MIRA INFORM REPORT

 

 

Report Date :

10.02.2012

 

IDENTIFICATION DETAILS

 

Name :

MANI PRABHA IMPEX PRIVATE LIMITED

 

 

Registered Office :

Office No. 4, 1st Floor, Dreamland Building, New Queens Road, Opera House, Mumbai-400004, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

07.04.2006

 

 

Com. Reg. No.:

11-161013

 

 

Capital Investment / Paid-up Capital :

Rs. 0.200 Million

 

 

CIN No.:

[Company Identification No.]

U51398MH2006PTC161013

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM29327E

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of diamond studded jewellery

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 3000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

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

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

Office No. 4, 1st Floor, Dreamland Building, New Queens Road, Opera House, Mumbai-400004, Maharashtra, India

Tel. No.:

91-22-66284361

Fax No.:

Not Available

E-Mail :

Maniprabha25@yahoo.co.in

 

 

DIRECTORS

 

AS ON 12.09.2011

 

Name :

Mr. Dharmichand Sohanlal Jain

Designation :

Director

Address :

C-301, Shefield Apartments, C S Road, Dahisar (East), Mumbai-400068, Maharashtra, India 

Date of Birth/Age :

05.08.1968

Date of Appointment :

07.04.2006

DIN No.:

00298233

 

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Date of cessation

Company Status

Defaulting status

1

U51398MH1999PTC118774

RIDDHI EXPOTRADE PRIVATE LIMITED

Director

10-10-01

10-10-01

21-02-11

Active

NO

2

U51398MH2006PTC161013

MANI PRABHA IMPEX PRIVATE LIMITED

Director

07-04-06

07-04-06

-

Active

NO

3

U36912MH2008PTC177997

KANGAN JEWELS PRIVATE LIMITED

Director

19-01-08

19-01-08

-

Active

NO

 

 

Name :

Mr. Trilokchand Sohanlal Jain

Designation :

Director

Address :

C-301, Shefield Apartments, C S Road, Dahisar (East), Mumbai-400068, Maharashtra, India 

Date of Birth/Age :

15.07.1980

Date of Appointment :

07.04.2007

DIN No.:

00482553

 

Other Directorship:

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U51398MH2006PTC161013

MANI PRABHA IMPEX PRIVATE LIMITED

Director

07-04-07

07-04-07

Active

NO

2

U36912MH2008PTC177997

KANGAN JEWELS PRIVATE LIMITED

Director

19-01-08

19-01-08

Active

NO

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 12.09.2011

 

Names of Shareholders

No. of Shares

Dharmichand Sohanlal Jain

10000

Trilokchand Sohanlal Jain

10000

Total

20000

 

AS ON 12.09.2011

 

Equity Shares Break Up

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of diamond studded jewellery

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :

Not Available

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

Manisha Kishor Parmar

Chartered Accountant

Address :

A-203, Shripal Nagar, Devchand Nagar Road, Bhayander (West), Thane-401101, Maharashtra, India

Pan No.:

AAEPJ8523D

 

 

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

 

 

 

 

20000

Equity Shares

Rs.10/- each

Rs. 0.200 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.200

0.200

0.200

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.702

0.508

0.368

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

0.902

0.708

0.568

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

4.850

TOTAL BORROWING

0.000

0.000

4.850

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

0.902

0.708

5.418

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.000

0.000

0.000

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
62.141

0.000

11.314

 

Sundry Debtors
947.179

649.165

1011.473

 

Cash & Bank Balances
7.311

10.914

3.695

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
154.158

83.395

37.290

Total Current Assets
1170.789

743.474

1063.772

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
1168.816

742.684

1058.265

 

Other Current Liabilities
1.006

0.031

0.022

 

Provisions
0.086

0.076

0.095

Total Current Liabilities
1169.908

742.791

1058.382

Net Current Assets
0.881

0.683

5.390

 

 

 

 

MISCELLANEOUS EXPENSES

0.021

0.025

0.028

 

 

 

 

TOTAL

0.902

0.708

5.418

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

2327.749

1799.623

1264.686

 

 

Other Income

6.638

2.245

3.431

 

 

TOTAL                                    

2334.387

1801.868

1268.117

 

 

 

 

 

Less

EXPENSES

 

 

Office Expenses

2334.107

1801.653

1267.829

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                    

2334.107

1801.653

1267.829

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

0.280

0.215

0.288

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.000

0.000

0.00

 

 

 

 

 

 

PROFIT BEFORE TAX

0.280

0.215

0.288

 

 

 

 

 

Less

TAX                                                                 

0.087

0.076

0.095

 

 

 

 

 

 

PROFIT AFTER TAX

0.193

0.139

0.193

 

 

 

 

 

 

EXPORT VALUE

443.953

150.942

136.508

 

 

 

 

 

 

IMPORT VALUE

1777.927

996.922

1042.523

 

 

 

 

 

 

Earnings Per Share (Rs.)

9.65

6.95

9.65

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
0.01

0.01

0.02

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
0.01

0.01

0.02

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
0.02

0.03

0.03

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.31

0.30

0.51

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1297.02

1049.14

1871.89

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.00

1.00

1.01

 

 

LOCAL AGENCY FURTHER INFORMATION

 

WEBSITE DETAILS

 

DIAMOND INDUSTRY – INDIA

 

-          From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

 

-          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 mil and is rated amongst the fastest growing in the world. Indi 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.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 49.28

UK Pound

1

Rs. 78.09

Euro

1

Rs. 65.58

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

2

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

26

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.