MIRA INFORM REPORT
|
Report No. : |
356935 |
|
Report Date : |
31.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
FINE JEWELLERY MANUFACTURING LIMITED |
|
|
|
|
Registered
Office : |
Plot No GJ-12, Seepz Complex, MIDC, Andheri (East), Mumbai-400096, Maharashtra |
|
Tel. No.: |
91-22-30804080 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
08.10.2001 |
|
|
|
|
Com. Reg. No.: |
11-133589 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 166.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2001PLC133589 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF02864B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAALF5736D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Diamond Studded Gold and Platinum Jewellery.
(Confirmed by Management) |
|
|
|
|
No. of Employees
: |
500 (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 : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2001 having satisfactory track. For the year FY 15, the company has achieved good sales turnover which
has increased has compared to previous year marked by satisfactory profit
margin. Rating further takes into consideration the company’s efficient net
worth base, fair cash accruals and favourable gap between trade payables and
receivables. However, rating is constrained on account of stiff competition from
the dominant unorganized players as well as established organized players. Trade relations are fair. Business is active. Payments are slow but
correct. 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 – 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
NOT AVAILABLE
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 : |
Mrs. Shweta Dhawde |
|
Designation : |
Senior Accountant |
|
Contact No.: |
91-22-30804080 |
|
Date : |
24.12.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No GJ-12, Seepz Complex, MIDC, Andheri (East), Mumbai-400096,
Maharashtra, India |
|
Tel. No.: |
91-22-30804080 |
|
Fax No.: |
91-22-28292728 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
|
FJIL, Inc 608, 5th Avenue, Suite # 405 A, New York – 10020 |
|
|
|
|
|
Thangam Jewel LLC, 301, |
|
Tel. No.: |
97 1 42 258019 |
|
Fax No.: |
97 1 42 260495 |
|
E-Mail : |
|
|
|
|
|
Europe : |
Fine Euro BVBA Rijfstraat 2-4, 2018 Antwerp, Belgium |
|
E-Mail : |
DIRECTORS
AS ON 08.09.2014
|
Name : |
Mr. Sohil Premkumar Kothari |
|
Designation : |
Director |
|
Address : |
131-C Rambha Building, 66, Nepeansea Road, Mumbai-400004, Maharashtra,
India |
|
Date of Birth/Age : |
11.12.1978 |
|
Qualification : |
B.
Com |
|
Date of Appointment : |
08.10.2001 |
|
PAN No.: |
AABPK2538C |
|
DIN No.: |
00102962 |
|
|
|
|
Name : |
Mr. Dilip Hargovindas Pandya |
|
Designation : |
Additional Director |
|
Address : |
Opposite Mahesh Tutorials, 402, Kailash Dhaman,, G.V. Scheme Road No.
4, Mulund East S.O., Mumbai-400081, Maharashtra, India |
|
Date of Appointment : |
05.11.2015 |
|
DIN No.: |
07326833 |
|
|
|
|
Name : |
Mr. Natwarlal Deenanathji Trivedi |
|
Designation : |
Director |
|
Address : |
B-504, 5th Floor, Mukta Mahek Residency, Thakur Complex, 90 Ft Road, Kandivali
East, Mumbai-400101, Maharashtra, India |
|
Date of Appointment : |
28.03.2015 |
|
DIN No.: |
00077578 |
|
|
|
|
Name : |
Mr. Viral Premkumar Kothari |
|
Designation : |
Director |
|
Address : |
131, Rambha, 66 Nepean Sea Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
16.06.1983 |
|
Qualification : |
B.com |
|
Date of Appointment : |
01.09.2008 |
|
PAN No.: |
AHJPK4351M |
|
DIN No.: |
02380318 |
KEY EXECUTIVES
|
Name : |
Mrs. Shweta Dhawde |
|
Designation : |
Senior Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Names of Equity Shareholders |
|
No. of Shares |
|
Kothari Lalitkumar Premkumar |
|
1236510 |
|
Kothari Premkumar Smita |
|
448800 |
|
M. Shashikant Exports Limited, India |
|
3996800 |
|
Kothari Premkumar Sohil |
|
1012130 |
|
Kothari Sohil Dharini |
|
20800 |
|
Kothari Premkumar Viral |
|
994560 |
|
Bhow Surendra Nilesh |
|
1890400 |
|
Total |
|
9600000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Kothari Lalitkumar Premkumar |
|
440000 |
|
Kothari Premkumar Sohil |
|
120000 |
|
Kothari Premkumar Viral |
|
440000 |
|
Bhow Surendra Nilesh |
|
6000000 |
|
Total |
|
7000000 |
AS ON 08.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
19.69 |
|
Bodies
corporate |
41.63 |
|
Directors
or relatives of directors |
38.68 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamond Studded Gold and Platinum Jewellery.
(Confirmed by Management) |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· UK · USA · European Countries · Australia · Canada · Middle East |
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Imports : |
|
||||
|
Products : |
Raw Material |
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Countries : |
· Italy · UK · Japan · Germany · USA |
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Terms : |
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|
Selling : |
Cash and Credit (30 days, 60 days and 90 days) |
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Purchasing : |
Cash and Credit (30 days, 60 days and 90 days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users and OEMs
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No. of Employees : |
500 (Approximately) |
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Bankers : |
·
Punjab National Bank Offshore Banking Unit,
Seepz, Andheri (East), Mumbai - 400096, Maharashtra, India ·
Union Bank of India Overseas Branch Seepz ++ Unit
007 Block II, Seepz ++ Complex Marol Industrial Area Andheri, Mumbai -
400096, Maharashtra, India |
||||||||||||||||||||||||
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||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kantilal Parekh and Company Chartered Accountants |
|
Address : |
606,
Om Chambers, Kemps Corner, Mumbai-400036, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAXPP0620J |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates : |
·
Fine Jewellery (India) Limited, India (U99999MH1987PLC043293) ·
Fine Jewellery Gold Private Limited, India (U36912MH2011PTC211948) ·
FJIL Inc, United States ·
Fine Euro ·
M Shashikant Exports Limited, India (U39912MH1979PLC020923) |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 130.000 Million |
|
7,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 70.000 Million |
|
|
Total |
|
Rs. 200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,600,000 |
Equity Shares |
Rs. 10/- each |
Rs. 96.000 Million |
|
7,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 70.000
Million |
|
|
Total |
|
Rs. 166.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
166.000 |
166.000 |
166.000 |
|
(b) Reserves & Surplus |
261.724 |
242.811 |
225.704 |
|
(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) |
427.724 |
408.811 |
391.704 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.210 |
0.793 |
|
(b) Deferred tax liabilities (Net) |
1.356 |
2.760 |
1.742 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
10.849 |
8.123 |
9.332 |
|
Total
Non-current Liabilities (3) |
12.205 |
11.093 |
11.867 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
549.032 |
593.938 |
499.781 |
|
(b)
Trade payables |
309.455 |
356.996 |
303.342 |
|
(c)
Other current liabilities |
17.227 |
26.099 |
27.342 |
|
(d)
Short-term provisions |
23.727 |
23.027 |
22.990 |
|
Total
Current Liabilities (4) |
899.441 |
1000.060 |
853.455 |
|
|
|
|
|
|
TOTAL |
1339.370 |
1419.964 |
1257.026 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
102.492 |
118.550 |
125.896 |
|
(ii)
Intangible Assets |
24.378 |
19.125 |
12.986 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
15.000 |
22.500 |
30.000 |
|
(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 |
18.164 |
20.327 |
18.445 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
160.034 |
180.502 |
187.327 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
744.136 |
658.941 |
530.559 |
|
(c)
Trade receivables |
390.694 |
521.600 |
505.671 |
|
(d)
Cash and cash equivalents |
30.968 |
50.369 |
16.869 |
|
(e)
Short-term loans and advances |
13.538 |
8.552 |
16.600 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1179.336 |
1239.462 |
1069.699 |
|
|
|
|
|
|
TOTAL |
1339.370 |
1419.964 |
1257.026 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1693.568 |
1540.576 |
1456.485 |
|
|
|
Other Income |
12.668 |
20.680 |
4.128 |
|
|
|
TOTAL (A) |
1706.236 |
1561.256 |
1460.613 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1338.896 |
1216.457 |
1075.933 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(33.207) |
(44.331) |
29.419 |
|
|
|
Employees benefits expense |
136.937 |
110.594 |
118.027 |
|
|
|
Other expenses |
136.453 |
139.581 |
103.781 |
|
|
|
TOTAL (B) |
1579.079 |
1422.301 |
1327.160 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
127.157 |
138.955 |
133.453 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
76.165 |
93.771 |
75.051 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
50.992 |
45.184 |
58.402 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.540 |
18.423 |
18.305 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
23.452 |
26.761 |
40.097 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.596 |
4.741 |
6.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
19.856 |
22.020 |
33.563 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1691.740 |
1452.525 |
1448.957 |
|
|
|
Other Income |
3.647 |
4.168 |
0.000 |
|
|
TOTAL EARNINGS |
1695.387 |
1456.693 |
1448.957 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1389.287 |
1298.395 |
465.203 |
|
|
|
Components
and Spare Parts |
12.214 |
9.117 |
0.000 |
|
|
|
Capital Goods |
0.380 |
17.486 |
4.259 |
|
|
TOTAL IMPORTS |
1401.881 |
1324.998 |
469.462 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.07 |
2.29 |
3.50 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
116.792 |
45.482 |
158.073 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.17 |
1.43 |
2.30 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.51 |
9.02 |
9.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.77 |
1.91 |
3.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.07 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.28 |
1.45 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.24 |
1.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
166.000 |
166.000 |
166.000 |
|
Reserves & Surplus |
225.704 |
242.811 |
261.724 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
391.704 |
408.811 |
427.724 |
|
|
|
|
|
|
Long-term borrowings |
0.793 |
0.210 |
0.000 |
|
Short term borrowings |
499.781 |
593.938 |
549.032 |
|
Total
borrowings |
500.574 |
594.148 |
549.032 |
|
Debt/Equity
ratio |
1.278 |
1.453 |
1.284 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1456.485 |
1540.576 |
1693.568 |
|
|
|
5.774 |
9.931 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1456.485 |
1540.576 |
1693.568 |
|
Profit |
33.563 |
22.020 |
19.856 |
|
|
2.30% |
1.43% |
1.17% |
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 |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
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 & 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.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10588871 |
05/08/2015 |
15,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH,
SEEPZ ++, 007 BLOCK NO.II,, SEEP |
C62982814 |
|
2 |
10021493 |
17/07/2014 * |
641,000,000.00 |
STATE BANK OF INDIA |
SEEPZ BRNACH,
ANDHERI (EAST), MUMBAI- 400096, MAHARASHTRA |
C15688500 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
7.567 |
9.600 |
|
Loans
and advances from related parties |
0.000 |
0.250 |
|
Other loans and advances |
0.000 |
3.715 |
|
|
|
|
|
Total |
7.567 |
13.565 |
FINANCIAL RESULTS:
During the year under
review, Revenue from operations of the business is increased from Rs. 1540.576
Million in the previous year to Rs. 1693.568 Million in the current year
causing an effect of 10% increase in the revenue in the current year as
compared to previous year. Other income is mainly due to interest income, net
exchange fluctuation gain on foreign currency transaction and translation and
others etc. Major portion of Sales comprised of Export Sales of Manufactured
diamond studded gold and platinum jewellery. There was simultaneous increase in
cost of raw materials and other operating expenses resulting in decrease in
operating profit amounting to Rs. 127.157 Million in the current year as
compared to Rs. 138.956 Million in the previous year.
The
Company has earned profit of Rs. 19.856 Million in the current year.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.42 |
|
|
1 |
Rs. 98.55 |
|
Euro |
1 |
Rs. 72.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
IND |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.