|
|
|
MIRA INFORM REPORT
|
Report No. : |
502597 |
|
Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
DIMEXON DIAMONDS LIMITED |
|
|
|
|
Registered
Office : |
716, Raheja Chambers, Nariman Point, Mumbai – 400021, Maharashtra |
|
Tel. No.: |
91-22-66367777/ 66357777 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2016 |
|
|
|
|
Date of
Incorporation : |
25.05.1995 |
|
|
|
|
Com. Reg. No.: |
11-088786 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 33.533 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH1995PLC088786 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388001771 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD1877D |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Manufacturing of Diamonds, Jewellery and Related articles. (Registered
activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 : |
Slow but correct |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of “Dimexon India Holding Private Limited”. The company was incorporated in the year 1995. It is a manufacturer, exporter and importer of cut and Polished Diamonds. For the financial year 2016, the revenue of the company has decreased by 17.32% but has managed to maintained average profit margin of 1.65%. The sound financial profile of the company marked by strong networth base along with negligible debt level. The company has decent earning per share (EPS) of INR. 56.45 against the Face Value (FV) of INR.10 The rating takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. Rating also derives strength from company’s established track record of business. Rating is constrained on account of unfavourable gap between trade payables and trade receivables. However, these rating strengths are partially offset by stretched working capital cycle and risk of volatility in the prices of diamond prices and foreign exchange movements imparting volatility to the company’s profitability and intense competition in the Gems and Jewellery sector due to fragmented nature of the industry. Business is active. Payment seems to be slow but correct. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit
risk. |
|
Date |
18.07.2017 |
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
31-03-2018.
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 10.04.2018
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 DENIED
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-66357777 / 66367777)
LOCATIONS
|
Registered Office : |
716, Raheja Chambers, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-66367777/ 66357777 |
|
Fax No.: |
91-22-66367776 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
1202 Prasad Chambers, |
|
Tel. No.: |
91-22-56357777/ 8 |
|
Fax No.: |
91-22-56357799 |
|
|
|
|
Sales Office : |
BE-9010, 9th Floor, Bharat Diamond Bourse, BKC, Bandra (East), Mumbai
- 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66357777 |
|
Fax No.: |
91-22-66357799 |
|
|
|
|
Overseas Offices : |
|
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Pankaj Kirtilal Mehta |
||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
Beukenlaan 702020 Antwerpen Belgium Na Be |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
08.06.1947 |
||||||||||||||||||||||||||||
|
Qualification : |
SSC |
||||||||||||||||||||||||||||
|
Date of Appointment : |
25.05.1995 |
||||||||||||||||||||||||||||
|
PAN No.: |
AAACP4729J |
||||||||||||||||||||||||||||
|
DIN No.: |
00009417 |
||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Name : |
Mr. Vishal Pankaj Mehta |
||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
A-3001, Floor 30, Plot-220, A, Legend Apartment Walkeswar Road, Near Walkeswar Bus Terminal, Malabar Hil, Mumbai – 400006, Maharashtra, India |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
28.09.1979 |
||||||||||||||||||||||||||||
|
Qualification : |
BSC |
||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2004 |
||||||||||||||||||||||||||||
|
DIN No.: |
00009444 |
||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Name : |
Mr. Shyamsundar Sadashiv Kshirsagar |
||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
Flatno:204, Bafna Courts,65, Ponnurangam
Road, (West), R.S. Puram, Coimbatore – 641002, Tamilnadu, India |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
06.05.1949 |
||||||||||||||||||||||||||||
|
Qualification : |
MSC |
||||||||||||||||||||||||||||
|
Date of Appointment : |
07.03.2013 |
||||||||||||||||||||||||||||
|
DIN No.: |
00018449 |
||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Name : |
Mr. Sudhir k. Mehta |
||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
11/88, Rajhans, 3rd |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.10.1942 |
||||||||||||||||||||||||||||
|
Date of Appointment : |
01.07.2010 |
||||||||||||||||||||||||||||
|
DIN No.: |
02270078 |
||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Name : |
Mr. Rajiv Pankaj Mehta |
||||||||||||||||||||||||||||
|
Designation : |
Whole Time Director |
||||||||||||||||||||||||||||
|
Address : |
B-2901, Floor-29th, B Wing, The Legend CHS, Walkeshwar Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
09.02.1974 |
||||||||||||||||||||||||||||
|
Qualification : |
MBA |
||||||||||||||||||||||||||||
|
Date of Appointment : |
01.01.2013 |
||||||||||||||||||||||||||||
|
DIN No.: |
02434597 |
||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Name : |
Mrs. Sujata Nimesh Shah |
||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
B-54/1399, Adarsh Nagar, Worli, Mumbai –
400030, Maharashtra, India |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
21.09.1960 |
||||||||||||||||||||||||||||
|
Qualification : |
B. Com |
||||||||||||||||||||||||||||
|
Date of Appointment : |
31.03.2015 |
||||||||||||||||||||||||||||
|
DIN No.: |
07145313 |
||||||||||||||||||||||||||||
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 12.05.2017
|
Names of Shareholders |
|
No. of Shares |
|
Dimexon India Holding Private Limited, India |
|
3352412 |
|
Dimexon India Holding Private Limited, India Jointly with Pankaj K. Mehta - HUF |
|
100 |
|
Dimexon India Holding Private Limited, India Jointly with Pankaj K. Mehta |
|
100 |
|
Dimexon India Holding Private Limited, India Jointly with Nina Pankaj Mehta |
|
100 |
|
Dimexon India Holding Private Limited, India Jointly with Dimple Rajiv Mehta |
|
100 |
|
Dimexon India Holding Private Limited, India Jointly with Vishal Pankaj Mehta |
|
100 |
|
Dimexon India Holding Private Limited, India Jointly with Rajiv Pankaj Mehta |
|
400 |
|
|
|
|
|
Total |
|
3353312 |
Equity Share Break up (Percentage of Total Equity)
As on 12.05.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
99.97 |
|
Promoter – Others
– Individual Jointly with BOD |
0.03 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Diamonds, Jewellery and Related articles. (Registered
activity) |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Divulged |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Divulged |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Chaitanya Dalal and Company Chartered Accountants |
|
Address : |
111, Maker Chambers-III, 11th Floor, 223, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22873338/22040533 |
|
Fax No.: |
91-22-22025167 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFC7738F |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
·
Dimexon (India) Holding Private Limited, India U65990MH2006PTC159957 |
|
|
|
|
Fellow Subsidiary company : |
·
Dimexon Integrated Business Services Private
Limited, India U74999TZ1991PTC003568 ·
Dimexon Jewellery Creations Private Limited,
India U74900MH2011PTC216937 |
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
·
Pankaj K Mehta Investment Private Limited, India U65990MH1989PTC052497 ·
Bombay Sorters ·
M R Agro Trust, India ·
Raghunath Polishers, India ·
Dimexon Antwerp N. V., Belgium ·
Dimexon M.E. DMCC, United Arab Emirates ·
Dimexon Hong Kong Limited, Hong Kong · Ravreena Creations, India · Maple Leaf, India |
CAPITAL STRUCTURE
As on 31.12.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5950000 |
Equity Shares |
INR 10/- each |
INR 59.500 Million |
|
59050000 |
Preference Shares |
INR 10/- each |
INR 590.500 Million |
|
|
|
|
|
|
|
Total |
|
INR 650.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3353312 |
Equity Shares |
INR 10/- each |
INR 33.533
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
33.533 |
33.533 |
33.533 |
|
(b) Reserves and Surplus |
3415.074 |
3225.769 |
3592.338 |
|
(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) |
3448.607 |
3259.302 |
3625.871 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
121.722 |
120.820 |
352.177 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
25.860 |
|
(c) Other long-term
liabilities |
1.432 |
1.457 |
0.528 |
|
(d) long-term
provisions |
95.767 |
77.144 |
71.842 |
|
Total Non-current
Liabilities (3) |
218.921 |
199.421 |
450.407 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
2631.427 |
3025.224 |
4680.310 |
|
(b) Trade
payables |
407.443 |
335.596 |
652.434 |
|
(c) Other
current liabilities |
285.361 |
271.260 |
188.130 |
|
(d) Short-term
provisions |
41.879 |
46.940 |
40.122 |
|
Total Current
Liabilities (4) |
3366.110 |
3679.020 |
5560.996 |
|
|
|
|
|
|
TOTAL |
7033.638 |
7137.743 |
9637.274 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
722.691 |
809.832 |
926.017 |
|
(ii)
Intangible Assets |
1.155 |
4.739 |
10.175 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
4.623 |
3.967 |
36.950 |
|
(b) Non-current Investments |
0.038 |
0.038 |
0.038 |
|
(c) Deferred tax assets (net) |
59.966 |
153.468 |
0.000 |
|
(d)
Long-term loans and advances |
63.424 |
56.787 |
28.073 |
|
(e) Other
Non-current assets |
23.947 |
22.298 |
14.103 |
|
Total Non-Current
Assets |
875.844 |
1051.129 |
1015.356 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3899.537 |
3517.670 |
5866.462 |
|
(c) Trade
receivables |
2066.895 |
2364.417 |
2609.825 |
|
(d) Cash and
bank balances |
70.694 |
106.463 |
39.932 |
|
(e)
Short-term loans and advances |
120.668 |
98.064 |
105.699 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
6157.794 |
6086.614 |
8621.918 |
|
|
|
|
|
|
TOTAL |
7033.638 |
7137.743 |
9637.274 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
11430.954 |
13826.210 |
15700.477 |
|
|
Other Income |
18.669 |
14.823 |
19.167 |
|
|
TOTAL |
11449.623 |
13841.033 |
15719.644 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
7243.593 |
7744.167 |
11547.051 |
|
|
Purchases of
Stock-in-Trade |
2247.493 |
2415.461 |
2854.205 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(227.867) |
1870.460 |
(1403.804) |
|
|
Employee benefit expense |
719.451 |
734.640 |
765.001 |
|
|
Other expenses |
997.752 |
1139.638 |
1313.215 |
|
|
Exceptional items before tax |
(64.748) |
0.000 |
0.000 |
|
|
TOTAL |
10915.674 |
13904.366 |
15075.668 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
533.949 |
(63.333) |
643.976 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
165.803 |
255.499 |
281.402 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
368.146 |
(318.832) |
362.574 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
95.074 |
164.825 |
77.243 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
273.072 |
(483.657) |
285.331 |
|
|
|
|
|
|
|
Less |
TAX |
83.767 |
(141.080) |
97.784 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
189.305 |
(342.577) |
187.547 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
NA |
10533.754 |
|
|
TOTAL EARNINGS |
NA |
NA |
10533.754 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
7974.232 |
7539.172 |
12024.416 |
|
|
Components and spare
parts |
4.723 |
11.248 |
26.410 |
|
|
Capital Goods |
0.000 |
0.000 |
8.917 |
|
|
TOTAL IMPORTS |
7978.955 |
7550.420 |
12059.744 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
56.45 |
(102.16) |
55.93 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Maturities of Long term debt |
0.919 |
1.024 |
2.559 |
|
Net cash flows from (used in) operations |
445.951 |
2314.244 |
1758.805 |
|
Net cash flows from (used in) operating activities |
421.847 |
2260.313 |
1714.802 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Average
Collection Days [Sundry Debtors /
Income * 365] |
|
66.00 |
62.42 |
60.67 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
5.53 |
5.85 |
6.02 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
15.67 |
12.06 |
16.54 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.14 |
(0.02) |
0.11 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.73 |
(0.08) |
0.66 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Debt Ratio
[(Borrowing + Current Liabilities) / Total Assets] |
|
0.50 |
0.53 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.80 |
0.97 |
1.39 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ NetWorth) |
|
0.98 |
1.13 |
1.53 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.21 |
0.25 |
0.27 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
3.22 |
(0.25) |
2.29 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
1.66 |
(2.48) |
1.19 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
2.69 |
(4.80) |
1.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
5.49 |
(10.51) |
5.17 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Ratio
[Current Assets / Current Liabilities] |
|
1.83 |
1.65 |
1.55 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.67 |
0.70 |
0.50 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.49 |
0.46 |
0.38 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
82.13 |
93.85 |
150.15 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.83 |
1.65 |
1.55 |
Total Liability = Short-term
Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
33.533 |
33.533 |
33.533 |
|
Reserves & Surplus |
3592.338 |
3225.769 |
3415.074 |
|
Net
worth |
3625.871 |
3259.302 |
3448.607 |
|
|
|
|
|
|
Long-term borrowings |
352.177 |
120.820 |
121.722 |
|
Short term borrowings |
4680.310 |
3025.224 |
2631.427 |
|
Current maturities of
long-term debts |
2.559 |
1.024 |
0.919 |
|
Total
borrowings |
5035.046 |
3147.068 |
2754.068 |
|
Debt/Equity
ratio |
1.389 |
0.966 |
0.799 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
15700.477 |
13826.210 |
11430.954 |
|
|
0.000 |
(11.938) |
(17.324) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
15700.477 |
13826.210 |
11430.954 |
|
Profit/ (Loss) |
187.547 |
(342.577) |
189.305 |
|
|
1.19
% |
(2.48
%) |
1.66% |
LEGAL
CASE
|
Principal District Munsif Court,
Coimbatore Case Details Case Type: OST - Original
Suit (Title)
Case Status
First
Hearing Date: 16th March 2017 Petitioner and Advocate
1)
Dimexon Diamonds Limited Unit-III workers rep by its workers V.Kousalya Respondent and
Advocate
1)
Dimexon Diamonds Limited Unit -III rep. by its Managing Director Acts
|
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL RESULTS AND OPERATIONS:
The Company achieved revenue from operations of INR 11430.954 Million. Net Profit for the year is INR 189.305 Million as compared to net loss of INR 342.577 Million in the previous year. The improved performance is on account of strong operational performance including tight control over the fixed costs and improved inventory management.
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
|
Unsecured Loan |
31.12.2016 (INR
in Million) |
31.12.2015 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Intercorporate deposits |
107.879 |
292.379 |
|
|
|
|
|
Total |
107.879 |
292.379 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C64262926 |
80033088 |
BANK OF BARODA - CONSORTIUM |
16/02/2006 |
25/08/2015 |
- |
6348000000.0 |
MUMBAI MAIN OFFICE, 10/12, MUMBAI SAMACHAR MARGFORTMUMBAIMH400001IN |
|
2 |
B34343285 |
80020212 |
Bank of Baroda - Consortium |
08/07/2005 |
06/03/2012 |
- |
9439000000.0 |
Mumbai Main Office, 10/12, Mumbai Samachar Marg,Fort,MumbaiMH400023IN |
|
3 |
C64132855 |
90347199 |
Bank of Baroda- Consortium |
16/02/2006 |
06/06/2007 |
14/09/2015 |
9829700000.0 |
Mumbai Main Office, 10/12, Mumbai Samachar MargFortMumbaiMH400001IN |
|
4 |
C64140908 |
10057763 |
BANK OF BARODA- CONSORTIUM |
06/06/2007 |
- |
14/09/2015 |
9829700000.0 |
10/12, MUMBAI MAIN OFFICEMUMBAI SAMACHAR MARG, FORTMUMBAIMH400001IN |
|
5 |
C56517162 |
10300235 |
STATE BANK OF HYDERABAD |
23/07/2011 |
- |
15/06/2015 |
141000000.0 |
OVERSEAS BRANCH, ASHOK MAHAL,1204, TULLOCH, COLABA,MUMBAIMH400039IN |
|
6 |
B71208573 |
10300237 |
STATE BANK OF HYDERABAD |
23/07/2011 |
- |
12/03/2013 |
90000000.0 |
OVERSEAS BRANCH, ASHOK MAHAL,1204, TULLOCH, COLABA,MUMBAIMH400039IN |
|
7 |
B11060118 |
10069150 |
State Bank of Indore |
20/09/2007 |
- |
25/04/2011 |
112500000.0 |
Commercial Branch, Mittal Court, "B" WingGround Floor, Nariman PointMumbaiMH400021IN |
|
8 |
A94785649 |
10006842 |
STATE BANK OF INDIA |
25/04/2006 |
- |
08/09/2010 |
250000000.0 |
DIAMOND BRANCH, MAJESTIC SHOPPING CENTREGIRGAUMMUMBAIMH400007IN |
|
9 |
A90502931 |
10003166 |
STATE BANK OF HYDERABAD |
21/04/2006 |
02/02/2007 |
19/07/2010 |
460500000.0 |
OVERSEAS BRANCH, ASHOK MAHAL4, TULLOCH ROAD, COLABAMUMBAIMH400039IN |
|
10 |
A86386794 |
10114601 |
State Bank of Hyderabad |
24/07/2008 |
- |
19/05/2010 |
69500000.0 |
1204, Ashok Mahal, Tulloch RoadColabaMumbaiMH400039IN |
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
|
INR |
|
US Dollar |
1 |
INR 65.35 |
|
|
1 |
INR 87.71 |
|
Euro |
1 |
INR 77.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KJL |
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 |
NO |
|
--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.