|
|
|
MIRA INFORM REPORT
|
Report No. : |
504690 |
|
Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
FOREVERMARK DIAMONDS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Advanced Business Centre, 83, Maker Chamber VI, Nariman Point, Mumbai
– 400021, Maharashtra |
|
Tel. No.: |
91-22-22832971 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
06.06.2008 |
|
|
|
|
Com. Reg. No.: |
11-183268 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 13.001 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2008PTC183268 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0309019583 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AABCF2469E1ZR |
|
|
|
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF2469E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
|
|
|
|
|
No. of Employees
: |
50 (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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 2008. As per the financial of 2017, the company has achieved a significant growth
of 59.29% as compared to the previous year and has earned for profitability
margin of 8.88%. Rating takes into consideration strong financial risk profile of the
company marked by adequate networth base and debt free balance sheet profile. Rating takes into consideration the company’s favorable Earning Per
Shares (EPS) of INR 46.28 as against its Face Value (FV) of INR 10. Rating is constrained on account of working-capital-intensive because
of large inventory required to be maintained by the company across its stores
and intense competition from organized and unorganized players in the
industry. Business is active. Payment terms are seems to be slow. In view of decent financial condition, the company can be considered for
business dealings with 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
NOT AVAILABLE
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 20.04.2018.
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. Patil |
|
Designation : |
Marketing Manager |
|
Contact No.: |
91-22-22832971 |
|
Date : |
17.04.2018 |
LOCATIONS
|
Registered Office / Factory : |
Advanced Business Centre, 83, Maker Chamber VI, Nariman Point, Mumbai
– 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22832971 |
|
Fax No.: |
91-22-22832823 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
2000 Sq. ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Sachin Jain |
|
Designation : |
Managing Director |
|
Address : |
B- 402, Nagarjuna Apartments, Mayur Vihar Phase-I, New Delhi – 110096,
India |
|
Date of Birth/Age : |
05.09.1976 |
|
Date of Appointment : |
10.08.2012 |
|
DIN No.: |
03641705 |
|
|
|
|
Name : |
Mr. Rajiv Bhandari |
|
Designation : |
Director |
|
Address : |
Flat No. 9, Sunshine, 156, Maharshi Carve Marg, Churchgate, Mumbai – 400020, Maharashtra, India |
|
Date of Birth/Age : |
21.12.1950 |
|
Date of Appointment : |
17.09.2008 |
|
DIN No.: |
00122546 |
|
|
|
|
Name : |
Mr. Percy Jal Dajee |
|
Designation : |
Director |
|
Address : |
Lady Jamshedji Building, 26, Hughes Road, Mumbai – 400007, Maharashtra, India |
|
Date of Birth/Age : |
09.09.1953 |
|
Date of Appointment : |
17.09.2008 |
|
DIN No.: |
01540860 |
|
|
|
|
Name : |
Mr. Stephen Christopher Lussier |
|
Designation : |
Director |
|
Address : |
5 Netherton Grove, London - SW109TQ, United Kingdom |
|
Date of Birth/Age : |
18.12.1957 |
|
Date of Appointment : |
08.09.2009 |
|
DIN No.: |
02794791 |
|
|
|
|
Name : |
Mr. Richard Graham Giles |
|
Designation : |
Director |
|
Address : |
19, Meadway, Harpenden, Hertfordshire AL51JN United Kingdom |
|
Date of Birth/Age : |
02.08.1977 |
|
Date of Appointment : |
10.03.2014 |
|
DIN No.: |
0679493 |
KEY EXECUTIVES
|
Name : |
Mr. Patil |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
|
Forevermark Limited, United Kingdom |
|
1300089 |
|
Andrew Phillip Barton |
|
1 |
|
Total |
|
1300090 |
Equity Share Break up (Percentage of Total Equity)
AS ON 09.08.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
|
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
“Forevermark” |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cheque and Credit (30 Days), RTGS |
||||
|
|
|
||||
|
Purchasing : |
Cheque and Credit (30 Days), RTGS |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
50 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27 - 32nd Floor, Indiabulls Finance Centre, Elphinstone Mill
Compound, S B Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-61854000 |
|
Fax No.: |
91-22-61854501/4601 |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Forevermark Limited, United Kingdom |
|
|
|
|
Ultimate Holding Company : |
Anglo American pic through Its subsidiary Forevermark
Limited (a company Incorporated
under the laws of England and Wales). |
|
|
|
|
Fellow Subsidiary : |
De Beers UK Limited |
|
|
|
|
Other related
parties where there have been transactions during the year – enterprises
commonly controlled or influenced by major shareholders/directors/relatives
of directors of the company : |
· De Beers India Private Limited · International Institute of Diamond Grading and Research India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
INR 10/- each |
INR 20.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1300090 |
Equity Shares |
INR 10/- each |
INR 13.001 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
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 |
13.001 |
13.001 |
13.001 |
|
(b) Reserves &
Surplus |
137.651 |
77.477 |
68.664 |
|
(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) |
150.652 |
90.478 |
81.665 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.644 |
1.113 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
4.470 |
2.747 |
1.693 |
|
Total Non-current
Liabilities (3) |
4.470 |
3.391 |
2.806 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
111.798 |
63.261 |
72.890 |
|
(c) Other current
liabilities |
13.705 |
6.439 |
6.174 |
|
(d) Short-term provisions |
0.758 |
33.005 |
31.901 |
|
Total Current Liabilities
(4) |
126.261 |
102.705 |
110.965 |
|
|
|
|
|
|
TOTAL |
281.383 |
196.574 |
195.436 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4.497 |
4.480 |
7.524 |
|
(ii) Intangible Assets |
0.857 |
1.355 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
3.635 |
2.412 |
1.465 |
|
(d) Long-term Loan and Advances |
122.105 |
79.957 |
51.390 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
131.094 |
88.204 |
60.379 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
49.368 |
23.591 |
24.431 |
|
(d) Cash and cash
equivalents |
98.709 |
83.563 |
109.477 |
|
(e) Short-term loans and
advances |
2.114 |
0.990 |
0.898 |
|
(f) Other current assets |
0.098 |
0.226 |
0.251 |
|
Total Current Assets |
150.289 |
108.370 |
135.057 |
|
|
|
|
|
|
TOTAL |
281.383 |
196.574 |
195.436 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
677.945 |
425.605 |
384.290 |
|
|
Other Income |
5.956 |
7.464 |
11.059 |
|
|
TOTAL |
683.901 |
433.069 |
395.349 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchase of Stock-in-trade |
74.378 |
62.686 |
57.915 |
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
473.840 |
268.348 |
241.232 |
|
|
Employee Benefits Expenses |
1.220 |
1.033 |
0.000 |
|
|
Other Expenses |
40.539 |
35.567 |
33.284 |
|
|
TOTAL |
589.977 |
367.634 |
332.431 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
93.924 |
65.435 |
62.918 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.128 |
0.319 |
0.263 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
93.796 |
65.116 |
62.655 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
3.046 |
3.518 |
2.385 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
90.750 |
61.598 |
60.270 |
|
|
|
|
|
|
|
Less |
TAX |
30.576 |
21.490 |
19.870 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
60.174 |
40.108 |
40.400 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
69.277 |
60.464 |
55.459 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
4.100 |
|
|
Proposed Dividend |
0.000 |
26.002 |
26.002 |
|
|
Dividend distribution tax |
0.000 |
5.293 |
5.293 |
|
|
Total |
0.000 |
31.295 |
35.395 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
129.451 |
69.277 |
60.464 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
Service fees |
677.945 |
425.605 |
384.290 |
|
|
TOTAL
EARNINGS |
677.945 |
425.605 |
384.290 |
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (INR) |
46.28 |
30.85 |
31.07 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
75.324 |
22.355 |
29.780 |
|
Net cash flows from (used in) operations |
42.430 |
0.808 |
9.185 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365) |
26.58 |
20.23 |
23.20 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
13.73 |
18.04 |
15.73 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
548.63 |
368.35 |
459.38 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
NA |
NA |
NA |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
17.54 |
11.21 |
8.36 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.45 |
0.53 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.01 |
0.01 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.84 |
1.14 |
1.36 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.04 |
0.06 |
0.09 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
733.78 |
205.13 |
239.23 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
8.88 |
9.42 |
10.51 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
21.39 |
20.40 |
20.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
39.94 |
44.33 |
49.47 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.19 |
1.06 |
1.22 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.19 |
1.06 |
1.22 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.54 |
0.46 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.05 |
0.09 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.19 |
1.06 |
1.22 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
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 |
13.001 |
13.001 |
13.001 |
|
Reserves & Surplus |
68.664 |
77.477 |
137.651 |
|
Net worth |
81.665 |
90.478 |
150.652 |
|
|
|
|
|
|
Long-term borrowings |
1.113 |
0.644 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
1.113 |
0.644 |
0.000 |
|
Debt/Equity ratio |
0.014 |
0.007 |
0.000 |
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 |
384.290 |
425.605 |
677.945 |
|
|
|
10.751 |
59.290 |
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 |
384.290 |
425.605 |
677.945 |
|
Profit |
40.400 |
40.108 |
60.174 |
|
|
10.51% |
9.42% |
8.88% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & 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.
OVERVIEW
Subject was incorporated on June 6, 2008 as a private limited company to
carry on the business of coordinating, marketing, publicity and promotional activities
including brand promotion, market research, surveys and all other initiatives,
associated services and support services in India in relation to the promotion
of diamonds and diamonds Jewellery under the trade mark / brand name of
“Forevermark”.
PERFORMANCE
During the year, the total revenue from operations of the company is INR
677.945 Million as compared to INR 425.605 Million in the previous financial
year ended 31st March 2016. The profit before tax for the current
year is INR 90.750 Million as compared to INR 61.598 Million during the
financial year ended 31st March, 2016. The profit after tax for the
year INR 60.174 Million and after adding thereon the balance of profit carried
forward from previous year of INR 69.277 Million the total amount of surplus in
the statement of profit or loss is INR 129.451 Million.
INDEX OF CHARGE: NO
CHARGES EXISTS FOR COMPANY
FIXED ASSETS:
·
Furniture and Fixture
·
Office and Other
Equipment
·
Computer
·
Leasehold Improvement
·
Vehicles
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 records 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 65.78 |
|
|
1 |
INR 93.42 |
|
Euro |
1 |
INR 81.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
RUB |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
BHG |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--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.