MIRA INFORM REPORT
|
Report No. : |
323337 |
|
Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHREE RAMKRISHNA EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
EE-6011, Bharat Diamond Bourse, "G" Block, Bandra Kurla
Complex, Bandra (East), Mumbai – 400005, Maharashtra |
|
Tel. No.: |
91-22-40405555 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
02.04.2012 |
|
|
|
|
Com. Reg. No.: |
11-229115 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1480.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2012PTC229115 |
|
|
|
|
TAN: |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AARCS2442Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of import, export and
manufacturing of cut and polished diamonds and studded Jewellery. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 Behavior : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was setup as a sole proprietorship concern in 1964. Later it
was reconstituted as a partnership firm in 1976 and subsequently was
reconstituted as a provide limited company in 2012. The company possesses a favorable financial profile marked by adequate
networth base, healthy operational efficiencies and its robust debt
protection metrics. Management has witnessed a substantial improvement in its revenue and
net profitability, including sustained profit margins during FY14. The ratings also take into consideration, the susceptibility of its
profitability margins to volatility in diamond prices and to fluctuations in
foreign exchange rates. However, trade relations are reported as fair. Payments are reported
to be regular and as per commitment. In view of extensive experience of the promoters and established
market position of the company, it 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities (A-) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
February 06, 2015 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities (A2+) |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
February 06, 2015 |
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 (91-22-40405555)
LOCATIONS
|
Registered Office : |
EE-6011, Bharat Diamond Bourse, "G" Block, Bandra Kurla Complex,
Bandra (East), Mumbai – 400005, Maharashtra, India |
|
Tel. No.: |
91-22-40405555 |
|
Fax No.: |
91-22-40405500 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Diamond Factory : |
'SRK Empire', 99, Vastadevdi
Road, Katargam, Surat - 395004, Gujarat, India |
|
Tel. No.: |
91-261-4040555 |
|
Fax No.: |
91-261-4040550 |
|
E-Mail : |
|
|
|
|
|
Jewellery Factory : |
Plot No. 151, Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat, India |
|
Tel. No.: |
91-261-6714444 |
|
Fax No.: |
91-261-6714445 |
DIRECTORS
As on: 01.09.2014
|
Name : |
Mr. Govindbhai Laljibhai Dholakia |
|
Designation : |
Director |
|
Address : |
3, Vrundavandham Society, Katargam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
07.11.1947 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00524146 |
|
|
|
|
Name : |
Mr. Shreyansh Govindbhai Dholakia |
|
Designation : |
Director |
|
Address : |
3, Vrundavandham Society, Katargam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
21.05.1987 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00523418 |
|
|
|
|
Name : |
Mr. Jayantibhai Vashrambhai Narola |
|
Designation : |
Director |
|
Address : |
70, Kantareshwar Society, Katar Gam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
05.06.1964 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00587167 |
|
|
|
|
Name : |
Mrs. Champaben Govindbhai Dholakia |
|
Designation : |
Director |
|
Address : |
3, Vrundavandham Society, Katargam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
23.09.1954 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00524249 |
|
|
|
|
Name : |
Mr. Rahul Nagjibhai Dholakia |
|
Designation : |
Director |
|
Address : |
5, Gayatri Nagar Society, 5, Katargam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
12.12.1971 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00524017 |
|
|
|
|
Name : |
Mr. Vashrambhai Bhurabhai Narola |
|
Designation : |
Director |
|
Address : |
70, Kantareshwar Society, Katar Gam Road, Surat – 395004, Gujarat,
India |
|
Date of Birth/Age : |
21.03.1942 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00523329 |
|
|
|
|
Name : |
Mr. Arjan Lalji Dholakiya |
|
Designation : |
Director |
|
Address : |
8/B, Vallabh Nagar Society ,Varachha Road, Surat – 395006, Gujarat,
India |
|
Date of Birth/Age : |
01.06.1956 |
|
Date of Appointment : |
02.04.2012 |
|
DIN No.: |
00523491 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 01.09.2014
Equity Share
|
Names of Shareholders |
|
No. of Shares |
|
Vashrambhai Bhurabhai Narola |
|
1800000 |
|
Shreyansh Govindbhai Dholakia |
|
1800000 |
|
Arjanbhai Lalji Dholakiya |
|
2700000 |
|
Rahulbhai Nagjibhai Dholakia |
|
1800000 |
|
Govindbhai Laljibhai Dholakia |
|
5400000 |
|
Champaben Govindbhai Dholakia |
|
1800000 |
|
Jayantibhai Vashrambhai Narola |
|
2700000 |
|
|
|
|
|
Total |
|
18000000 |
Preference Share
|
Names of Shareholders |
|
No. of Shares |
|
Vashrambhai Bhurabhai Narola |
|
2129900 |
|
Shreyansh Govindbhai Dholakia |
|
6445600 |
|
Arjanbhai Lalji Dholakiya |
|
16679800 |
|
Rahulbhai Nagjibhai Dholakia |
|
18120900 |
|
Govindbhai Laljibhai Dholakia |
|
51895800 |
|
Champaben Govindbhai Dholakia |
|
13966900 |
|
Vashrambhai Bhurabhai Narola |
|
2129900 |
|
Jayantibhai Vashrambhai Narola |
|
20761100 |
|
|
|
|
|
Total |
|
130000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2014
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of import, export and
manufacturing of cut and polished diamonds and studded Jewellery. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
3000(Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
Bank
of India, Bharat Diamond Bourse Branch,D-2/D-4, Ground Floor, West Core,
"G" Block, B.K.C, Bandra (East), Mumbai - 400051, Maharashtra, India ·
State Bank of India, Diamond Branch, Bharat
Diamond Bourse, Tower No. D-3, ground Floor, Bandra Kurla Complex, Mumbai –
400051, Maharashtra, India ·
Indusind Bank Limited, Indusind House, 425,
Dadasaheb Bhadkamkararg, Mumbai – 400004, Maharashtra, India · The Saraswat Co-operative Bank Limited, BKC Branch, Ground Floor, Madhava Commercial Premises Co-operative Society Plot, No.C-4, E Block, Bandra Kurla Complex, Bandra East, Mumbai - 400051, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
Working
capital loans are secured against PRIMARY First ranking pari passu charge over the
entire current assets of the borrower, both present and future, including the
stocks of raw materials, semi-finished and finished goods, stores and spares
lot relating to plant and machinery (Consumables stores & spares), bills
receivable and book debts, excluding such as sets as may be permitted by the
said Banks from time to time. Collateral a. Immovable
properties of the Company situated at Mumbai and Surat b. immovable
properties of the Directors of the company situated at Mumbai and Surat c. Cash Collateral with State Bank of India and Bank of India d} Investment in SBI Mutual Fund d.
Investment in SBI Mutual Fund Guarantee Guarantee a. Personal
Guarantee of all the Directors of the Company b. Personal
Guarantee of Mrs. Jinal Dholakia c. Corporate
Guarantee of Shree Ram Diamex Private Limited Foreign currency loans carry interest rate ranging from Libor plus 2 % to 4.5% per annum and Rupee loans carry interest rate @ @ 11% to 14% per annum. The aforesaid loans are repayable within
the range of 30 days to 180 days. |
|
|
|
|
Auditors : |
|
|
Name : |
Suresh Surana and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
PAN No.: |
AAPFS9735B |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises In which Key management personnel or their relatives have
significant influence : |
v The Jewelry
Company v Atushri
Santokben Laljibhai Dholakia Charitable Trust v Sahajanand
Diamonds v Shree Ram Diamex
Private limited v Goldi Green
Technologies Private limited v Jewel Goldi
(India) v Shree Ramkrishna
Charitable Trust v Prabhuruday
Jivdaya Trust v Dholakia
Charitable Trust v Matushri
Santokben Laljibhai Dholakia Chantable Trust v Shree Ramkrishna
Welfare Trust v Swa. Fulima
Nathubhai Naroia Charitabie Trust v Traffic
Education Trust v Lokseva Trust v SDA Diamond
Hospital and Medical Research |
|
|
|
|
Subsidiaries: |
v Ramkrishna goldi
private limited v Shree ramkrishna
gems private limited |
CAPITAL STRUCTURE
As on: 30.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
|
130,000,000 |
Preference shares |
Rs.10/- each |
Rs.1300.000 Million |
|
|
Total |
|
Rs.1500.Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18,000,000 |
Equity Shares |
Rs.10/- each |
Rs.180.000
Million |
|
130,000,000 |
Preference shares |
Rs.10/- each |
Rs.1300.000 Million |
|
|
Total |
|
Rs.1480.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1480.000 |
1480.000 |
|
(b) Reserves & Surplus |
|
2663.563 |
1462.473 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
4143.563 |
2942.473 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
861.224 |
832.424 |
|
(b) Deferred tax liabilities (Net) |
|
11.674 |
4.479 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
2.870 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
875.768 |
836.903 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
8203.102 |
6007.488 |
|
(b) Trade
payables |
|
6107.320 |
3123.211 |
|
(c) Other
current liabilities |
|
101.640 |
35.571 |
|
(d) Short-term
provisions |
|
0.319 |
0.000 |
|
Total Current
Liabilities (4) |
|
14412.381 |
9166.270 |
|
|
|
|
|
|
TOTAL |
|
19431.712 |
12945.646 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1470.579 |
1201.996 |
|
(ii)
Intangible Assets |
|
0.167 |
0.000 |
|
(iii)
Capital work-in-progress |
|
41.621 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
45.901 |
59.461 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
239.217 |
613.240 |
|
(e) Other
Non-current assets |
|
41.647 |
13.343 |
|
Total Non-Current
Assets |
|
1839.132 |
1888.040 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
124.236 |
107.695 |
|
(b)
Inventories |
|
12286.064 |
6761.151 |
|
(c) Trade
receivables |
|
4523.913 |
3606.327 |
|
(d) Cash
and cash equivalents |
|
434.243 |
294.542 |
|
(e)
Short-term loans and advances |
|
206.811 |
283.638 |
|
(f) Other
current assets |
|
17.313 |
4.253 |
|
Total
Current Assets |
|
17592.580 |
11057.606 |
|
|
|
|
|
|
TOTAL |
|
19431.712 |
12945.646 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
46797.400 |
30777.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenditures excluding Depreciation |
|
44809.400 |
29446.200 |
|
|
|
TOTAL |
|
44809.400 |
29446.200 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1988.000 |
1331.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
158.600 |
136.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
|
1829.400 |
1195.400 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period Item |
|
1.100 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
575.100 |
398.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
|
1254.300 |
796.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of export |
|
44939.600 |
29638.000 |
|
|
TOTAL EARNINGS |
|
44939.600 |
29638.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
45583.100 |
29311.000 |
|
|
TOTAL IMPORTS |
|
45583.100 |
29311.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
69.68 |
44.25 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
|
NA |
NA |
|
Cash generated from operations |
|
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
2.68 |
2.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.46 |
9.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.44 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
2.19 |
2.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.22 |
1.21 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1480.000 |
1480.000 |
|
Reserves & Surplus |
1462.473 |
2663.563 |
|
Net
worth |
2942.473 |
4143.563 |
|
|
|
|
|
long-term borrowings |
832.424 |
861.224 |
|
Short term borrowings |
6007.488 |
8203.102 |
|
Total
borrowings |
6839.912 |
9064.326 |
|
Debt/Equity
ratio |
2.325 |
2.188 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
30777.800 |
46797.400 |
|
|
|
52.049 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
30777.800 |
46797.400 |
|
Profit |
796.500 |
1254.300 |
|
|
2.59% |
2.68% |
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 |
No |
|
5 |
Buyer visit details |
No |
|
6 |
Contact numbers |
No |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
-- |
|
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
No |
|
33 |
Market information |
No |
|
34 |
Payments terms |
No |
|
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 & 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.
CORPORATE INFORMATION:
The Company is a Private Limited Company incorporated in India under the provisions of the Companies Act, 1956 on 2 April 2012 by conversion of Partnership firm (Shree Ramkrishna Export), having its registered office at EE-6011, Bharat Diamond Bourse, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400051. The Company is engaged in the business of import, export and manufacturing of cut and polished diamonds and studded jewellery.
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
Loans and
advances from related parties |
|
|
|
loans from directors |
861.224 |
832.424 |
|
Total |
861.224 |
832.424 |
|
Note: The loans from directors and/or their relatives are either fully subordinated to the creditors of the Company and non-repayable (except with the prior approval of the creditors to the extent of Rs.825.000 Million) or the Company has the right to convert the outstanding loan into share capital The conversion is subject to compliance with applicable regulatory provisions by giving appropriate notice to the concerned directors, and/or their relatives, and fulfillment it specified conditions In view of the aforesaid commitment made by the directors, the Company confirms that the said loans can be treated as equivalent to capital. |
||
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10538524 |
15/12/2014 |
280,000,000.00 |
The Saraswat Co-operative Bank Limited BKC Branch |
GROUND FLOOR,
MADHAVA COMMERCIAL PREMISES COOPERATIVE SOCIETY PLOT, |
C37878071 |
|
2 |
10521158 |
30/08/2014 |
840,000,000.00 |
Bank of India |
BHARAT DIAMOND BOURSE BRANCH, D-2/D-4, GROUND FLOOR, WEST CORE, G BLOCK, BKC, BANDRA (E), MUMBAI - 400051, MAHARASHTRA, INDIA |
C21704721 |
|
3 |
10353037 |
23/03/2015 * |
15,694,800,000.00 |
Bank of India |
BHARAT DIAMOND BOURSE,
MID CORPORATE BRANCH, D2/D4, GROUND FLOOR, WEST CORE G BLOCK, B.K.C.
BANDRA |
C50859081 |
FIXED ASSETS:
v Land
v Buildings
v Plant and equipment
v Furniture and fixtures
v Vehicles
v Motor vehicles
v Office equipment
v Computer equipment
v 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 judgment 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.63.69 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
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 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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.