MIRA
INFORM REPORT
|
Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
HARI DARSHAN EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FC/4070, F-Tower, Central Wing, 4th Floor, Bharat, Diamond Bourse, Bandra Kural Complex, Bandra (East),
Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 [Partnership Concern] |
|
|
|
|
Date of
Incorporation : |
15.03.2014 |
|
|
|
|
Com. Reg. No.: |
11-254385 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.578.319 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36932MH2014PTC254385 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and exporter of diamonds. |
|
|
|
|
No. of Employees
: |
5000 (Approximately) |
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 |
|
Maximum Credit Limit : |
USD 2700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject was incorporated during 2003 as a partnership concern and
later on 15.03.2014 it got converted into private limited company. It is
having moderate track record. Mr. Anil, Accountant provided general information and financial
statements of partnership concern. As per financials of partnership concern for 2013, reserves of the
concern is low. Rating also takes into consideration intense competition in
diamond industry and working capital intensive nature of operation. However, trade relation 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.
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 |
Long term Rating=BB+ |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
30.12.2013 |
NOTE: External rating is of partnership concern.
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. Anil |
|
Designation : |
Accountant |
|
Contact No.: |
91-9769168368 |
|
Date : |
09.04.2014 |
LOCATIONS
|
Registered Office : |
FC/4070, F-Tower, Central Wing, 4th Floor, Bharat, Diamond Bourse, Bandra Kural Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-43434000 |
|
Mobile No.: |
91-9769168368 (Mr. Anil) |
|
Fax No.: |
91-22-43434040 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2700 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
51-Nilambaug, Behind Hardik Complex, Bhavnagar – 364003, India |
|
Tel. No.: |
91-278-2522187 |
|
Fax No.: |
91-278-2522188 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Bhavnagar, Gujarat, India |
|
Area : |
15000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Bhavesh Lakhani |
|
Designation : |
Director |
|
Address : |
307, The Jewel Premises Co-operative Society Limited, M. P. Marg, Opera House, Mumbai – 400004, Maharashtra,
India |
|
Date of Birth/Age : |
06.03.1978 |
|
Date of Appointment : |
153.03.2014 |
|
DIN No.: |
00145237 |
|
|
|
|
Name : |
Mr. Nilesh Lakhani |
|
Designation : |
Director |
|
Address : |
Plot No.25, Sukhsagar Society, Nilam Bag, Bhavnagar – 364003,
Gujarat, India |
|
Date of Birth/Age : |
15.05.1980 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830902 |
|
|
|
|
Name : |
Mr. Ritesh Lakhani |
|
Designation : |
Director |
|
Address : |
3, Manishnagar Society, Behind Gayatrii Mandir, Dabholi Char Rasta, Surat –
395001, Gujarat, India |
|
Date of Birth/Age : |
01.06.1983 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830919 |
|
|
|
|
Name : |
Mr. Dinesh Dhola |
|
Designation : |
Director |
|
Address : |
AT-Surka, Post Ugamedi,
TA Gadhada, Bhavnagar –
364765, Gujarat, India |
|
Date of Birth/Age : |
01.02.1980 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830977 |
|
|
|
|
Name : |
Mr. Krishna Kalathiya |
|
Designation : |
Director |
|
Address : |
64, Rushi Raj Nagar, Behind Chitra Petrol
Pump, Bhavnagar – 364001, Gujarat, India |
|
Date of Birth/Age : |
02.06.1981 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830927 |
KEY EXECUTIVES
|
Name : |
Mr. Anil |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Bhavesh Kumar Odhavji Lakhani |
4100000 |
41.00 |
|
Nilesh Kumar Lavjibhai
Lakhani |
1650000 |
16.50 |
|
Krishnaben Kalathiya |
3650000 |
36.50 |
|
Dinesh Kumar Vashrambhai
Dhola |
250000 |
2.50 |
|
Ritesh Kumar Jerambhai
Lakhani |
250000 |
2.50 |
|
Nitaben Bhavesh Kumar Lakhani |
50000 |
0.50 |
|
Manishaben Nilesh Kumar Lakhani |
50000 |
0.50 |
|
Total |
10000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and exporter of diamonds. |
|
|
|
|
Exports : |
|
|
Products : |
Polish Diamonds |
|
Countries : |
·
Belgium ·
UAE ·
Hong Kong |
|
|
|
|
Imports : |
|
|
Products : |
Rough Diamonds |
|
Countries : |
·
Belgium ·
Russia |
|
|
|
|
Terms : |
|
|
Selling : |
Cash |
|
|
|
|
Purchasing : |
OD (90 Days) |
GENERAL INFORMATION
|
Suppliers : |
HD Diamonds DVBA, Belgium |
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Customers : |
Euro Shine Jewellers, Belgium |
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No. of Employees : |
5000 (Approximately) |
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|
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|
Bankers : |
·
State Bank of India, Bandra
Kural Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India ·
Royal Bank of Scotland |
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|
|
||||||||||||||||||||||||||||||||
|
Facilities : |
·
Fund and Non Fund = Rs.300.000 Millions (From
State Bank of India) ·
Fund and Non Fund = Rs.600.000 Millions (From
Royal Bank of Scotland) |
||||||||||||||||||||||||||||||||
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|
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kiran K. Duravis Chartered Accountant |
|
Address : |
Mumbai, Maharashtra,
India |
CAPITAL STRUCTURE
HARI DARSHAN
EXPORTS PRIVATE LIMITED
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
HARI DARSHAN
EXPORTS [PARTNERSHIP FIRM]
PARTNERS’ CAPITAL ACCOUNT
BHAVESH O. LAKHANI
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
To Drawings |
47.574 |
By Balance B/fd. |
178.593 |
|
|
|
By Interest from Firm |
5.470 |
|
|
|
By Capital Introduced |
54.043 |
|
To Balance C/fd. |
206.322 |
By 43% Share in Net Profit |
15.790 |
|
Total |
253.896 |
Total |
253.896 |
MASTER DAESHAN D.
KALTHIA
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
To Drawings |
4.320 |
By Balance B/fd. |
201.229 |
|
|
|
By Interest from Firm |
6.742 |
|
|
|
By Capital Introduced |
71.680 |
|
To Balance C/fd. |
289.653 |
By 39% Share in Net Profit |
14.322 |
|
Total |
293.973 |
Total |
293.973 |
NILESH L. LAKHANI
|
Particulars |
Rs. In Millions |
Particulars |
Rs. In Millions |
|
To Drawings |
48.356 |
By Balance B/fd. |
57.148 |
|
|
|
By Interest from Firm |
2.144 |
|
|
|
By Capital Introduced |
64.798 |
|
To Balance C/fd. |
82.344 |
By 18% Share in Net Profit |
6.610 |
|
Total |
130.700 |
Total |
130.700 |
SUMMARY
|
Name of Partners |
Rs. In Millions |
|
Bhavesh O. Lakhani |
206.322 |
|
Master Darshan D. Kalthia |
289.653 |
|
Nilesh L. Lakhani |
82.344 |
|
Total |
578.319 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
HARI DARSHAN
EXPORTS [PARTNERSHIP FIRM]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Partner’s
Capital |
|
|
|
|
(a) Share Capital |
|
578.319 |
436.970 |
|
(b) Reserves & Surplus |
|
118.161 |
118.161 |
|
(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) |
|
696.480 |
555.131 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.914 |
1.183 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
0.914 |
1.183 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
760.438 |
749.855 |
|
(b) Trade payables |
|
619.138 |
564.212 |
|
(c) Other current
liabilities |
|
16.944 |
22.235 |
|
(d) Short-term provisions |
|
67.443 |
55.847 |
|
Total Current Liabilities (4) |
|
1463.963 |
1392.149 |
|
|
|
|
|
|
TOTAL |
|
2161.357 |
1948.463 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
346.494 |
193.581 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.014 |
0.014 |
|
(c) Deferred tax assets (net) |
|
2.485 |
1.354 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
348.993 |
194.949 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
955.549 |
794.143 |
|
(c) Trade receivables |
|
773.920 |
799.511 |
|
(d) Cash and cash
equivalents |
|
2.644 |
17.137 |
|
(e) Short-term loans and
advances |
|
72.597 |
137.470 |
|
(f) Other current assets |
|
7.654 |
5.253 |
|
Total Current Assets |
|
1812.364 |
1753.514 |
|
|
|
|
|
|
TOTAL |
|
2161.357 |
1948.463 |
HARI DARSHAN
EXPORTS [PARTNERSHIP FIRM]
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner’s Capital |
|
|
188.704 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
118.161 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
306.865 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
140.917 |
|
|
2] Unsecured Loans |
|
|
12.392 |
|
|
TOTAL BORROWING |
|
|
153.309 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
460.174 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
170.203 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.014 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
275.477 |
|
|
Sundry Debtors |
|
|
293.312 |
|
|
Cash & Bank Balances |
|
|
12.037 |
|
|
Other Current Assets |
|
|
0.859 |
|
|
Loans & Advances |
|
|
22.937 |
|
Total
Current Assets |
|
|
604.622 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
310.184 |
|
|
Other Current Liabilities |
|
|
4.481 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
314.665 |
|
|
Net Current Assets |
|
|
289.957 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
460.174 |
|
HARI DARSHAN
EXPORTS [PARTNERSHIP FIRM]
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2588.960 |
2039.179 |
1414.842 |
|
|
|
Other Income |
2.411 |
6.502 |
17.093 |
|
|
|
TOTAL (A) |
2591.371 |
2045.681 |
1431.935 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1986.466 |
1909.626 |
|
|
|
|
Manufacturing Expenses |
464.302 |
495.460 |
|
|
|
|
Increase/(Decrease) in Inventories |
(47.463) |
(486.810) |
|
|
|
|
Sales & Administrative Expenses |
28.884 |
14.318 |
|
|
|
|
Other Expenses |
15.992 |
11.727 |
|
|
|
|
TOTAL (B) |
2448.181 |
1944.321 |
1374.623 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
143.190 |
101.360 |
57.312 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
63.968 |
47.068 |
26.668 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
79.222 |
54.292 |
30.644 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
25.325 |
12.482 |
5.183 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
53.897 |
41.810 |
25.461 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
17.174 |
12.859 |
7.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER
TAX (G-H) (I) |
36.723 |
28.951 |
17.559 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
NA |
NA |
|
HARI DARSHAN
EXPORTS [PARTNERSHIP FIRM]
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.42 |
1.42 |
1.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.08 |
2.05 |
1.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.50 |
2.15 |
3.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.09 |
1.35 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.26 |
1.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO (HARI DARSHAN EXPORTS [PARTNERSHIP FIRM])
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
Rs. In
Millions |
Rs. In
Millions |
|
Share Capital |
436.970 |
578.319 |
|
Reserves & Surplus |
118.161 |
118.161 |
|
Net
worth |
555.131 |
696.480 |
|
|
|
|
|
long-term borrowings |
1.183 |
0.914 |
|
Short term borrowings |
749.855 |
760.438 |
|
Total
borrowings |
751.038 |
761.352 |
|
Debt/Equity
ratio |
1.353 |
1.093 |
YEAR-ON-YEAR GROWTH (HARI DARSHAN EXPORTS [PARTNERSHIP FIRM])
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs. In
Millions |
Rs. In
Millions |
Rs. In
Millions |
|
Sales |
1414.842 |
2039.179 |
2588.960 |
|
|
|
44.128 |
26.961 |
NET PROFIT MARGIN (HARI DARSHAN EXPORTS [PARTNERSHIP FIRM])
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs. In
Millions |
Rs. In
Millions |
Rs. In
Millions |
|
Sales
|
1414.842 |
2039.179 |
2588.960 |
|
Profit |
17.559 |
28.951 |
36.723 |
|
|
1.24% |
1.42% |
1.42% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT IS NOT AVAILABLE.
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
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 |
Yes |
|
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 |
No |
|
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 & 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 |
|
Short Term Borrowings |
|
|
Payal P. Diyora |
0.554 |
|
Jogi Gems |
3.794 |
|
Chandra Prakash Agarwal |
6.000 |
|
|
|
|
Total |
10.348 |
NO CHARGES EXIST FOR COMPANY.
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 : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.