MIRA
INFORM REPORT
|
Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI DIAMOND PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse, Bandra-Kurla
Complex, Bandra (East), Mumbai-400051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
12.04.2006 |
|
|
|
|
Com. Reg. No.: |
11-161091 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.173.367
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2006PTC161091 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06215G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL1815G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Polished Diamonds. |
|
|
|
|
No. of Employees
: |
18000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is the flagship company of “Laxmi Diamond Group”. It is a
well-established company having satisfactory track record. The latest financial
are not made available. However, as per previous year’s record the networth
of the company seems to be strong. Performance capacity is high. Trade relations are reported to be decent. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting for
more than half of India's output, with only one-third of its labor force. India
has capitalized on its large educated English-speaking population to become a
major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB – [Long Term Bank Facility] |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
15.10.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 [Short Term Bank Facility] |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
15.10.2012 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. John |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-40502222 |
|
Date : |
04.01.2013 |
LOCATIONS
|
Registered / Head Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse,
Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
Tel. No.: |
91-22-26755150 / 33927041 / 33927042 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website: |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
New A K Road, Varachha, Surat-395008, Gujarat, India |
|
Tel. No.: |
91-261-2542532 |
|
Fax No.: |
91-261-2541623 |
|
E-Mail : |
|
|
|
|
|
Factory : |
415/416, Prasad Chambers, Opera House, Mumbai-400004, Maharashtra,
India |
|
Tel. No.: |
91-22-23696643 / 23696645 / 23677007 / 40502222 |
|
Fax No.: |
91-22-23670390 |
DIRECTORS
AS ON 05.09.2012
|
Name : |
Mr. Mitesh Chunilal Gajera |
|
Designation : |
Director |
|
Address : |
21/22 Floor, Suraj Apartments, 71, Bhulabhai Desai Road,
Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
10.03.1982 |
|
Date of Appointment : |
20.03.2008 |
|
Din No.: |
01011862 |
|
|
|
|
Name : |
Mrs. Sunitaben Chunibhai Gajera |
|
Designation : |
Director |
|
Address : |
49-50, Vishnu Nagar Society, New A. K. Road, Surat-395001, Gujarat, India |
|
Date of Birth/Age : |
12.10.1963 |
|
Date of Appointment : |
22.04.2006 |
|
Din No.: |
00147762 |
|
|
|
|
Name : |
Mr. Ashokbhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
31, Kalpavrukh Apartment, 27, B.G. Kher Marg, Walkeshwar,
Mumbai-395001, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1965 |
|
Date of Appointment : |
12.04.2006 |
|
Din No.: |
00147819 |
|
|
|
|
Name : |
Mr. Chunibhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
67, Adarsh Society, Athwalines, Surat-395001, Gujarat, India |
|
Date of Birth/Age : |
05.07.1960 |
|
Date of Appointment : |
12.04.2006 |
|
Din No.: |
00147830 |
|
|
|
|
Name : |
Mr. Vasantbhai Haribhai Gajera |
|
Designation : |
Managing Director |
|
Address : |
1, Vrushal Nagar Society, Near Katargam Police Station, Katargam,
Surat-395008, Gujarat, India |
|
Date of Birth/Age : |
01.06.1954 |
|
Date of Appointment : |
12.04.2006 |
|
Din No.: |
00147855 |
|
|
|
|
Name : |
Mr. Nitinbhai Chunibhai Gajera |
|
Designation : |
Director |
|
Address : |
49-50, Vishnu Nagar Society, New A. K. Road, Surat-395008, Gujarat,
India |
|
Date of Birth/Age : |
11.06.1984 |
|
Date of Appointment : |
12.04.2006 |
|
Din No.: |
00147866 |
|
|
|
|
Name : |
Mrs. Sarojben Ashokbhai Gajera |
|
Designation : |
Director |
|
Address : |
31, Kalpavruksha Apartments, 27, B. G. Kher Marg, Walkeshwar,
Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1969 |
|
Date of Appointment : |
22.04.2006 |
|
Din No.: |
00743941 |
|
|
|
|
Name : |
Mr. Lalitkumar Dhirajlal Gajera |
|
Designation : |
Director |
|
Address : |
43-44, Kantareshwar Society, Behind Ananbd Ashram, Katargam,
Surat-395004, Gujarat, India |
|
Date of Birth/Age : |
03.05.1972 |
|
Date of Appointment : |
04.07.2007 |
|
Din No.: |
01624264 |
|
|
|
|
Name : |
Mr. Samrat Ajay Chokshi |
|
Designation : |
Director |
|
Address : |
204, Virat Apartments, Dwalibag, Athwagate, Surat-395001, Gujarat,
India |
|
Date of Birth/Age : |
18.01.1978 |
|
Date of Appointment : |
04.07.2007 |
|
Din No.: |
01627380 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vasantbhai Harijbhai Gajera |
|
4500000 |
|
Ashokbhai Harijbhai Gajera |
|
4900000 |
|
Chunibhai Harijbhai Gajera |
|
3660000 |
|
Nitinbhai Chunibhai Gajera |
|
700000 |
|
Bhavnaben Vasantbhai Gajera |
|
350000 |
|
Sarojben Ashokbhai Gajera |
|
750000 |
|
Sunitaben Chunibhai Gajera |
|
140000 |
|
Rakesh G Gajera (Repatriable) |
|
2336740 |
|
|
|
|
|
Total
|
|
17336740 |
AS ON 05.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Polished Diamonds. |
|
|
|
|
Exports : |
|
|
Products : |
Diamonds |
|
Countries : |
·
USA ·
UK |
|
|
|
|
Imports : |
|
|
Products : |
Diamonds |
|
Countries : |
·
Israel ·
Belgium |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit |
|
|
|
PRODUCTION STATUS [AS ON 31.03.2010]
|
Particulars |
Unit |
Actual
Production |
|
Processed Polished Diamonds |
Carats |
463722.48 |
|
Studded Jewellery |
Gms |
Nil |
GENERAL INFORMATION
|
No. of Employees : |
18000 [Approximately] |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
State Bank of Saurashtra, 1st Floor,
Diamond Queen, 198, Rajaram Mohan Roy Marg, Girgaon, Mumbai – 400004, Maharashtra,
India ·
State Bank of India, Diamond Branch, 1st
Floor, Majestic Shopping Centre, Majestic Shopping Centre, 144, J.S.S. Road,
Girgaon, Mumbai-400004, Maharashtra, India ·
Bank of India, Lead Bank and 3 Others Seepz Mid
Corporate Branch, Behind Seepz Service Centre Building, Marol Industrial
Area, Seepz, Mumbai-400096, Maharashtra, India ·
Andhra Bank, 9/15, Mama Paramanand Marg, Queen’s
Road, Mumbai-400004, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountant |
|
Address : |
1st Floor, Purshottam Building, 450, Lamington Road, Mumbai-400004,
Maharashtra, India |
|
Tel. No.: |
91-22-23669708/ 23669709/ 23618386 |
|
Fax No.: |
91-22-23631810 |
|
E-Mail : |
|
|
PAN No: |
AAFFR7782K |
|
|
|
|
Associates : |
·
Laxmi Dia Jewel Private limited, India [U36912MH1992PTC068743] Address: Plot No. 4, BMC
Industrial Estate, Sai Nagar, M.G. Cross, Road No. 1, Kandivali (West),
Mumbai-400067, Maharashtra, India Tel
No.: 91-22-61503333 / 61503302 Fax
No.: 91-22-61503300 Email: info.cy@cygnusjewellery.com Website: www.cygnusjewellery.com ·
Laxmi Diamond (HK) Limited Address: 802,
Guardfource Centre, 3 Hok Yuen Street East, Hung Hom Kowloon, Hong Kong Tel
No.: 852-2311-9628 Fax
No.: 852-2311-4498 Email: info@laxmidiamondhk.com ·
Shree Laxmi Info Solution and Jewellery Limited |
|
|
|
|
Subsidiaries : |
·
Suberi Bros. LLC, USA Address: 902, Broadway,
14th Floor, New York, NY-10010, USA Tel
No.: 212-979-9100 Fax
No.: 212-979-5311 Email: markmanr@suberi.com ·
Komal Gmes NV, New Zealand ·
Dhanamall Silk Mills Private Limited [U99999MH1971PTC015201] |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17336740 |
Equity Shares |
Rs.10/- each |
Rs.173.367
Millions |
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 |
173.367 |
173.367 |
150.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2552.006 |
2079.413 |
1381.542 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2725.373 |
2252.780 |
1531.542 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4483.373 |
4687.493 |
5031.717 |
|
|
2] Unsecured Loans |
95.169 |
587.178 |
903.082 |
|
|
TOTAL BORROWING |
4578.542 |
5274.671 |
5934.799 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7303.915 |
7527.451 |
7466.341 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
848.960 |
816.395 |
815.316 |
|
|
Capital work-in-progress |
1.187 |
0.000 |
0.012 |
|
|
|
|
|
|
|
|
INVESTMENT |
209.729 |
209.481 |
206.846 |
|
|
DEFERREX TAX ASSETS |
4.865 |
86.730 |
295.191 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3443.586
|
1984.072 |
2862.144
|
|
|
Sundry Debtors |
6997.278
|
5301.789 |
4775.289
|
|
|
Cash & Bank Balances |
383.453
|
80.282 |
3.869
|
|
|
Other Current Assets |
322.558
|
364.567 |
130.976
|
|
|
Loans & Advances |
353.909
|
390.761 |
517.066
|
|
Total
Current Assets |
11500.784
|
8121.471 |
8289.344
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5055.379
|
1586.044 |
1217.567
|
|
|
Other Current Liabilities |
78.879
|
59.427 |
53.128
|
|
|
Provisions |
127.352
|
61.387 |
870.137
|
|
Total
Current Liabilities |
5261.610
|
1706.858 |
2140.832
|
|
|
Net Current Assets |
6239.174
|
6414.613 |
6148.512
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.232 |
0.464 |
|
|
|
|
|
|
|
|
TOTAL |
7303.915 |
7527.451 |
7466.341 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
|
|
|
|
SALES |
19012.173 [Gross
Revenue] |
14563.961 |
10609.659 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
8734.168 |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
671.194 |
(739.050) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
NA |
72.856 |
73.964 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
598.338 |
(813.014) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
227.611 |
(296.205) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
472.593 |
370.727 |
(516.809) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
14333.784 |
11407.157 |
8707.689 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
6136.490 |
3448.725 |
|
|
|
Finished Goods |
13976.580 |
3648.322 |
4183.947 |
|
|
|
Capital Goods |
|
102.158 |
7.699 |
|
|
TOTAL IMPORTS |
13976.580 |
9886.970 |
7640.371 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
27.25 |
21.38 |
(73.83) |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover [Approximately] |
|
|
22000.000 |
The above information has been parted by Mr. John.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
6.69
|
(8.93) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.27
|
(0.53) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.61
|
3.10
|
5.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19
|
4.79
|
3.87 |
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 |
5055.379
|
1586.044 |
1217.567
|
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
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. 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.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U36911MH2006PTC161091 |
|
Name of the
company |
LAXMI DIAMOND
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
415/416, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra,
India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] |
|
Particular of
charge holder |
Andhra Bank, 9/15, Mama Paramanand Marg, Queen’s Road, Mumbai-400004, Maharashtra,
India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
composite
agreement dated 24.07.2012 |
|
Date of
instrument Creating the charge |
24.07.2012 |
|
Amount secured by
the charge |
Rs.91.200
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Bank's base rate
+ 1.50% p.a. presently at 12% p.a. Terms of Repayment On Demand Margin Nil For
PC/PCFC/FUFC/FDBP/REBA 10% For AACB Extent and Operation of the charge The charge will
operate against the whole of book debts, goods and the movable property upto
91.200 Millions. |
|
Short particulars
of the property charged |
As per attachment |
FIXED ASSETS:
·
Office and Residential
Premises
·
Furniture, Fixture and
Electric Fittings
·
Plant, Machinery and
Equipments
·
Computer
·
Vehicles
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 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.54.85 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.