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MIRA INFORM REPORT
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Report No. : |
490300 |
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Report Date : |
06.02.2018 |
IDENTIFICATION DETAILS
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Name : |
FIRESTAR DIAMOND INTERNATIONAL PRIVATE LIMITED (w.e.f. 05.10.2011) |
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Formerly Known
As : |
FIRESTONE DIAMOND PRIVATE LIMITED (w.e.f. 16.05.2008) JEWELRY CREATORS INTERNATIONAL PRIVATE LIMITED |
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Registered
Office : |
Unit No.23, 3rd Floor, Tower II, Wing B, Kohinoor City, Kirol
Road, Off LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra |
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Tel. No.: |
91-22-33013000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
09.09.2006 |
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Com. Reg. No.: |
11-164429 |
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Capital
Investment / Paid-up Capital : |
INR 262.500 Million |
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CIN No.: [Company Identification
No.] |
U51909MH2006PTC164429 |
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IEC No.: |
0306053128 |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction & Collection
Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AABCJ7268H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The Company has organized its operations into three business segments: Diamond dealings, Jewellery - Trading and Manufacturing (Wholesale) and Retail. (Registered Activity) |
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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 : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2006 and is a subsidiary of Firestar International Private Limited. It is engaged in the business of manufacturing and export of diamond and studded jewellery. As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to the financial for the year 31.03.2017 are not available from any sources. For the financial year ended 2016, the company has achieved 24.49% growth in its revenue as compared to the previous year. It has reported fair profitability margin of 3.70%. The company possesses sound financial profile marked by favourable gap between its payables and receivables and above average net worth base. Rating is constrained on account of risk associated with huge working capital intensive nature of diamond jewellery business. As per the current press release, the Income Tax department has raided over 50 offices and residential premises of Nirav Modi, one of India’s top diamond merchants, and seized cash, jewellery and several documents that allegedly reveal tax evasion by Modi’s firms. The raids were carried out over 10 days ago and lasted for over four days, covering Modi’s office and residences in Mumbai, premises in Delhi, Jaipur and SEZ units in Surat. The Income Tax department also conducted a survey on the offices of Gitanjali Group — one of the largest diamond companies in India and a listed jewellery retailer promoted by Modi’s maternal uncle Mehul Choksi — in connection with the ongoing investigation. The tax department is probing over half-a-dozen firms of Modi, including Firestar Diamond International Private Limited, Firestar International and Stellar Diamond among others. Modi’s firms are suspected to have received money from shell companies through real time gross settlement (RTGS). The tax authority has claimed that its probe has uncovered several discrepancies in Modi’s six SEZ units in Surat. Sources said it has found evidence of bogus purchases and cash sales that were not recorded in the books of the firms. Business is active. Payment seems to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on safe and secured 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2016.
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 06.02.2018
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.: 91-22-30839200/ 33013000)
LOCATIONS
|
Registered Office/
Jewelry Product Development and Manufacturing Workshop : |
Unit No.23, 3rd Floor, Tower II, Wing B, Kohinoor City,
Kirol Road, Off LBS Marg, Kurla (West), Mumbai – 400070, Maharashtra, India |
|
Tel. No.: |
91-22-33013000 |
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Fax No.: |
91-22-33013131 |
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E-Mail : |
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Website : |
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Corporate Office : |
Trade Point Building, 2nd Floor, Kamala Mills, Lower Parel, Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-30010000 |
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Fax No.: |
91-22-30010050 |
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Rough and Polished
Diamond Office |
4050, Tower A - East Wing, Bharat Diamond Bourse, Bandra
(West), Mumbai-400051, Maharashtra, India |
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Tel. No.: |
91-22-30019000 |
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Fax No.: |
91-22-23636888 |
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Jewelry
Manufacturing, Diamond Cutting and Polishing Factory : |
Plot No 17/18/19, Sur Special Economic Zone (SEZ), Sachin, Surat-394230, Gujarat, India |
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Tel. No.: |
91-261-3041000 |
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Fax No.: |
91-261-3041070 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Nirav Deepak Modi |
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Designation : |
Director |
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Address : |
4, Grosvenor House, 2nd Floor, Peddar Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
27.02.1971 |
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Date of Appointment : |
09.09.2006 |
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PAN No.: |
AABPM9885C |
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DIN No.: |
00190509 |
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Name : |
Mr. Haresh Vrajlal Shah |
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Designation : |
Director |
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Address : |
Flat 42, 6th Floor, Sunbeam Building, 3A, Peddar Road, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
14.06.1953 |
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Date of Appointment : |
01.04.2015 |
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DIN No.: |
02760534 |
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|
Name : |
Mr. Suresh Chandra Senapaty |
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Designation : |
Additional Director |
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Address : |
301, Brigade Lavelle I Lavelle Road, Bangalore-560001, Karnataka, India |
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Date of Appointment : |
17.03.2017 |
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DIN No.: |
00018711 |
KEY EXECUTIVES
|
Name : |
Mr. Sanket Bipin Shah |
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Designation : |
Company Secretary |
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Address : |
Flat No. 1002, B Wing, 10th Floor, Clover Grove Opposite Phoenix Hospital, Kanti Park, Chikuwadi, Borivali, Mumbai-400092, Maharashtra, India |
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Date of Appointment : |
15.02.2017 |
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PAN No.: |
BMHPS9016C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Firestar International Private Limited, India |
|
26249236 |
|
Nirav Deepak Modi |
|
500 |
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Total |
|
26249736 |
Mr. Nirav Deepak Modi is holding 500 equity shares as nominee
for Firestar
International Private Limited.
Equity Share Break up (Percentage of Total Equity)
As on 30.08.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family- Non-resident Indian (NRI)) |
0.00190478 |
|
Promoters (Body corporate) |
99.99809522 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company has organized its operations into three business segments: Diamond dealings, Jewellery - Trading and Manufacturing (Wholesale) and Retail. (Registered Activity) |
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Products/
Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers (As on 2016) : |
· Canara Bank (Lead Bank), Prime Corporate Branch, 211 Dalamal Tower, Nariman Point Mumbai-400021, Maharashtra, India ·
Vijaya Bank, Overseas Branch, Maker Chambers
IV, Nariman Point, Mumbai- 400021, Maharashtra, India |
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Facilities : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
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Address : |
Tower 3, 27th - 32nd Floor, Indiabulls Finance, Center, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company (As on 2017) : |
Firestar International Private Limited CIN No.:
U51909MH2004PTC145478 |
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Fellow Subsidiary
Companies (As on 31.03.2016) : |
· Firestar Group Inc., United States of America · Firestar Holding Limited, Hong Kong · Firestar Diamond Private Limited · Firestar Diamond Inc., United States of America · Firestar Diamond International Inc., United States of America · Firestar Diamond Limited, Hong Kong · Firestar Diamond FZE, United Arab Emirates · Firestar Jewelry Limited, Hong Kong · Firestar Diamond BVBA, Belgium · Firestar Diamond LLC, Armenia · FS Diamond Pty Limited, South Africa · Fantasy INC, United States of America · Firestar Jewelry INC, United States of America · Nirav Modi Jewels BVBA, Belgium · Nirav Modi Limited, Hong Kong · Nirav Modi Limited, London · Nirav Modi Limited, Russia · Nirav Modi Limited, Macau · Nirav Modi Limited, France · Firestar Diamond PTE Limited, Singapore · Firestar Diamond FZE CO, United Arab Emirates · Firestar Diamond Ltd, Russia |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives (As on 31.03.2016) : |
· Diamonds "R" US Diamonds · Solar Exports · Stellar Diamond · A Jaffe Inc., United Arab Emirates · Radashir Jewelry Company Private Limited · Firestone Trading Private Limited · Firestar Diamond and Jewelry FZCO |
CAPITAL STRUCTURE
As on 30.08.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
|
|
75000000 |
Equity Shares |
INR 10/- each |
INR 750.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26249736 |
Equity Shares |
INR 10/- each |
INR 262.497
Million |
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FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
262.500 |
211.700 |
199.905 |
|
(b) Reserves and Surplus |
5693.100 |
4964.400 |
4353.573 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
5955.600 |
5176.100 |
4553.478 |
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(3)
Non-Current Liabilities |
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|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
3.000 |
4.700 |
0.787 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
35.400 |
19.000 |
9.703 |
|
Total Non-current
Liabilities (3) |
38.400 |
23.700 |
10.490 |
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
4315.500 |
4660.600 |
3991.783 |
|
(b) Trade
payables |
10870.800 |
3948.400 |
2500.352 |
|
(c) Other
current liabilities |
1172.800 |
43.000 |
19.076 |
|
(d) Short-term
provisions |
4.600 |
0.700 |
0.340 |
|
Total Current
Liabilities (4) |
16363.700 |
8652.700 |
6511.551 |
|
|
|
|
|
|
TOTAL |
22357.700 |
13852.500 |
11075.519 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
952.800 |
776.500 |
157.231 |
|
(ii) Intangible Assets |
4.500 |
1.500 |
0.885 |
|
(iii) Tangible assets capital work-in-progress |
24.000 |
10.100 |
8.121 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.600 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term loans and advances |
55.800 |
75.800 |
92.056 |
|
(e) Other Non-current assets |
174.300 |
72.300 |
122.682 |
|
Total Non-Current
Assets |
1212.000 |
936.200 |
380.975 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3.000 |
3.000 |
3.000 |
|
(b) Inventories |
8616.400 |
6478.400 |
4095.233 |
|
(c) Trade receivables |
10710.300 |
4792.300 |
4637.728 |
|
(d) Cash and bank balances |
1725.200 |
1518.900 |
1742.508 |
|
(e) Short-term loans and advances |
69.500 |
99.600 |
164.448 |
|
(f) Other current assets |
21.300 |
24.100 |
51.627 |
|
Total
Current Assets |
21145.700 |
12916.300 |
10694.544 |
|
|
|
|
|
|
TOTAL |
22357.700 |
13852.500 |
11075.519 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
19288.100 |
15493.900 |
14911.521 |
|
|
Other Income |
127.300 |
122.300 |
0.467 |
|
|
TOTAL |
19415.400 |
15616.200 |
14911.988 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
15840.200 |
14127.500 |
13869.291 |
|
|
Purchases of
Stock-in-Trade |
895.700 |
1256.900 |
87.300 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(385.400) |
(1742.500) |
(314.983) |
|
|
Employee benefit expense |
366.400 |
213.000 |
125.585 |
|
|
Other expenses |
1269.900 |
655.800 |
416.210 |
|
|
TOTAL |
17986.800 |
14510.700 |
14183.403 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
1428.600 |
1105.500 |
728.585 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
354.600 |
259.400 |
(54.741) |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1074.000 |
846.100 |
783.326 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
99.900 |
68.100 |
8.705 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
974.100 |
778.000 |
774.621 |
|
|
|
|
|
|
|
Less |
TAX |
245.400 |
167.200 |
163.958 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
728.700 |
610.800 |
610.663 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
16905.000 |
14702.200 |
14741.998 |
|
|
TOTAL EARNINGS |
16905.000 |
14702.200 |
14741.998 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
15981.300 |
14045.200 |
13611.646 |
|
|
Components and spare
parts |
917.500 |
1023.500 |
5.008 |
|
|
Capital Goods |
33.200 |
9.500 |
14.888 |
|
|
TOTAL IMPORTS |
16932.000 |
15078.200 |
13631.542 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
31.86 |
30.55 |
30.55 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
1324.900 |
57.700 |
(778.216) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
202.68 |
112.90 |
113.52 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
1.80 |
3.23 |
3.22 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
237.09 |
93.68 |
65.39 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.17 |
0.17 |
0.18 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.46 |
1.40 |
4.38 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.73 |
0.62 |
0.59 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.72 |
0.90 |
0.88 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.75 |
1.67 |
1.43 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.16 |
0.15 |
0.04 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.03 |
4.26 |
-13.31 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT
/ Sales) * 100) |
% |
3.78 |
3.94 |
4.10 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.26 |
4.41 |
5.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
12.24 |
11.80 |
13.41 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.29 |
1.49 |
1.64 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.77 |
0.74 |
1.01 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.27 |
0.37 |
0.41 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
16.44 |
22.02 |
19.97 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.29 |
1.49 |
1.64 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
199.905 |
211.700 |
262.500 |
|
Reserves & Surplus |
4353.573 |
4964.400 |
5693.100 |
|
Net
worth |
4553.478 |
5176.100 |
5955.600 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3991.783 |
4660.600 |
4315.500 |
|
Total
borrowings |
3991.783 |
4660.600 |
4315.500 |
|
Debt/Equity
ratio |
0.877 |
0.900 |
0.725 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
14911.521 |
15493.900 |
19288.100 |
|
|
|
3.906 |
24.488 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
14911.521 |
15493.900 |
19288.100 |
|
Profit/ (Loss) |
610.663 |
610.800 |
728.700 |
|
|
4.10% |
3.94% |
3.78% |
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 |
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 |
No |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
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.
RESULT OF OPERATION
(As on 31.03.2016)
Total revenue during the year 2015-16 increased to INR 19415.400 Million as against INR 15616.200 Million during the year 2014-15, a growth 24.3%; PBT was INR 974.100 Million during the year 2015-16 as compared to INR 778.000 Million during 2014-15, a growth of 25.2%;
PAT was INR 728.700 Million during the year 2015-16 as compared to INR 610.800 Million during 2014-15, a growth of 19.3%; Basic and diluted earnings per share (par value of INR 10 per share) was INR 31.86 for the year 2015-16 as compared to INR 30.55 for the year 2014-15, a growth of 4.3%;
UNSECURED LOAN
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
105.700 |
105.500 |
|
Total |
105.700 |
105.500 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C67002600 |
10595293 |
Punjab National Bank |
11/09/2015 |
11/09/2015 |
- |
4000000000.0 |
MID CORPORATE BRANCH BRADY HOUSE MUMBAI MAHARASHTRA 400023 INDIA |
|
2 |
C34419994 |
10532538 |
PNB INVESTMENT SERVICES LIMITED |
07/11/2014 |
- |
- |
24800000000.0 |
10, RAKESH DEEP BUILDING, YUSUF SARAI COMMERCIAL COMPLEX, GULMOHAR ENCLAVE NEW DELHI 110049 INDIA |
|
3 |
C43167386 |
10373784 |
PNB INVESTMENT SERVICES LIMITED |
09/08/2012 |
04/02/2015 |
- |
8460000000.0 |
10, RAKESH DEEP BUILDING, YUSUF SARAI COMMERCIAL COMPLEX, GULMOHAR ENCLAVE NEW DELHI 110049 INDIA |
|
4 |
G02426757 |
10406086 |
CORPORATION BANK |
30/01/2013 |
- |
28/04/2016 |
650000000.0 |
OVERSEAS BRANCH, C-1, TOWER-3, BHARAT DIAMOND BOURSE, BANDRA KURLA COMPLEX MUMBAI MAHARASHTRA 400053 INDIA |
|
5 |
C81780041 |
10097809 |
PNB INVESTMENT SERVIC LTD - SEC TRST OF UBI CONST UBI - PNB - VB - OBC - SCB - CRB - UNT - BOI - UCO |
27/03/2008 |
16/12/2013 |
11/03/2016 |
5250000000.0 |
MOTOR SALES & SERVICES BUILDINGASHRAM ROAD AHMEDABAD GJ 380009 INDIA |
|
6 |
C80626070 |
10044670 |
CANARA BANK (Lead Bank) and 10 Others |
03/04/2007 |
22/06/2011 |
02/03/2016 |
13124000000.0 |
PRIME CORPORATE BRANCH, 211 DALAMAL TOWER NARIMAN POINT MUMBAI MAHARASHTRA 400021 INDIA |
|
7 |
C78028222 |
10429902 |
Vijaya Bank |
06/05/2013 |
21/10/2014 |
14/01/2016 |
590000000.0 |
OVERSEAS BRANCH, MAKER CHAMBERS IV, NARIMAN POINT, MUMBAI- 400021 MAHARASHTRA INDIA |
|
8 |
C77513190 |
10071567 |
VIJAYA BANK |
17/08/2007 |
19/12/2008 |
14/01/2016 |
450000000.0 |
OVERSEAS BRANCH, MAKER CHAMBERS IV, NARIMAN POINT, MUMBAI- 400021 MAHARASHTRA INDIA |
|
9 |
C57376022 |
10273822 |
State Bank of India |
24/02/2011 |
- |
27/06/2015 |
250000000.0 |
DIAMOND BRANCH, MAJESTIC SHOPPING CENTRE,1ST FLOOR, J.S.S. ROAD, GIRGAUM, MUMBAI MAHARASHTRA 400004 INDIA |
|
10 |
C57376246 |
10065768 |
State Bank of India |
18/08/2007 |
- |
27/06/2015 |
270000000.0 |
DIAMOND BRANCH, MAJESTIC SHOPPING CENTRE,1ST FLOOR, J.S.S. ROAD, GIRGAUM, MUMBAI MAHARASHTRA 400004 INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Guarantees |
24800.000 |
24800.000 |
|
Total |
24800.000 |
24800.000 |
FIXED ASSETS
- Land
- Buildings
- Office building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
WEBSITE DETAILS
NEWS/ PRESS RELEASES
Income Tax Department
raids Nirav Modi’s offices and residences
January 31,
2017
According to sources,
the raids were carried out over 10 days ago and lasted for over four days,
covering Modi’s office and residences in Mumbai, premises in Delhi, Jaipur and
SEZ units in Surat.
THE INCOME Tax department has raided over 50 offices and residential premises of Nirav Modi, one of India’s top diamond merchants, and seized cash, jewellery and several documents that allegedly reveal tax evasion by Modi’s firms, said sources familiar with the investigation.
According to sources, the raids were carried out over 10 days ago and lasted for over four days, covering Modi’s office and residences in Mumbai, premises in Delhi, Jaipur and SEZ units in Surat.
The Income Tax department also conducted a survey on the offices of Gitanjali Group — one of the largest diamond companies in India and a listed jewellery retailer promoted by Modi’s maternal uncle Mehul Choksi — in connection with the ongoing investigation. Modi, who grew up in Antwerp in Belgium, worked closely with Choksi for about 10 years.
The tax department is probing over half-a-dozen firms of Modi, including Firestar Diamond International Private Limited, Firestar International and Stellar Diamond among others. Modi’s firms are suspected to have received money from shell companies through real time gross settlement (RTGS), according to sources.
“The Income-Tax department has been carrying on searches of several firms in the gems and jewellery industry, and our group is not an exception but just one more. We have fully cooperated with the department to provide documents and clarifications. The search has taken place and concluded. Firestar is a group which conducts its business in absolute compliance with the law,” said the official spokesperson of Firestar Diamond.
A recent entrant to the billionaire club, Modi was named in the Forbes India’s Richest People List 2016, with a net worth of $1.74 billion. Modi is known for his high-value jewellery that cost as much as INR 500.000 million and regularly feature at auctions conducted by houses like Christie’s and Sotheby’s. In 2010, Modi’s Golconda necklace sold for INR 162.900 million at a Christie’s auction.
The tax authority has claimed that its probe has uncovered several discrepancies in Modi’s six SEZ units in Surat. Sources said it has found evidence of bogus purchases and cash sales that were not recorded in the books of the firms.
When contacted, Choksi, chairman and managing director of Gitanjali Group, said he was not aware of any tax probe against Modi.
“Firstly, I wish to point out that there was no search conducted by the Income Tax department on Gitanjali Group. However, the department did conduct a survey on few of our premises and the matter was concluded immediately. Secondly, I am unaware of any tax probe pertaining to Mr. Modi,” said Choksi in an email.
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 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 64.03 |
|
UK Pound |
1 |
INR 90.40 |
|
Euro |
1 |
INR 79.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
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 |
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.