MIRA INFORM REPORT
|
Report No. : |
311675 |
|
Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI DIAMOND PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse, Bandra-Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
12.04.2006 |
|
|
|
|
Com. Reg. No.: |
11-161091 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.473.367
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2006PTC161091 |
|
|
|
|
IEC No.: |
0388010151 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06215G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL1815G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of diamonds, jewellery and also providing power generation i.e. wind mill. |
|
|
|
|
No. of Employees
: |
7000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Financial position of the company is good. The company is processing
well. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered normal 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 – 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term=BBB+ |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
17.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term=A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
17.10.2014 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Rai |
|
Designation : |
Chief Executive Officer – Finance |
|
Contact No.: |
91-9867504544 |
LOCATIONS
|
Registered / Corporate Head Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse,
Bandra-Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26755150 / 33927041 / 33927042/ 40502222 |
|
Fax No.: |
91-22-40502214 |
|
E-Mail : |
|
|
Website: |
|
|
Location: |
Owned |
|
|
|
|
Manufacturing Head
Office: |
Near Gajera Circle, Katargam Amroli Road, Katargam, Surat
– 395004, Gujarat, India |
|
Tel. No.: |
91-261-3315555 |
|
Fax No.: |
91-261-3315599 |
|
E-Mail : |
|
|
|
|
|
Factory 1: |
New A K Road, Varachha, Surat – 395008, Gujarat, India |
|
Tel. No.: |
91-261-2542532 |
|
Fax No.: |
91-261-2541623 |
|
E-Mail : |
|
|
Location: |
Owned |
|
|
|
|
Factory 2 : |
415/416, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra,
India |
|
Tel. No.: |
91-22-23696643 / 23696645 / 23677007 / 40502222 |
|
Fax No.: |
91-22-23670390 |
|
|
|
|
Factory 3 : |
Babubula, Katargaon, Surat – 395004, Gujarat, India |
DIRECTORS
As on 09.08.2014
|
Name : |
Mr. Vasantbhai Haribhai Gajera |
|
Designation : |
Managing Director |
|
Address : |
1, Vrushal Nagar Society, Near Katargam Police Station, Katargam,
Surat – 395004, Gujarat, India |
|
Date of Birth/Age : |
01.06.1954 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
ABTPG2033P |
|
DIN No.: |
00147855 |
|
|
|
|
Name : |
Mr. Mitesh Chunilal Gajera |
|
Designation : |
Director |
|
Address : |
50, Vishnu Nagar Society, Ne A.K Road, Ankur Char Rasta, Varachha
Road, Surat – 395008, Gujarat, India |
|
Date of Birth/Age : |
10.03.1982 |
|
Date of Appointment : |
20.03.2008 |
|
DIN No.: |
01011862 |
|
|
|
|
Name : |
Mr. Ashokbhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
31, Kalpavrukh Apartment, 27, B.G. Kher Marg, Walkeshwar, Mumbai -
395001, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1965 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
ABTPG2048J |
|
DIN No.: |
00147819 |
|
|
|
|
Name : |
Mr. Chunibhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
67, Adarsh Society, Athwalines, Surat - 395001, Gujarat, India |
|
Date of Birth/Age : |
05.07.1960 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
AAWPG3525A |
|
DIN No.: |
00147830 |
|
|
|
|
Name : |
Mr. Lalitkumar Dhirajlal Gajera |
|
Designation : |
Director |
|
Address : |
43-44, Kantareshwar Society, Behind Ananbd Ashram, Katargam, Surat -
395004, Gujarat, India |
|
Date of Birth/Age : |
03.05.1972 |
|
Date of Appointment : |
04.07.2007 |
|
DIN No.: |
01624264 |
|
|
|
|
Name : |
Mr. Samrat Ajay Chokshi |
|
Designation : |
Director |
|
Address : |
204, Virat Apartments, Dwalibag, Athwagate, Surat - 395001, Gujarat,
India |
|
Date of Birth/Age : |
18.01.1978 |
|
Date of Appointment : |
04.07.2007 |
|
DIN No.: |
01627380 |
|
|
|
|
Name : |
Mr. Bakulbhai Haribhai Gajera |
|
Designation : |
Director |
|
Address : |
B-26, Kanteshwar Society, Katargan Road, Surat - 395004, Gujarat, India
|
|
Date of Birth/Age : |
16.12.1968 |
|
Date of Appointment : |
16.07.2013 |
|
DIN No.: |
06536819 |
KEY EXECUTIVES
|
Name : |
Mr. John |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.08.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Vasantbhai Haribhai Gajera |
4500000 |
25.96 |
|
Ashokbhai Haribhai Gajera |
4900000 |
28.26 |
|
Chunibhai Haribhai Gajera |
3660000 |
21.11 |
|
Nitinbhai Chunibhai Gajera |
700000 |
4.04 |
|
Bhavnaben Vasantbhai Gajera |
350000 |
2.02 |
|
Sarojben Ashokbhai Gajera |
750000 |
4.33 |
|
Sunitaben Chunibhai Gajera |
140000 |
0.81 |
|
Rakesh G Gajera (Repatriable) |
2336740 |
13.48 |
|
|
|
|
|
Total |
17336740 |
100.00 |
As on 09.08.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
13.47 |
|
Directors or relatives of Directors |
86.53 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of diamonds, jewellery and also providing power generation i.e. wind mill. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
· Diamonds ·
Jewellery |
||||
|
Countries : |
·
Hong Kong ·
Dubai ·
US ·
Belgium ·
China ·
Bangkok |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Ruff Diamond |
||||
|
Countries : |
·
Belgium ·
Russia |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Advance Payment |
||||
|
|
|
||||
|
Purchasing : |
Cash and Advance Payment |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||
|
|
|
||||||||||||
|
Customers : |
Wholesalers, Retailers, End Users, OEM’s and Others
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
7000 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
· State Bank of India, Diamond Branch, Premises No. D/3, West Core, Bharat, Diamond Bourse, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India · Andhra Bank, 9/15, Mama Paramanand Marg, Queen’s Road, Mumbai - 400004, Maharashtra, India · Axis Bank · Bank of India · Canara Bank · Central Bank · Dena Bank · Union Bank · ICICI Bank · ADB Bank |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
Total Facility Rs.6617.800 Million Excluding Facility Credit Facility Rs.282.000 Million For forward Contract · State Bank of India= Rs.75.000 Million · Andhra Bank= Rs.620.000 Million · Axis Bank= 350.000 Million · Bank of India= Rs.323.000 Million · Canara Bank=420.000 Million · Central Bank= Rs.644.000 Million · Dena Bank= Rs.401.800 Million · State Bank of Bikaner and Jaipur= Rs. 450.000 Million · State Bank of Hyderabad= Rs.257.500 Million · State Bank of Mysore= Rs. 270.000 Million · State Bank of Patiala= Rs.270.000 Million · State Bank of Travancore= Rs.363.500 Million · Union Bank= Rs.350.000 Million · ICICI Bank= Rs.250.000 Million · ADB Bank= Rs.250.000 Million (Since Repaid)
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountant |
|
Address : |
1st Floor, Purshottam Building, 450, Lamington Road, Mumbai
- 400004, Maharashtra, India |
|
Tel. No.: |
91-22-23669708/ 23669709/ 23618386 |
|
Fax No.: |
91-22-23631810 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAFFR7782R |
|
|
|
|
Associates: |
· Laxmi Jewel BVBA, Belgium · Laxmi Diamond (HK) Limited ·
Hong Kong International Jewellery Mfg. Company
Limited, Thailand |
|
|
|
|
Enterprises that are directly or
indirectly, through one or more intermediaries controlled by company |
· Laxmi Jewel Inc. USA · Suberi Bros. LLC, USA · Dahanamal Silk Mills Limited, India CIN No.: U99999MH1971PTC015201 · Shree Laxmi Infosolution and jewellery Limited (Since merged in Laxmi Dia jewel Private Limited), India CIN No.: U72900MH2000PLC127850 · Laxmi Dia Jewel Private Limited, India CIN No.: U36912MH1992PTC068743 |
|
|
|
|
Other Related Parties |
· Komal Gems NV · Shraddha Jewels Private Limited · Laxmi Techno vision Private Limited CIN No.: U29199GJ2002PTC041728 · Laxmi Infra Developer Limited CIN No.: U45201GJ1989PLC012793 · Shanti Enterprises · Shantaben Haribhai Gajera Charitable Trust · Shree Laxmi Jewellery LLC · Komal Gems-HK · Kinjal Exports · Laxmi Diamond · Balmukund Diamond Private Limited CIN No.: U17110GJ1991PTC015656 · Laxmi Enclave |
CAPITAL STRUCTURE
As on 09.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18000000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17336740 |
Equity Shares |
Rs.10/- each |
Rs.173.367
Million |
|
|
|
|
|
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.473.367
Million
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
473.367 |
173.367 |
173.367 |
|
(b) Reserves & Surplus |
3856.188 |
3378.387 |
2947.705 |
|
(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) |
4329.555 |
3551.754 |
3121.072 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
360.266 |
148.997 |
334.398 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
5.154 |
0.000 |
0.000 |
|
(d) long-term
provisions |
13.108 |
13.239 |
10.870 |
|
Total Non-current
Liabilities (3) |
378.528 |
162.236 |
345.268 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5063.433 |
4219.999 |
4614.610 |
|
(b) Trade
payables |
4488.345 |
4539.199 |
2932.825 |
|
(c) Other
current liabilities |
110.103 |
20.648 |
34.877 |
|
(d) Short-term provisions |
76.102 |
112.951 |
91.801 |
|
Total Current
Liabilities (4) |
9737.983 |
8892.797 |
7674.113 |
|
|
|
|
|
|
TOTAL |
14446.066 |
12606.787 |
11140.453 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1263.031 |
862.298 |
858.534 |
|
(ii)
Intangible Assets |
1.802 |
0.538 |
0.558 |
|
(iii)
Capital work-in-progress |
7.117 |
118.958 |
66.489 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
297.982 |
303.924 |
211.972 |
|
(c) Deferred tax assets (net) |
3.501 |
11.142 |
14.146 |
|
(d) Long-term Loan and Advances |
139.799 |
152.438 |
167.512 |
|
(e) Other
Non-current assets |
56.805 |
20.195 |
37.882 |
|
Total Non-Current
Assets |
1770.037 |
1469.493 |
1357.093 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
5.460 |
5.345 |
0.000 |
|
(b)
Inventories |
6496.729 |
4651.319 |
3847.301 |
|
(c) Trade
receivables |
5346.499 |
6219.333 |
5824.418 |
|
(d) Cash
and cash equivalents |
194.223 |
161.037 |
59.059 |
|
(e)
Short-term loans and advances |
90.836 |
51.555 |
43.363 |
|
(f) Other
current assets |
542.282 |
48.705 |
9.219 |
|
Total
Current Assets |
12676.029 |
11137.294 |
9783.360 |
|
|
|
|
|
|
TOTAL |
14446.066 |
12606.787 |
11140.453 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
26869.575 |
24603.514 |
|
|
|
|
Other Income |
31.192 |
469.581 |
|
|
|
|
TOTAL |
26900.767 |
25073.095 |
21336.903 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20242.103 |
18535.431 |
|
|
|
|
Purchase of Stock-in-trade |
4198.899 |
3661.991 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(1258.962) |
(237.905) |
|
|
|
|
Employee Benefits Expenses |
1029.311 |
589.737 |
|
|
|
|
Other Expenses |
1275.645 |
1097.427 |
|
|
|
|
TOTAL |
25486.996 |
23646.681 |
20651.383 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE EXCEPTIONAL ITEMS, INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1413.771 |
1426.414 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
541.865 |
624.141 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE EXCEPTIONAL ITEMS, TAX, DEPRECIATION AND AMORTISATION |
871.906 |
802.273 |
685.520 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
119.865 |
93.831 |
79.965 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE EXCEPTIONAL ITEMS |
752.041 |
708.442 |
605.555 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
16.869 |
65.230 |
22.836 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
735.172 |
643.212 |
582.719 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
257.371 |
212.530 |
187.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
477.801 |
430.682 |
395.698 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
|
19948.749 |
16186.486 |
|
|
|
Interest and Dividend |
|
0.000 |
0.084 |
|
|
|
Other Income ;Sale in Local
Market in Foreign Currency |
|
3841.344 |
4300.440 |
|
|
TOTAL EARNINGS |
NA |
23790.093 |
20487.010 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
19439.584 |
10128.406 |
|
|
|
Finished Goods |
|
1048.496 |
6105.353 |
|
|
|
Stores & Spares |
|
27.379 |
4.020 |
|
|
|
Capital Goods |
|
71.348 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
20586.807 |
16237.779 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
27.56 |
24.84 |
22.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.78 |
1.72 |
1.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.74 |
2.61 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.20 |
5.28 |
5.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.18 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.25 |
1.23 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.25 |
1.27 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
173.367 |
173.367 |
473.367 |
|
Reserves & Surplus |
2947.705 |
3378.387 |
3856.188 |
|
Net
worth |
3121.072 |
3551.754 |
4329.555 |
|
|
|
|
|
|
long-term borrowings |
334.398 |
148.997 |
360.266 |
|
Short term borrowings |
4614.610 |
4219.999 |
5063.433 |
|
Total
borrowings |
4949.008 |
4368.996 |
5423.699 |
|
Debt/Equity
ratio |
1.586 |
1.230 |
1.253 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
21,336.903 |
25,073.095 |
26,900.767 |
|
|
|
17.510 |
7.289 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
21,336.903 |
25,073.095 |
26,900.767 |
|
Profit |
395.698 |
430.682 |
477.801 |
|
|
1.85% |
1.72% |
1.78% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
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 |
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.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10376196 |
24/07/2012 |
91,200,000.00 |
ANDHRA BANK |
9/15, MAMA
PARAMANAND MARG, QUEEN'S ROAD, MUMBAI - 400004, |
B57985772 |
|
2 |
10174152 |
28/05/2011 * |
300,000,000.00 |
BANK OF INDIA -LEAD BANK & 3 OTHERS |
SEEPZ MID CORPORATE BRANCH, BEHIND SEEPZ SERVICE, CENTRE BUILDING, MAROL INDUSTRIAL AREA, SEEPZ, MUMBAI - 400096, MAHARASHTRA, INDIA |
B14972095 |
|
3 |
10015617 |
02/08/2006 * |
142,000,000.00 |
STATE BANK OF SAURASHTRA |
OVERSEAS BRANCH, 1ST FLOOR, 198, RAJA RAM MOHAN ROY ROAD, GIRGAUM, MUMBAI - 400004, MAHARASHTRA, INDIA |
A03503182 |
|
4 |
10015571 |
09/07/2012 * |
4,920,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH, PREMISES
NO.D/3, WEST CORE, BHARAT, DIAMOND BOURSE, BANDRA KURLA COMPLEX, BANDRA EA |
B45025954 |
|
5 |
10484226 |
12/04/2006 |
4,920,000,000.00 |
STATE BANK OF SAURASHTRA |
OVERSEAS BRANCH, 1ST FLOOR, 198, RAJA RAM MOHAN ROY ROAD, GIRGAUM, MUMBAI - 400004, MAHARASHTRA, INDIA |
A05561014 |
|
6 |
10484227 |
12/04/2006 |
142,000,000.00 |
STATE BANK OF SAURASHTRA |
OVERSEAS BRANCH, 1ST FLOOR, 198, RAJA RAM MOHAN ROY ROAD, GIRGAUM, MUMBAI - 400004, MAHARASHTRA, INDIA |
A05560669 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
Loans and advances from directors |
148.997 |
|
|
|
|
Total |
148.997 |
OPERATION:
The company has earned gross revenue of Rs. 25073.096 Million during the year. After providing an expenditure of Rs. 24364.652 Million, the company has earned net profit after providing depreciation and tax Rs. 430.683 Million.
CHANGE OF ADDRESS
The registered office of the company has been shifted from
416, Prasad Chambers, Opera House, Mumbai-400004, Maharashtra, India to the
present address w.e.f. 05.12.2012.
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
v
Intangible
Assets
· Computer Software
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.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
50 |
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.