MIRA
INFORM REPORT
|
Report No. : |
346081 |
|
Report Date : |
21.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
MONARCH GEMS |
|
|
|
|
Registered
Office : |
Bharat Diamond Bourse, "D" West 5150, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, |
|
Tel. No.: |
91-22-23611237 / 40046601 |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Year of
Establishment : |
1989 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.258.250 Million |
|
|
|
|
IEC No.: |
0390007251 |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAFM2977J |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of Diamonds. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a partnership concern established in the year 1989. It is
engaged in the business of manufacturing, exporting and importing of
Diamonds. The concern has shown sizeable decline in its revenue. However, is has
maintained its sales turnover along with decent capital structure and
achieved profitability margin of 1.3% in the FY-15. Trade relations are fair. Business is active. Payments are slow but
correct. The concern 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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. Rajnikant Modi |
|
Designation : |
Account Head |
|
Contact No.: |
91-9819404747 |
|
Date : |
19.10.2015 |
LOCATIONS
|
Registered Office : |
Bharat Diamond Bourse, "D" West 5150, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-23611237 / 40046601 |
|
Mobile No.: |
91-9819404747 (Mr. Rajnikant Modi) |
|
Fax No.: |
91-22-23636079 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
"Maatruaashish", Pajaawa Faliya, O/P Hari Om Bunglow, Katargam Road, Surat – 395 004, Gujarat, India |
|
Tel. No.: |
91-261-2533268 |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Pritesh Shah |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Manish Shah |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Bijal Shah |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Harshita Shah |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Sripal Shah |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mrs. Savita Shah |
|
Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Rajnikant Modi |
|
Designation : |
Account Head |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Diamonds. |
|
|
|
|
Products : |
Diamonds |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Diamonds |
|
Countries : |
·
Hong Kong ·
United States of America ·
Israel ·
Canada |
|
|
|
|
Imports : |
|
|
Products : |
Rough Diamonds |
|
Countries : |
Belgium |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C and Credit |
|
|
|
|
Purchasing : |
Cash, L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
|
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No. of Employees : |
300 (Approximately) |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Madhvi Vora and Associates Chartered Accountants |
|
Address : |
Mumbai, Maharashtrar, India |
|
Membership No.: |
43504 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 31.03.2015
|
Capital Investment : |
|
|
Owned : |
Rs.258.250 Million |
|
Borrowed : |
--- |
|
Total : |
Rs.258.250
Million |
FINANCIAL DATA
[all figures are in
Rupees Million]
Note: Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Partner's Capital |
258.250 |
237.938 |
204.894 |
|
(b) Reserves &
Surplus |
0.000 |
0.000 |
0.000 |
|
(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) |
258.250 |
237.938 |
204.894 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
235.548 |
109.890 |
40.692 |
|
(b) Trade payables |
364.009 |
818.580 |
806.841 |
|
(c) Other current
liabilities |
2.004 |
1.880 |
2.489 |
|
(d) Short-term provisions |
1.008 |
1.209 |
0.000 |
|
Total Current Liabilities
(4) |
602.569 |
931.559 |
850.022 |
|
|
|
|
|
|
TOTAL |
860.819 |
1169.497 |
1054.916 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
77.001 |
87.403 |
50.899 |
|
(ii) Intangible Assets |
0.069 |
0.093 |
0.104 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
30.715 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.003 |
0.003 |
0.003 |
|
(c) Deferred tax assets
(net) |
0.523 |
0.770 |
0.720 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
77.596 |
88.269 |
82.441 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
494.043 |
856.087 |
836.549 |
|
(c) Trade receivables |
277.823 |
194.304 |
97.669 |
|
(d) Cash and cash
equivalents |
5.250 |
27.239 |
28.380 |
|
(e) Short-term loans and
advances |
5.590 |
3.082 |
9.300 |
|
(f) Other current assets |
0.517 |
0.516 |
0.577 |
|
Total Current Assets |
783.223 |
1081.228 |
972.475 |
|
|
|
|
|
|
TOTAL |
860.819 |
1169.497 |
1054.916 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
1441.749 |
1650.911 |
1491.695 |
|
|
Exchange Difference |
10.729 |
7.318 |
19.347 |
|
|
Other Income |
6.542 |
3.349 |
0.903 |
|
|
TOTAL |
1459.020 |
1661.578 |
1511.945 |
|
|
|
(Due to Market
Fluctuation) |
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Changes in inventories of
cut and Polished Diamond |
428.193 |
(513.971) |
(21.080) |
|
|
Cost of Raw Material
Consumed |
902.358 |
2056.766 |
1423.945 |
|
|
Manufacturing and
Operating Expenses |
33.789 |
38.535 |
41.772 |
|
|
Payments to and Provisions
for Employees |
3.874 |
2.383 |
2.293 |
|
|
Marketing, Selling and
Distribution Expenses |
44.491 |
37.346 |
35.628 |
|
|
TOTAL |
1412.705 |
1621.059 |
1482.558 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
46.315 |
40.519 |
29.387 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
11.228 |
7.073 |
1.735 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
35.087 |
33.446 |
27.652 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6.847 |
7.848 |
6.931 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
28.240 |
25.598 |
20.721 |
|
|
|
|
|
|
|
Less |
TAX |
8.144 |
8.502 |
6.303 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
20.096 |
17.096 |
14.418 |
Expected Sales (2015-16): Rs.1500.000 Million
The above information has been parted by Mr. Rajnikant Modi (Account
Head).
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.39 |
1.04 |
0.97 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
3.21 |
2.45 |
1.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.28 |
2.19 |
2.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.11 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.91 |
0.46 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.16 |
1.14 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Partner’s Capital |
204.894 |
237.938 |
258.250 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net worth |
204.894 |
237.938 |
258.250 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
40.692 |
109.890 |
235.548 |
|
Total borrowings |
40.692 |
109.890 |
235.548 |
|
Debt/Equity ratio |
0.199 |
0.462 |
0.912 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
1491.695 |
1650.911 |
1441.749 |
|
|
|
10.673 |
(12.669) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
1491.695 |
1650.911 |
1441.749 |
|
Profit |
14.418 |
17.096 |
20.096 |
|
|
0.97% |
1.04% |
1.39% |
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
Yes |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
No |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & 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 records 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.64.89 |
|
|
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.33 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
-- 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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.