MIRA INFORM REPORT
|
Report Date : |
11.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI DIAMOND PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse, Bandra-Kurla
Complex, Bandra (East), Mumbai-400051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 [SUMMARIZED FIGURES]
|
|
|
|
|
Date of
Incorporation : |
12.04.2006 |
|
|
|
|
Com. Reg. No.: |
11-161091 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.173.367
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2006PTC161091 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06215G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL1815G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Polished Diamonds. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12484000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a flagship company of “Laxmi Diamond Group”. It is a well-established company having a satisfactory track record. The company possesses an acceptable financial profile marked by
improvement in cash reserves and its strong networth position. Management has seen an increase in tis sales volume as well as net
profitability during 2013. Trade relations are fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal for 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.
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386 crore
to their gross NPAs in nine months with the State Bank of India leading with
the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official channels
to contain the current account deficit. China surpassed India in the demand for
gold for the first time in 2013 due to liberalization of gold trading norms by
its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB – [Long Term] |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
12.10.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 [Short Term Bank Facilities] |
|
Rating Explanation |
Have moderate degree of safety and carry low credit risk. |
|
Date |
12.10.2012 |
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. John |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-40502222 |
LOCATIONS
|
Registered / Head Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse,
Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
Tel. No.: |
91-22-26755150 / 33927041 / 33927042/ 40502222 |
|
Fax No.: |
91-22 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office / Factory 1: |
New A K Road, Varachha, Surat-395008, Gujarat, India |
|
Tel. No.: |
91-261-2542532 |
|
Fax No.: |
91-261-2541623 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
415/416, Prasad Chambers, Opera House, Mumbai-400004, Maharashtra,
India |
|
Tel. No.: |
91-22-23696643 / 23696645 / 23677007 / 40502222 |
|
Fax No.: |
91-22-23670390 |
DIRECTORS
AS ON 05.08.2013
|
Name : |
Mr. Vasantbhai Haribhai Gajera |
|
Designation : |
Managing Director |
|
Address : |
1, Vrushal Nagar Society, Near Katargam Police Station, Katargam,
Surat-395008, Gujarat, India |
|
Date of Birth/Age : |
01.06.1954 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
ABTPG2033P |
|
Din No.: |
00147855 |
|
|
|
|
Name : |
Mr. Mitesh Chunilal Gajera |
|
Designation : |
Director |
|
Address : |
50, Vishnu Nagar Society, Ne A.K Road, Ankur Char Rasta, Varachha Road,
Surat – 395008, Gujarat, India |
|
Date of Birth/Age : |
10.03.1982 |
|
Date of Appointment : |
20.03.2008 |
|
Din No.: |
01011862 |
|
|
|
|
Name : |
Mrs. Sunitaben Chunibhai Gajera |
|
Designation : |
Director |
|
Address : |
49-50, Vishnu Nagar Society, New A. K. Road, Surat-395001, Gujarat,
India |
|
Date of Birth/Age : |
12.10.1963 |
|
Date of Appointment : |
22.04.2006 |
|
PAN No.: |
ABAPG3832D |
|
Din No.: |
00147762 |
|
|
|
|
Name : |
Mr. Ashokbhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
31, Kalpavrukh Apartment, 27, B.G. Kher Marg, Walkeshwar,
Mumbai-395001, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1965 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
ABTPG2048J |
|
Din No.: |
00147819 |
|
|
|
|
Name : |
Mr. Chunibhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
67, Adarsh Society, Athwalines, Surat-395001, Gujarat, India |
|
Date of Birth/Age : |
05.07.1960 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
AAWPG3525A |
|
Din No.: |
00147830 |
|
|
|
|
Name : |
Mr. Nitinbhai Chunibhai Gajera |
|
Designation : |
Director |
|
Address : |
49-50, Vishnu Nagar Society, New A. K. Road, Surat-395008, Gujarat,
India |
|
Date of Birth/Age : |
11.06.1984 |
|
Date of Appointment : |
12.04.2006 |
|
Din No.: |
00147866 |
|
|
|
|
Name : |
Mrs. Sarojben Ashokbhai Gajera |
|
Designation : |
Director |
|
Address : |
31, Kalpavruksha Apartments, 27, B. G. Kher Marg, Walkeshwar,
Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1969 |
|
Date of Appointment : |
22.04.2006 |
|
Din No.: |
00743941 |
|
|
|
|
Name : |
Mr. Lalitkumar Dhirajlal Gajera |
|
Designation : |
Director |
|
Address : |
43-44, Kantareshwar Society, Behind Ananbd Ashram, Katargam,
Surat-395004, Gujarat, India |
|
Date of Birth/Age : |
03.05.1972 |
|
Date of Appointment : |
04.07.2007 |
|
Din No.: |
01624264 |
|
|
|
|
Name : |
Mr. Samrat Ajay Chokshi |
|
Designation : |
Director |
|
Address : |
204, Virat Apartments, Dwalibag, Athwagate, Surat-395001, Gujarat,
India |
|
Date of Birth/Age : |
18.01.1978 |
|
Date of Appointment : |
04.07.2007 |
|
Din No.: |
01627380 |
|
|
|
|
Name : |
Mr. Bakulbhai Haribhai Gajera |
|
Designation : |
Director |
|
Address : |
B26, Kanteshwar Society, Katargan Road, Surat-395004, Gujarat, India |
|
Date of Birth/Age : |
16.12.1968 |
|
Date of Appointment : |
16.07.2013 |
|
Din No.: |
06536819 |
KEY EXECUTIVES
|
Name : |
Mr. John |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.08.2013
|
Names of Shareholders |
No. of Shares |
% Age |
|
Vasantbhai Harijbhai Gajera |
4500000 |
25.96 |
|
Ashokbhai Harijbhai Gajera |
4900000 |
28.26 |
|
Chunibhai Harijbhai Gajera |
3660000 |
21.11 |
|
Rakesh G Gajera (Repatriable) |
2336740 |
13.48 |
|
Sarojben Ashokbhai Gajera |
750000 |
4.33 |
|
Nitinbhai Chunibhai Gajera |
700000 |
4.04 |
|
Bhavnaben Vasantbhai Gajera |
350000 |
2.02 |
|
Sunitaben Chunibhai Gajera |
140000 |
0.81 |
|
|
|
|
|
TOTAL
|
17336740 |
100.00 |
AS ON 05.08.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
13.47 |
|
Directors
or relatives of directors |
|
86.53 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polished Diamonds. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||
|
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|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountant |
|
Address : |
1st Floor, Purshottam Building, 450, Lamington Road,
Mumbai-400004, Maharashtra, India |
|
Tel. No.: |
91-22-23669708/ 23669709/ 23618386 |
|
Fax No.: |
91-22-23631810 |
|
E-Mail : |
|
|
PAN No: |
AAFFR7782R |
|
|
|
|
Enterprises that are directly or indirectly, through one or more
intermediaries ,control or are controlled by, or under common control with company |
CIN: U72900MH2000PLC127850
CIN: U36912MH1992PTC068743
|
|
|
|
|
Associates: |
|
|
|
|
|
Enterprise over which person described in (3) or (4) above is able to
exercise significant influence(Only that with which there are any transaction
during the year): |
CIN: U36910GJ1999PTC035847
CIN: U45201GJ1989PLC012793
CIN: U45201GJ2007PTC051275
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17336740 |
Equity Shares |
Rs.10/- each |
Rs.173.367
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
PROVIDED BY
MANAGEMENT
SUMMARIZED FIGURES
[UNAUDITED]
|
PARTICULAR |
AS ON 31.03.2013 |
|
Share Capital |
173.400 |
|
|
|
|
Reserves & Surplus |
3378.400 |
|
|
|
|
Secured Loans |
4220.000 |
|
|
|
|
Unsecured Loans |
149.000 |
|
|
|
|
Fixed Assets |
981.300 |
|
|
|
|
Investments |
309.300 |
|
|
|
|
Inventories |
4651.300 |
|
|
|
|
Sundry Debtors |
6219.300 |
|
|
|
|
Cash and Bank Balance |
161.000 |
|
|
|
|
Other Current Assets |
80.000 |
|
|
|
|
Loans and Advances |
204.100 |
|
|
|
|
Current Liabilities |
4559.800 |
|
|
|
|
Provisions |
126.200 |
|
|
|
|
Sales Turnover |
24603.500 |
|
|
|
|
Other Income |
469.500 |
|
|
|
|
Expenditures |
24364.700 |
|
|
|
|
Profit Before Tax |
643.200 |
|
|
|
|
Profit After Tax |
430.700 |
|
Imports |
|
|
Raw Materials |
20565.600 |
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
173.367 |
173.367 |
|
(b) Reserves & Surplus |
|
2947.705 |
2552.006 |
|
(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) |
|
3121.072 |
2725.373 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
334.398 |
95.168 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
0.000 |
0.000 |
|
(d)
long-term provisions |
|
10.870 |
4.045 |
|
Total
Non-current Liabilities (3) |
|
345.268 |
99.213 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
4614.610 |
4467.531 |
|
(b)
Trade payables |
|
2932.825 |
5044.105 |
|
(c)
Other current liabilities |
|
34.877 |
172.291 |
|
(d)
Short-term provisions |
|
91.801 |
78.630 |
|
Total
Current Liabilities (4) |
|
7674.113 |
9762.557 |
|
|
|
|
|
|
TOTAL |
|
11140.453 |
12587.143 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
858.534 |
848.462 |
|
(ii)
Intangible Assets |
|
0.558 |
0.497 |
|
(iii)
Capital work-in-progress |
|
66.489 |
1.187 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b)
Non-current Investments |
|
211.972 |
209.729 |
|
(c)
Deferred tax assets (net) |
|
14.146 |
4.865 |
|
(d) Long-term Loan and Advances |
|
167.512 |
314.672 |
|
(e)
Other Non-current assets |
|
37.882 |
9.275 |
|
Total
Non-Current Assets |
|
1357.093 |
1388.687 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
3847.301 |
3443.586 |
|
(c)
Trade receivables |
|
5824.418 |
7156.091 |
|
(d)
Cash and cash equivalents |
|
59.059 |
378.666 |
|
(e)
Short-term loans and advances |
|
43.363 |
85.888 |
|
(f)
Other current assets |
|
9.219 |
134.225 |
|
Total
Current Assets |
|
9783.360 |
11198.456 |
|
|
|
|
|
|
TOTAL |
|
11140.453 |
12587.143 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
173.367 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2079.413 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2252.780 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4687.493 |
|
|
2] Unsecured Loans |
|
|
587.178 |
|
|
TOTAL BORROWING |
|
|
5274.671 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7527.451 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
816.395 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
209.481 |
|
|
DEFERREX TAX ASSETS |
|
|
86.730 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1984.072 |
|
|
Sundry Debtors |
|
|
5301.789 |
|
|
Cash & Bank Balances |
|
|
80.282 |
|
|
Other Current Assets |
|
|
364.567 |
|
|
Loans & Advances |
|
|
390.761 |
|
Total
Current Assets |
|
|
8121.471 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1586.044 |
|
|
Other Current Liabilities |
|
|
59.427 |
|
|
Provisions |
|
|
61.387 |
|
Total
Current Liabilities |
|
|
1706.858 |
|
|
Net Current Assets |
|
|
6414.613 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.232 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7527.451 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
TURNOVER |
21336.903 |
19488.406 |
14563.961 |
|
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
685.520 |
774.194 |
671.194 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
79.965 |
79.806 |
72.856 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT
BEFORE EXCEPTIONAL ITEMS |
605.555 |
695.388 |
598.338 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL
ITEMS |
22.836 |
0.585 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
582.719 |
694.803 |
598.338 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
187.021 |
222.210 |
227.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
395.698 |
472.593 |
370.727 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
16186.486 |
14333.776 |
11407.157 |
|
|
|
Interest and Dividend |
0.084 |
0.000 |
0.000 |
|
|
|
Other Income ;Sale in Local
Market in Foreign Currency |
4300.440 |
2502.727 |
0.000 |
|
|
TOTAL EARNINGS |
20487.010 |
16836.503 |
11407.157 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10128.406 |
6849.231 |
6136.490 |
|
|
|
Finished Goods |
6105.353 |
6941.687 |
3648.322 |
|
|
|
Stores & Spares |
4.020 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
166.736 |
102.158 |
|
|
TOTAL IMPORTS |
16237.779 |
13957.654 |
9886.970 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.82 |
27.25 |
21.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.37
|
5.62 |
7.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.25 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.59
|
1.67 |
2.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27
|
1.15 |
4.76 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
|
|
|
|
|
Current
Maturities of Long Term Debt |
0.000 |
14.902 |
NA |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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.
NOTE:
The registered office of the company has been shifted from
416, Prasad Chambers, Opera House, Mumbai-400004, Maharashtra, India to the
present address w.e.f. 05.12.2012.
OPERATION:
The company has earned gross revenue of Rs. 21336.903 Millions during
the year. After providing an expenditure of Rs. 20731.348 Millions, the company
has earned net profit before exceptional items and tax of Rs. 605.555 Millions.
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
334.399 |
95.168 |
|
|
|
|
|
Total |
334.399 |
95.168 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U36911MH2006PTC161091 |
|
Name of the
company |
LAXMI DIAMOND
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
416, Prasad Chambers, Opera House, Mumbai-400004, Maharashtra, India Email: contact_ops@yahoo.co.in
|
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10015571 |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
CIN: U36911MH2006PTC161091 State Bank of India, Diamond Branch, Premises No. D/3, West Core,
Bharat, Diamond Bourse, Bandra Kurla Complex, Bandra East, Mumbai – 400051,
Maharashtra, India Email: kamalax_saraf@hotmail.com
|
|
Nature of
instrument creating charge |
Supplemental
Indenture of Mortgage |
|
Date of
instrument Creating the charge |
09.07.2012 |
|
Amount secured by
the charge |
Rs.4920.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As Per Sanction
Terms Terms of
Repayment As Per Sanction
Terms Margin As Per Sanction
Terms Extent and
Operation of the charge As Per Sanction
Terms |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The whole of the
current assets of the company namely stock of raw materials, comprising of rough
cut and polished diamonds and precious stones and gems stocks in process,
semi-finished goods and Finished goods
viz. Polished diamonds stores and gems stores and spares not relating to
plant and machinery (consumable stores and spares), bills, receivables and
book debts and all other movables and Book debts and
all other movables plant and machinery. |
|
Date of
instrument modifying the charge |
09.07.2012 |
|
Particulars of
the present modification |
Now by the
present modfn. Dt. 09.07.2012 supplemental indenture of mortgage was executed
by the lead bank of sbi consortium acting for itself and behalf of members of
sbi consor- tium namely sbb and j, sbp, sbm,db, ab, abl, cb, sbh, boi, sbt,
adbn. v., corpn. bank and cbi as a continuing security as and by way of pari
passu charge for the due repayment on demand to the mortgagees of all monies
including the principal sum of Rs.4920.000 Millions |
FIXED ASSETS:
- Land
- Buildings
- Office
Building
- Factory
Building
- Plant and
Equipment
- Other plant and
Equipment
- Furniture and
Fixtures
- Vehicles
- Motor
Vehicles
- Office
Equipment
- Computer
Equipments
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.61.20 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.