MIRA INFORM REPORT

 

 

Report Date :

13.06.2012

 

IDENTIFICATION DETAILS

 

Name :

FINE DIAMOND PTE LTD

 

 

Registered Office :

101 Cecil Street #25-11 Tong Eng Bldg Singapore 069533

 

 

Country :

Singapore

 

 

Financials (as on) :

MAR 2010

 

 

Date of Incorporation :

01.06.1981

 

 

Com. Reg. No.:

198102429R

 

 

Legal Form :

Limited Exempt Private Company

 

 

Line of Business :

Wholesale Of Jewellery

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

No Complaints

Litigation :

Clear

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

            Company Name:

Registered Number:

FINE DIAMOND PTE LTD

198102429R

 

Date Incorporated:

Registered Office:

Telephone Number:

01/06/1981

101 CECIL STREET #25-11 TONG ENG BLDG SINGAPORE 069533

6225 7444

Age of Company:

Website:

Industry Type:

31

NA

COMMERCE-WHOLESALE

 

Credit Assessment

 

 

Risk Dashboard

 

Days Beyond Terms

Trend:

No. of Litigation Counts:

 

Company DTC:

NA

 

NA

 

The entity is paying current to the creditors

No. of Charges(s):
8

 

Industry DTC

 

24

 

Directors

 

Corporate Structure

Number of Current Directors

2

Holding Company:

NA

Number that are shareholders

2

No. of Subsidiaries & Associated Companies:

NA

 

 

Risk Assessment Grid

Section

Assessment

Profitability

STRONG

GOOD

FAIR

MARGINAL

WEAK

Capital Structure

STRONG

GOOD

FAIR

MARGINAL

WEAK

Liquidity

STRONG

GOOD

FAIR

MARGINAL

WEAK

Activity

STRONG

GOOD

FAIR

MARGINAL

WEAK

Growth

STRONG

GOOD

FAIR

MARGINAL

WEAK

Size

STRONG

GOOD

FAIR

MARGINAL

WEAK

EXECUTIVE SUMMARY

 

Company Name

:

FINE DIAMOND PTE LTD

Registration No

:

198102429R

Date of Registration

:

01/06/1981

Former Name

:

NA

Date of Change of Name

:

NA

Type of Company

:

LIMITED EXEMPT PRIVATE COMPANY

Registered Address

:

101 CECIL STREET #25-11 TONG ENG BLDG SINGAPORE 069533

Date of Change of Address

:

15/01/1990

Contact No.

:

6225 7444

Fax No.

:

6225 6667

Website

:

NA

Registered Activities

:

WHOLESALE OF JEWELLERY

Issued Ordinary Capital*

:

$2,500,000.00 SINGAPORE, DOLLARS, NO. OF SHARE : 2,500,000

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$2,500,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

NA

No. of Local Associates

:

NA

Auditor

:

MGI MENON & ASSOCIATES

Bankers / Financiers

:

STANDARD CHARTERED BANK

Turnover

:

SINGAPORE, DOLLARS 46,287,135.00 (FY2010)

Net Worth

:

SINGAPORE, DOLLARS 4,008,134.00 (FY2010)

No. of Bank Charges

:

8

No. of Litigation Suits

:

NA

S1000 / SME 1000 / FG50 Ranking

:

No found for SINGAPORE 1000 and SME 1000

Compounded Annual Growth Rate (CAGR)

:

0.22% (4 years)

 

SHAREHOLDER DETAILS

 

NAME

:

BAKUL RAMNIKLAL PARIKH

SHAREHOLDER ID

:

S2223347E

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

48 LAKESHORE VIEW SINGAPORE 098154

NO. OF ORD SHARES

:

2,460,000

% OF SHAREHOLDING

:

98.4%

CURRENCY

:

SINGAPORE, DOLLARS

 

NAME

:

SWATI BAKUL PARIKH

SHAREHOLDER ID

:

S2553487E

NATIONALITY

:

SINGAPORE P.R.

ADDRESS

:

48 LAKESHORE VIEW SINGAPORE 098154

NO. OF ORD SHARES

:

40,000

% OF SHAREHOLDING

:

1.6%

CURRENCY

:

SINGAPORE, DOLLARS

 

 

 

OFFICER DETAILS

 

NAME

:

SWARAN SINGH

ADDRESS

:

402 SIN MING AVENUE #15-319 SINGAPORE 570402

POSITION

:

SECRETARY

DATE OF APPT

:

31/03/1990

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1157721J

 

NAME

:

BAKUL RAMNIKLAL PARIKH

ADDRESS

:

48 LAKESHORE VIEW SINGAPORE 098154

POSITION

:

DIRECTOR

DATE OF APPT

:

01/06/1981

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2223347E

 

NAME

:

SWATI BAKUL PARIKH

ADDRESS

:

48 LAKESHORE VIEW SINGAPORE 098154

POSITION

:

DIRECTOR

DATE OF APPT

:

17/03/1995

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S2553487E

 

NAME

:

THIYAGARAJAN MURUGESAN

ADDRESS

:

644 ANG MO KIO AVENUE 4 #02-850 SINGAPORE 560644

POSITION

:

SECRETARY

DATE OF APPT

:

07/09/2007

NATIONALITY

:

SINGAPORE P.R.

I/C PASSPORT

:

S7064651Z

 

 

 

KEY PERSONNEL PROFILE

 

Name:

BAKUL RAMNIKLAL PARIKH

NRIC Number:

S2223347E

Available Address:

48 LAKESHORE VIEW  SINGAPORE 98154

 

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

1

FINE DIAMOND PTE LTD

DIRECTOR

01/06/1981

2460000

98.40

2

FINE JEWELS PTE LTD

DIRECTOR

10/05/1991

99999

99.99

3

KKPP INVESTMENT PTE. LTD.

DIRECTOR

13/09/2007

1

50.00

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

No Trace

 

 

 

 

 

 

Bankruptcy Record

 

(Status include petition filed, order made, discharge, annulment, set aside, rescinded and withdrawn)

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

Note: Please purchase case details to know the latest status.

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Transfer

Year

Date of Filing

Amount

Cause Category

M

17306

-

2004

14/07/2004

SGD 5,400.00

-

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

NA

 

 

                                                                                                                       

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there have been 8 bank charges registered against Subject by its bankers. The charge numbers are:

 

1)

Charge No.

:

C200702907

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

2)

Charge No.

:

C200702906

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

3)

Charge No.

:

C200702904

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

4)

Charge No.

:

C200702903

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

5)

Charge No.

:

C200702902

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

6)

Charge No.

:

C200702901

 

Date of Registration

:

17/04/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

7)

Charge No.

:

C200700477

 

Date of Registration

:

17/01/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

 

8)

Charge No.

:

C200700476

 

Date of Registration

:

17/01/2007

 

Chargee

:

STANDARD CHARTERED BANK

 

Amount Secured  and Currency

:

All Monies

 

Address

:

6 BATTERY ROAD SINGAPORE 049909

 

 

 

 

COMPLIANCE RECORDS

 

Date of Last AGM

:

14/02/2012

Date of Last AR

:

20/03/2012

Date of A/C Laid At Last AGM

:

31/03/2010
 

 

COMPLIANCE RATING FOR ANNUAL FILING

 

ANNUAL GENERAL MEETING,ANNUAL RETURN OR ACCOUNTS LATE

 

 

 

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

 

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

 

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

 

MAR 2010

% Change

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

46,287,135

14.71

40,350,277

49,351,756

43,284,996

45,882,676

Profit/(Loss) Before Tax

1,203,689

NA

(911,047)

369,933

322,190

94,509

Profit After Tax attributable

 to Shareholders

1,167,689

NA

(976,317)

324,377

265,825

69,867

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

59,366,820

17.30

50,610,468

66,740,145

61,064,384

44,741,228

Current Assets

53,223,422

20.07

44,326,707

60,315,585

53,211,264

43,063,604

Non Current Assets

6,143,398

-2.23

6,283,761

6,424,560

7,853,120

1,677,624

 

 

 

 

 

 

 

Total Liabilities

55,358,686

15.89

47,770,023

62,923,383

57,571,999

41,514,668

Current Liabilities

37,182,707

33.77

27,795,115

52,106,674

45,465,773

33,264,423

Non Current Liabilities

18,175,979

-9.01

19,974,908

10,816,709

12,106,226

8,250,245

 

 

 

 

 

 

 

Shareholders' Funds

4,008,134

41.11

2,840,445

3,816,762

3,492,385

3,226,560

Share Capital

2,500,000

0.00

2,500,000

2,500,000

2,500,000

2,500,000

Total Reserves

1,508,134

342.99

340,445

1,316,762

992,385

726,560

 

 

 

 

 

 

 

 

 

FINANCIAL RATIOS

 

 

Company

 

MAR 2010

MAR 2009

MAR 2008

MAR 2007

MAR 2006

Growth %

 

 

 

 

 

Year-on-Year Growth

14.71

-18.24

14.02

-5.66

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.52

-2.42

0.66

0.61

0.15

Return on Equity (%)

29.13

-34.37

8.50

7.61

2.17

Return on Assets (%)

1.97

-1.93

0.49

0.44

0.16

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

13.81

16.82

16.49

16.49

12.87

Current Debt/Equity (Times)

9.28

9.79

13.65

13.02

10.31

Long Term Debt To Equity (Times)

4.53

7.03

2.83

3.47

2.56

Total Asset To Total Equity (Times)

14.81

17.82

17.49

17.49

13.87

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

0.78

0.80

0.74

0.71

1.03

Fixed Assets Turnover (Times)

7.53

6.42

7.68

5.51

27.35

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.43

1.59

1.16

1.17

1.29

 

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 0.22% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The company yielded a rate of net profit on sales of 2.52 per cent in FY10. The company is now able to book in SINGAPORE, DOLLARS 0.03 of profit for every SINGAPORE, DOLLARS of sales.

 

 

Liquidity

Current ratio stood at 1.43 times in FY10 (FY09: 1.59 times). This means that the company has SINGAPORE, DOLLARS 1.43 of current assets for every SINGAPORE, DOLLARS of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

 

FINANCIAL COMMENTARY

 

Leverage

Total debt-to-equity ratio notched 13.81 times in FY10, compared with 16.82 times in FY09. This means that the company requires additional external financing of SINGAPORE, DOLLARS 13.81 for every SINGAPORE, DOLLARS injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 29.13 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 1.97 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 0.78 times in FY10 (FY09: 0.80 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

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 2000 crore 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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.56.05

UK Pound

1

Rs.86.69

Euro

1

Rs.69.98

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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 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%)

 

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.