MIRA
INFORM REPORT
|
Report Date : |
22.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ANKIT GEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
DW 6251/6252, D Tower, G Block, Bharat Diamond Bourse,
Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.04.2011 |
|
|
|
|
Com. Reg. No.: |
11-216778 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.362.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2011PTC216778 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCA4305Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Diamonds. |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
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 was erstwhile named as M/s Ankit Gems and had commenced its
operation as a partnership concern in 1985 and was later converted to a
private limited company during FY 2011. It is an established company having
satisfactory track. The company possesses an average financial profile marked by adequate networth base along with moderate capital structure and debt coverage indicators owing to working capital intensive nature of the business. Management has witnessed a heathy growth in its operations during FY 2013. The rating also take into consideration, the risk of volatility in the prices of rough diamonds and exchange rate fluctuations importing volatility to the profitability. However, trade relations seems to be 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 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 Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
13.11.2013 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Bharat |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-43548800 |
|
Date : |
19.07.2014 |
LOCATIONS
|
Registered Office / Head Office : |
D Tower, DW 6251/6252, D Tower, G Block, Bharat Diamond
Bourse, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra,
India |
|
Tel. No.: |
91-22-43548800 to 43548898 |
|
Fax No.: |
91-22-43548899 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No.315, Behind Patel Faliya,
Gotalawadi, Katargam, Surat
– 395004, Gujarat, India |
|
Tel. No.: |
91-261-2532858 / 2533193 |
|
Fax No.: |
91-261-2530876 |
|
E-Mail : |
|
|
|
|
|
Overseas Office 1 : |
Hong Kong - Marketing Associate Rm. 403 4/FL., Chevalier House,
45 - 51 Chatham Road South, Tsimshatsui. Kln. H.K. |
|
Tel. No.: |
+852-27214642 / 27212642 |
|
Fax No.: |
+852-27213642 |
|
E-Mail : |
|
|
|
|
|
Overseas Office 2 : |
Antwerpen - Marketing Associate Hoveniers Straat 30, Box 210,
Room No. 422 - 425, 2018,
Antwerpen, Belgium |
|
Tel. No.: |
+323-2329484 |
|
Fax No.: |
+323-2329481 |
|
E-Mail : |
DIRECTORS
As on 19.07.2013
|
Name : |
Mr. Parvakumar Vasantlal Shah |
|
Designation : |
Director |
|
Address : |
402, Anganvishala Apartment, Athwalines Surat – 395007,
Gujarat, India |
|
Date of Appointment : |
27.04.2011 |
|
DIN No.: |
00774167 |
|
|
|
|
Name : |
Mr. Pravin Pannalal Shah |
|
Designation : |
Director |
|
Address : |
201 Abhishek Park – A Apartment, Behind Pooja Abhishek,
Near Lal Banglow, Athwalines, Surat – 395007, Gujarat, India |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
00798301 |
|
|
|
|
Name : |
Mr. Vasantlal Chandulal Shah |
|
Designation : |
Director |
|
Address : |
F No. 402, Angan Vishala, Opposite Indoor Stadium,
Athwalines Surat – 395007, Gujarat, India |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
00798334 |
|
|
|
|
Name : |
Mr. Dilipbhai Amrutlal Soni |
|
Designation : |
Director |
|
Address : |
6 Pooja Row House, Near Jay Ambe Society, Adajan Patia,
Surat – 395009, Gujarat, India |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
00798359 |
|
|
|
|
Name : |
Mr. Ankit Arun Shah |
|
Designation : |
Director |
|
Address : |
92, Urvashi Building, Napeansea Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Appointment : |
27.04.2011 |
|
DIN No.: |
01872781 |
|
|
|
|
Name : |
Mr. Arunbhai Chimanlal Shah |
|
Designation : |
Director |
|
Address : |
Flat No: 92, 9th Floor, Urvashi Building, 66-L,
Jagmohandas Road, Mumbai – 400006, Maharashtra, India |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
01979698 |
|
|
|
|
Name : |
Mr. Dilip Shah |
|
Designation : |
Director |
|
Address : |
302, Abhishek Park – A Apartment, Behind Pooja Abhishek,
Near Lal Banglow, Athwalines, Surat – 395007, Gujarat, India |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
02196230 |
|
|
|
|
Name : |
Mr. Jenish Dilipkumar Shah |
|
Designation : |
Director |
|
Address : |
302, Abhishek Park – A Apartment, Behind Pooja Abhishek,
Near Lal Banglow, Athwalines, Surat – 395007, Gujarat, India |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
03547958 |
|
|
|
|
Name : |
Mr. Shreyans Arvindkumar Shah |
|
Designation : |
Director |
|
Address : |
Flat No.7, C, Waterlook Apartment, Behind Anjansalaka,
Athwalines, Surat – 395007, Gujarat, India |
|
Date of Appointment : |
15.06.2011 |
|
DIN No.: |
03548010 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
As on 19.07.2013
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Arun
Chimanlal Shah |
|
1,104,400 |
|
Dilip
Chimanlal Shah |
|
3,826,700 |
|
Ankit
Arun Shah |
|
502,000 |
|
Vasant
Chandulal Shah |
|
1,800,800 |
|
Parva
Vasantbhai Shah |
|
200,800 |
|
Pravin
Pannalal Shah |
|
1,958,370 |
|
Dilip
Amrutlal Soni |
|
386,540 |
|
Mukund
Dilip Soni |
|
450,200 |
|
Shreyans
Arvind Shah |
|
491,960 |
|
Priyansh
Pravinbhai Shah |
|
225,100 |
|
Jainish
Dilipbhai Shah |
|
491,960 |
|
Names of Shareholders (Preference shares) |
|
No. of Shares |
|
Arun
Chimanlal Shah |
|
3025000 |
|
Dilip
Chimanlal Shah |
|
2337500 |
|
Ankit
Arun Shah |
|
1375000 |
|
Vasant
Chandulal Shah |
|
1100000 |
|
Parva
Vasantbhai Shah |
|
550000 |
|
Pravin
Pannalal Shah |
|
1196250 |
|
Dilip
Amrutlal Soni |
|
1058750 |
|
Mukund
Dilip Soni |
|
275000 |
|
Shreyans
Arvind Shah |
|
1347500 |
|
Priyansh
Pravinbhai Shah |
|
137500 |
|
Jainish
Dilipbhai Shah |
|
1347500 |
|
Total |
|
13750000 |
Equity Share Break up (Percentage of Total Equity)
As on 19.07.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Diamonds. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Cheque and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash, Cheque and Credit |
GENERAL INFORMATION
|
No. of Employees : |
50 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
State Bank of India, Diamond Branch,1st Floor, Majestic
Shopping Centre, 144, Jagannath Shankar Sheth Marg, Girgaum, Mumbai - 400004,
Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
The
Borrowings from bank above are against: 1.
Collateral equitable mortgage of : a.
Offices at Bharat Diamond Bourse, Bandra b.
Factory Premises at Surat c.
Residential flats no. 702,703 owned by Arun C Shah and Meena A
Shah d.
18 Galas owned by Shashwat Stones Private Limited and 2-6
Galas owned by Pravin P. Shah 2.
The personal Grantee of, Directors of the company: a)
Shri Arun C Shah b)
Dilip C Shah c)
Ankit A Shah d)
Vasantlal C Shah e)
Parva V. Shah f)
Pravin P Shah g)
Dilip A Shah h)
Mukund D.Shah i)
Shreyansh A. Shah j)
Jainish D. Shah k)
Priyansh P Shah 3.
Third party guarantee of a)
Smt. Meena A Shah, b)
Shri Amit A Shah, c)
M/s Aryan Diamonds and 4.
Corporate guarantee of: a)
Shashwat Stones Private Limited 5.
Primary Security a)
Current and future stock of Rough and Polished Diamonds b)
Exports Receivables of the company, both present and future, ranking
pari-passu with other banks c)
Cover under ECIB of ECGC Limited d)
Lien on Fixed Deposits with SBI. For the packing credit availed from Allahabad bank, other current assets of the company are also given as additional primary security |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chokshi Sanjay Babulal Chartered Accountants |
|
Address : |
Navjivan, Commercial Premises Chs, Building No-3, Office
No-31, Lamington Road, Mumbai – 400008, Maharashtra, India |
|
PAN No.: |
AADFB6520F |
|
|
|
|
Subsidiary Company
: |
Shashwat Stone Private Limited CIN No.: U36910GJ2005PTC046413 |
|
|
|
|
Related Parties : |
·
A.C.Diam
Belgium (Company of Director's brother) ·
Ankit
Gems HK Limited (Common Directors and shareholders) ·
Saphire
Exports Private Limited (Common Directors) ·
Shah
Chimanlal Popatlal Parivar Trust (Directors are trustees) ·
Ankit
Gems Namibia (Pty) Limited (Earlier known as Crystal Diamond Namibia
(Pty) Limited) (Common
Directors) |
CAPITAL STRUCTURE
As on 19.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22510000 |
Equity Shares |
Rs.10/- each |
Rs.225.100 Millions |
|
17490000 |
Preference Shares |
Rs.10/- each |
Rs.174.900 Millions |
|
|
Total |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22510000 |
Equity Shares |
Rs.10/- each |
Rs.225.100 Millions |
|
13750000 |
Preference Shares |
Rs.10/- each |
Rs.137.500 Millions |
|
|
Total |
|
Rs.362.600
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 |
|
362.600 |
337.500 |
|
(b) Reserves & Surplus |
|
1,027.817 |
651.743 |
|
(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) |
|
1,390.417 |
989.243 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.643 |
1.995 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
|
0.643 |
1.995 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1,697.969 |
1,519.450 |
|
(b) Trade payables |
|
2,715.914 |
2,340.973 |
|
(c) Other current
liabilities |
|
62.447 |
39.921 |
|
(d) Short-term provisions |
|
5.099 |
21.289 |
|
Total Current Liabilities (4) |
|
4,481.429 |
3,921.633 |
|
|
|
|
|
|
TOTAL |
|
5,872.489 |
4,912.871 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
173.867 |
178.779 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
92.181 |
49.779 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
3.101 |
2.912 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
269.149 |
231.470 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
4,193.246 |
3,325.067 |
|
(c) Trade receivables |
|
1,321.500 |
1,287.364 |
|
(d) Cash and cash
equivalents |
|
17.014 |
34.334 |
|
(e) Short-term loans and
advances |
|
17.296 |
13.942 |
|
(f) Other current assets |
|
54.284 |
20.694 |
|
Total Current Assets |
|
5,603.340 |
4,681.401 |
|
|
|
|
|
|
TOTAL |
|
5,872.489 |
4,912.871 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
9,841.092 |
7,857.288 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
9,246.715 |
7,403.356 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
594.377 |
453.932 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES AND DEPRECIATION / AMORTISATION |
|
204.988 |
97.385 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
|
389.389 |
356.547 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
127.131 |
115.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
|
262.258 |
240.661 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
170.356 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
4.70 |
NA |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
12000.000 |
The above information has been parted by Mr. Bharat
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
3.96 |
4.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.74 |
7.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.28 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
1.22 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.25 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
|
337.500 |
362.600 |
|
Reserves & Surplus |
|
651.743 |
1027.817 |
|
Net
worth |
|
989.243 |
1390.417 |
|
|
|
|
|
|
long-term borrowings |
|
0.000 |
0.000 |
|
Short term borrowings |
|
1519.450 |
1697.969 |
|
Total
borrowings |
|
1519.450 |
1697.969 |
|
Debt/Equity
ratio |
|
1.536 |
1.221 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
|
7,857.288 |
9,841.092 |
|
|
|
|
25.248 |
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
|
|
7,857.288 |
9,841.092 |
|
Profit |
|
356.547 |
389.389 |
|
|
|
4.54% |
3.96% |
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 |
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
two 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) |
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] |
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans repayable on demand from others |
129.152 |
245.316 |
|
Total |
129.152 |
245.316 |
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.
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 records 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.60.18 |
|
|
1 |
Rs.102.87 |
|
Euro |
1 |
Rs.81.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
47 |
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.