MIRA
INFORM REPORT
|
Report No. : |
306976 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
PATDIAM |
|
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Registered
Office : |
AE 2072, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Year of
Establishment : |
1999 |
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Capital Investment
/ Paid-up Capital : |
Rs.61.577 Millions |
|
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|
IEC No.: |
Not Available |
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TIN No.: |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business
: |
Subject is engaged into diamond polishing activities and they
represents some of the diamond traders in procuring and marketing their
goods. |
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|
No. of Employees
: |
10 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having moderate track
record. Management has reported an acceptable financial profile backed by
adequate revenue base during FY 2014, as per its unaudited financial
statement which could be not verified and are provided for your mere
reference. Moreover, as per indirect sources we found that there are some
instances of bill over drawn for more than 30 days, due to weak liquidity,
with references to one of its group associates i.e. “Patdiam Jewellery
Private Limited.” Further the company has large working capital requirement along with
its exposure to tough competition, slightly mitigated by long experience of
its promotors. Trade relations seems to be fair. Business is active. Payment terms
are reported as slow. In view of modest liquidity profile of its group company along with lack
of latest audited financials for the subject, it can considered for business
dealings with great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Shah |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-26755801 |
|
Date : |
09.02.2015 |
LOCATIONS
|
Registered Office / Head Office : |
AE 2072, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26755801 / 02 / 03 |
|
Mobile No.: |
91-9820052555 (Mr. Pravin T. Kakdiya) |
|
Fax No.: |
91-22-26755805 |
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E-Mail : |
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Website : |
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Factory 1 : |
Unit No.12, Olympus Industrial Estate, Layout Road, Mahal Industrial Area, Paper Box, Mahakali Caves Road, Andheri East, Mumbai – 400096, Maharashtra, India |
|
Tel. No.: |
91-22-26879371 / 72 |
|
Fax No.: |
91-22-28293459 |
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|
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Factory 2 : |
Unit No.102, Tower No.1, Seepz++, Special Economic Zone, Andheri (East), Mumbai – 400096, Maharashtra, India |
|
Tel. No.: |
91-22-28293455 / 56 / 57 |
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Fax No.: |
91-22-28293459 |
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Factory : |
Also Located At
: ·
Suart, Gujarat, India ·
Bhavnagar, Gujarat, India |
PARTNERS
|
Name : |
Mr. Pravin T. Kakdiya |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Sameer K. Kakdiya |
|
Designation : |
Partner |
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|
Name : |
Ms. Pritee S. Kakdiya |
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Designation : |
Partner |
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|
Name : |
Mr. Chaganbhai K. Navadiya |
|
Designation : |
Partner |
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|
Name : |
Mr. Ganeshbhai K. Navadiya |
|
Designation : |
Partner |
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|
Name : |
Mr. Mahesh L. Navadiya |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into diamond polishing activities and they
represents some of the diamond traders in procuring and marketing their
goods. |
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Products : |
Diamond |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Diamonds and Jewellery |
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Countries : |
·
Japan ·
Dubai ·
Antwerp ·
USA ·
Hong Kong ·
Bangkok ·
Belgium |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Israel ·
Dubai ·
Japan ·
Belgium |
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Terms : |
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Selling : |
Cash, Cheque and Credit (30 Days) |
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Purchasing : |
Cash, Cheque and Credit (30 Days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
10 (Approximately) |
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Bankers : |
·
Karnataka Bank, Overseas Branch ·
Central Bank of India, Seepz Branch, Mumbai,
Maharashtra, India |
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Facilities : |
Cash Credit = Rs.130.000 Millions (Karnataka Bank) C/C = Rs.40.000 Millions (Central Bank of India) |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Ramesh Rajani and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Memberships : |
-- |
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Sister Concerns : |
·
Zest Corporation Address: Unit No.12, Olympus
Industrial Estate, Layout Road, Mahal Industrial Area, Paper Box, Mahakali
Caves Road, Andheri East, Mumbai – 400096, Maharashtra, India Line of Business: Subject is engaged into
diamond polishing activities and they represents some of the diamond traders
in procuring and marketing their goods. ·
Patdiam
Jewellery Private Limited Address: Unit No.102, Tower No.1, Seepz++, Special Economic Zone, Andheri (East), Mumbai – 400096, Maharashtra, India Line of Business: Subject is engaged into
diamond polishing activities and they represents some of the diamond traders
in procuring and marketing their goods. |
CAPITAL STRUCTURE
As on 31.03.2014
|
Capital Investment : |
|
|
Owned : |
Rs.61.577 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.61.577 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
61.577 |
59.000 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
61.577 |
59.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
152.322 |
172.656 |
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2] Unsecured Loans |
|
0.875 |
0.875 |
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TOTAL BORROWING |
|
153.197 |
173.531 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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|
|
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TOTAL |
|
214.774 |
232.531 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
25.332 |
28.467 |
|
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Capital work-in-progress |
|
0.000 |
0.000 |
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|
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|
|
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
280.931 |
302.492 |
|
|
Sundry Debtors |
|
183.653 |
238.496 |
|
|
Cash & Bank Balances |
|
6.931 |
8.930 |
|
|
Other Current Assets |
|
3.467 |
4.489 |
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|
Loans & Advances |
|
23.289 |
28.510 |
|
Total
Current Assets |
|
498.271 |
582.917 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
Sundry Creditors |
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|
|
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|
Other Current Liabilities |
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|
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|
Provisions |
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|
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Total
Current Liabilities |
|
308.829 |
378.853 |
|
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Net Current Assets |
|
189.442 |
204.064 |
|
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|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
|
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|
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TOTAL |
|
214.774 |
232.531 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
|
529.367 |
570.372 |
|
|
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Other Income |
|
0.071 |
0.406 |
|
|
|
TOTAL (A) |
|
529.438 |
570.778 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material consumed |
|
299.795 |
293.513 |
|
|
|
Manufacturing expenses |
|
34.757 |
48.583 |
|
|
|
General Sales & Administrative expenses |
|
9.628 |
9.820 |
|
|
|
Increase (Decrease) in stock of finished goods |
|
140.818 |
178.784 |
|
|
|
Salary to Partner |
|
3.500 |
1.500 |
|
|
|
Interest to Partner |
|
0.921 |
0.000 |
|
|
|
TOTAL (B) |
|
489.419 |
532.200 |
|
|
|
|
|
|
|
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PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
40.019 |
38.578 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
33.263 |
32.121 |
|
|
|
|
|
|
|
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|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
6.756 |
6.457 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
|
3.234 |
3.663 |
|
|
|
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|
|
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|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
|
3.522 |
2.794 |
|
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|
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Less |
TAX (H) |
|
1.178 |
0.938 |
|
|
|
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|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
|
2.344 |
1.856 |
|
Expected Sales
(2014-2015): Rs.550.000 Millions
The above information has been parted by Mr. Rajesh Shah
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
|
0.44 |
0.33 |
|
|
|
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|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
|
7.56 |
6.76 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.67 |
0.46 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
0.05 |
|
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|
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
|
2.49 |
2.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.61 |
1.54 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
|
59.000 |
61.577 |
|
Reserves & Surplus |
|
0.000 |
0.000 |
|
Money received against
share warrants |
|
0.000 |
0.000 |
|
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Net
worth |
|
59.000 |
61.577 |
|
|
|
|
|
|
Secured Loans |
|
172.656 |
152.322 |
|
Unsecured Loans |
|
0.875 |
0.875 |
|
Total
borrowings |
|
173.531 |
153.197 |
|
Debt/Equity
ratio |
|
2.941 |
2.488 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
|
570.372 |
529.367 |
|
|
|
|
(7.189) |
NET PROFIT MARGIN
|
Net
Profit Margin |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
|
570.372 |
529.367 |
|
Profit |
|
1.856 |
2.344 |
|
|
|
0.33% |
0.44% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two years |
Yes |
|
13] |
Reasons for variation <> 20% |
Yes |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
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.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
29 |
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.