MIRA INFORM REPORT
|
Report No. : |
329326 |
|
Report Date : |
26.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHEETAL MANUFACTURING COMPANY PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
104, Radhe Vallabh Co-Operative Housing Society Limited, French
Bridge, Opera House, Mumbai – 400004, Maharashtra |
|
Tel No.: |
91-22-61815300 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 (Provisional) |
|
|
|
|
Date of Incorporation
: |
14.05.2008 |
|
|
|
|
Com. Reg. No.: |
11-182179 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 442.800
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51398MH2008PTC182179 |
|
|
|
|
IEC No.: |
0388019123 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAMCS1948J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Trader, Exporter and Importer of diamonds and diamond jewellery. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
sound liquidity position and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
03.09.2014 |
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
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Ms. Nita Acharya |
|
Designation : |
Head of Finance |
|
Contact No.: |
91-9867026925 |
|
Date: |
25.06.2015 |
LOCATIONS
|
Registered Office/ Factory 1 : |
104, Radhe Vallabh Co-Operative Housing Society Limited, French Bridge,
Opera House, Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-61815300 |
|
Mobile No.: |
91-9867026925 (Ms. Neeta) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
Location: |
Owned |
|
Locality: |
Commercial and Residential |
|
|
|
|
Corporate Office /
Sales Office : |
CC-3100, C Wing, Bharat Diamond, Bandra-Kurla Complex, Bandra (East),
Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-61815300 |
|
Fax No.: |
91-22-61815353 |
|
Area: |
6000 Sq ft |
|
Location: |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Branch Office: |
Plot No.13, Sheetal Avenue, Near Bhavani Circle, A K Road, Surat -
395008, Gujarat, India |
|
Location: |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Factory 2: |
Plot No.13 -A, Sheetal Avenue, Near Bhavani Circle, A K Road, Surat -
395008, Gujarat, India |
|
|
|
|
Factory 3: |
Plot No. 255, Sheetal Near Railway Colony, Varachha Road, Surat –
395006, Gujarat, India |
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|
|
|
Factory 4: |
Plot No. 127, L G House Vastadevi Rad, Katagram, Surat – 395006,
Gujarat, India |
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|
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Factory 5: |
Siddhkutir, Kapodara Choryashi, Surat – 395006, Gujarat, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Govindbhai Laljibhai Kakadia |
|
Designation : |
Director |
|
Address : |
71, Menaka, Tahnee Heights CHS Limited, Nepeansea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
03.06.1958 |
|
Experience : |
40 Years |
|
Date of Appointment : |
14.05.2008 |
|
DIN No.: |
00252050 |
|
|
|
|
Name : |
Mr. Hirabhai Kanjibhai Kakadia |
|
Designation : |
Director |
|
Address : |
92/B, Diamond Court, 40, Nepen Sea Road,, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
24.08.1970 |
|
Experience : |
21 Years |
|
Date of Appointment : |
14.05.2008 |
|
PAN No.: |
AADPK6778L |
|
DIN No.: |
02017417 |
|
|
|
|
Name : |
Mr. Vallabhbhai Laljibhai Kakadia |
|
Designation : |
Director |
|
Address : |
504, Indraprasth Apartment, Near Indoor Stadium, Ghod Dod Road, Surat – 395007, Gujarat, India |
|
Date of Birth/Age : |
01.06.1959 |
|
Experience : |
38 Years |
|
Date of Appointment : |
14.05.2008 |
|
DIN No.: |
00027462 |
|
|
|
|
Name : |
Mr. Ravjibhai Laljibhai Kakadia |
|
Designation : |
Director |
|
Address : |
Plot No.10, Siddhnath Nagar Co-operative Housing Society, Behind, Affil Tower, Lambe Hanuman Road, Surat – 395006, Gujarat, India |
|
Date of Birth/Age : |
14.08.1964 |
|
Experience : |
33 Years |
|
Date of Appointment : |
14.05.2008 |
|
DIN No.: |
00037184 |
|
|
|
|
Name : |
Mr. Ajay Govindbhai Kakadia |
|
Designation : |
Director |
|
Address : |
71, Menaka, Tahnee Heights Co-operative Housing Society, Nepeansea Road, Malabar Hill, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1979 |
|
Experience : |
13 Years |
|
Date of Appointment : |
14.05.2008 |
|
PAN No.: |
AGQPK1637F |
|
DIN No.: |
01168559 |
|
|
|
|
Name : |
Mr. Chirag Ravjibhai Kakadia |
|
Designation : |
Director |
|
Address : |
10 Sidhdhrth Nagar Society, L.H. Road, Surat – 395006, Gujarat, India |
|
Date of Birth/Age : |
15.07.1990 |
|
Experience : |
2 Years |
|
Date of Appointment : |
15.07.2008 |
|
PAN No.: |
AGRPK2297A |
|
DIN No.: |
02749772 |
|
|
|
|
Name : |
Mr. Bharatkumar Vallabhbhai Kakadia |
|
Designation : |
Director |
|
Address : |
504, Indralok Society, Ghod Dod Road,, Surat – 395007, Gujarat, India |
|
Date of Birth/Age : |
19.01.1985 |
|
Experience : |
8 Years |
|
Date of Appointment : |
14.05.2008 |
|
PAN No.: |
AGQPK1679K |
|
DIN No.: |
01177028 |
KEY EXECUTIVES
|
Name : |
Ms. Nita Acharya |
|
Designation : |
Head of Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
Govind Laljibhai Kakadia |
7485630 |
16.91 |
|
Hirabhai Kanjibhai Kakadia |
1771200 |
4.00 |
|
Vallabhbhai Laljibhbhai Kakadia |
7485630 |
16.91 |
|
Ravjibhai Laljibhai Kakadia |
7485630 |
16.91 |
|
Ajay Govindbhai Kakadia |
5313600 |
12.00 |
|
Bharatkumar Vallabhbhai Kakadia |
5313600 |
12.00 |
|
Chirag Ravjibhai Kakadia |
5313600 |
12.00 |
|
Muktaben G. Kakadia |
1370370 |
3.09 |
|
Shardaben V. Kakadia |
1370370 |
3.09 |
|
Kantaben R. kakadia |
1370370 |
3.09 |
|
Total |
44280000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2014
|
Category |
Percentage of
Holding |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Exporter and Importer of diamonds
and diamond jewellery. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Diamonds |
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Countries : |
· Hong Kong · Japan · China · USA · Australia · Europe · Belgium |
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Imports : |
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Products : |
Diamonds |
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Countries : |
· Russia · Belgium |
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Terms : |
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Selling : |
Credit (30,90 Days) |
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Purchasing : |
Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturing
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Pruthviraj Shah and Company Chartered Accountants |
|
Address : |
202 Radha Vallabh Co-operative Housing Society, French Bridge, Opera House, Mumbai – 400004, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAJPS5797B |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
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|
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|
Subsidiary
Companies : |
· Sheetal Golden Works (India) Private Limited CIN No.: U36910MH2004PTC147793 ·
Sheetal Middle East DMCC |
|
|
|
|
Fellow Subsidiary
Companies (AS ON 31.03.2014): |
· Sheetal (Far East) Limited · Sheetal Europe BVBA Address: Office 154, Hovenierstraat 30, Box No: 135, Antwerp, Belgium |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives(AS ON 31.03.2014): |
· Brown Diamonds Manufacturing Private Limited CIN No.: U36910GJ2005PTC045812 · Kiah Life Style Private Limited CIN No.: U36911MH1995PT C086133 · Radhika Diamonds Manufacturing Private Limited CIN No.: U36910GJ2005PTC04581 · L G Kakadia Charitable Trust · Neelam Export · SMC Employee GGCA Scheme |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 442.800 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 1000.000 Million |
|
100,000,000 |
Preference Shares |
Rs.10/- each |
Rs. 1000.000 Million |
|
|
Total |
|
Rs. 2000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44280000 |
Equity Shares |
Rs.10/- each |
Rs. 432.037
Million |
|
1076296 |
Premium |
Rs.10/- each |
Rs. 10.763
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 442.800 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2015 (Provisional) |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
442.800 |
442.800 |
432.037 |
|
(b) Reserves & Surplus |
7587.278 |
6467.572 |
5633.908 |
|
(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) |
8030.078 |
6910.372 |
6065.945 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
236.711 |
104.411 |
110.375 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
4.503 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
236.711 |
104.411 |
114.878 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8928.432 |
7463.781 |
8266.183 |
|
(b) Trade payables |
1689.907 |
1761.189 |
2965.099 |
|
(c) Other current liabilities |
236.449 |
81.076 |
186.363 |
|
(d) Short-term provisions |
1.625 |
0.000 |
1.275 |
|
Total
Current Liabilities (4) |
10856.413 |
9306.046 |
11418.920 |
|
|
|
|
|
|
TOTAL |
19123.202 |
16320.829 |
17599.743 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1222.350 |
812.221 |
940.283 |
|
(ii) Intangible Assets |
1883.074 |
1883.074 |
1883.074 |
|
(iii) Capital work-in-progress |
261.535 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
66.007 |
66.007 |
66.007 |
|
(c) Deferred tax assets (net) |
30.621 |
2.324 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3463.587 |
2763.626 |
2889.364 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
6562.071 |
5078.986 |
5737.227 |
|
(c) Trade receivables |
8513.741 |
7671.301 |
8364.396 |
|
(d) Cash and cash equivalents |
166.715 |
221.355 |
132.094 |
|
(e) Short-term loans and
advances |
417.088 |
585.561 |
474.891 |
|
(f) Other current assets |
0.000 |
0.000 |
1.771 |
|
Total
Current Assets |
15659.615 |
13557.203 |
14710.379 |
|
|
|
|
|
|
TOTAL |
19123.202 |
16320.829 |
17599.743 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2015 (Provisional) |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
28671.087 |
30363.082 |
25290.335 |
|
|
Other Income |
209.875 |
188.805 |
113.075 |
|
|
TOTAL
(A) |
28880.962 |
30551.887 |
25403.410 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
23857.528 |
18195.211 |
16872.897 |
|
|
Purchases of Stock-in-Trade |
4631.221 |
5899.309 |
6569.944 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(3704.528) |
2264.122 |
(1244.429) |
|
|
Manufacturing Expenses |
1682.066 |
2149.396 |
1308.307 |
|
|
Employee benefit Expense |
151.291 |
144.758 |
96.331 |
|
|
Other expenses |
369.401 |
306.920 |
278.313 |
|
|
Exceptional Items |
0.000 |
1.772 |
1.772 |
|
|
TOTAL
(B) |
26986.979 |
28961.488 |
23883.135 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1893.983 |
1590.399 |
1520.275 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
426.357 |
400.750 |
401.599 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1467.626 |
1189.649 |
1118.676 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
230.178 |
140.013 |
138.041 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1237.448 |
1049.636 |
980.635 |
|
|
|
|
|
|
|
Less |
TAX (H) |
429.203 |
355.890 |
295.425 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
808.245 |
693.746 |
685.210 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
21182.655 |
17775.286 |
|
|
TOTAL
EARNINGS |
NA |
0.000 |
17775.286 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
19407.164 |
16190.25 |
|
|
Polish Diamonds (Traded goods) |
NA |
43.877 |
54.617 |
|
|
Capital Goods |
NA |
50.186 |
112.049 |
|
|
TOTAL
IMPORTS |
NA |
19501.227 |
16356.916 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
18.28 |
15.67 |
16.49 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 (Provisional) |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2015 (Provisional) |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.82 |
2.28 |
2.71 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.61 |
5.24 |
6.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.59 |
6.46 |
5.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.15 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.14 |
1.10 |
1.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44 |
1.46 |
1.29 |
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 |
432.037 |
442.800 |
442.800 |
|
Reserves & Surplus |
5633.908 |
6467.572 |
7587.278 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6065.945 |
6910.372 |
8030.078 |
|
|
|
|
|
|
long-term borrowings |
110.375 |
104.411 |
236.711 |
|
Short term borrowings |
8266.183 |
7463.781 |
8928.432 |
|
Total
borrowings |
8376.558 |
7568.192 |
9165.143 |
|
Debt/Equity
ratio |
1.381 |
1.095 |
1.141 |
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 |
25290.335 |
30363.082 |
28671.087 |
|
|
|
20.058 |
(5.573) |
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 |
25290.335 |
30363.082 |
28671.087 |
|
Profit |
685.210 |
693.746 |
808.245 |
|
|
2.71% |
2.28% |
2.82% |
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 |
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 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:
Registered office of the company has been
shifted from 1001, Prasad Chambers, opera House, Mumbai – 400004, Maharashtra,
India to the present address w.e.f. 01.10.2012
OPERATIONS/WORKING
RESULTS (AS ON 31.03.2014)
During the year, the Company has recorded Gross operating income of Rs. 30551.900 Million compared to previous year of Rs. 25403.400 Million showing an increase of 20.27%.
The Company has earned net profit Before Tax to the tune of Rs. 1049.700 Million compared to previous year of Rs. 980.600 Million showing an increase of 7.05%.
The above performance is achieved in spite of following adverse factors during the year i.e.
1. Overall slow growth in Industry.
2. Continued High volatility in $ rate ranging from high of Rs. 68.36 to the low of Rs. 53.74 with year end sharp variance of more than 2-3 rupee upward.
3. Effect of international crisis of European countries etc. on consumers confidence.
4. Negative impact of Leading Gold Dealers failure to meet Financial Commitment of Gold trade to Bankers, on Bankers support to Diamond Industry as a whole.
5. Entry of Synthetic Diamond in the trade.
All the above factors are continued till date and subject to that management is hopeful of maintaining level of operations and profitability during the year.
GLOBALISATION and
RESTRUCTURING:-
1. Continuing last year’s restricting plan, for International restructuring of the companies operation and organization by Committee of Directors, in first phase direct subsidiary in Dubai and Sheetal Manufacturing Company Private Limited shall be Holding Company for the same was formed and operation commenced.
2. The Company has taken during the year following further steps to achieve above objectives and to strengthen the profitability, Marketing base and Financial soundness of the Company:-
A) In addition to Direct Investment of $ 10lacs in our foreign fellow Subsidiary at Europe during last year additional Investment of $ 3.000 Million through our Indian subsidiary to take advantage of procurement of Rough Diamonds from prime source with availment of Bank fiancé at Competitive Rate.
B) Last year made direct investment $ 0.214 Million in their Foreign Subsidiary at Dubai to enlarge market and customer base in that Territory.
C) Guarantee support of $ 20 million to fellow subsidiary at Europe for making available Rough Diamond with lower cost of banking fund resulting into cheap supply compared to Direct DTC Import in India.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
|
20.866 |
|
Rupee term loans from others |
|
0.000 |
|
Total |
NA |
20.866 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10561728 |
26/03/2015 |
250,000,000.00 |
STATE BANK OF HYDERABAD |
1204, ASHOK MAHAL,, TULLOCH ROAD, COLABA, MUMBAI, |
C50195593 |
|
2 |
10549050 |
22/01/2015 |
390,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH,D-3,WEST CORE,BHARAT DIAMOND BOURSE |
C43589563 |
|
3 |
10504311 |
06/06/2014 |
195,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDR |
C07411028 |
|
4 |
10370835 |
25/06/2014 * |
9,776,200,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA,, MU |
C12305959 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
Intangible assets
- Brands and trade marks
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.63.61 |
|
|
1 |
Rs.99.79 |
|
Euro |
1 |
Rs.71.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
62 |
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.