MIRA INFORM REPORT
|
Report Date : |
20.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHREE RAMKRISHNA EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
EE-6011, Bharat Diamond Bourse, "G" Block, Bandra Kurla
Complex, Bandra (East), Mumbai – 400005, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
02.04.2012 |
|
|
|
|
Com. Reg. No.: |
11-229115 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 1480.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2012PTC229115 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AARCS2442Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of import, export and
manufacturing of cut and polished diamonds and studded Jewellery. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behavior : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was setup as a sole proprietorship concern in 1964. Later it
was reconstituted as a partnership firm in 1976 and subsequently was
reconstituted as a private limited company in 2012. The company possesses a favourable financial profile marked by
adequate networth base, healthy operational efficiencies and its robust debt
protection metrics along with high total outside liabilities to tangible
networth ratio. Management has witnessed a substantial improvement in its revenue and net
profitability, including sustained profit margins during FY14. The ratings also take into consideration, the susceptibility of its
profitability margins to volatility in diamond prices and to fluctuations in
foreign exchange rates. However, trade relations are fair. Business is active. Payment terms
are reported as usually correct. In view of extensive experience of the promoters and established
market position of the company, it can be considered for business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go
slowly 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 Electro herm 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 Blue Ridge 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 willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
On Mobile 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 |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
September 05, 2014 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
September 05, 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 DENIED
Management non co-operative (91-22-40405555)
LOCATIONS
|
Registered Office : |
EE-6011, Bharat Diamond Bourse, "G" Block, Bandra Kurla
Complex, Bandra (East), Mumbai – 400005, Maharashtra, India |
|
Tel. No.: |
91-22-40405555 |
|
Mob. No |
91-9820966900 |
|
Fax No.: |
91-22-40405500 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Diamond Factory : |
'SRK Empire', 99,
Vastadevdi Road, Katargam, Surat - 395004, Gujarat, India |
|
Tel. No.: |
91-261-4040555 |
|
Fax No.: |
91-261-4040550 |
|
E-Mail : |
|
|
|
|
|
Jewellary Factory : |
Plot No. 151, Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat, India |
|
Tel. No.: |
91-261-6714444 |
|
Fax No.: |
91-261-6714445 |
DIRECTORS
As on: 01.09.2014
|
Name : |
Mr. Govindbhai Laljibhai Dholakia |
|
Designation : |
Director |
|
Address : |
3, Vrundavandham Society, Katargam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
07.11.1947 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00524146 |
|
|
|
|
Name : |
Mr. Shreyansh Govindbhai Dholakia |
|
Designation : |
Director |
|
Address : |
3, Vrundavandham Society, Katargam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
21.05.1987 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00523418 |
|
|
|
|
Name : |
Mr. Jayantibhai Vashrambhai Narola |
|
Designation : |
Director |
|
Address : |
70, Kantareshwar Society, Katar Gam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
05.06.1964 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00587167 |
|
|
|
|
Name : |
Mrs. Champaben Govindbhai Dholakia |
|
Designation : |
Director |
|
Address : |
3, Vrundavandham Society, Katargam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
23.09.1954 |
|
Date of Appointment : |
02.04.2012 |
|
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 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00524017 |
|
|
|
|
Name : |
Mr. Vashrambhai Bhurabhai Narola |
|
Designation : |
Director |
|
Address : |
70, Kantareshwar Society, Katar Gam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
21.03.1942 |
|
Date of Appointment : |
02.04.2012 |
|
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 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00523491 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 01.09.2014
Equity Share
|
Names of Shareholders |
|
No. of Shares |
|
Vashrambhai Bhurabhai Narola |
|
1800000 |
|
Shreyansh Govindbhai Dholakia |
|
1800000 |
|
Arjanbhai Lalji Dholakiya |
|
2700000 |
|
Rahulbhai Nagjibhai Dholakia |
|
1800000 |
|
Govindbhai Laljibhai Dholakia |
|
5400000 |
|
Champaben Govindbhai Dholakia |
|
1800000 |
|
Jayantibhai Vashrambhai Narola |
|
2700000 |
|
|
|
|
|
Total |
|
18000000 |
Preference Share
|
Names of Shareholders |
|
No. of Shares |
|
Vashrambhai Bhurabhai Narola |
|
2129900 |
|
Shreyansh Govindbhai Dholakia |
|
6445600 |
|
Arjanbhai Lalji Dholakiya |
|
16679800 |
|
Rahulbhai Nagjibhai Dholakia |
|
18120900 |
|
Govindbhai Laljibhai Dholakia |
|
51895800 |
|
Champaben Govindbhai Dholakia |
|
13966900 |
|
Vashrambhai Bhurabhai Narola |
|
2129900 |
|
Jayantibhai Vashrambhai Narola |
|
20761100 |
|
|
|
|
|
Total |
|
130000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of import, export and
manufacturing of cut and polished diamonds and studded Jewellery. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
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 ·
State Bank of India, Diamond Branch, Bharat
Diamond Bourse, Tower No. D-3, ground Floor, Bandra Kurla Complex, Mumbai –
400051, Maharashtra, India ·
INDUSIND Bank Limited, Indusind House, 425, Dadasaheb
Bhadkamkararg, Mumbai – 400004, 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 d.
Investment in SBI Mutual Fund Guarantee 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 4.5% per annum and Rupee loans carry interest rate @ @ 11% to 14% per annum. The aforesaid loans are repayable
with in the range of 30 days to 180 days. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh Surana and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
PAN No.: |
AAPFS9735B |
|
|
|
|
Enterprises In which
Key management personnel or their relatives have significant influence : |
v The Jewelry Company v Atushri Santokben Laljibhai Dholakia Charitable Trust v Sahajanand Diamonds v Shree Ram Diamex Private limited v Goldi Green Technologies Private limited v Jewel Goldi (India) v Shree Ramkrishna Charitable Trust v Prabhuruday Jivdaya Trust v Dholakia Charitable Trust v Matushri Santokben Laljibhai Dholakia Chantable Trust v Shree Ramkrishna Welfare Trust v Swa. Fulima Nathubhai Naroia Charitabie Trust v Traffic Education Trust v Lokseva Trust v SDA Diamond Hospital and Medical Research |
|
|
|
|
Subsidiaries: |
v Ramkrishna goldi private limited v Shree ramkrishna gems private limited |
CAPITAL STRUCTURE
As on: 30.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
130,000,000 |
Preference shares |
Rs.10/- each |
Rs.1300.000 Millions |
|
|
Total |
|
Rs.1500.Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18,000,000 |
Equity Shares |
Rs.10/- each |
Rs.180.000
Millions |
|
130,000,000 |
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 |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1480.000 |
1480.000 |
|
(b) Reserves & Surplus |
|
2663.563 |
1462.473 |
|
(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) |
|
4143.563 |
2942.473 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
861.224 |
832.424 |
|
(b) Deferred tax liabilities (Net) |
|
11.674 |
4.479 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
2.870 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
875.768 |
836.903 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
8203.102 |
6007.488 |
|
(b) Trade payables |
|
6107.320 |
3123.211 |
|
(c) Other current
liabilities |
|
101.640 |
35.571 |
|
(d) Short-term
provisions |
|
0.319 |
0.000 |
|
Total Current
Liabilities (4) |
|
14412.381 |
9166.270 |
|
|
|
|
|
|
TOTAL |
|
19431.712 |
12945.646 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1470.579 |
1201.996 |
|
(ii) Intangible Assets |
|
0.167 |
0.000 |
|
(iii) Capital
work-in-progress |
|
41.621 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
45.901 |
59.461 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
239.217 |
613.240 |
|
(e) Other
Non-current assets |
|
41.647 |
13.343 |
|
Total Non-Current
Assets |
|
1839.132 |
1888.040 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
124.236 |
107.695 |
|
(b) Inventories |
|
12286.064 |
6761.151 |
|
(c) Trade receivables |
|
4523.913 |
3606.327 |
|
(d) Cash and cash
equivalents |
|
434.243 |
294.542 |
|
(e) Short-term loans
and advances |
|
206.811 |
283.638 |
|
(f) Other current
assets |
|
17.313 |
4.253 |
|
Total Current Assets |
|
17592.580 |
11057.606 |
|
|
|
|
|
|
TOTAL |
|
19431.712 |
12945.646 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
46797.400 |
30777.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of traded goods |
|
|
|
|
|
|
Employee benefit expenses |
|
|
|
|
|
|
Other Expenses |
|
|
|
|
|
|
TOTAL |
|
44809.400 |
29446.200 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1988.000 |
1331.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
158.600 |
136.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
|
1829.400 |
1195.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
575.100 |
398.888 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
|
1254.300 |
796.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of export |
|
44939.600 |
29638.000 |
|
|
TOTAL EARNINGS |
|
44939.600 |
29638.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
45583.100 |
29311.000 |
|
|
TOTAL IMPORTS |
|
45583.100 |
29311.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
69.68 |
44.25 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
PAT / Total Income |
(%) |
|
2.68 |
2.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.46 |
9.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.44 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
2.19 |
2.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.22 |
1.21 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1480.000 |
1480.000 |
|
Reserves & Surplus |
1462.473 |
2663.563 |
|
Net
worth |
2942.473 |
4143.563 |
|
|
|
|
|
long-term borrowings |
832.424 |
861.224 |
|
Short term borrowings |
6007.488 |
8203.102 |
|
Total
borrowings |
6839.912 |
9064.326 |
|
Debt/Equity
ratio |
2.325 |
2.188 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
30777.800 |
46797.400 |
|
|
|
52.049 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
30777.800 |
46797.400 |
|
Profit |
796.500 |
1254.300 |
|
|
2.59% |
2.68% |
LOCAL AGENCY FURTHER INFORMATION
Current Maturities
of Long Term Debt = 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 |
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
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 |
31.03.2014 Rs. In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Loans and advances
from related parties |
|
|
|
loans from directors |
861.224 |
832.424 |
|
Total |
861.224 |
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.825.000 Millions) 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 400051. The Company is engaged in the business of import, export and manufacturing of cut and polished diamonds and studded jewellery.
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10521158 |
30/08/2014 |
840,000,000.00 |
BANK OF INDIA |
BHARAT DIAMOND BOURSE BRANCH, D-2/D-4,
GROUND FLR, WEST CORE, G BLOCK, BKC, BANDRA (E), MUMBAI, MAHARASHTRA -
400051, INDIA |
C21704721 |
|
2 |
10353037 |
07/01/2014 * |
10,560,000,000.00 |
BANK OF INDIA (LEAD BANK) |
BHARAT DIAMOND BOURSE BR., D-2/D-4, GROUND
FLOOR, WEST CORE, "G" BLOCK, B.K.C, BANDRA (E),
MUMBAI, MAHARASHTRA-400051, INDIA |
B94468287 |
FIXED ASSETS:
v Land
v Buildings
v Plant and equipment
v Furniture and fixtures
v Vehicles
v Motor vehicles
v Office equipment
v Computer equipment
v Computer software
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 judgment 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.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
HLT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.