MIRA INFORM REPORT
|
Report No. : |
346849 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
DHARMANANDAN DIAMONDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FC 7081-82, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-40041111 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
31.08.2007 |
|
|
|
|
Com. Reg. No.: |
11-173674 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 94.750 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2007PTC173674 |
|
|
|
|
IEC No.: |
0393031241 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD6676J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Diamond and Diamond Staded Jewellery. |
|
|
|
|
No. of Employees
: |
7500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 19043100 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was promoted by Mr. Laljibhai Patel and Mr. Tulsibhai Patel
and it was commenced business as a partnership firm in 1980. Subsequently, in
August 2007, it was incorporated as a private limited company. For the financial year ended 2014, company has reported 34.53% during
the year under a review. Ratings takes into consideration domain expertise and long standing
experience of the promoters in the industry supported by its steady growth in
revenues over the years aided by increase in business volumes and the
company’s continued presence in high value product segment. Rating strength partially offset by susceptibility of its operations
to foreign exchange fluctuation risk and high intensity of competition in
challenging environment for Cut and Polished diamond industry players. 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 condition. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits=A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
September, 2015 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Proposed Limits=A2+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
September, 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. Amit Maniyar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-40041111 |
|
Date : |
19.10.2015 |
LOCATIONS
|
Registered Office : |
FC 7081-82, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40041111 |
|
Fax No.: |
91-22-42535353 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2800 Sq. Ft |
|
Location : |
Owned |
|
|
|
|
Factory 1: |
Behind Patel Faliya, Gotalawadi, Katargam Road, Surat - 395004, |
|
Tel. No.: |
91-261-2533777 |
|
Fax No.: |
91-261-2533775 |
|
|
|
|
Factory 2: |
Plot No. 152, Surat Special Economic Zone, Sachin, Surat – 394230, Gujarat, India |
|
|
|
|
Overseas Offices : |
Located at: · Hong Kong · Belgium · USA |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Mr. Laljibhai Tulshibhai Patel |
|
Designation : |
Director |
|
Address : |
52, Narayanmuni Nagar, Ved Road, Surat-395004, Gujarat, India |
|
Date of Birth/Age : |
28.11.1955 |
|
Qualification : |
B.Com |
|
Experience : |
38
Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ABLPP4845J |
|
DIN No.: |
01539972 |
|
|
|
|
Name : |
Mr. Hiteshkumar Laljibhai Patel |
|
Designation : |
Director |
|
Address : |
52, Narayanmuni Nagar, |
|
Date of Birth/Age : |
31.05.1979 |
|
Qualification : |
B.Com |
|
Experience : |
14
Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AANPP3560B |
|
DIN No.: |
01660527 |
|
|
|
|
Name : |
Mr. Piyushkumar Laljibhai Patel |
|
Designation : |
Director |
|
Address : |
51-52, Narayanmuni Nagar, Ved Road, Surat-395004, Gujarat, India |
|
Date of Birth/Age : |
04.05.1982 |
|
Qualification : |
B.Com |
|
Experience : |
11
Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGKPP8563D |
|
DIN No.: |
00858190 |
|
|
|
|
Name : |
Mr. Tulsibhai Keshavbhai Patel |
|
Designation : |
Director |
|
Address : |
57, Narayanmuni Nagar, Ved Road, Surat-395004, Gujarat, India |
|
Date of Birth/Age : |
11.07.1950 |
|
Qualification : |
B.Com |
|
Experience : |
43
Years |
|
Date of Appointment : |
31.08.2007 |
|
DIN No.: |
01540000 |
|
|
|
|
Name : |
Mr. Prakashbhai Tulsibhai Goti |
|
Designation : |
Director |
|
Address : |
12/A, Ramesh Niwas, 51-C, |
|
Date of Birth/Age : |
28.09.1973 |
|
Qualification : |
B.Com |
|
Experience : |
21
Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ABJPP3476D |
|
DIN No.: |
01540039 |
|
|
|
|
Name : |
Mr. Dayalbhai Keshavbhai Patel |
|
Designation : |
Director |
|
Address : |
56, Narayanmuni Nagar, Ved Road, Surat-395004, Gujarat, India |
|
Date of Birth/Age : |
11.03.1954 |
|
Qualification : |
B.Com |
|
Experience : |
39
Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ABCPP1172H |
|
DIN No.: |
01540092 |
|
|
|
|
Name : |
Mr. Shailesh Dayalbhai Goti |
|
Designation : |
Director |
|
Address : |
56, Narayanmuni Nagar, Ved Road, Surat-395004, Gujarat, India |
|
Date of Birth/Age : |
09.10.1984 |
|
Qualification : |
B.Com |
|
Experience : |
10
Years |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
AGBPG3688H |
|
DIN No.: |
00858206 |
|
|
|
|
Name : |
Mr. Sanjay Jerambhai Virani |
|
Designation : |
Director |
|
Address : |
E-1, Rock View Apartment, |
|
Date of Birth/Age : |
20.02.1976 |
|
Qualification : |
B.Com |
|
Experience : |
18
Years |
|
Date of Appointment : |
31.08.2007 |
|
DIN No.: |
01660345 |
KEY EXECUTIVES
|
Name : |
Mr. Amit Maniyar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Laljibhai Tulshibhai Patel |
|
1295000 |
|
Tulsibhai Keshavbhai Patel |
|
254250 |
|
Dayalbhai Keshavbhai Patel |
|
618000 |
|
Prakashbhai Tulsibhai Goti |
|
678000 |
|
Sanjaykumar Jerambhai Virani |
|
423750 |
|
Hiteshkumar Laljibhai Patel |
|
1143250 |
|
Piyushkumar Laljibhai Patel |
|
1087750 |
|
Shailesh Dayalbhai Goti |
|
825000 |
|
Nirmalaben Laljibhai Patel |
|
400000 |
|
Rashmitaben Hiteshbhai Patel |
|
636500 |
|
Dharaben Piyushbahi Patel |
|
692000 |
|
Manjulaben Dayabhai Patel |
|
60000 |
|
Komalben Shaileshbhai Patel |
|
361500 |
|
Total |
|
8475000 |
|
Names of Preference Shareholder |
|
No.
of Shares |
|
Dharmanandan Industries
Limited, India |
|
1000000 |
|
|
|
|
|
Total |
|
1000000 |
AS ON 27.03.2015
|
Names of Allottee (Shareholders) |
|
No. of Shares |
|
Laljibhai Tulshibhai Patel |
|
80000 |
|
Hiteshkumar Laljibhai Patel |
|
84000 |
|
Piyushkumar Laljibhai Patel |
|
84000 |
|
Tulsibhai Keshavbhai Patel |
|
12000 |
|
Prakashbhai Tulsibhai Goti |
|
32000 |
|
Dayalbhai Keshavbhai Patel |
|
32000 |
|
Shailesh Dayalbhai Goti |
|
56000 |
|
Sanjaykumar Jerambhai Virani |
|
20000 |
|
Total |
|
400000 |
AS ON 29.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Directors
or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamond and Diamond Staded Jewellery. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
|
||||
|
Products : |
· Diamond studded Jewellery · Silver and Gold Jewellery · Platinum Jewellery |
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|
Countries : |
· USA · Hong Kong · Belgium · Korea |
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|
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Imports : |
|
||||
|
Products : |
Rough Diamonds |
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Countries : |
Belgium |
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Terms : |
|
||||
|
Selling : |
Advance Payment, L/C, Cheque and Credit |
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|
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|
Purchasing : |
Advance Payment, L/C, Cheque and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers, End Users and OEMs
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|
No. of Employees : |
7500 (Approximately) |
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|
Bankers : |
·
Dena Bank 17B,
Hornimam Circle, Fort, Mumbai - 400023, Maharashtra, India ·
State Bank of Patiala Commercial Branch,
Atlanta, First Floor, Nariman Point, Mumbai - 400021, Maharashtra, India |
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|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajiv N Shah and Associates Chartered Accountants |
|
Address : |
A-001 Shreenath
Darshaan,Factory Lane, Near M.K. High School, Borivali (West), Mumbai –
400092, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFPS1156E |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary Company : |
·
DDL Investment Limited ·
EON Jewellery Private Limited |
|
|
|
|
Step in Subsidiary : |
·
Dharam Creation (HK) Limited ·
Dharm Diam B.V.B.A. ·
Dharm International LLC |
|
|
|
|
Subsidiary of Step in Subsidiary : |
·
Dharm Diamonds Israel Limited ·
Sant Diam BVBA |
|
|
|
|
Related Parties : |
·
Divine Equity Research Private Limited ·
Gunjan Exports ·
Dharm Exim ·
Neel Impex ·
Dharmanandan Industries LLP |
CAPITAL STRUCTURE
AFTER 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 Million |
|
1,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 10.000 Million |
|
|
Total |
|
Rs. 100.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8875000 |
Equity Shares |
Rs. 10/- each |
Rs. 88.750 Million |
|
1,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 10.000 Million |
|
|
Total |
|
Rs. 98.750
Million |
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 90.000 Million |
|
1,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 10.000 Million |
|
|
Total |
|
Rs. 100.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8,475,000 |
Equity Shares |
Rs. 10/- each |
Rs. 84.750 Million |
|
1,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 10.000 Million |
|
|
Total |
|
Rs. 94.750
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 |
94.750 |
94.750 |
88.500 |
|
(b) Reserves & Surplus |
6570.368 |
5098.798 |
3613.394 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
300.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6665.118 |
5193.548 |
4001.894 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1762.661 |
1474.977 |
1659.653 |
|
(b) Deferred tax liabilities (Net) |
43.577 |
43.840 |
11.977 |
|
(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) |
1806.238 |
1518.817 |
1671.630 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
10140.647 |
8331.997 |
6412.988 |
|
(b)
Trade payables |
5246.160 |
4902.210 |
3314.547 |
|
(c)
Other current liabilities |
213.670 |
100.778 |
23.946 |
|
(d)
Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
15600.477 |
13334.985 |
9751.481 |
|
|
|
|
|
|
TOTAL |
24071.833 |
20047.350 |
15425.005 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2482.467 |
2096.074 |
1801.972 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
69.913 |
82.700 |
53.734 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
106.933 |
47.907 |
736.911 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
276.013 |
108.167 |
70.742 |
|
(e)
Other Non-current assets |
0.243 |
0.324 |
0.405 |
|
Total
Non-Current Assets |
2935.569 |
2335.172 |
2663.764 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
10752.897 |
8174.491 |
4618.095 |
|
(c)
Trade receivables |
9883.452 |
9286.598 |
7400.477 |
|
(d)
Cash and cash equivalents |
410.373 |
139.611 |
635.426 |
|
(e)
Short-term loans and advances |
89.542 |
111.478 |
107.243 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
21136.264 |
17712.178 |
12761.241 |
|
|
|
|
|
|
TOTAL |
24071.833 |
20047.350 |
15425.005 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
41508.484 |
|
|
|
|
|
Other Income |
15.614 |
131.476 |
|
|
|
|
TOTAL (A) |
41524.098 |
30864.565 |
23952.050 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
39328.920 |
|
|
|
|
|
Purchases of Stock-in-Trade |
414.601 |
218.214 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(2569.699) |
(921.303) |
|
|
|
|
Employees benefits expense |
857.641 |
679.591 |
|
|
|
|
Other expenses |
1078.557 |
829.671 |
|
|
|
|
Exceptional
Items |
0.000 |
(35.410) |
|
|
|
|
TOTAL (B) |
39110.020 |
28908.152 |
22386.460 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2414.078 |
1956.413 |
1565.590 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
455.531 |
469.068 |
287.190 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1958.547 |
1487.345 |
1278.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
109.780 |
84.328 |
67.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1848.767 |
1403.017 |
1211.230 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
377.197 |
211.362 |
187.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1471.570 |
1191.655 |
1023.240 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
36539.610 |
26622.210 |
19810.490 |
|
|
TOTAL EARNINGS |
36539.610 |
26622.210 |
19810.490 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Value of Import on CIF Basis |
38124.920 |
29243.960 |
20020.980 |
|
|
TOTAL IMPORTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
218.14 |
161.87 |
--- |
|
|
|
Diluted |
173.64 |
141.04 |
--- |
|
|
PARTICULARS |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
48000.000 |
|
|
|
|
|
Expected Sales (2015-2016): Rs. 48000.000 Million
The above information has been parted by Mr. Amit Maniyar (Accounts
Manager)
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 |
2.604 |
16.343 |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash Flow from (used in) Operations |
(559.990) |
(1959.742) |
(836.450) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.55 |
3.88 |
NA |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.82 |
6.37 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.74 |
7.04 |
8.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.27 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.79 |
1.89 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35 |
1.33 |
1.31 |
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 |
88.500 |
94.750 |
94.750 |
|
Reserves & Surplus |
3613.394 |
5098.798 |
6570.368 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
300.000 |
0.000 |
0.000 |
|
Net
worth |
4001.894 |
5193.548 |
6665.118 |
|
|
|
|
|
|
Long-term borrowings |
1659.653 |
1474.977 |
1762.661 |
|
Short term borrowings |
6412.988 |
8331.997 |
10140.647 |
|
CURRENT MATURITIES OF LONG-TERM
DEBTS |
16.343 |
2.604 |
0.000 |
|
Total
borrowings |
8088.984 |
9809.578 |
11903.308 |
|
Debt/Equity
ratio |
2.021 |
1.889 |
1.786 |
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 |
23952.050 |
30864.565 |
41524.098 |
|
|
|
28.860 |
34.536 |
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 |
23952.050 |
30864.565 |
41524.098 |
|
Profit |
1023.240 |
1191.655 |
1471.570 |
|
|
4.27% |
3.86% |
3.54% |
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 |
Yes |
|
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 three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10161015 |
12/05/2010 * |
744,600,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP
INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA- |
A87629333 |
|
2 |
10091658 |
20/03/2015 * |
14,613,900,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
DIAMOND
BRANCH,D-3,WEST CORE,BHARAT DIAMOND BOURSE MAHARASHTRA, INDIA |
C50348861 |
* Date of charge modification
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.
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
1756.773 |
1460.884 |
|
|
|
|
|
Total |
1756.773 |
1460.884 |
RESULTS OF OPERATIONS:
The year was a
transformation year for the company. This was a landmark year the Company for
its operating performance with earning growth amidst extraordinary challenges
of price volatility and demand reduction.
During the year,
the company has scaled new heights and set several new benchmarks in terms of
sales, profits, net worth and assets. Turnover for the year was Rs. 41,524.100
Million as against Rs. 30,864.560 Million in the previous year. Exports were
higher by 36.22 % over previous year and during the current year invoice value
of export sales amounted to Rs .36,456.55
Million.
Profit after
Tax for the year was Rs. 1,471.570 Million as against Rs. 1,191.650 Million in
the previous year.
The company is
a contributor to the national exchequer primarily by way of payment of taxes
and duties to various government agencies.
NATURE OF OPERATIONS
Subject is in the business
of cutting and polishing of Diamonds. The Company is exporter of Diamonds and Diamond
Studded Jewellery. The Company is also focusing in Indian Market by targeting
customers in the South and North through its sale of cut and polished diamonds
and diamond studded jewellery. The Company with an object to generate
eco-friendly energy has installed 4 windmills in Gujarat State for its own
captive consumption and 4 windmills in Maharashtra State to generate power
intended for sale to MSEDCL.
BUSINESS
REVIEW:
A. Diamond Segment
The Company is
making conscientious efforts in addressing the large market opportunities that
exist in the Diamond Segment both in India and abroad. India, China, Israel and
Belgium are the leading players in the diamond cutting and polishing industry.
India accounts for nearly 60 % of the global polished diamonds in value terms,
80 % in carats polished and 90 % in pieces. India now in processes 85% of the
worlds polished diamonds, fair ahead of the other competitors. Exports of Gems
and jewellery are also on the upswing. Large opportunities exist in exports by
converting diamond into jewellery before exports.
The Company has
quality sourcing facilities accruing to competitive prices and consistent
market demand. Modern processing facilities are located at Surat, Gujarat with
three operational polishing units, a workforce of Approx 3778 people
B. Jewellery Segment
The Indian Jewellery market is thriving. With societal and structural
transformations, change in mindsets and spread of organized retail brands have bombarded the
Jewellery scene with great aplomb. India remains one of the largest players in jewellery retail with 90% of the business conducted
through family jewelers. The Indian paradigm shifts such as from family jewelers to branded, gold to diamond studded
jewellery, investment jewellery to fashion jewellery, the traditional to the fashionable and innovative, the marriage season as
peak sales to wear ability oriented all year is spreading, jewellery sale on labour cost to jewellery sold on per piece cost
etc. have greatly favoured Indian players to spread their distribution networks, innovate on designs and build successful
global brands. The key attributes of a successful brand can be penned down to the image, aesthetic designs, marketing and
promotion and a strong distribution network. Increasing disposable incomes, discretionary spending and Government
measures have also greatly influenced this segment.
Jewellery manufacturing for
exports is done through various state of the art facilities. A strong product
development and design function supports the manufacturing. The process
followed for the manufacturing of diamond studded and other jewellery flows
from Designing, Model and mould making, Waxing and wax setting, Casting, Sprue
binding, Filling, Polishing, Metal setting and Rodium Polish.
C. Power Generation Segment
They seriously understand
the present situation of global warming and we believe it is our responsibility
to protect globe by whatever possible activities and for that we have been
generating our own electricity by mean of eco-friendly wind which are located
at several wind fields in Maharashtra and Gujarat States, and we are
continuously exploring the possibility and potentials for enhancing the present
exposure of DDPL in tapping the renewable power source in near future.
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from No-FE
7011-12, F-Tower, Bharat Diamond Bourse, G-Block, Bandra Kurla Complex,
Bandra-East, Mumbai-400051, Maharashtra, India to the present address w.e.f
21.05.2013
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
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. 64.88 |
|
|
1 |
Rs. 99.89 |
|
Euro |
1 |
Rs. 72.06 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
IND |
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 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.