landsend Apartments, |
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Date of Birth/Age : |
05.01.1939 |
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Date of Appointment : |
08.04.2004 |
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Din No.: |
00372547 |
KEY EXECUTIVES
|
Name : |
Mr. Prakash Jain |
|
Designation : |
Senior Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Tache Investment SA, |
|
510000 |
|
Sunit Vimalchand Hirawat |
|
145000 |
|
Sunit Vimalchand Hirawat HUF |
|
60000 |
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Kailashchand Kewalchand Hirawat |
|
145000 |
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Aditi Sunit Hirawat |
|
50000 |
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Kailashchand Kewalchand Hirawat HUF |
|
90000 |
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|
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Total |
|
1000000 |
As on 30.09.2011
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Diamonds. [There was no activity from
last 3 years in this company.] |
GENERAL INFORMATION
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No. of Employees : |
Information denied by the management. |
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Bankers : |
ABN Amro Bank, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kantilal Parekh and Company Chartered Accountants |
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Address : |
606, Om Chambers, Kemps Corner, Mumbai-400036, |
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Tel. No.: |
91-22-23677489/90 |
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Fax No.: |
91-22-23631828 |
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E-Mail : |
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Pan No.: |
AAXPP0620J |
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Sister Concern : |
·
Kamyen Address: Panchratna, 2106, Opera House, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000
Millions |
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 |
10.000 |
10.000 |
10.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.553 |
1.061 |
1.192 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
10.553 |
11.061 |
11.192 |
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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 |
0.000 |
0.020 |
0.025 |
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TOTAL |
10.553 |
11.081 |
11.217 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.025 |
0.567 |
0.676 |
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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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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
3.906 |
3.906 |
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Cash & Bank Balances |
0.507
|
0.167 |
0.243 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.041
|
6.461 |
6.572 |
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Total
Current Assets |
10.548
|
10.534 |
10.721 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
0.020
|
0.020 |
0.028 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.000
|
0.000 |
0.152 |
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Total
Current Liabilities |
0.020
|
0.020 |
0.180 |
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Net Current Assets |
10.528
|
10.514 |
10.541 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
10.553 |
11.081 |
11.217 |
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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 |
0.000 |
0.000 |
0.000 |
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Other Income |
0.079 |
0.071 |
0.057 |
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TOTAL |
0.079 |
0.071 |
0.057 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
0.066 |
0.099 |
0.141 |
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Advertising Expenses |
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TOTAL |
0.066 |
0.099 |
0.141 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.013 |
(0.028) |
(0.084) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.542 |
0.109 |
0.139 |
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PROFIT / (LOSS)
BEFORE TAX |
(0.529) |
(0.137) |
(0.223) |
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Less |
TAX |
(0.020) |
(0.005) |
(0.008) |
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PROFIT / (LOSS)
AFTER TAX |
(0.509) |
(0.132) |
(0.215) |
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Add |
EXCESS
/ (SHORT) PROVISION FOR INCOME TAX |
0.001 |
0.001 |
0.001 |
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BALANCE CARRIED
TO THE B/S |
(0.508) |
(0.131) |
(0.214) |
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Earnings /
(Loss) Per Share (Rs.) |
(0.509) |
(0.132) |
(0.215) |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(644.30)
|
(185.92) |
(377.19) |
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Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(5.00)
|
(1.23) |
(1.96) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
(0.01) |
(0.02) |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.00 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
|
527.40
|
526.700 |
59.56 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Sundry Creditors |
0.020
|
0.020 |
0.028 |
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 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.
-
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.
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
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 |
No |
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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 |
No |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
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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 |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
REVIEW:
The Company did
not have any business operations during the year on account of severe global
crisis, uncertainties and volatility. However, The Directors are hopeful that
in the ensuing year the company shall do reasonably well. Also the directors
are in the process of exploring other avenues/diversification in business.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Guarantee issued by
ABN Amro Bank NV, Fort, Mumbai-400023 in favour of the president of India
acting through the commissioner of customs, Mumbai on behalf of the company |
0.147 |
0.147 |
FIXED ASSETS:
·
Application Package
·
Computer
·
Fire Extinguisher
·
Metter
·
Plant and Machinery
·
Safe
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 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.51.50 |
|
|
1 |
Rs.81.99 |
|
Euro |
1 |
Rs.67.54 |
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.