MIRA
INFORM REPORT
|
Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
KARP IMPEX LIMITED (TRF.) |
|
|
|
|
Registered
Office : |
GE-3051, ‘G’ Block, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.04.1995 |
|
|
|
|
Com. Reg. No.: |
11-158868 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.54.004 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27205MH1995PLC158868 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11083C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK1823F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in the business of manufacturing, trading, import and export of
diamonds. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
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 18194000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having satisfactory track
record. Profitability of the company seems to be low during 2013. However, the
general financial position of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for normal 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.
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 DECLINED BY
|
Name : |
Mr. Jayesh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-40608888 |
|
Date : |
07.04.2014 |
LOCATIONS
|
Registered Office : |
GE-3051, ‘G’ Block, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra,
India |
|
Tel. No.: |
91-22-40608888 |
|
Fax No.: |
91-22-40608899 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
1141, Prasad Chambers, Opera House, Mumbai – 400 004, Maharashtra, India |
|
|
|
|
Factory : |
Karp House, 8/A, Lal Darwaja,
|
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Anilkumar Bhikhabhai
Virani |
|
Designation : |
Managing Director |
|
Address : |
Jal Mayur
Co-Operative Housing Society Limited, 51, Laxmi
Vilas, 87, Nepensea Road, Mumbai – 400 006, Maharashtra, India
|
|
Date of Birth/Age : |
02.10.1958 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
24.04.1995 |
|
DIN No.: |
|
|
PAN No.: |
AAWPV1515F |
|
|
|
|
Name : |
Mr. Nirav Anilkumar
Virani |
|
Designation : |
Director |
|
Address : |
Jal Mayur
Co-Operative Housing Society Limited, 51, Laxmi
Vilas, 87, Nepensea Road, Mumbai – 400 006, Maharashtra, India
|
|
Date of Birth/Age : |
10.07.1984 |
|
Qualification : |
BBA |
|
Date of Appointment : |
05.12.2005 |
|
DIN No.: |
00151196 |
|
PAN No.: |
ABXPV2409C |
|
|
|
|
Name : |
Mr. Kishorkumar Bhikhabhai
Virani |
|
Designation : |
Director |
|
Address : |
Jal Mayur
Co-Operative Housing Society Limited, 51, Laxmi
Vilas, 87, Nepensea Road, Mumbai – 400 006, Maharashtra, India
|
|
Date of Birth/Age : |
28.09.1956 |
|
Qualification : |
B.E. Mechanical |
|
Date of Appointment : |
24.04.1995 |
|
DIN No.: |
00279641 |
|
PAN No.: |
AAWPV1516G |
|
|
|
|
Name : |
Mr. Keval Kishor Virani |
|
Designation : |
Whole Time Director |
|
Address : |
Jal Mayur
Co-Operative Housing Society Limited, 51, Laxmi
Vilas, 87, Nepensea Road, Mumbai – 400 006, Maharashtra, India
|
|
Date of Birth/Age : |
30.09.1983 |
|
Qualification : |
M. Tech. |
|
Date of Appointment : |
05.12.2005 |
|
DIN No.: |
01734130 |
|
PAN No.: |
ABWPV8900H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Anilkumar Bhikhabhai Virani |
2450000 |
|
Kishorkumar Bhikhabhai Virani |
2450000 |
|
Neela Kishor Virani |
49000 |
|
Ashwin Govindbhai Kukadia |
1000 |
|
Kailash Anil Virani |
49000 |
|
Pinal Kishor Virani
|
500 |
|
Ashmi Rahul Mody |
500 |
|
Nirav Anil Virani |
200200 |
|
Keval Kishore Virani |
200200 |
|
Total
|
5400400 |
AS ON 30.09.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
%20-%20261829%2011-Apr-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of manufacturing, trading, import and export of
diamonds. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
State Bank of Hyderabad, Overseas Branch, Ashok Mahal, 1204, Tulloch
Road, Colaba, Mumbai – 400 039, Maharashtra,
India ·
Bank of India, Bharat Diamond Bourse Branch,
D-2/D4, BDB 'G' Block, BKC, Bandra (East), Mumbai –
400 051, Maharashtra, India ·
IDBI Bank Limited, Ess EN House, Ghod Dod Road, Surat, Surat – 395 001,
Gujarat, India ·
Andhra Bank, S. No.E-4, Bharat Diamond
Bourse, Bandra Kurla
Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh Surana and Associates Chartered Accountants |
|
Address 1: |
310, Ahura Centre, 82, |
|
Tel. No.: |
91-22-66515570 |
|
Fax No.: |
91-22-22875771 |
|
E-Mail: |
|
|
Website: |
|
|
PAN No.: |
AAQFS7647M |
|
|
|
|
Subsidiaries : |
·
Karp Diamonds Private Limited ·
Karp Mfg Co.(a partnership firm) ·
Karp Impex HK Limited |
|
|
|
|
Associates : |
Karp
Impex N.V (from 16.12.2010 till 19.12.2011) |
|
|
|
|
Enterprises in which key management personnel have significant influence : |
·
Park Infotech ·
Karp Jewellery Private Limited, India (CIN No.: U51100GJ2000PTC037823)
|
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5400400 |
Equity Shares |
Rs.10/- each |
Rs.54.004
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 |
54.004 |
52.220 |
50.000 |
|
(b) Reserves & Surplus |
4494.384 |
4183.970 |
3860.195 |
|
(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) |
4548.388 |
4236.190 |
3910.195 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
113.432 |
97.837 |
89.772 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
113.432 |
97.837 |
89.772 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
8435.179 |
7649.771 |
5695.501 |
|
(b)
Trade payables |
1718.693 |
554.423 |
2017.027
|
|
(c)
Other current liabilities |
10.876 |
79.758 |
7.672
|
|
(d) Short-term
provisions |
0.000 |
0.000 |
22.760
|
|
Total Current
Liabilities (4) |
10164.748 |
8283.952 |
7742.960 |
|
|
|
|
|
|
TOTAL |
14826.568 |
12617.979 |
11742.927 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1092.031 |
820.984 |
681.209 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
10.443 |
2.401 |
13.972
|
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
269.872 |
330.247 |
537.674 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
159.056 |
162.464 |
152.517 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1531.402 |
1316.096 |
1385.372 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5676.839 |
5002.713 |
5978.851
|
|
(c)
Trade receivables |
7237.280 |
5785.394 |
4209.034
|
|
(d) Cash
and cash equivalents |
130.382 |
405.225 |
82.720
|
|
(e)
Short-term loans and advances |
250.599 |
105.683 |
75.885 |
|
(f)
Other current assets |
0.066 |
2.868 |
11.065 |
|
Total
Current Assets |
13295.166 |
11301.883 |
10357.555 |
|
|
|
|
|
|
TOTAL |
14826.568 |
12617.979 |
11742.927 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
17075.390 |
18453.364 |
12102.170 |
|
|
|
Other Income |
145.651 |
15.724 |
642.491 |
|
|
|
TOTAL (A) |
17221.041 |
18469.088 |
12744.661 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
12890.548 |
14413.348 |
9670.625 |
|
|
|
Purchases of stock-in-trade |
2525.691 |
2249.834 |
2482.026 |
|
|
|
Changes in inventories of finished goods, work in progress and stock
in trade |
0.138 |
22.220 |
(1090.156) |
|
|
|
Employee related expenses |
153.549 |
125.400 |
96.404 |
|
|
|
Other expenses |
891.900 |
720.923 |
604.853 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
(4.356) |
|
|
|
TOTAL (B) |
16461.826 |
17531.725 |
11759.396 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
759.215 |
937.363 |
985.265 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
449.452 |
683.529 |
271.466 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
309.763 |
253.834 |
713.799 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.564 |
49.574 |
41.871 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
250.199 |
204.260 |
671.928 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
87.857 |
78.065 |
100.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
162.342 |
126.195 |
571.010 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
16009.407 |
14811.608 |
11064.503 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
10207.285 |
|
|
|
Stores & Spares |
NA |
NA |
10.515 |
|
|
|
Capital Goods |
NA |
NA |
49.615 |
|
|
|
Finished Goods (Polished Diamonds) |
NA |
NA |
2471.397 |
|
|
|
Finished Goods (Jewellery) |
NA |
NA |
0.000 |
|
|
TOTAL IMPORTS |
NA |
NA |
12738.812 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
31.08 |
25.20 |
113.33 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.94 |
0.68
|
4.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.47 |
1.11
|
5.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.72 |
1.66
|
6.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.05
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.85 |
1.81
|
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.36
|
1.34 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
50.000 |
52.220 |
54.004 |
|
Reserves & Surplus |
3860.195 |
4183.970 |
4494.384 |
|
Net worth |
3910.195 |
4236.190 |
4548.388 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
5695.501 |
7649.771 |
8435.179 |
|
Total borrowings |
5,695.501 |
7,649.771 |
8,435.179 |
|
Debt/Equity ratio |
1.457 |
1.806 |
1.855 |
%20-%20261829%2011-Apr-2014_files/image004.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
12102.170 |
18453.364 |
17075.390 |
|
|
|
52.480 |
(7.467) |
%20-%20261829%2011-Apr-2014_files/image006.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
12102.170 |
18453.364 |
17075.390 |
|
Profit |
571.010 |
126.195 |
162.342 |
|
|
4.72% |
0.68% |
0.95% |
%20-%20261829%2011-Apr-2014_files/image008.gif)
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 |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of diamonds
but history says that in the remote past, diamonds were mined only in India.
Diamond production in India can be traced back to almost 8th Century
B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem 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.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U27205MH1995PLC158868 |
|
Name of the
company |
KARP IMPEX LIMITED (TRF.) |
|
Address of the registered
office or of the principal place of
business in India of the company |
GE-3051, ‘G’ Block, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra,
India E-Mail: karp@karpgroup.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10235674 |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge |
|
Particular of
charge holder |
CIN No.: U74999MH2008PLC182264 Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025, Maharashtra, India E-Mail: debenturetrustee@axistrustee.com |
|
Nature of
instrument creating charge |
Second
Supplemental Indenture of Mortgage dated 13th December, 2013
between Karp Impex Limited (As the Mortgagor) and
Axis Trustee Services Limited (As the Security Trustee) |
|
Date of
instrument Creating the charge |
13.12.2013 |
|
Amount secured by
the charge |
Rs.9500.000
millions |
|
Brief of the
principal terms and conditions and extent and operation of the charge |
Rate of Interest: Interest as may
be stipulated by the Banks from time to time. Terms of
Repayment: On Demand Margin: As may be
stipulated by the Banks from time to time. Extent and
Operation of the charge: The Mortgagor
Company created a registered mortgage in respect of its assets as described
in favour of Axis Trustee Services Limited
("Security Trustee") acting for the benefit of the Consortium
Lenders, as security for repayment of the credit facilities of Rs.9500.000
millions granted by the Consortium Lenders with all interest, additional
interest, costs, expenses, charges, commissions and all other moneys payable thereunder. Others: If the Borrower
shall have paid in full the mortgage debt to the satisfaction of lenders, the
Security Trustee shall, within 15 days from date of receiving a written
request from the Borrower and at the expense of the Borrower,
reassign/retransfer/release unto the Borrower the said Mortgaged Property. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Immovable
properties of the Company situated at Opera House and Bandra
(Mumbai) The whole of the
moveable properties of the Borrower including, its Current Assets (including
but not limited to all Stocks in trade, including raw material |
|
Date of
instrument modifying the charge |
12.12.2013 |
|
Particulars of
the present modification |
The charge shall
now stand secured upto Rs.9500.000 millions in favour of Axis
Trustee Services Limited ("the Security Trustee") for the benefit
of lenders, namely: Axis Bank, PNB, HDFC Bank, Canara
Bank, BOI, AB,UBI, ING Vysya, Corp Bank, Standard
Chartered Bank, Exim Bank, Yes Bank, IDBI Bank,
SBH, SBM, SBBJ, SBP, ICICI Bank and Societe Generale against the security of the movable and immovable property/ies
of the Company being lying and
situated at Opera House and Bandra (Mumbai). |
Note:
The registered office of the company has been shifted from 1411, Prasad Chambers,
Opera House, Mumbai – 400 004, Maharashtra to
the present address w.e.f. 06.10.2011.
CORPORATE INFORMATION
Subject is a
closely held limited Company having its registered office at Maharashtra and incorporated on 24 April 1995 under the
Companies Act, 1956. The Company is engaged in the business of manufacturing,
trading, import and export of diamonds.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
Disputed income tax
demands against which the Company has preferred an appeal. The Company has
deposited / adjusted refund upto 31st
March 2013 Rs.1.576 millions (upto 31st
March 2012 Rs.5.367 millions) under protest. |
5.405 |
9.565 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Computer
·
Furniture and Fittings
·
Office Equipment
·
Electric Installation
·
Office Premises
·
Vehicles
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 |
|
UK Pound |
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
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.