MIRA INFORM REPORT

 

 

Report No. :

357175

Report Date :

25.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SANGHAVI JEWEL PRIVATE LIMITED

 

 

Registered Office :

402, Mehta Mahal 15, Mathew Road, Charni Road, Mumbai – 400004, Maharashtra

Tel No.:

91-22-66487000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

21.02.2005

 

 

Com. Reg. No.:

11-151449

 

 

Capital Investment / Paid-up Capital :

Rs.49.000 Million

 

 

CIN No.:

[Company Identification No.]

U36910MH2005PTC151449

 

 

IEC No.:

0304088111

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAICS7624R

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing, Exporting and Importing of Diamond Studded Gold Jewelry and Silver Jewelry. [Confirmed by management]

 

 

No. of Employees :

650 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track record.

 

Management of the subject has failed to file its latest financials with government department for the year 2015.

 

However, as per 2014 financial, the company possesses decent financial profile backed by fair profit margin, adequate networth base along with fair debt coverage indicators.

 

Further, trade relations are reported as fair. Business is active. Payments are reported to be usually correct.

 

In view of aforesaid, the company 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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 = BB+

Rating Explanation

Inadequate-credit-quality and high credit risk.

Date

07.07.2015

 

 

Rating Agency Name

CARE

Rating

Short term bank facilities = A4+

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

07.07.2015

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Chittranjan

Designation :

Accounts and Finance Manager

Contact No.:

91-22-66487000

Date :

24.12.2015

 

 

LOCATIONS

 

Registered Office :

402, Mehta Mahal 15, Mathew Road, Charni Road, Mumbai – 400004, Maharashtra, India

Tel. No. :

Not Available

Fax No. :

Not Available

E-Mail :

sanghavi@sanghaviseepz.com

Website :

www.sanghaviseepz.com

Area :

70000 Sq. Ft.

Location :

Owned

Locality :

Commercial

 

 

Factory :

GJ-01, Seepz++ Marol MIDC, Andheri (East), Mumbai – 400096, Maharashtra, India

Tel. No. :

91-22-66487000

Fax No. :

91-22-28291898

Area :

70000 Sq. ft.

Location :

Owned

Locality :

Commercial

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Chandrakantbhai Ravchandrabhai Sanghvi

Designation :

Director

Address :

25/252 Pariki Plot 1, Behind Tribhuvan Complex, Athwalines, Surat - 395007, Gujarat, India

Date of Appointment :

16.02.2007

DIN No. :

00392409

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U36912MH1991PTC060438

SANGHAVI DIAMONDS PRIVATE LIMITED

Director

25/02/1991

25/02/1991

-

Active

NO

2

U91110GJ2000NPL039065

GUJARAT HIRA BOURSE

Director

14/12/2000

14/12/2000

-

Active

NO

3

U45201GJ2004NPL044389

SAR INFRACON

Director

01/11/2004

01/11/2004

-

Active

NO

4

U99100MH1966GAP013486

THE GEM AND JEWELLERY EXPORT PROMOTION COUNCIL

Director

29/09/2006

29/09/2006

10/06/2015

Active

NO

5

U36910MH2005PTC151449

SANGHAVI JEWEL PRIVATE LIMITED

Director

16/02/2007

16/02/2007

-

Active

NO

6

U36911MH2007PTC170013

SANGHAVI EXPORTS INTERNATIONAL PRIVATE LIMITED

Director

16/04/2007

16/04/2007

-

Active

NO

7

U51109MH2008PTC177895

SANGHAVI STAR RETAIL PRIVATE LIMITED

Director

18/01/2008

18/01/2008

-

Active

NO

8

U36911MH2007PTC172505

JEWEL CRAFT PRIVATE LIMITED

Director

23/04/2010

23/04/2010

26/07/2010

Active

NO

9

U36912GJ2010PLC062808

SURAT ROUGH DIAMOND SOURCING (INDIA) LIMITED.

Director

03/11/2010

03/11/2010

06/12/2013

Active

NO

 

 

Name :

Mr. Ketankumar Kirtilal Sanghavi

Designation :

Director

Address :

1301, Chandanbala, 13th Floor, Ratilal Thakkar Marg, Walkeshwar, Mumbai - 400006, Maharashtra, India

Date of Appointment :

21.02.2005

DIN No. :

00794060

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U36911GJ1995PTC027680

SANGHVI DIAMONDS MANUFACTURING PRIVATE LIMITED

Director

11/08/1996

11/08/1996

-

Active

NO

2

U36910MH2004PLC148983

SPECTRUM JEWELLERY LIMITED

Director

05/10/2004

05/10/2004

29/10/2009

Active

NO

3

U36910MH2005PTC151449

SANGHAVI JEWEL PRIVATE LIMITED

Director

21/02/2005

21/02/2005

-

Active

NO

4

U36911MH2006PTC161582

SANGHAVI STAR JEWELLERY PRIVATE LIMITED

Director

03/05/2006

03/05/2006

-

Strike off

NO

5

U36911MH2007PTC170013

SANGHAVI EXPORTS INTERNATIONAL PRIVATE LIMITED

Director

16/04/2007

16/04/2007

-

Active

NO

6

U51109MH2007PTC176099

COHORT MERCANTILE PRIVATE LIMITED

Director

18/12/2007

18/12/2007

-

Active

NO

7

U51109MH2008PTC177895

SANGHAVI STAR RETAIL PRIVATE LIMITED

Director

18/01/2008

18/01/2008

-

Active

NO

8

U51399MH2007PTC176138

CUPIDITY TRADING PRIVATE LIMITED

Director

03/03/2008

03/03/2008

-

Active

NO

9

U36912MH1991PTC060438

SANGHAVI DIAMONDS PRIVATE LIMITED

Director

30/09/2009

01/06/2009

-

Active

NO

 

 

Name :

Mr. Rameshchandra Ravchandbhai Sanghavi

Designation :

Director

Address :

3, Sanghavi Bunglow, Near. Indoor Stadium, Tribhuvan Complex, Ghod Dod Road, District Surat - 395002, Gujarat, India

Date of Appointment :

01.04.2005

DIN No. :

00813863

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U36912MH1991PTC060438

SANGHAVI DIAMONDS PRIVATE LIMITED

Director

25/02/1991

25/02/1991

-

Active

NO

2

U36910MH2005PTC151449

SANGHAVI JEWEL PRIVATE LIMITED

Director

01/04/2005

01/04/2005

-

Active

NO

3

U36911MH2007PTC170013

SANGHAVI EXPORTS INTERNATIONAL PRIVATE LIMITED

Director

16/04/2007

16/04/2007

-

Active

NO

4

U51109MH2008PTC177895

SANGHAVI STAR RETAIL PRIVATE LIMITED

Director

18/01/2008

18/01/2008

-

Active

NO

 

 

Name :

Mr. Jayesh Vasantlal Sanghavi

Designation :

Managing director

Address :

19, Kailash Niketan CHS, 7th Floor, 24 L. D. Ruparel Marg, Walkeshwar, Mumbai - 400006, Maharashtra, India

Date of Appointment :

01.01.2011

PAN No.:

AAVPS1694K

DIN No. :

00814828

Other Directorship:

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U36912MH1994PTC079134

SANGHAVI JEWELLERY MANUFACTURING COMPANY PRIVATE LIMITED

Director

23/06/1994

23/06/1994

-

Active

NO

2

U99999MH1995PTC092912

VASANT SANGHAVI SECURITIES PRIVATE LIMITED

Director

20/09/1995

20/09/1995

-

Dormant

NO

3

U36911MH2007PTC170013

SANGHAVI EXPORTS INTERNATIONAL PRIVATE LIMITED

Director

16/04/2007

16/04/2007

-

Active

NO

4

U36910MH2005PTC151449

SANGHAVI JEWEL PRIVATE LIMITED

Managing director

01/01/2011

01/01/2011

-

Active

NO

 

 

Name :

Mr. Kirtilal Sanghvi

Designation :

Director

Address :

SY No. 2369 / 7 2369 / 8 EP 251 252 Paiy, Plot 4 Behind Tribuuvan Complex Athwalines, Surat - 395002, Gujarat, India

Date of Appointment :

01.04.2005

DIN No. :

01037677

Other Directorship:

 

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U36912MH1991PTC060438

SANGHAVI DIAMONDS PRIVATE LIMITED

Director

25/02/1991

25/02/1991

-

Active

NO

2

U36910MH2005PTC151449

SANGHAVI JEWEL PRIVATE LIMITED

Director

01/04/2005

01/04/2005

-

Active

NO

3

U45201GJ1990PTC014475

AGAM ESTATES PRIVATE LIMITED

Director

20/10/2006

20/10/2006

-

Active

NO

4

U36911MH2007PTC170013

SANGHAVI EXPORTS INTERNATIONAL PRIVATE LIMITED

Director

16/04/2007

16/04/2007

-

Active

NO

5

U51109MH2007PTC176099

COHORT MERCANTILE PRIVATE LIMITED

Director

18/12/2007

18/12/2007

-

Active

NO

6

U51109MH2008PTC177895

SANGHAVI STAR RETAIL PRIVATE LIMITED

Director

18/01/2008

18/01/2008

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Chittranjan

Designation :

Accounts and Finance Manager

 

 

MAJOR SHAREHOLDERS

 

AS ON 29.09.2014

 

Names of Shareholders

 

No. of Shares

Sanghavi Exports International Private Limited

 

4460000

Vasantlal R Sanghavi

 

1000

Vasantlal R Sanghavi (H.U.F.)

 

334000

Kirtilal R Sanghavi (H.U.F.)

 

35000

Chandrakant R Sanghavi (H.U.F.)

 

35000

Ramesh R Sanghavi (H.U.F.)

 

35000

 

 

 

Total

 

4900000

 

 

AS ON 29.09.2014

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage of Holding

Bodies corporate

91.00

Directors or relatives of Directors

9.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing, Exporting and Importing of Diamond Studded Gold Jewellery and Silver Jewellery. [Confirmed by management]

 

 

Products :
  • Bridal Diamond Rings
  • Anklet Toe Rings
  • Bracelet
  • Bangles Kada
  • Broach
  • Chains

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :
  • Diamond Studded
  • Gold Jewelry
  • Silver Jewelry

Countries :
  • USA
  • UK
  • Japan
  • Middle East

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Hong Kong
  • Japan

 

 

Terms :

 

Selling :

Cash and Credit [30,60 Days]

 

 

Purchasing :

Cash and Credit [30,60 Days]

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Gem Group (Division of Richline)

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

Retailers

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

650 (Approximately)

 

 

Bankers :

Banker Name 1

Union Bank of India

Branch Address

Overseas Branch, Seepz++ Unit 007, Block No. II, Jogeshwari-Vikhroli Link Road Marol Indl Area, Andheri, Mumbai - 400096, Maharashtra, India

Person Name (With Designation)

Not Available

Contact Number

Not Available

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Working Capital Rs. 160.000 Million

Account Operation

Not Available

Remarks (If any)

Not Available

 

 

Banker Name 2

Bank of India

Branch Address

Seepz Mid Corp Branch, Behind Seepz Service Centre, Marol Industrial Area, Andheri (East), Mumbai – 400096, Maharashtra, India

Person Name (With Designation)

Not Available

Contact Number

91-22-28290513 (Ringing)

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

 

Banker Name 3

State Bank of Patiala

Branch Address

Seepz, Andheri, Mumbai, Maharashtra, India

Person Name (With Designation)

Not Available

Contact Number

91-22-28293000 (Ringing)

Name of Account Holder

Not Available

Account Number

Not Available

Account Since (Date/Year of Account Opening)

Not Available

Average Balance Maintained (If Possible)

Not Available

Credit Facilities Enjoyed (If any)

Not Available

Account Operation

Not Available

Remarks (If any)

Not Available

 

 

Facilities :

SECURED LOANS

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Rupee term loans from banks

0.306

0.000

Rupee term loans from others

0.000

0.681

 

 

 

SHORT TERM BORROWINGS

 

 

Rupee term loans from banks

699.951

782.431

 

 

 

Total

700.257

783.112

 

Auditors :

 

Name :

M.A Parikh

Chartered Accountant

Address :

Yusuf Building, 2Nd Floor 43, Mahatma Gandhi Road, Fort, Mumbai, Maharashtra, India

PAN No. :

AAAFM1433H

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding company :

  • Sanghavi Exports Internationalprivate Limited

 

 

Fellow Subsidiary company:

  • Sanghavi Diamond Inc. (N.Y)
  • Sanghavi Diamonds Private Limited
  • Sanghavi Jewel Tokyo Company Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000000

Equity Shares

Rs.10/- each

Rs.50.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4900000

Equity Shares

Rs.10/- each

Rs.49.000 Million

 

 

 

 

 

 

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

49.000

49.000

49.000

(b) Reserves & Surplus

613.922

563.312

547.583

(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)

662.922

612.312

596.583

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

60.689

61.064

0.000

(b) Deferred tax liabilities (Net)

16.272

0.000

0.000

(c) Other long term liabilities

3.618

1.626

0.000

(d) long-term provisions

0.000

0.000

2.608

Total Non-current Liabilities (3)

80.579

62.690

2.608

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

699.951

782.431

729.845

(b) Trade payables

561.244

616.945

539.952

(c) Other current liabilities

15.419

11.453

5.795

(d) Short-term provisions

7.916

2.295

0.072

Total Current Liabilities (4)

1284.530

1413.124

1275.664

 

 

 

 

TOTAL

2028.031

2088.126

1874.855

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

181.361

185.965

192.469

(ii) Intangible Assets

2.849

3.931

4.198

(iii) Capital work-in-progress

14.861

8.257

2.171

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.601

8.110

1.721

(e) Other Non-current assets

43.020

19.089

24.930

Total Non-Current Assets

242.692

225.352

225.489

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

355.963

435.987

595.230

(c) Trade receivables

1311.469

1251.851

882.820

(d) Cash and cash equivalents

80.585

129.539

116.690

(e) Short-term loans and advances

26.762

38.764

44.062

(f) Other current assets

10.560

6.633

10.564

Total Current Assets

1785.339

1862.774

1649.366

 

 

 

 

TOTAL

2028.031

2088.126

1874.855

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

2024.549

1977.713

1618.054

 

 

Other Income

NA

NA

NA

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

1928.209

1915.666

1643.160

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

75.488

30.301

(28.158)

 

 

 

 

 

Less

TAX                                                                 

24.878

14.572

(11.648)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

50.610

15.729

(16.510)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

10.33

3.21

(0.34)

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

1920.000

 

 

 

 

 

Expected Sales (2015-2016): Rs.2250.000 Million

 

The above information has been parted by Mr. Chittranjan [Accounts and Finance Manager].

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.833

0.608

0.000

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

2.50

0.80

(1.02)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

3.75

1.46

(1.50)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.05

(0.05)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.15

1.38

1.22

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.39

1.32

1.29

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

 

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

49.000

49.000

49.000

Reserves & Surplus

547.583

563.312

613.922

Net worth

596.583

612.312

662.922

 

 

 

 

Long-term borrowings

0.000

61.064

60.689

Short term borrowings

729.845

782.431

699.951

Total borrowings

729.845

843.495

760.640

Debt/Equity ratio

1.223

1.378

1.147

 

 

 

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

1618.054

1977.713

2024.549

 

 

22.228

2.368

 

 

 

 

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

1618.054

1977.713

2024.549

Profit

(16.510)

15.729

50.61

 

(1.02%)

0.80%

2.50%

 

 

 

 

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

Yes

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

No

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

Yes

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

No

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

 

 

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.

 

 

NOTE:

 

The registered address of the company has been shifted from GJ-01, Seepz++, Seepz Andheri (East), Mumbai – 400096, Maharashtra, India to the present address w.e.f 25.09.2010

 

 

UNSECURED LOANS

 

PARTICULAR

31.03.2014

(Rs. In Million)

31.03.2013

(Rs. In Million)

LONG TERM BORROWINGS

 

 

Rupee term loans from others

60.383

60.383

 

 

 

Total

60.383

60.383

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10599517

01/10/2015

100,000,000.00

BANK OF INDIA

SEEPZ MID CORPORATE BR,BEHIND SEEPZ SERVICE CENTRE, MAROL INDUSTRIAL AREA, SEEPZ, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400096, INDIA

C68632512

2

10454525

20/09/2013

50,000,000.00

BANK OF INDIA

SEEPZ MID CORP BR., BEHIND SEEPZ SERVICE CENTRE,MAROL INDUSTRIAL AREA, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400096, INDIA

B87321337

3

10375808

24/08/2012

20,000,000.00

BANK OF INDIA

SEEPZ MID CORPORATE BR,BEHIND SEEPZ SERVICE CENTRE, MAROL INDUSTRIAL AREA, SEEPZ, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400096, INDIA

B57831802

4

10237164

09/08/2010

50,000,000.00

BANK OF INDIA

SEEPZ BRANCH, MIDC-SEEPZ,ANDHERI-EAST, MUMBAI, MAHARASHTRA - 400096, INDIA

A93218162

5

10181747

29/09/2009

50,000,000.00

BANK OF INDIA

SEEPZ BRANCH,MIDC -SEEPZ, ANDHERI -EAST, MUMBAI, MAHARASHTRA - 400096, INDIA

A71516835

6

10093798

06/02/2015 *

900,000,000.00

BANK OF INDIA

SEEPZ BRANCH,SEEPZ, ANDHERI - EAST, MUMBAI, MAHARASHTRA - 400096, INDIA

C45781150

7

10070586

20/09/2007

126,100,000.00

BANK OF INDIA

SEEPZ BRANCH, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400096, INDIA

A24605859

8

10068575

03/09/2007

250,000,000.00

BANK OF INDIA

SEEPZ BRANCH, ANDHERI -EAST, MUMBAI, MAHARASHTRA - 400096, INDIA

A23660301

9

10063794

02/08/2007

200,000,000.00

STATE BANK OF PATIALA

SEEPZ++, ANDHERI EAST, MUMBAI, MAHARASHTRA - 400096, INDIA

A21261714

10

80012857

09/02/2015 *

900,000,000.00

BANK OF INDIA

SEEPZ MID CORP BR., BEHIND SEEPZ SERVICE CENTRE, MAROL INDUSTRIAL AREA, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400096, INDIA

C45778503

 

 

* Date of charge modification

 

 

FIXED ASSETS

 

œ  Land

œ  Buildings

œ  Plant and equipment

œ  Furniture and fixtures

œ  Vehicles

œ  Office equipment

 

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 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.61.92

UK Pound

1

Rs.96.37

Euro

1

Rs.76.10

 

 

INFORMATION DETAILS

 

Information Gathered by :

KAM

 

 

Analysis Done by :

HEE

 

 

Report Prepared by :

GEET

 

 

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

4

--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

 

46

 

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.