MIRA
INFORM REPORT
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Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
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Name : |
MANMOHAN EXPORTS PRIVATE LIMITED |
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Registered
Office : |
228, Panchratna Building, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
05.05.2009 |
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Com. Reg. No.: |
11-192200 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100
million |
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CIN No.: [Company Identification
No.] |
U51109MH2009PTC192200 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM36543D |
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PAN No.: [Permanent Account No.] |
AAGCM0220R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader, Exporter and Importer of Diamond. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 7700 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Profitability of the company seems to be low during 2013. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealing with some cautions.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
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Name : |
Mr. Rajiv |
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Designation : |
Accounts Executive |
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Contact No.: |
91-22-23690281 |
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Date : |
17.04.2014 |
LOCATIONS
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Registered Office : |
228, |
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Tel. No.: |
91-22-23690281 |
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Mobile No.: |
91-9820223495 (Mr. Deepak Banwarilal Agrawal) |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
400 sq. ft |
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Location : |
Rented |
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Locality : |
Commercial |
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Branch Office : |
219, |
DIRECTORS
As on 25.09.2013
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Name : |
Mr. Deepak Banwarilal Agrawal |
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Designation : |
Director |
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Address : |
B-206, Ostwal Oynex, Jesal Park, Bhayander, Thane – 401105,
Maharashtra, India |
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Date of Birth/Age : |
22.07.1981 |
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Qualification : |
B.Com |
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Date of Appointment : |
05.05.2009 |
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PAN No.: |
AFPPA6178M |
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DIN No.: |
02615398 |
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Name : |
Mr. Rajesh Mulchand Ranka |
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Designation : |
Director |
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Address : |
B-704, |
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Date of Birth/Age : |
01.05.1975 |
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Date of Appointment : |
05.05.2009 |
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PAN No.: |
AGXPR5614A |
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DIN No.: |
02613105 |
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Other Directorship:
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KEY EXECUTIVES
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Name : |
Mr. Rajiv |
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Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Deepak Banwarilal Agrawal |
5000 |
50.00 |
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Rajesh Mulchand Ranka |
5000 |
50.00 |
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Total |
10000 |
100.00 |
As on 25.09.2013
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage of Holding |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Exporter and Importer of Diamond. |
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Products : |
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Exports : |
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Products : |
Diamonds |
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Countries : |
·
Hong Kong Belgium |
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Imports : |
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Products : |
Diamonds |
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Countries : |
v
v
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
· Ing Vysya Bank, Opera House Branch United Bank of India Bank of Maharashtra Axis Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kabra and Jagetia Chartered Accountants |
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Address : |
2020, World Trade Center, Near Udhana Dharwaj, Ring Road, Surat –
395002, Gujarat, India |
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Income-tax
PAN of auditor or auditor's firm : |
ACQPJ6105R |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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I.
EQUITY
AND LIABILITIES |
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(1)Shareholders'
Funds |
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(a) Share Capital |
0.100 |
0.100 |
0.100 |
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(b) Reserves & Surplus |
1.818 |
1.235 |
0.680 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
1.918 |
1.335 |
0.780 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.004 |
0.000 |
0.000 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
0.004 |
0.000 |
0.000 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
7.692 |
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(b) Trade payables |
2896.661 |
2601.257 |
2745.147 |
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(c) Other current
liabilities |
0.000 |
0.000 |
0.000 |
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(d) Short-term provisions |
0.666 |
1.273 |
0.544 |
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Total Current Liabilities (4) |
2897.327 |
2602.530 |
2753.383 |
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TOTAL |
2899.249 |
2603.865 |
2754.163 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
0.080 |
0.068 |
0.021 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
379.103 |
308.304 |
168.397 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total Non-Current Assets |
379.183 |
308.372 |
168.418 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
10.182 |
0.025 |
3.057 |
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(c) Trade receivables |
2480.655 |
2275.067 |
2568.813 |
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(d) Cash and cash
equivalents |
27.035 |
19.451 |
13.742 |
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(e) Short-term loans and
advances |
2.188 |
0.939 |
0.117 |
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(f) Other current assets |
0.006 |
0.011 |
0.016 |
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Total Current Assets |
2520.066 |
2295.493 |
2585.745 |
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TOTAL |
2899.249 |
2603.865 |
2754.163 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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Income |
8000.000 |
NA |
NA |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.955 |
0.794 |
0.688 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.019 |
0.010 |
0.004 |
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PROFIT/
(LOSS) BEFORE TAX |
0.936 |
0.784 |
0.684 |
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Less |
TAX |
NA |
NA |
NA |
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PROFIT/
(LOSS) AFTER TAX |
NA |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.03 |
0.03 |
0.02 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.49 |
0.59 |
0.88 |
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Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
9.86 |
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Current Ratio (Current Asset/Current Liability) |
|
0.87 |
0.88 |
0.94 |
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 |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
0.680 |
1.235 |
1.818 |
|
Net
worth |
0.780 |
1.335 |
1.918 |
|
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|
|
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|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
7.692 |
0.000 |
0.000 |
|
Total
borrowings |
7.692 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
9.862 |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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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
one year |
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
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.
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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.
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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.
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
OPEERATION/ WORKING
AND PROSPEECTUS:
During the year there is profit of 0.936 Million (Previous Year Rs. 0.784 Million) after claiming depreciation of Rs. 0.019 Million (Previous Year 0.010 Million) There is heavy competion in the market till the see a very good future of the business of the company.
FIXED ASSETS
· Office Equipment
Computer
Equipment’s
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.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
NO |
|
--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 |
|
27 |
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.