|
Report Date : |
27.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHREE RAMKRISHNA EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
EE-6011, Bharat Diamond Bourse,
G" Block, Bandra Kurla
Complex, Bandra (East), Mumbai – 400005, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.04.2012 |
|
|
|
|
Com. Reg. No.: |
55-229115 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1480.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2012PTC229115 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Importer and Exporter of Diamonds. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8800000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established as a proprietary concern in the year 1964 and
during the year 1976 it got converted into a partnership concern. In April
2012, the concern got converted into a private limited. It has a satisfactory track record. Financial position of the company is good. Performance capability is
also high. Trade relations are fair. Business is active. Payment terms are
usually correct and as per commitment. The company can be considered for business dealing 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
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 |
ICRA |
|
Rating |
Long Term Rating = BBB- (Suspended) |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk |
|
Date |
December 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating = A3 |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk |
|
Date |
December 2013 |
Reason for Suspension: The suspension follows ICRA’s
inability to carry out surveillance in the absence of requisite of the
information from the company.
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 PARTED BY
|
Name : |
Mr. Hitesh Italiya |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-22-40405555 |
|
Date : |
25.03.2014 |
LOCATIONS
|
Registered Office : |
EE-6011, Bharat Diamond Bourse,
"G" Block, Bandra Kurla
Complex, Bandra (East), Mumbai – 400005, Maharashtra, India
|
|
Tel. No.: |
91-22-40405555 |
|
Fax No.: |
91-22-40405500 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
'SRK Empire', 99, Vastadevdi Road, Katargam, Surat - 395004, Gujarat, India |
|
Tel. No.: |
91-261-4040555 |
|
Fax No.: |
91-261-4040550 |
|
E-Mail : |
DIRECTORS
As on 15.03.2012
|
Name : |
Mr. Govindbhai Laljibhai
Dholakia |
|
Designation : |
Director |
|
Address : |
801-A, Tirupati Apartment, Amar Building, Bhulabhai Desai
Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1947 |
|
DIN No.: |
00524146 |
|
|
|
|
Name : |
Mr. Shreyansh Govindbhai
Dholakia |
|
Designation : |
Director |
|
Address : |
801-A, Tirupati Apartment, Amar Building, Bhulabhai Desai
Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
21.05.1987 |
|
DIN No.: |
00523418 |
|
|
|
|
Name : |
Mr. Jayantibhai Vashrambhai
Narola |
|
Designation : |
Director |
|
Address : |
54, Kantareshwar Society, Katar Gam Road, Surat – 395004, Gujarat, India |
|
Date of Birth/Age : |
05.06.1964 |
|
DIN No.: |
00587167 |
|
|
|
|
Name : |
Mrs. Champaben Govindbhai
Dholakia |
|
Designation : |
Director |
|
Address : |
801-A, Tirupati Apartment, Amar Building, Bhulabhai Desai
Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
23.09.1954 |
|
DIN No.: |
00524249 |
|
|
|
|
Name : |
Mr. Rahul Nagjibhai
Dholakia |
|
Designation : |
Director |
|
Address : |
5, Gayatri Nagar
Society, 5, Katargam Road, Surat
– 395004, Gujarat, India |
|
Date of Birth/Age : |
12.12.1971 |
|
DIN No.: |
00524017 |
|
|
|
|
Name : |
Mr. Vashrambhai Bhurabhai
Narola |
|
Designation : |
Director |
|
Address : |
54, Kantareshwar Society, Katar Gam Road, Surat – 395004, Gujarat, India |
|
Date of Birth/Age : |
21.03.1942 |
|
DIN No.: |
00523329 |
|
|
|
|
Name : |
Mr. Arjan Lalji Dholakiya |
|
Designation : |
Director |
|
Address : |
8/B, Vallabh Nagar
Society ,Varachha Road, Surat
– 395006, Gujarat, India |
|
Date of Birth/Age : |
01.06.1956 |
|
DIN No.: |
00523491 |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh Italiya |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
As on 20.03.2012
|
Names of Shareholders |
|
No. of Shares |
|
Champaben Govindbhai Dholakia |
|
3000000 |
|
Govindbhai Laljibhai Dholakia |
|
1000000 |
|
Arjanbhai Lalji Dholakiya |
|
1000000 |
|
Jayantibhai Vashrambhai Narola |
|
1500000 |
|
Rahulbhai Nagjibhai Dholakia |
|
1500000 |
|
Vashrambhai Bhurabhai Narola |
|
1000000 |
|
Shreyansh Govindbhai Dholakia |
|
1000000 |
|
Total |
|
10000000 |
As on 04.08.2012
|
Names of Allottees |
|
No. of Shares |
|
Govindbhai Laljibhai Dholakia |
|
51895800 |
|
Arjanbhai Lalji Dholakiya |
|
16679800 |
|
Champaben Govindbhai Dholakia |
|
13966900 |
|
Vashrambhai Bhurabhai Narola |
|
2129900 |
|
Jayantibhai Vashrambhai Narola |
|
20761100 |
|
Rahulbhai Nagjibhai Dholakia |
|
18120900 |
|
Shreyansh Govindbhai Dholakia |
|
6445600 |
|
Total |
|
130000000 |
As on 11.04.2012
|
Names of Allottees |
|
No. of Shares |
|
Govindbhai Laljibhai Dholakia |
|
2400000 |
|
Arjanbhai Lalji Dholakiya |
|
1200000 |
|
Champaben Govindbhai Dholakia |
|
800000 |
|
Vashrambhai Bhurabhai Narola |
|
800000 |
|
Jayantibhai Vashrambhai Narola |
|
1200000 |
|
Rahulbhai Nagjibhai Dholakia |
|
800000 |
|
Shreyansh Govindbhai Dholakia |
|
800000 |
|
Total |
|
8000000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Diamonds. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
· Far East USA Australia |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
· Belgium Israel |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
·
Alrosa – Russia ·
DTC - Africa |
||||||||||||||||
|
|
|
||||||||||||||||
|
Customers : |
·
Brouris ·
Harry
Winston - |
||||||||||||||||
|
|
|
||||||||||||||||
|
No. of Employees : |
3000 (Approximately) |
||||||||||||||||
|
|
|
||||||||||||||||
|
Bankers : |
·
Bank
of India, Bharat Diamond Bourse Br.,D-2/D-4, Ground
Floor, West Core, "G" Block, B.K.C, Bandra
(East), Mumbai - 400051, Maharashtra, India · HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India ·
Standard Chartered Bank, Abhijeet
II, Ground Floor, Near Mithkali Six Road, Ahmedabad – 380006, Gujarat, India ·
State Bank of India, Diamond Branch, Bharat Diamond Bourse, Tower No. D-3, ground Floor, Bandra Kurla Complex, Mumbai –
400051, Maharashtra, India |
||||||||||||||||
|
|
|
||||||||||||||||
|
Facilities : |
Working capital loans are
secured against Primary First
ranking pari passu charge
over the entire current assets of the borrower, both present and future,
including the stocks of raw materials, semi-finished and finished goods,
stores and spares lot relating to plant and machinery (Consumables stores
& spares), bills receivable and book debts, excluding such as sets as may
be permitted by the said Banks from time to time. Collateral a.
Immovable properties of the
Company situated at Mumbai and Surat b.
immovable properties of the
Directors of the company situated at Mumbai and Surat c.
Cash Collateral with State Bank of
India and Bank of India d} Investment in SBI Mutual Fund Guarantee a.
Personal Guarantee of all the
Directors of the Company b.
Personal Guarantee of Mrs. Jinal Dholakia c.
Corporate Guarantee of Shree Ram Diamex Private
Limited Foreign
currency loans carry interest rate ranging from Libor plus 2 % to 3 5% per
annum and Rupee loans carry interest rate @ 11 75% per annum. The aforesaid loans are repayable within the range of 30 days to 180 days |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh Surana and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiaries : |
·
Ramkrishna Gold Private limited ·
Shree Ramkrishna
Gems Private limited |
|
|
|
|
Enterprises In which Key management personnel
or their relatives have significant influence : |
·
The Jewelry Company ·
Sahajanand Diamonds ·
Shree Ram Diamex
Private limited ·
Goldi Green Technologies Private
limited ·
Jewel Goldi (India) ·
Shree Ramkrishna
Charitable Trust ·
Prabhuruday Jivdaya
Trust ·
Dholakia Charitable Trust ·
Matushri Santokben
Laljibhai Dholakia Chantable Trust ·
Shree Ramkrishna
Welfare Trust ·
Swa. Fulima
Nathubhai Naroia Charitabie Trust ·
Traffic Education Trust ·
Lokseva Trust · SDA Diamond Hospital and Medical Research |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
130000000 |
6% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.1300.000 Millions |
|
|
Total |
|
Rs.1500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Millions |
|
130000000 |
6% Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.1300.000 Millions |
|
|
Total |
|
Rs.1480.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1480.000 |
|
(b) Reserves & Surplus |
|
|
1462.473 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
2942.473 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
832.424 |
|
(b) Deferred tax liabilities (Net) |
|
|
4.479 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total Non-current Liabilities (3) |
|
|
836.903 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
6007.488 |
|
(b) Trade payables |
|
|
3123.211 |
|
(c) Other current
liabilities |
|
|
35.571 |
|
(d) Short-term provisions |
|
|
0.000 |
|
Total Current Liabilities (4) |
|
|
9166.270 |
|
|
|
|
|
|
TOTAL |
|
|
12945.646 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
1201.996 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
59.461 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
613.240 |
|
(e) Other Non-current assets |
|
|
13.343 |
|
Total Non-Current Assets |
|
|
1888.040 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
107.695 |
|
(b) Inventories |
|
|
6761.151 |
|
(c) Trade receivables |
|
|
3606.327 |
|
(d) Cash and cash
equivalents |
|
|
294.542 |
|
(e) Short-term loans and
advances |
|
|
283.638 |
|
(f) Other current assets |
|
|
4.253 |
|
Total Current Assets |
|
|
11057.606 |
|
|
|
|
|
|
TOTAL |
|
|
12945.646 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
30665.394 |
|
|
|
Other Income |
|
|
112.370 |
|
|
|
TOTAL (A) |
|
|
30777.764 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
|
|
29564.796 |
|
|
|
Purchases of traded goods |
|
|
7.033 |
|
|
|
Changes in inventories of finished goods and stock-in-trade |
|
|
(2231.636) |
|
|
|
Employee benefit expenses |
|
|
69.854 |
|
|
|
Other Expenses |
|
|
1690.576 |
|
|
|
TOTAL (B) |
|
|
29100.623 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
1677.142 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
345.528 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
|
|
1331.614 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
136.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
|
|
1195.392 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
398.888 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
|
|
796.504 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of export |
|
|
29637.984 |
|
|
TOTAL EARNINGS |
|
|
29637.984 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (Rough Diamond) |
|
|
29190.676 |
|
|
|
Stores & Spares |
|
|
2.051 |
|
|
|
Capital Goods |
|
|
118.302 |
|
|
TOTAL IMPORTS |
|
|
29311.029 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
44.25 |
|
Expected Sales (2013-2014) : Rs.31000.000 Millions
Above information has been parted by. Mr. Hitesh
Italiya, Accounts Executive.
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2013 |
|
PAT / Total Income |
(%) |
|
|
2.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
3.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
10.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
2.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.21 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: CURRENT
MATURITY OF LONG TERM BORROWINGS DETAIL NOT AVAILABLE
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
one year |
Yes |
|
12] |
Profitability for last
one year |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
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.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
Loans and
advances from related parties |
|
|
Interest free unsecured loans from directors |
832.424 |
|
Total |
832.424 |
Note:
The loans
from directors and/or their relatives are either fully subordinated to the
creditors of the Company and non-repayable (except with the prior approval of
the creditors to the extent of Rs 825000000) or the
Company has the right to convert the outstanding loan into share capital The
conversion is subject to compliance with applicable regulatory provisions by
giving appropriate notice to the concerned directors, and/or their relatives,
and fulfillment it specified conditions In view of the
aforesaid commitment made by the directors, the Company confirms that the said
loans can be treated as equivalent to capital.
CORPORATE
INFORMATION
The Company is a Private Limited Company
incorporated in India under the provisions of the Companies Act. 1956 on 2 April
2012 by conversion of Partnership firm (Shree Ramkrishna Export), having its registered office at
EE-6011, Bharat Diamond Bourse. G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400005. The Company is engaged in the business of
import, export and manufacturing of cut and polished diamonds.
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10439741
|
03/07/2013
|
550,000,000.00
|
Bank
of India |
Bharat Diamond Bourse Br. D-2/D-4, Ground
Floor, West Core, G Block, Bandra Kurla Complex, Bandra (East),
Mumbai, Maharashtra - 400051, India |
B80733769
|
|
2 |
10367137
|
02/07/2012
|
100,000,000.00
|
Bank
of India |
Bharat Diamond Bourse Br. D-2/D-4, Ground
Floor, West Core, G Block, Bandra Kurla Complex, Bandra (East),
Mumbai, Maharashtra - 400051, India |
B44364800
|
|
3 |
10363802
|
02/06/2012
|
780,000,000.00
|
Bank
of India |
Bharat Diamond Bourse Br. D-2/D-4, Ground
Floor, West Core, G Block, Bandra Kurla Complex, Bandra (East),
Mumbai, Maharashtra - 400051, India |
B42933507
|
|
4 |
10353037
|
15/01/2013
* |
8,650,000,000.00
|
Bank
of India |
Bharat Diamond Bourse Br. D-2/D-4, Ground
Floor, West Core, G Block, Bandra Kurla Complex, Bandra (East),
Mumbai, Maharashtra - 400051, India |
B67398909
|
* Date of modification charge
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.60.49 |
|
|
1 |
Rs.99.77 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
52 |
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.