MIRA INFORM REPORT
|
Report No. : |
318254 |
|
Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
DHARMANANDAN DIAMONDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FC-7081-82, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
31.08.2007 |
|
|
|
|
Com. Reg. No.: |
11-173674 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 94.750 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2007PTC173674 |
|
|
|
|
IEC No.: |
0393031241 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD15331B MUMD12222A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD6676J AACCD0906H |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Diamonds and Diamond Jewels, Loose Polished Diamond,
Loose Round Diamond, Gold Jewellery, Platinum Jewellery, White Gold
Jewellery. |
|
|
|
|
No. of Employees
: |
7500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was promoted by Mr. Laljibhai Patel and Mr. Tulsibhai Patel
and it was commenced business as a partnership firm in 1980. Subsequently, in
August 2007, it was incorporated as a private limited company. It is as
well-established company having fine track record. Rating reflects the vast experience of the promoters and directors in
the diamond backed by company’s status as one of the leading players in the
Indian polished diamond industry. Rating also reflects company’s healthy financial risk profile marked
by adequate liquidity position and sound profitability margins of the
company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of decent track record of business operations, the company can
be considered good for normal 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits: A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
July 2014. |
|
Rating Agency Name |
ICRA |
|
Rating |
Proposed limits A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
July 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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Amit Maniyar |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-40041111 |
|
Date : |
20.04.2015 |
LOCATIONS
|
Registered Office : |
FC-7081-82,Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40041111 / 40041001 / 2 / 3 / 4 |
|
Fax No.: |
91-22-42535353 / 66355533 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2800 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1: |
Behind Patel Faliya, Gotalawadi, Katargam Road, Surat - 395004, |
|
Tel. No.: |
91-261-2533777 |
|
Fax No.: |
91-261-2533775 |
|
Area: |
161000 Sq. ft |
|
Location: |
Owned |
|
|
|
|
Factory 2: |
Plot No. 152, Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat, India |
|
Tel. No.: |
91-261-253 3777 |
|
Fax No.: |
91-261-253 3775 |
|
|
|
|
Overseas Office : |
Located at:
|
DIRECTORS
As on: 27.08.2013
|
Name : |
Mr. Laljibhai Tulshibhai Patel |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
52, Narayanmuni Nagar, |
|
Date of Birth/Age : |
28.11.1955 |
|
Qualification : |
B. Com. |
|
Experience : |
36 Years |
|
PAN No.: |
ABLPP4845J |
|
Date of Appointment : |
31.08.2007 |
|
DIN No : |
01539972 |
|
|
|
|
Name : |
Mr. Tulsibhai Keshavbhai Patel |
|
Designation : |
Director |
|
Address : |
57, Narayanmuni Nagar, |
|
Date of Birth/Age : |
11.07.1950 |
|
Qualification : |
B. Com. |
|
Experience : |
41 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ABLPP4844K |
|
DIN No : |
01540000 |
|
|
|
|
Name : |
Mr. Dayalbhai Keshavbhai Patel |
|
Designation : |
Director |
|
Address : |
56, Narayanmuni Nagar, |
|
Date of Birth/Age : |
11.03.1954 |
|
Qualification : |
B. Com. |
|
Experience : |
37 Years |
|
PAN No.: |
ABCPP1172H |
|
Date of Appointment : |
31.08.2007 |
|
DIN No : |
01540092 |
|
|
|
|
Name : |
Mr. Prakashbhai Tulsibhai Goti |
|
Designation : |
Director |
|
Address : |
12/A, Ramesh Niwas, 51-C, |
|
Date of Birth/Age : |
28.09.1973 |
|
Qualification : |
B. Com. |
|
Experience : |
19 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ABJPP3476D |
|
DIN No : |
01540039 |
|
Voter ID No.: |
JRW0920025 |
|
|
|
|
Name : |
Mr. Sanjaykumar Jerambhai Virani |
|
Designation : |
Director |
|
Address : |
E-1, Rock View Apartment, |
|
Date of Birth/Age : |
20.02.1976 |
|
Qualification : |
B. Com. |
|
Experience : |
16 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGBPG3688H |
|
DIN No : |
01660345 |
|
Voter ID No.: |
JRW1202308 |
|
|
|
|
Name : |
Mr. Hiteshkumar Laljibhai Patel |
|
Designation : |
Director |
|
Address : |
52, Narayanmuni Nagar, |
|
Date of Birth/Age : |
31.05.1979 |
|
Qualification : |
B. Com. |
|
Experience : |
12 Years |
|
PAN No.: |
AANPP3560B |
|
Date of Appointment : |
31.08.2007 |
|
DIN No : |
01660527 |
|
Voter ID No.: |
DCF1417450 |
|
|
|
|
Name : |
Mr. Piyushkumar Laljibhai Patel |
|
Designation : |
Director |
|
Address : |
51-52, Narayanmuni Nagar, |
|
Date of Birth/Age : |
04.05.1982 |
|
Qualification : |
B. Com. |
|
Experience : |
9 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGKPP8563D |
|
DIN No : |
00858190 |
|
|
|
|
Name : |
Mr. Shailesh Dayalbhai Goti |
|
Designation : |
Director |
|
Address : |
56, Narayanmuni Nagar, |
|
Date of Birth/Age : |
09.10.1984 |
|
Qualification : |
B. Com. |
|
Experience : |
8 Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGBPG3688H |
|
DIN No : |
00858206 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Maniyar |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 27.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Laljibhai Tulshibhai Patel |
|
1295000 |
|
Tulsibhai Keshavbhai Patel |
|
254250 |
|
Dayalbhai Keshavbhai Patel |
|
618000 |
|
Prakashbhai Tulsibhai Goti |
|
678000 |
|
Sanjaykumar Jerambhai Virani |
|
423750 |
|
Hiteshkumar Laljibhai Patel |
|
1143250 |
|
Piyushkumar Laljibhai Patel |
|
1087750 |
|
Shailesh Dayalbhai Goti |
|
825000 |
|
Nirmalaben Laljibhai Patel |
|
400000 |
|
Rashmitaben Hiteshbhai Patel |
|
636500 |
|
Dharaben Piyushbahi Patel |
|
692000 |
|
Manjulaben Dayabhai Patel |
|
60000 |
|
Komalben Shaileshbhai Patel |
|
361500 |
|
|
|
|
|
Total |
|
8475000 |
|
Names of Shareholders (Preference Shares) |
|
No.
of Shares |
|
Dharmanandan
Industries Limited, India |
|
1000000 |
|
|
|
|
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 27.08.2013
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamonds and Diamond Jewels, Loose Polished Diamond,
Loose Round Diamond, Gold Jewellery, Platinum Jewellery, White Gold Jewellery.
|
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30, 60 and 90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30, 60 and 90 Days) |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
7500 (Approximately) |
||||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
Total
facility including all banks is: Rs. 10700.000 Millions (Rs.
In Millions)
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajiv N Shah and Associates Chartered Accountants |
|
Address : |
A-001, Shreenath Darshan, Off |
|
PAN No.: |
AAFPS1156E |
|
|
|
|
Subsidiary company : |
|
|
|
|
|
Related Party: |
|
CAPITAL STRUCTURE
AFTER 29.09.2014
Authorised Capital : Rs. 100.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 98.750
Millions
As on: 27.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8475000 |
Equity Shares |
Rs.10/- each |
Rs.84.750
Millions |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs.10.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 94.750 Millions |
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 |
94.750 |
94.750 |
88.500 |
|
(b) Reserves & Surplus |
6570.368 |
5098.798 |
3613.394 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
300.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6665.118 |
5193.548 |
4001.894 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1762.661 |
1474.977 |
1659.652 |
|
(b) Deferred tax liabilities
(Net) |
43.577 |
43.840 |
11.977 |
|
(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) |
1806.238 |
1518.817 |
1671.629 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10140.647 |
8331.997 |
6412.988 |
|
(b) Trade payables |
5246.160 |
4902.210 |
3314.547 |
|
(c) Other current liabilities |
213.670 |
100.778 |
23.946 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
15600.477 |
13334.985 |
9751.481 |
|
|
|
|
|
|
TOTAL |
24071.833 |
20047.350 |
15425.004 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2482.467 |
2096.074 |
1801.971 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
69.913 |
82.700 |
53.734 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
106.932 |
47.907 |
736.911 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
70.742 |
|
(d) Long-term Loan and Advances |
276.013 |
108.167 |
0.405 |
|
(e) Other Non-current assets |
0.244 |
0.324 |
0.000 |
|
Total
Non-Current Assets |
2935.569 |
2335.172 |
2663.763 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
10752.897 |
8174.491 |
4618.095 |
|
(c) Trade receivables |
9883.451 |
9286.598 |
7400.477 |
|
(d) Cash and cash equivalents |
410.373 |
139.611 |
635.426 |
|
(e) Short-term loans and advances |
89.543 |
111.478 |
107.243 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
21136.264 |
17712.178 |
12761.241 |
|
|
|
|
|
|
TOTAL |
24071.833 |
20047.350 |
15425.004 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
41508.483 |
30733.089 |
|
|
|
Other Income |
15.613 |
131.476 |
|
|
|
TOTAL (A) |
41524.096 |
30864.565 |
23952.050 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
39328.920 |
|
|
|
|
Purchases of
Stock-in-Trade |
414.601 |
218.214 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2569.699) |
(921.303) |
|
|
|
Employees benefits
expense |
857.641 |
679.591 |
|
|
|
Other expenses |
1078.556 |
829.671 |
|
|
|
Exceptional Items |
0.000 |
(35.410) |
|
|
|
TOTAL (B) |
39110.019 |
28908.152 |
22386.470 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
2414.077 |
1956.413 |
1565.580 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
455.531 |
469.068 |
287.19 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
1958.546 |
1487.345 |
1278.390 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
109.780 |
84.328 |
67.170 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
1848.766 |
1403.017 |
1211.220 |
|
|
|
|
|
|
|
Less |
TAX (H) |
377.196 |
211.362 |
187.980 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
1471.570 |
1191.655 |
1023.240 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
26622.210 |
19810.490 |
|
|
TOTAL EARNINGS |
NA |
26622.210 |
19810.490 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
29243.968 |
20020.980 |
|
|
TOTAL IMPORTS |
NA |
29243.968 |
20020.980 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
218.14 |
161.87 |
115.62 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.54 |
3.88 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
|
5.82 |
6.37 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.74 |
7.04 |
8.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.27 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.79 |
1.89 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35 |
1.33 |
1.31 |
|
Particulars |
|
|
31.03.2015 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
45000.000 |
|
|
|
|
|
The above information has been parted by Mr. Amit Maniyar
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 |
88.500 |
94.750 |
94.750 |
|
Reserves & Surplus |
3613.394 |
5098.798 |
6570.368 |
|
Share Application money
pending allotment |
300.000 |
0.000 |
0.000 |
|
Net
worth |
4001.894 |
5193.548 |
6665.118 |
|
|
|
|
|
|
long-term borrowings |
1659.652 |
1474.977 |
1762.661 |
|
Short term borrowings |
6412.988 |
8331.997 |
10140.647 |
|
Total
borrowings |
8072.640 |
9806.974 |
11903.308 |
|
Debt/Equity
ratio |
2.017 |
1.888 |
1.786 |
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) |
|
Total Income |
23952.050 |
30864.565 |
41524.096 |
|
|
|
28.860 |
34.536 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Total Income |
23952.050 |
30864.565 |
41524.096 |
|
Profit |
1023.240 |
1191.655 |
1471.570 |
|
|
4.27% |
3.86% |
3.54% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
NA |
2.604 |
16.343 |
|
|
|
|
|
|
Total |
NA |
2.604 |
16.343 |
|
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 |
Yes |
|
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 four 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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
NOTE
The Registered Office of the company has been shifted from 1174, Jalalpura
Gandhi Baug, Nagpur – 440 002, Maharashtra, India to the present address w.e.f.
01.06.2006.
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 LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
Long term
borrowings |
|
|
|
Loans and advances from related parties |
NA |
1460.884 |
|
|
|
|
|
Total |
NA |
1460.884 |
RESULTS OF OPERATIONS
The year was a transformation year for the company. This was a landmark year the Company for its operating performance with earning growth amidst extraordinary challenges of price volatility and demand reduction.
During the year, the company has scaled new heights and set several new benchmarks in terms of sales, profits, net worth and assets. Turnover for the year was Rs. 31,283.470 Millions as against Rs. 23,852.050 Millions in the previous year. Exports were higher by 35.41 % over previous year and during the current year invoice value of export sales amounted to Rs. 26,762.410 Millions.
Profit after Tax for the year was Rs. 1,191.650 Millions as against Rs. 1,023.240 Millions in the previous year.
The company is a contributor to the national exchequer primarily by way of payment of taxes and duties to various government agencies.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10161015 |
12/05/2010 * |
744,600,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP
INDUSTRIAL FINANCE BRANCH, MA |
A87629333 |
|
2 |
10091658 |
19/12/2013 * |
10,700,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH,
D/3, WEST CORE, G BLOCK,, BHARAT |
B93316016 |
* Date of charge modification
FIXED ASSETS
- Plant and Machinery
- Computer Systems
- Furniture and Fixtures
- Vehicles
- Office Premises
- Land
- Factory Building
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. 62.56 |
|
|
1 |
Rs. 93.56 |
|
Euro |
1 |
Rs. 67.49 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.