MIRA
INFORM REPORT
|
Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
LYPSA GEMS AND JEWELLERY LIMITED (w.e.f. 07.03.2012) |
|
|
|
|
Formerly Known
As : |
MALOO GEMS AND JEWELLERY LIMITED (w.e.f. 12.01.2010) MALOO POLYMERS LIMITED |
|
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Registered
Office : |
2nd Floor, Diamond Park Building, Opposite Ambika Nagar
Society, Dargah Road, Navsari – 396445, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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|
|
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Date of Incorporation
: |
30.11.1995 |
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|
|
|
Com. Reg. No.: |
04-028270 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.140.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28990GJ1995PLC028270 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
SRTM05742C |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCM0649K |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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|
Line of Business
: |
Manufacturing and Trading in Diamonds. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Rating is constrained on account of high working capital intensity of
operation and high competition from large number of organized as well
unorganized players. However, rating continue to take into account performance of the
company has improved in the year 2014 as compared to previous year and
experience of promoters in gems and jewellery industry. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term loans=BB+ |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
December, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based=A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
December, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-22-67413600)
LOCATIONS
|
Registered Office/ Factory : |
2nd Floor, Diamond Park Building, Opposite Ambika Nagar
Society, Dargah Road, Navsari – 396445, Gujarat, India |
|
Tel. No. : |
Not Available |
|
Fax No. : |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office 1: |
32 Kala Bhavan, 3 Mathew Road, Opera House, Mumbai – 400004, Maharashtra, India |
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Tel. No. : |
91-22-23670031 |
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Corporate Office 2: |
BC-6021 Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
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Tel. No. : |
91-22-67413600 |
|
Fax No. : |
91-22-67413614 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Manish Jaysukhlal Janani |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Dipankumar Babulal Patwa |
|
Designation : |
Chairman |
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Name : |
Mr. Jeeyan Dipankumar Patwa |
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Designation : |
Executive Director |
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Date of Birth/Age : |
14.08.1989 |
|
Qualification : |
· BSC Management MSC International Management, LSE |
|
Date of Appointment : |
23.06.2009 |
|
|
|
|
Name : |
Mr. Ravindra Chandulal Sanghavi |
|
Designation : |
Independent and Non-Executive Director |
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Date of Birth/Age : |
03.07.1960 |
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Qualification : |
B.Com |
|
Date of Appointment : |
23.06.2009 |
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|
|
|
Name : |
Mr. Ajit Mangaldas Shah |
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Designation : |
Independent and Non-Executive Director |
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|
Name : |
Mr. Bhavesh Shashikant Sheth |
|
Designation : |
Independent and Non-Executive Director |
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|
Name : |
Mr. Pankajkumar Vrajlal Shah |
|
Designation : |
Independent and Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Mrs. Neelam Maheshwari |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Any Others (Specify) |
5040000 |
35.90 |
|
|
5040000 |
35.90 |
|
|
5040000 |
35.90 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5040000 |
35.90 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
40000 |
0.28 |
|
|
40000 |
0.28 |
|
|
|
|
|
|
4626825 |
32.95 |
|
|
|
|
|
|
1104305 |
7.87 |
|
|
2635012 |
18.77 |
|
|
593858 |
4.23 |
|
|
391751 |
2.79 |
|
|
197580 |
1.41 |
|
|
4527 |
0.03 |
|
|
8960000 |
63.82 |
|
Total Public shareholding (B) |
9000000 |
64.10 |
|
Total (A)+(B) |
14040000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
14040000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading in Diamonds. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· Bank of India, Opera House Branch, Hermes House, Mama Parmanand Marg, Opera House, Mumbai – 400004, Maharashtra, India Oriental Bank of Commerce |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Doshi Maru and Associates Chartered Accountants |
|
Address : |
9, Shreepal Building, S N Road, Tambe Nagar, Mulund (West), Mumbai – 400080, Maharashtra, India |
|
Tel. No. : |
91-22-23472578/ 25654859 |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14040000 |
Equity Shares |
Rs.10/- each |
Rs.140.400 Millions |
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|
|
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
140.400 |
140.400 |
140.400 |
|
(b) Reserves & Surplus |
135.030 |
114.595 |
96.984 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
275.430 |
254.995 |
237.384 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
1.901 |
1.725 |
0.069 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
1.901 |
1.725 |
0.069 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
211.281 |
210.419 |
8.242 |
|
(b) Trade payables |
977.538 |
1002.685 |
1072.407 |
|
(c) Other current
liabilities |
16.147 |
25.230 |
12.388 |
|
(d) Short-term provisions |
12.832 |
13.702 |
8.905 |
|
Total Current Liabilities (4) |
1217.798 |
1252.036 |
1101.942 |
|
|
|
|
|
|
TOTAL |
1495.129 |
1508.756 |
1339.395 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
33.879 |
17.489 |
1.276 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
2.572 |
|
(c) Deferred tax assets (net) |
1.930 |
5.356 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
6.714 |
|
(e) Other Non-current assets |
9.189 |
10.146 |
0.000 |
|
Total Non-Current Assets |
44.998 |
32.991 |
10.562 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
10.466 |
0.794 |
14.984 |
|
(b) Inventories |
334.026 |
207.547 |
226.771 |
|
(c) Trade receivables |
874.104 |
1173.903 |
1020.569 |
|
(d) Cash and cash
equivalents |
171.818 |
86.136 |
54.049 |
|
(e) Short-term loans and
advances |
59.717 |
7.144 |
11.978 |
|
(f) Other current assets |
0.000 |
0.241 |
0.482 |
|
Total Current Assets |
1450.131 |
1475.765 |
1328.833 |
|
|
|
|
|
|
TOTAL |
1495.129 |
1508.756 |
1339.395 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
4123.514 |
3019.249 |
2598.353 |
|
|
|
|
Other Income |
(3.375) |
(18.385) |
84.124 |
|
|
|
|
TOTAL (A) |
4120.139 |
3000.864 |
2682.477 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
3422.894 |
2063.363 |
638.076 |
|
|
|
|
Purchase of Stock-in-trade |
376.385 |
597.214 |
1995.784 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(112.430) |
147.557 |
(98.632) |
|
|
|
|
Employee Benefits Expenses |
38.794 |
19.295 |
4.007 |
|
|
|
|
Other Expenses |
318.838 |
110.695 |
26.608 |
|
|
|
|
TOTAL (B) |
4044.481 |
2938.124 |
2565.843 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
75.658 |
62.740 |
116.634 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
26.321 |
19.288 |
86.477 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
49.337 |
43.452 |
30.157 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
2.184 |
0.854 |
0.529 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
47.153 |
42.598 |
29.628 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
15.677 |
14.356 |
8.640 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
31.476 |
28.242 |
20.988 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
54.795 |
37.184 |
26.828 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Short Provision from I. Tax (F.Y. 2012-13) |
(0.598) |
0.000 |
0.000 |
|
|
|
|
Proposed Dividend |
7.020 |
7.020 |
7.020 |
|
|
|
|
Provision for Reduction in Value of Investments |
3.426 |
2.472 |
2.473 |
|
|
|
|
Tax on Proposed Dividend |
1.193 |
1.139 |
1.139 |
|
|
|
BALANCE CARRIED
TO THE B/S |
75.230 |
54.795 |
37.184 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
65.480 |
49.324 |
39.544 |
||
|
|
|
|
|
|
||
|
|
CIF VALUE OF
IMPORTS |
56.133 |
43.185 |
52.342 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
3.36 |
3.03 |
2.11 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.76 |
0.94 |
0.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.14 |
1.41 |
1.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.16 |
2.83 |
2.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.17 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.77 |
0.83 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.18 |
1.21 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
140.400 |
140.400 |
140.400 |
|
Reserves & Surplus |
96.984 |
114.595 |
135.030 |
|
Net
worth |
237.384 |
254.995 |
275.430 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
8.242 |
210.419 |
211.281 |
|
Total
borrowings |
8.242 |
210.419 |
211.281 |
|
Debt/Equity
ratio |
0.035 |
0.825 |
0.767 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
2,598.353 |
3,019.249 |
4,123.514 |
|
|
|
16.199 |
36.574 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2,598.353 |
3,019.249 |
4,123.514 |
|
Profit |
20.988 |
28.242 |
31.476 |
|
|
0.81% |
0.94% |
0.76% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
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 |
FINANCIAL RESULTS AND OPERATIONAL REVIEW:
The Directors feel
pleasure to declare profit after tax of Rs.94.516 Millions which was made
possible through better production planning and customer relations. Directors are
exploring various other opportunities to further improve the working results
during the current year.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans and Advances |
|
|
|
From Directors |
59.633 |
42.080 |
|
|
|
|
|
Total |
59.633 |
42.080 |
UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
|
|
|
1. Net
sales/ Income from operation / Other operating income |
1078.390 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
1111.918 |
|
b) Purchases of stock in trade |
70.923 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(140.397) |
|
d) Employees benefit expenses |
10.478 |
|
e) Depreciation and amortization expenses |
0.253 |
|
f) Other expenditure |
12.610 |
|
Total expenses |
1065.784 |
|
3. Profit from operations before other income and
financial costs |
12.606 |
|
4. Other income |
1.905 |
|
5. Profit from ordinary activities before finance costs |
14.511 |
|
6. Finance costs |
4.005 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
10.505 |
|
8. Exceptional item |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
10.505 |
|
10.Tax expenses |
3.400 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
7.105 |
|
12.Extraordinary Items (net of tax expense) |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
7.105 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
140,400,000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
Nil |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
0.51 |
|
|
|
|
|
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
|
b) Non Encumbered |
|
|
Number of shares |
5040000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
35.90 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTE:
1.
The above Unaudited/audited results have
been reviewed by the Audit Committee and approved by the Board of Directors in
their Meeting held on August 04, 2014 and are subject to Limited review Under
Clause 41 of the Listing Agreement by the Statutory Auditors.
2.
The previous period's figures have been
regrouped and reclassified wherever necessary to make them comparable with the
current period’s figures.
3.
The Company operates in a single
segments, hence segmental Reporting as required under Accounting Standard 17 issued
by the Institute of Chartered Accountants of India is not applicable.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10510511 |
17/05/2014 |
357,500,000.00 |
BANK
OF INDIA |
OPERA
HOUSE BRANCH, HERMES HOUSE,, MAMA PARMANAND MARG, OPERA HOUSE,, MUMBAI -
400004, MAHARASHTRA, INDIA |
C12341533 |
|
2 |
10374179 |
03/07/2014
* |
357,500,000.00 |
BANK
OF INDIA |
OPERA
HOUSE BRANCH, HERMES HOUSE,, MAMA PARMANAND MARG, OPP. CHARNI ROAD STATION,,
MUMBAI - 400004, MAHARASHTRA, INDIA |
C12342176 |
*Date of modification Charges
FIXED ASSETS:
·
Air Conditions
·
Aqua guard
·
Furniture and Fixture
·
Motor Car
·
Office Equipments
·
Water Coolers
·
Computers
·
Computers
·
Safe
·
Machineries
·
Factory Building
·
Factory Land
·
Air Conditions – Chhapi
·
Computer – Chhapi
·
Furniture and Fixture –
Chhapi
·
Machineries – Chhapi
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary regulatory
standard on bank capital adequacy, stress testing and market liquidity.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.92 |
|
|
1 |
Rs.78.64 |
|
Euro |
1 |
Rs.98.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
42 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition
(40%) Ownership background
(20%) Payment record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.