MIRA INFORM REPORT
|
Report No. : |
315972 |
|
Report Date : |
07.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ANKIT GEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
DW 6251/6252, D Tower, G Block, Bharat Diamond Bourse,
Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra |
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|
Country : |
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
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Date of
Incorporation : |
27.04.2011 |
|
|
|
|
Com. Reg. No.: |
11-216778 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.373.538 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2011PTC216778 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
PAN No.: [Permanent Account No.] |
AAJCA4305Q |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of polished diamonds from rough diamonds, Importer, Exporter and Trader of rough and polished, as well as a manufacturer of diamond studded jewellery. |
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|
|
|
No. of Employees
: |
75 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
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 : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject was erstwhile named as M/s Ankit Gems and had commenced its
operation as a partnership concern in 1985 and was later converted to a
private limited company during FY 2011. It is an established company having
satisfactory track. The company possesses an average financial profile marked by adequate networth base along with moderate capital structure and debt coverage indicators owing to working capital intensive nature of the business. Management has witnessed a heathy growth in its operations during FY 2014. The rating also take into consideration, the risk of volatility in the prices of rough diamonds and exchange rate fluctuations leading to volatility in the profitability. However, trade relations seems to be fair. Business is active. Payment terms are reported as usually correct. In view of experienced promoters, the subject can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
09.01.2015 |
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. Rajesh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-43548800 |
|
Date : |
06.04.2015 |
LOCATIONS
|
Registered Office / Head Office : |
D Tower, DW 6251/6252, D Tower, G Block, Bharat Diamond Bourse,
Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-43548800 to 43548898 |
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Fax No.: |
91-22-43548899 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
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|
|
|
Factory 1 : |
Plot No.315, Behind Patel Faliya,
Gotalawadi, Katargam, Surat
– 395004, Gujarat, India |
|
Tel. No.: |
91-261-2532858 / 2533193 |
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Fax No.: |
91-261-2530876 |
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E-Mail : |
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Factory 2 : |
115-116, Diamond House, Kesarba Market, Katargam, Gotalawadi, Surat – 395004, Gujarat, India |
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Tel. No.: |
91- 261-2532577 / 2532858 / 2537919 |
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|
|
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Overseas Office 1 : |
Hong Kong - Marketing Associate Rm. 403 4/FL., Chevalier House,
45 - 51 Chatham Road South, Tsimshatsui. Kln. H.K. |
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Tel. No.: |
+852-27214642 / 27212642 |
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Fax No.: |
+852-27213642 |
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E-Mail : |
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Overseas Office 2 : |
Antwerpen - Marketing Associate Hoveniers Straat 30, Box 210,
Room No. 422 - 425, 2018,
Antwerpen, Belgium |
|
Tel. No.: |
+323-2329484 |
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Fax No.: |
+323-2329481 |
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E-Mail : |
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Overseas Office 3 : |
Located
At :
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DIRECTORS
AS ON 26.09.2014
|
Name : |
Mr. Parvakumar Vasantlal Shah |
|
Designation : |
Director |
|
Address : |
402, Anganvishala Apartment, Athwalines Surat – 395007,
Gujarat, India |
|
Date of Appointment : |
27.04.2011 |
|
DIN No.: |
00774167 |
|
|
|
|
Name : |
Mr. Pravin Pannalal Shah |
|
Designation : |
Director |
|
Address : |
201 Abhishek Park – A Apartment, Behind Pooja Abhishek, Near
Lal Banglow, Athwalines, Surat – 395007, Gujarat, India |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
00798301 |
|
|
|
|
Name : |
Mr. Vasantlal Chandulal Shah |
|
Designation : |
Director |
|
Address : |
F No. 402, Angan Vishala, Opposite Indoor Stadium,
Athwalines Surat – 395007, Gujarat, India |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
00798334 |
|
|
|
|
Name : |
Mr. Dilipbhai Amrutlal Soni |
|
Designation : |
Director |
|
Address : |
6 Pooja Row House, Near Jay Ambe Society, Adajan Patia,
Surat – 395009, Gujarat, India |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
00798359 |
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|
|
|
Name : |
Mr. Ankit Arun Shah |
|
Designation : |
Director |
|
Address : |
92, Urvashi Building, Napeansea Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Appointment : |
27.04.2011 |
|
DIN No.: |
01872781 |
|
|
|
|
Name : |
Mr. Arunbhai Chimanlal Shah |
|
Designation : |
Director |
|
Address : |
Flat No: 92, 9th Floor, Urvashi Building, 66-L,
Jagmohandas Road, Mumbai – 400006, Maharashtra, India |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
01979698 |
|
|
|
|
Name : |
Mr. Dilip Shah |
|
Designation : |
Director |
|
Address : |
302, Abhishek Park – A Apartment, Behind Pooja Abhishek,
Near Lal Banglow, Athwalines, Surat – 395007, Gujarat, India |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
02196230 |
|
|
|
|
Name : |
Mr. Jenish Dilipkumar Shah |
|
Designation : |
Director |
|
Address : |
302, Abhishek Park – A, Apartment, Behind Pooja Abhishek,
Near Lal Banglow, Athwalines, Surat – 395007, Gujarat, India |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
03547958 |
|
|
|
|
Name : |
Mr. Shreyans Arvindkumar Shah |
|
Designation : |
Director |
|
Address : |
Flat No.7, C, Waterlook Apartment, Behind Anjansalaka,
Athwalines, Surat – 395007, Gujarat, India |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
03548010 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Arun Chimanlal Shah |
|
5192825 |
|
Dilip Chimanlal Shah |
|
4012638 |
|
Ankit Arun Shah |
|
2360375 |
|
Vasant Chandulal Shah |
|
1888300 |
|
Parva Vasantbhai Shah |
|
944150 |
|
Pravin Pannalal Shah |
|
2053526 |
|
Dilip Amrutlal Soni |
|
1817489 |
|
Mukund Dilip Soni |
|
472075 |
|
Shreyans Arvind Shah |
|
2313168 |
|
Priyansh Pravinbhai Shah |
|
236036 |
|
Jainish Dilipbhai Shah |
|
2313168 |
|
|
|
|
|
Total |
|
23603750 |
|
Names of Shareholders (Preference shares) |
|
No. of Shares |
|
Arun Chimanlal Shah |
|
3025000 |
|
Dilip Chimanlal Shah |
|
2337500 |
|
Ankit Arun Shah |
|
1375000 |
|
Vasant Chandulal Shah |
|
1100000 |
|
Parva Vasantbhai Shah |
|
550000 |
|
Pravin Pannalal Shah |
|
1196250 |
|
Dilip Amrutlal Soni |
|
1058750 |
|
Mukund Dilip Soni |
|
275000 |
|
Shreyans Arvind Shah |
|
1347500 |
|
Priyansh Pravinbhai Shah |
|
137500 |
|
Jainish Dilipbhai Shah |
|
1347500 |
|
|
|
|
|
Total |
|
13750000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of polished diamonds from rough diamonds, Importer, Exporter and Trader of rough and polished, as well as a manufacturer of diamond studded jewellery. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Diamonds |
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Countries : |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
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Terms : |
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Selling : |
Cash, L/C and Credit |
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturers
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No. of Employees : |
75 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : AS ON 31.03.2013 The Borrowings from bank above are against:
a.
Offices at Bharat Diamond Bourse,
Bandra b.
Factory Premises at Surat c.
Residential flats no. 702,703 owned
by Arun C Shah and Meena A Shah d.
18 Galas owned by Shashwat Stones
Private Limited and 2-6 Galas owned by Pravin P. Shah
a)
Shri Arun C Shah b)
Dilip C Shah c)
Ankit A Shah d)
Vasantlal C Shah e)
Parva V. Shah f)
Pravin P Shah g)
Dilip A Shah h)
Mukund D.Shah i)
Shreyansh A. Shah j)
Jainish D. Shah k)
Priyansh P Shah
a)
Smt. Meena A Shah, b)
Shri Amit A Shah, c)
M/s Aryan Diamonds and
a)
Shashwat Stones Private Limited
a)
Current and future stock of Rough and
Polished Diamonds b)
Exports Receivables of the company,
both present and future, ranking pari-passu with other banks c)
Cover under ECIB of ECGC Limited d)
Lien on Fixed Deposits with SBI. For the packing credit availed from Allahabad bank,
other current assets of the company are also given as additional primary
security |
|
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Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Babu U. Chokshi and Company Chartered Accountants |
|
Address : |
Navjivan, Commercial Premises Chs, Building No-3, Office
No-31, Lamington Road, Mumbai – 400008, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AADFB6520F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern [Confirmed by Mr. Rajesh]: |
Aryan Diamond |
|
|
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|
Subsidiary Company [AS ON 31.03.2013]
: |
Shashwat Stone Private Limited CIN No.: U36910GJ2005PTC046413 |
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|
|
|
Related Parties [AS ON
31.03.2013] : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,610,000 |
Equity Shares |
Rs.10/- each |
Rs.236.100 Million |
|
16,390,000 |
Preference Shares |
Rs.10/- each |
Rs.163.900 Million |
|
|
Total |
|
Rs.400.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,603,750 |
Equity Shares |
Rs.10/- each |
Rs.236.038 Million |
|
13,750,000 |
Preference Shares |
Rs.10/- each |
Rs.137.500 Million |
|
|
Total |
|
Rs.373.538
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
27.04.2011 to 31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
373.538 |
362.600 |
337.500 |
|
(b) Reserves & Surplus |
1433.014 |
1027.817 |
651.743 |
|
(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) |
1806.552 |
1390.417 |
989.243 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
55.179 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
28.894 |
0.643 |
1.995 |
|
(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) |
84.073 |
0.643 |
1.995 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2095.622 |
1697.969 |
1519.450 |
|
(b) Trade
payables |
3040.724 |
2715.914 |
2340.973 |
|
(c) Other
current liabilities |
166.247 |
62.447 |
39.921 |
|
(d) Short-term
provisions |
1.619 |
5.099 |
21.289 |
|
Total Current
Liabilities (4) |
5304.212 |
4481.429 |
3921.633 |
|
|
|
|
|
|
TOTAL |
7194.837 |
5872.489 |
4912.871 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
349.886 |
173.867 |
178.779 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.128 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
172.000 |
92.181 |
49.779 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.653 |
3.101 |
2.912 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
526.667 |
269.149 |
231.470 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5251.099 |
4193.246 |
3325.067 |
|
(c) Trade
receivables |
1291.308 |
1321.500 |
1287.364 |
|
(d) Cash
and cash equivalents |
30.370 |
17.014 |
34.334 |
|
(e)
Short-term loans and advances |
9.294 |
17.296 |
13.942 |
|
(f) Other
current assets |
86.099 |
54.284 |
20.694 |
|
Total
Current Assets |
6668.170 |
5603.340 |
4681.401 |
|
|
|
|
|
|
TOTAL |
7194.837 |
5872.489 |
4912.871 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
27.04.2011 to 31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
12895.744 |
9964.763 |
7857.288 |
|
|
Other Income |
20.667 |
4.440 |
NA |
|
|
TOTAL (A) |
12916.411 |
9969.203 |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
12054.181 |
8700.739 |
|
|
|
Purchases of
Stock-in-Trade |
352.712 |
731.512 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(954.787) |
(479.101) |
|
|
|
Employees benefits
expense |
62.396 |
60.261 |
|
|
|
Exchange Difference |
77.968 |
(31.989) |
|
|
|
Other expenses |
355.004 |
253.385 |
|
|
|
Extraordinary Items |
0.234 |
0.000 |
|
|
|
Labour Charges |
211.704 |
140.019 |
|
|
|
TOTAL (B) |
12159.412 |
9374.826 |
7403.356 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
756.999 |
594.377 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
192.761 |
166.914 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
564.238 |
427.463 |
97.385 [Including Finance and
Depreciation] |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.159 |
38.071 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
528.079 |
389.392 |
356.547 |
|
|
|
|
|
|
|
Less |
TAX (H) |
180.336 |
127.029 |
115.886 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
347.743 |
262.363 |
240.661 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
NA |
170.356 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
15.45 |
11.66 |
-- |
Expected Sales ( 2014-2015 ) : Rs.15000.000 Million
The above information has been parted by Mr. Rajesh.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
27.04.2011 to 31.03.2012 |
|
Net Profit Margin |
|
2.70 |
2.63 |
3.06 |
|
|
|
|
|
|
|
Operating Profit Margin |
|
5.87 |
5.96 |
5.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.52 |
6.74 |
7.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.28 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.19 |
1.22 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.25 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
27.04.2011 TO 31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
337.500 |
362.600 |
373.538 |
|
Reserves & Surplus |
651.743 |
1027.817 |
1433.014 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
989.243 |
1390.417 |
1806.552 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
55.179 |
|
Short term borrowings |
1519.450 |
1697.969 |
2095.622 |
|
Total borrowings |
1519.450 |
1697.969 |
2150.801 |
|
Debt/Equity ratio |
1.536 |
1.221 |
1.191 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
27.04.2011 TO 31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
7857.288 |
9964.763 |
12895.744 |
|
|
|
26.822 |
29.413 |
NET PROFIT MARGIN
|
Net Profit Margin |
27.04.2011 TO 31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
7857.288 |
9964.763 |
12895.744 |
|
Profit |
240.661 |
262.363 |
347.743 |
|
|
3.06% |
2.63% |
2.70% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
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 & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Short Term Borrowings |
|
|
|
Loans repayable on demand from others |
NA |
129.152 |
|
Total |
NA |
129.152 |
NOTE: Registered office of the company has been shifted from 706-709, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India to the present address w.e.f. 31.10.2011.
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10489292 |
28/03/2014 |
110,000,000.00 |
STATE BANK OF INDIA |
STATE BANK OF INDIA, BHARAT DIAMOND BOURSE, B.K.C |
C03160124 |
|
2 |
10478787 |
31/12/2013 |
65,000,000.00 |
STATE BANK OF PATIALA |
4-5, CENTER POINT BUILDING, ANDHERI KURLA ROAD, J |
B96852504 |
|
3 |
10419446 |
23/03/2013 |
125,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH, D/3, WEST CORE, G BLOCK,, BHARAT |
B73089310 |
|
4 |
10315972 |
15/09/2011 |
1,145,600,000.00 |
STATE BANK OF INIDA |
DIAMOND BRANCH,1ST FLOOR,MAJESTIC SHOPPING CENTRE, |
B24670374 |
|
5 |
10286963 |
04/09/2014 * |
2,449,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH,D-3,WEST CORE BHARAT DIAMOND BOURSE |
C23670052 |
* Date of charge modification
GENERAL INFORMATION
ABOUT COMPNY [AS ON 31.03.2013]
The company is a closely held company incorporated in India under the Companies Act, 1956 by the process of conversion of the erstwhile partnership firm “Ankit Gems” on and from 27th April, 2011 under Chapter IX of the Companies Act, 1956. The firm Ankit Gems, before conversion and since its inception has been a manufacturer of polished diamonds from rough diamonds, importer, exporter and trader of rough and polished, as well as a manufacturer of diamond studded jewellery.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
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.62.16 |
|
|
1 |
Rs.92.73 |
|
Euro |
1 |
Rs.68.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.