MIRA INFORM REPORT
|
Report Date : |
25.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
DHARMANANDAN DIAMONDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FC-7081-82,Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
31.08.2007 |
|
|
|
|
Com. Reg. No.: |
11-173674 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.88.500
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2007PTC173674 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD15331B MUMD12222A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD6676J AACCD0906H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Diamonds and Diamond studded Jewelery,
Silver and Gold Jewelery and Platinum Jewelery. |
|
|
|
|
No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record.
There seems a better growth in the turnover and profitability of the company
during current year. Trade relations are reported as 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 conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike interest
rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The
new rates will be effective April, 1. The Supreme Court will resume hearing on
March, 11 Nokia’s appeal against a ruling over transferring ownership of its
local mobile phones plant which is the subject of a tax dispute to Microsoft
Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts
from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central
Bureau of Investigation will look into allegations that over $80 million was
paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to
find a solution for problems with state-owned Air India’s 787 Dreamliners. The
aircraft has experienced a series of malfunctions since its debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+ (Fund based limits) |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
December 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2 (Short Term Rating) |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
December 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
Management non-cooperative (Tel. No.: 91-22-40041111)
LOCATIONS
|
Registered Office / Head Office : |
FC-7081-82,Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40041111/ 40041001 / 2 / 3 / 4 |
|
Mobile No.: |
91-9892152184 (Mr. Amit Maniyar) |
|
Fax No.: |
91-22-42535353/ 66355533 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
2800 Sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
Behind Patel Faliya, Gotalawadi, |
|
Tel. No.: |
91-261-2533777 |
|
Fax No.: |
91-261-2533775 |
|
Area: |
161000 Sq. ft |
|
Location: |
Owned |
|
|
|
|
Overseas Office : |
Located at
|
DIRECTORS
As on: 26.07.2011
|
Name : |
Mr. Laljibhai Tulshibhai Patel |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
52, Narayanmuni Nagar, |
|
Date of Birth/Age : |
28.11.1955 |
|
Qualification : |
B. Com. |
|
Experience : |
36 Years |
|
PAN No.: |
ABLPP4845J |
|
Date of Appointment : |
31.08.2007 |
|
DIN No : |
01539972 |
|
|
|
|
Name : |
Mr. Tulsibhai Keshavbhai Patel |
|
Designation : |
Director |
|
Address : |
57, Narayanmuni Nagar, |
|
Date of Birth/Age : |
11.07.1950 |
|
Qualification : |
B. Com. |
|
Experience : |
41 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ABLPP4844K |
|
DIN No : |
01540000 |
|
|
|
|
Name : |
Mr. Dayalbhai Keshavbhai Patel |
|
Designation : |
Director |
|
Address : |
56, Narayanmuni Nagar, |
|
Date of Birth/Age : |
11.03.1954 |
|
Qualification : |
B. Com. |
|
Experience : |
37 Years |
|
PAN No.: |
ABCPP1172H |
|
Date of Appointment : |
31.08.2007 |
|
DIN No : |
01540092 |
|
|
|
|
Name : |
Mr. Prakashbhai Tulsibhai Goti |
|
Designation : |
Director |
|
Address : |
12/A, Ramesh Niwas, 51-C, |
|
Date of Birth/Age : |
28.09.1973 |
|
Qualification : |
B. Com. |
|
Experience : |
19 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ABJPP3476D |
|
DIN No : |
01540039 |
|
Voter ID No.: |
JRW0920025 |
|
|
|
|
Name : |
Mr. Sanjaykumar Jerambhai Virani |
|
Designation : |
Director |
|
Address : |
E-1, Rock View Apartment, |
|
Date of Birth/Age : |
20.02.1976 |
|
Qualification : |
B. Com. |
|
Experience : |
16 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGBPG3688H |
|
DIN No : |
01660345 |
|
Voter ID No.: |
JRW1202308 |
|
|
|
|
Name : |
Mr. Hiteshkumar Laljibhai Patel |
|
Designation : |
Director |
|
Address : |
52, Narayanmuni Nagar, |
|
Date of Birth/Age : |
31.05.1979 |
|
Qualification : |
B. Com. |
|
Experience : |
12 Years |
|
PAN No.: |
AANPP3560B |
|
Date of Appointment : |
31.08.2007 |
|
DIN No : |
01660527 |
|
Voter ID No.: |
DCF1417450 |
|
|
|
|
Name : |
Mr. Piyushkumar Laljibhai Patel |
|
Designation : |
Director |
|
Address : |
51-52, Narayanmuni Nagar, |
|
Date of Birth/Age : |
04.05.1982 |
|
Qualification : |
B. Com. |
|
Experience : |
9 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGKPP8563D |
|
DIN No : |
00858190 |
|
|
|
|
Name : |
Mr. Shailesh Dayalbhai Goti |
|
Designation : |
Director |
|
Address : |
56, Narayanmuni Nagar, |
|
Date of Birth/Age : |
09.10.1984 |
|
Qualification : |
B. Com. |
|
Experience : |
8 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGBPG3688H |
|
DIN No : |
00858206 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Maniyar |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS
As on: 26.07.2011
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Laljibhai Tulshibhai Patel |
|
1000000 |
|
Tulsibhai Keshavbhai Patel |
|
210000 |
|
Dayalbhai Keshavbhai Patel |
|
500000 |
|
Prakashbhai Tulsibhai Goti |
|
560000 |
|
Sanjaykumar Jerambhai Virani |
|
350000 |
|
Hiteshkumar Laljibhai Patel |
|
833500 |
|
Piyushkumar Laljibhai Patel |
|
778000 |
|
Shailesh Dayalbhai Goti |
|
618500 |
|
Total |
|
4850000 |
|
Names of Shareholders (Preference Shares) |
|
No.
of Shares |
|
Dharmanandan
Industries Limited, India |
|
1000000 |
|
Nirmalaben Laljibhai Patel |
|
400000 |
|
Rashmitaben Hiteshbhai Patel |
|
636500 |
|
Dharaben Piyushbhai Patel |
|
692000 |
|
Manjulaben Dayalbhai Patel |
|
60000 |
|
Komalben Saileshbhai Patel |
|
361500 |
|
Total |
|
3150000 |
As on 15.12.2011
|
Names of Equity Shareholders (Allottees) |
No. of Shares |
|
Laljibhai Tulshibhai Patel |
110000 |
|
Hiteshkumar Laljibhai Patel |
115500 |
|
Piyushkumar Laljibhai Patel |
115500 |
|
Tulsibhai Keshavbhai Patel |
16500 |
|
Prakashbhai Tulsibhai Goti |
44000 |
|
Dayalbhai Keshavbhai Patel |
44000 |
|
Shaileshbhai Dayalbhai Patel |
77000 |
|
Sanjaykumar Jerambhai Virani |
27500 |
|
Total |
550000 |
As on 15.09.2011
|
Names of Equity Shareholders (Allottees) |
No. of Shares |
|
Laljibhai Tulshibhai Patel |
60000 |
|
Hiteshkumar Laljibhai Patel |
63000 |
|
Piyushkumar Laljibhai Patel |
63000 |
|
Tulsibhai Keshavbhai Patel |
9000 |
|
Prakashbhai Tulsibhai Goti |
24000 |
|
Dayalbhai Keshavbhai Patel |
24000 |
|
Shaileshbhai Dayalbhai Patel |
42000 |
|
Sanjaykumar Jerambhai Virani |
15000 |
|
Total |
300000 |
As on: 26.04.2012
|
Names of Equity Shareholders (Allottees) |
No. of Shares |
|
Laljibhai Tulsibhai Patel |
60000000 |
|
Hiteshbhai Laljibhai Patel |
63000000 |
|
Piyushbhai Laljibhai Patel |
63000000 |
|
Tulsibhai Keshavbhai Patel |
9000000 |
|
Prakashbhai Tulsibhai Patel |
24000000 |
|
Dayalbhai Keshavbhai Patel |
24000000 |
|
Shaileshbhai Dayalbhai Patel |
42000000 |
|
Sanjaybhai Jerambhai Virani |
15000000 |
|
Total |
300000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.07.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Diamonds and Diamond studded Jewelery,
Silver and Gold Jewelery and Platinum Jewelery. |
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Total
Working Capital facility is Rs.8500.000 Millions (Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajiv N Shah and Associates Chartered Accountants |
|
Address : |
A-001, Shreenath Darshan, Off |
|
PAN No.: |
AAFPS01156E |
|
|
|
|
Subsidiary company
: |
|
|
|
|
|
Others : |
|
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
|
CAPITAL STRUCTURE
As on: 28.09.2012
Authorised Capital : Rs.100.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.94.750
Millions
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
Total |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7850000 |
Equity Shares |
Rs.10/- each |
Rs.78.500
Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000
Millions |
|
|
Total |
|
Rs.88.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
88.500 |
80.000 |
60.000 |
|
|
2] Share Application Money |
300.000 |
600.000 |
530.000 |
|
|
3] Reserves & Surplus |
3613.394 |
2298.652 |
1330.212 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4001.894 |
2978.652 |
1920.212 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6415.592 |
4501.701 |
3099.693 |
|
|
2] Unsecured Loans |
1657.049 |
1306.287 |
833.398 |
|
|
TOTAL BORROWING |
8072.641 |
5807.988 |
3933.091 |
|
|
DEFERRED TAX LIABILITIES |
11.977 |
0.000 |
111.374 |
|
|
|
|
|
|
|
|
TOTAL |
12086.512 |
8786.640 |
5964.677 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1801.972 |
1477.056 |
1413.692 |
|
|
Capital work-in-progress |
53.734 |
205.750 |
66.268 |
|
|
|
|
|
|
|
|
INVESTMENT |
736.911 |
477.754 |
24.668 |
|
|
DEFERREX TAX ASSETS |
0.000 |
24.884 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4618.095
|
4034.602 |
1985.708
|
|
|
Sundry Debtors |
7400.477
|
4999.545 |
4421.286
|
|
|
Cash & Bank Balances |
635.426
|
138.602 |
137.707
|
|
|
Other Current Assets |
0.405
|
0.486 |
9.296
|
|
|
Loans & Advances |
177.985
|
111.755 |
113.721
|
|
Total
Current Assets |
12832.388
|
9284.990 |
6667.718 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3314.547
|
2658.061 |
2148.954 |
|
|
Other Current Liabilities |
23.946
|
16.843 |
10.115
|
|
|
Provisions |
0.000
|
8.890 |
49.167
|
|
Total
Current Liabilities |
3338.493
|
2683.794 |
2208.236 |
|
|
Net Current Assets |
9493.895
|
6601.196 |
4459.482
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.567 |
|
|
|
|
|
|
|
|
TOTAL |
12086.512 |
8786.640 |
5964.677 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
19361.260 |
12678.500 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
23952.050 |
19361.260 |
12678.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
18714.880 |
12094.500 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
22385.970 |
18714.880 |
12094.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1566.080 |
646.380 |
584.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
287.690 |
130.920 |
141.630 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1278.390 |
515.460 |
442.370 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
67.170 |
90.930 |
52.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1211.220 |
424.530 |
389.590 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
187.980 |
(33.910) |
31.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1023.240 |
458.440 |
358.370 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
131.840 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
NA |
NA |
490.210 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value Export |
19810.490 |
16605.750 |
11330.050 |
|
|
TOTAL EARNINGS |
19810.490 |
16605.750 |
11330.050 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Value of Imports on CIF basis |
20020.980 |
18377.920 |
11245.430 |
|
|
TOTAL IMPORTS |
20020.980 |
18377.920 |
11245.430 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
115.62 |
57.31 |
59.73 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
28500.000 |
|
|
|
|
|
Expected Sales (2013-14) : Rs.30000.000 Millions
The above information has been parted by Mr. Amit Maniyar.
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.27
|
2.37 |
2.83
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.28
|
3.94 |
4.82
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.14 |
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.02
|
1.95 |
2.05
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.84
|
3.46 |
3.02
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
12,678.500 |
19,361.260 |
23,952.050 |
|
|
|
52.709 |
23.711 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
12,678.500 |
19,361.260 |
23,952.050 |
|
Profit |
358.370 |
458.440 |
1,023.240 |
|
|
2.83% |
2.37% |
4.27% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Current maturities of long-term debt |
16.343 |
5.420 |
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 |
Yes |
|
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 |
Yes |
|
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 |
NOTE:
Registered Office of the company has been shifted from “G-14, Prasad
Chambers, Opera House, Mumbai – 400 004,
TURNOVER AND PROFITS:
During the financial year ended March 31, 2012 the Sales & Other income of the company increased from Rs. 19,361.26 Millions to Rs. 23,952.05 Millions. The Net Profit before tax stood at Rs. 1211.22 Millions as against Rs. 424.53 Millions in the previous year.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term
Borrowing |
|
|
|
Loans and advances from related parties |
1657.049 |
1306.287 |
|
Total |
1657.049 |
1306.287 |
BUSINESS:
A. DIAMOND AND
JEWELLERY
The Company is making conscientious efforts in addressing the large market opportunities that exist in the Diamond Segment both in India and abroad. India, China, Israel and Belgium are the leading players in the diamond cutting and polishing industry. India accounts for 60 % of the global polished diamonds in value terms, 80 % in carats polished and 90 % in pieces.
Exports of Gems and jewellery are also on the upswing. Large opportunities exist in exports by converting diamond into jewellery before exports.
The Company has quality sourcing facilities accruing to competitive prices and consistent market demand. Modern processing facilities are located at Surat, Gujarat with three operational polishing units, a workforce of 3156 people and a monthly production of 40,000 to 41,000 Carats of Cut and Polish Diamonds.
The Company engages in an end-to-end diamond processing chain which begins with Assortment, Planning, Cleaving, Sawing, Cutting and finally Polishing which is more clearly shown in the chart given here below.
Diamond export countries include the U.S., Hong Kong, Belgium, Japan, Middle East, Far East, Europe, Thailand and Singapore.
B. POWER GENERATION
They seriously understand the present situation of global warming and they believe it is their responsibility to protect globe by whatever possible activities and for that they have been generating their own electricity by mean of eco-friendly wind which are located at several wind fields in Gujarat and Maharashtra states, and they are continuously exploring the possibility and potentials for enhancing the present exposure of DDPL in
tapping the renewable power source in near future.
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 |
10161015 |
12/05/2010 * |
744,600,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
A87629333 |
|
2 |
10091658 |
19/12/2013 * |
10,700,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH, D/3, WEST CORE, G BLOCK, BHARAT |
B93316016 |
* Date of charge modification
FIXED ASSETS:
- Plant and Machinery
- Computer Systems
- Furniture and Fixtures
- Vehicles
- Office Premises
- Land
- Factory Building
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.60.70 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
50 |
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.