MIRA
INFORM REPORT
|
Report Date : |
21.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTER GOLD GEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Asiad Plaza, 2nd Floor, Opposite Poddar High School, S V
Road, Santacruz (West), Mumbai – 400 054, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.05.1991 |
|
|
|
|
Com. Reg. No.: |
11-061736 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 40.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH1991PTC061736 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI04878G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAC11062K |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Retail Business of Jewellery |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 1700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Financials of the company appears to be good. Rating also takes into
consideration unconditional, irrevocable and continuing corporate guarantee
extended by Rosy Blue (India) Private Limited which is one of the leading
diamond manufacturing companies in India. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. Note: Latest financial of 2013 is not available with us. |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans = BBB+ (SO) |
|
Rating Explanation |
Moderate credit quality and average credit risk |
|
Date |
April, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term Fund Based and Non fund based limits = A2 (SO) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
April, 2013 |
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. Dev Kishna Kothari |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-9324522323 |
|
Date : |
14.11.2013 |
LOCATIONS
|
Registered Office / Corporate Office : |
Asiad Plaza, 2nd Floor, Opposite Poddar High School, S V
Road, Santacruz (West), Mumbai – 400 054, Maharashtra , India |
|
Tel. No.: |
91-22-30617777 |
|
Mobile No.: |
91-9324522323 (Mr. Dev Kishna Kothari) |
|
Fax No.: |
91-22-30617778 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Russell Arunkumar Mehta |
|
Designation : |
Director |
|
Address : |
25-B, |
|
Date of Birth/Age : |
06.12.1961 |
|
Date of Appointment : |
17.08.2002 |
|
DIN No.: |
00049766 |
|
|
|
|
Name : |
Mr. Vijay Jain |
|
Designation : |
Director |
|
Address : |
10, Hanvant Bhavan, 80 Napean sea Road, Mumbai – 400 006, |
|
Date of Birth/Age : |
12.09.1968 |
|
Date of Appointment : |
27.12.2002 |
|
DIN No.: |
01548992 |
|
PAN No.: |
AABPJ6325N |
|
|
|
|
Name : |
Mr. Rihen Harshad Mehta |
|
Designation : |
Director |
|
Address : |
91/19, Vijaydeep 31, Ridge Road, Mumbai – 400 006, Maharashtra |
|
Date of Appointment : |
31.03.2007 |
|
DIN No.: |
00016784 |
|
|
|
|
Name : |
Mr. Harshad Ramniklal Mehta |
|
Designation : |
Director |
|
Address : |
91/19, Vijaydeep 31, |
|
Date of Birth/Age : |
15.08.1947 |
|
Date of Appointment : |
27.12.2002 |
|
DIN No.: |
00050006 |
KEY EXECUTIVES
|
Name : |
Mr. Dev Kishna Kothari |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vijay Nirmalkumar Jain |
|
200000 |
|
Soignee Kothari |
|
50 |
|
Rosy Blue India Private Limited |
|
3745850 |
|
Shah Mehta Holding Private Limited |
|
100 |
|
Inter Gold India Private Limited |
|
4000 |
|
Kajal R Kapadia |
|
100000 |
|
Total |
|
4050000 |
As on 24.10.2012
|
Names of Allottees |
|
No. of Shares
Allotted |
|
Dilip Jain |
|
810000 |
|
Total |
|
810000 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
92.50 |
|
Directors or relatives of Directors |
7.50 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retail Business of Jewellery |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees
: |
Information declined by the management |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· The Royal Bank of Scotland N.V., 4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India · Standard Chartered Bank, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, Delhi, India · Bank of India, Bullion Exchange Branch, 185; Shelkh Memon Street, Mumbai - 400002, Maharashtra, India · ING Vysya Bank Limited, Patel Chambers, Ground Floor, Sandhurst Bridge, Opera House, Mumbai, Maharashtra - 400007, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
M.M Nissin and Company Chartered Accountants |
|
Address : |
Barodawala Mansion, B –Wing, 3rd Floor, 81, DR, Annie
Besant Road, Worli, Mumbai – 400 018, Maharashtra |
|
PAN No.: |
AAAFM5103E |
|
|
|
|
Holding Company : |
Rosy Blue (India) Private Limited |
|
|
|
|
Subsidiary Company
: |
Diva Cosmocare (India) Private Limited |
|
|
|
|
Associates : |
· Orum Enterprises Private Limited · Shah Mehta Holding Private Limited · Luckystar Jewellery Exports (India) Private Limited · B. Arunkumar and Company · Orra Diamonds Private Limited |
|
|
|
|
Fellow Subsidiary
company |
· Rosy B Lue Tradeserve Private Limited · Inter Gold India Private Limited · Conwood Apartments And Resorts Private Limited |
CAPITAL STRUCTURE
After 28.09.2012
Authorised Capital : Rs.55.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.54.646 Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4050000 |
Equity Shares |
Rs.10/- each |
Rs.40.500
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 |
|
40.500 |
40.500 |
|
(b) Reserves & Surplus |
|
389.175 |
353.307 |
|
(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) |
|
429.675 |
393.807 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
234.533 |
293.204 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.600 |
0.600 |
|
(d) long-term provisions |
|
6.057 |
4.264 |
|
Total Non-current Liabilities (3) |
|
241.190 |
298.068 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
632.687 |
272.059 |
|
(b) Trade payables |
|
520.933 |
470.099 |
|
(c) Other current liabilities |
|
227.380 |
171.763 |
|
(d) Short-term provisions |
|
0.105 |
0.210 |
|
Total Current Liabilities (4) |
|
1381.105 |
914.131 |
|
|
|
|
|
|
TOTAL |
|
2051.970 |
1606.006 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
183.601 |
160.485 |
|
(ii) Intangible Assets |
|
5.514 |
5.589 |
|
(iii) Capital
work-in-progress |
|
3.423 |
0.646 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.055 |
0.055 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
23.113 |
20.145 |
|
(e) Other Non-current assets |
|
49.230 |
43.046 |
|
Total Non-Current Assets |
|
264.936 |
229.966 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1689.637 |
1321.752 |
|
(c) Trade receivables |
|
62.322 |
6.837 |
|
(d) Cash and cash equivalents |
|
7.707 |
28.129 |
|
(e) Short-term loans and
advances |
|
21.452 |
16.059 |
|
(f) Other current assets |
|
2.916 |
3.263 |
|
Total Current Assets |
|
1784.034 |
1376.040 |
|
|
|
|
|
|
TOTAL |
|
2051.970 |
1606.006 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
20.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(363.925) |
|
|
NETWORTH |
|
|
(343.925) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
198.168 |
|
|
2] Unsecured Loans |
|
|
792.965 |
|
|
TOTAL BORROWING |
|
|
991.133 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
647.208 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
113.354 |
|
|
Capital work-in-progress |
|
|
2.692 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.055 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
816.540 |
|
|
Sundry Debtors |
|
|
22.635 |
|
|
Cash & Bank Balances |
|
|
8.986 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
60.343 |
|
Total
Current Assets |
|
|
908.504 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
314.112 |
|
|
Other Current Liabilities |
|
|
60.248 |
|
|
Provisions |
|
|
3.037 |
|
Total
Current Liabilities |
|
|
377.397 |
|
|
Net Current Assets |
|
|
531.107 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
647.208 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
NA |
1281.110 |
|
|
|
Other Income |
|
|
5.135 |
|
|
|
TOTAL (A) |
NA |
NA |
1286.245 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
(178.222) |
|
|
|
Manufacturing Expenses |
|
|
795.705 |
|
|
|
Purchases – Traded Goods |
NA |
NA |
346.349 |
|
|
|
Employee Cost |
|
|
70.334 |
|
|
|
Other Expenses |
|
|
254.757 |
|
|
|
TOTAL (B) |
NA |
NA |
1288.923 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
(2.678) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
28.508 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
(31.186) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
18.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
35.868 |
7.796 |
(49.334) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(0.137) |
(0.085) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
35.868 |
7.933 |
(49.249) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(355.993) |
(363.926) |
(314.677) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(320.125) |
(355.993) |
(363.926) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
8.86 |
2.61 |
(24.62) |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
3200.000 |
|
|
|
|
|
The above information has been parted by Mr. Dev Kishna Kothari
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA |
(3.83) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
(3.85) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.75
|
0.49 |
(4.83) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.02 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.02
|
1.44 |
(2.88) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.51 |
2.41 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
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 |
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 |
Yes |
Note:
The registered office of the company has been shifted from 2A 2B 2C 58/60
Jariwala Mension, Hughes Road, Mumbai – 4001 007, Maharashtra, India to present
address w.e.f. 01.08.2012
UNSECURED LOAN
Rs.
In Milliosn
|
Particular
|
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long-term
borrowings |
|
|
|
Other loans and advances |
200.000 |
199.471 |
|
Short-term
borrowings |
|
|
|
Intercorporate borrowings |
169.000 |
0.000 |
|
Total |
369.000 |
199.471 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10434724 |
06/06/2013 |
200,000,000.00 |
ING VYSYA BANK LIMITED |
PATEL CHAMBERS, GROUND FLOOR, SANDHURST BRIDGE, |
B78674728 |
|
2 |
10289129 |
27/08/2010 |
550,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B07160971 |
|
3 |
80058955 |
08/04/2013 * |
450,000,000.00 |
THE ROYAL BANK OF SCOTLAND N.V. |
4, NORTH AVENUE, LEVEL 3, MAKER MAXITY, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B74639154 |
* Date of charge modification
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 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.
-
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.
FIXED ASSETS
· Land
· Furniture and fixtures
· Vehicles
· Office equipmen
· Computer equipments
· Other 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 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.62.56 |
|
|
1 |
Rs.100.77 |
|
Euro |
1 |
Rs.84.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
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 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--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.