MIRA INFORM REPORT

 

 

Report Date :

13.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SITARA JEWELLERY PRIVATE LIMITED

 

 

Registered Office :

Unit No. 303, Tower -1, Seepz++, Seepz SEZ, Andheri (East), Mumbai – 400096, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

22.03.2006

 

 

Com. Reg. No.:

11-160636

 

 

Capital Investment / Paid-up Capital :

Rs. 9.900 Millions

 

 

CIN No.:

[Company Identification No.]

U36911MH2006PTC160636

 

 

IEC No.:

2708000012

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS60475C

 

 

PAN No.:

[Permanent Account No.]

AALCS2790M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Studded Gold Jewellery.

 

 

No. of Employees :

115 (23 in Office and 92 in Factory) (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

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

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

Rating reflects sound financial risk profile marked by improvement in performance of the company.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct.

 

The company can be considered 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.

 

 

ECGC Country Risk Classification List – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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. Umesh Lad

Designation :

Accountant

Contact No.:

91-9819993397

Date :

12.12.2014

 

 

LOCATIONS

 

Registered Office/ Factory :

Unit No. 303, Tower - 1, Seepz++, Seepz SEZ, Andheri (East), Mumbai – 400096, Maharashtra, India

Tel. No.:

91-22-28291626

Mobile No.:

91-9819993397 [Mr. Umesh Lad]

Fax No.:

91-22-28291630

E-Mail :

carhmodi61@yahoo.com

sitara.jewellery@gmail.com

sitaraseepz@gmail.com

Area :

6650 Sq. ft.

Location :

Owned

 

 

DIRECTORS

 

AS ON 28.08.2014

 

Name :

Mr. Divyanshu Navlakha

Designation :

Managing director

Address :

A-5, Greater Kailash, Part – I, New Delhi – 110046, India

Date of Birth/Age :

10.11.1981

Qualification :

GIA [Degree]

Experience :

7 Years

Date of Appointment :

13.07.2010

PAN No.:

ACBPN9687K

Background :

Mr.  Divyanshu Navlakha is a Certified Gemologist from GIA, US and have good command on the line of product and quality of goods including raw material and also have a very good ability of marketing the product in US and Europe.

DIN No.:

01162140

 

 

Name :

Mrs. Amita Navlakha

Designation :

Director

Address :

A-5, Greater Kailash, Part – I, New Delhi – 110046, India

Date of Birth/Age :

21.12.1957

Qualification :

M.A.

Experience :

15 Years

Date of Appointment :

27.07.2010

PAN No.:

AATPN9560D

Background :

She is from a Jewelers family and pursuing the same trade. She is a Jewelry Designer and has a company under the name and style of Anshumita Jewels Private Limited. She believes in growing by continually providing useful and significant products, services and solutions to markets we already serve and to expand into new areas that build on their competencies and customer interests. Mrs. Amita Navlakha view change in the market as an opportunity to grow; to use their profits and their ability to develop and produce innovative products, services and solutions that satisfy emerging customer needs.

DIN No.:

01162168

 

 

KEY EXECUTIVES

 

Name :

Mr. Umesh Lad

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 28.08.2014

 

Names of Shareholders

No. of Shares

 

Percentage of Holding

Divyanshu Navlakha

495000

50.00

Amita Navlakha

237600

24.00

Shantanu Navlakha

257400

26.00

 

 

 

Total

 

990000

100.00

 

 

 

 

AS ON 30.09.2013

 

Equity Share Breakup

Percentage of Holding

Category

 

Directors or relatives of directors

100.00

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Studded Gold Jewellery.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Studded Gold Jewellery

Countries :

·         USA

·         Hong Kong

 

 

Imports :

 

Products :

Diamond, Colour Stone, Gems Stones

Countries :

·         Hong Kong

·         USA

 

 

Terms :

 

Selling :

Credit [180 days]

 

 

Purchasing :

Credit [180 days]

 

 

PRODUCTION STATUS

 

PARTICULARS

Installed Capacity

Actual Production

 

 

 

Studded Gold Jewellery

260000 Pcs

2668 Pcs

 

 

 

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Satrunjay Gems Private Limited

207, Mukhijjia Chembur, M.I. Road, Jaipur, Rajasthan, India

Name of the Person (Designation):

Mr. Kamal Jain [Director]

Contact Number:

91-141-2372211

91-9414010801

Since how long known:

4 to 5 Years business done.

Experience:

Having satisfactory track record.

Maximum limit dealt:

As per requirement

 

Local Suppliers

 

·         S.K. International

Address: Vitrag Chamber, G-01, Ground Floor, 6/1407, Thoba Sheri, Mahidharpura, Surat, Gujarat, India

 

·         Sanjay and Company

Address: 1270, Gupta Bhawan, Mali Colony, Outside Chandpole Gate, Jaipur – 302016, Rajasthan, India

 

·         Aksh Diamond Private Limited

Address: 210, Soni Chamber, 2nd Floor, Avantikabai, Gokhale Street, Opera House, Mumbai – 400004, Maharashtra, India

 

·         Sambhav Corporation

Address: 1270, Gupta Bhawan, Mali Colony, Outside Chandpole Gate, Jaipur – 302016, Rajasthan, India

 

·         Rushabh International

Address: 409, Ruby Complex, Opposite K.G. Hospital, Shantadevi Road, Navsari – 396445, Gujarat, India

 

Overseas Suppliers

 

·         Sun Impex

Address: B8 14 FL, Hankowcentre, 4 Ashley Road, T.S.T. Kowloon, Hong Kong

Tel. No.: 2368 3813

 

·         Shu Lin Trading Limited

Address: Block I, 12/F, Pak Po Building, 82, Bute Street, Kowloon, Hong Kong

Tel. No.: 852-27139271

Fax No.: 852-27604353

 

·         Opal Resources

Address: Room C5, 6/F, Hankow Centre, 1C Middle Road, Tsimshatsui, Kowloon Hong Kong

Tel. No.: 852 2368 4018

Fax No.: 852 9869 0618

 

·         New Suren Co. Limited

Address: Suriyawongse, Bangrak, Bangkok 10500, Thailand

Tel. No.: 237-6956-7/ 235-2590

newsuren@loxinfo.co.th

 

·         Khushali Enterprise Co. Limited

Address: 208, Sithikorn Building, Flr 4, RM 401, Mahesak SOI 2, Mahesak Road, Bangkok 10500, Thailand

Tel. No.: 662 635-9337

 

·         Excellent Diamonds Limited

Address: 1101-02, Cammer Comm. Building, 30-32 Cameron Road, TST Kowloon, Hong Kong

Tel. No.: 852 2721 4200

Fax No.: 852 2316 7695

 

 

Overseas Customers :

Wholesalers

 

·         Sutra Jewels

Address: 7500, Bellaire Blvd, Suite 524, Houston, Tx 77036, USA

Tel. No.: 713-984-4987

Fax No.: 713-239-2327

E-Mail: info@sutrajewels.com

Website: www.sutrajewels.com

 

·         Elements Jewelry Limited

Address: Room No. B, 15/F, 8 Hart Avenue, TSIM, Shatsui, Kwaloon, Hong Kong

Tel. No.: 852-3971-0849

Fax No.: 852-3971-0853

E-Mail: dennis@sutrajewels.com

 

·         Amiri Gems

Address: P.O. Box 376, Doha-Qatar

Al Sadd Branch – 4442 5972

City Center Branch – 44931429

Tel. No.: 974-4442-5975

 

·         Mercury Distribution S.A.

Address: 19, Rua De Saint-Leger, 1204 Geneva, Switzerland

 

·         MOLU

Address: Nuruosmaniye Cad. No. 37/3, Cacaloglu 34120, Istanbul, Turkey

Tel No.: 902125267669

 

·         Geneva Jewels

Address: 3 Rue De Mont Blancs 1201 Geneva C/o RCA, 5th Floor, Switzerland

Tel No.: 0041799556688

 

 

No. of Employees :

115 (23 in Office and 92 in Factory) (Approximately)

 

 

Bankers :

Bank Name:

Bank of India

Branch:

Seepz Branch, Mumbai, Maharashtra, India

Person Name (with Designation):

Mr. M.R. Walawalkar [Chief Manager]

Contact Number:

91-22-28292843

Name of Account Holder:

Sitara Jewellery Private Limited

Account Number:

C/A No. 007120110000074

Account Since (Date/ Year of A/c Opening):

March 9, 2007

Average Balance Maintained (Optional):

Not Available 

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Available 

Account Operation:

Satisfactory

Remarks:

As claimed by Mr. M.R. Walawalkar [Chief Manager], the subject is having satisfactory track record for banking transaction.

 

 

Facilities :

 

SECURED LOANS

31.03.2014

(Rs. In Millions)

31.03.2013

(Rs. In Millions)

SHORT TERM BORROWINGS

 

 

From Bank

1.903

0.000

From Others

0.808

0.000

 

 

 

Total

 

2.711

0.000

 

SHORT TERM BORROWINGS

 

1)     Secured Car Loan taken from Bank is repayable in 60 monthly installments of Rs. 0.044 Million [along with interest], starting from 05.11.2013 and it carried interest @ 10.36% and is secured by hypothecation of vehicle.

 

2)     Secured Car loan taken from others is repayable in 60 monthly installment of Rs. 0.020 Million [along with interest], starting from 25.09.2013 and it carried interest @ 11.60% and is secured by hypothecation of vehicle.

 

3)     Unsecured loan has granted at the interest rate ranging from 13.5% to 15% and is repayable on demand.

 

 

 

Auditors :

 

Name :

R. H. Modi and Company 

Chartered Accountants

Address :

Room No. 11, Singh House, 23 Ambalal Doshi Marg, 2nd Floor, Fountain, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-32968336/ 22656216

E-Mail :

rhmodi@rhmca.com

Income-tax PAN of auditor or auditor's firm :

AADPM9809L

 

 

Other Related Parties with whom transaction have taken place during the year :

·         Anshumita Jewels Private Limited

Address: G-15, East of Kailash, New Delhi – 110065, India

Activity: Gems and Jewellery

 

·         Sutra Jewels

·         Sumeru Processors Private Limited

·         Shashwin Textiles Limited

·         Rishab Special Yarns Limited

·         C. Mahendra Infojewels Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

990,000

Equity Shares

Rs. 10/- each

Rs. 9.900 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

990,000

Equity Shares

Rs. 10/- each

Rs. 9.900 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

9.900

9.900

9.900

(b) Reserves & Surplus

25.747

8.923

1.587

(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)

35.647

18.823

11.487

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

1.781

1.413

1.124

(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)

1.781

1.413

1.124

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

74.445

66.437

49.770

(b) Trade payables

160.613

88.274

57.571

(c) Other current liabilities

19.930

2.515

2.936

(d) Short-term provisions

3.049

0.000

1.315

Total Current Liabilities (4)

258.037

157.226

111.592

 

 

 

 

TOTAL

295.465

177.462

124.203

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

40.584

31.206

32.647

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.064

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.352

0.502

0.461

Total Non-Current Assets

40.936

31.772

33.108

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

230.389

107.286

56.529

(c) Trade receivables

15.861

33.243

32.381

(d) Cash and cash equivalents

1.379

3.259

1.010

(e) Short-term loans and advances

6.900

1.902

1.175

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

254.529

145.690

91.095

 

 

 

 

TOTAL

295.465

177.462

124.203

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from Operations

223.608

136.503

132.339

 

 

Other Income

10.255

3.513

5.846

 

 

TOTAL                                     (A)

233.863

140.016

138.185

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

138.968

86.444

96.098

 

 

Employees benefits expenses

13.394

9.212

6.673

 

 

Other Expenses

45.928

24.390

18.744

 

 

TOTAL                                     (B)

198.290

120.046

121.515

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

35.573

19.970

16.670

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

10.350

8.199

7.377

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

25.223

11.771

9.293

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3.282

2.292

2.417

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

21.941

9.479

6.876

 

 

 

 

 

Less

TAX                                                                  (H)

5.117

2.143

1.605

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

16.824

7.336

5.271

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

223.608

136.503

132.339

 

 

 

 

 

 

Earnings Per Share (Rs.)

16.99

7.41

5.32

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

7.52

5.37

3.98

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

15.91

14.63

12.60

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

7.43

5.34

5.54

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.62

0.50

0.60

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.09

3.53

4.33

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.99

0.93

0.82

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particulars

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Millions)

(Rs. In Millions)

(Rs. In Millions)

Share Capital

9.900

9.900

9.900

Reserves & Surplus

1.587

8.923

25.747

Net worth

11.487

18.823

35.647

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

49.770

66.437

74.445

Total borrowings

49.770

66.437

74.445

Debt/Equity ratio

4.333

3.530

2.088

 

 

 

 

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

132.339

136.503

223.608

 

 

3.146

63.812

 

 

 

 

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

132.339

136.503

223.608

Profit

5.271

7.336

16.824

 

3.98%

5.37%

7.52%

 

 

 

 

 

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

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

Yes

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

 

------------------------------------------------------------------------------------------------------------------------------

 

UNSECURED LOANS

 

(RS. IN MILLIONS)

 

PARTICULARS

31.03.2014

 

31.03.2013

 

SHORT TERM BORROWINGS

 

 

From Directors

9.067

2.486

From Related Party

62.667

63.951

 

 

 

Total

 

71.734

66.437

 

------------------------------------------------------------------------------------------------------------------------------

 

MRS. AMITA NAVLAKHA

 

COMPUTATION OF TOTAL INCOME

 

(RS. IN MILLIONS)

 

PARTICULARS

31.03.2014

 

I. SALARY FROM SITARA JEWELLERY PRIVATE LIMITED

TAN: MUMS60475C

Unit No. 3, Seepz++, Block No. 1, Andheri East, Mumbai - 400096, Maharashtra

(TDS deducted Rs. 0.538 Million)

2.409

 

 

 

 

Total

 

2.409

 

 

 

II. INCOME FROM OTHER SOURCES

 

 

Bank Int./Int. on Bonds (Bank Interest)

0.029

 

 

 

 

Deposits with other concerns (Interest on Loan)

0.113

 

 

 

 

Other Income

0.107

 

 

--------------

 

 

 

0.249

 

 

--------------

GROSS TOTAL INCOME

 

2.658

 

 

 

DEDUCTION UNDER CHAPTER VIA

 

 

Life Insurance Premium

0.200

 

 

--------------

 

Deduction u/s 80C (Rs. 0.200 Million restricted to

 

(0.100)

 

 

 

u/s 80D Deduction in respect of Medical Insurance Premium Rs. 0.022 Million

0.015

 

 

 

 

u/s 80TTA Deduction in respect of interest on deposits in savings account Rs. 0.028 Million

0.010

(0.025)

 

--------------

--------------

TOTAL INCOME

[Exempt Income as per annexure : Rs. 0.022 Million]

 

2.533

 

 

 

TAX ON TOTAL INCOME

 

0.590

 

 

 

Rebate under section 87A

 

0.000

 

 

 

Tax Payable

 

0.590

 

 

 

Education Cess @ 3%

 

0.018

 

 

--------------

TAX PAYABLE + EDUCATION CESS

 

0.608

 

 

 

Less : Tax Deducted at Source

- Salary (TDS)

0.538

 

 

 

 

- u/s 194A

0.077

(0.615)

 

 

--------------

 

 

(0.007)

 

 

 

REFUND

 

 

0.007

 

------------------------------------------------------------------------------------------------------------------------------

 

MR. DIVYANSHU NAVLAKHA

 

COMPUTATION OF TOTAL INCOME

 

(RS. IN MILLIONS)

 

PARTICULARS

31.03.2014

 

I. SALARY FROM SITARA JEWELLERY PRIVATE LIMITED

TAN: MUMS60475C

Unit No. 3, Seepz++, Block No. 1, Andheri East, Mumbai - 400096, Maharashtra

(TDS deducted Rs. 0.439 Million)

2.089

 

 

 

 

Total

 

2.089

 

 

 

II. INCOME FROM OTHER SOURCES

 

 

Bank Int./Int. on Bonds (Bank Interest)

0.028

 

 

 

 

Other Income (Interest on Loan given)

0.008

 

 

--------------

 

 

 

0.036

 

 

--------------

GROSS TOTAL INCOME

 

2.125

 

 

 

DEDUCTION UNDER CHAPTER VIA

 

 

Life Insurance Premium

0.234

 

 

 

 

Public Provident Fund

0.100

 

 

--------------

 

Deduction u/s 80C (Rs. 0.334 Million restricted to

 

(0.100)

 

 

 

u/s 80D Deduction in respect of Medical Insurance Premium Rs. 0.011 Million

0.011

 

 

 

 

u/s 80TTA Deduction in respect of interest on deposits in savings account Rs. 0.028 Million

0.010

(0.021)

 

--------------

--------------

TOTAL INCOME

[Exempt Income as per annexure : Rs. 0.057 Million]

 

2.004

 

 

 

TAX ON TOTAL INCOME

 

0.431

 

 

 

Rebate under section 87A

 

0.000

 

 

 

Tax Payable

 

0.431

 

 

 

Education Cess @ 3%

 

0.013

 

 

--------------

TAX PAYABLE + EDUCATION CESS

 

0.444

 

 

 

Less : Tax Deducted at Source

- Salary (TDS)

 

0.439

 

 

--------------

 

 

0.005

 

 

 

NET TAX + INTEREST PAYABLE

 

 

0.005

 

------------------------------------------------------------------------------------------------------------------------------

 

MRS. AMITA NAVLAKHA

 

BALANCE SHEET

 

(RS. IN MILLIONS)

 

SOURCES OF FUNDS

 

 

31.03.2014

31.03.2013

SHAREHOLDERS FUNDS

 

 

 

1] Capital

 

13.636

11.537

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

13.636

11.537

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

13.336

9.605

TOTAL BORROWING

 

13.336

9.605

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

26.972

21.142

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

7.434

7.434

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

5.862

5.828

DEFERRED TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.000

0.000

 

Sundry Debtors
 

12.371

5.649

 

Cash & Bank Balances
 

0.228

0.731

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

1.077

1.500

Total Current Assets
 

13.676

7.880

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

0.000

0.000

 

Other Current Liabilities
 

0.000

0.000

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

0.000

0.000

Net Current Assets
 

13.676

7.880

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

26.972

21.142

 

------------------------------------------------------------------------------------------------------------------------------

 

MRS. AMITA NAVLAKHA

 

PROFIT & LOSS ACCOUNT

 

(RS. IN MILLIONS)

 

EXPENSES

 

31.03.2014

31.03.2013

INCOME

31.03.2014

31.03.2013

 

 

 

 

 

 

Bank Charges

0.003

0.000

Directors Remuneration

2.700

1.770

 

 

 

 

 

 

Share Expenses

0.000

0.001

Interest received on Loans

0.764

0.649

 

 

 

 

 

 

Rent A/c

0.431

0.364

Interest received from banks

0.029

0.013

 

 

 

 

 

 

Interest Paid

0.651

0.317

Dividend received

0.022

0.025

 

 

 

 

 

 

Medical Insurance Premium

0.022

0.000

Interest on IT refund – AY 11-12

0.066

0.000

 

 

 

 

 

 

Professional fees paid

0.003

0.000

Interest on IT refund – AY 12-13

0.041

0.000

 

 

 

 

 

 

Other expenses

0.034

0.000

Long term capital gain

0.000

0.366

 

 

 

 

 

 

 

 

 

Short term capital gain

0.000

0.003

 

 

 

 

 

 

Profit and Loss A/c transferred to Capital Account

2.478

2.144

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

3.622

2.826

TOTAL

3.622

2.826

 

------------------------------------------------------------------------------------------------------------------------------

 

MR. DIVYANSHU NAVLAKHA

 

BALANCE SHEET

 

(RS. IN MILLIONS)

 

SOURCES OF FUNDS

 

 

31.03.2014

31.03.2013

SHAREHOLDERS FUNDS

 

 

 

1] Capital

 

3.272

1.618

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

0.000

0.000

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

3.272

1.618

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

3.151

3.151

TOTAL BORROWING

 

3.151

3.151

DEFERRED TAX LIABILITIES

 

0.000

0.000

 

 

 

 

TOTAL

 

6.423

4.769

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

0.000

0.000

Capital work-in-progress

 

0.000

0.000

 

 

 

 

INVESTMENT

 

0.945

0.945

DEFERRED TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.000

0.000

 

Sundry Debtors
 

4.379

2.807

 

Cash & Bank Balances
 

0.407

0.764

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

0.692

0.253

Total Current Assets
 

5.478

3.824

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

0.000

0.000

 

Other Current Liabilities
 

0.000

0.000

 

Provisions
 

0.000

0.000

Total Current Liabilities
 

0.000

0.000

Net Current Assets
 

5.478

3.824

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

6.423

4.769

 

------------------------------------------------------------------------------------------------------------------------------

 

MR. DIVYANSHU NAVLAKHA

 

PROFIT & LOSS ACCOUNT

 

(RS. IN MILLIONS)

 

EXPENSES

 

31.03.2014

31.03.2013

INCOME

31.03.2014

31.03.2013

 

 

 

 

 

 

Bank Charges

0.000

0.000

Directors Remuneration

2.400

1.770

 

 

 

 

 

 

Rent

0.431

0.364

Interest Received from Banks

0.029

0.009

 

 

 

 

 

 

Mediclaim

0.011

0.000

Dividend received

0.009

0.009

 

 

 

 

 

 

Birla Sun Life Insurance

0.099

0.000

Interest Received on Loans Given

0.008

0.000

 

 

 

 

 

 

HDFC SLIC

0.135

0.000

PPF Interest

0.048

0.000

 

 

 

 

 

 

Profit and Loss A/c transferred to Capital Account

1.818

1.424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

TOTAL

 

2.494

1.788

TOTAL

2.494

1.788

 

------------------------------------------------------------------------------------------------------------------------------

 

ASSESSMENT OF WORKING CAPITAL REQUIREMENTS

 

OPERATING STATEMENT

 

(RS. IN MILLIONS)

 

PARTICULARS

31.03.2015

PROJECTED

31.03.2016

PROJECTED

 

 

 

SALES:

 

 

(I) Domestic Sales

0.000

0.000

 

 

 

(II) Export Sales

360.000

550.000

 

 

 

Gross Sales:

360.000

550.000

 

 

 

Less: Excise duty

--

--

 

 

 

Add: Other Operating Income

0.000

0.000

 

 

 

Net Sales

360.000

550.000

 

 

 

Increase in Net Sales (%)

53.94%

52.78%

 

 

 

COST OF SALES:

 

 

 (I) Raw Materials

 

 

         A. Imported

0.000

0.000

         B. Indigenous (Net of Adjustments)

217.500

335.000

 

 

 

(II) Other Spares

 

 

         A. Imported

--

--

         B. Indigenous

--

--

 

 

 

(III) Power and Fuel

3.800

4.500

 

 

 

(IV) Direct Labour

52.500

80.000

 

 

 

(V)   Other Manufacturing Expenses

21.500

30.000

 

 

 

(VI)  Depreciation

3.900

5.800

 

 

 

(VII) Repairs and Maintenance

0.900

1.200

 

 

 

(VIII) Lease Rentals Paid

--

--

 

 

 

Sub Total

300.160

456.561

 

 

 

Add: Opening Stock in Process

0.000

0.000

 

 

 

Deduct: Closing Stock in Process

0.000

0.000

 

 

 

Cost of Production:

300.160

456.561

 

 

 

C O P as % of Gross Sales

83.38%

83.01%

 

 

 

Add: Opening Stock of Finished Goods

0.000

0.000

 

 

 

Deduct: Closing Stock of Finished Goods

0.000

0.000

 

 

 

Cost of Sales:

300.160

456.561

 

 

 

Cost of Sales as % of Gross Sales

83.38%

83.01%

 

 

 

Selling, General and Adm Expenses:

12.000

17.500

 

 

 

Profit Before Interest and Tax (PBIT)

47.840

75.939

 

 

 

PBIT as % of Gross Sales

13.29%

13.81%

 

 

 

Interest and Other Finance Charges:

17.200

25.300

 

 

 

Interest and Finance Charges as % of Sales

4.78%

4.60%

 

 

 

Operating Profit before Tax (PBT)

30.640

50.639

 

 

 

PBT as % of Gross Sales

8.51%

9.21%

 

 

 

Add: Other Non-Operative Income

 

 

     (I)    Dividend

--

--

 

 

 

    (II)    Profit on sale of assets / investments

--

--

 

 

 

    (III)   Other Non-operating Income 

0.000

0.000

 

 

 

    (IV)   Prior year Adjustment

--

--

 

 

 

    (V)   Interest received

0.000

0.000

 

 

 

            Sub-Total (Income)

0.000

0.000

 

 

 

Deduct other non-operating exp.

 

 

    (I) Deferred Revenue Expenses

--

--

 

 

 

   (II) Prior Year Adj.

--

--

 

 

 

   (III) Bad Debts / Prelim. Exp. Written off

--

--

 

 

 

   (IV) Other Non-Cash Expenses

--

--

 

 

 

   (V)  Other Non-Operating Expenses (Cash)

--

--

 

 

 

            Sub-Total (Expenses)

0.000

0.000

 

 

 

Profit Before Tax / Loss

30.640

50.639

 

 

 

Deferred Tax Liabilities

0.450

0.550

 

 

 

Provision for Taxes

6.128

10.128

 

 

 

Net Profit/Loss (PAT)

24.062

39.961

 

 

 

PAT as % of Gross Sales

6.68%

7.27%

 

 

 

Equity Dividend Paid     (I)   Amount

0.000

0.000

                                     (II)  Rate

0.000

0.000

 

 

 

Retained Profit

24.062

39.961

 

------------------------------------------------------------------------------------------------------------------------------

 

ANALYSIS OF BALANCE SHEET

 

(RS. IN MILLIONS)

 

PARTICULARS

31.03.2015

PROJECTED

31.03.2016

PROJECTED

LIABILITIES

 

 

 

 

 

CURRENT LIABILITIES:

 

 

Working Capital borrowings from banks (including bill purchased/ discounted)

 

 

(i) From applicant bank

75.000

130.000

 

 

 

(ii) From other banks

--

--

 

 

 

(iii) (Of which Bill purchased and disc.)

--

--

 

 

 

SUB TOTAL                    

75.000

130.000

 

 

 

Short Term borrowings from Bank - (hyp. Plant / Machinery)

0.000

0.000

 

 

 

Sundry Creditors (Trade) and acceptances

25.000

35.000

 

 

 

Acceptances/ Adv from Customer

0.000

0.000

 

 

 

Provision for taxation / Dividend

0.000

0.000

 

 

 

Dividend payable / Unclaimed Dividend

0.000

0.000

 

 

 

Other Statutory Liabilities( Due within One Year)

0.000

0.000

 

 

 

Installments of Term loans / Debentures /Pref.sh.<1 year

0.000

0.000

 

 

 

Other Current liabilities and provisions (due within 1 year)

8.600

9.000

 

 

 

Provision for NPAs

--

--

 

 

 

Interest accrued and due

--

--

 

 

 

Due to Directors

0.000

0.000

 

 

 

                   SUB TOTAL

33.600

44.000

 

 

 

TOTAL CURRENT LIABILITIES

108.600

174.000

 

 

 

TERM LIABILITIES

 

 

Debentures (not maturing within 1 year)

--

--

 

 

 

Pref. Shares (redeemable after 1 Year)

--

--

 

 

 

Term Loans( Excluding installments payable within one year)

0.000

0.000

 

 

 

Deferred Tax Liability

2.231

2.781

 

 

 

Other Term Liabilities

0.000

0.000

 

 

 

Loan from  Directors and Others

81.400

91.400

 

 

 

TOTAL TERM LIABILITIES

83.631

94.181

   

 

 

Ordinary Share Capital

9.900

9.900

 

 

 

Share Premium Account

0.000

0.000

 

 

 

General reserve

--

--

 

 

 

Capital reserves

--

--

 

 

 

Surplus (+) or deficit (-) in P and L Account

50.179

90.141

 

 

 

Debenture redemption reserve

--

--

 

 

 

Revaluation reserve

--

--

 

 

 

ESO and Share application money

0.000

0.000

 

 

 

Capital redemption Reserve

--

--

 

 

 

NET WORTH

60.079

100.041

 

 

 

TOTAL LIABILITIES

252.310

368.222

 

 

 

ASSETS

 

 

 

 

 

CURRENT ASSETS

 

 

Cash and Bank Balances

0.800

1.000

 

 

 

Investments (Other than Long Term)

0.000

0.000

 

 

 

(i) Govt. and other securities

0.000

0.000

 

 

 

(ii) Fixed deposits with banks

37.500

65.000

 

 

 

RECEIVABLES

 

 

Domestic receivables (Other than deferred)

0.000

0.000

 

 

 

Export Receivables ( Incl. bills purchased/discounted)

60.148

132.684

 

 

 

Installments of deferred receivables( <I year)

0.000

0.000

 

 

 

INVENTORY

 

 

Raw materials - Indigenous

75.000

90.000

 

 

 

Raw Material - Imported

0.000

0.000

 

 

 

Stock in process

25.000

30.000

 

 

 

Finished goods

0.000

0.000

 

 

 

Other Consumable spares - Indigenous

0.600

1.000

 

 

 

Other Consumable spares- Imported

0.000

0.000

 

 

 

Advances to suppliers

0.000

0.000

 

 

 

Advance payment of tax

6.128

10.128

 

 

 

Other Current Assets:

 

 

(i) Advances recoverable in cash or kind

0.000

0.000

 

 

 

(ii) Interest and Service Charge Receivable

--

--

 

 

 

(iii)  Income accrued on investments and FDs

--

--

 

 

 

(iv) Others

0.000

0.000

 

 

 

TOTAL CURRENT ASSETS

205.176

329.812

 

 

 

FIXED ASSETS

 

 

(I) Land

0.000

0.000

 

 

 

(ii) Building

30.106

30.106

 

 

 

(iii) Plant and Machinery

11.457

12.057

 

 

 

(iv) Furniture and Fixtures

3.732

3.832

 

 

 

(v)  Other Fixed Assets

8.947

9.147

 

 

 

(vi) Capital WIP and adv. against machinery, land etc.

0.000

0.000

 

 

 

Less: Depreciation

14.032

19.832

 

 

 

NET BLOCK

40.210

35.310

 

 

 

OTHER NON CURRENT ASSETS

 

 

(I) Investments in Subsidiary companies/ affiliates

0.000

0.000

 

 

 

(ii) Other Investments

--

--

 

 

 

(iii) Advances to suppliers of capital goods and contractors

0.000

0.000

 

 

 

(iv) Domestic Receivables O/S more than 6 months

0.000

0.000

 

 

 

(v) Margin money kept with banks

--

--

 

 

 

(vi) Loans and Deposits

1.924

2.100

 

 

 

(vii) Inter Corporate Deposits

--

--

 

 

 

(viii) Export Receivables O/s more than 6 months

--

--

 

 

 

(ix) Other Non-current assets (Loans and deposits)

5.000

1.000

 

 

 

TOTAL OTHER NON CURRENT ASSETS

6.924

3.100

 

 

 

INTANGIBLE ASSETS

 

 

Deferred Revenue expenditure

0.000

0.000

 

 

 

Patents, good will etc.

--

--

 

 

 

Debit balance in P and L Account

--

--

 

 

 

Software Rights

--

--

 

 

 

TOTAL INTANGIBLE ASSETS

0.000

0.000

 

 

 

TOTAL ASSETS

252.310

368.222

 

------------------------------------------------------------------------------------------------------------------------------

 

STATEMENT OF FINANCIAL CONDITION

 

(RS. IN MILLIONS)

 

PARTICULARS

31.03.2015

PROJECTED

31.03.2016

PROJECTED

 

 

 

A. PROFILE ANALYSIS

 

 

Total Assets (Tangible)

252.310

368.222

 

 

 

Total Outside Liabilities

192.231

268.181

 

 

 

Tangible Networth

60.079

100.041

 

 

 

Net Sales

360.000

550.000

 

 

 

PBDIT

51.740

81.739

 

 

 

Operating Profits (PBIT)

47.840

75.939

 

 

 

Net Profits

24.062

39.961

 

 

 

Gross Cash Accruals

27.962

45.761

 

 

 

Net Working Capital

96.576

155.812

 

 

 

B. COST ANALYSIS

 

 

Raw Material / Net Sales {%}

60.42%

60.91%

 

 

 

Power and Fuel / Net Sales {%}

1.06%

0.82%

 

 

 

Employee Cost / Net Sales {%}

14.58%

14.55%

 

 

 

Depreciation / Net Sales {%}

1.08%

1.05%

 

 

 

Selling, General and Adm Exp / Net Sales {%}

3.33%

3.18%

 

 

 

Interest and Financial Charges / Net Sales {%}

4.78%

4.60%

 

 

 

C. LIQUIDITY ANALYSIS

 

 

Current Ratio

1.89

1.90

 

 

 

Quick Ratio

0.96

1.20

 

 

 

D. PROFITABILITY ANALYSIS

 

 

PBDIT / Sales (%)

14.37%

14.86%

 

 

 

PBIT / Net Sales (%)

13.29%

13.81%

 

 

 

PBT / Net Sales (%)

8.51%

9.21%

 

 

 

Net Profit / Sales (%)

6.68%

7.27%

 

 

 

Return On assets (%)

9.54%

10.85%

 

 

 

Retained Profits / Net Profits (%)

100.00%

100.00%

 

 

 

Return On Net Worth (%)

40.05%

39.95%

 

 

 

E. ACTIVITY ANALYSIS( IN DAYS)

 

 

Recv. Turnover - Domestic

0.000

0.000

 

 

 

Recv. Turnover - Export

6.098

8.805

 

 

 

Inventory Turnover 

10.200

8.030

 

 

 

Accounts Payables Turnover

4.195

3.813

 

 

 

Fixed Assets Turnover Ratio

8.91

14.57

 

 

 

F. GROWTH RATIOS

 

 

Net Sales Growth (%)

53.94%

52.78%

 

 

 

Net Profit Growth (%)

39.94%

66.08%

 

 

 

Net Worth Growth (%)

66.81%

66.51%

 

 

 

G. LEVERAGE RATIO

 

 

TOL / Tang. Net worth

3.20

2.68

 

 

 

Interest Cover

3.01

3.23

 

 

PARTICULARS

31.03.2015

PROJECTED

31.03.2016

PROJECTED

 

 

 

Profit After Tax

24.062

39.961

 

 

 

Depreciation

3.900

5.800

 

 

 

Dividends

0.000

0.000

 

 

 

Funds From Operations

27.962

45.761

 

 

 

LONG TERM SOURCES:

 

 

Change in Capital

0.000

0.000

 

 

 

Net Change in Reserve

0.000

0.000

 

 

 

Change in Term Loans

7.405

10.550

 

 

 

Total [Source (+) / Deficit (-)]

35.367

56.311

 

 

 

LONG TERM USES:

 

 

Net Change in Fixed Assets

3.528

0.900

 

 

 

Change in Other Non-Current Assets (Including Investments)

6.572

(3.824)

 

 

 

Change in Investments in Group Cos.

0.000

0.000

 

 

 

Change in Intangibles

0.000

0.000

 

 

 

Contribution to Working Capital

25.267

59.235

 

 

 

SHORT TERM USES

 

 

Change in net working assets

(79.443)

96.936

 

 

 

Change in other current assets

(6.898)

0.000

 

 

 

SHORT TERM SOURCES

 

 

Change in other current liabilities

(149.686)

10.400

 

 

 

Change in bank borrowings / loans

75.000

55.000

 

 

 

Net Deficit / Surplus in S T Sources

11.655

(31.536)

 

 

 

NET MOVEMENT IN LIQUID ASSETS

36.922

27.699

 

 

 

Change in cash

(0.579)

0.200

 

 

 

Change in marketable investments

37.500

27.500

 

 

 

Net Movement in Liquid Assets

36.921

27.700

 

 

PARTICULARS

31.03.2015

PROJECTED

31.03.2016

PROJECTED

 

 

 

Operating Sector

 

 

Sales

360.000

550.000

 

 

 

Debtors (Trade)

44.287

72.536

 

 

 

Cash from Sales

315.713

477.464

 

 

 

Costs - Interest and Finance Charges

17.200

25.300

 

 

 

Expenses on stocks purchases

217.500

335.000

 

 

 

Trade Creditors

135.614

(10.000)

 

 

 

Manufacturing Expenses

78.700

115.700

 

 

 

Cash Cost of Sales

449.014

466.000

 

 

 

Expenses for Increase / Decrease in stocks

(154.858)

15.400

 

 

 

Cash from Asset Conversion Cycle

21.557

(3.936)

 

 

 

Selling, Gen. and Adm. Expenses

12.000

17.500

 

 

 

Advance Payments           

6.128

4.000

 

 

 

Advances Received            

0.000

0.000

 

 

 

Taxation

6.578

10.678

 

 

 

Dividends

0.000

0.000

 

 

 

Cash from Operations

(3.149)

(36.114)

 

 

 

Other Current Assets    

(6.898)

0.000

 

 

 

Other Current Liabilities     

14.072

(0.400)

 

 

 

Other Income/ Expenses (Net)

0.000

0.000

 

 

 

Net Cash from Operations

(10.323)

(35.714)

 

 

 

Investment Sector

 

 

Capital Expenditure          

3.528

0.900

 

 

 

Investment in Group Comp's  

0.000

0.000

 

 

 

Intang,/Other Term Assets  

6.572

(3.824)

 

 

 

Cash before Funding

(20.423)

(32.790)

 

 

 

Financing Sector

 

 

Dues to Banks                         

75.000

55.000

 

 

 

Short Term Debts                

0.000

0.000

 

 

 

Term Debts                                  

7.405

10.550

 

 

 

Equity                                               

0.000

0.000

 

 

 

Other Loans and Reserves

0.000

0.000

 

 

 

Total

82.405

65.550

 

 

 

Movement in Cash Assets

61.982

32.760

 

 

 

Cash and Bank Balance

(0.579)

0.200

 

 

 

Investments (Other than Long Term)

37.500

27.500

 

 

 

Movements in Cash Assets

36.921

27.700

 

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COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

 

(RS. IN MILLIONS)

 

PARTICULARS

31.03.2015

PROJECTED

31.03.2016

PROJECTED

 

 

 

SECOND METHOD OF LENDING

 

 

1. Total Current Assets

205.176

329.812

 

 

 

2. Other Current Liabilities (Other than  Bank Borrowing and TL Installments due within one year)

33.600

44.000

 

 

 

3. Working Capital Gap

171.576

285.812

 

 

 

4. Min. Stipulated Net Working (25% of Total Current Assets excluding Export Receivables)

48.040

58.884

 

 

 

5. Actual / Projected NWC

96.576

155.812

 

 

 

6. Item 3 minus Item 4

123.535

226.927

 

 

 

7. Item 3 minus Item 5

75.000

130.000

 

 

 

8. Maximum Permissible Bank Finance ( lower of 6 or 7 )

75.000

130.000

 

 

 

9. Excess borrowings representing Short fall in NWC

Nil

Nil

 

------------------------------------------------------------------------------------------------------------------------------

 

PROFILE

 

BRIEF BACKGROUND

 

Subject is a private limited company promoted by Mr. Shri Rajeev Jhaveri and later after change in the Board of Directors Mr. Divyanshu Navlakha Who is the managing Director of the company and a Mrs.  Amita Navlakha is the other Director and principal shareholder. The company commenced manufacturing activities in June 2010. At presently the company is manufacturing Gold and silver Jewellery studded with Diamond and Precious and Semi-Precious Stones.

 

The major clients of the company are in Europe and U.S.A Russia, Dubai, Hong Kong.

 

During current FY 2013-14 upto November 2014, the company has developed outstanding innovative products for the first time in India and commenced procedures for approval from overseas customers. These products Gold & Silver Studded Jewellery are having great global and domestic potential and are expected to significantly contribute to the sales growth of the company.

 

 

DETAILS OF ASSOCIATE/SISTER CONCERNS:

 

ANSHUMITA JEWELS PRIVATE LIMITED

Address:    A-5, Greater Kailash Part I, New Delhi – 110048

PAN No. :   AAECA7146E

CIN No   :   U36911DL2004PTC126144

 

Anshumita Jewels Private Limited “the company” was incorporated on April 30, 2004 by Mrs. Amita Navlakha and Mr. Divyanshu Navlakha.

 

The Main Object of the Company is:

 

To manufacture process, assemble, develop, manipulate, organize, trade, buy sell, import, export and deal in gems, all type of jewellery, precious and semi – precious stones, diamond, platinum, gold and silver jewelleries, ornaments and to act as retailers, whole sellers, authorized agents/ representative, franchises, buying agents selling agents and to deal in precious and semi-precious stones, jewels and similar other jewelleries and stones.

 

The Company has started the commercial activities on April, 30th 2004.

 

 

FUTURE PROSPECTS OF THE COMPANY:

 

The company has a very bright future with respect to the products the company is manufacturing and are exclusively designed in house keeping in mind the international market and requirement abroad.

 

Future Plans and Business potential (over a 3-5 year horizon)

 

The company wants to increase its turnover and market share to the tune of Rs. 100 Crores in the near future.

 

The company exported Amount Rs. 223.608 Millions in year 2013-14 and From 1st April to 30th November company has already exported 282.208 Millions.

 

------------------------------------------------------------------------------------------------------------------------------

 

NETWORTH STATEMENT

 

MRS. AMITA NAVLAKHA

 

(RS. IN MILLIONS)

 

Mrs. Amita Navlakha having address at A-5, Greater Kailash, Part-1, New Delhi – 110048 has as on 31.03.2013 and 31.03.2014 Networth of Rs. 11.537 Millions and Rs. 13.636 Millions respectively.

 

------------------------------------------------------------------------------------------------------------------------------

 

NETWORTH STATEMENT

 

MR. DIVYANSHU NAVLAKHA

 

(RS. IN MILLIONS)

 

Mr. Divyanshu Navlakha having address at A-5, Greater Kailash, Part-1, New Delhi – 110048 has as on 31.03.2013 and 31.03.2014 Networth of Rs. 1.618 Millions and Rs. 3.272 Millions respectively.

 

------------------------------------------------------------------------------------------------------------------------------

 

DIAMOND INDUSTRY – INDIA

 

-            From time immemorial, India is well known in the world as the birthplace for diamonds.  It is difficult to trace the origin of diamonds but history says that in the remote past, diamonds were mined only in India. Diamond production in India can be traced back to almost 8th Century B.C.  India, in fact, remained undisputed leader till 18th Century when Brazilian fields were discovered in 1725 followed by emergence of S. Africa, Russia and Australia.

-            The achievement of the Indian diamond industry was possible only due to combination of the manufacturing skills of the Indian workforce and the untiring and unflagging efforts of the Indian diamantaires, supported by progressive Government policies.

-            The area of study of family owned diamond businesses derives its importance from the huge conglomerate of family run organizations which operate in the diamond industry since many generations.

-            Some of the basic traits of family run business enterprises include spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble and quick to react, information as a source of advantage and philanthropy.

-            Family owned diamond businesses need to improve on many fronts including higher standard of corporate governance, long-term performance – focused strategies, modern management and technology.

-            Utmost caution is to be exercised while dealing with some medium and large diamond traders which are usually engaged in fictitious import – export, inter-company transactions, financially assisted by banks. In the process, several public sector banks lost several hundred million rupees. They mostly diverted borrowed money for diamond business into real estate and capital markets.

-            Excerpts from Times of India dated 30th October 2010 is as under –

 

-            Gem & Jewellery Export Promotion Council in its statistical data has shown the export of polished diamonds to have increase by 28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012, India exported $ 1.84 billion worth of polished diamonds in February 2013. A senior executive of GJEPC said, “Export of cut and polished diamonds started falling month-wise after the imposition of 2 % of import duty on the polished diamonds. But February, 2013 has given a new ray of hope to the industry as the export of polished diamonds has actually increased by 28 %. It means the industry is on the track of recovery and round tripping of diamonds has stopped completely.” Demand has started coming from the US, the UK, Japan and China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.

 

-            The banking sector has started exercising restraint while following prudent risk management norms when lending money to gems and jewellery sector. This follows the implementation of Basel III accord – a global voluntary regulatory standard on bank capital adequacy, stress testing and market liquidity.

 

------------------------------------------------------------------------------------------------------------------------------

 

CHANGE OF ADDRESS:

 

The Registered Office of the Company has been shifted from 318, Floral Deck Plaza, E Wing, 3rd Floor, Behind Rolta Bhavan, Off Central Road, MIDC, Mumbai – 400093, Maharashtra, India to the present address w.e.f.29.10.2010.

 

 

FIXED ASSETS:

 

·         Leasehold Building

·         Plant and Machinery

·         Computers

·         Office Equipments

·         Furniture and Fixture

·         Motor Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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. 62.44

UK Pound

1

Rs. 98.15

Euro

1

Rs. 77.38

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

BVA

 

 

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

4

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

DEFAULTERS 

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

46

 

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

 

--

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.