|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
H. K. JEWELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1701-A, 17th Floor, The Capital, Plot No. C-70, ‘B’ Wing,
Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.06.2009 |
|
|
|
|
Com. Reg. No.: |
11-193278 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2009PTC193278 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in the business of Dealers in Hardware, Diamond Tools, Jewellery,
Plated Goods, Articles Required for Ornaments, Gold and Silversmiths. |
|
|
|
|
No. of Employees
: |
Information Denied by Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 210000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears huge borrowings recorded by the company which seems to
be increasing. However, trade relations are reported as fair. Business is active.
Payments terms are reported to be slow but correct. The company can be considered for business dealings with some
cautions. NOTE: Profit and Loss
Account of the Company is Not Available. |
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’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million
in September, 2012, according to Deloitte report. The number of transactions
has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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 DENIED
Management Non Co-operative (91-22-67160000)
LOCATIONS
|
Registered Office : |
1701-A, 17th Floor, The Capital, Plot No. C-70, ‘B’ Wing,
Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-67160000 |
|
Fax No.: |
91-22-67049750 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 22.07.2013
|
Name : |
Mr. Ghanshyam Dhanji Dholakiya |
|
Designation : |
Director |
|
Address : |
Flat No. 62-6, Mont Blanc Building, Dadyseth Hill, 572, August Kranti
Marg, Mumbai – 400 036, Maharashtra, India |
|
Date of Appointment : |
12.06.2009 |
|
DIN No.: |
01474986 |
|
|
|
|
Name : |
Mr. Savji Dhanji Dholakiya |
|
Designation : |
Director |
|
Address : |
7 Bhagat Nagar Society, Opposite Police Station Katargam, Surat – 395
004, Gujarat, India |
|
Date of Appointment : |
12.06.2009 |
|
DIN No.: |
02069387 |
|
|
|
|
Name : |
Mr. Rajesh Himmatbhai Dholakiya |
|
Designation : |
Director |
|
Address : |
89, Hari Hari Society, Katargam Road, Surat – 395 004, Gujarat, India |
|
Date of Appointment : |
29.07.2010 |
MAJOR SHAREHOLDERS
AS ON 22.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Savji Dhanji Dholakiya |
|
320000 |
|
Ghanshyam Dhanji Dholakiya |
|
320000 |
|
Gauriben Savjibhai Dholakiya |
|
120000 |
|
Dharmisthaben Ghanshyambhai Dholakiya |
|
120000 |
|
Rajesh Himmatbhai Dholakiya |
|
30000 |
|
Dharmesh Himmatbhai Dholakiya |
|
30000 |
|
Pintu Tulsibhai Dholakiya |
|
60000 |
|
|
|
|
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 22.07.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of Dealers in Hardware, Diamond Tools, Jewellery,
Plated Goods, Articles Required for Ornaments, Gold and Silversmiths. |
GENERAL INFORMATION
|
No. of Employees : |
Information Denied by Management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
The Saraswat Cooperative Bank Limited, Overseas Branch, Kimatrai Building,
Maharshi Karve Road, Marine Lines, Mumbai – 400 002, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
NOTES: Long Term Borrowings: ·
Nature of Security: IndusInd Bank Equitable mortgage
of office premises being unit no.1701-A, The Capital, Situated at Bandra
Kurla Complex, Mumbai, Maharashtra, India ·
Term of repayment Term loan is
repayable in 60 monthly equal installments Starting from
August 2012. Interest is payable at 12.05% per annum. Short Term Borrowings Working capital
loans facilities are secured by hypothecation of stocks and debtors and by
plant and machineries and lien on certain term deposits as collateral securities.
It is also personally guaranteed by all the directors of the company. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. M. Nissim and Company Chartered Accountants |
|
Address : |
Barodawala Mansion, B Wing, 3rd Floor, 81, Dr. Annie Basant
Road, Worli, Mumbai – 400 018, Maharashtra, India |
|
Tel. No.: |
91-22-24949991 |
|
Fax No.: |
91-22-24949995 |
|
E-Mail : |
|
|
Website : |
|
|
PAN No.: |
AAAFM5103E |
CAPITAL STRUCTURE
AS ON 22.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs.10.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
43.774 |
25.051 |
15.025 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
53.774 |
35.051 |
25.025 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
200.325 |
16.380 |
16.380 |
|
(b) Deferred tax liabilities (Net) |
2.311 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.190 |
1.192 |
0.955 |
|
Total Non-current Liabilities (3) |
204.826 |
17.572 |
17.335 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
22.212 |
22.206 |
2.000 |
|
(b) Trade payables |
131.610 |
205.568 |
166.538 |
|
(c) Other current
liabilities |
50.331 |
24.705 |
9.706 |
|
(d) Short-term provisions |
2.918 |
0.049 |
1.780 |
|
Total Current Liabilities (4) |
207.071 |
252.528 |
180.024 |
|
|
|
|
|
|
TOTAL |
465.671 |
305.151 |
222.384 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
207.509 |
3.488 |
3.294 |
|
(ii) Intangible Assets |
0.365 |
0.220 |
0.215 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.025 |
0.025 |
0.025 |
|
(c) Deferred tax assets (net) |
0.000 |
0.464 |
0.245 |
|
(d) Long-term Loan and Advances |
5.174 |
6.815 |
3.433 |
|
(e) Other Non-current assets |
9.695 |
8.635 |
8.129 |
|
Total Non-Current Assets |
222.768 |
19.647 |
15.341 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
166.314 |
124.473 |
52.155 |
|
(c) Trade receivables |
59.606 |
156.517 |
150.705 |
|
(d) Cash and cash
equivalents |
12.090 |
1.359 |
2.453 |
|
(e) Short-term loans and
advances |
2.270 |
1.811 |
1.028 |
|
(f) Other current assets |
2.623 |
1.344 |
0.702 |
|
Total Current Assets |
242.903 |
285.504 |
207.043 |
|
|
|
|
|
|
TOTAL |
465.671 |
305.151 |
222.384 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.14
|
1.10 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.13 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT:
(Rs.
In Millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturity of Long Term Borrowings |
18.483 |
0.000 |
Not Available |
|
|
|
|
|
|
Total |
18.483 |
0.000 |
Not Available |
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
No |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
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.
-
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 –
-
Gem & 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.
-
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.
NOTE: Registered office
address of the company has been shifted from 3rd Floor, Wicel
Administrative Building, Wicel Compound, Opposite Seepz Main Gate, M.I.D.C.
Andheri (East), Mumbai – 400 093, Maharashtra, India to the present address
w.e.f. 30.03.2013
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Directors |
79.320 |
15.720 |
|
Share Holders |
40.634 |
0.660 |
|
|
|
|
|
Total |
119.954 |
16.380 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10361933 |
29/05/2012 |
110,000,000.00 |
INDUSIND BANK LIMITED |
701, SOLITAIRE CORPORATE PARK, GURU HARGOVIND MAHARAJ PARK, ANDHERI (E), MUMBAI - 400093, MAHARASHTRA, INDIA |
B42158915 |
|
2 |
10228025 |
12/09/2013 * |
2,316,000.00 |
THE SARASWAT COOPERATIVE BANK LIMITED |
OVERSEAS BRANCH, KIMATRAI BUILDING, MAHARSHI KARVE ROAD, MARINE LINES, MUMBAI - 400002, MAHARASHTRA, INDIA |
B85596815 |
|
3 |
10228033 |
12/06/2009 |
22,500,000.00 |
THE SARASWAT COOPERATIVE BANK LIMITED |
OVERSEAS BRANCH, MARINE LINES, MUMBAI - 400002, MAHARASHTRA, INDIA |
A82003799 |
* Date of charge modification
FIXED ASSETS:
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Computers
·
Vehicles
·
Software
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.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
31 |
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.