MIRA
INFORM REPORT
|
Report Date : |
18.02.2014 |
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, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
12.04.2006 |
|
|
|
|
Com. Reg. No.: |
11-161091 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.173.367
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2006PTC161091 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06215G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL1815G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Polished Diamonds. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
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 |
|
Maximum Credit Limit : |
USD 12484000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a flagship company of Laxmi Diamond Group", initially
incorporated as a partnership concern in 1972, and was later converted into a
private limited company in 2006. It is a well-established company having a satisfactory track record. The latest financial statement of 2013 could not be made available
from the government department. The company has seen a slight dip in its net profitability during
2012. Whereas, the networth of the company in strong. The ratings also take into consideration the working capital intensive
operations of the firm. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of experienced promoters, the subject can be considered for
business dealings at usual trade terns 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000
number of jobs generated across India in 2013, a fall of 0.4 % as compared to
with a year earlier. The National Capital Region has a one-fourth share
in total jobs created, according to a study by industry lobby group Assochem,
Banks, real estate, automobile and telecommunications sectors are showing a
rise of job creation. $ 805 mn investments by venture capital firms in India
during 2013, registering a drop of about 18 % over the previous year. The
Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB – [Long Term] |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
12.10.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 [Short Term Bank Facilities] |
|
Rating Explanation |
Have moderate degree of safety and carry low credit risk. |
|
Date |
12.10.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. John |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-40502222 |
|
Date : |
17.02.2014 |
LOCATIONS
|
Registered / 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.: |
Not Available |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office / Factory 1: |
New A K Road, Varachha, Surat-395008, Gujarat, India |
|
Tel. No.: |
91-261-2542532 |
|
Fax No.: |
91-261-2541623 |
|
E-Mail : |
|
|
|
|
|
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 |
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-395008, 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 : |
Mrs. Sunitaben Chunibhai Gajera |
|
Designation : |
Director |
|
Address : |
49-50, Vishnu Nagar Society, New A. K. Road, Surat-395001, Gujarat,
India |
|
Date of Birth/Age : |
12.10.1963 |
|
Date of Appointment : |
22.04.2006 |
|
PAN No.: |
ABAPG3832D |
|
Din No.: |
00147762 |
|
|
|
|
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. Nitinbhai Chunibhai Gajera |
|
Designation : |
Director |
|
Address : |
49-50, Vishnu Nagar Society, New A. K. Road, Surat-395008, Gujarat,
India |
|
Date of Birth/Age : |
11.06.1984 |
|
Date of Appointment : |
12.04.2006 |
|
Din No.: |
00147866 |
|
|
|
|
Name : |
Mrs. Sarojben Ashokbhai Gajera |
|
Designation : |
Director |
|
Address : |
31, Kalpavruksha Apartments, 27, B. G. Kher Marg, Walkeshwar,
Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1969 |
|
Date of Appointment : |
22.04.2006 |
|
Din No.: |
00743941 |
|
|
|
|
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 : |
B26, 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 |
%age |
|
Vasantbhai Harijbhai Gajera |
4500000 |
25.96 |
|
Ashokbhai Harijbhai Gajera |
4900000 |
28.26 |
|
Chunibhai Harijbhai 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 Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
13.47 |
|
Directors
or relatives of directors |
|
86.53 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polished Diamonds. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
State Bank of Patiala ·
State Bank of Mysore ·
Corporation Bank ·
Andhra Bank, 9/15, Mama Paramanand Marg, Queen’s
Road, Mumbai-400004, Maharashtra, India ·
Bank of India ·
State Bank of India, Diamond Branch, Premises No.
D/3, West Core, Bharat, Diamond Bourse, Bandra Kurla Complex, Bandra East,
Mumbai – 400051, Maharashtra, India ·
Axis Bank ·
Dena Bank ·
Canara Bank |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
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 : |
|
|
PAN No: |
AAFFR7782R |
|
|
|
|
Enterprises that are directly or indirectly, through one or more
intermediaries ,control or are controlled by, or under common control with company |
·
Laxmi Jewel Inc. USA ·
Suberi Bros. LLC, USA ·
Dahanamal Silk Mills Limited, India ·
Shree Laxmi Info solution and Jewellery Limited,
India CIN: U72900MH2000PLC127850 ·
Laxmi Dia Jewel Private Limited, India CIN: U36912MH1992PTC068743 ·
Laxmi Diamond-Firm |
|
|
|
|
Associates: |
·
Laxmi Jewel BVBA, Belgium ·
Laxmi Diamond (HK) Limited, Hong Kong ·
International Jewellery Manufacturing Company
limited, Thailand |
|
|
|
|
Enterprise over which person described in (3) or (4) above is able to
exercise significant influence(Only that with which there are any transaction
during the year): |
·
Komal Gems NV, New Zealand ·
Shraddha Jewels Private Limited, India CIN: U36910GJ1999PTC035847 ·
Laxmi Techno vision Private Limited ·
Laxmi Infra Developer Limited, India CIN: U45201GJ1989PLC012793 ·
Shanti Enterprise ·
Shantaben Haribhai Gajera Charitable Trust ·
Shree Laxmi Jewellery LLC ·
Komal Gems-HK, Hong Kong ·
Shanti Residency Private Limited, India CIN: U45201GJ2007PTC051275 ·
Kinjal Exports |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
173.367 |
173.367 |
|
(b) Reserves & Surplus |
|
2947.705 |
2552.006 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
3121.072 |
2725.373 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
334.398 |
95.168 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
10.870 |
4.045 |
|
Total Non-current
Liabilities (3) |
|
345.268 |
99.213 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
4614.610 |
4467.531 |
|
(b)
Trade payables |
|
2932.825 |
5044.105 |
|
(c)
Other current liabilities |
|
34.877 |
172.291 |
|
(d) Short-term
provisions |
|
91.801 |
78.630 |
|
Total Current
Liabilities (4) |
|
7674.113 |
9762.557 |
|
|
|
|
|
|
TOTAL |
|
11140.453 |
12587.143 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
858.534 |
848.462 |
|
(ii) Intangible
Assets |
|
0.558 |
0.497 |
|
(iii)
Capital work-in-progress |
|
66.489 |
1.187 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
211.972 |
209.729 |
|
(c) Deferred tax
assets (net) |
|
14.146 |
4.865 |
|
(d) Long-term Loan and Advances |
|
167.512 |
314.672 |
|
(e) Other
Non-current assets |
|
37.882 |
9.275 |
|
Total Non-Current
Assets |
|
1357.093 |
1388.687 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
3847.301 |
3443.586 |
|
(c)
Trade receivables |
|
5824.418 |
7156.091 |
|
(d) Cash
and cash equivalents |
|
59.059 |
378.666 |
|
(e)
Short-term loans and advances |
|
43.363 |
85.888 |
|
(f) Other
current assets |
|
9.219 |
134.225 |
|
Total
Current Assets |
|
9783.360 |
11198.456 |
|
|
|
|
|
|
TOTAL |
|
11140.453 |
12587.143 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
173.367 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2079.413 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2252.780 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4687.493 |
|
|
2] Unsecured Loans |
|
|
587.178 |
|
|
TOTAL BORROWING |
|
|
5274.671 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7527.451 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
816.395 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
209.481 |
|
|
DEFERREX TAX ASSETS |
|
|
86.730 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1984.072 |
|
|
Sundry Debtors |
|
|
5301.789 |
|
|
Cash & Bank Balances |
|
|
80.282 |
|
|
Other Current Assets |
|
|
364.567 |
|
|
Loans & Advances |
|
|
390.761 |
|
Total
Current Assets |
|
|
8121.471 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1586.044 |
|
|
Other Current Liabilities |
|
|
59.427 |
|
|
Provisions |
|
|
61.387 |
|
Total
Current Liabilities |
|
|
1706.858 |
|
|
Net Current Assets |
|
|
6414.613 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.232 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7527.451 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
21336.903 |
19488.406 |
14563.961 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
685.520 |
774.194 |
671.194 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
79.965 |
79.806 |
72.856 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT
BEFORE EXCEPTIONAL ITEMS |
605.555 |
695.388 |
598.338 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL
ITEMS |
22.836 |
0.585 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
582.719 |
694.803 |
598.338 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
187.021 |
222.210 |
227.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
395.698 |
472.593 |
370.727 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
16186.486 |
14333.776 |
11407.157 |
|
|
|
Interest and Dividend |
0.084 |
0.000 |
0.000 |
|
|
|
Other Income ;Sale in Local
Market in Foreign Currency |
4300.440 |
2502.727 |
0.000 |
|
|
TOTAL EARNINGS |
20487.010 |
16836.503 |
11407.157 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10128.406 |
6849.231 |
6136.490 |
|
|
|
Finished Goods |
6105.353 |
6941.687 |
3648.322 |
|
|
|
Stores & Spares |
4.020 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
166.736 |
102.158 |
|
|
TOTAL IMPORTS |
16237.779 |
13957.654 |
9886.970 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.82 |
27.25 |
21.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.37
|
5.62 |
7.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.25 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.59
|
1.67 |
2.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.15 |
4.76 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2011 |
31.03.2012 |
|
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
|
173.367 |
173.367 |
|
Reserves & Surplus |
|
2,552.006 |
2,947.705 |
|
Net
worth |
|
2,725.373 |
3,121.072 |
|
|
|
|
|
|
long-term borrowings |
|
95.168 |
334.398 |
|
Short term borrowings |
|
4,467.531 |
4,614.610 |
|
Total
borrowings |
|
4,562.699 |
4,949.008 |
|
Debt/Equity
ratio |
|
1.674 |
1.586 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Turnover |
14563.961 |
19488.406 |
21336.903 |
|
|
|
33.813 |
9.485 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
14563.961 |
19488.406 |
21336.903 |
|
Profit |
370.727 |
472.593 |
395.698 |
|
|
2.55% |
2.42% |
1.85% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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.
NOTE:
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.
OPERATION:
The company has earned gross revenue of Rs. 21336.903 Millions during
the year. After providing an expenditure of Rs. 20731.348 Millions, the company
has earned net profit before exceptional items and tax of Rs. 605.555 Millions.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
334.399 |
95.168 |
|
|
|
|
|
Total |
334.399 |
95.168 |
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, |
B57985772 |
|
2 |
10174152 |
28/05/2011 * |
300,000,000.00 |
BANK OF INDIA -LEAD BANK AND 3 OTHERS |
SEEPZ MID
CORPORATE BRANCH, BEHIND SEEPZ SERVICE, |
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 EAST,
MUMABI, MAHARASHTRA - 400051, INDIA |
B45025954 |
* Date of charge modification
FIXED ASSETS:
·
Land
·
Buildings
·
Office Building
·
Factory Building
·
Plant and Equipment
·
Other plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Motor Vehicles
·
Office Equipment
·
Computer Equipments
NEWS
LAXMI DIAMONDS INAUGURATES ADMINISTRATIVE OFFICE IN SURAT
DECEMBER 25, 2013
Ms. Varda Shine, CEO of Diamond Trading Company recently inaugurated the new Administrative Office Building of Laxmi Diamond Group, in the city of Surat. The inauguration held on December 4th 2013, was attended by dignitaries including Mr Paul Rowley, the to-be-new CEO of Diamond Trading Company, Mr. Nigel Simpson, Mr. Rickey NG and Mr. Mihir Dalal and Mr. Arik Sela from I Hennig.
The new 2,31,000 sq. ft. facility opened near Gajera Circle, Katargam and is the fifth property of the company in Gujarat, others being three factories in Surat and one in Amreli.
Besides catering to complete administrative functions, around 20 percent of the office space is dedicated for manufacturing of high quality diamonds, housing state-of-the-art machinery and latest technology. The building houses around 2500 employees in office and around 500 to 600 in the factory section. The DTC personnel appreciated the efforts of Mr. Vasantbhai Gajera, Chairman and Managing Director of Laxmi Diamond Group in bringing about remarkable growth and expansion of the Group. Mr. Paul Rowley appreciated the modern infrastructure and the rapid progress of the company, its outlook in being goal oriented and having an efficient management.
Expressing gratitude to the dignitaries for their attendance, Vasantbhai reflected on the achievements of the company are not a ‘One Man Show’, but driven by unity, team work, foresight, unshakable faith, resolute determination and cooperation from family and the work force. He also remarked on the co-operation and assistance received from DTC personnel at all times and his confidence in the new team whom the next generation of Gajera family looks up to for guidance and assistance. Mr. Paul Rowley assured Vasantbhai of their full-hearted support at all times.
Laxmi Diamonds has also taken leaps in social service, with schools and a college in Gujarat.
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.61.95 |
|
|
1 |
Rs.104.02 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.