|
Report Date : |
04.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI DIAMOND PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse,
Bandra-Kurla Complex, Bandra (East), Mumbai-400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
12.04.2006 |
|
|
|
|
Com. Reg. No.: |
11-161091 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.173.367
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2006PTC161091 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06215G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL1815G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Polished Diamonds. |
|
|
|
|
No. of Employees
: |
18000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a flagship company of “LAXMI DIAMOND GROUP”. It is a well established company having a satisfactory track record. There
appears slight dip in its profitability during 2012. However, Networth of the company seems to be strong. Trade relations
are reported are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. John |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-40502222 |
|
Date : |
03.07.2013 |
LOCATIONS
|
Registered / Head Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse,
Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
Tel. No.: |
91-22-26755150 / 33927041 / 33927042/ 40502222 |
|
Fax No.: |
91-22 |
|
E-Mail : |
|
|
Website: |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office / Factory 1: |
New A K Road, Varachha, Surat-395008, Gujarat, India |
|
Tel. No.: |
91-261-2542532 |
|
Fax No.: |
91-261-2541623 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
415/416, Prasad Chambers, Opera House, Mumbai-400004, Maharashtra,
India |
|
Tel. No.: |
91-22-23696643 / 23696645 / 23677007 / 40502222 |
|
Fax No.: |
91-22-23670390 |
DIRECTORS
As on 05.09.2012
|
Name : |
Mr. Vasantbhai Haribhai Gajera |
|
Designation : |
Managing Director |
|
Address : |
1, Vrushal Nagar Society, Near Katargam Police Station, Katargam,
Surat-395008, Gujarat, India |
|
Date of Birth/Age : |
01.06.1954 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
ABTPG2033P |
|
Din No.: |
00147855 |
|
|
|
|
Name : |
Mr. Mitesh Chunilal Gajera |
|
Designation : |
Director |
|
Address : |
50, Vishnu Nagar Society, Ne A.K Road, Ankur Char Rasta, Varachha
Road, Surat – 395008, Gujarat, India |
|
Date of Birth/Age : |
10.03.1982 |
|
Date of Appointment : |
20.03.2008 |
|
Din No.: |
01011862 |
|
|
|
|
Name : |
Mrs. Sunitaben Chunibhai Gajera |
|
Designation : |
Director |
|
Address : |
49-50, Vishnu Nagar Society, New A. K. Road, Surat-395001, Gujarat, India |
|
Date of Birth/Age : |
12.10.1963 |
|
Date of Appointment : |
22.04.2006 |
|
PAN No.: |
ABAPG3832D |
|
Din No.: |
00147762 |
|
|
|
|
Name : |
Mr. Ashokbhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
31, Kalpavrukh Apartment, 27, B.G. Kher Marg, Walkeshwar,
Mumbai-395001, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1965 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
ABTPG2048J |
|
Din No.: |
00147819 |
|
|
|
|
Name : |
Mr. Chunibhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
67, Adarsh Society, Athwalines, Surat-395001, Gujarat, India |
|
Date of Birth/Age : |
05.07.1960 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
AAWPG3525A |
|
Din No.: |
00147830 |
|
|
|
|
Name : |
Mr. Nitinbhai Chunibhai Gajera |
|
Designation : |
Director |
|
Address : |
49-50, Vishnu Nagar Society, New A. K. Road, Surat-395008, Gujarat,
India |
|
Date of Birth/Age : |
11.06.1984 |
|
Date of Appointment : |
12.04.2006 |
|
Din No.: |
00147866 |
|
|
|
|
Name : |
Mrs. Sarojben Ashokbhai Gajera |
|
Designation : |
Director |
|
Address : |
31, Kalpavruksha Apartments, 27, B. G. Kher Marg, Walkeshwar, Mumbai-400006,
Maharashtra, India |
|
Date of Birth/Age : |
27.08.1969 |
|
Date of Appointment : |
22.04.2006 |
|
Din No.: |
00743941 |
|
|
|
|
Name : |
Mr. Lalitkumar Dhirajlal Gajera |
|
Designation : |
Director |
|
Address : |
43-44, Kantareshwar Society, Behind Ananbd Ashram, Katargam,
Surat-395004, Gujarat, India |
|
Date of Birth/Age : |
03.05.1972 |
|
Date of Appointment : |
04.07.2007 |
|
Din No.: |
01624264 |
|
|
|
|
Name : |
Mr. Samrat Ajay Chokshi |
|
Designation : |
Director |
|
Address : |
204, Virat Apartments, Dwalibag, Athwagate, Surat-395001, Gujarat,
India |
|
Date of Birth/Age : |
18.01.1978 |
|
Date of Appointment : |
04.07.2007 |
|
Din No.: |
01627380 |
KEY EXECUTIVES
|
Name : |
Mr. John |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vasantbhai Harijbhai Gajera |
|
4500000 |
|
Ashokbhai Harijbhai Gajera |
|
4900000 |
|
Chunibhai Harijbhai Gajera |
|
3660000 |
|
Nitinbhai Chunibhai Gajera |
|
700000 |
|
Bhavnaben Vasantbhai Gajera |
|
350000 |
|
Sarojben Ashokbhai Gajera |
|
750000 |
|
Sunitaben Chunibhai Gajera |
|
140000 |
|
Rakesh G Gajera (Repatriable) |
|
2336740 |
|
|
|
|
|
Total
|
|
17336740 |
Equity Share Break up (Percentage of Total Equity)
As on 05.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polished Diamonds |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Polished Diamonds |
||||
|
Countries : |
·
USA ·
UK ·
UAE ·
Far East ·
Middle East |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Polished Diamonds |
||||
|
Countries : |
·
Israel ·
Hong Kong ·
Belgium ·
Dubai |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
18000 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
State Bank of Patiala ·
State Bank of Mysore ·
Corporation Bank ·
Andhra Bank, 9/15, Mama Paramanand Marg, Queen’s
Road, Mumbai-400004, Maharashtra, India ·
Bank of India ·
State Bank of India, Diamond Branch, Premises No.
D/3, West Core, Bharat, Diamond Bourse, Bandra Kurla Complex, Bandra East,
Mumbai – 400051, Maharashtra, India ·
Axis Bank ·
Dena Bank ·
Canara Bank |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountant |
|
Address : |
1st Floor, Purshottam Building, 450, Lamington Road,
Mumbai-400004, Maharashtra, India |
|
Tel. No.: |
91-22-23669708/ 23669709/ 23618386 |
|
Fax No.: |
91-22-23631810 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFR7782R |
|
|
|
|
Enterprises that are directly or indirectly, through one or more
intermediaries ,control or are controlled by, or under common control with company |
·
Laxmi Jewel Inc. USA ·
Suberi Bros. LLC, USA ·
Dahanamal Silk Mills Limited, India ·
Shree Laxmi Info solution and Jewellery Limited,
India CIN: U72900MH2000PLC127850 ·
Laxmi Dia Jewel Private Limited, India CIN: U36912MH1992PTC068743 ·
Laxmi Diamond-Firm |
|
|
|
|
Associates: |
·
Laxmi Jewel BVBA, Belgium ·
Laxmi Diamond (HK) Limited, Hong Kong ·
International Jewellery Manufacturing Company
limited, Thailand |
|
|
|
|
Enterprise over which person described in (3) or (4) above is able to
exercise significant influence(Only that with which there are any transaction
during the year): |
·
Komal Gems NV, New Zealand ·
Shraddha Jewels Private Limited, India CIN: U36910GJ1999PTC035847 ·
Laxmi Techno vision Private Limited ·
Laxmi Infra Developer Limited, India CIN: U45201GJ1989PLC012793 ·
Shanti Enterprise ·
Shantaben Haribhai Gajera Charitable Trust ·
Shree Laxmi Jewellery LLC ·
Komal Gems-HK, Hong Kong ·
Shanti Residency Private Limited, India CIN: U45201GJ2007PTC051275 ·
Kinjal Exports |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17336740 |
Equity Shares |
Rs.10/- each |
Rs.173.367
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
173.367 |
173.367 |
|
(b) Reserves & Surplus |
|
2947.704 |
2552.006 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3121.071 |
2725.373 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
334.399 |
95.168 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
10.870 |
4.045 |
|
Total Non-current Liabilities (3) |
|
345.269 |
99.213 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
4614.610 |
4467.531 |
|
(b) Trade payables |
|
2932.825 |
5044.105 |
|
(c) Other current
liabilities |
|
34.877 |
172.291 |
|
(d) Short-term provisions |
|
91.801 |
78.630 |
|
Total Current Liabilities (4) |
|
7674.113 |
9762.557 |
|
|
|
|
|
|
TOTAL |
|
11140.453 |
12587.143 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
858.534 |
848.462 |
|
(ii) Intangible Assets |
|
0.558 |
0.497 |
|
(iii) Capital
work-in-progress |
|
66.489 |
1.187 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
211.972 |
209.729 |
|
(c) Deferred tax assets (net) |
|
14.146 |
4.865 |
|
(d) Long-term Loan and Advances |
|
167.512 |
314.672 |
|
(e) Other Non-current assets |
|
37.882 |
9.275 |
|
Total Non-Current Assets |
|
1357.093 |
1388.687 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
3847.301 |
3443.586 |
|
(c) Trade receivables |
|
5824.418 |
7156.091 |
|
(d) Cash and cash
equivalents |
|
59.059 |
378.666 |
|
(e) Short-term loans and
advances |
|
43.363 |
85.888 |
|
(f) Other current assets |
|
9.219 |
134.225 |
|
Total Current Assets |
|
9783.360 |
11198.456 |
|
|
|
|
|
|
TOTAL |
|
11140.453 |
12587.143 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
173.367 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2079.413 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2252.780 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4687.493 |
|
|
2] Unsecured Loans |
|
|
587.178 |
|
|
TOTAL BORROWING |
|
|
5274.671 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7527.451 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
816.395 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
209.481 |
|
|
DEFERREX TAX ASSETS |
|
|
86.730 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1984.072 |
|
|
Sundry Debtors |
|
|
5301.789 |
|
|
Cash & Bank Balances |
|
|
80.282 |
|
|
Other Current Assets |
|
|
364.567 |
|
|
Loans & Advances |
|
|
390.761 |
|
Total
Current Assets |
|
|
8121.471 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1586.044 |
|
|
Other Current Liabilities |
|
|
59.427 |
|
|
Provisions |
|
|
61.387 |
|
Total
Current Liabilities |
|
|
1706.858 |
|
|
Net Current Assets |
|
|
6414.613 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.232 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7527.451 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
TURNOVER |
21336.903 |
19488.406 |
14563.961 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
NA |
NA |
NA |
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
685.520 |
774.194 |
671.194 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
79.965 |
79.806 |
72.856 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT
BEFORE EXCEPTIONAL ITEMS |
605.555 |
695.388 |
598.338 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL
ITEMS |
22.836 |
0.585 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
582.719 |
694.803 |
598.338 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
187.021 |
222.210 |
227.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
395.698 |
472.593 |
370.727 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
16186.486 |
14333.776 |
11407.157 |
|
|
|
Interest and Dividend |
0.084 |
0.000 |
0.000 |
|
|
|
Other Income ;Sale in Local
Market in Foreign Currency |
4300.440 |
2502.727 |
0.000 |
|
|
TOTAL EARNINGS |
20487.010 |
16836.503 |
11407.157 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10128.406 |
6849.231 |
6136.490 |
|
|
|
Finished Goods |
6105.353 |
6941.687 |
3648.322 |
|
|
|
Stores & Spares |
4.020 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
166.736 |
102.158 |
|
|
TOTAL IMPORTS |
16237.779 |
13957.654 |
9886.970 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.82 |
27.25 |
21.38 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
23000.000 |
Expected Sales (2013-2014): Rs.26000.000 Millions
The above information has been parted by Mr. John (Accounts Department)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.37
|
5.62 |
7.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.25 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.59
|
1.67 |
2.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.15 |
4.76 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
2932.825 |
5044.105 |
1586.044 |
|
|
|
|
|
|
Total |
2932.825 |
5044.105 |
1586.044 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
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: The
registered office of the company has been shifted from 416, Prasad Chambers,
Opera House, Mumbai-400004, Maharashtra, India to the present address w.e.f.
05.12.2012.
OPERATION:
The company has earned gross revenue of Rs. 21336.903 Millions during
the year. After providing an expenditure of Rs. 20731.348 Millions, the company
has earned net profit before exceptional items and tax of Rs. 605.555 Millions.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
334.399 |
95.168 |
|
|
|
|
|
Total |
334.399 |
95.168 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U36911MH2006PTC161091 |
|
Name of the
company |
LAXMI DIAMOND PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
416, Prasad Chambers, Opera House, Mumbai-400004, Maharashtra, India Email: contact_ops@yahoo.co.in
|
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10015571 |
|
Type of charge |
·
Immovable
property |
|
Particular of
charge holder |
CIN: U36911MH2006PTC161091 State Bank of India, Diamond Branch, Premises No. D/3, West Core,
Bharat, Diamond Bourse, Bandra Kurla Complex, Bandra East, Mumbai – 400051,
Maharashtra, India Email: kamalax_saraf@hotmail.com
|
|
Nature of
instrument creating charge |
Supplemental
Indenture of Mortgage |
|
Date of
instrument Creating the charge |
09.07.2012 |
|
Amount secured by
the charge |
Rs.4920.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As Per Sanction
Terms Terms of
Repayment As Per Sanction
Terms Margin As Per Sanction
Terms Extent and
Operation of the charge As Per Sanction
Terms |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
current assets of the company namely stock of raw materials, comprising of
rough cut and polished diamonds and precious stones and gems stocks in
process, semi finished goods and Finished goods
viz. Polished diamonds stores and gems stores and spares not relating to
plant and machinery (consumable stores and spares), bills, receivables and
bookdebts and all other movables and Bookdebts and all
other movables plant and machinery. |
|
Date of
instrument modifying the charge |
09.07.2012 |
|
Particulars of
the present modification |
Now by the
present modfn. Dt. 09.07.2012 supplemental indenture of mortgage was executed
by the lead bank of sbi consortium acting for itself and behalf of members of
sbi consor- tium namely sbb and j, sbp, sbm,db, ab, abl, cb, sbh, boi, sbt,
adbn. v., corpn. bank and cbi as a continuing security as and by way of pari
passu charge for the due repayment on demand to the mortgagees of all monies
including the principal sum of Rs.4920.000 Millions |
FIXED ASSETS
Tangible assets
·
Land
·
Buildings
·
Office building
·
Factory building
·
Plant and equipment
·
Other plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proeeding 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.60.10 |
|
|
1 |
Rs.91.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.