MIRA INFORM REPORT

 

 

Report No. :

337960

Report Date :

22.08.2015

 

IDENTIFICATION DETAILS

 

Name :

KGK DIAMONDS (INDIA) PRIVATE LIMITED 

 

 

Registered Office :

DE-4011-4016, Tower D, 4th Floor, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra

Tel. No.:

91-22-40799999

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.10.2009

 

 

Com. Reg. No.:

11-196167

 

 

Capital Investment / Paid-up Capital :

Rs. 292.620 Million

 

 

CIN No.:

[Company Identification No.]

U74999MH2009PTC196167

 

 

IEC No.:

0388087684

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMK19593A

 

 

PAN No.:

[Permanent Account No.]

AADCK7579A

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer, Trader and Importer of Cut and Polished Diamonds

 

 

No. of Employees :

400 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (48)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 8400000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of KGK group, owned by the Kothari family. The group is engaged in cutting and polishing of diamonds, and manufactures plain gold and diamond-studded gold jewellery. It is well established company having satisfactory track record.

 

The rating on KGK Diamond reflect established presence in the gems and jewellery industry supported by its promoter’s extensive industry experience and its established relationship with customers. The rating also factor healthy operational efficiencies, above average financial risk profile, marked by its large net worth and comfortable debt protection metrics.

 

These rating strengths are partially offset by the large working capital requirements, its exposure to intense competition in the gems and jewellery industry resulting in its modest profitability margins, and the susceptibility of profitability margins to volatility in diamond prices and fluctuations in foreign exchange rates.

 

However, trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

The company can be considered normal for business dealings at its 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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

CRISIL

Rating

Long term bank facilities = “BBB”

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

March 2015

 

 

Rating Agency Name

CRISIL

Rating

Short term bank facilities = “A3+”

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

March 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 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Satish

Designation :

Accounts Department

Contact No.:

91-22-40288888

Date :

21.08.2015

 

 

LOCATIONS

 

Registered/ Head Office :

DE-4011-4016, Tower D, 4th Floor, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-40799999/ 40077777

Fax No.:

91-22-40799800/ 26755310/ 40077700

E-Mail :

roc.mumbai@kgkmail.com

dhara.jain@kgkmail.com

enquiry.india@kgkmail.com

enquiry.diaindia@kgkmail.com

Website :

www.kgkgroup.com

 

 

Corporate Office :

1501, Panchratna, Opera House, Mumbai – 400004, Maharashtra, India

Tel. No.:

91-22-40077777/ 23673939/ 23679251

Fax No.:

91-22-23696058

 

 

Accounts and Admin Office :

KGK Tower, 5th Floor, Near Ekta Bhoomi Garden, Dutta Pada Road, Rajendra Nagar, Borivali (East), Mumbai – 400066, Maharashtra, India

Tel No.:

91-22-28701501/ 40288888

Fax No.:

91-22-28547666

Email :

accounts.india@kgkmail.com

 

 

Branch Office :

2nd Floor, Millenium Diamond Complex, Hiranandan Society Hira Baug Varachha Road, Mumbai, Maharashtra, India

 

 

Factory :

Surat, Gujarat, India

 

 

Sales Offices :

Located at:

 

·         USA

·         Belgium

·         Italy

·         Thailand

·         Shanghai

·         China

·         Hong Kong

·         Japan

·         Russia

·         South Africa

·         UAE

·         Israel

·         New York

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Navrattan Kothari

Designation :

Director

Address :

401, Khatau Condominium, 15-A, J. Mehta Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

27.06.1942

Date of Appointment :

01.10.2009

DIN No.:

00137063

 

 

Name :

Mr. Sandeep Navrattan Kothari

Designation :

Director

Address :

401, Khatau Condominium, 15-A, J. Mehta Marg, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

08.11.1971

Date of Appointment :

01.10.2009

Pan No.:

AADPK0011A

DIN No.:

00137694

 

 

Name :

Mr. Nitin Dhadda

Designation :

Additional Director

Address :

212, Chandralok –B, Manav Mandir Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

17.05.1976

Date of Appointment :

10.03.2014

DIN No.:

02542528

 

 

KEY EXECUTIVES

 

Name :

Dhara Prakash Jain

Designation :

Secretary

Address :

Pawapuri Sty, A-Wing, Seth Moti Shah Lane, Byculla, Mumbai – 400010, Maharashtra, India

Date of Birth/Age :

04.12.1986

Date of Appointment :

20.09.2010

PAN No.:

ALNPJ0120E

 

 

Name :

Mr. Satish

Designation :

Accounts Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2014

 

Names of Equity Shareholders

No. of Shares

 

Sandeep Navrattan Kothari

8000000

KGK Diajewels Private Limited, India

3500000

Navrattan Kothari

800000

Anila Kothari

800000

Sanjay Kothari

5913977

Manju Kothari

934933

Preeti Kothari

5800000

Precious Investment (HK) Limited, Hong Kong

2990644

Total

28739554

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

10.41

Bodies corporate

12.18

Directors or relatives of Directors

77.41

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Trader and Importer of Cut and Polished Diamonds

 

 

Products :

Item Code No.

Product Description

71023910

Cut and Polished Diamonds

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Diamond

Countries :

·         Hong Kong

·         China

·         Japan

 

 

Imports :

 

Products :

Rough Diamond

Countries :

·         Botswana

·         Belgium

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

400 (Approximately)

 

 

Bankers :

 

·         ICICI Bank Limited,

Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India

 

·         The Royal Bank of Scotland N.V.,

North Avenue 4, Maker Maxity, Level 3, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India

 

·         Standard Charted Bank, 

90, M. G. Road, Fort, Mumbai – 400001, Maharashtra, India

 

·         IDBI Bank Limited, 

224, A-Wing, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra, India

 

·         Antwerp Diamond Bank N.V, 

2nd Floor, Engineering Centre, Mathew Road, Opera House, Mumbai – 400004, Maharashtra, India

 

·         ABN Amro Bank NV.

74, Sakhar Bhavan, 7th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

 

·         Yes Bank Limited

9th Floor, Nehru Centre, discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

 

·         ICICI Bank Limited

 Nariman Point, Mumbai, Maharashtra, India

 

·         Canara Bank

·         Development Credit Bank Limited

·         Royal Bank of Scotland N.V.

 

Bank Name

Indusind Bank

Branch

Ganpatrao Kadam marg, Lower Parel, Mumbai, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Rupee Term Loans from Banks

171.560

214.593

 

 

 

SHORT TERM BORROWING

 

 

Term loan from Banks

5929.941

6221.397

 

 

 

Total

6101.501

6435.990

 

Auditors :

 

Name :

Sudit K Parekh and Company

Chartered Accountants

Address :

Ballard House, 2nd Floor, Adi Marzban Path, Ballard Pler, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-66178000

Fax No.:

91-22-66178002

E-Mail :

admin@skparekh.com

PAN No.:

AAAFS4500P

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

·         Alok Impex Private Limited (w.e.f. 29/05/2010)

CIN No.: U36911MH1989PTC051646

·         Kothari Diamonds Industries Private Limited (w.e.f. 28/12/2010)

CIN No.: U36912MH1989PTC054783

·         KGK Diamonds Inc.

·         KGK Gems Private Limited (w.e.f. 28/12/2010)

CIN No.:U36912MH2007PTC171061

·         KGK Innovative Private Limited (w.e.f. 27/12/2010)

CIN No.:U45201RJ1997PTC014154

·         KGK Dia Processing Private Limited (Formerly Known as Shubham Amusements Private Limited)

CIN No.: U67120MH1995PTC084439

·         Unique Diamonds Private Limited (w.e.f 29/05/2010)

CIN No.: U36912MH1988PTC049022

 

 

Key Managerial Personnel and/or their relatives exercise significant influence :
  • Jaipur Automobiles Private Limited
  • Jal Mahal Resorts Private Limited
  • KGK Gems
  • KGK Ventures
  • KGK Diajewels Private Limited
  • KGK Jewellery Private Limited.
  • Kaygee Holdings Private Limited
  • KGK Creations Private Limited.
  • KGK Creations (India) Private Limited
  • KGK Creations Processing Private Limited ( formerly Known As KGK Properties Private Limited)
  • KGK Entice (India) Private Limited
  • KGK Homes Private Limited
  • KGK Tradelinks Private Limited ( Formerly Known as KGK Investments Co. Private Limited)
  • Kothari Creations Private Limited
  • Kothari Jewels Private Limited
  • KG Kothari & Sons
  • Navratna Gems Private Limited
  • Popular Investments Private Limited.
  • Precious Properties Private Limited
  • Ratnalaya Diamonds Private Limited
  • SAY Resources Private Limited
  • SNK Resources Private Limited
  • KGK Diamonds Co. Limited
  • KGK Diamonds (Far East) Inc.
  • KGK Diamonds B.V.B.A.
  • KGK Diamonds (HK) Limited
  • KGK Diamonds Israel Limited
  • KGK Diamonds LLC
  • KGK Jewellery Inc.
  • KGK Jewellery (HK) Limited
  • KGK Jewellery Manufacturing Limited
  • KGK Diamonds SA Pty Limited (formerly known as KGK Star Rough Pty Ltd.)
  • KGK Jewels (Pty.) Limited
  • KGK Diamonds (Pty) Limited
  • Precious Investments (HK) Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

38,000,000

Equity Shares

Rs.10/- each

Rs. 380.000 Million

2,000,000

Preference Shares

Rs.10/- each

Rs. 20.000 Million

 

Total

 

Rs. 400.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

28,739,554

Equity Shares

Rs.10/- each

Rs. 287.396 Million

522,453

Preference Shares

Rs.10/- each

Rs. 5.224 Million

 

Total

 

Rs. 292.620 Million

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

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

292.620

279.600

258.015

(b) Reserves & Surplus

2664.014

2233.533

1683.828

(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)

2956.634

2513.133

1941.843

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

865.222

922.105

840.125

(b) Deferred tax liabilities (Net)

1.671

0.359

0.373

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

6.892

6.182

5.201

Total Non-current Liabilities (3)

873.785

928.646

845.699

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

5929.941

6221.397

4820.537

(b) Trade payables

2307.601

4268.428

2600.205

(c) Other current liabilities

125.746

191.431

105.999

(d) Short-term provisions

0.406

0.326

0.409

Total Current Liabilities (4)

8363.694

10681.582

7527.150

 

 

 

 

TOTAL

12194.113

14123.361

10314.692

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

354.195

379.621

247.241

(ii) Intangible Assets

1.142

1.331

0.092

(iii) Capital work-in-progress

499.111

475.316

15.718

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

69.268

69.269

72.234

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

903.497

816.099

853.689

(e) Other Non-current assets

0.274

3.396

3.152

Total Non-Current Assets

1827.487

1745.032

1192.126

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3470.269

5354.545

4491.843

(c) Trade receivables

6789.398

6579.052

4496.393

(d) Cash and cash equivalents

65.596

399.880

75.201

(e) Short-term loans and advances

38.066

43.581

59.129

(f) Other current assets

3.297

1.271

0.000

Total Current Assets

10366.626

12378.329

9122.566

 

 

 

 

TOTAL

12194.113

14123.361

10314.692

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

 

 

TURNOVER

17589.608

15315.863

13350.500

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Other expenses

17268.932

15042.053

13082.520

 

Prior Period Adjustment

0.022

0.000

0.062

 

TOTAL

17268.954

15042.053

13082.582

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

320.654

273.810

267.918

 

 

 

 

 

Less

TAX

111.513

91.046

86.942

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

209.141

182.764

180.976

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

533.147

350.383

169.407

 

 

 

 

 

 

Balance Carried to the B/S

742.288

533.147

350.383

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

11124.891

10089.440

10126.919

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

5173.783

7168.636

5826.180

 

Components and Stores parts

0.129

1.266

1.996

 

Capital Goods

5.220

81.972

37.762

 

TOTAL IMPORTS

5179.132

7251.874

5865.938

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 7.15

6.25 

6.18 

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

16270.000

 

 

 

 

 

 

Expected Sales (2015-2016) : Rs. 18500.000 Million

 

The above information has been parted by Mr. Satish

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

43.156

35.407

0.000

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

(145.900)

(992.521)

(1649.842)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

1.19

1.19

1.36

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.76

2.02

2.62

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.11

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.31

2.86

2.92

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.24

1.16

1.21

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

258.015

279.600

292.620

Reserves & Surplus

1683.828

2233.533

2664.014

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

1941.843

2513.133

2956.634

 

 

 

 

long-term borrowings

840.125

922.105

865.222

Short term borrowings

4820.537

6221.397

5929.941

Current maturities of long-term debts

0.000

35.407

43.156

Total borrowings

5660.662

7178.909

6838.319

Debt/Equity ratio

2.915

2.857

2.313

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

13350.500

15315.863

17589.608

 

 

14.721

14.846

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

13350.500

15315.863

17589.608

Profit

180.976

182.764

209.141

 

1.36%

1.19%

1.19%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

NOTE: The registered office of the company has been shifted from 647-A, Pancharatana, Opera House, Mumbai – 400004, Maharashtra, India to the present w.e.f. 24.10.2012.

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Loans and advances from related parties

693.662

707.512

 

 

 

Total

693.662

707.512

 

 

OPERATION

 

Operating in a volatile and uncertain environment, the Company tuned out a very good performance. The highlights of the Company’s performance are as under:

 

In 2013-14, Company’s revenue from operations increased by approx. 15 % from Rs. 15296.700 Million in F.Y. 2012-13 to Rs. 17580.800 Million in F.Y. 2013-14. During the year, the Company focused on capturing local market, which can be evident from the fact that local sales of the Company has been increased by 36% i.e. Rs. 6422.700 Million in the current F.Y. 2013-14 as compared to Rs. 4734.800 Million in the last F.Y. 2012-13. Further, during the F.Y. 2013-14, there is growth of 11% in the Exports of the Company. The Profit before tax and net profit of the Company has also increased by 18 % & 14% respectively in the current F.Y. 2013-14. During the year under review, there is an inflow of Rs. 71.200 Million from operations. After payments towards capital expenditure, interest, inflows of borrowing and increase in share capital the net cash outflow during the year was Rs. 336.800 Million.

 

Finance cost has increased by 6 % i.e from Rs. 346.100 Million in the F.Y. 2012-13 to Rs. 367.400 Million in the F.Y. 2013.14 due to increase in the interest rate during the year. The Company has repaid its interest free unsecured borrowing of Rs. 13.900 Million & secured long term loan of Rs. 35.300 Million during the year bearing 12.25% interest rate. Short term borrowings has been reduced by an amount of Rs. 291.500 Million i.e. from Rs. 6220.000 Million in the F.Y. 2012-13 to Rs. 5930.000 Million in the F.Y. 2013.14. During the F.Y. 2013-14, the Company has increased its fixed assets base by Rs. 26.000Million and increase of Rs. 24.000Million towards capital work in progress.

 

 

The provision for diminution in the entire value of investment amounting to Rs. 29.650 Million, made during the previous F.Y. with respect to one of its foreign subsidiary in USA i.e. KGK Diamonds, INC, has been confirmed as an actual loss of value and removed from the Financial Statement. Lastly there has been an increase in the net worth of the Company by an amount of Rs. 443.500 Million. It depict that this year was in favour of the Company. The Directors are working continuously for increasing the profits of the company and to achieve positive results for the future growth of the Company.

 

 

INDEX OF CHARGES:

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10544552

29/12/2014

900,000,000.00

INDUSIND BANK LTD.

2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE, Maharashtra - 411001, INDIA

C41196742

2

10501304

05/06/2015 *

600,000,000.00

SOCIETE GENERALE

UPPER GROUND FLOOR, AMBADEEP BUILDING,, 14, KASTU 
RBA GANDHI MARG, NEW DELHI, Delhi - 110001, INDIA

C55332365

3

10483607

30/06/2015 *

500,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. 
ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - 
400018, INDIA

C58962663

4

10413331

27/02/2013

250,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA

B71294946

5

10372206

30/07/2012

2,250,000,000.00

Standard Chartered Bank

Abhijeet II, Ground Floor,, Near Mithakali Six Roads, Ahmedabad, Gujarat - 380006, INDIA

B56188477

6

10359699

21/05/2012

200,000,000.00

The Royal Bank of Scotland N.V.

7th Floor, Sakhar Bhavan,, Nariman Point,, Mumbai 
, Maharashtra - 400021, INDIA

B40918385

7

10183308

10/08/2012 *

3,300,000,000.00

THE ROYAL BANK OF SCOTLAND N.V.

North Avenue 4, Maker Maxity, Level 3,, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 
400051, INDIA

B56683147

 

*Date of charge modification

 

 

FIXED ASSETS

·         Plant and Machinery

·         Mettler Machine

·         Furniture and Fixture

·         Air Conditioner

·         Refrigerator

·         Typewriter

·         Office Equipment

·         Motor Car

·         Vehicle

·         Cycle

·         Computer

·         Electronic Time Punching

·         EPABX

·         Vacuum Cleaner

·         Electrical Installation

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.65.83

UK Pound

1

Rs.103.39

Euro

1

Rs.74.27

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

KSH

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

 

48

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.