MIRA INFORM REPORT
|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
KIRAN GEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FE-5011, Bharat Diamond Bourse, G Block, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.09.2007 |
|
|
|
|
Com. Reg. No.: |
11-174133 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.283.956 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2007PTC174133 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK17224E SRTK02242C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK1665M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Exporter and Importer of Polish Diamond and Diamond Jewellery |
|
|
|
|
No. of Employees
: |
1700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
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. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitment. 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.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst
slowdown in more than a quarter of a century. The data was below an official
estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal
year. However, the current account deficit narrowed sharply to $ 32.4 billion
at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8
billion or 4.7 %, the year before.A sharp fall in gold imports due to
restrictions on overseas purchases and muted import of capital goods helped
shrink the current account deficit.
Online retailer
Flipkart has acquired fashion portal Myntra as it prepares to battle with the
rapidly expanding India arm of the global e-commerce giant Amazon. The company
raised $ 210 million from Russian Investment firm DST Global which has also
invested in companies like Facebook, Twitter and Alibaba Group.
General Motors will
start exporting vehicles from its Talegaon plant near Pune in the second half
of 2014. GM was one of the few global carmakers that was using its India plant
only for the domestic market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value shot up 40 % in a year to
$ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.
Infosys lost another
heavy weight when B G Srinivas, a board member put in his papers. He is the
third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the
company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went
on to lead IGate, Balakrishnan joined politics.
Naresh Goyal –
promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the
three months ended March 31, mainly because it has been offering discounts to
passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in
connection with a complaint against the direct selling firm. This is the second
time that he has been taken into custody. A year, ago the Kerala Police had
arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its state-owned
enterprises to sever links with American consulting firms after the United
States charged five Chinese military officers wih hacking US companies. China’s
action which targets consultancies like McKinsey & Co. and the Boston
Consulting Group, sterns from fears that the first are providing trade secrets
to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68 countries
by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Fund Based Working Capital
Facilities = A- |
|
Rating Explanation |
Adequate degree of safety. It carry low
credit risk |
|
Date |
11.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
11.10.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Shukla |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-40504444 |
|
Date : |
02.07.2014 |
LOCATIONS
|
Registered Office : |
FE-5011, Bharat Diamond Bourse, “G” Block, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40504444 |
|
Mobile No.: |
91-9702450410 (Mr. Bhavik) |
|
Fax No.: |
91-22-40504455 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. 9, Near Affil Tower, L. H. Road, Varachha, Surat-395006,
Gujarat |
|
Tel. No.: |
91-261-2554514 / 15 |
|
Fax No.: |
91-261-2552606 |
|
E-Mail : |
|
|
Area : |
2466.82 Square. Meters |
|
|
|
|
Factory 2 : |
217/218, Tarabaug Estate, Opposite Jeevan Dhara Hotel, Varachha
Road, Surat-395006, Gujarat |
|
Tel. No.: |
91-261-2553983/ 84/85 / 2553983 |
|
Fax No.: |
91-261-2553982 / 2653982 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Plot No. 52, Vaishali Building, Surat, Gujarat, India |
DIRECTORS
As on 28.09.2013
|
Name : |
Mr. Mavjibhai Shamjibhai Patel |
|
Designation : |
Director |
|
Address : |
901, 9th Floor, Mayfair Maaya, Maaya Jn. 9th and
11th Road, Khar (West), Mumbai-400052, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1964 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
14.09.2007 |
|
DIN No.: |
00147902 |
|
|
|
|
Name : |
Mr. Vallabhbhai Shamjibhai Patel |
|
Designation : |
Director |
|
Address : |
701/702, 7th Floor, Munshi Manor, 174/175, 9 and 10 Road,
Jn. Khar (West), Mumbai-400052, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1957 |
|
Qualification : |
Non S.S.C |
|
Date of Appointment : |
14.09.2007 |
|
DIN No.: |
00091715 |
|
|
|
|
Name : |
Mr. Babubhai Shamjibhai Lakhani |
|
Designation : |
Director |
|
Address : |
A/502, Affil Tower, Lambe Hanuman Road, Varachha Road, Surat–395 006,
Gujarat, India |
|
Date of Birth/Age : |
01.12.1959 |
|
Qualification : |
Non S.S.C |
|
Date of Appointment : |
18.09.2007 |
|
DIN No.: |
00091766 |
|
|
|
|
Name : |
Mr. Labhubhai Shamjibhai Lakhani |
|
Designation : |
Director |
|
Address : |
7, Street No.1, Yogeshwar Society, Anantwadi, Devubaug, Bhavnagar –
364 001, Gujarat, India |
|
Date of Birth/Age : |
04.07.1951 |
|
Qualification : |
Non S.S.C |
|
Date of Appointment : |
18.09.2007 |
|
DIN No.: |
01807301 |
|
|
|
|
Name : |
Mr. Dinesh Mavjibhai Lakhani |
|
Designation : |
Director |
|
Address : |
501, Manju Castle Co-Operative Housing Society, Near St. Xavier Road,
Vile Parle (West), Mumbai-400056, Maharashtra, India |
|
Date of Birth/Age : |
22.01.1978 |
|
Qualification : |
H.S.C |
|
Date of Appointment : |
18.09.2007 |
|
DIN No.: |
01833349 |
KEY EXECUTIVES
|
Name : |
Mrs. Chhaya Lairam Lakhani |
|
Designation : |
Secretary |
|
Address : |
601, A-41, Sector – 1, Harsh Vihar Chs, Shanti Nagar, Mira Road
(East), Thane – 401107, Maharashtra, India
|
|
Date of Appointment : |
28.03.2013 |
|
PAN No.: |
ADQPL3398H |
MAJOR SHAREHOLDERS
As on 28.09.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Vallabhbhai Shamjibhai Patel/Lakhani |
|
4189274 |
|
Mavjibhai Shamjibhai Patel/Lakhani |
|
4625781 |
|
Babubhai Shamjibhai Patel/Lakhani |
|
100000 |
|
Laxmiben Vallabhbhai Patel/Lakhani |
|
500000 |
|
Rasilaben Mavjibhai Patel/Lakhani |
|
500000 |
|
Varshaben Babubhai Patel/Lakhani |
|
800000 |
|
Devkunverben Labubhai Patel/Lakhani |
|
300000 |
|
Labhubhai Shamjibhai Patel/Lakhani |
|
800000 |
|
Kalpesh Vallabhbhai Patel |
|
1272495 |
|
Munjal Mavjibhai Lakhani |
|
935984 |
|
Varun Babubhai Lakhani |
|
621610 |
|
Dinesh Mavjibhai Lakhani |
|
860000 |
|
Ashishkumar Lakhani |
|
3132460 |
|
Rajesh Labhubhai Lakhani |
|
142857 |
|
Total |
|
18780461 |
|
Names of Preference Shareholders |
No. of Shares |
|
Varun Babubhai Lakhani |
800000 |
|
Ashishkumar Lakhani |
400000 |
|
Total |
1200000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter and Importer of Polish Diamond and Diamond Jewellery |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
|
||||
|
Selling : |
Cash, Credit |
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|
Purchasing : |
Cash, Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users
|
|||||||||||||||
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|
|
|||||||||||||||
|
No. of Employees : |
1700 (Approximately) |
|||||||||||||||
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|
|||||||||||||||
|
Bankers : |
·
State Bank of India, 1st Floor,
Majestic Shopping Centre, 144, JSS Marg, Girgaum, Mumbai-400004, Maharashtra,
India ·
Corporation Bank, Overseas Branch, 1st
Floor, Earnest House, Nariman Point, Mumbai-400021, Maharashtra, India |
|||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountants |
|
Address : |
450, Lamington Road, Purshotam Building 1st Floor, Opera House, Mumbai
– 400004, Maharashtra, India |
|
Tel. No.: |
91-22-23669708/ 23669709/ 23618386 |
|
Fax No.: |
91-22-23631810 |
|
E-Mail : |
|
|
|
|
|
Fellow Subsidiary Company : |
|
|
|
|
|
Subsidiary Company : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
|
CAPITAL STRUCTURE
As on 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
1800000 |
Preference Shares |
Rs.100/- each |
Rs.180.000 Millions |
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18780461 |
Equity Shares |
Rs.10/- each |
Rs.187.805 Millions |
|
1200000 |
Preference Shares |
Rs.100/- each |
Rs.120.000 Millions |
|
|
Total |
|
Rs.307.805
Millions |
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
1800000 |
Preference Shares |
Rs.100/- each |
Rs.180.000 Millions |
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16395637 |
Equity Share |
Rs.10/- each |
Rs.163.956
Millions |
|
1200000 |
Preference Share |
Rs.100/- each |
Rs.120.000 Millions |
|
|
Total |
|
Rs.283.956 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders’ Funds |
|
|
|
|
(a) Share Capital |
|
283.956 |
266.417 |
|
(b) Reserves & Surplus |
|
7,467.729 |
5,788.156 |
|
I Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
1,192.412 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
8,944.097 |
6,054.573 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1,033.658 |
1,271.664 |
|
(b) Deferred tax liabilities (Net) |
|
45.905 |
35.057 |
|
I Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
7.820 |
9.726 |
|
Total Non-current
Liabilities (3) |
|
1,087.383 |
1,316.447 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
13,464.604 |
9,435.357 |
|
(b) Trade
payables |
|
6,518.450 |
5,001.789 |
|
I Other
current liabilities |
|
78.955 |
160.985 |
|
(d) Short-term provisions |
|
54.649 |
66.793 |
|
Total Current
Liabilities (4) |
|
20,116.658 |
14,664.924 |
|
|
|
|
|
|
TOTAL |
|
30,148.138 |
22,035.944 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
|
2,704.658 |
2,040.786 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
195.631 |
105.308 |
|
(iv)
Intangible assets under development |
|
1.282 |
0.938 |
|
(b) Non-current Investments |
|
38.439 |
37.119 |
|
I Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
226.163 |
120.624 |
|
I Other Non-current
assets |
|
1.007 |
1.007 |
|
Total Non-Current
Assets |
|
3,167.180 |
2,305.782 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
4.500 |
|
(b)
Inventories |
|
14,407.709 |
9,755.827 |
|
I Trade
receivables |
|
11,704.408 |
8,777.821 |
|
(d) Cash
and cash equivalents |
|
424.797 |
531.710 |
|
I
Short-term loans and advances |
|
128.043 |
441.168 |
|
(f) Other
current assets |
|
316.001 |
219.136 |
|
Total
Current Assets |
|
26,980.958 |
19,730.162 |
|
|
|
|
|
|
TOTAL |
|
30,148.138 |
22,035.944 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
245.472 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4191.902 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4437.374 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
7484.155 |
|
|
2] Unsecured Loans |
|
|
1460.384 |
|
|
TOTAL BORROWING |
|
|
8944.539 |
|
|
DEFERRED TAX LIABILITIES |
|
|
32.638 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13414.551 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1472.420 |
|
|
Capital work-in-progress |
|
|
44.963 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
329.696 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
5407.301
|
|
|
Sundry Debtors |
|
|
7716.759
|
|
|
Cash & Bank Balances |
|
|
651.372
|
|
|
Other Current Assets |
|
|
591.278
|
|
|
Loans & Advances |
|
|
89.787
|
|
Total
Current Assets |
|
|
14456.497
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2815.827
|
|
|
Other Current Liabilities |
|
|
0.870
|
|
|
Provisions |
|
|
72.640
|
|
Total
Current Liabilities |
|
|
2889.337
|
|
|
Net Current Assets |
|
|
11567.160
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.312 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13414.551 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
46219.227 |
38906.204 |
|
|
|
|
|
Other Income |
146.760 |
59.878 |
|
|
|
|
|
TOTAL |
46365.987 |
38966.082 |
|
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
43,742.848 |
37,125.816 |
|
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2623.139 |
1840.266 |
|
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
958.082 |
526.420 |
|
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1,665.057 |
1,313.846 |
970.981 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
256.716 |
194.487 |
151.716 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
1408.341 |
1119.359 |
819.265 |
||
|
|
|
|
|
|
||
|
|
EXCEPTIONAL / EXTRA
ORDINARY ITEMS |
35.437 |
0.000 |
19.465 |
||
|
|
|
|
|
|
||
|
|
PRIOR PERIOD
EXPENSES |
0.000 |
0.000 |
0.105 |
||
|
|
|
|
|
|
||
|
|
TAX |
425.793 |
352.160 |
207.765 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
947.111 |
767.199 |
591.930 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
33518.910 |
28453.425 |
NA |
|
|
|
|
Other Earnings |
8451.914 |
0.000 |
NA |
|
|
|
TOTAL EARNINGS |
41970.824 |
28453.425 |
NA |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
53.83 |
NA |
47.18 |
||
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
58793.100 |
The above information has been parted by Mr. Shukla
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.04 |
1.97 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.05 |
2.88 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.71 |
5.11 |
5.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.18 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.62 |
1.77 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.35 |
5.00 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
245.472 |
266.417 |
283.956 |
|
Reserves & Surplus |
4191.902 |
5788.156 |
7467.729 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
1192.412 |
|
Net
worth |
4437.374 |
6054.573 |
8944.097 |
|
|
|
|
|
|
Secured Loans |
7484.155 |
9435.357 |
13464.604 |
|
Unsecured Loans |
1460.384 |
1271.664 |
1033.658 |
|
Total
borrowings |
8944.539 |
10707.021 |
14498.262 |
|
Debt/Equity
ratio |
2.016 |
1.768 |
1.621 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
|
38,906.204 |
46,219.227 |
|
|
|
|
18.797 |
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2012 |
31.03.2013 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
|
38,906.204 |
46,219.227 |
|
Profit |
|
767.199 |
947.111 |
|
|
|
1.97% |
2.05% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS NOT AVAILABLE
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
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 & 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.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Rupee term loan
from bank |
1,033.658 |
1,271.664 |
|
Total |
1,033.658 |
1,271.664 |
OPERATIONS/WORKING
RESULTS
During the year, the Company has recorded Revenue from Sales of Rs.46219.227 Millions as compared to the Sales of Rs.38906.204 Millions and also earned Other Income of Rs.146.760 Millions as compared to that of Rs.59.878 Millions, for the corresponding previous year.
The Company has earned net profit to the tune of Rs.947.112 Millions as compared to profit earned of Rs.767199 Millions in respect of the corresponding previous year, after making provision for taxation and deferred tax adjustment
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10319110 |
11/11/2011 |
1,000,000,000.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B25841834 |
|
2 |
10069794 |
27/12/2013 * |
19,750,000,000.00 |
STATE BANK OF INDIA |
Diamond Branch,D-3, West Core,Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, India |
B94018405 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.59.97 |
|
|
1 |
Rs.102.89 |
|
Euro |
1 |
Rs.80.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
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.