MIRA
INFORM REPORT
|
Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI DIAMOND PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400051, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
12.04.2006 |
|
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|
|
Com. Reg. No.: |
11-161091 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.473.367
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2006PTC161091 |
|
|
|
|
IEC No.: |
0388010151 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06215G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL1815G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing of diamonds, jewellery and also providing power generation i.e. wind mill. |
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|
|
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is good. The company is processing
well. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities=BBB |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
11.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A3+ |
|
Rating Explanation |
Moderate degree of safety. It carry higher
credit risk. |
|
Date |
11.04.2014 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Rai |
|
Designation : |
Chief Executive Officer – Finance |
|
Contact No.: |
91-9867504544 |
|
Date : |
19.08.2014 |
LOCATIONS
|
Registered / Corporate Head Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse, Bandra-Kurla
Complex, Bandra (East), Mumbai - 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26755150 / 33927041 / 33927042/ 40502222 |
|
Fax No.: |
91-22-40502214 |
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E-Mail : |
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Website: |
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Location: |
Owned |
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|
|
|
Manufacturing Head
Office: |
Near Gajera Circle, Katargam Amroli Road, Katargam, Surat
- 395004, Gujarat, India |
|
Tel. No.: |
91-261-3315555 |
|
Fax No.: |
91-261-3315599 |
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E-Mail : |
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Factory 1: |
New A K Road, Varachha, Surat - 395008, Gujarat, India |
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Tel. No.: |
91-261-2542532 |
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Fax No.: |
91-261-2541623 |
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E-Mail : |
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Location: |
Owned |
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|
|
Factory 2 : |
415/416, Prasad Chambers, Opera House, Mumbai - 400004, Maharashtra,
India |
|
Tel. No.: |
91-22-23696643 / 23696645 / 23677007 / 40502222 |
|
Fax No.: |
91-22-23670390 |
|
|
|
|
Factory 3 : |
Babubula, Katargaon, Surat – 395004, Gujarat, India |
DIRECTORS
As on 05.08.2013
|
Name : |
Mr. Vasantbhai Haribhai Gajera |
|
Designation : |
Managing Director |
|
Address : |
1, Vrushal Nagar Society, Near Katargam Police Station, Katargam,
Surat - 395004, Gujarat, India |
|
Date of Birth/Age : |
01.06.1954 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
ABTPG2033P |
|
DIN No.: |
00147855 |
|
|
|
|
Name : |
Mr. Mitesh Chunilal Gajera |
|
Designation : |
Director |
|
Address : |
50, Vishnu Nagar Society, Ne A.K Road, Ankur Char Rasta, Varachha
Road, Surat – 395008, Gujarat, India |
|
Date of Birth/Age : |
10.03.1982 |
|
Date of Appointment : |
20.03.2008 |
|
DIN No.: |
01011862 |
|
|
|
|
Name : |
Mr. Ashokbhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
31, Kalpavrukh Apartment, 27, B.G. Kher Marg, Walkeshwar, Mumbai -
395001, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1965 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
ABTPG2048J |
|
DIN No.: |
00147819 |
|
|
|
|
Name : |
Mr. Chunibhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
67, Adarsh Society, Athwalines, Surat - 395001, Gujarat, India |
|
Date of Birth/Age : |
05.07.1960 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
AAWPG3525A |
|
DIN No.: |
00147830 |
|
|
|
|
Name : |
Mr. Lalitkumar Dhirajlal Gajera |
|
Designation : |
Director |
|
Address : |
43-44, Kantareshwar Society, Behind Ananbd Ashram, Katargam, Surat -
395004, Gujarat, India |
|
Date of Birth/Age : |
03.05.1972 |
|
Date of Appointment : |
04.07.2007 |
|
DIN No.: |
01624264 |
|
|
|
|
Name : |
Mr. Samrat Ajay Chokshi |
|
Designation : |
Director |
|
Address : |
204, Virat Apartments, Dwalibag, Athwagate, Surat - 395001, Gujarat,
India |
|
Date of Birth/Age : |
18.01.1978 |
|
Date of Appointment : |
04.07.2007 |
|
DIN No.: |
01627380 |
|
|
|
|
Name : |
Mr. Bakulbhai Haribhai Gajera |
|
Designation : |
Director |
|
Address : |
B-26, Kanteshwar Society, Katargan Road, Surat - 395004, Gujarat,
India |
|
Date of Birth/Age : |
16.12.1968 |
|
Date of Appointment : |
16.07.2013 |
|
DIN No.: |
06536819 |
KEY EXECUTIVES
|
Name : |
Mr. John |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.08.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Vasantbhai Haribhai Gajera |
4500000 |
25.96 |
|
Ashokbhai Haribhai Gajera |
4900000 |
28.26 |
|
Chunibhai Haribhai Gajera |
3660000 |
21.11 |
|
Nitinbhai Chunibhai Gajera |
700000 |
4.04 |
|
Bhavnaben Vasantbhai Gajera |
350000 |
2.02 |
|
Sarojben Ashokbhai Gajera |
750000 |
4.33 |
|
Sunitaben Chunibhai Gajera |
140000 |
0.81 |
|
Rakesh G Gajera (Repatriable) |
2336740 |
13.48 |
|
Total |
17336740 |
100.00 |
As on 05.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
13.47 |
|
Directors or relatives of Directors |
86.53 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of diamonds, jewellery and also providing power generation i.e. wind mill. |
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Products : |
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Exports : |
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||||
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Products : |
· Diamonds ·
Jewellery |
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Countries : |
·
Hong Kong ·
Dubai ·
US ·
Belgium ·
China ·
Bangkok |
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|
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Imports : |
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|
Products : |
Ruff Diamond |
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Countries : |
·
Belgium ·
Russia |
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Terms : |
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Selling : |
Cash and Advance Payment |
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Purchasing : |
Cash and Advance Payment |
GENERAL INFORMATION
|
No. of Employees : |
7000 (Approximately) |
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|
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|
Bankers : |
· State Bank of India, Diamond Branch, Premises No. D/3, West Core, Bharat, Diamond Bourse, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India Andhra Bank, 9/15, Mama Paramanand Marg, Queen’s Road,
Mumbai - 400004, Maharashtra, India Axis Bank Bank of India Canara Bank Central Bank Dena Bank Union Bank ICICI Bank ADB Bank |
||||||||
|
|
|
||||||||
|
Facilities : |
Total Facility Rs.6617.800 Millions Excluding Facility Credit Facility Rs.282.000 Millions For forward Contract · State Bank of India= Rs.75.000 Millions Andhra Bank= Rs.620.000 Millions Axis Bank= 350.000 Millions Bank of India= Rs.323.000 Millions Canara Bank=420.000 Millions Central Bank= Rs.644.000 Millions Dena Bank= Rs.401.800 Millions State Bank of Bikaner and
Jaipur= Rs. 450.000 Millions State Bank of Hyderabad=
Rs.257.500 Millions State Bank of Mysore= Rs.
270.000 Millions State Bank of Patiala=
Rs.270.000 Millions State Bank of Travancore=
Rs.363.500 Millions Union Bank= Rs.350.000 Millions ICICI Bank= Rs.250.000 Millions ADB Bank= Rs.250.000 Millions
(Since Repaid)
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountant |
|
Address : |
1st Floor, Purshottam Building, 450, Lamington Road, Mumbai
- 400004, Maharashtra, India |
|
Tel. No.: |
91-22-23669708/ 23669709/ 23618386 |
|
Fax No.: |
91-22-23631810 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAFFR7782R |
|
|
|
|
Associates: |
· Laxmi Jewel BVBA, Belgium Laxmi Diamond (HK) Limited Hong Kong International Jewellery Mfg. Company Limited,
Thailand |
|
|
|
|
Enterprises that are directly or indirectly,
through one or more intermediaries controlled by company |
· Laxmi Jewel Inc. USA Suberi Bros. LLC, USA Dahanamal Silk Mills Limited, India CIN No.: U99999MH1971PTC015201 Shree Laxmi Infosolution and jewellery Limited (Since
merged in Laxmi Dia jewel Private Limited), India CIN No.: U72900MH2000PLC127850 Laxmi Dia Jewel Private Limited, India CIN No.: U36912MH1992PTC068743 |
|
|
|
|
Other Related Parties |
· Komal Gems NV Shraddha Jewels Private Limited Laxmi Techno vision Private Limited CIN No.: U29199GJ2002PTC041728 Laxmi Infra Developer Limited CIN No.: U45201GJ1989PLC012793 Shanti Enterprises Shantaben Haribhai Gajera Charitable Trust Shree Laxmi Jewellery LLC Komal Gems-HK Kinjal Exports Laxmi Diamond Balmukund Diamond Private Limited CIN No.: U17110GJ1991PTC015656 Laxmi Enclave |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.473.367
Millions
As on 05.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17336740 |
Equity Shares |
Rs.10/- each |
Rs.173.367
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
473.367 |
173.367 |
173.367 |
|
(b) Reserves & Surplus |
3856.188 |
3378.387 |
2947.705 |
|
(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) |
4329.555 |
3551.754 |
3121.072 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
360.266 |
148.997 |
334.398 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
5.154 |
0.000 |
0.000 |
|
(d) long-term provisions |
13.108 |
13.239 |
10.870 |
|
Total Non-current Liabilities (3) |
378.528 |
162.236 |
345.268 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5063.433 |
4219.999 |
4614.610 |
|
(b) Trade payables |
4488.345 |
4539.199 |
2932.825 |
|
(c) Other current
liabilities |
110.103 |
20.648 |
34.877 |
|
(d) Short-term provisions |
76.102 |
112.951 |
91.801 |
|
Total Current Liabilities (4) |
9737.983 |
8892.797 |
7674.113 |
|
|
|
|
|
|
TOTAL |
14446.066 |
12606.787 |
11140.453 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1263.031 |
862.298 |
858.534 |
|
(ii) Intangible Assets |
1.802 |
0.538 |
0.558 |
|
(iii) Capital
work-in-progress |
7.117 |
118.958 |
66.489 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
297.982 |
303.924 |
211.972 |
|
(c) Deferred tax assets (net) |
3.501 |
11.142 |
14.146 |
|
(d) Long-term Loan and Advances |
139.799 |
152.438 |
167.512 |
|
(e) Other Non-current assets |
56.805 |
20.195 |
37.882 |
|
Total Non-Current Assets |
1770.037 |
1469.493 |
1357.093 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
5.460 |
5.345 |
0.000 |
|
(b) Inventories |
6496.729 |
4651.319 |
3847.301 |
|
(c) Trade receivables |
5346.499 |
6219.333 |
5824.418 |
|
(d) Cash and cash
equivalents |
194.223 |
161.037 |
59.059 |
|
(e) Short-term loans and
advances |
90.836 |
51.555 |
43.363 |
|
(f) Other current assets |
542.282 |
48.705 |
9.219 |
|
Total Current Assets |
12676.029 |
11137.294 |
9783.360 |
|
|
|
|
|
|
TOTAL |
14446.066 |
12606.787 |
11140.453 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26869.575 |
24603.514 |
|
|
|
|
Other Income |
31.192 |
469.581 |
|
|
|
|
TOTAL |
26900.767 |
25073.095 |
21336.903 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20242.103 |
18535.431 |
|
|
|
|
Purchase of Stock-in-trade |
4198.899 |
3661.991 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(1258.962) |
(237.905) |
|
|
|
|
Employee Benefits Expenses |
1029.311 |
589.737 |
|
|
|
|
Other Expenses |
1275.645 |
1097.427 |
|
|
|
|
TOTAL |
25486.996 |
23646.681 |
20651.383 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE EXCEPTIONAL ITEMS, INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1413.771 |
1426.414 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
541.865 |
624.141 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE EXCEPTIONAL ITEMS, TAX, DEPRECIATION AND AMORTISATION |
871.906 |
802.273 |
685.520 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
119.865 |
93.831 |
79.965 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE EXCEPTIONAL ITEMS |
752.041 |
708.442 |
605.555 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
16.869 |
65.230 |
22.836 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
735.172 |
643.212 |
582.719 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
257.371 |
212.530 |
187.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
477.801 |
430.682 |
395.698 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
|
19948.749 |
16186.486 |
|
|
|
Interest and Dividend |
|
0.000 |
0.084 |
|
|
|
Other Income ;Sale in Local
Market in Foreign Currency |
|
3841.344 |
4300.440 |
|
|
TOTAL EARNINGS |
NA |
23790.093 |
20487.010 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
19439.584 |
10128.406 |
|
|
|
Finished Goods |
|
1048.496 |
6105.353 |
|
|
|
Stores & Spares |
|
27.379 |
4.020 |
|
|
|
Capital Goods |
|
71.348 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
20586.807 |
16237.779 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
27.56 |
24.84 |
22.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.78 |
1.72 |
1.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.74 |
2.61 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.20 |
5.28 |
5.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.18 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.25 |
1.23 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.25 |
1.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
173.367 |
173.367 |
473.367 |
|
Reserves & Surplus |
2947.705 |
3378.387 |
3856.188 |
|
Net
worth |
3121.072 |
3551.754 |
4329.555 |
|
|
|
|
|
|
long-term borrowings |
334.398 |
148.997 |
360.266 |
|
Short term borrowings |
4614.610 |
4219.999 |
5063.433 |
|
Total
borrowings |
4949.008 |
4368.996 |
5423.699 |
|
Debt/Equity
ratio |
1.586 |
1.230 |
1.253 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
21,336.903 |
25,073.095 |
26,900.767 |
|
|
|
17.510 |
7.289 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
21,336.903 |
25,073.095 |
26,900.767 |
|
Profit |
395.698 |
430.682 |
477.801 |
|
|
1.85% |
1.72% |
1.78% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
NA |
0.000 |
0.000 |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
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 |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the untiring
and unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem and Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market liquidity.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10376196 |
24/07/2012 |
91,200,000.00 |
ANDHRA BANK |
9/15, MAMA PARAMANAND MARG, QUEEN'S ROAD, MUMBAI - 400004,
|
B57985772 |
|
2 |
10174152 |
28/05/2011 * |
300,000,000.00 |
BANK OF INDIA -LEAD BANK & 3 OTHERS |
SEEPZ MID CORPORATE BRANCH, BEHIND SEEPZ SERVICE, CENTRE BUILDING, MAROL INDUSTRIAL AREA, SEEPZ, MUMBAI - 400096, MAHARASHTRA, INDIA |
B14972095 |
|
3 |
10015617 |
02/08/2006 * |
142,000,000.00 |
STATE BANK OF SAURASHTRA |
OVERSEAS BRANCH, 1ST FLOOR, 198, RAJA RAM MOHAN |
A03503182 |
|
4 |
10015571 |
09/07/2012 * |
4,920,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH, PREMISES NO.D/3, WEST CORE, BHARAT,
DIAMOND BOURSE, BANDRA KURLA COMPLEX, BANDRA EA |
B45025954 |
|
5 |
10484226 |
12/04/2006 |
4,920,000,000.00 |
STATE BANK OF SAURASHTRA |
OVERSEAS BRANCH, 1ST FLOOR, 198, RAJA RAM MOHAN |
A05561014 |
|
6 |
10484227 |
12/04/2006 |
142,000,000.00 |
STATE BANK OF SAURASHTRA |
OVERSEAS BRANCH, 1ST FLOOR, 198, RAJA RAM MOHAN |
A05560669 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
Loans and advances from directors |
148.997 |
|
Total |
148.997 |
OPERATION:
The company has earned gross revenue of Rs. 25073.096 Millions during the year. After providing an expenditure of Rs. 24364.652 Millions, the company has earned net profit after providing depreciation and tax Rs. 430.683 Millions.
CHANGE OF ADDRESS
The registered office of the company has been shifted from
416, Prasad Chambers, Opera House, Mumbai-400004, Maharashtra, India to the
present address w.e.f. 05.12.2012.
FIXED ASSETS
v
Tangible
Assets
Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
v
Intangible Assets
Computer
Software
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.60.73 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
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.