|
|
|
MIRA INFORM REPORT
|
Report No. : |
502236 |
|
Report Date : |
09.04.2018 |
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) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
31.08.2007 |
|
|
|
|
Com. Reg. No.: |
11-173674 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 88.750 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2007PTC173674 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0393031241 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AACCD6676J1Z8 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
27840634545 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD6676J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Cutting and Polishing
Diamonds. [Registered Activity and also Confirmed by Management] |
|
|
|
|
No. of Employees
: |
7000 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject was promoted by Mr. Laljibhai Patel and Mr. Tulsibhai Patel
and it commenced business as a
partnership firm in 1980 with the name of Dharmanandan Diamonds. Subsequently,
in August 2007, it was incorporated as a private limited company with present
name. As per available financials of 2017, the company has achieved decent
growth in its revenue as compared to its previous year along with fair profit
margin during the year. The company possesses strong financial profile marked by healthy net
worth base along with fair debt level and favorable gap between trade
payables and receivables. Rating also takes into consideration vast experience of the promoters
and the directors in the diamond industry supported by a professional
management setup, established relationships with customers and the company’s
status as one of the leading players in the Indian polished diamond industry. Rating strength partially offset vulnerability of its profitability to
foreign-exchange fluctuations and the vulnerability of its revenue growth to
the demand scenario in key consuming market. Trade relations are reported as fair. Business is active. Payment
seems to be regular. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based- Export Packing Credit=A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
08.01.2018 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based- Post Shipment Credit Limits=A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
08.01.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 09.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Baldev Vekariya |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-40041111 |
|
Date : |
06.04.2018 |
LOCATIONS
|
Registered Office : |
FC 7081-82, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40041111/ 40041001 |
|
Fax No.: |
91-22-42535353 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
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 |
|
|
|
|
Corporate Office : |
Bharat Diamond Bourse, FE-7011/12, F Tower, Bandra Kurla Complex,
Bandra (East), Mumbai- 400051, Maharashtra, India |
|
|
|
|
Branch Offices : |
Located at: · Kolkata · Chennai · Bangalore |
DIRECTORS
AS ON 31.03.2017
|
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 : |
Graduation |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ABLPP4845J |
|
DIN No.: |
01539972 |
|
|
|
|
Name : |
Mr. Hiteshkumar Laljibhai Patel |
|
Designation : |
Director |
|
Address : |
52, Narayanmuni Nagar, Ved Road, Surat-395004, Gujarat, India |
|
Date of Birth/Age : |
31.05.1979 |
|
Qualification : |
Graduation |
|
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 : |
Graduation |
|
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 : |
Graduation |
|
Date of Appointment : |
31.08.2007 |
|
DIN No.: |
01540000 |
|
|
|
|
Name : |
Mr. Prakashbhai Tulsibhai Goti |
|
Designation : |
Director |
|
Address : |
12/A, Ramesh Niwas, 51-C, Bhulabhai Desai Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1973 |
|
Qualification : |
Graduation |
|
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 : |
Graduation |
|
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 : |
Graduation |
|
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, Raghavji Road, Mumbai-400036, Maharashtra, India |
|
Date of Birth/Age : |
20.02.1976 |
|
Qualification : |
Graduation |
|
Date of Appointment : |
31.08.2007 |
|
PAN No.: |
ACCPV3184C |
|
DIN No.: |
01660345 |
KEY EXECUTIVES
|
Name : |
Mr. Baldev Vekariya |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Equity Shareholders |
|
No. of Shares |
|
Laljibhai Tulsibhai Patel |
|
1375000 |
|
Tulsibhai Keshavbhai Patel |
|
266250 |
|
Dayalbhai Keshavbhai Patel |
|
650000 |
|
Prakashkumar Tulsibhai Goti |
|
710000 |
|
Hitesh Laljibhai Patel |
|
1227250 |
|
Piyushkumar Laljibhai Patel |
|
1171750 |
|
Sanjay Jerambhai Virani |
|
443750 |
|
Shaileshkumar Dayalbhai Goti |
|
881000 |
|
Nirmalaben Laljibhai Patel |
|
400000 |
|
Rashmitaben Hiteshbhai Patel |
|
636500 |
|
Dharaben Piyushbhai Patel |
|
692000 |
|
Manjulaben Dayalbhai Patel |
|
60000 |
|
Komalben Shaileshbhai Patel |
|
361500 |
|
|
|
|
|
Total |
|
8875000 |
|
Names of Preference Shareholder |
|
No.
of Shares |
|
Dharmanandan
Industries LLP |
|
1000000 |
|
|
|
|
|
Total |
|
1000000 |
AS ON 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cutting and Polishing
Diamonds. [Registered Activity and also Confirmed by Management] |
||||
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Products : |
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||||
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Brand Names : |
Not Available |
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|
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Agencies Held : |
Not Available |
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Exports : |
|
||||
|
Products : |
Polished Diamonds |
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|
Countries : |
· USA · Hong Kong · Japan · Germany · Dubai · Australia |
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|
|
|
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|
Imports : |
|
||||
|
Products : |
Rough Diamonds |
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|
Countries : |
· South Africa · Belgium · Dubai |
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|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, L/C and Credit |
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|
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|
||||
|
Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
Wholesaler, Retailers and End Users
|
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No. of Employees : |
7000 (Approximately) |
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|
Bankers : |
·
The Saraswat Co-Operative Bank Limited |
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|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
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 : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
DDL Investment Limited |
|
|
|
|
Subsidiary
(Indirectly) Company : |
· Dharam Creations (HK) limited · Dharm International LLC · Dharm Diam BVBA · Dharm Gems DMCC · Dharm Diamonds Israel Limited · Sant Diam BVBA · Dharm (Shanghai) Limited |
CAPITAL STRUCTURE
AS ON 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
INR 10/- each |
INR 90.000 Million |
|
1000000 |
Preference Shares |
INR 10/- each |
INR 10.000 Million |
|
|
Total |
|
INR 100.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8875000 |
Equity Shares |
INR 10/- each |
INR 88.750 Million |
|
1000000 |
Preference Shares |
INR 10/- each |
INR 10.000 Million |
|
|
Total |
|
INR 98.750
Million |
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
INR 10/- each |
INR 90.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8875000 |
Equity Shares |
INR 10/- each |
INR 88.750 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
88.750 |
88.750 |
88.750 |
|
(b) Reserves and Surplus |
10351.584 |
9027.227 |
8275.405 |
|
(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) |
10440.334 |
9115.977 |
8364.155 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1216.566 |
1215.938 |
1431.738 |
|
(b) Deferred tax liabilities (Net) |
36.735 |
25.019 |
21.189 |
|
(c) Other long-term
liabilities |
10.000 |
10.000 |
10.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1263.301 |
1250.957 |
1462.927 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
13297.647 |
12373.724 |
12446.782 |
|
(b) Trade
payables |
7530.802 |
8483.245 |
6699.594 |
|
(c) Other
current liabilities |
193.629 |
15.994 |
74.405 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
21022.078 |
20872.963 |
19220.781 |
|
|
|
|
|
|
TOTAL |
32725.713 |
31239.897 |
29047.863 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2913.053 |
2721.505 |
2625.781 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
8.056 |
0.000 |
110.579 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
64.669 |
75.299 |
87.337 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term
loans and advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
403.367 |
227.870 |
396.701 |
|
Total Non-Current
Assets |
3389.145 |
3024.674 |
3220.398 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.619 |
0.520 |
0.558 |
|
(b)
Inventories |
13799.876 |
13260.516 |
9984.188 |
|
(c) Trade
receivables |
14760.839 |
14368.361 |
15248.386 |
|
(d) Cash and bank
balances |
272.742 |
199.102 |
407.934 |
|
(e)
Short-term loans and advances |
24.107 |
6.666 |
20.362 |
|
(f) Other
current assets |
478.385 |
380.058 |
166.037 |
|
Total
Current Assets |
29336.568 |
28215.223 |
25827.465 |
|
|
|
|
|
|
TOTAL |
32725.713 |
31239.897 |
29047.863 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
54306.901 |
45144.103 |
52791.418 |
|
|
Other Income |
23.429 |
70.188 |
18.878 |
|
|
TOTAL |
54330.330 |
45214.291 |
52810.296 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
46893.635 |
39118.862 |
46400.828 |
|
|
Purchases of
Stock-in-Trade |
3241.162 |
2318.870 |
852.140 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1194.094) |
(303.347) |
734.227 |
|
|
Employee benefit expense |
1618.519 |
1104.523 |
1009.807 |
|
|
Other expenses |
1284.330 |
1159.583 |
1322.870 |
|
|
Exceptional items |
(0.564) |
0.038 |
16.603 |
|
|
TOTAL |
51842.988 |
43398.529 |
50336.475 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2487.342 |
1815.762 |
2473.821 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
785.721 |
777.703 |
536.721 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1701.621 |
1038.059 |
1937.100 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
151.332 |
124.750 |
254.535 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1550.289 |
913.309 |
1682.565 |
|
|
|
|
|
|
|
Less |
TAX |
281.799 |
161.449 |
273.587 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1268.490 |
751.860 |
1408.978 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
FOB Value of Exports |
44771.010 |
38973.820 |
46729.960 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Diamonds |
47108.066 |
43179.140 |
44966.820 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
142.93 |
84.72 |
198.41 |
|
|
Diluted |
142.93 |
84.72 |
166.15 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2.479 |
0.000 |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
NA |
NA |
(1155.599) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
86.221 |
622.249 |
(1451.574) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
99.21 |
116.17 |
105.43 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.68 |
3.14 |
3.46 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
54.83 |
74.72 |
51.75 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.18 |
0.14 |
0.25 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.85 |
0.67 |
0.90 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.68 |
0.71 |
0.71 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.39 |
1.49 |
1.66 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.01 |
2.29 |
2.30 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.28 |
0.30 |
0.33 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.17 |
2.33 |
4.61 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.34 |
1.67 |
2.67 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.88 |
2.41 |
4.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
12.15 |
8.25 |
16.85 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.40 |
1.35 |
1.34 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.74 |
0.72 |
0.82 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.32 |
0.29 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
163.57 |
153.12 |
156.38 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.40 |
1.35 |
1.34 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL DATA
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR In
Million |
|
Share Capital |
88.750 |
88.750 |
88.750 |
|
Reserves & Surplus |
8275.405 |
9027.227 |
10351.584 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
8364.155 |
9115.977 |
10440.334 |
|
|
|
|
|
|
long-term borrowings |
1431.738 |
1215.938 |
1216.566 |
|
Short term borrowings |
12446.782 |
12373.724 |
13297.647 |
|
Total
borrowings |
13878.520 |
13589.662 |
14514.213 |
|
Debt/Equity
ratio |
1.659 |
1.491 |
1.390 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
52791.418 |
45144.103 |
54306.901 |
|
|
|
-14.486 |
20.297 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
52791.418 |
45144.103 |
54306.901 |
|
Profit |
1408.978 |
751.860 |
1268.490 |
|
|
2.67% |
1.67% |
2.34% |
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 02.11.2017 |
|
LODGING NO: ITXAL/2784/2017 FILING DATE: 02.11.2017 REG NO: ITXA/127/2018 REG DATE: 11.01.2018 |
|
PETITIONER: PR.COMMISSIONER OF INCOME TAX-5 - RESPONDENT: DHARMANANDAN DIAMONDS PVT.LTD. – PETN. ADV.: PADMA
DIVAKAR (I3287)
DISTRICT: MUMBAI |
|
BENCH: DIVISION STATUS: PRE-ADMISSION CATEGORY: TAX APPEALS Last Date: 25.01.2018
Stage: Last Coram: ACCORDING TO SITTING LIST ACCORDING TO SITTING
LIST |
|
ACT: Income
Tax Act, 1961 Under Section :- 260A |
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 |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a global
voluntary regulatory standard on bank capital adequacy, stress testing and
market liquidity.
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
A87629333 |
10161015 |
STATE BANK OF INDIA |
27/05/2009 |
12/05/2010 |
- |
744600000.0 |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCHMARBLE ARCH, RACE COURSE CIRCLEVADODARAGJ390007IN |
|
2 |
C50348861 |
10091658 |
State Bank of India (Lead Bank) |
12/02/2008 |
20/03/2015 |
- |
14613900000.0 |
Diamond Branch,D-3,West Core,Bharat Diamond BourseBandra Kurla Complex, Bandra (East),MumbaiMH400051IN |
|
3 |
C58730029 |
10530098 |
State Bank of India |
15/10/2014 |
- |
18/06/2015 |
850000000.0 |
DIAMOND BRANCH,D-3,WEST CORE,BHARAT DIAMOND BOURSEBANDRA KURLA COMPLEX, BANDRA (EAST),MUMBAIMH400051IN |
|
4 |
C56476583 |
10547329 |
The Saraswat Co-op Bank Ltd BKC Branch |
28/01/2015 |
- |
16/06/2015 |
500000000.0 |
Gr Fl,Madhava Commercial Premises Coop Soc PlotNo.C-4,E Block, Bandra Kurla Complex, Bandra EastMumbaiMH400051IN |
|
5 |
C56475668 |
10552138 |
UNION BANK OF INDIA |
04/02/2015 |
- |
15/06/2015 |
330000000.0 |
Overseas Branch, Union Bank Bhavan,Ground Floor,239,Vidhan Bhavan Marg,Nariman PointMumbaiMH400021IN |
|
6 |
B93447514 |
10449620 |
STATE BANK OF INDIA |
23/08/2013 |
- |
08/01/2014 |
650000000.0 |
Diamond Branch, D/3, West Core, G Block,Bharat Diamond Bourse, BKC, Bandra - EastMumbaiMH400051IN |
|
7 |
B68053701 |
10379475 |
State Bank of Patiala |
14/09/2012 |
- |
21/01/2013 |
150000000.0 |
Commercial Branch , Atlanta,First Floor, Nariman Point,MumbaiMH400021IN |
|
8 |
B66750647 |
10370401 |
STATE BANK OF INDIA |
30/07/2012 |
- |
17/01/2013 |
2742500000.0 |
DIAMOND BRANCH, D/3, WEST CORE, G. BLOCK,BHARAT DIAMOND BOURSE, B. K. C. BANDRA(EAST),MUMBAIMH400051IN |
|
9 |
B66751405 |
10298390 |
STATE BANK OF INDIA |
12/07/2011 |
- |
09/01/2013 |
800000000.0 |
DIAMOND BRANCH, 1ST FLOOR, MAJESTIC SHOPPING,CENTRE, GIRGAON,OPERA HOUSE,MUMBAIMH400004IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
1203.938 |
1197.355 |
|
|
|
|
|
Total |
1203.938 |
1197.355 |
COMPANY OVERVIEW
Dharmanandan Diamonds Private Limited(the 'Company') is a company domiciled in India, with its registered office situated at FC 7081-82, Bharat Diamond Bourse, BKC, Bandra - East, Mumbai, Maharashtra - 400 051. The company has been incorparated under the provisions of Indian Companies Act. The Company is primarily involved in manufacturing polished diamonds, studded jewellery and eco-friendly wind energy.
REVIEW OF OPERATION
During the year, the company has scaled new heights and set several new benchmarks in terms of sales which is increase to INR 54306.901 Million as against INR 45144.103 Million in the previous year and in terms of Profit after Tax during the year increase to INR 1268.490 Million as against INR 751.860 Million in the previous year. The Directors are continuously looking for avenues for future growth of the Company.
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 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 |
INR 64.99 |
|
|
1 |
INR 90.96 |
|
Euro |
1 |
INR 79.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.