MIRA INFORM REPORT
|
Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOHIT DIAMONDS PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
MOHIT DIAMOND IMPEX PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
BC-7011, 7th Floor, Tower-B, Central Block, Bharat Diamond Bourse, G –
Block, BKC, Bandra - East, Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.08.1991 |
|
|
|
|
Com. Reg. No.: |
11-063011 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.40.143 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH1991PTC063011 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM07149C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM2843A |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Import of Rough Diamonds, Manufacturing and Export of Polished Diamonds and Studded Jewellery. |
|
|
|
|
No. of Employees
: |
Information denied by management
|
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company sales turnover has declined during financial year 2013,
which resulting in to sharp dip in profit of the company. External borrowing
of the company has increased over previous year. However, trade relations are fair. Business is active. Payment terms are
slow but correct. The company can be considered for business dealing with some caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk |
|
Date |
20.09.2013 |
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 DENIED BY
|
Name : |
Ms. Janet |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-26755757 |
|
Date : |
01.04.2014 |
LOCATIONS
|
Registered Office : |
BC-7011, 7th Floor, Tower-B, Central Block, Bharat Diamond Bourse, G –
Block, BKC, Bandra - East, Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-23827777 / 26725757 |
|
Fax No.: |
91-22-23809889 / 26756000 |
|
E-Mail : |
|
|
|
|
|
Branch : |
Jwellery Division, 301-304, 3rd Floor, Block II, Seepz ++, Seepz Sez,
Andheri (East), Mumbai – 400096, |
DIRECTORS
As on 25.09.2013
|
Name : |
Mr. Anoop V Mehta |
|
Designation : |
Chairman and Managing Director |
|
Address : |
52- El- CID, 13A, |
|
Date of Birth/Age : |
08.11.1956 |
|
Date of Appointment : |
20.08.1991 |
|
PAN No.: |
AACPM0814A |
|
DIN No.: |
00107044 |
|
|
|
|
Name : |
Mrs. Devaunshi A Mehta |
|
Designation : |
Director |
|
Address : |
52- El- CID, 13A, |
|
Date of Birth/Age : |
29.02.1960 |
|
Date of Appointment : |
01.12.1994 |
|
DIN No.: |
00107254 |
KEY EXECUTIVES
|
Name : |
Mr. Uday M Kothari |
|
Designation : |
Company Secretary |
|
Address : |
A-302, Viraj, Goverdhan Nagar, L.B.S. Marg, Mulund (West),
Mumbai-400080, |
|
Date of Birth/Age : |
21.11.1961 |
|
Date of Appointment : |
01.11.1995 |
|
PAN No.: |
AABPK4356J |
MAJOR SHAREHOLDERS
As on 25.09.2013
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Anoop Mehta Jointly with Devaunshi Mehta and Mohit Mehta |
|
337400 |
|
Anoop Mehta |
|
96400 |
|
Devaunshi Mehta Jointly with Anoop Mehta and Mohit Mehta |
|
96400 |
|
Mohit Mehta Jointly with Anoop Mehta and Devaunshi Mehta |
|
96400 |
|
Aopp V Mehta |
|
337400 |
|
Total |
|
964000 |
|
Names of Shareholders (Preference) |
|
No. of Shares |
|
Anoop Mehta Jointly with Devaunshi Mehta and
Mohit Mehta |
|
3049500 |
|
Bharat Jhaveri |
|
50 |
|
Alias Hiral I Kothari Jointly with Hiral P
Punmyap |
|
50 |
|
Indrajit M Kothari |
|
50 |
|
Jayshree Kothari |
|
50 |
|
Hitendra K Bansali |
|
50 |
|
Darshna Bansali |
|
50 |
|
Raju M Shah |
|
50 |
|
Avani R Jhaveri |
|
49 |
|
Malati R Zaveri |
|
1 |
|
Shreya S Mehta |
|
50 |
|
Yatish Trading Company Private Limited,
India |
|
50 |
|
Bharat M Mehta |
|
50 |
|
Arvind Parekh Jointly with Vasundhara A
Parekh |
|
50 |
|
Vasundhara A Parekh Jointly with Arvind
Parekh |
|
50 |
|
Anish N. Bhansal |
|
50 |
|
Manish S. Mehta |
|
50 |
|
Total |
|
3050250 |
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Import of Rough Diamonds, Manufacturing and Export of Polished Diamonds and Studded Jewellery. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
Notes to long
term borrowings on Secured loans Term Loan from Bank
of Baroda availed Rs.25.000 Millions is secured by way of hypothecation of
furniture and fixtures and office equipments of office premises of Bharat
Diamond Bourse purchased out of the said term loan. Out of the above Term
Loan, amount Received during the year Rs. NIL (Previous Year Rs. 18.343
Millions) Car Loans are
secured by hypothecation of specific vehicles. During the
Previous Year Car Loan from ICICI Bank Limited has been repaid fully during
the current year. The loan was taken on 05.11.2006 having installment of
Rs.0.095 Million. It was carrying interest being 9.72%. There has been
no default as on balance sheet date in the repayment of loans and interest. Notes to Secured Loans All the working
capital facilities from Banks are secured by hypothecation of stock in trade,
work in progress and trade receivables current and future on pari passu basis
with consortium of banks/bank carrying interest as per banks norms /ranging
between rates 9.50% to 13.50%(Previous Year 12%-19%). All the working
capital facilities from Banks are additionally secured by Mortgage of
Premises belonging to Company, Associate Company and Associate Firms in which
the Directors of the Company are Members/Partners. All the working
capital facilities from Banks are additionally guaranteed by the Directors of
the Company. There is no
default as on the balance sheet date in repayment of loans and interest. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
Chhotalal H Shah and Company Chartered Accountant |
|
Address : |
|
|
Tel No.: |
91-22-22011787/22019193 |
|
Fax No.: |
91-22-22053529 |
|
Email : |
|
|
|
|
|
Name 2 : |
Suresh Surana and Associates Chartered Accountant |
|
Address : |
Evershine
Millenium Paradise, EMP 6, Flat No 402/3,
A Wing Jupitor, 4th Floor, Thakur Village, Kandivali East, Mumbai
400101, Maharashtra, India |
|
PAN No.: |
AAQFS7647M |
|
|
|
|
Subsidiaries : |
CIN No. U36912MH1986PTC040054
CIN No.: U33302MH2003PTC141202
CIN No.: U36911MH2005PTC152239 |
|
|
|
|
Entities controlled
by Directors: |
|
CAPITAL STRUCTURE
As on 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2050000 |
Equity Shares |
Rs.10/- each |
Rs.20.500 Millions |
|
11950000 |
4% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.119.500 Millions |
|
|
Total |
|
Rs.140.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
964000 |
Equity Shares |
Rs.10/- each |
Rs.9.640
Millions |
|
3050250 |
4% Non-Cumulative Redeemable Preference
Shares |
Rs.10/- each |
Rs.30.503
Millions |
|
|
Total |
|
Rs.40.143 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 |
40.143 |
40.143 |
40.143 |
|
(b) Reserves & Surplus |
841.972 |
819.237 |
773.662 |
|
(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) |
882.115 |
859.380 |
813.805 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9.992 |
14.098 |
2.105 |
|
(b) Deferred tax liabilities (Net) |
23.028 |
19.977 |
16.796 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
3.856 |
3.693 |
3.722 |
|
Total Non-current
Liabilities (3) |
36.876 |
37.768 |
22.623 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1,166.089 |
1,099.219 |
976.455 |
|
(b) Trade payables |
72.123 |
111.266 |
102.787 |
|
(c) Other
current liabilities |
17.350 |
22.356 |
17.746 |
|
(d) Short-term
provisions |
2.625 |
2.419 |
2.229 |
|
Total Current
Liabilities (4) |
1,258.187 |
1,235.260 |
1,099.217 |
|
|
|
|
|
|
TOTAL |
2,177.178 |
2,132.408 |
1,935.645 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
251.522 |
256.101 |
225.115 |
|
(ii)
Intangible Assets |
1.514 |
1.570 |
0.012 |
|
(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 |
29.113 |
29.113 |
29.113 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
47.121 |
43.612 |
46.583 |
|
(e) Other
Non-current assets |
1.954 |
3.114 |
0.043 |
|
Total Non-Current
Assets |
331.224 |
333.510 |
300.866 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
6.870 |
8.945 |
13.286 |
|
(b)
Inventories |
1,032.030 |
949.142 |
891.323 |
|
(c) Trade
receivables |
759.354 |
802.820 |
682.068 |
|
(d) Cash
and cash equivalents |
27.858 |
19.211 |
22.352 |
|
(e)
Short-term loans and advances |
10.945 |
10.919 |
17.611 |
|
(f) Other
current assets |
8.897 |
7.861 |
8.139 |
|
Total
Current Assets |
1,845.954 |
1,798.898 |
1,634.779 |
|
|
|
|
|
|
TOTAL |
2,177.178 |
2,132.408 |
1,935.645 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
2,041.969 |
2,563.447 |
2656.904 |
|
|
|
|
Other Income |
27.871 |
26.448 |
2.538 |
|
|
|
|
Share of Profit/ Loss form Partnership firm |
0.000 |
0.000 |
(0.228) |
|
|
|
|
TOTAL (A) |
2,069.840 |
2,589.895 |
2659.214 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
TOTAL (B) |
1,902.896 |
2,395.275 |
2,485.178 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
166.944 |
194.620 |
174.036 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
119.668 |
124.493 |
86.556 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
47.276 |
70.127 |
87.480 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
13.490 |
12.403 |
11.737 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
33.786 |
57.724 |
75.743 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
11.050 |
12.149 |
23.307 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
22.736 |
45.575 |
52.436 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
785.736 |
740.161 |
687.880 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Short Provision of tax Written Back |
0.000 |
0.000 |
0.155 |
|
|
|
BALANCE CARRIED
TO THE B/S |
808.472 |
785.736 |
740.161 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
2030.638 |
2558.452 |
2645.052 |
|
|
|
TOTAL EARNINGS |
2030.638 |
2558.452 |
2645.052 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
1487.118 |
1841.809 |
116.019 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
23.58 |
45.25 |
54.10 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.10 |
1.76 |
1.97 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.65 |
2.25 |
3.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.57 |
2.74 |
3.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.07 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.33 |
1.30 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47 |
1.46 |
1.49 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
40.143 |
40.143 |
40.143 |
|
Reserves & Surplus |
773.662 |
819.237 |
841.972 |
|
Net
worth |
813.805 |
859.380 |
882.115 |
|
|
|
|
|
|
long-term borrowings |
2.105 |
14.098 |
9.992 |
|
Short term borrowings |
976.455 |
1099.219 |
1166.089 |
|
Total
borrowings |
978.560 |
1113.317 |
1176.081 |
|
Debt/Equity
ratio |
1.202 |
1.295 |
1.333 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
2,656.904 |
2,563.447 |
2,041.969 |
|
|
|
(3.518) |
(20.343) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2,656.904 |
2,563.447 |
2,041.969 |
|
Profit |
52.436 |
45.575 |
22.736 |
|
|
1.97% |
1.78% |
1.11% |
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
three 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 |
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.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Short Term Borrowings |
|
|
|
Loans repayable on demand |
128.072 |
128.254 |
|
Total |
128.072 |
128.254 |
Notes to Unsecured
Loans
Unsecured Loans from Members carries interest rates from 9% to 12% and
the said loans are repayable on demand.
Unsecured Loans from Directors includes Rs.56.103 Millions (Previous
Year-Rs.46.713 Millions) carrying interest being 10% and balance Rs.5.078
Millions (Previous Year-Rs.5.778 Millions) is interest free loan. The said loan
is repayable on demand.
There is no default as on the balance sheet date in repayment of loans
and interest.
COMPANY INFORMATION:
The company was incorporated under the Companies Act, 1956 on 20th August, 1991. The Company has two Divisions viz. Head Office/Diamond Division and Jewellery Division.
The Company's main business consists of Import of Rough Diamonds, manufacturing and export of Polished Diamonds and Studded Jewellery.
PERFORMANCE:
The Sales Revenue
of the Company for the year under consideration was Rs.2041.969 Millions
(Previous Year Rs.2563.447 Millions) registered decrease of 20.34% as against
previous year decrease of 3.52% on account of recession in USA and European
Market. The sales and other income of the Company were Rs.2069.840 Millions as
against that of in Previous Year Rs.2589.896 Millions.
The company has
two Divisions viz. Diamonds Division and Jewellery Division. The Diamonds
Division of the Company, the main driver of the Company’s growth has registered
Sales of Rs.1781.484 Millions (Previous Year Rs.2296.672 Millions) registered
decrease of 22.43%. The Sales Revenue of Jewellery Division of the Company
during the year was Rs.260.485 Millions (Previous Year Rs.266.776 Millions)
registering decrease of 2.36%
The overall
performance of the Company was lower than expected on account of the decrease
in Sales Revenue of the Diamond Division and Jewellery Division of the Company
on account of recession in USA and European Market and account of change in
trend, fashion.
The management is
of the opinion that this trend is of temporary in nature and efforts are being
made to explore the new markets for the Jewellery and other product besides
existing markets.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10261164 |
04/01/2011 |
25,000,000.00 |
BANK OF BARODA |
Mumbai Main Office, 10/12, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400001, India |
B03069267 |
|
2 |
10233507 |
21/07/2010 |
10,000,000.00 |
PUNJAB NATIONAL BANK |
Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India |
A91328773 |
|
3 |
10259069 |
19/11/2010 * |
130,000,000.00 |
PUNJAB NATIONAL BANK |
Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India |
B03071651 |
|
4 |
10231774 |
19/11/2010 * |
60,000,000.00 |
PUNJAB NATIONAL BANK |
Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India |
B00995571 |
|
5 |
10231776 |
19/11/2010 * |
70,000,000.00 |
PUNJAB NATIONAL BANK |
Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India |
B00994046 |
|
6 |
90359853 |
20/11/2004 * |
1,570,000.00 |
PUNJAB NATIONAL BANK |
Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India |
- |
|
7 |
90350425 |
22/09/2008 * |
122,000,000.00 |
PUNJAB NATIONAL BANK |
Offshore Banking Division, Seepz, Andheri (East), Mumbai, Maharashtra - 400096, India |
A47809827 |
|
8 |
90187022 |
01/10/2003 |
10,000,000.00 |
BANK OF BARODA |
Ovebombay Main Office, Bombay Smachar Marg; Fort, Bombay, Maharashtra - 400023, India |
- |
|
9 |
90188905 |
11/06/2003 |
50,000,000.00 |
STATE BANK OF TRAVANCORE |
Corporate Finance Branch; 112/113, Tulsiam Chambers; West Wing; 1st Floor; Nariman Po, Mumbai, Maharashtra - 400021, India |
- |
|
10 |
90187920 |
30/10/2002 |
7,500,000.00 |
GLOBAL TRUST BANK LIMITED |
Shreejee Chambers; Road No. 2, Opera House, Mumbai, Maharashtra - 400004, India |
- |
|
11 |
90188802 |
28/03/2000 |
100,000,000.00 |
THE VYSYA BANK LIMITED |
Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India |
- |
|
12 |
90186707 |
31/08/1999 |
12,500,000.00 |
BANK OF BARODA |
Mumbai Main Office,
10/12; Mumbai Samachar; Fort, |
- |
|
13 |
90187826 |
08/07/1999 |
19,000,000.00 |
GLOBAL TRUST BANK LIMITED |
Shreejee Chambers; Tata Road No. 2, Opera House, Mumbai, Maharashtra - 400004, India |
- |
|
14 |
90187821 |
13/05/1999 |
5,000,000.00 |
UNION BANK OF INDIA |
Mumbai Samachar Marg Branch, 66/80; Mumbai Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India |
- |
|
15 |
90186645 |
15/03/2013 * |
1,056,000,000.00 |
BANK OF BARODA |
10/12, Mumbai Main Office,, Mumbai Samachar Marg, Fort, Mumbai, Maharashtra - 400023, India |
B73111692 |
|
16 |
90188738 |
07/08/1998 |
6,200,000.00 |
THE VYSYA BANK LIMITED |
Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India |
- |
|
17 |
90187710 |
15/03/1996 |
37,500,000.00 |
GLOBAL TRUST BANK LIMITED |
Shreejee Chambers; Tata Road No. 2, Opera House, Mumbai, Maharashtra - 400004, India |
- |
|
18 |
90186176 |
02/03/1995 |
115,000,000.00 |
BANK OF BARODA |
Bombay Main Office, Bombay Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India |
- |
|
19 |
90188580 |
20/02/1995 |
13,500,000.00 |
STATE BANK OF TRAVANCORE |
Bombay Main Branch; 111; Free Press House, 215; Nariman Point, Bombay, Maharashtra - 400021, India |
- |
|
20 |
90188527 |
03/03/1994 |
112,500,000.00 |
STATE BANK OF TRAVANCORE |
Corporate Finance Branch, Nariman Point, Bombay, Maharashtra - 400021, India |
- |
|
21 |
90187594 |
24/01/1995 * |
92,500,000.00 |
THE VYSYA BANK LIMITED |
Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India |
- |
|
22 |
90188955 |
02/01/1997 * |
92,500,000.00 |
THE VYSYA BANK LIMITED |
Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India |
- |
|
23 |
90185945 |
17/06/1993 |
29,200,000.00 |
UNION BANK OF INDIA |
60/80, B. S. Marg Branch, Bombay, Maharashtra - 400023, India |
- |
|
24 |
90187593 |
07/08/1995 * |
92,500,000.00 |
THE VYSYA BANK LIMITED |
Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India |
- |
|
25 |
90185927 |
27/03/1993 |
1,900,000.00 |
UNION BANK OF INDIA |
Mumbai Samachar Marg Branch, 66/80; Mumbai Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India |
- |
|
26 |
90187582 |
25/02/1993 |
59,100,000.00 |
THE VYSYA BANK LIMITED |
Overseas Branch, Patel Chembers; Opera House, Mumbai, Maharashtra - 400007, India |
- |
|
27 |
90185837 |
29/06/1992 |
16,700,000.00 |
UNION BANK OF INDIA |
Mumbai Samachar Marg Branch, 10/12; Mumbai Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India |
- |
|
28 |
90185808 |
02/04/1992 |
49,000,000.00 |
UNION BANK OF INDIA |
Mumbai Samachar Marg Branch, 10/12; Mumbai Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India |
- |
|
29 |
90185777 |
18/11/1991 |
58,000,000.00 |
UNION BANK OF INDIA |
Mumbai Samachar Marg Branch, 10/12; Mumbai Smachar Marg; Fort, Mumbai, Maharashtra - 400023, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.85.58 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
30 |
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.