MIRA
INFORM REPORT
|
Report Date : |
12.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
JEWELEX INDIA PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
JEWELEX BOMBAY PRIVATE LIMITED |
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|
|
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Registered
Office : |
401-Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai –
400098, |
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|
Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.10.2004 |
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|
Com. Reg. No.: |
11-148938 |
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Capital
Investment / Paid-up Capital : |
Rs. 1000.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36910MH2004PTC148938 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ11921A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ4523H |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
·
Manufacturer of Studded Gold Jewellery. and also ·
Trader of Rough and Polished Diamonds. |
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|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
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 bank facilities: “A-“ |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
September 2013 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A2+“ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
September 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 : |
Ms. Prescilla D’souza |
|
Designation : |
Finances Department |
|
Contact No.: |
91-22-66938505 |
|
Date : |
11.07.2014 |
LOCATIONS
|
Registered Office : |
401-Trade Centre, Bandra Kurla Complex, Bandra (East), Mumbai –
400098, Maharashtra |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
Corporate Office 1 / Factory 1 : |
Plot No. 56-B, First Floor, Seepz, Andheri (East), Mumbai – 400096,
Maharashtra, India |
|
Tel. No.: |
91-22-66938505/ 8510/ 28291686/ 28290699 |
|
Fax No.: |
91-22-66938506/ 28290460 |
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E-Mail : |
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|
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Corporate Office 2 : |
HE-7010, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-43511000 |
|
Fax. No.: |
91-22-43511099 |
|
|
|
|
Head Office / Factory 2 : |
G-29, G and J Complex III, Seepz, Andheri (East), Mumbai – 400096,
Maharashtra, India |
|
Tel. No.: |
91-22-66938500 / 8501 / 8502/ 28290700/ 28291686/ 0699 |
|
Fax No.: |
91-22-28290460 |
|
E-Mail : |
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|
|
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Factory 3 : |
Unit III, G – 33, G and J Complex No. III, Seepz, Andheri (East),
Mumbai – 400096, Maharashtra, India |
|
Tel. No.: |
91-22-66938500/ 56938502 |
|
Fax No.: |
91-22-28290460 |
|
E-Mail : |
DIRECTORS
As on: 27.09.2013
|
Name : |
Mr. Anish Piyush
Kothari |
|
Designation : |
Director |
|
Address : |
102, Elcid, 13 –
A, |
|
Date of Birth/Age : |
19.11.1965 |
|
Date of Appointment : |
01.10.2004 |
|
PAN No.: |
AADPK4951D |
|
DIN No.: |
00093706 |
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|
|
|
Name : |
Mr. Nilesh Pravin Kothari |
|
Designation : |
Director |
|
Address : |
111B, Atlas Apartments, |
|
Date of Birth/Age : |
11.02.1961 |
|
Date of Appointment : |
01.10.2004 |
|
PAN No.: |
AADPK4856H |
|
DIN No.: |
00093751 |
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|
|
|
Name : |
Mr. Ashish Piyush
Kothari |
|
Designation : |
Director |
|
Address : |
705, Mangal Kunj – B, |
|
Date of Birth/Age : |
21.05.1973 |
|
Date of Appointment : |
10.05.2005 |
|
PAN No.: |
AADPK4857G |
|
DIN No.: |
00093839 |
KEY EXECUTIVES
|
Name : |
Mr. Mahendra Kantilal Shah |
|
Designation : |
Secretary |
|
Date of Appointment : |
16.08.2013 |
|
PAN No.: |
AALPS1646P |
|
|
|
|
Name : |
Ms. Prescilla D’souza |
|
Designation : |
Finances Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Pravin S. Kothari |
|
862500 |
|
Saryu P Kothari |
|
7250000 |
|
Nilesh P Kothari |
|
5187500 |
|
Nisha N Kothari |
|
2425000 |
|
Manti N. Kothari |
|
250000 |
|
Mihika N. Kothari |
|
250000 |
|
Piyush S. Kothari |
|
1850000 |
|
Chandra P. Kothari |
|
6265000 |
|
Anish P. Kothari |
|
5690000 |
|
Gopika A. Kothari |
|
2425000 |
|
Atul S. Kothari |
|
12172500 |
|
Sahil Kothari |
|
4057500 |
|
DJ Finance Limited, Mauritius |
|
51315000 |
|
|
|
|
|
Total |
|
100000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 27.09.2013
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
51.00 |
|
Directors or relatives of directors |
|
49.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
·
Manufacturer of Studded Gold Jewellery. and also ·
Trader of Rough and Polished Diamonds. |
|
|
|
|
Exports : |
|
|
Countries : |
·
USA ·
Australia ·
Europe Countries
|
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
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Bankers : |
· The Royal Bank of Scotland N.V. (Acting As Lead Bank), 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, India ·
Corporation Bank, Mumbai Overseas Branch, 1st
Floor, Earnest House, Nariman Point, Mumbai - 400021, Maharashtra, India |
|||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. M. Nissim and
Company Chartered Accountants |
|
Address : |
Barodawala Mansion,
B – Wing, 3rd Floor, 81, Dr. Annie Besant Road, Worli, Mumbai –
400018, Maharashtra, India |
|
PAN No.: |
AAAFM5103E |
|
|
|
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Holding Company: |
D. J. Finance Limited, Mauritius |
|
|
|
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Ultimate Holding
Company: |
I.D.J. s.a.r.l., Luxembourg |
|
|
|
|
Fellow Subsidiaries : |
· Jewelex Australia Pty Limited · Jewelex Europe N.V · Jewelex New York Limited · Jewelex Antwerp N V · Jewelex HK Limited · Jewelex Japan Limited · Jewelex Israel Limited ·
Jewelex Middle East DMCC |
|
|
|
|
Subsidiaries : |
·
Jewelex International Private Limited CIN No.:U99999MH2000PTC124713 |
|
|
|
|
Associates : |
·
Zenstar Jewellery LLP (Converted from Zenstar
Jewellery Private Limited with effect from 16th November, 2010) · Eternity Holdings |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105250000 |
Equity Shares |
Rs.10/- each |
Rs. 1052.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
As on: 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
107750000 |
Equity Shares |
Rs.10/- each |
Rs. 1077.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1000.000 |
1000.000 |
500.000 |
|
(b) Reserves & Surplus |
4042.305 |
3459.763 |
2776.135 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
5042.305 |
4459.763 |
3276.135 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.000 |
100.000 |
450.000 |
|
(b) Deferred tax liabilities (Net) |
24.165 |
0.015 |
(9.396) |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
30.587 |
21.255 |
22.420 |
|
Total Non-current
Liabilities (3) |
54.752 |
121.270 |
463.024 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3006.681 |
4350.776 |
3020.086 |
|
(b)
Trade payables |
1880.191 |
1875.256 |
1565.627 |
|
(c)
Other current liabilities |
163.594 |
100.747 |
141.349 |
|
(d) Short-term
provisions |
58.498 |
9.540 |
56.943 |
|
Total Current Liabilities
(4) |
5108.964 |
6336.319 |
4784.005 |
|
|
|
|
|
|
TOTAL |
10206.021 |
10917.352 |
8523.164 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
880.557 |
671.975 |
709.239 |
|
(ii)
Intangible Assets |
3.887 |
5.897 |
5.110 |
|
(iii)
Capital work-in-progress |
4.097 |
77.410 |
8.141 |
|
(iv) Intangible assets under development |
0.000 |
1.335 |
0.000 |
|
(b) Non-current
Investments |
281.738 |
146.400 |
79.426 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
513.811 |
310.016 |
219.827 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1684.090 |
1213.033 |
1021.743 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
4565.329 |
4790.081 |
3299.687 |
|
(c)
Trade receivables |
3624.817 |
4125.776 |
3462.216 |
|
(d) Cash
and cash equivalents |
272.863 |
358.736 |
205.963 |
|
(e)
Short-term loans and advances |
51.276 |
428.278 |
533.555 |
|
(f)
Other current assets |
7.646 |
1.448 |
0.000 |
|
Total
Current Assets |
8521.931 |
9704.319 |
7501.421 |
|
|
|
|
|
|
TOTAL |
10206.021 |
10917.352 |
8523.164 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
15235.615 |
14601.206 |
12582.031 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
14301.181 |
13737.608 |
11804.992 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
934.434 |
863.598 |
777.039 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
204.335 |
179.970 |
154.615 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
730.099 |
683.628 |
622.424 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2526.263 |
1902.635 |
1357.154 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
70.000 |
60.000 |
20.000 |
|
|
|
Interim Dividend |
50.000 |
0.000 |
0.000 |
|
|
|
Dividend |
50.000 |
0.000 |
50.000 |
|
|
|
Tax on Dividend |
16.609 |
0.000 |
6.943 |
|
|
|
Received on Merger |
30.948 |
0.000 |
0.000 |
|
|
BALANCE CARRIED TO
THE B/S |
3038.805 |
2526.263 |
1902.635 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
12040.404 |
12101.673 |
8364.104 |
|
|
TOTAL EARNINGS |
12040.404 |
12101.673 |
8364.104 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
8958.516 |
8739.608 |
6736.248 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.31 |
6.83 |
12.45 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.79 |
4.68 |
4.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.42 |
8.08 |
9.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.19 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.60 |
1.00 |
1.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67 |
1.53 |
1.57 |
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 |
500.000 |
1000.000 |
1000.000 |
|
Reserves & Surplus |
2776.135 |
3459.763 |
4042.305 |
|
Net worth |
3276.135 |
4459.763 |
5042.305 |
|
|
|
|
|
|
long-term borrowings |
450.000 |
100.000 |
0.000 |
|
Short term borrowings |
3020.086 |
4350.776 |
3006.681 |
|
Total borrowings |
3470.086 |
4450.776 |
3006.681 |
|
Debt/Equity ratio |
1.059 |
0.998 |
0.596 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Total Income |
12582.031 |
14601.206 |
15235.615 |
|
|
|
16.048 |
4.345 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
12582.031 |
14601.206 |
15235.615 |
|
Profit |
622.424 |
683.628 |
730.099 |
|
|
4.95% |
4.68% |
4.79% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Loans and advances from others |
0.000 |
100.000 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Loans and advances from others |
424.400 |
159.300 |
|
|
|
|
|
Total |
424.400 |
259.300 |
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 against shifted from 401-Trade Centre, Bandra Kurla Complex,
Mumbai – 400051, Maharashtra India to present address w.e.f. 22.08.2012
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90353333 |
17/08/2012 * |
5,850,000,000.00 |
THE ROYAL BANK OF SCOTLAND N.V. (ACTING AS LEAD BANK) |
4, NORTH AVENUE, LEVEL 3, MAKER MAXITY, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
B56418536 |
* Date of charge modification
FIXED ASSETS
·
Land
·
Building
·
Plant
and Machinery
·
Electrical
Fittings
·
Furniture
and Fixtures
·
Office
Equipments
·
Computers
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.19 |
|
|
1 |
Rs. 103.15 |
|
Euro |
1 |
Rs. 81.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPH |
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 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.