MIRA
INFORM REPORT
|
Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DHARMANANDAN DIAMONDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FC-7081-82,Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai
– 400051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
31.08.2007 |
|
|
|
|
Com. Reg. No.: |
11-173674 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 94.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2007PTC173674 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD15331B MUMD12222A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD6676J AACCD0906H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Diamonds and Diamond studded Jewellery, Silver and Gold Jewellery
and Platinum Jewellery. |
|
|
|
|
No. of Employees
: |
7000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company be considered 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.
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 |
ICRA |
|
Rating |
Fund based limits: “BBB+” |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
December 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. Amit Maniyar |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-40041111 |
|
Date : |
05.04.2014 |
LOCATIONS
|
Registered Office : |
FC-7081-82,Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40041111/ 40041001 / 2 / 3 / 4 |
|
Fax No.: |
91-22-42535353/ 66355533 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2800 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory 1: |
Behind Patel Faliya, Gotalawadi,
|
|
Tel. No.: |
91-261-2533777 |
|
Fax No.: |
91-261-2533775 |
|
Area: |
161000 Sq. ft |
|
Location: |
Owned |
|
|
|
|
Factory 2: |
Plot No. 152, Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat, India |
|
Tel. No.: |
91-261-253 3777 |
|
Fax No.: |
91-261-253 3775 |
|
|
|
|
Overseas Office : |
Located at: ·
Hong Kong ·
Belgium ·
USA |
DIRECTORS
As on: 27.08.2013
|
Name : |
Mr. Laljibhai Tulshibhai
Patel |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
52, Narayanmuni Nagar,
|
|
Date of Birth/Age : |
28.11.1955 |
|
Qualification : |
B. Com. |
|
Experience : |
36 Years |
|
PAN No.: |
ABLPP4845J |
|
Date of Appointment : |
31.08.2007 |
|
DIN No : |
01539972 |
|
|
|
|
Name : |
Mr. Tulsibhai Keshavbhai
Patel |
|
Designation : |
Director |
|
Address : |
57, Narayanmuni Nagar,
|
|
Date of Birth/Age : |
11.07.1950 |
|
Qualification : |
B. Com. |
|
Experience : |
41 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ABLPP4844K |
|
DIN No : |
01540000 |
|
|
|
|
Name : |
Mr. Dayalbhai Keshavbhai
Patel |
|
Designation : |
Director |
|
Address : |
56, Narayanmuni Nagar,
|
|
Date of Birth/Age : |
11.03.1954 |
|
Qualification : |
B. Com. |
|
Experience : |
37 Years |
|
PAN No.: |
ABCPP1172H |
|
Date of Appointment : |
31.08.2007 |
|
DIN No : |
01540092 |
|
|
|
|
Name : |
Mr. Prakashbhai Tulsibhai
Goti |
|
Designation : |
Director |
|
Address : |
12/A, Ramesh Niwas,
51-C, |
|
Date of Birth/Age : |
28.09.1973 |
|
Qualification : |
B. Com. |
|
Experience : |
19 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ABJPP3476D |
|
DIN No : |
01540039 |
|
Voter ID No.: |
JRW0920025 |
|
|
|
|
Name : |
Mr. Sanjaykumar Jerambhai
Virani |
|
Designation : |
Director |
|
Address : |
E-1, Rock View Apartment, |
|
Date of Birth/Age : |
20.02.1976 |
|
Qualification : |
B. Com. |
|
Experience : |
16 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGBPG3688H |
|
DIN No : |
01660345 |
|
Voter ID No.: |
JRW1202308 |
|
|
|
|
Name : |
Mr. Hiteshkumar Laljibhai
Patel |
|
Designation : |
Director |
|
Address : |
52, Narayanmuni Nagar,
|
|
Date of Birth/Age : |
31.05.1979 |
|
Qualification : |
B. Com. |
|
Experience : |
12 Years |
|
PAN No.: |
AANPP3560B |
|
Date of Appointment : |
31.08.2007 |
|
DIN No : |
01660527 |
|
Voter ID No.: |
DCF1417450 |
|
|
|
|
Name : |
Mr. Piyushkumar Laljibhai
Patel |
|
Designation : |
Director |
|
Address : |
51-52, Narayanmuni Nagar,
|
|
Date of Birth/Age : |
04.05.1982 |
|
Qualification : |
B. Com. |
|
Experience : |
9 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGKPP8563D |
|
DIN No : |
00858190 |
|
|
|
|
Name : |
Mr. Shailesh Dayalbhai
Goti |
|
Designation : |
Director |
|
Address : |
56, Narayanmuni Nagar,
|
|
Date of Birth/Age : |
09.10.1984 |
|
Qualification : |
B. Com. |
|
Experience : |
8 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGBPG3688H |
|
DIN No : |
00858206 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Maniyar |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 27.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Laljibhai Tulshibhai
Patel |
|
1295000 |
|
Tulsibhai Keshavbhai
Patel |
|
254250 |
|
Dayalbhai Keshavbhai
Patel |
|
618000 |
|
Prakashbhai Tulsibhai Goti |
|
678000 |
|
Sanjaykumar Jerambhai Virani |
|
423750 |
|
Hiteshkumar Laljibhai Patel |
|
1143250 |
|
Piyushkumar Laljibhai Patel |
|
1087750 |
|
Shailesh Dayalbhai Goti |
|
825000 |
|
Nirmalaben Laljibhai Patel |
|
400000 |
|
Rashmitaben Hiteshbhai
Patel |
|
636500 |
|
Dharaben Piyushbahi
Patel |
|
692000 |
|
Manjulaben Dayabhai Patel |
|
60000 |
|
Komalben Shaileshbhai
Patel |
|
361500 |
|
|
|
|
|
Total |
|
8475000 |
|
Names of Shareholders (Preference Shares) |
|
No.
of Shares |
|
Dharmanandan Industries Limited, India |
|
1000000 |
|
|
|
|
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 27.08.2013
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Diamonds and Diamond studded Jewellery, Silver and Gold Jewellery
and Platinum Jewellery. |
|
|
|
|
Products : |
·
Diamond studded Jewellery ·
Silver and Gold Jewellery ·
Platinum Jewellery |
|
|
|
|
Exports : |
|
|
Products : |
·
Diamond studded Jewellery ·
Silver and Gold Jewellery ·
Platinum Jewellery |
|
Countries : |
·
Belgium ·
Hong Kong ·
Israel ·
Middle East ·
Korea |
|
|
|
|
Imports : |
|
|
Products : |
·
Raw Material |
|
Countries : |
·
Belgium ·
Dubai ·
Hong Kong ·
Africa |
GENERAL INFORMATION
|
Customers : |
Golden Dew Company Limited, Korea |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
7000 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
State Bank of India, Diamond Branch, Majestic Shopping Centre, Jagganath Shankar Sheth Road, Girgaum,, Mumbai - 400004, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Total
facility including all banks is: Rs. 10700.000
Millions (Rs. In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajiv N Shah and Associates Chartered Accountants |
|
Address : |
A-001, Shreenath Darshan,
Off |
|
PAN No.: |
AAFPS1156E |
|
|
|
|
Subsidiary company : |
·
DDL Investment Limited ·
Dharm Diam B.V.B.A. ·
Dharam Creation (HK)
Limited ·
Dharm Diamonds Israel Limited ·
Dharm International LLC |
|
|
|
|
Related Party: |
· Divine Equity Research Private Limited · Gunjan Exports · Dharm Exim · Neel Impex · Dharmanandan Industries LLP |
CAPITAL STRUCTURE
As on: 27.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
Total |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8475000 |
Equity Shares |
Rs.10/- each |
Rs.84.750
Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000
Millions |
|
|
Total |
|
Rs. 94.750 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 |
94.750 |
88.500 |
80.000 |
|
(b) Reserves & Surplus |
5,098.798 |
3,613.394 |
2,298.651 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
300.000 |
600.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5,193.548 |
4,001.894 |
2,978.651 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,474.977 |
1,659.652 |
1,329.841 |
|
(b) Deferred tax liabilities
(Net) |
43.840 |
11.977 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
8.890 |
|
Total
Non-current Liabilities (3) |
1,518.817 |
1,671.629 |
1,338.731 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8,331.997 |
6,412.988 |
4,478.147 |
|
(b) Trade payables |
4,902.210 |
3,314.547 |
2,658.061 |
|
(c) Other current liabilities |
100.778 |
23.946 |
16.844 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
13,334.985 |
9,751.481 |
7,153.052 |
|
|
|
|
|
|
TOTAL |
20,047.350 |
15,425.004 |
11,470.434 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2,096.074 |
1,801.971 |
1,477.056 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
82.700 |
53.734 |
205.751 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
47.907 |
736.911 |
477.754 |
|
(c) Deferred tax assets (net) |
108.167 |
70.742 |
24.884 |
|
(d) Long-term Loan and Advances |
0.324 |
0.405 |
37.392 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.486 |
|
Total
Non-Current Assets |
2,335.172 |
2,663.763 |
2,223.323 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
8,174.491 |
4,618.095 |
4,034.602 |
|
(c) Trade receivables |
9,286.598 |
7,400.477 |
4,999.545 |
|
(d) Cash and cash equivalents |
139.611 |
635.426 |
138.602 |
|
(e) Short-term loans and
advances |
111.478 |
107.243 |
74.362 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
17,712.178 |
12,761.241 |
9,247.111 |
|
|
|
|
|
|
TOTAL |
20,047.350 |
15,425.004 |
11,470.434 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL
(A) |
31,283.470 |
23,952.050 |
19,361.260 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
TOTAL
(B) |
29,416.070 |
22,386.470 |
18,714.880 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1,867.400 |
1,565.580 |
646.380 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
380.050 |
287.190 |
130.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,487.350 |
1,278.390 |
515.460 |
|
|
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
84.330 |
67.170 |
90.930 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1,403.020 |
1,211.220 |
424.530 |
|
|
|
|
|
|
|
|
|
Less |
TAX
(I) |
211.370 |
187.980 |
-33.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1,191.650 |
1,023.240 |
458.440 |
|
|
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
|
F.O.B. Value of Exports |
26,622.210 |
19,810.490 |
16,605.750 |
|
|
|
TOTAL
EARNINGS |
26,622.210 |
19,810.490 |
16,605.750 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Value of Imports on CIF basis |
29243.968 |
20020.980 |
18377.920 |
|
|
TOTAL IMPORTS |
29243.968 |
20020.980 |
18377.920 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
140.61 |
115.62 |
57.31 |
|
Expected Sales (2013-2014): Rs. 38000.000
Millions
The above information has been parted by Mr. Amit
Maniyar
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.81 |
4.27 |
2.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.08 |
8.32 |
3.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.30 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth)
|
|
1.89 |
2.01 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.31 |
1.29 |
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 |
80.000 |
88.500 |
94.750 |
|
Reserves & Surplus |
2,298.651 |
3,613.394 |
5,098.798 |
|
Net
worth |
2,378.651 |
3,701.894 |
5,193.548 |
|
|
|
|
|
|
long-term borrowings |
1,329.841 |
1,659.652 |
1,474.977 |
|
Short term borrowings |
4,478.147 |
6,412.988 |
8,331.997 |
|
Total
borrowings |
5,807.988 |
8,072.640 |
9,806.974 |
|
Debt/Equity
ratio |
2.442 |
2.181 |
1.888 |
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 |
19,361.260 |
23,952.050 |
31,283.470 |
|
|
|
23.711 |
30.609 |
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 |
19,361.260 |
23,952.050 |
31,283.470 |
|
Profit |
458.440 |
1,023.240 |
1,191.650 |
|
|
2.37% |
4.27% |
3.81% |
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Loans and advances from related parties |
1460.884 |
1657.049 |
|
|
|
|
|
Total |
1460.884 |
1657.049 |
RESULTS OF
OPERATIONS:
The year was a transformation year for the company. This was a landmark year the Company for its operating performance with earning growth amidst extraordinary challenges of price volatility and demand reduction.
During the year, the company has scaled new heights and set several new benchmarks in terms of sales, profits, net worth and assets. Turnover for the year was Rs. 31,283.470 Millions as against Rs. 23,852.050 Millions in the previous year. Exports were higher by 35.41 % over previous year and during the current year invoice value of export sales amounted to Rs. 26,762.410 Millions.
Profit after Tax for the year was Rs. 1,191.650 Millions as against Rs. 1,023.240 Millions in the previous year.
The company is a contributor to the national exchequer primarily by way of payment of taxes and duties to various government agencies.
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 1174, Jalalpura
Gandhi Baug, Nagpur – 440
002, Maharashtra, India to the present address w.e.f. 01.06.2006.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10161015 |
12/05/2010 * |
744,600,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
A87629333 |
|
2 |
10091658 |
19/12/2013 * |
10,700,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH, D/3, WEST CORE, G BLOCK, BHARAT |
B93316016 |
* Date of charge modification
FIXED ASSETS:
· Plant and Machinery
· Computer Systems
· Furniture and Fixtures
· Vehicles
· Office Premises
· Land
· Factory Building
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. 60.21 |
|
|
1 |
Rs. 101.05 |
|
Euro |
1 |
Rs. 83.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
49 |
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.