MIRA INFORM REPORT
|
Report No. : |
342983 |
|
Report Date : |
01.10.2015 |
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 |
|
Tel. No.: |
91-22-26755150 / 33927041 / 33927042/ 40502222 |
|
|
|
|
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 |
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|
|
|
Line of Business
: |
Subject is engaged in the manufacturing and selling of rough as well as cut and polished diamonds and also engaged in the business of Generation of Electricity by deploying Wind Mill. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject was established as partnership concern in the year 1972 and it
was reconstructed as private limited company in the year 2006. Subject is engaged
in the manufacturing and exporting of rough diamonds. For the financial year ended 2014, company has reported satisfactory
operational performance and achieved 9.21% growth in its revenue profile
along with above average profitability margins at 1.77%. Rating derives strength from established track record of business
operational supported by extensive industry experience of prmoters in gems
and jewellery industry and sound financial base of the company. Rating strength partially offset by strong competition from the
organized as well as unorganized players in the gems and jewellery industry
marked by volatile diamond prices and susceptibility to foreign exchange
risk. Trade relations are reported as fair. Payment terms are reported to be
usually correct. In view of aforesaid, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term bank facilities : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
March, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term bank facilities : A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
March, 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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. M K Rai |
|
Designation : |
Chief Executive Officer – Finance |
|
Contact No.: |
91-22-26755150 |
|
Date : |
28.09.2015 |
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 |
|
Locality : |
Commercial |
|
|
|
|
Manufacturing Head
Office: |
S.Y. No. 554/1, FP-172, Bhagu Bhula Compound, Near Gajera Circle, Katargam Fulpada 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 |
|
|
|
|
Manufacturing Unit
: |
SEZ, Andheri, Mumbai, Maharashtra, 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. M K Rai |
|
Designation : |
Chief Executive Officer – Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.08.2014
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Vasantbhai Haribhai Gajera |
|
4500000 |
|
Ashokbhai Haribhai Gajera |
|
4900000 |
|
Chunibhai Haribhai Gajera |
|
3660000 |
|
Nitinbhai Chunibhai Gajera |
|
700000 |
|
Bhavnaben Vasantbhai Gajera |
|
350000 |
|
Sarojben Ashokbhai Gajera |
|
750000 |
|
Sunitaben Chunibhai Gajera |
|
140000 |
|
Girdharbhai G Gajera (Repatriable), Belgium |
|
2336740 |
|
|
|
|
|
Total |
|
17336740 |
AS ON 09.08.2014
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Vasantbhai Haribhai Gajera |
|
10000000 |
|
Ashokbhai Haribhai Gajera |
|
15000000 |
|
Chunibhai Haribhai Gajera |
|
5000000 |
|
Total |
|
30000000 |
AS ON 18.03.2015
|
Names of Allottee (Equity Shares) |
|
No. of Shares |
|
Ashokbhai Haribhai Gajera |
|
769250 |
|
Total |
|
769250 |
AS ON 26.03.2015
|
Names of Allottee (Equity Shares) |
|
No. of Shares |
|
Ashokbhai Haribhai Gajera |
|
769250 |
|
Total |
|
769250 |
Equity Share Break up (Percentage of Total Equity)
AS ON 09.08.2014
|
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 |
13.48 |
|
Directors or relatives of Directors |
86.52 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing and selling of rough as well as cut and polished diamonds and also engaged in the business of Generation of Electricity by deploying Wind Mill. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Hong Kong ·
Dubai ·
Belgium ·
China |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash and Credit (30 days / 60 days / 90 days) |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountants |
|
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 |
|
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|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
Enterprises that are
directly or indirectly, through one or more intermediaries controlled by
company : |
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|
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|
Associates : |
|
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|
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|
Other related
parties : |
|
|
|
|
|
Subsidiary : |
Dhanamall Silk Mills Private Limited [U99999MH1971PTC015201] |
CAPITAL STRUCTURE
AS ON 09.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18,000,000 |
Equity Shares |
Rs.10/- each |
Rs.180.000 Million |
|
30,000,000 |
Preference Shares |
Rs.10/- each |
Rs.300.000 Million |
|
|
Total |
|
Rs.480.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17,336,740 |
Equity Shares |
Rs.10/- each |
Rs.173.367 Million |
|
30,000,000 |
Preference Shares |
Rs.10/- each |
Rs.300.000 Million |
|
|
Total |
|
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 |
2947.704 |
|
(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 |
3121.071 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
360.266 |
148.997 |
334.399 |
|
(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 |
345.269 |
|
|
|
|
|
|
(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 |
37.883 |
|
Total Non-Current Assets |
1770.037 |
1469.493 |
1357.094 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
5.459 |
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 |
194.224 |
161.037 |
59.059 |
|
(e) Short-term loans and
advances |
90.836 |
51.555 |
43.362 |
|
(f) Other current assets |
542.282 |
48.705 |
9.219 |
|
Total Current Assets |
12676.029 |
11137.294 |
9783.359 |
|
|
|
|
|
|
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 |
21336.903 |
|
|
|
Other Income |
31.192 |
469.581 |
|
|
|
|
TOTAL |
26900.767 |
25073.095 |
21336.903 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20242.103 |
18535.431 |
20651.383 |
|
|
|
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 |
25762.455 |
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 |
22524.728 |
20586.807 |
16237.779 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
27.56 |
24.84 |
22.82 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
30000.000 |
The above information has been parted by Mr. M K Rai
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
(165.252) |
1718.539 |
NA |
|
Net cash from operating activity |
(445.351) |
1563.763 |
NA |
|
Net cash flows from (used in) operations |
(165.252) |
1718.539 |
256.892 |
|
Net cash flows from (used in) operating activities |
(445.351) |
1563.763 |
107.373 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.78 |
1.72 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.26 |
5.69 |
5.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
5.20 |
5.28 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17 |
0.18 |
1.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.23 |
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 |
2947.704 |
3378.387 |
3856.188 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3121.071 |
3551.754 |
4329.555 |
|
|
|
|
|
|
long-term borrowings |
334.399 |
148.997 |
360.266 |
|
Short term borrowings |
4614.610 |
4219.999 |
5063.433 |
|
Current maturities of
long term debt |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
4949.009 |
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) |
|
Total Income |
21336.903 |
25073.095 |
26900.767 |
|
|
|
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) |
|
Total Income |
21336.903 |
25073.095 |
26900.767 |
|
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 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
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 |
Yes |
|
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 |
No |
|
19 |
Major customers |
No |
|
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 four 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 |
--- |
|
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.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
360.266 |
148.997 |
|
|
|
|
|
Total |
360.266 |
148.997 |
OPERATION
The company has earned gross revenue of Rs. 26869.500 Million during the year. After providing an expenditure of Rs. 26391.700 Million, the company has earned net profit after providing depreciation and tax Rs. 477.800 Million.
CORPORATE INFORMATION
Subject is a private company limited by shares, domiciled in India and registered as such in April, 2006 under Part IX of The Companies Act, 1956. The Company is engaged in the manufacturing and selling of rough as well as cut and polished diamonds. The Company caters to both, domestic and international markets. It also has a Jewellery Manufacturing Unit at SEZ; Andheri.This Unit manufactures Studded jewellery for sale and also does manufacturing for its customer on Job work basis. It is also engaged in the business of Generation of Electricity by deploying Wind Mill.
Note :
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.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10565349 |
23/04/2015 |
250,000,000.00 |
IDBI BANK LIMITED |
SPECIALISED
CORPORATE BRANCH,5TH FLOOR ,PLOT NO C7 |
C51626836 |
|
2 |
10526720 |
30/09/2014 |
350,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH,
UNION BANK BHAVAN,GROUND FLOOR, |
C30339972 |
|
3 |
10520607 |
01/09/2014 |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA 390015, GUJARAT, INDIA |
C21167945 |
|
4 |
10493441 |
14/10/2014 * |
1,200,000,000.00 |
BANK OF INDIA |
SEEPZ MID CORPORATE
BR.BEHIND SEEPZ SERVICE CENTRE |
C33651852 |
|
5 |
10174152 |
28/05/2011 * |
300,000,000.00 |
BANK OF INDIA -LEAD BANK & 3 OTHERS |
SEEPZ MID CORPORATE
BRANCH, BEHIND SEEPZ SERVICE, |
B14972095 |
|
6 |
10015617 |
02/08/2006 * |
142,000,000.00 |
STATE BANK OF SAURASHTRA |
OVERSEAS BRANCH,
1ST FLOOR, 198, RAJA RAM MOHAN |
A03503182 |
|
7 |
10015571 |
17/08/2015 * |
7,708,900,000.00 |
STATE BANK OF INDIA. LEAD BANK |
DIAMOND BRANCH, D/3, WEST CORE, BHARAT DIAMOND BOURSE, BANDRA KURLA COMPLEX, MUMBAI 400051, MAHARASHTRA, INDIA |
C63398630 |
|
8 |
10484227 |
12/04/2006 |
142,000,000.00 |
STATE BANK OF SAURASHTRA |
OVERSEAS BRANCH, 1ST FLOOR, DIAMOND QUEEN, 198, RAJARAM MOHAN ROY MARG, GIRGAON, MUMBAI - 400004, MAHARASHTRA, INDIA |
A05560669 |
|
9 |
10484226 |
12/04/2006 |
4,920,000,000.00 |
STATE BANK OF SAURASHTRA |
OVERSEAS BRANCH, 1ST FLOOR, DIAMOND QUEEN, 198, RAJARAM MOHAN ROY MARG, GIRGAON, MUMBAI - 400004, MAHARASHTRA, INDIA |
A05561014 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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.65.74 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
48 |
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.