|
Report Date : |
02.01.2014 |
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, |
|
|
|
|
Country : |
|
|
|
|
|
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 (45) |
|
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 : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a flagship company of “Laxmi Diamond Group”. It is a well-established company having a satisfactory track record. Management
of the company has filed it financial for the year 2013 with the government
department but the same is not available with us. There appears slight dip in its profitability during 2012. However,
networth of the company seems to be strong. Trade relations are reported are to be fair. Business is active.
Payments are reported to be slow but correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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 : |
31.12.2013 |
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.: |
91-22 |
|
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 |
|
Vasantbhai Harijbhai Gajera |
|
4500000 |
|
Ashokbhai Harijbhai Gajera |
|
4900000 |
|
Chunibhai Harijbhai Gajera |
|
3660000 |
|
Nitinbhai Chunibhai Gajera |
|
700000 |
|
Bhavnaben Vasantbhai Gajera |
|
350000 |
|
Sarojben Ashokbhai Gajera |
|
750000 |
|
Sunitaben Chunibhai Gajera |
|
140000 |
|
Rakesh G Gajera (Repatriable) |
|
2336740 |
|
|
|
|
|
TOTAL
|
|
17336740 |
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 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
0.000 |
14.902 |
NA |
|
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 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U36911MH2006PTC161091 |
|
Name of the
company |
LAXMI DIAMOND
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
416, Prasad Chambers, Opera House, Mumbai-400004, Maharashtra, India Email: contact_ops@yahoo.co.in
|
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10015571 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
CIN: U36911MH2006PTC161091 State Bank of India, Diamond Branch, Premises No. D/3, West Core,
Bharat, Diamond Bourse, Bandra Kurla Complex, Bandra East, Mumbai – 400051,
Maharashtra, India Email: kamalax_saraf@hotmail.com
|
|
Nature of
instrument creating charge |
Supplemental
Indenture of Mortgage |
|
Date of
instrument Creating the charge |
09.07.2012 |
|
Amount secured by
the charge |
Rs.4920.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As Per Sanction
Terms Terms of
Repayment As Per Sanction
Terms Margin As Per Sanction
Terms Extent and
Operation of the charge As Per Sanction
Terms |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
current assets of the company namely stock of raw materials, comprising of rough
cut and polished diamonds and precious stones and gems stocks in process,
semi-finished goods and Finished goods
viz. Polished diamonds stores and gems stores and spares not relating to
plant and machinery (consumable stores and spares), bills, receivables and
book debts and all other movables and Book debts and
all other movables plant and machinery. |
|
Date of
instrument modifying the charge |
09.07.2012 |
|
Particulars of
the present modification |
Now by the
present modfn. Dt. 09.07.2012 supplemental indenture of mortgage was executed
by the lead bank of sbi consortium acting for itself and behalf of members of
sbi consor- tium namely sbb and j, sbp, sbm,db, ab, abl, cb, sbh, boi, sbt,
adbn. v., corpn. bank and cbi as a continuing security as and by way of pari
passu charge for the due repayment on demand to the mortgagees of all monies
including the principal sum of Rs.4920.000 Millions |
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
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.61.93 |
|
|
1 |
Rs.102.39 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.