MIRA INFORM REPORT
|
Report No. : |
346935 |
|
Report Date : |
26.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
KIRAN GEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FE-5011, Bharat Diamond Bourse, G Block, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-40504444 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
14.09.2007 |
|
|
|
|
Com. Reg. No.: |
11-174133 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 317.805 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2007PTC174133 |
|
|
|
|
IEC No.: |
0388089938 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMK17224E SRTK02242C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK1665M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of cut and polished diamonds. |
|
|
|
|
No. of Employees
: |
1700 (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 : |
Slow but correct |
|
|
|
|
Litigation : |
Not Available |
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|
|
Comments : |
Kiran Gems Private Limited is a flagship Company of “Kiran Group” It is an established company incorporated in the year 2007 having
satisfactory track. The company possesses an above average financial risk profile marked
by strong networth position and fair liquidity profile of the company. The rating also takes into consideration the vast experience of the
promoters in the Gems and Jewellery (G&J) industry and established market
position of the group. Moreover, this rating strength is partially offset by susceptibility
to volatile diamond prices and strong competition from the organized as well
as unorganized players in the G&J industry and subdued demand for Cut and
Polished Diamonds. Trade relations are reported as fair. Business is active. Payments
terms are reported as slow but correct. The company can be considered normal 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
|
CARE |
CARE |
|
Rating |
Long term rating A |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
23.10.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A2+ |
|
Rating Explanation |
Strong degree of safety and carry lowest credit risk. |
|
Date |
23.10.2015 |
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. Rajnath Shukla |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-40504444 |
|
Date : |
24.10.2015 |
LOCATIONS
|
Registered Office/ Head Office : |
FE-5011, Bharat Diamond Bourse, “G” Block, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40504444 |
|
Mobile No.: |
91-9702450410 (Mr. Bhavik) |
|
Fax No.: |
91-22-40504455 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. 9, Near Affil Tower, L. H. Road, Varachha, Surat-395006,
Gujarat, India |
|
Tel. No.: |
91-261-2554514 / 15 |
|
Fax No.: |
91-261-2552606 |
|
E-Mail : |
|
|
Area : |
2466.82 Square. Meters |
|
|
|
|
Factory 2 : |
217/218, Tarabaug Estate, Opposite Jeevan Dhara Hotel,
Varachha Road, Surat-395006, Gujarat, India
|
|
Tel. No.: |
91-261-2553983/ 84/85 / 2553983 |
|
Fax No.: |
91-261-2553982 / 2653982 |
|
E-Mail : |
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|
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Factory 3 : |
Plot No. 52, Vaishali Building, Surat, Gujarat, India |
|
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Factory 4 : |
Plot No 152 6th Floor Near Sona Apartments Umiyadham Road Varachha,
Surat-395006,Gujarat, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Mavjibhai Shamjibhai Patel |
|
Designation : |
Director |
|
Address : |
901, 9th Floor, Mayfair Maaya, Maaya Jn. 9th and
11th Road, Khar (West), Mumbai-400052, Maharashtra, India |
|
Date of Birth/Age : |
02.03.1964 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
14.09.2007 |
|
DIN No.: |
00147902 |
|
|
|
|
Name : |
Mr. Vallabhbhai Shamjibhai Patel |
|
Designation : |
Director |
|
Address : |
701/702, 7th Floor, Munshi Manor, 174/175, 9 and 10 Road,
Jn. Khar (West), Mumbai-400052, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1957 |
|
Qualification : |
Non S.S.C |
|
Date of Appointment : |
14.09.2007 |
|
DIN No.: |
00091715 |
|
|
|
|
Name : |
Mr. Babubhai Shamjibhai Lakhani |
|
Designation : |
Director |
|
Address : |
A/502, Affil Tower, Lambe Hanuman Road, Varachha Road, Surat–395 006,
Gujarat, India |
|
Date of Birth/Age : |
01.12.1959 |
|
Qualification : |
Non S.S.C |
|
Date of Appointment : |
18.09.2007 |
|
DIN No.: |
00091766 |
|
|
|
|
Name : |
Mr. Labhubhai Shamjibhai Lakhani |
|
Designation : |
Director |
|
Address : |
7, Street No.1, Yogeshwar Society, Anantwadi, Devubaug, Bhavnagar –
364 001, Gujarat, India |
|
Date of Birth/Age : |
04.07.1951 |
|
Qualification : |
Non S.S.C |
|
Date of Appointment : |
18.09.2007 |
|
DIN No.: |
01807301 |
|
|
|
|
Name : |
Mr. Dinesh Mavjibhai Lakhani |
|
Designation : |
Director |
|
Address : |
501, Manju Castle Co-Operative Housing Society, Near St. Xavier Road,
Vile Parle (West), Mumbai-400056, Maharashtra, India |
|
Date of Birth/Age : |
22.01.1978 |
|
Qualification : |
H.S.C |
|
Date of Appointment : |
18.09.2007 |
|
DIN No.: |
01833349 |
|
|
|
|
Name : |
Mr. Rajesh Labhubhai Lakhani |
|
Designation : |
Director |
|
Address : |
R. No.-51, 5th Floor, Sea View Building, Near Ramkrishna
Mission, West Avenue Road, Santacruz (West), Mumbai-400054, Maharashtra,
India |
|
Date of Appointment : |
25.08.2014 |
|
DIN No.: |
06950687 |
|
|
|
|
Name : |
Kalpesh Vallabhbhai Patel |
|
Designation : |
Director |
|
Address : |
701, Munshi Manor Building, Junc Of 9th And 10th
Road Khar (West), Mumbai-400052, Maharashtra, India |
|
Date of Appointment : |
25.08.2014 |
|
DIN No.: |
06950929 |
KEY EXECUTIVES
|
Name : |
Mrs. Chhaya Lairam Lakhani |
|
Designation : |
Secretary |
|
Address : |
601, A-41, Sector – 1, Harsh Vihar Chs, Shanti Nagar, Mira Road
(East), Thane – 401107, Maharashtra, India
|
|
Date of Appointment : |
28.03.2013 |
|
PAN No.: |
ADQPL3398H |
|
|
|
|
Name : |
Mr. Rajnath Shukla |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Vallabhbhai Shamjibhai Patel/Lakhani |
|
4764274 |
|
Mavjibhai Shamjibhai Patel/Lakhani |
|
5350781 |
|
Babubhai Shamjibhai Patel/Lakhani |
|
100000 |
|
Laxmiben Vallabhbhai Patel/Lakhani |
|
500000 |
|
Rasilaben Mavjibhai Patel/Lakhani |
|
500000 |
|
Varshaben Babubhai Patel/Lakhani |
|
50000 |
|
Devkunverben Labubhai Patel/Lakhani |
|
300000 |
|
Labhubhai Shamjibhai Patel/Lakhani |
|
800000 |
|
Kalpesh Vallabhbhai Patel |
|
1522495 |
|
Munjal Mavjibhai Lakhani |
|
935984 |
|
Varun Babubhai Lakhani |
|
621610 |
|
Dinesh Mavjibhai Lakhani |
|
950000 |
|
Ashishkumar Lakhani |
|
3132460 |
|
Rajesh Labhubhai Lakhani |
|
252857 |
|
Total |
|
19780461 |
|
Names of Preference Shareholders |
No. of Shares |
|
Varun Babubhai Lakhani |
800000 |
|
Ashishkumar Lakhani |
3147809 |
|
Total |
3947809 |
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of cut and polished 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 : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cheque, Credit |
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Purchasing : |
Cheque, Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
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No. of Employees : |
1700 (Approximately) |
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|
Bankers : |
·
ICICI Bank Limited, Landmarkrace Cource
Circle, Alkapuri, Varodara - 390015, Gujarat, India ·
Yes Bank Limited ·
Bank of India ·
State Bank of Bikaner and Jaipur ·
State Bank of Hyderabad ·
IndusInd Bank Limited ·
The Saraswat Co-operative Bank Limited BKC
Branch, ground Floor, Madhava Commercial Premises Co-operative Society
Limited, Plot No. C-4, E Block, BKC, Bandra (East), Mumbai, Maharashtra
- 400051, India · State Bank of India Lead Bank, Diamond Branch, D-3, West Core, Bharat Diamond, Bourse, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, India |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountants |
|
Address : |
450, Lamington Road, Purshotam Building 1st Floor, Opera House, Mumbai
– 400004, Maharashtra, India |
|
Tel. No.: |
91-22-23669708/ 23669709/ 23618386 |
|
Fax No.: |
91-22-23631810 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFR7782K |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Fellow Subsidiary Company : |
·
Kiran Jewels Inc. ·
Kiran Jewels LLC ·
Kiran Jewels (India) ·
Kiran Exports BVBA ·
Kiran Jewelry ·
Unique Design Inc. ·
SDIL Inc. ·
Kiran Design, United States ·
Kiran Exports (Hong Kong) Limited |
|
|
|
|
Subsidiary Company : |
· Kiran Wind Energy Private Limited CIN No.: U40107MH2013PTC242283 ·
Kiranmani Diamonds Private Limited CIN No.: U36911MH2003PTC142557 |
|
|
|
|
Associates : |
·
International Diamond Distribuyion Inc. |
|
|
|
|
Enterprises which are owned, or have significant influence of or are partners
with Key management personnel and their relatives : |
· Kiranmani Investment and Finance Private Limited (Part IX) CIN No.: U65990MH2006PTC169419 |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,000,000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
|
4,500,000 |
Preference Shares |
Rs.100/- each |
Rs.450.000 Million |
|
|
Total |
|
Rs.700.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19,780,461 |
Equity Shares |
Rs.10/- each |
Rs.197.805
Million |
|
3,947,809 |
Preference Shares |
Rs.100/- each |
Rs.394.781
Million |
|
|
Total |
|
Rs.592.586 Million |
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Million |
|
45000000 |
Preference Shares |
Rs.10/- each |
Rs.450.000 Million |
|
|
Total |
|
Rs.700.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19780461 |
Equity Share |
Rs.10/- each |
Rs.197.805
Million |
|
1200000 |
Preference Share |
Rs.100/- each |
Rs.120.000 Million |
|
|
Total |
|
Rs.317.805 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 |
317.805 |
283.956 |
266.417 |
|
(b) Reserves & Surplus |
10188.934 |
7467.729 |
5788.156 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
2747.809 |
1192.412 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
13254.548 |
8944.097 |
6054.573 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1033.658 |
1033.658 |
1271.664 |
|
(b) Deferred tax liabilities (Net) |
98.811 |
45.905 |
35.057 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
10.051 |
7.820 |
9.726 |
|
Total Non-current
Liabilities (3) |
1142.520 |
1087.383 |
1316.447 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
15846.902 |
13464.604 |
9435.357 |
|
(b) Trade
payables |
7785.587 |
6518.450 |
5001.789 |
|
(c) Other
current liabilities |
114.075 |
78.955 |
160.985 |
|
(d) Short-term
provisions |
50.063 |
54.649 |
66.793 |
|
Total Current
Liabilities (4) |
23796.627 |
20116.658 |
14664.924 |
|
|
|
|
|
|
TOTAL |
38193.695 |
30148.138 |
22035.944 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3379.735 |
2704.658 |
2040.786 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
86.750 |
195.631 |
105.308 |
|
(iv)
Intangible assets under development |
2.384 |
1.282 |
0.938 |
|
(b) Non-current Investments |
39.734 |
38.439 |
37.119 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
282.257 |
226.163 |
120.624 |
|
(e) Other
Non-current assets |
1.007 |
1.007 |
1.007 |
|
Total Non-Current
Assets |
3791.867 |
3167.180 |
2305.782 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
4.500 |
|
(b)
Inventories |
19025.651 |
14407.709 |
9755.827 |
|
(c) Trade
receivables |
14308.088 |
11704.408 |
8777.821 |
|
(d) Cash
and cash equivalents |
325.070 |
424.797 |
531.710 |
|
(e)
Short-term loans and advances |
198.958 |
128.042 |
441.168 |
|
(f) Other
current assets |
544.061 |
316.002 |
219.136 |
|
Total
Current Assets |
34401.828 |
26980.958 |
19730.162 |
|
|
|
|
|
|
TOTAL |
38193.695 |
30148.138 |
22035.944 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
58869.041 |
46219.227 |
38906.204 |
|
|
|
Other Income |
47.120 |
146.760 |
59.878 |
|
|
|
TOTAL |
58916.161 |
46365.987 |
38966.082 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
55691.456 |
43742.848 |
37125.816 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3213.463 |
2587.702 |
1840.266 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1133.724 |
958.082 |
526.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2079.739 |
1629.620 |
1313.846 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
308.728 |
256.716 |
194.487 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX & EXCEPTIONAL ITEMS |
1782.253 |
1408.341 |
1119.359 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEMS |
11.242 |
35.437 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
615.629 |
425.793 |
352.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1155.382 |
947.111 |
767.199 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
52282.849 |
43948.571 |
NA |
|
|
TOTAL EARNINGS |
52282.849 |
43948.571 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
44467.137 |
36890.106 |
NA |
|
|
|
Stores & Spares |
24.688 |
27.722 |
NA |
|
|
|
Capital Goods |
424.119 |
348.890 |
NA |
|
|
|
Others |
575.514 |
771.840 |
NA |
|
|
TOTAL IMPORTS |
45491.458 |
38038.558 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
3.64 |
-- |
-- |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
71910.000 |
Expected Sales ( 2015-2016) : Rs.70000.000 Million (Due to Market
Fluctuation)
The above information has been parted by Mr. Rajnath Shukla (Finance
Manager)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(2756.451) |
(2842.213) |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.96 |
2.05 |
1.97 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.48 |
5.68 |
4.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.68 |
4.71 |
5.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.16 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.27 |
1.62 |
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45 |
1.34 |
1.35 |
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 |
266.417 |
283.956 |
317.805 |
|
Reserves & Surplus |
5788.156 |
7467.729 |
10188.934 |
|
Net
worth |
6054.573 |
7751.685 |
10506.739 |
|
|
|
|
|
|
long-term borrowings |
1271.664 |
1033.658 |
1033.658 |
|
Short term borrowings |
9435.357 |
13464.604 |
15846.902 |
|
Total
borrowings |
10707.021 |
14498.262 |
16880.560 |
|
Debt/Equity
ratio |
1.768 |
1.870 |
1.607 |
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) |
|
Revenue from Operations |
38906.204 |
46219.227 |
58869.041 |
|
|
|
18.797 |
27.369 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from Operations |
38906.204 |
46219.227 |
58869.041 |
|
Profit/ (Loss) |
767.199 |
947.111 |
1155.382 |
|
|
1.97% |
2.05% |
1.96% |
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 |
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 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 |
Note: The registered office of the company has been
shifted from 109, Prasad Chambers, Opera House, Mumbai - 400004, Maharashtra,
India to the present address w.e.f. 02.09.2011
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.
OPERATIONS/ WORKING
RESULTS
During the year, the Company has recorded Revenue from Sales of Rs. 58869.041 Million as compared to the Sales of Rs. 46219.226 Million and also earned Other Income of Rs. 47.120 Million as compared to that of Rs. 146.760 Million for the corresponding previous year.
The Company has earned net profit to the tune of Rs. 1062.641 Million as compared to profit earned of Rs. 947.111 Million in respect of the corresponding previous year, after making provision for taxation and deferred tax adjustment.
During the year the company has sold 2 no. of wind mill installed in Tamil Nadu state to its subsidiary by way of slum sale vide agreement dated
9th July, 2013 for a total sales consideration of Rs. 88.338 Million These two units are part of a wind mill power division business segment. These units are distinguishable operationally and financially for internal reporting purpose.
Barring unforeseen circumstances, further improvement in sale and profitability is expected in the current year in view of continued efforts being made. Further the company is taking effective steps to strengthen the profitability and financial soundness of the Company.
(Rs.
In Million)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Rupee term loans from banks |
0.000 |
1033.658 |
|
Loans and advances from related parties |
1033.658 |
0.000 |
|
Total |
1033.658 |
1033.658 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10552103 |
25/02/2015 |
160,000,000.00 |
The Saraswat Co-op Bank Ltd BKC Branch |
Gr Fl, Madhava Commercial Premises Co-op Society Limited, |
C45108560 |
|
2 |
10554117 |
14/02/2015 |
200,000,000.00 |
STATE BANK OF INDIA |
DIAMOND BRANCH,D-3,WEST CORE,BHARAT DIAMOND BOURSE, BANDRA KURLA
COMPLEX, BANDRA (EAST), MUMBAI, Maharashtra - 400051, INDIA |
C46168761 |
|
3 |
10520184 |
05/09/2014 |
300,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C20838306 |
|
4 |
10069794 |
07/02/2015 * |
24,750,000,000.00 |
State Bank of India Lead bank |
Diamond Branch, D-3,West Core,, Bharat Diamond --, Bourse, Bandra
Kurla Complex, Bandra (east), MUMBAI, Maharashtra - 400051, INDIA |
C45163409 |
* Date of charge modification
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.64.88 |
|
|
1 |
Rs.99.88 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
6 |
|
FINANCIAL
CONDITION |
|
0 |
|
--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 |
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.