MIRA
INFORM REPORT
|
Report Date : |
29.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
KGK DIAMONDS ( |
|
|
|
|
Registered
Office : |
DE-4011-4016,
Tower D, 4th Floor, Bharat Diamond Bourse, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.10.2009 |
|
|
|
|
Com. Reg. No.: |
11-196167 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.279.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2009PTC196167 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK19593A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK7579A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Cut and Polished Diamonds. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered for normal 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.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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 |
CRISIL |
|
Rating |
Long Term Rating: BBB |
|
Rating Explanation |
Have Moderate degree of safety and carry
moderate credit risk. |
|
Date |
31.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A3+ |
|
Rating Explanation |
Have Moderate degree of safety and carry
higher credit risk. |
|
Date |
31.01.2014 |
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. Ujval Jain |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-40288888 |
|
Date : |
24.11.2014 |
LOCATIONS
|
Registered/ Head Office : |
DE-4011-4016,
Tower D, 4th Floor, Bharat Diamond Bourse, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40799999/ 40077777 |
|
Fax No.: |
91-22-40799800/ 26755310/ 40077700 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
1501, Panchratna, Opera House, Mumbai – 400004, |
|
Tel. No.: |
91-22-40077777/ 23673939/ 23679251 |
|
Fax No.: |
91-22-23696058 |
|
|
|
|
Accounts and Admin Office : |
KGK Tower, 5th Floor, Near Ekta Bhoomi Garden, Dutta Pada
Road, Rajendra Nagar, Borivali (East), Mumbai – 400066, Maharashtra, India |
|
Tel No.: |
91-22-28701501/ 40288888 |
|
Fax No.: |
91-22-28547666 |
|
Email : |
|
|
|
|
|
Branch Office : |
2nd Floor, Millenium Diamond Complex, Hiranandan Society
Hira Baug Varachha Road, Mumbai, Maharashtra, India |
|
|
|
|
Sales Offices : |
Located at: ·
USA ·
Belgium ·
Italy ·
Thailand ·
Shanghai ·
China ·
Hong Kong ·
·
Russia ·
South Africa ·
UAE ·
·
New York |
DIRECTORS
(AS ON 30.09.2013)
|
Name : |
Mr. Navrattan Kothari |
|
Designation : |
Director |
|
Address : |
401, Khatau Condominium, 15-A, J. Mehta Marg, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
27.06.1942 |
|
Date of Appointment : |
01.10.2009 |
|
DIN No.: |
00137063 |
|
|
|
|
Name : |
Mr. Sandeep Navrattan Kothari |
|
Designation : |
Director |
|
Address : |
401, Khatau Condominium, 15-A, J. Mehta Marg, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
08.11.1971 |
|
Date of Appointment : |
01.10.2009 |
|
Pan No.: |
AADPK0011A |
|
DIN No.: |
00137694 |
|
|
|
|
Name : |
Mr. Sampat Raj Kothari |
|
Designation : |
Director |
|
Address : |
503, 5th Floor, Rajkamal Heights, B-Wing, Rajkamal Lane,
Parel [East], Mumbai – 400012, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1953 |
|
Date of Appointment : |
30.12.2010 |
|
DIN No.: |
00139498 |
|
|
|
|
Name : |
Mr. Nitin Dhadda |
|
Designation : |
Additional Director |
|
Address : |
212, Chandralok –B, Manav Mandir Road, Malabar Hill, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
17.05.1976 |
|
Date of Appointment : |
10.03.2014 |
|
DIN No.: |
02542528 |
KEY EXECUTIVES
|
Name : |
Dhara Prakash Jain |
|
Designation : |
Secretary |
|
Address : |
Pawapuri Sty, A-Wing, |
|
Date of Birth/Age : |
04.12.1986 |
|
Date of Appointment : |
20.09.2010 |
|
PAN No.: |
ALNPJ0120E |
|
|
|
|
Name : |
Mr. Ujval Jain |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Equity Shareholders |
No. of Shares |
|
Sandeep Navrattan Kothari |
8000000 |
|
KGK Diajewels Private Limited, w.e.f.11.01.2011 (Formerly Known as
Kaygee Impex Private Limited), India |
3500000 |
|
Navrattan Kothari |
800000 |
|
Anila Kothari |
800000 |
|
Sanjay Kothari |
4611977 |
|
Manju Kothari |
934933 |
|
Preeti Kothari |
5800000 |
|
Precious Investment (HK) Limited, Hong Kong |
2990644 |
|
Total |
27437554 |
|
Names of Preference Shareholder |
No. of Shares |
|
Precious Investment (HK) Limited, Hong Kong |
522453 |
|
Total |
522453 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
Percentage of
Holding |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
10.90 |
|
Bodies corporate |
12.76 |
|
Directors or relatives of directors |
76.34 |
|
Total
|
100.00 |
%20PRIVATE%20LIMITED%20%20-%20295430%2029-Nov-2014_files/image010.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Cut and Polished Diamonds. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Diamond |
||||
|
Countries : |
· Hong Kong · China · Japan |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Rough Diamond |
||||
|
Countries : |
· Botswana · Belgium |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, L/C and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
400 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India ·
The Royal Bank of Scotland N.V., North Avenue 4, Maker Maxity, Level 3, Bandra Kurla Complex,
Bandra (East), Mumbai - 400051, Maharashtra, India ·
Standard Charted Bank, 90, M. G. Road, Fort, Mumbai – 400001, Maharashtra, India ·
IDBI Bank Limited, 224, A-Wing, Mittal Court, Nariman Point, Mumbai – 400021,
Maharashtra, India ·
Antwerp Diamond Bank N.V, 2nd Floor, Engineering Centre, Mathew Road, Opera House,
Mumbai – 400004, Maharashtra, India ·
ABN Amro Bank NV. 74, Sakhar Bhavan, 7th Floor, Nariman Point,
Mumbai – 400021, Maharashtra, India · Yes Bank Limited 9th Floor, Nehru Centre, discovery of
India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India · Canara Bank · Development Credit Bank Limited · Royal Bank of Scotland N.V. |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sudit K Parekh and Company Chartered Accountants |
|
Address : |
Ballard House, 2nd Floor, Adi Marzban Path, Ballard Pler,
Fort, Mumbai – 400001, Maharashtra, India |
|
Tel. No.: |
91-22-66178000 |
|
Fax No.: |
91-22-66178002 |
|
E-Mail : |
|
|
PAN No.: |
AAAFS4500P |
|
|
|
|
Subsidiaries
: |
·
Alok Impex Private Limited (w.e.f. 29/05/2010) CIN No.:
U36911MH1989PTC051646 ·
Kothari Diamonds Industries Private Limited
(w.e.f. 28/12/2010) CIN No.:
U36912MH1989PTC054783 ·
KGK Diamonds Inc. ·
KGK Gems Private Limited (w.e.f. 28/12/2010) CIN
No.:U36912MH2007PTC171061 ·
KGK Innovative Private Limited (w.e.f.
27/12/2010) CIN
No.:U45201RJ1997PTC014154 ·
KGK Dia Processing Private Limited (Formerly Known
as Shubham Amusements Private Limited) CIN No.:
U67120MH1995PTC084439 ·
KGK Homes Private Limited (w.e.f 22/03/2011) CIN No.:
U70102MH2011PTC213983 ·
Unique Diamonds Private Limited (w.e.f
29/05/2010) CIN No.:
U36912MH1988PTC049022 |
|
|
|
|
Key
Managerial Personnel and/or their relatives exercise significant influence : |
· Jaipur Automobiles Private Limited · Jal Mahal Resorts Private Limited · KGK Gems · Kothari Gems · KGK Diajewels Private Limited · Kaygee Holdings Private Limited · KGK Creations Private Limited · KGK Creations (India) Private Limited · KGK Diamonds Company Limited · KGK Diamonds and Jewellery LLC · KGK Diamonds (Far East) Inc. · KGK Diamonds BVBA · KGK Diamonds (Shanghai) Limited · KGK Diamonds (HK) Limited · KGK Diamonds LLC · K.G.K Investment Company Private Limited · KGK Jewellery Private Limited · KGK Jewellery Inc. · KGK Jewellery (HK) Limited · KGK Jewellery Manufacturing Limited · KGK Properties Private Limited · KGK Star Rough Pty Limited · KGK Jewels (Pty.) Limited · DDK LLC · KGK Diamonds (Pty) Limited · Kothari Creations Private Limited · Kothari Jewels Private Limited · Navratna Gems Private Limited · Popular Investments Private Limited · Ratnalaya Diamonds Private Limited · KGK Homes Private Limited · Say Resources Private Limited · KGK Kothari and Sons. · SNK Resources Private Limited · Precious Investments (HK) Limited · KGK Entice (India) Private Limited |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38000000 |
Equity Shares |
Rs.10/- each |
Rs.380.000 Millions |
|
2000000 |
Preference Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27437554 |
Equity Shares |
Rs.10/- each |
Rs.274.376
Millions |
|
522453 |
Preference Shares |
Rs.10/- each |
Rs.5.224
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 279.600 Millions |
FINANCIAL DATA
[All figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
279.600 |
258.015 |
|
(b) Reserves & Surplus |
|
2233.533 |
1683.828 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
2513.133 |
1941.843 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
922.105 |
840.125 |
|
(b) Deferred tax liabilities (Net) |
|
0.359 |
0.373 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
6.181 |
5.201 |
|
Total Non-current Liabilities (3) |
|
928.645 |
845.699 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
6221.397 |
4820.537 |
|
(b) Trade payables |
|
4268.428 |
2600.205 |
|
(c) Other current
liabilities |
|
191.431 |
105.999 |
|
(d) Short-term provisions |
|
0.326 |
0.409 |
|
Total Current Liabilities (4) |
|
10681.582 |
7527.150 |
|
|
|
|
|
|
TOTAL |
|
14123.360 |
10314.692 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
379.621 |
247.241 |
|
(ii) Intangible Assets |
|
1.331 |
0.092 |
|
(iii) Capital
work-in-progress |
|
475.316 |
15.718 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
69.269 |
72.234 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
816.099 |
853.689 |
|
(e) Other Non-current assets |
|
3.395 |
3.152 |
|
Total Non-Current Assets |
|
1745.031 |
1192.126 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5354.545 |
4491.843 |
|
(c) Trade receivables |
|
6579.052 |
4496.393 |
|
(d) Cash and cash
equivalents |
|
399.880 |
75.201 |
|
(e) Short-term loans and
advances |
|
43.581 |
59.129 |
|
(f) Other current assets |
|
1.271 |
0.000 |
|
Total Current Assets |
|
12378.329 |
9122.566 |
|
|
|
|
|
|
TOTAL |
|
14123.360 |
10314.692 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
195.000 |
|
|
2] Share Application Money |
|
|
430.306 |
|
|
3] Reserves & Surplus |
|
|
264.407 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
889.713 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3478.031 |
|
|
2] Unsecured Loans |
|
|
941.587 |
|
|
TOTAL BORROWING |
|
|
4419.618 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5309.331 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
130.075 |
|
|
Capital work-in-progress |
|
|
56.781 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
57.426 |
|
|
DEFERRED TAX ASSETS |
|
|
0.269 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2082.676 |
|
|
Sundry Debtors |
|
|
4106.831 |
|
|
Cash & Bank Balances |
|
|
64.951 |
|
|
Other Current Assets |
|
|
12.222 |
|
|
Loans & Advances |
|
|
1092.834 |
|
Total
Current Assets |
|
|
7359.514 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2016.786 |
|
|
Other Current Liabilities |
|
|
25.346 |
|
|
Provisions |
|
|
252.602 |
|
Total
Current Liabilities |
|
|
2294.734 |
|
|
Net Current Assets |
|
|
5064.780 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5309.331 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL |
15314.863 |
13350.500 |
11348.816 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
15042.053 |
13082.583 |
11157.576 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
272.810 |
267.917 |
191.240 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
90.046 |
86.941 |
63.711 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
182.764 |
180.976 |
127.529 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
350.383 |
169.407 |
41.878 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
533.147 |
350.383 |
169.407 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
100.894 |
101.269 |
8425.091 |
|
|
TOTAL EARNINGS |
100.894 |
101.269 |
8425.091 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7168.636 |
5826.180 |
|
|
|
|
Stores & Spares |
1.266 |
1.996 |
|
|
|
|
Capital Goods |
81.972 |
37.762 |
|
|
|
TOTAL IMPORTS |
7251.874 |
5865.938 |
5273.467 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
6.54 |
7.01 |
-- |
|
%20PRIVATE%20LIMITED%20%20-%20295430%2029-Nov-2014_files/image003.gif){kind=small}
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.01 |
2.62 |
2.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.14 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.84 |
2.92 |
4.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.21 |
3.21 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
258.015 |
279.600 |
|
Reserves & Surplus |
1683.828 |
2233.533 |
|
Net
worth |
1941.843 |
2513.133 |
|
|
|
|
|
long-term borrowings |
840.125 |
922.105 |
|
Short term borrowings |
4820.537 |
6221.397 |
|
Total
borrowings |
5660.662 |
7143.502 |
|
Debt/Equity
ratio |
2.915 |
2.842 |
%20PRIVATE%20LIMITED%20%20-%20295430%2029-Nov-2014_files/image005.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
11348.816 |
13350.500 |
15314.863 |
|
|
|
17.638 |
14.714 |
%20PRIVATE%20LIMITED%20%20-%20295430%2029-Nov-2014_files/image007.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
11348.816 |
13350.500 |
15314.863 |
|
Profit |
127.529 |
180.976 |
182.764 |
|
|
1.12% |
1.36% |
1.19% |
%20PRIVATE%20LIMITED%20%20-%20295430%2029-Nov-2014_files/image009.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
No |
|
18] |
Major customers |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem and Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/ MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10501304 |
26/05/2014 |
350,000,000.00 |
SOCIETE GENERALE |
6TH FLOOR, MOHAN DEV, 13, TOLSTOY MARK, NEW DELHI, DELHI - 110001, INDIA |
C05814843 |
|
2 |
10483607 |
18/02/2014 |
400,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B98911522 |
|
3 |
10413331 |
27/02/2013 |
250,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B71294946 |
|
4 |
10372206 |
30/07/2012 |
2,250,000,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR,, NEAR MITHAKALI SIX ROADS, AHMEDABAD, GUJARAT - 380006, INDIA |
B56188477 |
|
5 |
10359699 |
21/05/2012 |
200,000,000.00 |
THE ROYAL BANK OF SCOTLAND N.V. |
7TH FLOOR, SAKHAR BHAVAN, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B40918385 |
|
6 |
10183308 |
10/08/2012 * |
3,300,000,000.00 |
THE ROYAL BANK OF SCOTLAND N.V. |
NORTH AVENUE 4,
MAKER MAXITY, LEVEL 3, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI,
MAHARASHTRA - |
B56683147 |
|
7 |
10187035 |
01/10/2009 |
310,000,000.00 |
CANARA BANK |
GROUND FLOOR, DALAMAL TOWER, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A73556995 |
* Date of charge modification
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Loans and advances from directors |
222.305 |
365.656 |
|
Loans and advances from others |
485.207 |
474.469 |
|
Total |
707.512 |
840.125 |
CHANGE OF ADDRESS
The registered office of the company has been shifted from DE-4011-4016, Bharat Diamond Bourse, bandra Kurla complex, Bandra (East), Mumbai – 400051, Maharashtra, India to the present w.e.f. 07.12.2012
OPERATIONS/STATE
OF AFFAIRS:
On the back drop of challenging
economic environment in 2012-13, where the GDP growth was only around 5%, the
Company tuned out a very good performance. In comparison to last year, the
Company’s sales has grown by 15% from Rs.13330.000 Millions in F.Y. 2011-12 to
Rs.15300.000 Millions in F.Y. 2012-13. During the year, the Company has shown
its presences in the local market, this can be evident from the fact that local
sales of the Company has grown by 65% from last F.Y. 2011-12 on year on year
basis. The Exports of the Company have also been increased by 2% from last F.Y.
2011-12. The Profit before tax of Company has shown raised by 2 % as compared
to Rs.272.800 Millions in Current F.Y. to Rs.267.900 Millions in the previous
year and the net profit has also risen by 1%.
During the year, there is
outflow of 816.400 Millions from operations. After payments towards capital
expenditure, interest, inflows of borrowing and increase in share capital, the
net cash accruals was Rs.324.600 Millions. The Finance cost has been increased
in the current F.Y. 2012-13 by 14% i.e. Rs.346.100 Millions from 238.500
Millions in the previous F.Y. 2011-12, due to increase in the interest rate
during the year. During the year, the company has repaid the interest free
unsecured borrowings amounting to Rs.132.600 Millions and at the same time has
availed a Secured long term loan amounting to Rs.250.000 Millions, bearing 12%
interest rate. The Short term borrowings have been increased by an amount of
Rs.1400.000 Millions during the year i.e. Rs.4820.000 Millions in the previous
F.Y. 2011-12 as compared to Rs.6220.000 Millions in the current F.Y. 2012-13.
The Company has increased its fixed assets base from Rs.181.900 Millions and
Rs.459.600 Millions towards capital work in progress in the year under to
negative net review. Due worth of one of its foreign subsidiary named KGK
Diamonds, INC in USA, the Company has made provision for diminution in the
entire value of investment of Rs.2.965 Millions. Lastly there has been an
increase in the net worth of the Company by an amount of Rs.570.000 Millions.
It depict that this year was in favour of the Company.
FIXED ASSETS:
·
Plant and Machinery
·
Mettler Machine
·
Furniture and Fixture
·
Air Conditioner
·
Refrigerator
·
Typewriter
·
Office Equipment
·
Motor Car
·
Vehicle
·
Cycle
·
Computer
·
Electronic Time Punching
·
EPABX
·
Vacuum Cleaner
·
Electrical Installation
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.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.