MIRA INFORM REPORT
|
Report No. : |
346780 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
HARI DARSHAN EXPORTS PRIVATE LIMITED |
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|
|
|
Registered
Office : |
FC/4070, F-Tower, Central Wing, 4th Floor, Bharat Diamond Bourse,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-43434000 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.03.2014 |
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Com. Reg. No.: |
11-254385 |
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Capital
Investment / Paid-up Capital : |
Rs.500.000 Million |
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|
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CIN No.: [Company Identification
No.] |
U36932MH2014PTC254385 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is mainly engaged in manufacturing, cutting, polishing and
exporting of diamonds. |
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No. of Employees
: |
6000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated during 2003 as a partnership company by Mr. Bhavesh
Lakhani, Mr. Nilesh Lakhani, and late Mr. Dinesh Kalathiya. The company was
reconstituted as private limited company with the current name in March 2014.
The company is engaged in cutting and polishing of rough diamonds. Rating takes consideration company’s extensive experience promoters in
the diamond industry, and its established relationships with customers. The
rating also factors in the company’s above-average financial risk profile
marked by its moderate networth, and above-average debt protection metrics. This rating strengths is partially offset by company
working-capital-intensive nature of operations, its exposure to intense
competition in the diamond industry resulting in low profitability margins, and
the susceptibility of its profitability margins to volatility in diamond
prices and foreign exchange rates. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. NOTE: Rating is
considered on basis of financials of concern i.e. Hari Darshan Export (1st
April 2013-15th March 2014) as well as Hari Darshan Exports
Private Limited (16th March 2014-31st March 2014) |
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 |
CRISIL |
|
Rating |
Long term bank facilities: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
02.06.2015 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Anil Thakar |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9769168368 |
|
Date : |
22.04.2015 |
LOCATIONS
|
Registered Office : |
FC/4070, F-Tower, Central Wing, 4th Floor, Bharat Diamond Bourse,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-43434000 |
|
Mobile No.: |
91-9769168368 (Mr. Anil Thakar) |
|
Fax No.: |
91-22-43434040 |
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E-Mail : |
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|
Website : |
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|
Area : |
2700 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
Kundan Wadi, Plot No. 53AB, Bhavnagar - 364003, Gujarat, India |
|
Area : |
15000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office : |
51-Nilambaug, Behind Hardik Complex, Bhavnagar – 364003, Gujarat, India |
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Tel. No.: |
91-278-2522187 |
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Fax No.: |
91-278-2522188 |
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E-Mail : |
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|
Area : |
5500 sq. ft. |
|
Location : |
Owned |
DIRECTORS
As on 05.09.2014
|
Name : |
Mr. Nileshkumar Lakhani |
|
Designation : |
Director |
|
Address : |
Plot No.25, Sukhsagar Society, Nilam Bag, Bhavnagar – 364003, Gujarat,
India |
|
Date of Birth/Age : |
15.05.1980 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830902 |
|
|
|
|
Name : |
Mr. Ritesh Lakhani |
|
Designation : |
Director |
|
Address : |
3, Manishnagar Society, Behind Gayatrii Mandir, Dabholi Char Rasta,
Surat – 395001, Gujarat, India |
|
Date of Birth/Age : |
01.06.1983 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830919 |
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|
|
|
Name : |
Mr. Dinesh Dhola |
|
Designation : |
Director |
|
Address : |
AT-Surka, Post Ugamedi, TA Gadhada, Bhavnagar – 364765, Gujarat, India |
|
Date of Birth/Age : |
01.02.1980 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830977 |
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|
|
|
Name : |
Mrs. Krishnaben Dineshbahi Kalathiya |
|
Designation : |
Director |
|
Address : |
64, Rushi Raj Nagar, Behind Chitra Petrol Pump, Bhavnagar – 364001,
Gujarat, India |
|
Date of Birth/Age : |
02.06.1981 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
06830927 |
|
|
|
|
Name : |
Mr. Bhavesh Odhavjibhai Lakhani |
|
Designation : |
Director |
|
Address : |
307, The Jewel Premises Co.Operative Society Limited, M.P. Marg, Opera House,, Mumbai-400004, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1978 |
|
Date of Appointment : |
15.03.2014 |
|
DIN No.: |
00145237 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Thakar |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Bhavesh Kumar Odhavji Lakhani |
|
4100000 |
|
Dinesh Kumar Vashrambhai Dhola |
|
250000 |
|
Krishnaben Kalathiya |
|
3650000 |
|
Manishaben Nilesh Kumar Lakhani |
|
50000 |
|
Nilesh Kumar Lavjibhai Lakhani |
|
1650000 |
|
Nitaben Bhavesh Kumar Lakhani |
|
50000 |
|
Ritesh Kumar Jerambhai Lakhani |
|
250000 |
|
Total |
|
10000000 |
As on 05.09.2014
|
Names of Preference Shareholders (4% Non-cum. Redeemable Preference
Shares ) |
|
No. of Shares |
|
Bhavesh Kumar Odhavji Lakhani |
|
12900000 |
|
Krishnaben Kalathiya |
|
25200000 |
|
Nilesh Kumar Lavjibhai Lakhani |
|
1900000 |
|
Total |
|
40000000 |
Equity Share Break up (Percentage of Total Equity)
As on 05.09.2014
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is mainly engaged in manufacturing, cutting, polishing and
exporting of diamonds. |
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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 : |
Polish Diamonds |
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Countries : |
·
United State of America ·
Belgium ·
Dubai ·
Hong Kong ·
Switzerland ·
Australia |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
·
Belgium ·
Russia ·
Dubai |
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Terms : |
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Selling : |
Cash, L/C, Credit |
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Purchasing : |
Cash, L/C, Credit |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
6000 (Approximately) |
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Bankers : |
Indusind Bank Limited, One Indiabulls Centre, 8th Floor, Tower 1, 841, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400013, Maharashtra, India |
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Facilities : |
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Auditors : |
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Name 1 : |
Dhruve Gadoya and Associates Chartered Accountants |
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Address: |
211-A, Zest Business Spaces, 2nd Floor, 16 M G Road, Near
Doshi Nursing Home, Ghatkopar (East), Mumbai – 400077, Maharashtra, India |
|
Tel No. |
91-22-25086008 |
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Email: |
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Name 2 : |
Babulal Diyora and Company Chartered Accountant |
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Subsidiary Company: |
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Enterprises owned /
significantly influenced by Key management Personnel : |
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CAPITAL STRUCTURE
After 05.09.2014
Authorised Capital : Rs. 600.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 143.782
Million
As on 05.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Million |
|
40000000 |
Preference Shares |
Rs.10/- each |
Rs. 400.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 600.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Million |
|
40000000 |
Preference Shares |
Rs.10/- each |
Rs. 400.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 500.000
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
500.000 |
|
(b) Reserves & Surplus |
|
|
119.364 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
619.364 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
137.100 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
Total
Non-current Liabilities (3) |
|
|
137.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
865.612 |
|
(b) Trade payables |
|
|
585.550 |
|
(c) Other current liabilities |
|
|
30.500 |
|
(d) Short-term provisions |
|
|
48.699 |
|
Total
Current Liabilities (4) |
|
|
1530.361 |
|
|
|
|
|
|
TOTAL |
|
|
2286.825 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
322.376 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
14.346 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
1.336 |
|
(c) Deferred tax assets (net) |
|
|
3.415 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
341.473 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
876.005 |
|
(c) Trade receivables |
|
|
972.855 |
|
(d) Cash and cash equivalents |
|
|
68.746 |
|
(e) Short-term loans and
advances |
|
|
9.976 |
|
(f) Other current assets |
|
|
17.770 |
|
Total
Current Assets |
|
|
1945.352 |
|
|
|
|
|
|
TOTAL |
|
|
2286.825 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
81.362 |
|
|
Other Income |
|
|
2.794 |
|
|
TOTAL
(A) |
|
|
84.156 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
|
155.603 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
(102.349) |
|
|
Employees benefits expense |
|
|
20.614 |
|
|
Operating and Other expenses |
|
|
2.670 |
|
|
TOTAL
(B) |
|
|
76.538 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
|
|
7.618 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
4.923 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
2.695 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
0.953 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
|
|
1.742 |
|
|
|
|
|
|
|
Less |
TAX
(h) |
|
|
0.538 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
|
|
1.204 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
69.624 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
0.12 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
4150.000 |
Expected Sales ( 2015-2016 ) : Rs.4500.000 Million
The above information has been parted by Mr. Anil Thakar (Finance Manger)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
|
|
31.03.2014 |
|
Current Maturities of Long term debt |
|
|
0.385 |
|
Cash generated from operations |
|
|
69.751 |
|
Net cash flow from Operating Activities |
|
|
69.212 |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2014 |
|
Net Profit Margin (PAT / Sales) |
(%) |
|
|
1.48 |
|
|
|
|
|
|
|
Operating Profit Margin |
|
|
|
9.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
1.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.27 |
ABRIDGED
BALANCE SHEET
HARI DARSHAN EXPORT
(Partnership Firm)
|
SOURCES
OF FUNDS |
15.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Partners Capital |
635.780 |
578.319 |
436.970 |
|
(b) Reserves & Surplus |
118.161 |
118.161 |
118.161 |
|
(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) |
753.941 |
696.480 |
555.131 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.607 |
0.914 |
1.183 |
|
(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) |
0.607 |
0.914 |
1.183 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
905.934 |
760.438 |
749.855 |
|
(b) Trade payables |
813.621 |
619.138 |
564.212 |
|
(c) Other current liabilities |
46.742 |
16.944 |
22.235 |
|
(d) Short-term provisions |
96.124 |
67.442 |
55.847 |
|
Total
Current Liabilities (4) |
1862.421 |
1463.962 |
1392.149 |
|
|
|
|
|
|
TOTAL |
2616.969 |
2161.356 |
1948.463 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
337.674 |
346.494 |
193.581 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.014 |
0.014 |
0.014 |
|
(c) Deferred tax assets (net) |
3.467 |
2.485 |
1.354 |
|
(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 |
341.155 |
348.993 |
194.949 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
919.322 |
955.549 |
794.143 |
|
(c) Trade receivables |
1212.206 |
773.920 |
799.511 |
|
(d) Cash and cash equivalents |
40.465 |
2.644 |
17.137 |
|
(e) Short-term loans and
advances |
91.229 |
72.597 |
137.470 |
|
(f) Other current assets |
12.592 |
7.653 |
5.253 |
|
Total
Current Assets |
2275.814 |
1812.363 |
1753.514 |
|
|
|
|
|
|
TOTAL |
2616.969 |
2161.356 |
1948.463 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
15.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
3451.183 |
2588.960 |
2039.179 |
|
|
Other Income |
17.686 |
2.410 |
6.502 |
|
|
TOTAL |
3468.869 |
2591.370 |
2045.681 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2587.107 |
1986.466 |
1909.626 |
|
|
Manufacturing Expenses |
598.595 |
464.302 |
495.460 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
59.795 |
(47.464) |
(486.810) |
|
|
Sales and Administrative
Expenses |
20.962 |
28.884 |
14.318 |
|
|
Other expenses |
19.828 |
15.992 |
11.727 |
|
|
TOTAL |
3286.287 |
2448.180 |
1944.321 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
182.582 |
143.190 |
101.360 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
82.050 |
63.968 |
47.068 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
100.532 |
79.222 |
54.292 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
27.650 |
25.325 |
12.482 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
72.882 |
53.897 |
41.810 |
|
|
|
|
|
|
|
Less |
TAX |
24.880 |
17.174 |
12.859 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
48.002 |
36.723 |
28.951 |
KEY
RATIOS
|
PARTICULARS |
|
15.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.38 |
1.42 |
1.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.79 |
2.50 |
2.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.20 |
1.09 |
1.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.24 |
1.26 |
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 |
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 |
Yes |
|
18] |
Major suppliers |
Yes |
|
19] |
Major customers |
Yes |
|
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 |
Yes |
|
29] |
Profitability for last four 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
|
Particular |
|
31.03.2014 (Rs.
in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Bhavesh O Lakhani |
|
42.728 |
|
Krishnaben D Kalathia |
|
81.625 |
|
Dinesh V Dhola |
|
0.100 |
|
Nilesh L Lakhani |
|
12.320 |
|
Ritesh J Lakhani |
|
0.100 |
|
|
|
|
|
Total |
|
136.873 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10581339 |
24/07/2015 * |
43,000,000.00 |
INDUSIND BANK LIMITED |
ONE INDIABULLS CENTRE, 8TH FLOOR, TOWER 1,, 841, |
C64678204 |
|
2 |
10522208 |
30/08/2014 |
49,500,000.00 |
DEUTSCHE BANK AG |
P.O. BOX NO. 9080, GOREGAON (EAST), MUMBAI, Maharashtra - 400063,
INDIA |
C21951769 |
|
3 |
10505793 |
15/03/2014 |
300,000,000.00 |
State Bank of India |
Diamond Branch, Bharat Diamond Bourse,, D-3 West core, Bandra
kurla complex, Bandra (E), MUMBAI, Maharashtra - 400051, INDIA |
C09139601 |
|
4 |
10540208 |
24/07/2015 * |
600,000,000.00 |
INDUSIND BANK LIMITED |
ONE INDIABULLS CENTRE, 8TH FLOOR, TOWER 1,, 841, |
C64677180 |
FIXED ASSETS
Tangible Assets
Mumbai
- Office Premises
- Plant and Machinery
- Computer and Accessories
- Furniture and Fixtures
Bhavnagar
Branch
- Lands and Temple
- Building and Premises
- Plant and Machinery
- Vehicles
- Computer and Accessories
- Furniture and Fixtures
Surat
Branch
- Plant and Machinery
- Furniture and Fixtures
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.65.15 |
|
|
1 |
Rs.100.53 |
|
Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
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 |
|
45 |
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.