MIRA INFORM REPORT
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Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GITANJALI GEMS LIMITED |
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Registered
Office : |
801/802 Prasad Chambers, Opera House, Mumbai – 400004, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.08.1986 |
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Com. Reg. No.: |
11-040689 |
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CIN No.: [Company Identification
No.] |
L36911MH1986PLC040689 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08469G |
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PAN No.: [Permanent Account No.] |
AAACG1642F |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturers and Retailers of Integrated
Diamond and Jewellery |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 230000 |
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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. Financial
position of the company appears to be sound. Fundamentals are strong and
healthy. Trade relations are reported as fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered normal for 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.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
LOCATIONS
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Registered Office / Factory 1 : |
801/802 Prasad Chambers, Opera House, Mumbai – 400004, |
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Tel. No.: |
91-22-40362222 |
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Fax No.: |
91-22-23630363 |
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E-Mail : |
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Website : |
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Corporate Office : |
B- 6, 1st Floor, Laxmi Tower, Bandra Kurla Complex, Bandra (E),
Mumbai- 400 051, Maharashtra, India |
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Tel. No.: |
91-22-40102000 / 01 |
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Fax No.: |
91-22-40102003 |
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E-Mail : |
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Factory 2 : |
1. Gala No. 3, Ground Floor, Hi – tech embroidery, Vardhaman
Industrial Estate, Near Petrol pump, S.V. Road, Dahisar (East), Mumbai – 400
068, Maharashtra, India |
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Factory 3 : |
2. Plot No.61, SEEPZ, Andheri (E), Mumbai |
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Factory 4 : |
3. Plot No.16 (Part), 17,28,29(Part),SEEPZ, Andheri (E), Mumbai |
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Factory 5 : |
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Factory 6 : |
Survey NO.1/1, |
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Factory 7 : |
Mould No. – 4NE, 4th floor, SF Building, Manikanchan SEZ, |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. Mehul Choksi |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Nehal Modi |
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Designation : |
Non -Executive Director |
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Name : |
Mr. Dhanesh Sheth |
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Designation : |
Non -Executive Director |
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Name : |
Mr. Nitin Potdar |
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Designation : |
Independent Director |
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Name : |
Mr. Sujal Shah, |
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Designation : |
Independent Director |
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Name : |
Mr. S. Krishnan |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Ms. Pankhuri Warange |
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Designation : |
Company Secretary & Compliance Officer |
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Audit
Committee |
Mr. Sujal Shah, Chairman Mr. Nitin Potdar Mr. S. Krishnan Mr. Dhanesh Sheth |
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Shareholders/Investor’s
Grievance Committee |
Mr. Dhanesh Sheth, Chairman Mr. Mehul Choksi Mr. Nitin Potdar |
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Remuneration
Committee |
Mr. Sujal Shah, Chairman Mr. S. Krishnan |
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Allotment
Committee |
Mr. Mehul Choksi, Chairman Mr. Dhanesh Sheth Mr. Sunil Varma |
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Borrowing
Committee |
Mr. Mehul Choksi, Chairman Mr. Dhanesh Sheth Mr. Sunil Varma |
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Investment
Committee |
Mr. Mehul C. Choksi, Chairman Mr. Dhanesh Sheth Mr. Sunil Varma |
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Administrative
Committee |
Mr. Mehul Choksi, Chairman Mr. Dhanesh Sheth Mr. Sunil Varma |
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Executive
Management Committee |
Mr. Mehul Choksi, Chairman Mr. Nehal Modi Mr. Dhanesh Sheth Mr. Nishit Mehta |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2010)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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388855049 |
46.12 |
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7451488 |
8.84 |
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10000 |
0.01 |
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(B) Public Shareholding |
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157153 |
0.19 |
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11287719 |
13.39 |
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10247850 |
12.18 |
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7812136 |
9.27 |
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3803020 |
4.51 |
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1137393 |
1.35 |
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1454 |
-- |
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432127 |
0.51 |
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1508462 |
1.79 |
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1554050 |
1.84 |
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Total |
84270000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Retailers of Integrated Diamond and
Jewellery |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ford, Rhodes, Parks and Company Chartered Accountants |
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Address : |
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Subsidiaries : |
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Step Down Subsidiaries : |
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Step Down Joint
Venture : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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120,000,000 |
Equity Share |
Rs.10/- each |
Rs. 1200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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84,270,000 |
Equity Share |
Rs.10/- each |
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Opening Balance |
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Rs. 850.630
Millions |
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Less : Buyback of Shares |
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Rs. 7.930
Millions |
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Total |
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Rs. 842.700 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
842.700 |
850.630 |
850.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19640.110 |
18065.560 |
16977.000 |
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4] Share Warrants |
0.000 |
312.000 |
312.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20482.810 |
19228.190 |
18139.600 |
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LOAN FUNDS |
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1] Secured Loans |
12697.400 |
9001.100 |
7459.100 |
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2] Unsecured Loans |
3316.930 |
3757.000 |
2974.100 |
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TOTAL BORROWING |
16014.330 |
12758.100 |
10433.200 |
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DEFERRED TAX LIABILITIES |
9.210 |
8.260 |
5.800 |
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TOTAL |
36506.350 |
31994.550 |
28578.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
598.840 |
499.030 |
464.500 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8985.240 |
8385.180 |
5954.400 |
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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 |
7892.360
|
7581.130 |
5106.000 |
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Sundry Debtors |
18200.170
|
15899.660 |
12524.400 |
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Cash & Bank Balances |
1346.200
|
2386.280 |
9095.100 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
6213.360
|
5559.670 |
4458.100 |
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Total
Current Assets |
33652.090
|
31426.740 |
31183.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
5713.810
|
7426.510 |
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Other Current Liabilities |
330.330
|
293.460 |
8465.800 |
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Provisions |
685.680
|
596.430 |
558.100 |
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Total
Current Liabilities |
6729.820
|
8316.400 |
9023.900 |
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Net Current Assets |
26922.270
|
23110.340 |
22159.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
36506.350 |
31994.550 |
28578.600 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
33549.700 |
26938.470 |
26543.300 |
|
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Other Income |
2.820 |
2.170 |
34.000 |
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TOTAL (A) |
33552.520 |
26940.640 |
26577.300 |
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Less |
EXPENSES |
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Cost of trading Goods / Material Consumed |
30641.890 |
24300.050 |
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Operating Expenses |
366.520 |
836.640 |
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TOTAL (B) |
31008.410 |
25136.690 |
24789.200 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2544.110 |
1803.950 |
1788.100 |
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Less |
FINANCIAL
EXPENSES (D) |
1011.140 |
453.390 |
267.100 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1532.970 |
1350.560 |
1521.000 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
39.410 |
43.360 |
34.300 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1493.560 |
1307.200 |
1486.700 |
|
|
|
|
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Less |
TAX (I) |
72.650 |
39.510 |
105.200 |
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PROFIT AFTER TAX
(G-I) (J) |
1420.910 |
1267.690 |
1381.500 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5604.650 |
4624.100 |
3561.700 |
|
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Less |
APPROPRIATIONS |
|
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|
|
|
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Transfer to General Reserve |
120.000 |
108.000 |
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Dividend |
168.540 |
153.110 |
|
|
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Tax on Dividend |
28.640 |
26.030 |
319.100 |
|
|
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Capital Redemption Reserve |
7.930 |
0.000 |
|
|
|
|
Debenture Redemption Reserve |
250.000 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
6450.450 |
5604.650 |
4624.100 |
|
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EARNINGS IN FOREIGN
CURRENCY |
19449.310 |
14170.31 |
NA |
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|
|
|
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IMPORTS VALUE |
14854.930 |
11156.880 |
NA |
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Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
16.84 |
14.90 |
-- |
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|
- Diluted |
14.53 |
12.910 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
9977.380 |
13560.770 |
12718.470 |
|
Total Expenditure |
9189.350 |
12718.780 |
11925.320 |
|
PBIDT (Excl
OI) |
788.030 |
861.990 |
793.150 |
|
Other Income |
0.050 |
0.030 |
1.230 |
|
Operating
Profit |
788.080 |
862.020 |
794.380 |
|
Interest |
250.960 |
240.090 |
282.640 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
537.120 |
621.930 |
511.740 |
|
Depreciation |
8.130 |
8.560 |
8.240 |
|
Profit
Before Tax |
528.980 |
613.370 |
503.490 |
|
Tax |
17.750 |
22.770 |
22.250 |
|
Reported PAT |
511.230 |
590.600 |
481.240 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
511.230 |
590.600 |
481.240 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.61
|
5.02 |
2.70 |
|
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|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.79
|
7.62 |
4.30 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.57
|
14.74 |
6.92 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.38 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.85
|
1.55 |
3.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61
|
1.80 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject is one of largest integrated diamond and jewellery manufacturers
and retailers in
Turnovers and Profits
During the
financial year ended March 31, 2010 the sales and other income increased from
26,940.64 Million to Rs. 33,552.52 Million. The net profit before tax stood at
Rs. 1,493.56 million as against Rs. 1,307.20 million in the previous year. The
net profit after tax stood at Rs. 1,420.91 million as against Rs. 1267.69
million in the previous year.
Business Review
1. Diamond Segment
Gitanjali procures
rough diamonds from various major reputed diamond suppliers across the globe.
These rough diamonds are processed and polished in the modern diamond
processing units located at
Gitanjali’s
end-to-end diamond processing chain activities include Marking, Cleaving,
Sawing, Cutting and finally polishing. The Company’s quality sourcing
facilities helps the company to establish competitive prices, and enjoy a
consistent market demand.
2. Jewellery Segment
Gitanjali
manufactures gold jewellery and diamond studded jewellery in its various state
of the art facilities. The manufacturing activities are supported by a strong
product development and design function. The manufacturing process includes
designing, model and mould making, waxing and wax setting, casting, sprue
binding, filling, polishing, metal setting and rodium polish. The Export
processing unit is located at SEEPZ - Andheri, Mumbai with more than 500
workers. The other domestic manufacturing units are also located at Goregaon
& Andheri - Mumbai,
The revenue from
the jewellery segment accounted for 38% of the total revenue in 2009-10. The
jewellery segment grew by 18% in 2009-10 to Rs. 12,578 million. Gitanjali’s
growth can be attributed to branding, promotion, and expansion of its retail
network.
3. Branding and Retail Expansion
Gitanjali has
several jewellery brands under its umbrella which offer designs for all ages,
all occasions, and all customer segments. Gitanjali’s brand portfolio includes Gili,
Nakshatra, Asmi, Sangini, D’damas etc. The other important brands under various
sections including jewellery, fashion accessories, watches and silverware are
Vivaaha, Glitterati, Maya Gold, Diya, Stefen Hafner, Lucera, Hoop, Bella, Revv,
Rivaaz, Giantti, World of Solitaire, Me Solitaire, World of Silver, Bezel,
Morellato etc.
Gitanjali forayed
into the
Gitanjali has an
aggressive domestic retail expansion plan for the several brands it owns
through multiple channels in place. Gitanjali’s products are sold in super
stores and department stores, reputed jewellery retailers, owned retail stores
which are managed by group, franchised stores, dedicated jewellery marts and
chain stores supported by international certifications of scientifically tested
purity and authenticity. Gitanjali placed its jewellery
brands in retail
stores at the time when the overall shopping environment went in for a change,
with global brands entering
4. Lifestyle
Gitanjali’s foray
into the lifestyle segment was as a result of rising disposable incomes and per
capita consumptions. There has been continuous change in the trends and in the
mindsets of people. People have become ready for innovative jewellery, watches
and other accessories. Gitanjali, as part of its lifestyle business provides
luxury products like watches, silverware, perfumes, luxury artefacts, apparels,
leather goods, writing instruments, silver and other fashion jewellery and
accessories. Gitanjali has embarked upon diverse alliances with global players
to bring unique and tailor made designs on to the domestic market.
The lifestyle wing
ventured in to the area of media and entertainment and has taken up production,
marketing and advertisements of films, television serials, software and other
entertainment related programs via media like T.V., Radio, Newspaper, Outdoor
Hoardings and other available advertising media. It has also taken up
promotional activities via Music Launch, press conference, City Visits of
Artists, Mass scale events etc.
5. Special Economic Zone at
Gitanjali’s
Industry overview
When an economy
prospers, so does its people. They start spending more on consumer durables, automobiles,
luxury goods and gems and jewellery. Of all these products, gems and jewellery
provides people with a sense of financial security, as precious metals have the
ability to store value. Precious metals provide a comprehensive hedge against
exchange rate fluctuations of multiple currencies. Large scale purchasing for
investment purpose is carried out by the Central Bank, commercial banks,
institutional investors and Exchange Traded Funds (ETFs).
A preferred global
destination for its low production cost and abundance of skilled labour,
The value of the
gems and jewellery industry is estimated to be around US$ 28 billion (Source
www.gjepc.org), while according to World Gold Council, the industry stood at Rs.760
billion or US$ 16.7 billion; of which the urban Jewellery market is valued at
Rs.310 billion (US$ 6.8 billion) and the rural and semi-rural market at Rs.450
billion (US$ 9.9 billion). Of this, gold accounts for nearly 80% share, while
the rest comprise diamonds and other jewellery (Source: Care Research).
The gems and
jewellery industry was severely affected by the global crisis. Consumer
spending on luxury items all over the world, especially developed nations was
subdued. Despite the crisis,
diamond processing
centre and the world’s largest gold consuming nation. Exports managed to show
robust growth during the year. During the year 2009- 10,
The recent trends
in the global gems and jewellery industry include: fragmentation of rough
diamond supply; emergence of new mining areas; beneficiation movement in mining
countries; increasing raw material prices and enhanced raw material price
volatility.
Gold
The major portion
of gold jewellery manufactured in
During the first
quarter of 2010, around 748 tonnes of gold were consumed.
Diamonds
During the year,
the diamond jewellery market grew around 20% and
Company overview
Subject, a part of
the Gitanjali Group of Companies, was established in 1986 as a diamond and
Jewellery manufacturer and retailer. Gitanjali, one of the pioneers of the
jewellery branding and retailing revolution in
Gitanjali is a DTC
(Diamond and Trading Company) Sight holder through the promoter group company.
During the year, Gitanjali received the “Star Trading House” status from the
Government of India for its export performance. It has also been designated as
‘Nominated Agency’ for the purpose of direct import of gold, silver and other
precious metals.
Gitanjali was the
first to produce the world’s smallest heart shaped diamond (0.03 carat). It has
developed around 25 patented facet patterns. Gitanjali uses the latest
technology (CAD and
Joint ventures and collaborations
1. Gitanjali
Lifestyle Limited, the Company’s wholly owned subsidiary, and Damas LLC,
2. The Company has
during the year 2009-10, strategically acquired the remaining 50% stake in the
Indian joint venture company “Bezel India Private Limited (formerly known as
‘Morellato India Private Limited’).
3. Gitanjali
continues to hold on exclusive basis, the rights of marketing, promotion, sale
and distribution of products of its erstwhile JV partner under the following
brands: Morellto, Sector (non-Swiss made collection), Roberto Cavalli, Just
Cavalli and Miss Sixty.
4. The Company has
acquired 76% stake in Salasar Retail Limited through Gitanjali Lifestyle Limited.
Company performance during 2009-10
Revenues
During the
financial year 2009-10, demand resurgence in the Indian jewellery market and
moderate stabilisation of key international markets helped propel a 28% growth
in total revenues on a consolidated basis. It increased from Rs. 50,888.76
million in 2008-09 to Rs. 65,276.34 million in 2009-10. The cost optimisation
measures, undertaken as a response to the economic recession, especially in the
international business, improved earnings before interest and taxes (EBIT) to
6.1% of sales from 5% in the previous year. The profit after tax for the year
grew by 33% to Rs. 2,001.71 million from Rs. 1,505.83 million in the previous
year
Diamond business
The global demand
for diamonds, which had suffered a slowdown in the wake of the economic
recession during 2008 and early 2009, improved with economic stabilization
during FY2009-10. The Company’s diamond segment revenue grew by 21% to Rs.
28,912.97 million in FY2009-10 from Rs. 23,949.79 million earlier. This growth
was primarily due to the international sales of diamonds growing by 29% from
Rs. 16,679.11 million to Rs. 21,509.22 million. In the domestic market, the
Company has chosen to divert an increasing quantity of diamonds to the
fast-growing jewellery business, thereby restricting the growth rate in
domestic sales of diamonds to a marginal 2% over FY2008-09 sales of Rs.
7,270.68 million to Rs. 7,403.75 million in FY2009-10.
Jewellery business
The Company’s
continuous efforts at brand creation and promotion and expansion of its retail
network in
Gitanjali
currently operates 126 stores in the
Expenditure
The Company has
recorded a total expenditure (excluding depreciation / amortisation and interest)
of Rs. 60,885.06 million (previous year Rs. 48, 012.69 for the year ended March
31, 2010). Major expenditure can further be subdivided into:
• Cost of goods
sold of Rs. 55,252.84 million (previous year Rs. 42,382.69 million). This
increase is on account of increase in business volume.
• Due to increased
no. of employees on account of expansion of existing business, further
acquisition and consolidation, the Company recorded staff costs of Rs. 2,091.02
(previous year 2,165.79 million), primarily comprising of salary, bonus and
allowances paid to employees as well as costs incurred in connection with staff
welfare. The overall employee cost was lower during the year due to exchange
rate fluctuations.
• The Company also
recorded other expenditure of Rs. 3,541.20 million (previous year 3,463.71
million). This increase is on account of increase in administrative expenses
and selling and distribution expenses.
Depreciation and Amortisation
For the year ended
March 31, 2010 the Company has incurred depreciation charges of Rs. 445.41
million (previous year 335.96 million) primarily due to expansion of business
as well as consolidation of the existing business.
Interest
For the year ended
March 31, 2010, the Company has incurred interest costs of Rs. 1,724.31 million
(previous year 978.40 million) paid to banks and financial institutions towards
working capital facilities that consist primarily of packing credit and post
shipment credit. This increase was mainly due to higher borrowing and increased
cost of funding.
Net Profit before Taxes
Due to reasons
discussed above, the Company has recorded a net profit before taxes and extra
ordinary items of Rs. 2,247.39 million (previous year Rs. 1,584.57 million) for
the year ended March 31, 2010.
Taxes
Provisions for
taxes include current tax liabilities, fringe benefit tax liabilities and
deferred tax liabilities. For the year ended March 31, 2010, the Company had
current tax liabilities of Rs. 244.20 million (previous year Rs. 129.61
million) and deferred tax asset of Rs. 12.30 Million (Previous Year Rs. 108.77
million).
Net Profit
Due to the reasons
discussed above and on account of adjustments in respect of minority interest and
share of profits from associates of Rs. 13.78 million (previous year 46.96
million) and Nil respectively, the Company recorded a net profit for the year
ended March 31, 2010 of Rs. 2,001.71 million (previous year Rs. 1,505.83
million). Of the recorded net profit as above, the Company has transferred Rs.
120.00 million (previous year Rs. 108.00 million) to general reserve.
Share Capital
At present, the
Company has only one class of share i.e. equity share of the face value of Rs.
10/- each. During the year company bought back and extinguished 7,92,883 equity
shares of Rs.10/- each at an average rate of Rs. 115.95 /- per equity share
through Bombay Stock Exchange Limited (BSE) and National Stock Exchange of
India Limited (NSE). Subsequent to extinguishment, outstanding equity share
capital of the Company was reduced from Rs. 85,06,28,830 comprising of
8,50,62,883 equity shares of Rs. 10 each to Rs. 84,27,00,000 comprising of
8,42,70,000 equity shares of Rs. 10 each.
FIXED ASSETS
- Office
Premises
- Plant &
Machinery
- Furniture
& Fixture
- Office
Equipments
- Computers
- Vehicles
- Moulds &
Dies
- Capital
Work-in-Progress
- Advances on
Capital Account
AS PER WEBSITE DETAILS
Founded as a single company cutting and polishing diamonds
for the jewellery trade at
First major diamond and jewellery house to be launched and run by modern entrepreneurs rather than dynastic jewellers. An authorised DTC Sightholder and loyal customer – and a modern multinational business run on innovative insights.
At the forefront of the global breakthrough in diamond jewellery design and
production brought about by
Besides changing the face of manufacture, broke the mould of traditional jewellery marketing: it abandoned jewellery trade convention by launching multiple brands for multiple markets and price segments.
Opened up distribution via superstores, department stores and other retail outlets
at MRP,supported by international certifications of scientifically tested
purity and authenticity, across
Business model now integrates all operations, from rough
diamond sourcing, cutting, polishing and distribution, and jewellery
manufacture, to jewellery branding and retail, as well as global lifestyle
brands, in
Brought diamonds within reach of a wide consumer base. The first to offer diamond studded jewellery at affordable prices, of standardised designs, quality and pricing across locations – progressively precision-producing replicable designs using the latest CAD and CAM processes and equipment.
Offers jewellery in diverse styles: traditional, international classic, and casual. For consumers of all age groups, tastes and budgets. With a growing hamper of brands, some already global, and each targeted to specific consumer and market segments.
Having won over 50 awards from the Ministry of Commerce,
Operations span the globe, all the way from
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 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.44.27 |
|
|
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.