MIRA INFORM REPORT
|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOLD STAR JEWELLERY PRIVATE LIMITED (w.e.f.12.03.2010) |
|
|
|
|
Formerly Known
As : |
GOLD STAR JEWELLERY LIMITED (w.e.f.03.07.2003) GOLDSTAR JEWELLERY LIMITED GOLDSTAR JEWELLERY EXPORTS PRIVATE LIMITED |
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|
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Registered
Office : |
Block 'C', Plot
16P, 17, 28 and 29(P), SEEPZ, Andheri (East), Mumbai – 400096, Maharashtra |
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Country : |
India |
|
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|
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Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
18.06.1990 |
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Com. Reg. No.: |
11-056881 |
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Capital
Investment / Paid-up Capital : |
Rs. 41.900
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U39611MH1990PTC056881 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMG08117E |
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PAN No.: [Permanent Account No.] |
AAACG3264B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Jewellery and Importer of Gold Studded Jewellery. |
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|
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No. of Employees
: |
Not Divulged |
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 |
|
Status : |
Satisfactory |
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|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There seems slight dip in the turnover of the company during 2013.
However growth in the profits of the company. General financial position of
the company is good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief information
officers at gathering in Bangalore in April to meet Indian startups at an event
called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Bank Facilities : BBB- (Suspended) |
|
Rating Explanation |
Moderate degree of safety it carry moderate
credit risk. |
|
Date |
April 04, 2013 |
Reason for Suspended: Company not furnished the
information required to carry out rating.
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
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-22-66947000)
LOCATIONS
|
Registered Office/ Factory : |
Block ‘C’, Plot 16P, 17, 28 and 29 (P), SEEPZ, Andheri (East), Mumbai - 400096, Maharashtra, India |
|
Tel. No.: |
91-22-26947000/ 66947000 |
|
Fax No.: |
91-22-28290255/ 28291257 |
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E-Mail : |
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|
Website : |
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Branch Office 1 : |
Royal Star Arcade, Plot No.- 8, Western Industrial Estate, Opposite SEEZE- SEZ, M.I.D.C. Andheri (East), Mumbai - 400093, Maharashtra, India |
|
Tel. No.: |
91-22-66947100/ 28251505 |
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Fax No.: |
91-22-28303114 |
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Email : |
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|
|
|
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Branch Office 2 : |
Gold Star Diamond
Private Limited SE4011, 4th Floor, F Tower, Bharat Diamond Bourse, BKC, Bandra-E, Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-67300000 |
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Email : |
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Website : |
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Overseas Offices : |
Located at: Ø New York Ø Europe Ø Hong Kong Ø Japan |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Ashish Vinodrai Shah |
|
Designation : |
Managing director |
|
Address : |
19/2, Suvarna Nagar, Soni House,
N.S. Road No.4, JVPD Scheme, Vile Parle (West), Mumbai - 400056, Maharashtra,
India |
|
Date of Birth/Age : |
04.05.1970 |
|
Date of Appointment : |
01.05.2009 |
|
PAN No.: |
AMNPS2341B |
|
Voter ID : |
MT/08/038/297123 |
|
DIN No.: |
00007729 |
|
|
|
|
Name : |
Mr. Alkesh Satish Shah |
|
Designation : |
Director |
|
Address : |
04, Aryavarta ND Road, Nepean
Sea Road, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
06.02.1970 |
|
Date of Appointment : |
29.09.2003 |
|
PAN No.: |
AAHPS1762J |
|
DIN No.: |
00004149 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Satish R. Shah |
1951990 |
46.59 |
|
Alkesh S. Shah |
515000 |
12.29 |
|
Sanjay S. Shah |
420000 |
10.02 |
|
Hansaben S. Shah |
145000 |
3.46 |
|
Smita A. Shah |
47000 |
1.12 |
|
Shweta S. Shah |
33000 |
0.79 |
|
Sanjay S. Shah |
685000 |
16.35 |
|
Satish R. Shah |
393000 |
9.38 |
|
Sayam S. Shah |
10 |
0.00 |
|
|
|
|
|
Total |
4190000 |
100.00 |
AS ON 30.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Jewellery and Importer of Gold Studded Jewellery. |
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Products/ Services : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India Consortium Seepz Branch, Andheri (East), Mumbai - 400096, Maharashtra, India · Bank of India · The Bank of Nova Scotia · Axis Bank Limited · HDFC Bank Limited · ICICI Bank Limited ·
ING Vysya Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B.J. Shah and Associates Chartered Accountants |
|
Address : |
203/A/1, Modern Apartment, Garden Lane, Ghatkopar (West),
Mumbai – 400086, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAHPS5959D |
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|
Associates : |
· Gold Star Diamond Private Limited · Mindtech Solution Private Limited · Goldstar Corporate Solution Private Limited · Diam Star Jewellery India Private Limited · Gold Star Centroquattro Jewellery Private Limited · Jouel Sculpt Private Limited · Gold Star Jewellery LLC · Gold Star Independent LLC ·
Gold star Jewellery Design Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,190,000 |
Equity Shares |
Rs. 10/- each |
Rs. 41.900
Millions |
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|
|
|
|
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 |
41.900 |
41.900 |
41.900 |
|
(b) Reserves & Surplus |
814.162 |
711.121 |
655.064 |
|
(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) |
856.062 |
753.021 |
696.964 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
41.180 |
42.996 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
25.058 |
25.128 |
13.633 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
10.760 |
|
(d)
long-term provisions |
1.059 |
0.084 |
0.000 |
|
Total
Non-current Liabilities (3) |
67.297 |
68.208 |
24.393 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
889.564 |
627.156 |
534.737 |
|
(b)
Trade payables |
1274.155 |
1245.160 |
807.875 |
|
(c)
Other current liabilities |
33.851 |
32.567 |
11.585 |
|
(d)
Short-term provisions |
15.236 |
18.212 |
0.665 |
|
Total
Current Liabilities (4) |
2212.806 |
1923.095 |
1354.862 |
|
|
|
|
|
|
TOTAL |
3136.165 |
2744.324 |
2076.219 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
190.077 |
187.986 |
148.463 |
|
(ii)
Intangible Assets |
1.448 |
1.795 |
2.041 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
26.117 |
38.806 |
38.806 |
|
(b) Non-current
Investments |
33.974 |
10.375 |
9.373 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
7.882 |
20.100 |
24.386 |
|
(e)
Other Non-current assets |
1.833 |
24.954 |
54.147 |
|
Total
Non-Current Assets |
261.331 |
284.016 |
277.216 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1285.456 |
1321.239 |
1067.093 |
|
(c)
Trade receivables |
1452.074 |
1035.133 |
606.353 |
|
(d)
Cash and cash equivalents |
48.499 |
44.759 |
62.783 |
|
(e)
Short-term loans and advances |
78.481 |
51.556 |
57.210 |
|
(f)
Other current assets |
10.324 |
7.621 |
5.564 |
|
Total
Current Assets |
2874.834 |
2460.308 |
1799.003 |
|
|
|
|
|
|
TOTAL |
3136.165 |
2744.324 |
2076.219 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
4885.168 |
5099.936 |
3907.755 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
4730.533 |
5015.083 |
3874.596 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
154.635 |
84.853 |
33.159 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
51.594 |
28.797 |
5.721 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
103.041 |
56.056 |
27.438 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
588.718 |
532.662 |
505.224 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
691.759 |
588.718 |
532.662 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3655.510 |
2769.188 |
2220.973 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1408.045 |
1345.638 |
1018.115 |
|
|
|
Stores & Spares |
17.803 |
13.459 |
22.137 |
|
|
|
Capital Goods |
7.141 |
1.735 |
11.012 |
|
|
TOTAL IMPORTS |
1432.989 |
1360.832 |
1051.264 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.59 |
13.38 |
8.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.11 |
1.10 |
0.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.03 |
3.15 |
1.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.11 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.09 |
0.89 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.28 |
1.33 |
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 |
41.900 |
41.900 |
41.900 |
|
Reserves & Surplus |
655.064 |
711.121 |
814.162 |
|
Net
worth |
696.964 |
753.021 |
856.062 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
42.996 |
41.180 |
|
Short term borrowings |
534.737 |
627.156 |
889.564 |
|
Total
borrowings |
534.737 |
670.152 |
930.744 |
|
Debt/Equity
ratio |
0.767 |
0.890 |
1.087 |
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 |
3907.755 |
5099.936 |
4885.168 |
|
|
|
30.508 |
(4.211) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
3907.755 |
5099.936 |
4885.168 |
|
Profit |
27.438 |
56.056 |
103.041 |
|
|
0.70% |
1.10% |
2.11% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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] |
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 |
Yes |
|
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.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10413871 |
28/02/2013 |
40,000,000.00 |
STATE BANK OF INDIA |
SEEPZ BRANCH, ANDHERI (EAST), MUMBAI - 400096, MAHARASHTRA , INDIA |
B71462816 |
|
2 |
10382656 |
05/10/2012 |
538,900,000.00 |
STATE BANK OF INDIA |
SEEPZ BRANCH, ANDHERI (EAST), MUMBAI - 400096, MAHARASHTRA , INDIA |
B60507670 |
|
3 |
10355381 |
03/05/2012 |
200,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B39527338 |
|
4 |
10314268 |
14/10/2011 |
38,250,000.00 |
NEW INDIA CO-OP BANK LTD |
NEW INDIA BHAVAN, ANANT VISHRAM NAGWEKAR MARG, BABASAHEB WORLIKAR CHOWK, PRABHADEVI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B23966187 |
|
5 |
10209850 |
22/03/2010 |
80,000,000.00 |
BANK OF INDIA |
SEEPZ BRANCH, MIDC SEEPZ, ANDHERI-WEST, MUMBAI - 400096, MAHARASHTRA, INDIA |
A82187063 |
|
6 |
10067624 |
05/09/2013 * |
1,020,000,000.00 |
STATE BANK OF INDIA (CONSORITUM LEAD BANK) |
SEEPZ BRANCH, NEW BANKING BUILDING, SEEPZ, ANDHERI (EAST), MUMBAI - 400096, MAHARASHTRA, INDIA |
B86154895 |
|
7 |
10072815 |
16/08/2013 * |
1,020,000,000.00 |
SBI CONSORTIUM |
SEEPZ BRANCH,
ANDHERI (E), MUMBAI - |
B96150628 |
|
8 |
90154733 |
27/07/2004 |
25,000,000.00 |
BANK OF INDIA |
SEEPZ BRANCH, NEW BANKING BUILDING, SEEPZ, ANDHERI (EAST), MUMBAI - 400096, MAHARASHTRA, INDIA |
- |
|
9 |
90153989 |
24/09/2003 |
385,000,000.00 |
STATE BANK OF INDIA |
SEEPZ BRANCH, NEW BANKING BUILDING, SEEPZ, ANDHERI (EAST), MUMBAI - 400096, MAHARASHTRA, INDIA |
- |
|
10 |
90152617 |
31/03/2004 * |
75,000,000.00 |
BANK OF INDIA |
SEEPZ BRANCH, NEW BANKING BUILDING, SEEPZ, ANDHERI (EAST), MUMBAI - 400096, MAHARASHTRA, INDIA |
- |
|
11 |
90154872 |
01/02/2003 |
75,000,000.00 |
BANK OF INDIA |
SEEPZ BRANCH, NEW BANKING BUILDING, SEEPZ, ANDHERI (EAST), MUMBAI - 400096, MAHARASHTRA, INDIA |
- |
|
12 |
90153947 |
31/01/2003 |
75,000,000.00 |
BANK OF INDIA |
SEEPZ BRANCH, NEW BANKING BUILDING, SEEPZ, ANDHERI (EAST), MUMBAI - 400096, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Foreign currency term loans from banks |
608.316 |
55.403 |
|
Loans and advances from related parties |
201.566 |
181.303 |
|
|
|
|
|
Total |
809.882 |
236.706 |
PERFORMANCE
The company’s total income has decreased from Rs.5099.936 Millions to Rs.4885.168 Millions. However the total expenditure has also decreased from Rs.5015.083 Millions to Rs. 4730.533 Millions. Due to the rigorous expenditure management of the company the net profit after tax has increased from Rs.56.056 Millions to Rs.103.041 Millions.
OUTLOOK
The director anticipates that the company shall increase its
turnover and profitability in the current financial year. The company is
focusing on the growth of the company and reducing the cost.
CONTINGENT
LIABILITIES (AS ON 31.03.2013):
Contingent
liabilities not provided for
1) Contingent liability on account of Bank Guarantees of Rs. 51.500 Millions (Previous year Rs. 51.500 Millions) issued to Nova Scotia Bank for gold procurement on loan basis on behalf of the Company is not accounted for.
2) The company has given third party corporate guarantee in favor of one of its associate concerns, Diam Star Jewellery (India) Private Limited. To the extent of Rs. 470.000 Millions, not accounted for.
3) The company has filed an appeal before the Honorable Mumbai High Court against order of Income Tax Tribunal for A.Y. 2002-03. The disputed amount of tax is Rs. 1.853 Millions. Also the Company has paid the tax liability of Rs 1.853 Millions.
4) The company has received Assessment Order u/s 143(3) r.w.s 144C (13) of I T Act, 1961 for AY 2008-09 on 9th Oct 2012 wherein the Income Tax Department proposed additions totaling to Rs.9.298 Millions and raised the tax Demand of Rs. 3.496 Millions as a consequences of the order of Transfer Pricing Officer u/s 92CA (3) of the IT Act. The company has filed an appeal before Income Tax Appellate Tribunal Mumbai.
5) The Company has filed an appeal before Commission of Income Tax (Appeal) against assessment order u/s 143(3) of It Act, 1961 for AY 2010-11. The disputed Tax amount is Rs.39.481 Millions.
FIXED ASSETS:
· Land
· Buildings
· Office building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
· Other equipments
· Copyrights, patents and other operating rights
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. 59.03 |
|
|
1 |
Rs. 98.91 |
|
Euro |
1 |
Rs. 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--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.