|
Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
GIA INDIA LABORATORY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
10th Floor, Trade Centre, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
26.09.2007 |
|
|
|
|
Com. Reg. No.: |
174491 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.989.578 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2007PTC174491 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AACCG9457G |
|
|
|
|
PAN No.: [Permanent Account No.] |
MUMG12915A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trader of Diamonds and Jewellery |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4110824 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The Company
has been successful in wiping off the accumulaged losses of previous year. 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.
INFORMATION PARTED BY
|
Name : |
Mr. Mukesh |
|
Designation : |
Secretary |
|
Contact No.: |
91-22-40851500/1270 |
|
Date : |
05.03.2012 |
LOCATIONS
|
Registered Office : |
10th Floor, Trade Centre, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40851599 |
|
Fax No.: |
91-22-40851550 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Donna Baker |
|
Designation : |
Director |
|
Address : |
32374 Corle San Vincente, Temecula, Ca 92592 USA |
|
Date of Birth/Age : |
13.02.1957 |
|
Date of Appointment : |
11.01.2008 |
|
|
|
|
Name : |
Mr. Nirupa Kiran Bhatt |
|
Designation : |
Director |
|
Address : |
5C, Runwal Park, Next to Akbarally’s, Sion Trombay Road, Chembur, Mumbai
– 400071, Maharashtra, India |
|
Date of Birth/Age : |
18.05.1954 |
|
Date of Appointment : |
17.01.2008 |
|
|
|
|
Name : |
Mr. Thomas Merril Moses |
|
Designation : |
Director |
|
Address : |
18, Canoe Brook Dr. Princeton JCT, NJ, 08550, USA |
|
Date of Birth/Age : |
18.12.1955 |
|
Date of Appointment : |
17.01.2008 |
|
|
|
|
Name : |
Mr. David John Tearle |
|
Designation : |
Director |
|
Address : |
11 Tunis Laguha Niguel, CA 92677, USA |
|
Date of Birth/Age : |
26.09.1960 |
|
Date of Appointment : |
14.09.2009 |
|
|
|
|
Name : |
Mr. Mukesh Tank |
|
Designation : |
Director |
|
Address : |
3/202, Shanti Gardens, Sector 3, Shrusti, Mira Road, Thane – 401107,
Maharashtra, India |
|
Date of Birth/Age : |
09.08.1975 |
|
Date of Appointment : |
22.10.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Mukesh |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Gia Hoildings, Inc, United of America |
|
98499039 |
|
Gemological Institute of America, Inc, United of America |
|
458805 |
|
Total |
|
98957844 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Diamonds and Jewellery |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit (30 days) |
|
|
|
|
Purchasing : |
Cash, Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users |
|
|
|
|
No. of Employees : |
400 (Approximately) |
|
|
|
|
Bankers : |
·
HDFC Bank, Mumbai ·
Royal Bank of Scotland, Mumbai |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Holding Company : |
GIA Holding INC |
|
|
|
|
Ultimate holding
Company: |
Gemological Institute of America INC, USA |
|
|
|
|
|
|
|
Fellow Subsidiaries : |
· Gemological Institute International, INC · GIA Education and Laboratory (Pty.) Limited, South Africa · GIA India · GIA Thailand · GIA Hong Kong Laboratory Limited · GIA Belgium N.V. ·
GIA Instruments UK Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130000000 |
Equity Shares |
Rs.10/- each |
Rs.1300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
98957844 |
Equity Shares |
Rs.10/- each |
Rs.989.578
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 |
989.578 |
989.578 |
438.225 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
38.128 |
0.000 |
546.865 |
|
|
4] (Accumulated Losses) |
0.000 |
(132.470) |
(575.119) |
|
|
NETWORTH |
1027.706 |
857.108 |
409.971 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1027.706 |
857.108 |
409.971 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
375.163 |
432.164 |
446.806 |
|
|
Capital work-in-progress |
13.812 |
16.716 |
46.465 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
21.178 |
28.402 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
212.176
|
272.894 |
42.339 |
|
|
Cash & Bank Balances |
622.010
|
113.606 |
32.090 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
764.525
|
467.012 |
412.639 |
|
Total
Current Assets |
1598.711
|
853.512 |
487.068 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
859.184
|
429.056 |
567.219 |
|
|
Other Current Liabilities |
111.528
|
40.149 |
0.000 |
|
|
Provisions |
10.445
|
4.482 |
3.149 |
|
Total
Current Liabilities |
981.157
|
473.687 |
570.368 |
|
|
Net Current Assets |
617.554
|
379.825 |
(83.300) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1027.706 |
857.108 |
409.971 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
3001.330 |
2119.850 |
319.450 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
2744.130 |
1705.530 |
832.860 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
257.200 |
414.320 |
(513.410) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
86.600 |
(28.330) |
4.620 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
170.600 |
442.650 |
(518.030) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(132.470) |
(575.120) |
(57.090) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
38.130 |
(132.470) |
(575.120) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.72 |
4.97 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.68
|
20.88 |
(162.16) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.03
|
32.22 |
(51.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.48 |
(1.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.95
|
0.55 |
1.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.80 |
0.85 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The registered office address of the company
has been shifted from C/O Almt Legal, 4th Floor, Express Towers,
Nariman Point, Mumbai – 400021, Maharashtra, India to Unit Nos. 301-311, 3rd
Floor, Trade Centre, Bandra Kurla Complex, Bandra (E), Mumbai – 400051,
Maharashtra, India w.e.f. 11.01.2008
The registered office address of the company
has been shifted from Unit Nos. 301-311, 3rd Floor, Trade Centre,
Bandra Kurla Complex, Bandra (E), Mumbai –
400051, Maharashtra, India to present address w.e.f. 19.02.2009
OPERATIONS
During the year the Company's income from Diamond Grading
increased by 47% as compared to previous year. The net grading income amounted
to Rs. 3,000.570 Millions as against Rs. 2,047.880 Millions in the previous
year.
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
859.184
|
429.056 |
567.219 |
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.50.02 |
|
|
1 |
Rs.79.31 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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.