|
Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOUCHSTONE FINE JEWELLERY |
|
|
|
|
Registered
Office : |
A-301, Wing A, 3rd Floor, Mangalya Building, Off Marol
Mareshi Road, Andheri (East), Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 [Provisional] |
|
|
|
|
Date of
Establishment : |
01.02.2013 |
|
|
|
|
Capital Investment
: |
Rs. 14.079 Millions |
|
|
|
|
IEC No.: |
0313018529 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAIFT2033J |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Rings, Pendants, Earrings, Fine Jewellery
etc. |
|
|
|
|
No. of Employees
: |
82 (Approximately) (21 in Office and 61 in Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new partnership concern having moderate track
record. The rating is constrained on account of concern’s limited track record
of business operations and low profitability levels of the concern. However, concern has achieved decent sales turnover in its first year
of business operations. Trade relations are improving. Business is active. Payments are
reported to be slow but correct. The concern can be considered for business dealings with some
caution. |
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 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.
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.
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. Desmond Machado |
|
Designation : |
Accountant |
|
Contact No.: |
91-9892972239 |
|
Date : |
20.10.2014 |
LOCATIONS
|
Registered Office : |
A-301, Wing A, 3rd Floor, Mangalya Building, Off Marol
Mareshi Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9820140330 [Mr. Apoorva Mehta] 91-9892972239 [Mr. Desmond Machado] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
14/A, Mahal Industrial
Area, 1st Floor, Paper Box, Off Mahakali Caves Road, Andheri (East), Mumbai -
400093, Maharashtra, India |
|
Tel. No.: |
91-22-66712711 |
|
Fax No.: |
91-22-66712710 |
|
E-Mail : |
|
|
Location : |
Leased |
PARTNERS
|
Name : |
Mr. Malay Lalit Mody |
|
Designation : |
Partner |
|
Address : |
D/205, Simla House CHS Limited, 51/B, Napeansea Road, Mumbai – 400036,
Maharashtra, India |
|
Date of Birth/Age : |
31.08.1974 |
|
Qualification : |
B. Com |
|
Experience : |
20 Years |
|
Brief Description : |
After completing
his academic education at Palm Beach School and then at Hinduja College, He
decided to join their family business of diamond trading. He begun by
learning to sort and grade diamonds at a leading DTC sight holder company. Having gained some
knowledge for 2 years at B. Saraiya and Company, a prominent diamond trading
company, He was given the opportunity to travel overseas to Belgium, Hongkong
and New York to develop clients for polish diamonds. In the next 5
years he acquired vast knowledge travelling several times a year selling
diamonds to customers around the world. As times changed
and customers wanted finished jewelry out of India, I decided to learn the
jewelry manufacturing process at a reputed company in SEEPZ Based on his
experience he assisted Nice Designs Private Limited, to set up and run their
factory for 4 Years. As an expansion plan Nice decided to move to a bigger
establishment in SEEPZ as Infinity Jewels, where I worked for 5 years,
heading production operations for the company After working at
Infinity Jewels for over 5 years he moved to the sales side of the industry
and have been catering to clients in the overseas market since then. |
|
|
|
|
Name : |
Mr. Apoorva S. Mehta |
|
Designation : |
Partner |
|
Address : |
42, Makani Manor, 16 Peddar Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
30.10.1972 |
|
Qualification : |
B. Com [Jai Hind
College] |
|
Experience : |
19 Years |
|
Brief Description : |
Apoorva Mehta born
in the family originated from Palanpur, which is naturally engaged in the
Diamond and Jewellery Trade since last three generations. Before joining the
family business as a mandatory requirement I worked as an apprentice in
factories and family friends offices to learn rough manufacturing skills,
Polish Diamond Grading and Jewellery manufacturing. Having keen
interest in jewellery trade, I founded Touchstone Jewellery in 1995, which
conducted jewellery manufacturing activities for the domestic market for
almost L0yrs" In 2001 to 2007:
In association with lnfinity Jewels division of B. Saraiya and Company, they
developed and built long term business relationship with multiple clients,
both Wholesalers and Retail chain stores in USA. 2007 to till date:
Have continued to cater to the existing clientele base and created new
accounts, to achieve soles off US$ 4.5 to 5 million (INR 25 CRORES) per annum
and growing. |
|
|
|
|
Name : |
Mr. Siraj B. Saraiya |
|
Designation : |
Partner |
|
Address : |
61, Anupam Building, 6th Floor, 11, Manav Mandir Road,
Walkeshwar, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
27.08.1972 |
|
Qualification : |
B. Com |
|
Experience : |
19 Years |
|
Brief Description : |
Summary, after he
completed college he started learning to sort and grade diamonds at a well reputed
DTC Firm (Mahendra Bros) for 2 years and there after completing the diamond
training course joined my family firm B. Saraiya and Company which is in
business since last 40 years. He started travelling to his house to house
offices which are located in NY, HK, Antwerp, and BK for exposure and
practical experiences for almost 2 years, later he settled in his present
company and started buying for his clients and overseas offices. |
KEY EXECUTIVES
|
Name : |
Mr. Desmond Machado |
|
Designation : |
Accountant |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Rings, Pendants, Earrings, Fine Jewellery
etc. |
|
|
|
|
Exports : |
|
|
Products : |
Rings, Pendants, Earrings, Fine Jewellery etc. |
|
Countries : |
· USA · Canada · Australia |
|
Trade References
: |
· B.I.G. Jewellery, New York USA · Jewelstone, New York USA · Royal Jewellery, New York USA |
|
|
|
|
Terms : |
|
|
Selling : |
Credit [90 Days and 120 Days] |
|
|
|
|
Purchasing : |
Credit [90 Days and 120 Days] |
PRODUCTION STATUS
|
Products |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
Rings, Pendants, Earrings, Diamond and Gold Studded etc. |
2000 Pcs/ Month |
1200 Pcs/ Month |
|
|
|
|
GENERAL INFORMATION
|
Suppliers : |
· Amitesh Export Corporation Address: 23/27, Dreamland Building A, 4th Floor, Mama Parmanand Marg, Mumbai – 400004, Maharashtra, India Tel. No.: 91-22-23638899 Contact Person: Mr. Hitesh Parikh · M B Mehta and Company Address: CW 6161, 6th Floor, Bharat Dismond Bourse, Bandra Kurla Complex, Bandra [East], Mumbai – 400051, Maharashtra, India Tel. No.: 91-22-23630318 Contact Person: Mr. Manoj Mehta |
||||||||||
|
|
|
||||||||||
|
Customers : |
Wholesalers and Retailers · Big Jewelry Address: 115 West, 30th
Street, 8 F/I, New York, NY 10001, USA Tel. No.: 212-868-9365 Contact Person: Mr. Ari
Ebrahimoff · Royal Jewelry Mfg Inc. Address: 1001, 6th
Avenue, 7th Floor, New York, NY 10018, USA Tel. No.: 212-302-2500 Contact Person: Mr. Ben
Hakimian · Allison Kaufman Co Address: 7640 Haskell Avenue
Van Nuys CA 91406-2005 USA Tel. No.: 818-373-5100 Contact Person: Mr. Scott
Kaufman · Diamond World Inc. Address: 6222 Richmond
Ave # 875 Houston TX 77057 USA Tel. No.: 713-780-1676 Contact Person: Ms. Ana Cortes |
||||||||||
|
|
|
||||||||||
|
No. of Employees : |
82 (Approximately) (21 in Office and 61 in Factory) |
||||||||||
|
|
|
||||||||||
|
Bankers : |
· The Royal Bank of Scotland N.V. 14, Veer Nariman Road, Fort, Mumbai – 400023, Maharashtra, India |
||||||||||
|
|
|
||||||||||
|
Facilities : |
Credit Limit = Rs. 70.000 Millions (RS.
IN MILLIONS)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sampat Mehta and Associates Chartered Accountants |
|
Address : |
B-501/503, 11 Sarvoday, Western Express Highway, Bandra [East], Mumbai
– 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26583000 |
|
Fax No.: |
91-22-26583050 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 31.03.2014 [PROVISIONAL]
|
Capital Investment : |
|
|
Owned : |
Rs. 14.079 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 14.079 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2014 [Provisional] |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner’s Capital |
|
|
14.079 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Profit and Loss Account |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
14.079 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
27.666 |
|
|
2] Unsecured Loans |
|
|
18.200 |
|
|
TOTAL BORROWING |
|
|
45.866 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
59.945 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
4.573 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
23.413
|
|
|
Sundry Debtors |
|
|
33.829
|
|
|
Cash & Bank Balances |
|
|
10.465
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
3.525
|
|
Total
Current Assets |
|
|
71.232
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
15.860
|
|
|
Other Current Liabilities |
|
|
0.000
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
15.860
|
|
|
Net Current Assets |
|
|
55.372
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
59.945 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 [Provisional] |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
87.008 |
|
|
|
Other Income |
|
|
0.572 |
|
|
|
TOTAL |
|
|
87.580 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
|
|
66.514 |
|
|
|
Labour charges |
|
|
5.614 |
|
|
|
Custom duty on Import |
|
|
0.100 |
|
|
|
Agency and Freight charges |
|
|
0.594 |
|
|
|
Design charges |
|
|
0.177 |
|
|
|
Electricity expenses |
|
|
0.223 |
|
|
|
Exchange difference [net] |
|
|
1.272 |
|
|
|
Exhibition expenses |
|
|
0.974 |
|
|
|
Loan Documentation charges |
|
|
0.281 |
|
|
|
Rent expenses |
|
|
1.149 |
|
|
|
Interest on unsecured loan |
|
|
1.315 |
|
|
|
Interest on secured loan |
|
|
0.650 |
|
|
|
Mould expenses |
|
|
0.454 |
|
|
|
Miscellaneous expense |
|
|
0.287 |
|
|
|
Consumable |
|
|
0.125 |
|
|
|
Salary |
|
|
3.074 |
|
|
|
Foreign travelling expenses |
|
|
2.215 |
|
|
|
Remuneration to partners |
|
|
0.150 |
|
|
|
Warehousing fee |
|
|
0.116 |
|
|
|
Other Expenses |
|
|
0.987 |
|
|
|
TOTAL |
|
|
86.271 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
1.309 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
1.228 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
0.081 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
0.056 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2014 [Provisional] |
|
PAT / Total Income |
(%) |
|
|
0.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
3.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
4.49 |
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
one year |
Yes |
|
12] |
Profitability for last
one year |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
No |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
No |
|
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 |
No |
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
(RS.
IN MILLIONS)
|
PARTICULARS |
31.03.2014 [Provisional] |
|
|
|
|
Anjana K. Shah |
1.800 |
|
Chaitali Saraiya |
1.300 |
|
Chaya B. Saraiya |
7.600 |
|
Malay Mody HUF |
2.500 |
|
Priyanky Modi |
4.200 |
|
Shail Saraiya |
0.800 |
|
|
|
|
Total |
18.200 |
------------------------------------------------------------------------------------------------------------------------------
MR. SIRAJ B. SARAIYA
BALANCE SHEET
(RS.
IN MILLIONS)
|
SOURCES OF FUNDS |
|
|
31.03.2014 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Partner’s Capital |
|
|
17.734 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Profit and Loss Account |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
17.734 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17.734 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
5.790 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
6.618 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
(0.403) |
|
|
Other Current Assets |
|
|
5.729 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
5.326 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.000 |
|
|
Net Current Assets |
|
|
5.326 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17.734 |
|
------------------------------------------------------------------------------------------------------------------------------
MR. SIRAJ B. SARAIYA
PROFIT & LOSS ACCOUNT
(RS.
IN MILLIONS)
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
1.340 |
|
|
|
TOTAL |
|
|
1.340 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Bank charges |
|
|
0.001 |
|
|
|
Brokerage charges |
|
|
0.019 |
|
|
|
Club expenses |
|
|
0.032 |
|
|
|
Demate A/c. |
|
|
0.002 |
|
|
|
LIC |
|
|
0.402 |
|
|
|
Long term share capital loss |
|
|
3.673 |
|
|
|
Membership fees |
|
|
0.071 |
|
|
|
Professional fees |
|
|
0.014 |
|
|
|
Professional tax |
|
|
0.003 |
|
|
|
School expenses |
|
|
0.173 |
|
|
|
Security transaction charges |
|
|
0.006 |
|
|
|
Sundry expense |
|
|
0.527 |
|
|
|
Telephone expense |
|
|
0.014 |
|
|
|
Travelling expense |
|
|
0.016 |
|
|
|
Wealth tax |
|
|
0.052 |
|
|
|
TOTAL |
|
|
5.005 |
|
|
|
|
|
|
|
|
|
NET PROFIT/
[LOSS] |
|
|
(3.665) |
|
------------------------------------------------------------------------------------------------------------------------------
MR. APOORVA S. MEHTA
BALANCE SHEET
(RS.
IN MILLIONS)
|
LIABILITIES |
31.03.2013 |
ASSETS |
31.03.2013 |
|
Capital |
|
Investments |
|
|
Apoorva S. Mehta |
4.686 |
ICICI Prudential Mutual Fund |
0.060 |
|
|
|
|
|
|
Loan from Relatives and Friends |
|
HDFC Bank |
|
|
Aryan Apoorva Mehta |
0.035 |
Fix Deposits |
1.187 |
|
Sharad S. Mehta |
2.278 |
Add: Interest |
0.055 |
|
Yogna S. Mehta |
0.155 |
|
1.242 |
|
Sharad S. Mehta HUF |
0.075 |
|
|
|
|
|
Bank of Baroda |
|
|
Rent Deposit |
|
Fix Deposits |
0.744 |
|
Uni World |
0.456 |
Add: Interest |
0.013 |
|
Suresh Vaidyalingam Balsubramanium, Ahmedabad
|
0.034 |
|
0.757 |
|
|
|
|
|
|
Motor Car Loan |
|
Gold Stock |
0.055 |
|
HDFC Bank Account |
0.187 |
|
|
|
|
|
Assets |
|
|
Salary Payable |
0.072 |
Mangalya Premises |
2.127 |
|
|
|
Parisar CHS Limited, Ahmedabad Flat |
3.037 |
|
Neel Parekh |
0.124 |
|
|
|
|
|
Deposit |
|
|
|
|
Parisar CHS Limited, Maintenance |
0.063 |
|
|
|
|
|
|
|
|
Fix Assets |
|
|
|
|
Motor Car |
0.527 |
|
|
|
Sale [Personal] |
0.001 |
|
|
|
|
|
|
|
|
Income Tax refundable |
|
|
|
|
1999-2000 |
0.019 |
|
|
|
2000-2001 |
0.015 |
|
|
|
2001-2002 |
0.012 |
|
|
|
2006-2007 |
0.018 |
|
|
|
2007-2008 |
0.058 |
|
|
|
2008-2009 |
0.064 |
|
|
|
|
0.186 |
|
|
|
|
|
|
|
|
Share Investment Old |
0.033 |
|
|
|
|
|
|
|
|
Bank and Cash Balance |
|
|
|
|
Bank of Baroda, Current Account |
0.000 |
|
|
|
Bank of Baroda, Saving Account |
0.001 |
|
|
|
HDFC Bank, Saving Account |
0.008 |
|
|
|
Cash on hand |
0.005 |
|
|
|
|
0.014 |
|
|
|
|
|
|
Total |
8.102 |
Total |
8.102 |
------------------------------------------------------------------------------------------------------------------------------
MR. APOORVA S. MEHTA
PROFIT & LOSS ACCOUNT
(RS.
IN MILLIONS)
|
|
PARTICULARS |
|
|
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
4.784 |
|
|
|
TOTAL |
|
|
4.784 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
HDFC Bank – Car Loan |
|
|
0.029 |
|
|
|
Jewellery conceptual section and Designing Charge Expense |
|
|
0.620 |
|
|
|
Export Promotion expenses |
|
|
0.462 |
|
|
|
Office premises maint. Charges |
|
|
0.116 |
|
|
|
Salary expenses |
|
|
0.240 |
|
|
|
Office expenses |
|
|
0.121 |
|
|
|
Staff welfare |
|
|
0.039 |
|
|
|
Conveyance expenses |
|
|
0.032 |
|
|
|
Motor car expense |
|
|
0.080 |
|
|
|
Stationery expenses |
|
|
0.016 |
|
|
|
Electricity bill expenses |
|
|
0.140 |
|
|
|
Telephone expenses |
|
|
0.077 |
|
|
|
Mobile bill expense |
|
|
0.099 |
|
|
|
Bank charge expenses |
|
|
0.009 |
|
|
|
Professional fees |
|
|
0.004 |
|
|
|
Overseas Mediclaim Insurance |
|
|
0.010 |
|
|
|
Foreign Travelling Expenses |
|
|
0.190 |
|
|
|
Stamp Duty fees |
|
|
0.012 |
|
|
|
Brokerage charge |
|
|
0.011 |
|
|
|
TOTAL |
|
|
2.307 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE DEPRECIATION AND AMORTISATION |
|
|
2.477 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
|
|
0.093 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT/
[LOSS] |
|
|
2.384 |
|
------------------------------------------------------------------------------------------------------------------------------
MR. MALAY MODY
BALANCE SHEET
(RS.
IN MILLIONS)
|
LIABILITIES |
31.03.2013 |
ASSETS |
31.03.2013 |
|
|
|
|
|
|
Capital Account |
0.703 |
Lalit Mody |
0.348 |
|
|
|
|
|
|
|
|
Jewellery |
0.090 |
|
Shivangi Mody |
0.030 |
|
|
|
|
|
R.M.F |
0.109 |
|
|
|
|
|
|
|
|
Birla SIP |
0.098 |
|
|
|
|
|
|
|
|
Share Investments |
0.044 |
|
|
|
|
|
|
|
|
BOI |
0.002 |
|
|
|
|
|
|
|
|
SBI |
0.002 |
|
|
|
|
|
|
|
|
Cash on hand |
0.040 |
|
|
|
|
|
|
Total |
0.733 |
Total |
0.733 |
------------------------------------------------------------------------------------------------------------------------------
CASH FLOW STATEMENT
(RS. IN MILLIONS)
|
PARTICULARS |
31.03.2015 Projections |
31.03.2016 Projections |
|
|
|
|
|
Operating Sector |
|
|
|
Net Sales |
185.000 |
220.000 |
|
|
|
|
|
Debtors [Trade] |
21.925 |
13.562 |
|
|
|
|
|
Cash from Sales |
163.075 |
206.438 |
|
|
|
|
|
Costs
– Interest and Finance Charges |
5.260 |
6.640 |
|
|
|
|
|
Expenses
on stocks purchases |
170.312 |
182.449 |
|
|
|
|
|
Trade Creditors |
10.241 |
(0.399) |
|
|
|
|
|
Manufacturing expenses |
13.175 |
15.614 |
|
|
|
|
|
Cash Cost of Sales |
198.988 |
204.304 |
|
|
|
|
|
Expenses
for Increase/ [Decrease] in stocks |
23.927 |
8.956 |
|
|
|
|
|
Cash from Asset Conversion Cycle |
(59.840) |
(6.822) |
|
|
|
|
|
Selling, General and Admin Expenses |
17.003 |
19.122 |
|
|
|
|
|
Advance payments |
0.166 |
0.800 |
|
|
|
|
|
Advance received |
0.000 |
0.000 |
|
|
|
|
|
Taxation
|
1.954 |
2.301 |
|
|
|
|
|
Dividends
|
0.000 |
0.000 |
|
|
|
|
|
Cash from
Operations |
(78.963) |
(29.044) |
|
|
|
|
|
Other Current Assets |
(0.244) |
(0.284) |
|
|
|
|
|
Other Current
Liabilities |
(1.254) |
(0.238) |
|
|
|
|
|
Other
Income / Expenses [Net] |
(0.835) |
(0.835) |
|
|
|
|
|
Net Cash from Operations |
(76.630) |
(28.255) |
|
|
|
|
|
Investment Sector |
|
|
|
Capital
Expenditure |
0.000 |
0.000 |
|
|
|
|
|
Investment
in Group Companies |
0.000 |
0.000 |
|
|
|
|
|
Intangible/ Other Term Assets |
0.000 |
0.000 |
|
|
|
|
|
Cash before funding |
(76.630) |
(28.255) |
|
|
|
|
|
Financing Sector |
|
|
|
Dues to Banks |
52.334 |
20.000 |
|
|
|
|
|
Short term Debts |
0.000 |
0.000 |
|
|
|
|
|
Term Debts |
0.000 |
0.000 |
|
|
|
|
|
Equity
|
0.000 |
0.000 |
|
|
|
|
|
Other
Loans and reserves |
0.000 |
0.000 |
|
|
|
|
|
Total |
52.334 |
20.000 |
|
|
|
|
|
Movement in Cash
Assets |
(24.296) |
(8.255) |
|
|
|
|
|
Cash and Bank Balances |
(0.369) |
0.701 |
|
|
|
|
|
Investments [Other than long term] |
0.000 |
0.000 |
|
|
|
|
|
Movement in Cash
Assets |
(0.369) |
0.701 |
------------------------------------------------------------------------------------------------------------------------------
FINANCIAL ANALYSIS
(RS. IN MILLIONS)
|
PARTICULARS |
31.03.2015 Projections |
31.03.2016 Projections |
|
|
|
|
|
A. PROFILE ANALYSIS |
|
|
|
Total Assets [Tangible] |
123.489 |
149.270 |
|
|
|
|
|
Total Outside Liabilities [TOL] |
105.040 |
125.677 |
|
|
|
|
|
Tangible
Networth [TNW] |
18.449 |
23.593 |
|
|
|
|
|
Net Sales |
185.000 |
220.000 |
|
|
|
|
|
PBDIT |
11.437 |
13.771 |
|
|
|
|
|
Operating
Profits [OPBT] |
5.488 |
6.610 |
|
|
|
|
|
Net
Profit |
4.369 |
5.145 |
|
|
|
|
|
Gross
Cash Accruals |
5.058 |
5.665 |
|
|
|
|
|
Term Liabilities to Gross Cash Accruals |
0.360 |
0.321 |
|
|
|
|
|
Net
Working Capital |
32.765 |
38.431 |
|
|
|
|
|
%
of NWC to Current Assets |
27.39% |
26.34% |
|
|
|
|
|
Current Assets to Net Sales |
64.65% |
66.32% |
|
|
|
|
|
B. LIQUIDITY ANALYSIS |
|
|
|
Current
Ratio |
1.38 |
1.36 |
|
|
|
|
|
Quick
Ratio |
0.80 |
0.79 |
|
|
|
|
|
C. PROFITABILITY
ANALYSIS |
|
|
|
PBDIT
/ Net Sales % |
6.18% |
6.26% |
|
|
|
|
|
OPBT
/ Net Sales % |
2.97% |
3.00% |
|
|
|
|
|
Net Profit / Net Sales % |
2.36% |
2.34% |
|
|
|
|
|
Return
to Assets % |
3.54% |
3.45% |
|
|
|
|
|
Retained
Profits / Net Profit % |
100.00% |
100.00% |
|
|
|
|
|
Return
on Networth % |
23.68% |
21.18% |
|
|
|
|
|
D. ACTIVITY
ANALYSIS [IN DAYS] |
|
|
|
Receivable
turnover – Domestic |
-- |
-- |
|
|
|
|
|
Receivable
turnover – Export |
11.000 |
11.500 |
|
|
|
|
|
Inventory Turnover |
19.300 |
19.500 |
|
|
|
|
|
Accounts
payables turnover |
1.200 |
1.200 |
|
|
|
|
|
Fixed
assets turnover ratio |
47.64 |
65.42 |
|
|
|
|
|
E. GROWTH RATIOS |
|
|
|
Net Sales Growth % |
115.78 |
18.92 |
|
|
|
|
|
Net
Profit Growth % |
7728.89 |
17.74 |
|
|
|
|
|
Net Worth Growth % |
31.03 |
27.89 |
|
|
|
|
|
F. LEVERAGE AND
OTHER RATIOS |
|
|
|
TOL / TNW |
5.69 |
5.33 |
|
|
|
|
|
DER |
0.99 |
0.77 |
|
|
|
|
|
DSCR |
1.96 |
1.85 |
|
|
|
|
|
CFDSCR |
(3.71) |
(0.47) |
|
|
|
|
|
FACR |
-- |
-- |
|
|
|
|
|
Net Operating Cash Flow [NOCF] |
(19.502) |
(3.151) |
|
|
|
|
|
Interest Cover |
2.17 |
2.07 |
|
|
|
|
|
CFICR
|
(3.71) |
(0.47) |
------------------------------------------------------------------------------------------------------------------------------
ASSESSMENT OF WORKING CAPITAL REQUIREMENTS
OPERATING STATEMENT
(RS. IN MILLIONS)
|
PARTICULARS |
31.03.2015 Projections |
31.03.2016 Projections |
|
|
|
|
|
Sales |
|
|
|
-
Domestic Sales |
-- |
-- |
|
-
Export Sales |
185.000 |
220.000 |
|
|
|
|
|
Gross Sales |
185.000 |
220.000 |
|
|
|
|
|
Less: Excise Duty/ Sales Tax |
0.000 |
0.000 |
|
|
|
|
|
Add: Other Operating Income |
0.000 |
0.000 |
|
|
|
|
|
NET SALES |
185.000 |
220.000 |
|
|
|
|
|
Increase in Net Sales [%] |
115.78% |
18.92% |
|
|
|
|
|
COST OF SALES |
|
|
|
Purchases |
170.312 |
182.449 |
|
-
Imported |
0.000 |
0.000 |
|
-
Indigenous |
170.312 |
182.449 |
|
|
|
|
|
Other Spares |
0.000 |
0.000 |
|
-
Imported |
0.000 |
0.000 |
|
-
Indigenous |
0.000 |
0.000 |
|
|
|
|
|
Power and Fuel |
0.000 |
0.000 |
|
|
|
|
|
Direct Labour |
13.175 |
15.614 |
|
|
|
|
|
Other Manufacturing Expenses |
0.000 |
0.000 |
|
|
|
|
|
Depreciation / Amorisation |
0.689 |
0.521 |
|
|
|
|
|
Repairs and Maintenance |
0.000 |
0.000 |
|
|
|
|
|
SUB-TOTAL |
184.175 |
198.584 |
|
|
|
|
|
Add: Opening Stock of Raw materials |
23.413 |
47.340 |
|
|
|
|
|
Less: Closing Stock of Raw materials |
47.340 |
56.296 |
|
|
|
|
|
COST OF PRODUCTION |
160.248 |
189.628 |
|
|
|
|
|
COP as % of Gross Sales |
86.62% |
86.19% |
|
|
|
|
|
Add: Opening Stock of Finished Goods |
0.000 |
3.000 |
|
|
|
|
|
Less: Closing Stock of Finished Goods |
3.000 |
5.000 |
|
|
|
|
|
COST OF SALES |
157.248 |
187.628 |
|
|
|
|
|
Cost of sales as % of Gross Sales |
85.00% |
85.29% |
|
|
|
|
|
Selling, General and Administrative expenses
|
17.003 |
19.122 |
|
|
|
|
|
Profit before interest and tax [PBIT] |
10.749 |
13.250 |
|
|
|
|
|
PBIT as % of Gross Sales |
5.81% |
6.02% |
|
|
|
|
|
Interest and Other Financial Charges |
5.260 |
6.640 |
|
|
|
|
|
Interest and Financial Charges as % of Sales
|
2.84% |
3.02% |
|
|
|
|
|
Operating profit before tax [OPBT] |
5.488 |
6.610 |
|
|
|
|
|
OPBT as % of Gross Sales |
2.97% |
3.00% |
|
|
|
|
|
Add: Other Non-operative Income |
|
|
|
-
Interest and Dividend |
0.835 |
0.835 |
|
-
Exchange Profit /
Export Incentives |
0.000 |
0.000 |
|
-
Excess Provision
written back |
0.000 |
0.000 |
|
-
Profit on sale of
assets |
0.000 |
0.000 |
|
-
Sale of scrap / other
miscellaneous income |
0.000 |
0.000 |
|
|
|
|
|
SUB-TOTAL [INCOME] |
0.835 |
0.835 |
|
|
|
|
|
Less: Other Non-operating Expenses |
|
|
|
-
Loss on Investment |
0.000 |
0.000 |
|
-
Loss on Forex |
0.000 |
0.000 |
|
-
Loss on sale of fixed
assets |
0.000 |
0.000 |
|
-
Bad debts written off |
0.000 |
0.000 |
|
-
Miscellaneous expense
written off |
0.000 |
0.000 |
|
|
|
|
|
SUB-TOTAL [EXPENSES] |
0.000 |
0.000 |
|
|
|
|
|
Profit before tax/ loss |
6.323 |
7.445 |
|
|
|
|
|
Tax paid |
0.000 |
0.000 |
|
|
|
|
|
Deferred tax liability / (Deferred tax
assets) |
0.000 |
0.000 |
|
|
|
|
|
Provision for taxes |
1.954 |
2.301 |
|
|
|
|
|
NET PROFIT / LOSS [PAT] |
4.369 |
5.145 |
|
|
|
|
|
PAT as % of Gross Sales |
2.36% |
2.34% |
|
|
|
|
|
Equity/ Preferences Dividend paid |
|
|
|
-
Equity Dividend |
-- |
-- |
|
-
Preference Dividend |
0.000 |
0.000 |
|
|
|
|
|
RETAINED PROFIT |
4.369 |
5.145 |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS OF BALANCE SHEET
(RS. IN MILLIONS)
|
PARTICULARS |
31.03.2015 Projections |
31.03.2016 Projections |
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
Short
term borrowings from bank (incl. Bills purchased, discounted and excess
borrowings placed on repayment basis) |
|
|
|
(i) From applicant bank |
80.000 |
100.000 |
|
(ii)
From other banks |
0.000 |
0.000 |
|
[Out of Total Bank Borrowings – BP and BD] |
0.000 |
0.000 |
|
|
|
|
|
SUB-TOTAL |
80.000 |
100.000 |
|
|
|
|
|
Short
term borrowings from others |
0.000 |
0.000 |
|
|
|
|
|
Sundry
Creditors - Trade |
5.599 |
5.998 |
|
|
|
|
|
Advance
payments from customers/deposits from dealers |
0.000 |
0.000 |
|
|
|
|
|
Provision
for taxation |
0.000 |
0.000 |
|
|
|
|
|
Dividend
Payable |
0.000 |
0.000 |
|
|
|
|
|
Other
statutory liabilities (due within one year) |
0.000 |
0.000 |
|
|
|
|
|
Installments of TLs/ Debentures/ Preference
Shares/ DPGs/ Deposits/ Unsecured loans etc. [due within one year] |
0.000 |
0.000 |
|
|
|
|
|
Other
current liabilities & Provisions (due within one year) |
0.000 |
0.000 |
|
|
|
|
|
Interest accrued but not due |
0.000 |
0.000 |
|
|
|
|
|
Dues to Directors |
0.000 |
0.000 |
|
|
|
|
|
Security Deposit – Suppliers and Contractors |
0.000 |
0.000 |
|
|
|
|
|
Other Current Liabilities |
1.241 |
1.479 |
|
|
|
|
|
SUB-TOTAL |
6.840 |
7.477 |
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
86.840 |
107.477 |
|
|
|
|
|
TERM LIABILITIES |
|
|
|
Debentures
(not maturing within one year) |
0.000 |
0.000 |
|
|
|
|
|
Preference
Shares (redeemable after one year) |
0.000 |
0.000 |
|
|
|
|
|
Term
loans (excluding instalments payable within one year) |
0.000 |
0.000 |
|
|
|
|
|
Term Deposits [repayable after 1 year] |
0.000 |
0.000 |
|
|
|
|
|
Unsecured
loans [repayable after 1 year] |
18.200 |
18.200 |
|
|
|
|
|
Mobilization Adv. [repayable after 1 year] |
0.000 |
0.000 |
|
|
|
|
|
Sundry Creditors for Capital Goods |
0.000 |
0.000 |
|
|
|
|
|
Deferred Sales Tax |
0.000 |
0.000 |
|
|
|
|
|
Deferred Tax Liability |
0.000 |
0.000 |
|
|
|
|
|
TOTAL TERM LIABILITIES |
18.200 |
18.200 |
|
|
|
|
|
NET WORTH |
|
|
|
Ordinary Share Capital |
14.023 |
14.023 |
|
|
|
|
|
Preference Share Capital [Residual tenor
less 5 years] |
0.000 |
0.000 |
|
|
|
|
|
General Reserve |
0.000 |
0.000 |
|
|
|
|
|
Capital Reserve |
0.000 |
0.000 |
|
|
|
|
|
Surplus (+) or deficit (-) in P&L
Account |
4.425 |
9.570 |
|
|
|
|
|
Share Application Money |
0.000 |
0.000 |
|
|
|
|
|
Share Premium |
0.000 |
0.000 |
|
|
|
|
|
Capital Redemption Reserve |
0.000 |
0.000 |
|
|
|
|
|
Quasi Equity |
0.000 |
-- |
|
|
|
|
|
Less: Revaluation Reserve |
0.000 |
0.000 |
|
|
|
|
|
NET WORTH |
18.449 |
23.593 |
|
|
|
|
|
TOTAL LIABILITIES |
123.489 |
149.270 |
|
|
|
|
|
CURRENT ASSETS |
|
|
|
Cash
and Bank balances |
0.086 |
0.787 |
|
|
|
|
|
Short term unencumbered investments [other
than long term] |
10.000 |
10.000 |
|
-
Government and other
securities |
0.000 |
0.000 |
|
- Fixed deposits with banks |
10.000 |
10.000 |
|
|
|
|
|
Receivables |
55.753 |
69.315 |
|
-
Domestic Sales |
0.000 |
0.000 |
|
-
Export Receivables
[Including contingent BP and discounted by banks] |
55.753 |
69.315 |
|
|
|
|
|
Inventory |
50.340 |
61.296 |
|
-
Raw Material –
Indigenous |
47.340 |
56.296 |
|
-
Raw Material – Imported |
0.000 |
0.000 |
|
-
Consumables Spares –
Indigenous |
0.000 |
0.000 |
|
-
Consumables Spares –
Imported |
0.000 |
0.000 |
|
-
Stock in process |
47.340 |
56.296 |
|
-
Finished goods |
3.000 |
5.000 |
|
-
Goods in transit |
0.000 |
0.000 |
|
-
Closing stock of traded
goods |
0.000 |
0.000 |
|
|
|
|
|
OTHER CURRENT
ASSETS |
|
|
|
Deposit |
2.083 |
2.367 |
|
|
|
|
|
Duties and Taxes paid in advance |
1.200 |
2.000 |
|
|
|
|
|
Others [receivables within 1 year] |
0.000 |
0.000 |
|
|
|
|
|
Advance to supplier |
0.000 |
0.000 |
|
|
|
|
|
Other Current Assets |
0.142 |
0.142 |
|
|
|
|
|
TOTAL CURRENT ASSETS |
119.605 |
145.907 |
|
|
|
|
|
GROSS FIXED ASSETS [GFA] |
5.801 |
5.801 |
|
Land |
0.000 |
0.000 |
|
|
|
|
|
Building |
0.000 |
0.000 |
|
|
|
|
|
Plant and Machinery |
2.349 |
2.349 |
|
|
|
|
|
Furniture and Fixtures and Computers |
2.780 |
2.780 |
|
|
|
|
|
Other Fixed Assets |
0.672 |
0.672 |
|
|
|
|
|
Capital work in progress |
0.000 |
0.000 |
|
|
|
|
|
Less: Accumulated Depreciation on FA |
1.917 |
2.438 |
|
|
|
|
|
Less: Revaluation Reserves, if any |
0.000 |
0.000 |
|
|
|
|
|
NET BLOCK |
3.884 |
3.363 |
|
|
|
|
|
NON-CURRENT ASSETS |
|
|
|
Investments in Subsidiary/ Affiliates Cos. |
0.000 |
0.000 |
|
|
|
|
|
Other Investments |
0.000 |
0.000 |
|
|
|
|
|
Loans and Advances to Subsidiary /
Affiliates/ Associates Companies |
0.000 |
0.000 |
|
|
|
|
|
Advances to suppliers of Capital Goods /
Contractors |
0.000 |
0.000 |
|
|
|
|
|
Deferred receivables [maturity less 1 year] |
0.000 |
0.000 |
|
|
|
|
|
Margin money kept with banks |
0.000 |
0.000 |
|
|
|
|
|
Debtors exceeding six months |
0.000 |
0.000 |
|
|
|
|
|
Short term deposits with bodies corporate |
0.000 |
0.000 |
|
|
|
|
|
Non-consumables stores and spares |
0.000 |
0.000 |
|
|
|
|
|
Other non-Current Assets including dues from
directors |
0.000 |
0.000 |
|
|
|
|
|
TOTAL NON-CURRENT ASSETS |
0.000 |
0.000 |
|
|
|
|
|
Intangible Assets [deferred tax assets, patents,
goodwill, preliminary expenses, bad doubtful expenses not provided for etc.
to the extent not written off] |
0.000 |
0.000 |
|
|
|
|
|
TOTAL ASSETS |
123.489 |
149.270 |
------------------------------------------------------------------------------------------------------------------------------
FUND FLOW STATEMENT
(RS. IN MILLIONS)
|
PARTICULARS |
31.03.2015 Projections |
31.03.2016 Projections |
|
|
|
|
|
Profit
After Tax |
4.369 |
5.145 |
|
|
|
|
|
Depreciation |
0.689 |
0.521 |
|
|
|
|
|
Dividends |
0.000 |
0.000 |
|
|
|
|
|
Funds from Operations |
5.058 |
5.665 |
|
|
|
|
|
LONG TERM SOURCES |
|
|
|
Change in Capital |
0.000 |
0.000 |
|
|
|
|
|
Net change in reserve |
0.000 |
0.000 |
|
|
|
|
|
Change in term loans |
0.000 |
0.000 |
|
|
|
|
|
Total [Source [+] / Deficit [-]] |
5.058 |
5.665 |
|
|
|
|
|
LONG TERM USES |
|
|
|
Net
Change in Fixed Assets |
0.000 |
0.000 |
|
|
|
|
|
Change
in Other Non-Current Assets [including investments] |
0.000 |
0.000 |
|
|
|
|
|
Change
in Investments in Group Companies |
0.000 |
0.000 |
|
|
|
|
|
Change
in Intangibles |
0.000 |
0.000 |
|
|
|
|
|
Contribution to Working Capital |
5.058 |
5.665 |
|
|
|
|
|
SHORT TERM USES |
|
|
|
Change in Net Working Assets |
72.779 |
33.474 |
|
|
|
|
|
Change in Other Current Assets |
(0.078) |
1.084 |
|
|
|
|
|
SHORT TERM SOURCES |
|
|
|
Change
in Other Current Liabilities |
(8.987) |
0.637 |
|
|
|
|
|
Change
in Bank Borrowings / Loans |
52.334 |
20.000 |
|
|
|
|
|
Net Deficit / Surplus in ST Sources |
(29.354) |
(13.921) |
|
|
|
|
|
Net
Movement in Liquid Assets |
(24.296) |
(8.255) |
|
|
|
|
|
Change
in cash |
(0.369) |
0.701 |
|
|
|
|
|
Change
in Marketable Investments |
0.000 |
0.000 |
|
|
|
|
|
Net Movement in Liquid Assets |
(0.369) |
0.701 |
------------------------------------------------------------------------------------------------------------------------------
CALCULATION OF ASSESSED BANK FINANCE [ABF]
(RS. IN MILLIONS)
|
PARTICULARS |
31.03.2015 Projections |
31.03.2016 Projections |
|
|
|
|
|
Total
Current Assets |
119.605 |
145.907 |
|
|
|
|
|
Other
Current Liabilities [Other than Bank Borrowings and TL Instalments due within
one year] |
6.840 |
7.477 |
|
|
|
|
|
Working
Capital Gap |
112.765 |
138.431 |
|
|
|
|
|
Minimum
stipulated Net Working Capital [NWC] [25% of Total Current Assets excluding Export
Receivables] |
15.963 |
19.148 |
|
|
|
|
|
Actual
/ Projected NWC |
32.765 |
38.431 |
|
|
|
|
|
Item
3 minus item 4 |
96.802 |
119.282 |
|
|
|
|
|
Item
3 minus item 5 |
80.000 |
100.000 |
|
|
|
|
|
MPBF
[Lower of 6 or 7] |
80.000 |
100.000 |
|
|
|
|
|
Excess
borrowings representing shortfall in NWC |
-- |
-- |
------------------------------------------------------------------------------------------------------------------------------
WORKING CAPITAL ASSESSMENT
(RS. IN MILLIONS)
|
PARTICULARS |
31.03.2015 Projections |
31.03.2016 Projections |
|
|
|
|
|
BUILD UP OF CURRENT
ASSETS |
|
|
|
Raw Material – Indigenous |
47.340 |
56.296 |
|
Months
Consumption |
3.34 |
3.70 |
|
|
|
|
|
Raw Material – Imported |
0.000 |
0.000 |
|
Months
Consumption |
-- |
-- |
|
|
|
|
|
Consumable Spares - Indigenous |
0.000 |
0.000 |
|
Months
Consumption |
-- |
-- |
|
|
|
|
|
Consumable
Spares – Imported |
0.000 |
0.000 |
|
Months
Consumption |
-- |
-- |
|
|
|
|
|
Stock
in Process |
47.340 |
56.296 |
|
Months Cost of Production |
3.54 |
3.56 |
|
|
|
|
|
Finished Goods |
3.000 |
5.000 |
|
Months
Cost of Sales |
0.23 |
0.32 |
|
|
|
|
|
Receivables
[Domestic] other than deferred and exports [including bills purchases and
discounted by banks] |
0.000 |
0.000 |
|
Months Domestic Sales |
-- |
-- |
|
|
|
|
|
Export
Receivable [including bills purchased and discounted by banks] |
55.753 |
69.315 |
|
Months Export Sales |
3.62 |
3.78 |
|
|
|
|
|
BUILD UP OF CURRENT LIABILITIES |
|
|
|
Trade
Creditors |
5.599 |
5.998 |
|
Months Trade Creditors |
0.39 |
0.39 |
------------------------------------------------------------------------------------------------------------------------------
PROJECT REPORT
BUSINESS MODEL
To facilitate their manufacturing
activities the company has set up a unit with state of the art machinery,
software’s and modern equipment’s like Induction Casting Machine, Computer
Aided Design and Mfg, Laser Solders etc. which will be operated by their
skilled workforce of estimated 70 persons"
Diamond and Gold
will constitute major portion of their jewellery products, they will buy the
gold from an assigned bank or government body (MMTC) at international gold
rate. The procurement of Diamonds at competitive market rates will be sourced
from B. Saraiya's BKC office which is engaged in the diamond trading since last
40 years and Other Market Suppliers
Above resources and
set up enables them to cater to their global clients needs/requirements.
MARKETS
Their major market is
the USA (others being Australia and Canada) which has 3 levels of distribution:
Wholesalers, Retail Chains and Retail independent Stores. As volume
manufacturer they are currently catering to Wholesalers and Retails chains.
To fulfill the
unique requirements of each customer, they closely interact with them,
understand their business module and present products to compliment their
current design portfolio and market needs. This has enabled them to build long
term and mutually beneficial business relationships with their clients.
Further, they would assist them by providing after sales services in the form
of creating point of sale materials like Flyers, Catalogues etc.
------------------------------------------------------------------------------------------------------------------------------
VALUATION REPORT
(GENERAL DETAILS)
|
Purpose for which valuation is made |
To ascertain present market value for Bank
of India, Seepz Branch, Andheri [East], Mumbai - 400096 |
|
|
|
|
Date as on which valuation is made |
16.10.2014 |
|
|
|
|
Name of the Borrower |
Mr. Apoorva S. Mehta |
|
|
|
|
Brief description of the property |
Property is an office Premises No. Office
Premise No. A-301, ‘A’ Wing, 3rd Floor, Building known as ‘MANGALYA’
Mangalya Premises Cooperative Society Limited, Off. Marol Maroshi Road, Near
Marol Fire Bridage Station, Andheri (East), Mumbai 400059 with 1 open parking
space No. 027/A-301. Building comprises of stilt + 7 upper floors
and at in good condition. Building is covered with wall and building M.S.
Gate with flooring of chequred tiles. There is sufficient parking space in
the compound. There are 3 wings in the complex i.e. A, B
and C and each have 2 lift facilities. Office consist of 1 large hall, 1 chamber
which is made of wooden and Glass furniture, staff working area, visitors
sitting area, pantry and W.C. and it is in good condition with furniture and
fixtures. |
|
|
|
|
Brief description of the area |
The surrounding area is fully developed with
residential, commercial establishments Banks, Hotels and Hospitals Retails. |
|
|
|
|
Location, Street (Postal Address) |
Property is situated on Off. Marol Maroshi Road,
Nearby Marol Fire Bridage Station and State Bank of India, Marol Branch,
Marol, Andheri (East) |
|
|
|
|
Character of the locality [Residential /
Commercial / Shopping / Agriculture / Industrial / Mixed] |
Commercial and Residential |
|
|
|
|
Classification of the Locality [aristocrat /
upper middle class / poor / slum] |
Upper Middle Class |
|
|
|
|
Development of the surrounding area [Fully
developed / Partly developed] |
Fully developed |
|
|
|
|
Feasibility to civic amenities like School, Hospital,
Office, Market etc. [nearby, moderate, distance far way] |
Nearby |
|
|
|
|
Is the flat owner occupied / tenanted /
both |
Tenanted [Rent not known] |
|
|
|
|
Type of use to which it can be put
[Residential / Commercial / Mixed / Industrial] |
Commercial use |
|
|
|
|
Nearest Railway Station |
Andheri [East] Railway Stations of Western
Railway is about 3½ to 4 km away and Marol Naka of Metro Railway Station is
about 10 minutes’ walk able distant from the property. |
|
|
|
|
Nearest Road Services |
Off. Marol Maroshi Road and Andheri – Kurla
Road, Andheri [East] |
|
|
|
|
Nearby Landmark |
Marol Fire Brigade Station, Marol Naka |
|
|
|
|
Modes of Transport to Property |
Transportation means such as Auto Rickshaws,
Taxis, Private Vehicles and BEST Buses are available. |
|
|
|
|
C.T.DS. No. 599, 599/1-6 and 623 |
Village Marol, Andheri [East], Taluka
Andheri |
|
|
|
|
TECHNICAL DETAILS |
|
|
No. of floors its height |
9’ ft height |
|
|
|
|
Type of construction |
RCC frame structure |
|
|
|
|
Quality of Construction |
Good |
|
|
|
|
Appearance of the building |
Good |
|
|
|
|
Wall Foundation and plinth |
RCC foundation and RCC Beam Column |
|
|
|
|
Super Structure |
Brick masonry and Beam Column |
|
|
|
|
Doors |
Glass Door and M.S. Rolling Shutter |
|
|
|
|
Windows |
Aluminum Sliding with Glass and M.S. Grill |
|
|
|
|
Flooring |
Ceramic Tiles Flooring |
|
|
|
|
Finishing |
Cement Plaster and Acrylic Paint. |
|
|
|
|
Roofing and terracing |
RCC slab |
|
|
|
|
Water supply arrangement |
Available in Building and Office |
|
|
|
|
Drainage arrangement |
Available in Complex and Office |
|
|
|
|
Electric wiring |
Concealed wiring |
|
|
|
|
Year of construction |
2004 O.C issued by MCGB on 08.11.2004. |
|
|
|
|
Age of the building |
10 Years |
|
|
|
|
Estimated future life of the building |
55 Years [Provided time to time proper
maintenance] |
|
|
|
|
Rate adopted for valuation |
Rs. 14000/- Per Sq. ft. |
|
|
|
|
Built area in Sq. ft. 71 Sq. Mt. x 10.764 = 764 Sq. ft. carpet +
35% Loading i.e. 267.40 Sq. ft. = 131.40 Sq. ft. Say 1031 Sq. ft. Saleable area As per measurement the carpet area of the
unit is 757.805 Sq. ft. |
211 Sq. ft. Saleable Area |
|
|
|
|
Present market value |
Rs. 14.434 Millions |
|
|
|
|
PART B – LAND:
Not applicable because of ownership base property |
|
|
|
|
|
Level of land with topographical condition |
Normal |
|
|
|
|
Road facilities [Available / Not Available] |
Available |
|
|
|
|
Any restriction to usage [Yes / No] |
No |
|
|
|
|
Shape of land support [Rectangular / Regular
/ Irregular odd] |
Regular |
|
|
|
|
Area of land supported by documentary proof
Ad nature of tenure and boundary of land |
NA |
|
|
|
|
North South East West |
By 13.4 Mt. wide Road and CST No. 600 and
601 By CTS No. 630, 631 and 638 By CTS No. 604, 621 and 622 By CTS No.598, 624 and 620 |
|
|
|
|
Latitude of Andheri East, Mumbai |
19.11360 N. |
|
|
|
|
Longitude of Andheri East, Mumbai |
72.87130 E. |
|
|
|
|
Is it freehold or leasehold land |
Freehold land |
|
|
|
|
Property is leasehold or Ownership |
Ownership base property |
|
|
|
|
Value of land [Area x adopted rate] |
NA |
|
|
|
|
PART C – Extra
Items |
|
|
|
|
|
Ornamental front door |
NA |
|
|
|
|
Open stair case |
NA |
|
|
|
|
PART D –
Amenities |
|
|
|
|
|
Electrification and AC Units |
NA |
|
|
|
|
Glazed titles / marbles / Kota / and Civil
work with Labour |
NA |
|
|
|
|
Extra sinks bath tube, geyser, wash basin
and Plumbing work etc. |
NA |
|
|
|
|
Interior decoration and Furniture |
NA |
|
|
|
|
Paint and Polishing Work |
NA |
|
|
|
|
PART E –
Miscellaneous |
|
|
|
|
|
Separate water tank underground |
NA |
|
|
|
|
Separate sump |
NA |
|
|
|
|
Car parking Space No. 027/A-301 |
NA |
|
|
|
|
PART F –
Services |
|
|
|
|
|
Water Supply arrangement 2 pumps |
Available [MCGB] |
|
|
|
|
Drainage arrangement |
Available [MCGB] |
|
|
|
|
Compound wall |
NA |
|
|
|
|
M.S. Gate |
NA |
|
|
|
|
PART G –
Abstract |
|
|
|
|
|
Building |
Rs. 14.434 Millions |
|
|
|
|
Land |
NA |
|
|
|
|
Extra Items |
NA |
|
|
|
|
Amenities |
NA |
|
|
|
|
Miscellaneous |
NA |
|
|
|
|
Service |
NA |
|
|
|
|
TOTAL |
Rs. 14.434 Millions |
|
|
|
|
The fair market value of the above property with
the existing conditions and specifications is fair and reasonable to the best
of their knowledge and opinion is Rs. 14.434 Millions. NOTE: 1) Realizable value of the property is @ 90% of the market value is Rs.
12.991 Millions. 2) Distress value of the property is @ 80% of the market value is Rs.
11.547 Millions. 3) Guideline value as per Government Ready Reckoner Rs. 11.210 Millions
[Rs. 131565/- per Sq. Mt. X 85.20 Sq. Mt. BUA = Rs. 11.209 Millions] 4) Value for insurance purpose is Rs. 2.173 Millions [869 Sq. ft. BUA x
Rs. 2500/- per Sq. ft. = Rs. 2.173 Millions]. |
|
------------------------------------------------------------------------------------------------------------------------------
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.
------------------------------------------------------------------------------------------------------------------------------
FIXED ASSETS
· Plant and Machinery
· Computers
· Furniture and Fixture
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 records 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. 61.24 |
|
|
1 |
Rs. 98.67 |
|
Euro |
1 |
Rs. 77.97 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.