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Report Date : |
13.12.2013 |
IDENTIFICATION DETAILS
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Name : |
VALLABH DIAMONDS PRIVATE LIMITED |
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Registered
Office : |
Office No. 307, 3rd Floor, Navratan Chambers, Bhojabhai Ni Sheri,
Mahidharpura, Surat-395003, |
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Country : |
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Date of
Incorporation : |
29.04.2013 |
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Com. Reg. No.: |
04-074754 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U36912GJ2013PTC074754 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTV03432C |
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PAN No.: [Permanent Account No.] |
AAECV4179L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Trader of Diamonds. |
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No. of Employees
: |
5 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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- |
NB |
New Business |
- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new company incorporated during 29.04.2013, and it is establishing
itself gradually. Mr. Surendra Kumar Jain, Director has provided general information and
also informed that the company has started its business activities from June
2013. Business is active. Payment terms are unknown. The company can be considered for business dealings on a safe and
secured 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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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India |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
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 [GENERAL DETAILS]
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Name : |
Mr. Surendrakumar Fatehlal Jain |
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Designation : |
Director |
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Contact No.: |
91-9833002400 |
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Date : |
12.12.2013 |
LOCATIONS
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Registered Office : |
Office No. 307, 3rd Floor, Navratan Chambers, Bhojabhai Ni
Sheri, Mahidharpura, Surat-395003, Gujarat, India |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-9833002400 [Mr. Surendrakumar Fatehlal Jain] |
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Fax No.: |
Not Available |
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E-Mail : |
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Location : |
Owned |
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Factory : |
Located at Surat, Gujarat, India |
DIRECTORS
AS ON 19.04.2013
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Name : |
Mr. Surendrakumar Fatehlal Jain |
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Designation : |
Director |
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Address : |
506, Vinay Tower, Building No. 3, Opposite Pleasant Park, Near Pooja Park,
Mira Bhayander Road, Mira Road, Thane-401107, Maharashtra, India |
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Date of Birth/Age : |
01.06.1976 |
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Date of Appointment : |
29.04.2013 |
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Din No.: |
03546417 |
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Other Directorship:
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Name : |
Mr. Anshulkumar Satyanarayan Dadhich |
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Designation : |
Director |
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Address : |
Near Main Market, PO Borada, Tehsil Sarwar, Ajmer-305412, Rajasthan,
India |
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Date of Birth/Age : |
30.09.1993 |
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Date of Appointment : |
29.04.2013 |
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Din No.: |
06553243 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.04.2013
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Names of Shareholders |
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No. of Shares |
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Surendrakumar Fatehlal Jain |
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5000 |
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Anshulkumar Satyanarayan Dadhich |
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5000 |
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TOTAL
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10000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Diamonds. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Israel |
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Terms : |
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Selling : |
LC and Credit |
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Purchasing : |
LC and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
5 [Approximately] |
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Bankers : |
·
ING Vysya Bank, Ring Road, Surat, Gujarat, India Tel
No.: 91-261-2630882 |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rajendra Basat and Company Chartered Accountants |
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Address : |
Surat, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW BUSINESS
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
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1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
Yes |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact person |
Yes |
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11] |
Turnover of firm for last three years |
No |
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12] |
Profitability for last three years |
No |
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13] |
Reasons for variation <> 20% |
-- |
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14] |
Estimation for coming financial year |
No |
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15] |
Capital in the business |
Yes |
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16] |
Details of sister concerns |
No |
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17] |
Major suppliers |
No |
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18] |
Major customers |
No |
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19] |
Payments terms |
Yes |
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20] |
Export / Import details (if applicable) |
Yes |
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21] |
Market information |
-- |
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22] |
Litigations that the firm / promoter involved in |
-- |
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23] |
Banking Details |
Yes |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking account |
-- |
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26] |
Buyer visit details |
-- |
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27] |
Financials, if provided |
No |
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28] |
Incorporation details, if applicable |
Yes |
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29] |
Last accounts filed at ROC |
No |
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30] |
Major Shareholders, if available |
Yes |
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31] |
PAN of Proprietor/Partner/Director, if available |
No |
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32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
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33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
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34] |
External Agency Rating, if available |
No |
DIAMOND INDUSTRY –
INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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Gem and Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
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.61.62 |
|
|
1 |
Rs.100.84 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.