MIRA
INFORM REPORT
|
Report Date : |
14.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
OPTIMA DIAMOND TOOLS PRIVATE LIMITED |
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Registered
Office : |
Plot No. 956, G.I.D.C., Waghodia, Vadodara - 391760, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.04.2001 |
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Com. Reg. No.: |
04-039470 |
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Capital
Investment / Paid-up Capital : |
Rs.1.087 Millions |
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CIN No.: [Company Identification
No.] |
U36912GJ2001PTC039470 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDO00101D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Diamond Tools. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 740000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financially
company is performing well. Trade relations are reported to be fair. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office/ Factory : |
Plot No. 956, G.I.D.C., Waghodia, Vadodara - 391760, Gujarat, India |
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Tel. No.: |
91-2668-262436 / 37 |
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Fax No.: |
91-2668-262828 |
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E-Mail : |
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Website : |
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Group Companies 1: |
Optima Diamond Tools Private Limited 736, G.I.D.C., Waghodia, Vadodara - 391760, Gujarat, India |
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Tel. No.: |
91-265-2334040 |
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Fax No.: |
91-265-2337999 |
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Group Companies
2: |
Cutting Edge Techologies Baddi, District Solan, Himachal Pradesh, India |
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Tel. No.: |
91-1795-246425 |
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Fax No.: |
91-1795-246425 |
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Corporate Office : |
6th, Rojhasar Society, Near Akota Stadium, Akota, Vadodara - 390020, Gujarat, India |
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Tel. No.: |
91-265-2334040 |
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Fax No.: |
91-265-2337999 |
DIRECTORS
As on: 16.08.2011
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Name : |
Mr. Govinddas Jamnadas
Sampat |
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Designation : |
Director |
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Address : |
11, Shradhanjali, Vithaldas
Nagar, Sarojini Road, Santacruz (West), Mumbai – 400054, Maharashtra,
India |
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Date of Birth/Age : |
25.06.1932 |
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Date of Appointment : |
19.07.1990 |
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DIN No.: |
00343579 |
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Name : |
Mr. Rajesh Govinddas Sampat |
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Designation : |
Director |
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Address : |
4, Shantikunj Society, Dayawadi,
Akota, Vadodara – 390020,
Gujarat, India |
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Date of Birth/Age : |
20.06.1964 |
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Qualification : |
B.Tech. Mechanical and PGDM (IIM-Bangalore) |
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Date of Appointment : |
27.04.2001 |
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DIN No.: |
00343689 |
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Other Directorship :
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Name : |
Mrs. Meera Rajesh Sampat
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Designation : |
Director |
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Address : |
4, Shantikunj Society, Dayawadi,
Akota, Baroda – 390020, Gujarat, India |
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Date of Birth/Age : |
27.04.2001 |
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Qualification : |
B.Sc., P.G. Dip. |
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Date of Appointment : |
20.02.1998 |
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DIN No.: |
00343787 |
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Other Directorship :
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Name : |
Mrs. Shakuntala Govinddas
Sampat |
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Designation : |
Director |
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Address : |
11, Shradhanjali, Vithaldas
Nagar, Sarojini Road, Santacruz (West), Mumbai – 400054, Maharashtra,
India |
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Date of Birth/Age : |
20.02.1940 |
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Date of Appointment : |
20.02.1998 |
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DIN No.: |
00343822 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 16.08.2011
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Names of Shareholders |
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No. of Shares |
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Rajesh G. Sampat |
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68490 |
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Meera R. Sampat |
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40230 |
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Total |
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108720 |
Equity Share Break up (Percentage of Total Equity)
As on: 16.08.2011
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Diamond Tools. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah Sanghvi and Company Chartered Accountants |
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Address : |
“Samarpan” 26, Haribhakti
Colony, Race Course Circle, Vadodara – 390015,
Gujarat, India |
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Tel. No.: |
91-265-2337064 |
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Fax No.: |
91-265-2354386 |
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E-Mail : |
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PAN No.: |
AITPS7818Q |
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Group Companies
: |
· Optima Diamond Tools Private Limited · Cutting Edge Techologies |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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108720 |
Equity Shares |
Rs.10/- each |
Rs.1.087 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.087 |
1.087 |
1.087 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
185.489 |
175.880 |
166.308 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
186.576 |
176.967 |
167.395 |
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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 |
0.500 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.500 |
0.000 |
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DEFERRED TAX LIABILITIES |
8.557 |
8.218 |
7.519 |
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TOTAL |
195.133 |
185.685 |
174.914 |
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APPLICATION OF FUNDS |
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|
57.484 |
58.212 |
57.535 |
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FIXED ASSETS [Net Block] |
14.565 |
0.000 |
0.000 |
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Capital work-in-progress |
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INVESTMENT |
30.771 |
47.265 |
68.037 |
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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 |
16.224
|
16.202 |
17.113 |
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Sundry Debtors |
35.045
|
27.032 |
22.797 |
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Cash & Bank Balances |
5.517
|
0.853 |
1.958 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
44.570
|
41.523 |
13.618 |
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Total
Current Assets |
101.356
|
85.610 |
55.486 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.106
|
1.057 |
2.309 |
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Other Current Liabilities |
0.831
|
0.878 |
1.012 |
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Provisions |
5.106
|
3.467 |
2.823 |
|
Total
Current Liabilities |
9.043
|
5.402 |
6.144 |
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Net Current Assets |
92.313
|
80.208 |
49.342 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
195.133 |
185.685 |
174.914 |
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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 |
52.388 |
48.626 |
50.870 |
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Other Income |
7.880 |
8.600 |
6.449 |
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TOTAL |
60.268 |
57.226 |
57.319 |
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Less |
EXPENSES |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
46.302 |
44.554 |
43.028 |
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PROFIT BEFORE
TAX |
13.966 |
12.672 |
14.291 |
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Less |
TAX |
4.105 |
2.846 |
3.571 |
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PROFIT AFTER TAX
|
9.861 |
9.826 |
10.720 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
1.489 |
NA |
NA |
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TOTAL EARNINGS |
1.489 |
NA |
NA |
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Earnings Per
Share (Rs.) |
90.70 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
16.36 |
17.17 |
17.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
26.66 |
26.06 |
28.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.79 |
8.81 |
12.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.07 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.05 |
0.03 |
0.04 |
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Current Ratio (Current Asset/Current Liability) |
|
11.21 |
15.85 |
9.03 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
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.
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.
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.
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.
The diamond jewellery industry in India today may be more than Rs 60000 millions and is rated amongst the fastest growing in the world. India ranks third in the world in domestic diamond consumption.
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.
FIXED ASSETS:
·
Land
·
Building
·
Building (Resident)
·
Plant and Machinery
·
Electrical Installation
·
Dies and Tools
·
Furniture
·
Office Equipment
·
Computer
·
Pollution Control
Equipment
·
Vehicles
·
Office – Baroda
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.55.42 |
|
|
1 |
Rs.86.78 |
|
Euro |
1 |
Rs.68.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |