MIRA INFORM REPORT
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Report No. : |
304115 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRITI GEMS EXPORTS PRIVATE LIMITED |
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Registered
Office : |
207, 'The Jewel' (Roxy), 2nd Floor, Mama Parmanand Marg, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.09.2010 |
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Com. Reg. No.: |
11-208349 |
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Capital
Investment / Paid-up Capital : |
Rs.33.719 Millions |
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CIN No.: [Company Identification
No.] |
U36912MH2010PTC208349 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP28672A |
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PAN No.: [Permanent Account No.] |
AAFCP6918A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer and Exporter of Diamonds. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be normal and acceptable
for business dealings. Trade relations are reported as fair. Business is active. Payment
terms are reported to be 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BB |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
09.05.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
207, 'The Jewel' (Roxy), 2nd Floor, Mama Parmanand Marg, Opera House, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-40388211 (30 Lines) / 23639645 / 47 / 23664316 |
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Fax No.: |
91-22-40388238 / 23675416 |
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E-Mail : |
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Website : |
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Branch Office : |
EE/3070, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Sanjivkumar Chhabildas Shah |
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Designation : |
Director |
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Address : |
Sudha Kailash, Flat No 52/A, Harkness Road , Mumbai - 400006,
Maharashtra, India |
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Date of Birth/Age : |
17.11.1964 |
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Date of Appointment : |
28.09.2010 |
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PAN No.: |
AAPPS5125H |
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DIN No.: |
01674478 |
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Other Directorship:
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Name : |
Mr. Jatin Chandrakant Doshi |
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Designation : |
Director |
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Address : |
198, Veena Apartments, 301 - 302, Walkeshwar Road, Mumbai - 400006, Maharashtra,
India |
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Date of Birth/Age : |
28.05.1967 |
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Date of Appointment : |
28.09.2010 |
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PAN No.: |
AADPD1683R |
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DIN No.: |
02924396 |
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Other Directorship:
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Name : |
Mr. Vipul Kantilal Shah |
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Designation : |
Director |
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Address : |
71, Purnima Apartment, 7th Floor, Ridce Road, Walkeshwar, Mumbai -
400006, Maharashtra, India |
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Date of Birth/Age : |
05.10.1965 |
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Date of Appointment : |
28.09.2010 |
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PAN No.: |
AAGPS2658N |
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DIN No.: |
02924434 |
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Other Directorship:
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MAJOR SHAREHOLDERS
As on 30.09.2014
|
Names of Shareholders |
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No. of Shares |
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Vipul Kantilal Shah |
|
980000 |
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Sanjivkumar Chhabildas Shah |
|
980000 |
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Jatin Chandrakant Doshi |
|
980000 |
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Snehalata Kantilal Shah |
|
10000 |
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Chhabildas Amulakh Shah |
|
10000 |
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Chandrakant Surajmal Doshi |
|
10000 |
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Kantilal Dolachand Shah |
|
10000 |
|
Sarlaben Chhabildas Shah |
|
10000 |
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Ramilaben Chandrakant Doshi |
|
10000 |
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Manoj Chhabildas Shah |
|
270090 |
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Sanjay Gajanand Sharma |
|
101850 |
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Total |
|
3371940 |
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 |
3.02 |
|
Directors or relatives of Directors |
96.98 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Diamonds. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
AMD and Company Chartered Accountants |
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Address : |
102-167, Vishal Villa Road No. 5, Shivaji Park, Mahim West, Mumbai – 400016, Maharashtra, India |
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PAN No.: |
AARFA0923F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Sister Concern : |
Not Available |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3371940 |
Equity Shares |
Rs.10/- each |
Rs.33.719 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
33.719 |
33.719 |
32.701 |
|
(b) Reserves & Surplus |
227.720 |
204.357 |
143.358 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending
allotment |
34.147 |
0.000 |
35.092 |
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Total
Shareholders’ Funds (1) + (2) |
295.586 |
238.076 |
211.151 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
101.989 |
33.312 |
36.714 |
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(b) Deferred tax liabilities (Net) |
0.155 |
0.103 |
0.038 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
102.144 |
33.415 |
36.752 |
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(4)
Current Liabilities |
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(a) Short
term borrowings |
332.974 |
327.739 |
216.350 |
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(b) Trade
payables |
518.982 |
929.762 |
974.836 |
|
(c) Other current
liabilities |
4.647 |
3.459 |
7.539 |
|
(d) Short-term
provisions |
2.664 |
0.566 |
0.778 |
|
Total Current
Liabilities (4) |
859.267 |
1,261.526 |
1,199.503 |
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TOTAL |
1,256.997 |
1,533.017 |
1,447.406 |
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II.
ASSETS |
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|
(1)
Non-current assets |
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(a) Fixed
Assets |
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|
|
|
(i)
Tangible assets |
8.865 |
10.109 |
8.369 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
9.294 |
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 |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.300 |
|
Total Non-Current
Assets |
18.159 |
10.109 |
8.669 |
|
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
410.070 |
575.414 |
416.956 |
|
(c) Trade
receivables |
756.202 |
806.689 |
990.303 |
|
(d) Cash
and cash equivalents |
65.400 |
53.317 |
25.212 |
|
(e)
Short-term loans and advances |
7.166 |
88.488 |
6.266 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1,238.838 |
1,523.908 |
1,438.737 |
|
|
|
|
|
|
TOTAL |
1,256.997 |
1,534.017 |
1,447.406 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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INCOME |
NA |
NA |
NA |
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EXPENSES |
NA |
NA |
NA |
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PROFIT/(LOSS)
BEFORE TAX |
35.115 |
17.057 |
13.003 |
|
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TAX |
NA |
NA |
NA |
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PROFIT/(LOSS)
AFTER TAX |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.81 |
1.11 |
0.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.07 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.47 |
1.52 |
1.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44 |
1.21 |
1.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Share Capital |
32.701 |
33.719 |
33.719 |
|
Reserves & Surplus |
143.358 |
204.357 |
227.720 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
35.092 |
0.000 |
34.147 |
|
Net
worth |
211.151 |
238.076 |
295.586 |
|
|
|
|
|
|
Long Term borrowings |
36.714 |
33.312 |
101.989 |
|
Short Term borrowings |
216.350 |
327.739 |
332.974 |
|
Total
borrowings |
253.064 |
361.051 |
434.963 |
|
Debt/Equity
ratio |
1.198 |
1.517 |
1.472 |
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from directors |
101.989 |
32.366 |
|
Loans and advances from others |
0.000 |
0.946 |
|
Total |
101.989 |
33.312 |
FINANCIAL
RESULTS:
During the year the company earned a net profit before tax Rs.35.115 Millions.
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 CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10465052 |
14/11/2013 |
20,000,000.00 |
Axis Bank |
3rd Floor, Rna Corporate Park, Kalanagar, Bandra (East), Mumbai, Maharashtra - 400051, India |
B91489781 |
|
2 |
10432612 |
13/10/2012 |
100,000,000.00 |
Bank Of Maharashtra |
"Yashomangal", Gandhinagar,, Bandra (East), Mumbai, Maharashtra - 400051, India |
B71010748 |
|
3 |
10354579 |
30/05/2011 |
92,500,000.00 |
Standard Chartered Bank |
Sme Credit, Crescenzo, 3a/F, Plot No. C-38 & 39,G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India |
B31606478 |
|
4 |
10362050 |
12/01/2011 |
162,500,000.00 |
Axis Bank |
Atlanata Building,Ground Floor,, Nariman Point, Mumbai, Maharashtra - 400021, India |
B30108815 |
|
5 |
10292754 |
16/10/2014 * |
162,500,000.00 |
Standard Chartered Bank |
Sme Credit, Crescenzo, 3 A/F, Plot No. C-38 & 39, G Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India |
C36024297 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.70 |
|
|
1 |
Rs.93.41 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
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 |
|
42 |
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.