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Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
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Name : |
MANIRATNAM GEMS PRIVATE LIMITED |
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Registered
Office : |
Chhajer Sadan, Near |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.11.2008 |
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Com. Reg. No.: |
17-027680 |
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Capital
Investment/ Paid-up Capital: |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U36911RJ2008PTC027680 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JDHM08708A |
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PAN No.: [Permanent Account No.] |
AAFCM7852C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacture of Diamonds and Jewellery |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 10000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Even though
the company has achieved healthy growth in its sales turnover during 2011,
the profitability appears to be low. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct The company can be considered for business dealings with some
caution. |
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) |
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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 |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
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 : |
Chhajer Sadan, Near |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Mahendra Chhajer |
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Designation : |
Director |
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Address : |
Chhajer Sadan, Near, |
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Date of Birth/Age : |
26.07.1971 |
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Date of Appointment : |
04.11.2008 |
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Din No.: |
02328632 |
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Name : |
Mr. Manoj Chopra |
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Designation : |
Director |
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Address : |
Chopra Bhavan Near |
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Date of Birth/Age : |
10.09.1967 |
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Date of Appointment : |
04.11.2008 |
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Din No.: |
02367380 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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Mr. Mahendra Chhajer |
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5000 |
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Mr. Manoj Chopra |
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5000 |
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Total |
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10000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2011
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Diamonds and Jewellery |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mukesh Sushil and Company Chartered Accountant |
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Address : |
"Shivam" Near Mahadev Chattri Agarsen Bazar
Beawar-305901, |
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Pan No.: |
AAIFM6783G |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised 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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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.318 |
0.684 |
0.116 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.418 |
0.784 |
0.216 |
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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 |
0.011 |
0.022 |
0.022 |
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TOTAL BORROWING |
0.011 |
0.022 |
0.022 |
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DEFERRED TAX LIABILITIES |
0.002 |
0.002 |
0.001 |
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TOTAL |
2.431 |
0.808 |
0.239 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.010 |
0.016 |
0.006 |
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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 |
151.875
|
63.404 |
87.220 |
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Sundry Debtors |
1514.052
|
1211.729 |
375.567 |
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Cash & Bank Balances |
4.524
|
18.354 |
0.160 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
116.726
|
0.131 |
0.000 |
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Total
Current Assets |
1787.177
|
1293.618 |
462.947 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1783.114
|
1292.046 |
462.581 |
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Other Current Liabilities |
0.891
|
0.517 |
0.073 |
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Provisions |
0.756
|
0.270 |
0.069 |
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Total
Current Liabilities |
1784.761
|
1292.833 |
462.723 |
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Net Current Assets |
2.416
|
0.785 |
0.224 |
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MISCELLANEOUS EXPENSES |
0.005 |
0.007 |
0.009 |
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TOTAL |
2.431 |
0.808 |
0.239 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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TURNOVER |
4343.232 |
3071.480 |
483.934 |
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EXPENSES |
NA |
0.009 |
483.766 |
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PROFIT BEFORE
TAX |
NA |
0.822 |
0.168 |
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TAX |
NA |
0.253 |
0.051 |
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PROFIT AFTER TAX |
NA |
0.569 |
0.117 |
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Earnings Per
Share (Rs.) |
NA |
57 |
11.70 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA |
NA |
0.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA |
0.06 |
0.04 |
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Return on Investment (ROI) (PBT/Networth) |
|
NA |
1.05 |
0.78 |
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Debt Equity Ratio (Total Liability/Networth) |
|
738.12 |
1649.05 |
2142.34 |
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Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.00 |
1.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
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Year
of Establishment |
Yes |
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Locality
of the Firm |
Yes |
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Constitution
of the firm |
Yes |
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Premises
details |
No |
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Type
of Business |
Yes |
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Line
of Business |
Yes |
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Promoters
background |
Yes |
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No.
of Employees |
No |
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Name
of Person Contacted |
No |
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Designation
of contact person |
No |
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Turnover
of firm for last three years |
Yes |
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Profitability
for last two years |
Yes |
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Reasons
for variation <> 20% |
- |
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Estimation
for coming financial year |
No |
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Capital
the business |
Yes |
|
Details
of sister concerns |
No |
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Major
Suppliers |
No |
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Major
Customers |
No |
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Payment
Terms |
No |
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Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
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Banking
Details |
No |
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Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
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Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
OPERATIONS :
The company
commenced and carried on the business of manufacturing of cut, polish, process,
mine, hire, repairs and stores or otherwise acquire, hold buy, sell exchange,
distribute or otherwise dispose of, trade deal in import and export of any and
all classes and king of jewellery, gems, diamonds, emeralds, rubies, sapphires,
pearls, coral and other items. And the company achieved tremendous turnover
within short period of 4 months.
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.
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
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 20.000 Millions lent to
a dozen diamond firms in
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 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.54.71 |
|
|
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.