MIRA INFORM REPORT
|
Report Date : |
26.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
KARP IMPEX LIMITED (TRF.) |
|
|
|
|
Registered
Office : |
GE-3051, ‘G’ Block, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.04.1995 |
|
|
|
|
Com. Reg. No.: |
11-158868 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.54.004
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27205MH1995PLC158868 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11083C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK1823F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in the business of manufacturing, processing, trading, import and
export of cut and polished diamonds. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 18194000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having satisfactory track
record. Profitability of the company seems to be low during 2013. However, the
general financial position of the company seems to be good. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
NEWS
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 with 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 |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
December 03, 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 DECLINED BY
|
Name : |
Mr. Jayesh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-40608888 |
LOCATIONS
|
Registered Office : |
GE-3051, ‘G’ Block, Bharat Diamond Bourse, Bandra Kurla Complex,
Bandra (East), Mumbai – 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-40608888 |
|
Fax No.: |
91-22-40608899 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
1141, Prasad Chambers, Opera House, Mumbai – 400 004, Maharashtra,
India |
|
|
|
|
Factory : |
Karp House, 8/A, Lal Darwaja, |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Anilkumar Bhikhabhai Virani |
|
Designation : |
Managing Director |
|
Address : |
Jal Mayur Co-Operative Housing Society Limited, 51, Laxmi Vilas, 87, Nepensea
Road, Mumbai – 400 006, Maharashtra, India
|
|
Date of Birth/Age : |
02.10.1958 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
24.04.1995 |
|
DIN No.: |
|
|
PAN No.: |
AAWPV1515F |
|
|
|
|
Name : |
Mr. Nirav Anilkumar Virani |
|
Designation : |
Director |
|
Address : |
Jal Mayur Co-Operative Housing Society Limited, 51, Laxmi Vilas, 87,
Nepensea Road, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
10.07.1984 |
|
Qualification : |
BBA |
|
Date of Appointment : |
05.12.2005 |
|
DIN No.: |
00151196 |
|
PAN No.: |
ABXPV2409C |
|
|
|
|
Name : |
Mr. Kishorkumar Bhikhabhai Virani |
|
Designation : |
Director |
|
Address : |
Jal Mayur Co-Operative Housing Society Limited, 51, Laxmi Vilas, 87, Nepensea
Road, Mumbai – 400 006, Maharashtra, India
|
|
Date of Birth/Age : |
28.09.1956 |
|
Qualification : |
B.E. Mechanical |
|
Date of Appointment : |
24.04.1995 |
|
DIN No.: |
00279641 |
|
PAN No.: |
AAWPV1516G |
|
|
|
|
Name : |
Mr. Keval Kishor Virani |
|
Designation : |
Whole Time Director |
|
Address : |
Jal Mayur Co-Operative Housing Society Limited, 51, Laxmi Vilas, 87,
Nepensea Road, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
30.09.1983 |
|
Qualification : |
M. Tech. |
|
Date of Appointment : |
05.12.2005 |
|
DIN No.: |
01734130 |
|
PAN No.: |
ABWPV8900H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Anilkumar Bhikhabhai Virani |
2450000 |
|
Kishorkumar Bhikhabhai Virani |
2450000 |
|
Neela Kishor Virani |
49000 |
|
Ashwin Govindbhai Kukadia |
1000 |
|
Kailash Anil Virani |
49000 |
|
Pinal Kishor Virani |
500 |
|
Ashmi Rahul Mody |
500 |
|
Nirav Anil Virani |
200200 |
|
Keval Kishore Virani |
200200 |
|
Total
|
5400400 |
AS ON 30.09.2013
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
%20-%20274196%2026-Jun-2014_files/image013.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the business of manufacturing, processing, trading, import and
export of cut and polished diamonds. |
||||||||
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|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
||||||||||||
|
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|
||||||||||||
|
Bankers : |
|
||||||||||||
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||||||||||||
|
Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Axis Trustee Services Limited, Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400 025, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh Surana and Associates Chartered Accountants |
|
Address 1: |
310, Ahura Centre, 82, |
|
Tel. No.: |
91-22-66515570 |
|
Fax No.: |
91-22-22875771 |
|
E-Mail: |
|
|
Website: |
|
|
PAN No.: |
AAQFS7647M |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates : |
Karp
Impex N.V (from 16.12.2010 till 19.12.2011) |
|
|
|
|
Enterprises in which key management personnel have significant influence : |
|
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital : Rs.100.000 millions
Issued, Subscribed & Paid-up Capital : Rs.56.484
millions
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5400400 |
Equity Shares |
Rs.10/- each |
Rs.54.004
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 |
54.004 |
52.220 |
50.000 |
|
(b) Reserves & Surplus |
4494.384 |
4183.970 |
3860.195 |
|
(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) |
4548.388 |
4236.190 |
3910.195 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
113.432 |
97.837 |
89.772 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
113.432 |
97.837 |
89.772 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
8435.179 |
7649.771 |
5695.501 |
|
(b)
Trade payables |
1718.693 |
554.423 |
2017.027
|
|
(c)
Other current liabilities |
10.876 |
79.758 |
7.672
|
|
(d)
Short-term provisions |
0.000 |
0.000 |
22.760
|
|
Total
Current Liabilities (4) |
10164.748 |
8283.952 |
7742.960 |
|
|
|
|
|
|
TOTAL |
14826.568 |
12617.979 |
11742.927 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1092.031 |
820.984 |
681.209 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
10.443 |
2.401 |
13.972
|
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
269.872 |
330.247 |
537.674 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
159.056 |
162.464 |
152.517 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1531.402 |
1316.096 |
1385.372 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5676.839 |
5002.713 |
5978.851
|
|
(c)
Trade receivables |
7237.280 |
5785.394 |
4209.034
|
|
(d)
Cash and cash equivalents |
130.382 |
405.225 |
82.720
|
|
(e)
Short-term loans and advances |
250.599 |
105.683 |
75.885 |
|
(f)
Other current assets |
0.066 |
2.868 |
11.065 |
|
Total
Current Assets |
13295.166 |
11301.883 |
10357.555 |
|
|
|
|
|
|
TOTAL |
14826.568 |
12617.979 |
11742.927 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
17075.390 |
18453.364 |
12102.170 |
|
|
|
Other Income |
145.651 |
15.724 |
642.491 |
|
|
|
TOTAL (A) |
17221.041 |
18469.088 |
12744.661 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
12890.548 |
14413.348 |
9670.625 |
|
|
|
Purchases of stock-in-trade |
2525.691 |
2249.834 |
2482.026 |
|
|
|
Changes in inventories of finished goods, work in progress and stock
in trade |
0.138 |
22.220 |
(1090.156) |
|
|
|
Employee related expenses |
153.549 |
125.400 |
96.404 |
|
|
|
Other expenses |
891.900 |
720.923 |
604.853 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
(4.356) |
|
|
|
TOTAL (B) |
16461.826 |
17531.725 |
11759.396 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
759.215 |
937.363 |
985.265 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
449.452 |
683.529 |
271.466 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
309.763 |
253.834 |
713.799 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.564 |
49.574 |
41.871 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
250.199 |
204.260 |
671.928 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
87.857 |
78.065 |
100.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
162.342 |
126.195 |
571.010 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
16009.407 |
14811.608 |
11064.503 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
10207.285 |
|
|
|
Stores & Spares |
NA |
NA |
10.515 |
|
|
|
Capital Goods |
NA |
NA |
49.615 |
|
|
|
Finished Goods (Polished Diamonds) |
NA |
NA |
2471.397 |
|
|
|
Finished Goods (Jewellery) |
NA |
NA |
0.000 |
|
|
TOTAL IMPORTS |
NA |
NA |
12738.812 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
31.08 |
25.20 |
113.33 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.94 |
0.68
|
4.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.47 |
1.11
|
5.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.72 |
1.66
|
6.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.05
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.85 |
1.81
|
1.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.36
|
1.34 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
50.000 |
52.220 |
54.004 |
|
Reserves & Surplus |
3860.195 |
4183.970 |
4494.384 |
|
Net worth |
3910.195 |
4236.190 |
4548.388 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
5695.501 |
7649.771 |
8435.179 |
|
Total borrowings |
5,695.501 |
7,649.771 |
8,435.179 |
|
Debt/Equity ratio |
1.457 |
1.806 |
1.855 |
%20-%20274196%2026-Jun-2014_files/image015.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
12102.170 |
18453.364 |
17075.390 |
|
|
|
52.480 |
(7.467) |
%20-%20274196%2026-Jun-2014_files/image017.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
12102.170 |
18453.364 |
17075.390 |
|
Profit |
571.010 |
126.195 |
162.342 |
|
|
4.72% |
0.68% |
0.95% |
%20-%20274196%2026-Jun-2014_files/image019.gif)
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
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 |
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.
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10495544 |
15/03/2014 |
150,000,000.00 |
IDBI BANK LIMITED |
ESS EN HOUSE, GHOD DOD
ROAD, SURAT, SURAT, GUJARAT - 395001, INDIA |
C03606316 |
|
2 |
10500626 |
27/12/2013 |
150,000,000.00 |
SOCIETE GENERALE |
MAKER CHAMBER IV, 13TH FLOOR,,
NARIMAN POINT, MU |
C05410865 |
|
3 |
10436902 |
21/05/2013 |
300,000,000.00 |
BANK OF INDIA |
BHARAT DIAMOND BOURSE
BRANCH, D-2/D4, BDB 'G'- BLOCK, BKC, BANDRA (EAST), MUMBAI, MAHARASHTRA -
400051, INDIA |
B79650651 |
|
4 |
10435480 |
14/05/2013 |
300,000,000.00 |
IDBI BANK LIMITED |
ESS EN HOUSE, GHOD DOD
ROAD, SURAT, SURAT, GUJARAT - 395001, INDIA |
B79033262 |
|
5 |
10323298 |
12/12/2011 |
500,000,000.00 |
ICICI BANK LIMITED |
TRANS TRADE CENTRE, NEAR FLORAL
DECK PLAZA, SEEPZ, MIDC, ANDHERI EAST, MAHARASHTRA - 400093, INDIA |
B27926336 |
|
6 |
10235674 |
13/12/2013 * |
9,500,000,000.00 |
AXIS TRUSTEE SERVICES
LIMITED |
AXIS HOUSE, 2ND FLOOR, BOMBAY
DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARAS |
B92257864 |
|
7 |
10208659 |
23/03/2010 |
250,000,000.00 |
EXPORT IMPORT BANK OF
INDIA |
CENTRE ONE BUILDING, FLOOR
21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005,
INDIA |
A81704512 |
|
8 |
10134997 |
14/11/2008 |
72,500,000.00 |
STATE BANK OF INDORE |
COMMERCIAL BRANCH, MITTAL
COURT, B WING, GROUND FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
A52109303 |
|
9 |
90111835 |
23/03/2005 |
95,000,000.00 |
STATE BANK OF SAURSHTRA |
1ST FLOOR; DIAMOND QUEEN;
198, RAJARAM MOHAN ROY MARG; GIRGAON, MUMBAI, MAHARASHTRA - 400004, INDIA |
- |
|
10 |
90111611 |
21/01/2002 |
50,000,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE
BRANCH, 10; NANATHAL LANE; FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
11 |
90111590 |
11/10/2001 |
100,000,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE BRANCH,
10; NANATHAL LANE; FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
12 |
90109982 |
15/03/2008 * |
6,250,000,000.00 |
STATE BANK OF SAURASHTRA |
1ST FLOOR, DIAMOND QUEEN,
198,, RAJA RAM MOHAN ROY MARG, GIRGAM, MUMBAI, MAHARASHTRA - 400004, INDIA |
A41126046 |
|
13 |
90109885 |
20/10/1998 |
285,000,000.00 |
BHARAT OVERSEAS BANK LTD |
FORT; MUMBAI BRANCH,
MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
14 |
90109601 |
06/06/2005 * |
202,500,000.00 |
STATE BANK OF SAURSHTRA |
OVERSEAS BRANCH; NARIMAN BHAWAN,
NARMIAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
15 |
90109470 |
17/08/1996 |
85,000,000.00 |
BANK INTERNASIOAL
INDONESIA |
REHJA CHAMBERS, 213;
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
16 |
90109350 |
08/12/1997 * |
90,000,000.00 |
ABN AMRO BANK B. V. |
14; VEER NARIMAN ROAD,
BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
17 |
90111271 |
19/08/1997 * |
86,250,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE
BRANCH, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
18 |
90109276 |
21/06/1996 * |
40,000,000.00 |
STATE BANK OF TRAVANCORE |
MUMBAI MAIN BRANCH,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
19 |
90111269 |
21/06/1996 * |
60,000,000.00 |
STATE BANK OFTRAVANCORE |
BOMBAY MAIN BRANCH,
MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
CORPORATE INFORMATION:
Subject is a
closely held limited Company having its registered office at Maharashtra and
incorporated on 24 April 1995 under the Companies Act, 1956. The Company is engaged
in the business of manufacturing, trading, import and export of diamonds.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Disputed income tax demands
against which the Company has preferred an appeal. The Company has deposited
/ adjusted refund upto 31st March 2013 Rs.1.576 millions (upto 31st
March 2012 Rs.5.367 millions) under protest. |
5.405 |
9.565 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Computer
·
Furniture and Fittings
·
Office Equipment
·
Electric Installation
·
Office Premises
·
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.60.28 |
|
|
1 |
Rs.102.28 |
|
Euro |
1 |
Rs.82.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
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 |
|
48 |
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.