MIRA INFORM REPORT
|
Report No. : |
312225 |
|
Report Date : |
16.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
MANNAPURAM JEWELLERS LIMITED (w.e.f. 18.08.2011) |
|
|
|
|
Formerly Known
As : |
MANNAPURAM JEWELLERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
4/522,First Floor, Manappuram House, Valapad P.O., Thrissur – 680567, Kerala |
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|
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|
Country : |
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|
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|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
20.11.2008 |
|
|
|
|
Com. Reg. No.: |
09-023438 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.781.958 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911KL2008PLC023438 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAFCM8171J |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The company is primarily engaged in sales of gold and other precious jewellery through retail outlets. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2800000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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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. Management of the company has reported considerable rise in its
turnover during the financial year 2013-14. However, reserves seems to be
slow but correct. Trade relations are fair. Business is active. Payments 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 – 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 |
ICRA |
|
Rating |
Long term rating=BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
June, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating=A3 |
|
Rating Explanation |
Moderate degree of safety very high credit
risk. |
|
Date |
June, 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 DENIED
Management Non Co-operative (91-487-3245635)
LOCATIONS
|
Registered Office : |
4/522,First Floor, Manappuram House, Valapad P.O., Thrissur – 680567, Kerala, India |
|
Tel. No.: |
91-487-3245635 / 3104470 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 20.09.2014
|
Name : |
Mr. Vazhoor Sankaranarayanan Sushama |
|
Designation : |
Managing Director |
|
Address : |
3/564, Vazhappully, Valappad Grama Panchayat, Chavakkad - 680567,
Kerala, India |
|
Date of Birth/Age : |
20.11.1955 |
|
Date of Appointment : |
20.11.2008 |
|
DIN No.: |
02270130 |
|
|
|
|
Name : |
Mr. Jyothi Prasannan |
|
Designation : |
Director |
|
Address : |
Puzhekadavil House, Civil Lane Road, Poothole P.O, Thrissur - 680004,
Kerala, India |
|
Date of Birth/Age : |
25.05.1957 |
|
Date of Appointment : |
07.06.2010 |
|
DIN No.: |
00044371 |
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|
|
|
Name : |
Mr. Vazhappully Padmanabhan Nandakumar |
|
Designation : |
Director |
|
Address : |
3/564,Vazhappully, Valappad Grama Panchayat, Valappad - 680567,
Kerala, India |
|
Date of Birth/Age : |
18.05.1954 |
|
Date of Appointment : |
20.11.2008 |
|
DIN No.: |
00044512 |
|
|
|
|
Name : |
Mr. William Varghese Chungath Cheru |
|
Designation : |
Director |
|
Address : |
Chungath House, Guruvayur Road, Kunnamkulam P.O., Thrissur - 680503,
Kerala, India |
|
Date of Birth/Age : |
23.10.1953 |
|
Date of Appointment : |
16.01.2013 |
|
DIN No.: |
00074708 |
|
|
|
|
Name : |
Mr. Santha Kumar Kelath |
|
Designation : |
Director |
|
Address : |
TC VI/238/1, Sree Priya, Koorkkenchery, Thrissur - 680007, Kerala,
India |
|
Date of Birth/Age : |
14.05.1955 |
|
Date of Appointment : |
10.11.2012 |
|
DIN No.: |
00595286 |
|
|
|
|
Name : |
Mr. Vatekat Venugopalan |
|
Designation : |
Director |
|
Address : |
24/118/1, Noopura, Kottilvalappil Lane, Kottappuram Desom, P.O.
Poothole, Thrissur - 680004, Kerala, India |
|
Date of Birth/Age : |
13.09.1948 |
|
Date of Appointment : |
02.09.2011 |
|
DIN No.: |
01312286 |
|
|
|
|
Name : |
Mr. Varriam Kandi Vijayakumar |
|
Designation : |
Director |
|
Address : |
Nameela 37 283, Ayyanthole T K Road, Thrissur - 680003, Kerala, India |
|
Date of Birth/Age : |
13.11.1954 |
|
Date of Appointment : |
02.09.2011 |
|
DIN No.: |
01898943 |
|
|
|
|
Name : |
Mr. Abdul Sudheer |
|
Designation : |
Director |
|
Address : |
Kuzhikkandathil House, Chuloor P O, Valapad, Thrissur - 680567,
Kerala, India |
|
Date of Birth/Age : |
15.05.1969 |
|
Date of Appointment : |
10.11.2012 |
|
DIN No.: |
06390656 |
|
|
|
|
Name : |
Mr. Subhajeevanlal |
|
Designation : |
Director |
|
Address : |
Sanjeevani 66, Rose Garden,, Thiruvampady P.O, Thrissur - 680022,
Kerala, India |
|
Date of Birth/Age : |
22.07.1942 |
|
Date of Appointment : |
10.11.2012 |
|
DIN No.: |
06439472 |
KEY EXECUTIVES
|
Name : |
Mr. Valiyaparambil Navindas |
|
Designation : |
Secretary |
|
Address : |
Valiyaparambil House, Nattika P O, Thrissur - 680566, Kerala, India |
|
Date of Birth/Age : |
23.05.1986 |
|
Date of Appointment : |
02.09.2011 |
|
PAN No.: |
AHXPN1878R |
MAJOR SHAREHOLDERS
AS ON 20.09.2014
SHAREHOLDERS DETAILS FILE ATTACHED.
Equity Share Break up (Percentage of Total Equity)
AS ON 20.09.2014
|
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] |
0.10 |
|
Bodies corporate |
3.65 |
|
Directors or relatives of Directors |
69.22 |
|
Other top fifty shareholders |
7.55 |
|
Others |
19.48 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is primarily engaged in sales of gold and other precious jewellery through retail outlets. |
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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 : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· South Indian Bank, Thrissur Main Branch, Thrissur - 680001, Kerala, India · Syndicate bank, Thrissur branch, Paramekavu Building, Palace Road, Thrissur - 680020, Kerala, India · The South Indian Bank Limited, Thrissur Main Branch, Thrissur - 680001, Kerala, India · Dhanlaxmi Bank Limited, Main branch, Kochu bhavan, M.G. Road, poothole P.O., Thrissur - 680004, Kerala, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Mohandas and Associates Chartered Accountants |
|
Address : |
XXIX/567 Paliyam Road, Thrissur, Kerala, India |
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PAN No.: |
AADFM8074D |
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|
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Membership : |
-- |
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Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives : |
· Manappuram Finance Limited · Manappuram Comptech and Consultants Limited · Manappuram Construction and Properties Limited · Maben Nidhi Limited |
CAPITAL STRUCTURE
AS ON 20.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78195750 |
Equity Shares |
Rs.10/- each |
Rs.781.958 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 |
781.958 |
781.958 |
200.100 |
|
(b) Reserves & Surplus |
209.744 |
170.230 |
-150.576 |
|
(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) |
991.702 |
952.188 |
49.524 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1.767 |
1.592 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
5.962 |
6.345 |
2.824 |
|
(d) long-term
provisions |
0.000 |
8.792 |
0.000 |
|
Total Non-current
Liabilities (3) |
7.729 |
16.729 |
2.824 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
1848.268 |
2149.924 |
2014.065 |
|
(b) Trade
payables |
106.441 |
69.799 |
51.466 |
|
(c) Other
current liabilities |
339.166 |
366.844 |
666.403 |
|
(d) Short-term
provisions |
7.123 |
21.179 |
13.152 |
|
Total Current
Liabilities (4) |
2300.998 |
2607.746 |
2745.086 |
|
|
|
|
|
|
TOTAL |
3300.429 |
3576.663 |
2797.434 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
136.724 |
170.783 |
195.234 |
|
(ii)
Intangible Assets |
1.481 |
1.168 |
0.472 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
20.738 |
4.722 |
0.000 |
|
(d) Long-term Loan and Advances |
183.452 |
91.583 |
44.090 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
342.395 |
268.256 |
239.796 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2614.908 |
2192.656 |
2215.681 |
|
(c) Trade
receivables |
0.000 |
21.608 |
19.611 |
|
(d) Cash
and cash equivalents |
318.859 |
1058.120 |
285.617 |
|
(e)
Short-term loans and advances |
18.285 |
28.921 |
32.503 |
|
(f) Other
current assets |
5.982 |
7.102 |
4.226 |
|
Total
Current Assets |
2958.034 |
3308.407 |
2557.638 |
|
|
|
|
|
|
TOTAL |
3300.429 |
3576.663 |
2797.434 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25612.086 |
9940.251 |
4137.963 |
|
|
|
Other Income |
13.444 |
26.531 |
38.198 |
|
|
|
TOTAL (A) |
25625.530 |
9966.782 |
4176.161 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
24740.977 |
8777.816 |
3418.520 |
|
|
|
Purchase of Stock-in-trade |
154.747 |
226.098 |
168.011 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
130.209 |
113.498 |
(104.638) |
|
|
|
Employee Benefits Expenses |
118.732 |
133.348 |
130.430 |
|
|
|
Other Expenses |
185.441 |
311.221 |
278.151 |
|
|
|
TOTAL (B) |
25330.106 |
9561.981 |
3890.474 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
295.424 |
404.801 |
285.687 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
228.405 |
315.883 |
298.971 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
67.019 |
88.918 |
(13.284) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
43.520 |
44.692 |
58.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
23.499 |
44.226 |
(72.014) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(16.015) |
(4.722) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
39.514 |
48.948 |
(72.014) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.51 |
1.13 |
(3.60) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
0.15 |
0.49 |
(1.74) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
1.15 |
4.07 |
6.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
0.72 |
1.24 |
(2.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.05 |
(1.45) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.87 |
2.26 |
40.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.27 |
0.93 |
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 |
200.100 |
781.958 |
781.958 |
|
Reserves & Surplus |
(150.576) |
170.230 |
209.744 |
|
Net
worth |
49.524 |
952.188 |
991.702 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
1.592 |
1.767 |
|
Short term borrowings |
2014.065 |
2149.924 |
1848.268 |
|
Total
borrowings |
2014.065 |
2151.516 |
1850.035 |
|
Debt/Equity
ratio |
40.668 |
2.260 |
1.866 |
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 |
4137.963 |
9940.251 |
25612.086 |
|
|
|
140.221 |
157.660 |
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
|
4137.963 |
9940.251 |
25612.086 |
|
Profit |
(72.014) |
48.948 |
39.514 |
|
|
(1.74%) |
0.49% |
0.15% |
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 |
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIAL RESULTS
The Company recorded revenue of Rs.25625.500 Million as against Rs.9966.800 Million during the previous year. The expenditure during the period was Rs.25602.000 Million as against Rs.9922.600 Million during the previous year which has resulted in a profit of Rs. 23.500 Million before tax.
BUSINESS OUTLOOK
The Company is in the process of strengthening its operations by augmenting the customer base and capturing the market share. The Board believes that there is strong potential for jewellery retailing in the areas where outlets of the Company is established. Though volatility in gold prices is a point of concern, the strong demand for physical gold in the domestic markets holds the promise of enlarging the sales. While the market continues to be competitive, management is confident that the company can achieve reasonable growth in view of the inherent strengths of the company such as transparent business practices, competitive pricing, wider presence in southern India, brand recognition, customer service etc. The directors see better prospects for the Company in the years to come.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Short Term Borrowings |
|
|
|
Other loans and advances |
(0.008) |
433.800 |
|
|
|
|
|
Total |
(0.008) |
433.800 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10337020 |
24/12/2014 * |
250,000,000.00 |
State Bank of Travancore |
Commercial Branch, Malankara Centre, Mg Road, Ernakulum, Kerala - 682035, India |
C40973117 |
|
2 |
10312757 |
26/09/2014 * |
200,000,000.00 |
The Federal Bank Ltd |
Federal Towers, S T Nagar, T B Road,, Thrissur, Kerala - 680001, India |
C30018576 |
|
3 |
10279375 |
13/01/2012 * |
700,000,000.00 |
State Bank of India |
Commercial Branch, First Floor, Vankarath Towers, By-Pass Junction, Palarivattom, Ernakulam, Kerala - 682024, India |
B33998089 |
|
4 |
10248117 |
26/03/2013 * |
240,000,000.00 |
Dhanlaxmi Bank Limited |
Main Branch, Kochu Bhavan, M.G. Road, Poothole P.O., Thrissur, Kerala - 680004, India |
B72214471 |
|
5 |
10246308 |
11/09/2014 * |
1,000,000,000.00 |
The South Indian Bank Limited |
Thrissur Main Branch, Thrissur, Kerala - 680001, India |
C32057267 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
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 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.62.67 |
|
|
1 |
Rs.93.16 |
|
Euro |
1 |
Rs.66.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
44 |
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.