MIRA INFORM REPORT

 

 

Report Date :

20.11.2014

 

IDENTIFICATION DETAILS

 

Name :

LYPSA GEMS AND JEWELLERY LIMITED (w.e.f. 07.03.2012)

 

 

Formerly Known As :

MALOO GEMS AND JEWELLERY LIMITED (w.e.f. 12.01.2010)

 

MALOO POLYMERS LIMITED

 

 

Registered Office :

2nd Floor, Diamond Park Building, Opposite Ambika Nagar Society, Dargah Road, Navsari – 396445, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.11.1995

 

 

Com. Reg. No.:

04-028270

 

 

Capital Investment / Paid-up Capital :

Rs.140.400 Millions

 

 

CIN No.:

[Company Identification No.]

L28990GJ1995PLC028270

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

SRTM05742C

 

 

PAN No.:

[Permanent Account No.]

AABCM0649K

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

 

 

Line of Business :

Manufacturing and Trading in Diamonds.

 

 

No. of Employees :

450 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

Rating is constrained on account of high working capital intensity of operation and high competition from large number of organized as well unorganized players.

 

However, rating continue to take into account performance of the company has improved in the year 2014 as compared to previous year and experience of promoters in gems and jewellery industry.

 

Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct.

 

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

 

N E W S

 

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

 

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

 

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

 

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

 

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

 

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

 

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

 

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long term loans=BB+

Rating Explanation

Inadequate credit quality and high credit risk.

Date

December, 2013

 

 

Rating Agency Name

ICRA

Rating

Short term fund based=A4+

Rating Explanation

Minimal degree of safety and very high 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 31-03-2014.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Hemant Rathod

Designation :

Account Head

Contact No.:

91-9869561862

Date :

17.11.2014

 

 

LOCATIONS

 

Registered Office/ Factory :

2nd Floor, Diamond Park Building, Opposite Ambika Nagar Society, Dargah Road, Navsari – 396445, Gujarat, India

Tel. No. :

91-2637-280365

Mobile No.:

91-9869561862 (Mr. Hemant Rathod)

Fax No. :

Not Available

E-Mail :

info@lypsa.in

Website :

www.lypsa.in

Area :

7000 sq. ft.

Location :

Rented

Locality :

Commercial

 

 

Corporate Office 1:

32 Kala Bhavan, 3 Mathew Road, Opera House, Mumbai – 400004, Maharashtra, India

Tel. No. :

91-22-23670031

 

 

Corporate Office 2:

BC-6021 Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No. :

91-22-67413600

Fax No. :

91-22-67413614

E-Mail :

info@lypsa.in

 

 

Factory :

Wing A, Second Block, Holl No.202 to 302, Orchid Complex, Opposite HDFC Bank, Chhapi-Siroj-Pura Road, Vadgah Banas Katha, Gujarat, India 

Area :

6000 sq. ft.

Location :

Owned

Locality :

Industrial 

 

 

DIRECTORS

 

AS ON 31.03.2014

 

Name :

Mr. Manish Jaysukhlal Janani

Designation :

Managing Director

 

 

Name :

Mr. Dipankumar Babulal Patwa

Designation :

Chairman

 

 

Name :

Mr. Jeeyan Dipankumar Patwa

Designation :

Executive Director

Date of Birth/Age :

14.08.1989

Qualification :

·         BSC Management

MSC International Management, LSE

Date of Appointment :

23.06.2009

 

 

Name :

Mr. Ravindra Chandulal Sanghavi

Designation :

Independent and Non-Executive Director

Date of Birth/Age :

03.07.1960

Qualification :

B.Com

Date of Appointment :

23.06.2009

 

 

Name :

Mr. Ajit Mangaldas Shah

Designation :

Independent and Non-Executive Director

 

 

Name :

Mr. Bhavesh Shashikant Sheth

Designation :

Independent and Non-Executive Director

 

 

Name :

Mr. Pankajkumar Vrajlal Shah

Designation :

Independent and Non-Executive Director

 

 

KEY EXECUTIVES

 

Name :

Mrs. Neelam Maheshwari

Designation :

Company Secretary

 

 

Name :

Mr. Hemant Rathod

Designation :

Account Head

 

 

 

 

 

 

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

5050000

35.97

http://www.bseindia.com/include/images/clear.gifDirectors/Promoters & their Relatives & Friends

5050000

35.97

http://www.bseindia.com/include/images/clear.gifSub Total

5050000

35.97

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

5050000

35.97

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

138000

0.98

http://www.bseindia.com/include/images/clear.gifSub Total

138000

0.98

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

5246436

37.37

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs.0.100 Million

1298205

9.25

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs.0.100 Million

1788972

12.74

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

518387

3.69

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

297917

2.12

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

201892

1.44

http://www.bseindia.com/include/images/clear.gifClearing Members

18578

0.13

http://www.bseindia.com/include/images/clear.gifSub Total

8852000

63.05

Total Public shareholding (B)

8990000

64.03

Total (A)+(B)

14040000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

14040000

0.00

 

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Category of Shareholder

No. of Shares

Percentage of Holding

Manish Jaysukhlal Janani

25,32,500

18.04

Dipan Babulal Patwa

25,17,500

17.93

Total

50,50,000

35.97

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

Category of Shareholder

No. of Shares

Percentage of Holding

Corporate Stock Broking Private Limited

300000

2.14

Synergy Cosmetics Exim Limited

210300

1.50

Dhanlaxmi Lease Finance Limited

210000

1.50

Corporate Commodity Brokers Private Limited

200000

1.42

Corporate Shares Registry Private Limited

200000

1.42

Gajgamini Stockist Private Limited

670156

4.77

Amritlal Haridas Shah

197580

1.41

Keval Share Broking Private Limited

287554

2.05

Total

2275590

16.21

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Trading in Diamonds.

 

 

Products :

Diamonds

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Polished Diamond

Countries :

·         USA

·         UK

·         Middle East

·         Gulf Countries

·         Far East

·         Europe

·         Malaysia

·         South East

 

 

Imports :

 

Products :

Ruff Diamond

Countries :

Israel

Dubai

South Africa

Hongkong

Russia

Shanghai

 

 

Terms :

 

Selling :

Cash and Advance Payment

 

 

Purchasing :

Cash and Advance Payment

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Maahir Gems BVBA

Address :

Hoveniersstraat 12, 2018 Antwerpen, Belgium

Name of the Person :

Mr. Ketan Khimani

Contact No.:

+32475-299853

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Reference :

Nirmal Gems DMCC

Address :

Unit No. 30-01-34, Bldg No. 3, Plot No. 550-554, J & G DMCC, PO Box 242175, Dubai, United Arab Emirates

Name of the Person :

Not Divulged

Contact No.:

+971-503797790

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Reference :

D. Naresh Kumar Exports Private Limited

Address :

GW 6032, Bharat Diamond Bourse, G Block, BKC, Bandra East, Mumbai – 400051, Maharashtra, India

Name of the Person :

Mr. Devang Kundalia

Contact No.:

91-22-23613275 / 9821434348

Since How Long Known :

Not Divulged

Experience :

Payment behavior are good, no payments delay.

Maximum Limit Dealt :

Depends on requirement.

 

 

Reference :

Rosy Blue (India) Private Limited

Address :

1908-09, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India

Name of the Person :

Mr. Narendra Thakkar

Contact No.:

91-22-66650000

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Shanghai Gemdem Diamond Co Limited

Address :

Block A Room 803B, No 1701 Century Boulevard, Pu Dong New Area, Post No 200122, Shanghai, China, Mr. NG Flendid

Name of the Person :

Mr. NG Flendid

Contact No.:

+86-132-6663-2713

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Reference :

Express Way International Limited

Address :

Unit 1603, 16/F, Lucky Building, 39 Welliangton Street Central, Hong Kong

Name of the Person :

Ms. Michelle Yu

Tel. No.:

+852-21406533

Fax No.:

+852-21475633

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Reference :

S. Vinodkumar Diamonds Private Limited

Address :

Office No BW- 3010, 3rd Floor, Bharat Diamond Bourse, BKC, Bandra East, Mumbai – 400051, Maharashtra, India

Name of the Person :

Mr. Rahul Shah

Contact No.:

91-22-40328080

Since How Long Known :

5 Year

Experience :

Have good quality products and delivery behavior is also doing time to time.

Maximum Limit Dealt :

Rs.100.000 Yearly

 

 

Reference :

Kiran Gems Private Limited

Address :

FE- 5011, Bharat Diamond Bourse, BKC, Bandra East, Mumbai – 400051, Maharashtra, India

Name of the Person :

Mr. Jayesh Shah

Contact No.:

91-22-4054444

Since How Long Known :

20 Year

Experience :

Have good quality products, always delivered goods time to time.

Maximum Limit Dealt :

Depend on requirement (Rs.0.500 Million to Rs.100.000 Millions)

 

 

No. of Employees :

450 (Approximately)

 

 

Bankers :

 

Banker Name :

Bank of India

Branch :

Opera House Branch, Hermes House, Mama Parmanand Marg, Opera House, Mumbai – 400004, Maharashtra, India

Person Name (With Designation) :

Mr. Mane (Finance Head)

Contact Number :

91-22-23694891

Name of Account Holder :

Lypsa Gems and Jewellers Limited

Account Number :

007630110000016

Account Since (Date/Year of Account Opening) :

3 Years

Average Balance Maintained (If Possible) :

Not Divulged

Credit Facilities Enjoyed (If any) :

CCL PCPSC Rs.357.500 Millions

Account Operation :

Very good company

Remarks (If any) :

The subject have very good track record for banking operation. No complaints they are facing about the subject.

 

 

Oriental Bank of Commerce

 

 

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Millions

31.03.2013

Rs. In Millions

Short Term Borrowings

 

 

Working capital loans from banks

 

 

Foreign Currency loans – PSCFC/PCFC

0.000

108.848

Rupee loans - PSC

148.593

55.600

From Banks – Others

 

 

Rupee loan – Car loan

3.055

3.891

 

 

 

Total

151.648

168.339

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Doshi Maru and Associates

Chartered Accountants

Address :

9, Shreepal Building, S N Road, Tambe Nagar, Mulund (West), Mumbai – 400080, Maharashtra, India

Tel. No. :

91-22-23472578/ 25654859

 

 

Membership :

--

 

 

Associates :

Name :

Lypsa Gems and Jewellery DMCC

Address :

Dubai

Line of Business :

Trader of Diamond.

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

20000000

Equity Shares

Rs.10/- each

Rs.200.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

14040000

Equity Shares

Rs.10/- each

Rs.140.400 Millions

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

140.400

140.400

140.400

(b) Reserves & Surplus

135.030

114.595

96.984

(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)

275.430

254.995

237.384

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

1.901

1.725

0.069

(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)

1.901

1.725

0.069

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

211.281

210.419

8.242

(b) Trade payables

977.538

1002.685

1072.407

(c) Other current liabilities

16.147

25.230

12.388

(d) Short-term provisions

12.832

13.702

8.905

Total Current Liabilities (4)

1217.798

1252.036

1101.942

 

 

 

 

TOTAL

1495.129

1508.756

1339.395

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

33.879

17.489

1.276

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

2.572

(c) Deferred tax assets (net)

1.930

5.356

0.000

(d)  Long-term Loan and Advances

0.000

0.000

6.714

(e) Other Non-current assets

9.189

10.146

0.000

Total Non-Current Assets

44.998

32.991

10.562

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

10.466

0.794

14.984

(b) Inventories

334.026

207.547

226.771

(c) Trade receivables

874.104

1173.903

1020.569

(d) Cash and cash equivalents

171.818

86.136

54.049

(e) Short-term loans and advances

59.717

7.144

11.978

(f) Other current assets

0.000

0.241

0.482

Total Current Assets

1450.131

1475.765

1328.833

 

 

 

 

TOTAL

1495.129

1508.756

1339.395

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

 

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

4123.514

3019.249

2598.353

 

 

Other Income

(3.375)

(18.385)

84.124

 

 

TOTAL                                              (A)

4120.139

3000.864

2682.477

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

3422.894

2063.363

638.076

 

 

Purchase of Stock-in-trade

376.385

597.214

1995.784

 

 

Changes in Inventories of finished goods, work-in-progress and stock-in-trade

(112.430)

147.557

(98.632)

 

 

Employee Benefits Expenses

38.794

19.295

4.007

 

 

Other Expenses

318.838

110.695

26.608

 

 

TOTAL                                              (B)

4044.481

2938.124

2565.843

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

75.658

62.740

116.634

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

26.321

19.288

86.477

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

49.337

43.452

30.157

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

2.184

0.854

0.529

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                   (G)     

47.153

42.598

29.628

 

 

 

 

 

Less

TAX                                                                  (H)

15.677

14.356

8.640

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

31.476

28.242

20.988

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

54.795

37.184

26.828

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Short Provision from I. Tax (F.Y. 2012-13)

(0.598)

0.000

0.000

 

 

Proposed Dividend

7.020

7.020

7.020

 

 

Provision for Reduction in Value of Investments

3.426

2.472

2.473

 

 

Tax on Proposed Dividend

1.193

1.139

1.139

 

BALANCE CARRIED TO THE B/S

75.230

54.795

37.184

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

65.480

49.324

39.544

 

 

 

 

 

 

CIF VALUE OF IMPORTS

56.133

43.185

52.342

 

 

 

 

 

 

Earnings Per Share (Rs.)

3.36

3.03

2.11

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

PAT / Total Income

(%)

0.76

0.94

0.78

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

1.14

1.41

1.14

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.16

2.83

2.22

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.17

0.17

0.12

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.77

0.83

0.03

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.19

1.18

1.21

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Millions

Rs. In Millions

Rs. In Millions

Share Capital

140.400

140.400

140.400

Reserves & Surplus

96.984

114.595

135.030

Net worth

237.384

254.995

275.430

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

8.242

210.419

211.281

Total borrowings

8.242

210.419

211.281

Debt/Equity ratio

0.035

0.825

0.767

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Millions

Rs. In Millions

Rs. In Millions

Sales

2,598.353

3,019.249

4,123.514

 

 

16.199

36.574

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Millions

Rs. In Millions

Rs. In Millions

Sales

2,598.353

3,019.249

4,123.514

Profit

20.988

28.242

31.476

 

0.81%

0.94%

0.76%

 

 

 

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

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 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

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

Yes

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

 

 

FINANCIAL RESULTS AND OPERATIONAL REVIEW:

 

The Directors feel pleasure to declare profit after tax of Rs.94.516 Millions which was made possible through better production planning and customer relations. Directors are exploring various other opportunities to further improve the working results during the current year.

 

 

UNSECURED LOANS:

 

Particulars

31.03.2014

Rs. In Millions

31.03.2013

Rs. In Millions

Short Term Borrowings

 

 

Loans and Advances

 

 

From Directors

59.633

42.080

 

 

 

Total

59.633

42.080

 

 

UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2014

 (Rs. In Millions)

Particulars

 

Quarter Ended

( Unaudited)

 

30.06.2014

 

 

1.  Net sales/ Income from operation / Other operating income

1078.390

2.Expenditure

 

a) Cost of material consumed

1111.918

b) Purchases of stock in trade

70.923

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(140.397)

d) Employees benefit expenses

10.478

e) Depreciation and amortization expenses

0.253

f) Other expenditure

12.610

Total expenses

1065.784

3. Profit from operations before other income and financial costs

12.606

4. Other income

1.905

5. Profit from ordinary activities before finance costs

14.511

6. Finance costs

4.005

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

10.505

8. Exceptional item

--

9. Profit from ordinary activities before tax Expense:

10.505

10.Tax expenses

3.400

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

7.105

12.Extraordinary Items (net of tax expense)

--

13.Net Profit / (Loss) for the period (11 -12)

7.105

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

140,400,000

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

Nil

16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

(a) Basic and diluted

0.51

 

 

 

a) Pledged /Encumbered

 

Number of shares

Nil

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

Nil

Percentage of shares (as a % of total share capital of the company)

Nil

b) Non  Encumbered

 

Number of shares

5040000

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00

Percentage of shares (as a % of total share capital of the company)

35.90

 

B. Investor Complaints

 

Pending at the beginning of the quarter

Nil

Receiving during the quarter

Nil

Disposed of during the quarter

Nil

Remaining unreserved at the end of the quarter

Nil

 

NOTE:

 

1.       The above Unaudited/audited results have been reviewed by the Audit Committee and approved by the Board of Directors in their Meeting held on August 04, 2014 and are subject to Limited review Under Clause 41 of the Listing Agreement by the Statutory Auditors.

 

2.       The previous period's figures have been regrouped and reclassified wherever necessary to make them comparable with the current period’s figures.

 

3.       The Company operates in a single segments, hence segmental Reporting as required under Accounting Standard 17 issued by the Institute of Chartered Accountants of India is not applicable.

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10510511

17/05/2014

357,500,000.00

BANK OF INDIA

OPERA HOUSE BRANCH, HERMES HOUSE,, MAMA PARMANAND MARG, OPERA HOUSE,, MUMBAI - 400004, MAHARASHTRA, INDIA

C12341533

2

10374179

03/07/2014 *

357,500,000.00

BANK OF INDIA

OPERA HOUSE BRANCH, HERMES HOUSE,, MAMA PARMANAND MARG, OPP. CHARNI ROAD STATION,, MUMBAI - 400004, MAHARASHTRA, INDIA

C12342176

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Air Conditions

·         Aqua guard

·         Furniture and Fixture

·         Motor Car

·         Office Equipments

·         Water Coolers

·         Computers

·         Computers

·         Safe

·         Machineries

·         Factory Building

·         Factory Land

·         Air Conditions – Chhapi

·         Computer – Chhapi

·         Furniture and Fixture – Chhapi

·         Machineries – Chhapi

 

 

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.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.61.83

UK Pound

1

Rs.96.56

Euro

1

Rs.77.42

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NKT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

42

 

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

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.