|
Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
HARI DARSHAN EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FC/4070, F-Tower, Central Wing, 4th Floor, Bharat, Diamond Bourse,
Bandra Kural Complex, Bandra (East), Mumbai – 400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
15.03.2014 |
|
|
|
|
Com. Reg. No.: |
11-254385 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.500.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36932MH2014PTC254385 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, exporter and Imputers of diamonds. |
|
|
|
|
No. of Employees
: |
5000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated during 2003 as a partnership concern and
later on 15.03.2014, it got converted into private limited company. It is
having satisfactory track record. Mr. Anil, Accountant provided general information and financial
statements. As per financial statement, overall financial position of the subject
is sound and healthy. Rating also reflects extensive industry experience of promoters in
diamond 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. Note: Rating is considered on basis of financials of concern i.e. Hari
Darshan Export (1st April 2013-15th March 2014) as well
as Hari Darshan Exports Private Limited (16th March 2014-31st
March 2014) |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
15.09.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Anil |
|
Designation : |
Accountant |
|
Contact No.: |
91-9769168368 |
|
Date : |
27.09.2014 |
LOCATIONS
|
Registered Office : |
FC/4070, F-Tower, Central Wing, 4th Floor, Bharat, Diamond
Bourse, Bandra Kural Complex, Bandra (East), Mumbai – 400051, Maharashtra,
India |
|
Tel. No.: |
91-22-43434000 |
|
Mobile No.: |
91-9769168368 (Mr. Anil) |
|
Fax No.: |
91-22-43434040 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2700 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
51-Nilambaug, Behind Hardik Complex, Bhavnagar – 364003, India |
|
Tel. No.: |
91-278-2522187 |
|
Fax No.: |
91-278-2522188 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Bhavnagar, Gujarat, India |
|
Area : |
15000 sq. ft. |
|
Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Nileshkumar Lakhani |
|
Designation : |
Director |
|
Address : |
Plot No.25, Sukhsagar Society, Nilam Bag, Bhavnagar – 364003, Gujarat,
India |
|
Date of Birth/Age : |
15.05.1980 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830902 |
|
|
|
|
Name : |
Mr. Ritesh Lakhani |
|
Designation : |
Director |
|
Address : |
3, Manishnagar Society, Behind Gayatrii Mandir, Dabholi Char Rasta,
Surat – 395001, Gujarat, India |
|
Date of Birth/Age : |
01.06.1983 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830919 |
|
|
|
|
Name : |
Mr. Dinesh Dhola |
|
Designation : |
Director |
|
Address : |
AT-Surka, Post Ugamedi, TA Gadhada, Bhavnagar – 364765, Gujarat, India |
|
Date of Birth/Age : |
01.02.1980 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830977 |
|
|
|
|
Name : |
Krishnaben Dineshbahi Kalathiya |
|
Designation : |
Director |
|
Address : |
64, Rushi Raj Nagar, Behind Chitra Petrol Pump, Bhavnagar – 364001,
Gujarat, India |
|
Date of Birth/Age : |
02.06.1981 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830927 |
KEY EXECUTIVES
|
Name : |
Mr. Anil |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.03.2014
|
Names of Shareholders |
|
No. of Shares |
|
Bhavesh Kumar Odhavji Lakhani |
|
4100000 |
|
Nilesh Kumar Lavjibhai Lakhani |
|
1650000 |
|
Krishnaben Kalathiya |
|
3650000 |
|
Dinesh Kumar Vashrambhai Dhola |
|
250000 |
|
Ritesh Kumar Jerambhai Lakhani |
|
250000 |
|
Nitaben Bhavesh Kumar Lakhani |
|
50000 |
|
Manishaben Nilesh Kumar Lakhani |
|
50000 |
|
Total |
|
10000000 |
As on 28.03.2014
|
Names of Allottees |
|
No. of Shares |
|
Bhavesh Kumar Odhavji Lakhani |
|
12900000 |
|
Nilesh Kumar Lavjibhai Lakhani |
|
1900000 |
|
Krishnaben Kalathiya |
|
25200000 |
|
Total |
|
40000000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, exporter and Imputers of diamonds. |
|
|
|
|
Exports : |
|
|
Products : |
Polish Diamonds |
|
Countries : |
·
Belgium ·
UAE ·
Hong Kong |
|
|
|
|
Imports : |
|
|
Products : |
Rough Diamonds |
|
Countries : |
·
Belgium ·
Russia |
|
|
|
|
Terms : |
|
|
Selling : |
Cash |
|
|
|
|
Purchasing : |
OD (90 Days) |
GENERAL INFORMATION
|
Suppliers : |
HD Diamonds DVBA, Belgium |
|
|
|
|
Customers : |
Euro Shine Jewellers, Belgium |
|
|
|
|
No. of Employees : |
5000 (Approximately) |
|
|
|
|
Bankers : |
·
State Bank of India, Bandra Kural Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India ·
Royal Bank of Scotland |
|
|
|
|
Facilities : |
·
Fund and Non Fund = Rs.300.000 Millions (From
State Bank of India) ·
Fund and Non Fund = Rs.600.000 Millions (From
Royal Bank of Scotland) |
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Kiran K. Duravis Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs. 600.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
HARI DARSHAN EXPORTS PRIVATE
LIMITED
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
500.000 |
|
(b) Reserves & Surplus |
|
|
119.364 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
619.364 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
137.100 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
137.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
865.612 |
|
(b) Trade payables |
|
|
585.550 |
|
(c) Other current liabilities |
|
|
30.500 |
|
(d) Short-term provisions |
|
|
48.699 |
|
Total
Current Liabilities (4) |
|
|
1530.361 |
|
|
|
|
|
|
TOTAL |
|
|
2286.825 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
322.376 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
14.346 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
1.336 |
|
(d) Long-term Loan and Advances |
|
|
3.415 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
341.473 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
876.005 |
|
(c) Trade receivables |
|
|
972.855 |
|
(d) Cash and cash equivalents |
|
|
68.746 |
|
(e) Short-term loans and
advances |
|
|
9.976 |
|
(f) Other current assets |
|
|
17.770 |
|
Total
Current Assets |
|
|
1945.352 |
|
|
|
|
|
|
TOTAL |
|
|
2286.825 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
81.362 |
|
|
Other Income |
|
|
2.794 |
|
|
TOTAL
(A) |
|
|
84.156 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
|
155.603 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
(102.349) |
|
|
Employees benefits expense |
|
|
20.614 |
|
|
Operating and Other expenses |
|
|
2.670 |
|
|
TOTAL
(B) |
|
|
76.538 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
|
|
7.618 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
4.923 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
2.695 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.953 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
|
|
1.742 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
|
|
0.538 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
|
|
1.204 |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2014 |
|
PAT / Total Income |
(%) |
|
|
1.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
2.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
1.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.27 |
HARI DARSHAN EXPORT
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
15.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
635.780 |
578.319 |
436.970 |
|
(b) Reserves & Surplus |
118.161 |
118.161 |
118.161 |
|
(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) |
753.941 |
696.480 |
555.131 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.607 |
0.914 |
1.183 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
0.607 |
0.914 |
1.183 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
905.934 |
760.438 |
749.855 |
|
(b) Trade payables |
813.621 |
619.138 |
564.212 |
|
(c) Other current liabilities |
46.742 |
16.944 |
22.235 |
|
(d) Short-term provisions |
96.124 |
67.442 |
55.847 |
|
Total
Current Liabilities (4) |
1862.421 |
1463.962 |
1392.149 |
|
|
|
|
|
|
TOTAL |
2616.969 |
2161.356 |
1948.463 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
337.674 |
346.494 |
193.581 |
|
(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 |
0.014 |
0.014 |
0.014 |
|
(c) Deferred tax assets (net) |
3.467 |
2.485 |
1.354 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
341.155 |
348.993 |
194.949 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
919.322 |
955.549 |
794.143 |
|
(c) Trade receivables |
1212.206 |
773.920 |
799.511 |
|
(d) Cash and cash equivalents |
40.465 |
2.644 |
17.137 |
|
(e) Short-term loans and
advances |
91.229 |
72.597 |
137.470 |
|
(f) Other current assets |
12.592 |
7.653 |
5.253 |
|
Total
Current Assets |
2275.814 |
1812.363 |
1753.514 |
|
|
|
|
|
|
TOTAL |
2616.969 |
2161.356 |
1948.463 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
15.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
3451.183 |
2588.960 |
2039.179 |
|
|
Other Income |
17.686 |
2.410 |
6.502 |
|
|
TOTAL
(A) |
3468.869 |
2591.370 |
2045.681 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2587.107 |
1986.466 |
1909.626 |
|
|
Manufacturing Expenses |
598.595 |
464.302 |
495.460 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
59.795 |
(47.464) |
(486.810) |
|
|
Sales and Administrative
Expenses |
20.962 |
28.884 |
14.318 |
|
|
Other expenses |
19.828 |
15.992 |
11.727 |
|
|
TOTAL
(B) |
3286.287 |
2448.180 |
1944.321 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
182.582 |
143.190 |
101.360 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
82.050 |
63.968 |
47.068 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
100.532 |
79.222 |
54.292 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
27.650 |
25.325 |
12.482 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
72.882 |
53.897 |
41.810 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
24.880 |
17.174 |
12.859 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
48.002 |
36.723 |
28.951 |
KEY RATIOS
|
PARTICULARS |
|
15.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.38 |
1.42 |
1.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.11 |
2.08 |
2.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.79 |
2.50 |
2.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.20 |
1.09 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.24 |
1.26 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: 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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
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.
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10522208 |
30/08/2014 |
49,500,000.00 |
DEUTSCHE BANK AG |
P.O. BOX NO. 9080, GOREGAON (EAST), MUMBAI, MAHAR |
C21951769 |
|
2 |
10505793 |
15/03/2014 |
300,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH, BHARAT DIAMOND BOURSE,, D-3 WEST |
C09139601 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.43 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.