|
|
|
MIRA INFORM REPORT
|
Report No. : |
490736 |
|
Report Date : |
09.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
HARI KRISHNA EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 1701, “The Capital”, 17th Floor, B Wing, Plot No.
C-70, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra |
|
Tel. No.: |
91-22-43004300 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
16.02.2012 |
|
|
|
|
Com. Reg. No.: |
11-227014 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 1220.250 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2012PTC227014 |
|
|
|
|
IEC No.: |
0392022508 |
|
|
|
|
TIN No.: |
27AACCH8430N1Z8 |
|
|
|
|
GST No.: |
27800887543 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCH8430N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is primarily into Manufacturing and Export of
Cut and Polished Diamonds. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was originally established in 1992 as a partnership firm M/s. Hari Krishna Exports (HKE). Later, HKE- the partnership entity was converted into a private limited company in February 2012. The company is primarily into manufacturing and export of cut and polished diamonds. 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, revenue of the company has declined
by 15.86% but has maintained average profit margin of 2.72% during the year
under review. Ratings also derive strength from company’s association with the leading diamond miners for sourcing inputs, thereby improving its business profile, vast experience of the promoters in the diamond business, integrated operations at the group level, diversified clientele base across geographies, and continued focus on the sale of certified mid-sized to large-sized diamonds. However, rating strengths is tempered by moderate volatility in profitability margins, foreign exchange fluctuation risks and highly competitive industry with presence of a large number of players in the organized and unorganized diamond processing industry. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
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 Loans = A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
29.12.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Loans = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
29.12.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 09.02.2018.
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 DECLINED BY
|
Name : |
Mr. Sagar |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-43004300 |
LOCATIONS
|
Registered/ Head Office : |
Unit No. 1701, “The Capital”, 17th Floor, B Wing, Plot No.
C-70, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
Tel. No.: |
91-22-43004300 |
|
Fax No.: |
91-22-43004201 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
9, Hari Krishana Campus, Near Viraj Chowk, Behind Sarthana Jakat Naka,
Varaccha Road, Simada Gam, Surat – 395006, Gujarat, India |
|
Tel. No.: |
91-261-6544251 / 6544252 |
|
Fax No.: |
91-261-2535027 |
|
E-Mail : |
|
|
|
|
|
Overseas Offices : |
Located At : ·
New York ·
Belgium ·
Hong Kong ·
China |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Ghanshyambhai Dhanjibhai Dholakia |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 62-6, Mont Blanc Building, Dadyseth Hill, 572, Augustkranti Marg, Mumbai – 400036, Maharashtra India |
|
Date of Birth/Age : |
01.06.1969 |
|
Qualification : |
Non-Metriculate |
|
Date of Appointment : |
16.02.2012 |
|
DIN No. : |
01474986 |
|
|
|
|
Name : |
Mr. Hasmukh Thakersibhai Dholakia |
|
Designation : |
Whole-time Director |
|
Address : |
C-1801, Floor -18th, Plot-1/268, C Wing, Raheja Atlantis, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1974 |
|
Qualification : |
Non-Metriculate |
|
Date of Appointment : |
16.02.2012 |
|
PAN No.: |
ADHPD1192Q |
|
DIN No. : |
01474973 |
|
|
|
|
Name : |
Mr. Savjibhai Dhanjibhai Dholakia |
|
Designation : |
Whole-time Director |
|
Address : |
11th Floor, Riverwind Residency, Opposite Rajlaxmi Bunglow, B/H Iscon Mall, Piplod, Surat City – 395007, Gujarat, India |
|
Date of Birth/Age : |
12.04.1962 |
|
Qualification : |
Non-Metriculate |
|
Date of Appointment : |
01.10.2012 |
|
PAN No.: |
AAPPD6921Q |
|
DIN No. : |
02069387 |
|
|
|
|
Name : |
Mr. Tulsibhai Dhanjibhai Dholakia |
|
Designation : |
Whole-time Director |
|
Address : |
4th Floor, Riverwind Residency, B/H Iscon Mall, Piplod, Surat City – 395007, Gujarat, India |
|
Date of Birth/Age : |
15.04.1964 |
|
Qualification : |
Non-Metriculate |
|
Date of Appointment : |
16.02.2012 |
|
PAN No.: |
AAPPD6923N |
|
DIN No. : |
03268245 |
|
|
|
|
Name : |
Mr. Kuravas Balakrishnan Rajgopalan |
|
Designation : |
Director |
|
Address : |
11, Vihrika Park Society, B/H Taarika Flats, Near TB Hospital, Gotri Road, Vadodara - 390021, Gujarat, India |
|
Date of Birth/Age : |
04.12.1946 |
|
Qualification : |
Non-Metriculate |
|
Date of Appointment : |
01.10.2012 |
|
DIN No. : |
06416811 |
KEY EXECUTIVES
|
Name : |
Ms. Sheetal Nagesh Karkera |
|
Designation : |
Company Secretary |
|
Address : |
Mayur-1, 12, Kalash Udyan, Koperkhairne, Sector -11, Navi Mumbai - 400709, Maharashtra, India |
|
Date of Appointment : |
01.01.2014 |
|
PAN No.: |
BYPPK5348P |
|
|
|
|
Name : |
Mr. Sagar |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2017
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Savjibhai Dhanjibhai Dholakia |
|
3624963 |
|
Ghanshyambhai Dhanjibhai Dholakia |
|
3151531 |
|
Tulsibhai Dhanjibhai Dholakia |
|
3101026 |
|
Himmatbhai Dhanjibhai Dholakia |
|
2492913 |
|
Naresh Virji Lunagaria |
|
380327 |
|
Bharatbhai Ambabhai Patel |
|
380327 |
|
Hasmukh Thakersibhai Dholakia |
|
253552 |
|
Savjibhai Dhanjibhai Dholakia |
|
47139 |
|
Ghanshyambhai Dhanjibhai Takarshibhai Dholakia Dholakiya |
|
28620 |
|
Himmatbhai Naresh Dholakia Virji Ambabhai Dholakia Lunagaria Patel |
|
8418 |
|
|
|
|
|
Total |
|
13468816 |
AS ON 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is primarily into Manufacturing and Export of
Cut and Polished Diamonds. [Registered
Activity] |
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Products/ Services : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||
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Terms : |
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||||
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Selling : |
Not Divulged |
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Purchasing : |
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 : |
Not Divulged |
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|
Bankers : |
· Union Bank of India Overseas Branch, Union Bank Bhavan, Ground Floor,
239,Vidhan Bhavan Marg, Nariman Point, Mumbai-400021, Maharashtra, India · State Bank of India Diamond Branch, Bharat Diamond Bourse, D3, Building No.4, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai- 400051, Maharashtra, India · State Bank of Patiala Commercial Branch, Atlanta, 1st Floor, Nariman Point, Mumbai - 400021, Maharashtra, India · Syndicate Bank International Business Branch, 2nd Floor,10, Homji Street, Mumbai – 400023, Maharashtra, India · HDFC Bank Limited HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai – 400013, Maharashtra, India |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution : |
· SREI Equipment Finance Limited 'Vishwakarma', 86C, Topsia Road, Kolkata – 700046, West
Bengal, India |
|
|
|
|
Auditors : |
|
|
Name : |
M. M. Nisim and Company Chartered Accountants |
|
Address : |
Barowdla
Mansion, B wing 3rd Floor, 81, Dr. Annie Besant Road, Mumbai,
Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFM5103E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company
: (As on 31.03.2017) |
H. K. Jewels Private Limited, India [U36911MH2009PTC193278] H.K. Rough Sourcing PTY Limited, South Africa |
|
|
|
|
Subsidiary
Companies : (As on 31.03.2016) |
H. K. Jewels Private Limited, India [U36911MH2009PTC193278] |
|
|
|
|
Associates
Companies : (As on 31.03.2016) |
· Unity Jewels · Shree Hari Krishna Gems · Imperial Jewels, India · H. K. Designs (India) · Hari Krishna Leasing Private Limited, India [U65910MH2011PTC215454] |
CAPITAL STRUCTURE
AS ON 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
INR 10/- each |
INR 160.000 Million |
|
64000000 |
0% Preference Shares |
INR 10/- each |
INR 640.000 Million |
|
75000000 |
6% Preference Shares |
INR 10/- each |
INR 750.000 Million |
|
5000000 |
12% Preference Shares |
INR 10/- each |
INR 50.000 Million |
|
|
Total |
|
INR 1600.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13468816 |
Equity Shares |
INR 10/- each |
INR 134.668 Million |
|
|
|
|
|
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
INR 10/- each |
INR 160.000 Million |
|
64000000 |
0% Preference Shares |
INR 10/- each |
INR 640.000 Million |
|
75000000 |
6% Preference Shares |
INR 10/- each |
INR 750.000 Million |
|
5000000 |
12% Preference Shares |
INR 10/- each |
INR 50.000 Million |
|
|
Total |
|
INR 1600.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11609976 |
Equity Shares |
INR 10/- each |
INR 116.100 Million |
|
63415047 |
0% Preference Shares |
INR 10/- each |
INR 634.150 Million |
|
42000000 |
6% Preference Shares |
INR 10/- each |
INR 420.000 Million |
|
5000000 |
12% Preference Shares |
INR 10/- each |
INR 50.000 Million |
|
|
Total |
|
INR 1220.250
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1220.250 |
1220.250 |
1207.550 |
|
(b) Reserves &
Surplus |
6617.405 |
5438.430 |
3694.175 |
|
(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
|
7837.655 |
6658.680 |
4901.725 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
112.186 |
272.826 |
493.642 |
|
(b) Deferred tax
liabilities (Net) |
44.063 |
56.565 |
53.065 |
|
(c) Other long term
liabilities |
2.078 |
2.078 |
2.078 |
|
(d) long-term provisions |
48.876 |
57.267 |
29.000 |
|
Total Non-current
Liabilities |
207.203 |
388.736 |
577.785 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
11792.690 |
11475.155 |
6827.768 |
|
(b) Trade payables |
1993.388 |
4006.216 |
5165.607 |
|
(c) Other current
liabilities |
949.675 |
331.192 |
612.520 |
|
(d) Short-term provisions |
161.151 |
147.962 |
121.171 |
|
Total Current Liabilities
|
14896.904 |
15960.525 |
12727.066 |
|
|
|
|
|
|
TOTAL |
22941.762 |
23007.941 |
18206.576 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2611.637 |
2390.318 |
2311.853 |
|
(ii) Intangible Assets |
15.899 |
27.635 |
64.418 |
|
(iii) Capital
work-in-progress |
94.273 |
441.675 |
16.436 |
|
(iv) Intangible assets
under development |
18.237 |
14.719 |
5.618 |
|
(b) Non-current
Investments |
511.403 |
30.525 |
34.725 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
81.191 |
39.288 |
165.666 |
|
(e) Other Non-current
assets |
74.351 |
43.092 |
49.877 |
|
Total Non-Current Assets |
3406.991 |
2987.252 |
2648.593 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
11508.031 |
12780.164 |
9371.853 |
|
(c) Trade receivables |
7629.098 |
6251.729 |
5869.418 |
|
(d) Cash and cash
equivalents |
214.346 |
732.443 |
90.142 |
|
(e) Short-term loans and
advances |
134.463 |
196.565 |
193.907 |
|
(f) Other current assets |
48.833 |
59.788 |
32.663 |
|
Total Current Assets |
19534.771 |
20020.689 |
15557.983 |
|
|
|
|
|
|
TOTAL |
22941.762 |
23007.941 |
18206.576 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue from Operation |
44757.677 |
53193.045 |
43096.764 |
|
|
Other Income |
66.525 |
267.311 |
52.710 |
|
|
TOTAL |
44824.202 |
53460.356 |
43149.474 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
36656.639 |
49167.968 |
39136.764 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1899.787 |
(3235.587) |
(2631.398) |
|
|
Employees benefits
expense |
936.573 |
1683.113 |
1373.878 |
|
|
CSR Expenditure |
5.383 |
20.262 |
0.000 |
|
|
Other expenses |
2567.169 |
2943.503 |
2652.228 |
|
|
TOTAL |
42065.551 |
50579.259 |
40531.472 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
2758.651 |
2881.097 |
2618.002 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
614.683 |
446.376 |
416.626 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2143.968 |
2434.721 |
2201.376 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
377.172 |
372.287 |
214.130 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1766.796 |
2062.434 |
1987.246 |
|
|
|
|
|
|
|
Less |
TAX |
550.155 |
750.632 |
676.409 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
1216.641 |
1311.802 |
1310.837 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
39109.000 |
44114.100 |
40288.910 |
|
|
TOTAL EARNINGS |
39109.000 |
44114.100 |
40288.910 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
32918.547 |
45150.670 |
35117.028 |
|
|
Components and Stores
parts |
1.453 |
7.161 |
17.091 |
|
|
Capital Goods |
3.161 |
120.067 |
510.656 |
|
|
TOTAL IMPORTS |
32923.161 |
45277.898 |
35644.775 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
101.55 |
118.55 |
128.34 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
211.994 |
176.042 |
120.463 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
404.520 |
(3232.448) |
(683.108) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
404.520 |
(3232.448) |
(1284.989) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
62.22 |
42.90 |
49.71 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.87 |
8.51 |
7.34 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
19.85 |
29.74 |
48.18 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.24 |
0.23 |
0.28 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.01 |
1.00 |
1.09 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.66 |
0.71 |
0.73 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.55 |
1.79 |
1.52 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.90 |
2.40 |
2.60 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.35 |
0.43 |
0.49 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
4.49 |
6.45 |
6.28 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
2.72 |
2.47 |
3.04 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
5.30 |
5.70 |
7.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
15.52 |
19.70 |
26.74 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.31 |
1.25 |
1.22 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.54 |
0.45 |
0.49 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.34 |
0.29 |
0.27 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
9.93 |
9.77 |
6.16 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.31 |
1.25 |
1.22 |
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 |
1207.550 |
1220.250 |
1220.250 |
|
Reserves & Surplus |
3694.175 |
5438.430 |
6617.405 |
|
Net
worth |
4901.725 |
6658.680 |
7837.655 |
|
|
|
|
|
|
long-term borrowings |
493.642 |
272.826 |
112.186 |
|
Short term borrowings |
6827.768 |
11475.155 |
11792.690 |
|
Current Maturities of
Long-Term Debts |
120.463 |
176.042 |
211.994 |
|
Total
borrowings |
7441.873 |
11924.023 |
12116.870 |
|
Debt/Equity
ratio |
1.518 |
1.791 |
1.546 |
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 |
43096.764 |
53193.045 |
44757.677 |
|
|
|
23.427 |
(15.858) |
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 |
43096.764 |
53193.045 |
44757.677 |
|
Profit |
1310.837 |
1311.802 |
1216.641 |
|
|
3.04% |
2.47% |
2.72% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1220.250 |
1220.250 |
|
(b) Reserves &
Surplus |
|
6622.676 |
5438.430 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Minority interest |
|
1085.118 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
8928.044 |
6658.680 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
126.247 |
272.826 |
|
(b) Deferred tax
liabilities (Net) |
|
52.233 |
56.565 |
|
(c) Other long term
liabilities |
|
2.078 |
2.078 |
|
(d) long-term provisions |
|
52.420 |
57.267 |
|
Total Non-current
Liabilities (3) |
|
232.978 |
388.736 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
13008.838 |
11475.155 |
|
(b) Trade payables |
|
2029.814 |
4006.216 |
|
(c) Other current
liabilities |
|
1043.559 |
331.192 |
|
(d) Short-term provisions |
|
180.210 |
147.961 |
|
Total Current Liabilities
(4) |
|
16262.421 |
15960.524 |
|
|
|
|
|
|
TOTAL |
|
25423.443 |
23007.940 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2951.996 |
2390.318 |
|
(ii) Intangible Assets |
|
18.931 |
27.635 |
|
(iii) Capital work-in-progress |
|
94.273 |
441.674 |
|
(iv) Intangible assets
under development |
|
19.107 |
14.719 |
|
(b) Non-current
Investments |
|
30.550 |
30.525 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
242.037 |
39.288 |
|
(e) Other Non-current
assets |
|
343.598 |
43.092 |
|
Total Non-Current Assets |
|
3700.492 |
2987.251 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
13051.162 |
12780.164 |
|
(c) Trade receivables |
|
8136.916 |
6251.729 |
|
(d) Cash and cash
equivalents |
|
302.979 |
732.443 |
|
(e) Short-term loans and
advances |
|
170.575 |
196.565 |
|
(f) Other current assets |
|
61.319 |
59.788 |
|
Total Current Assets |
|
21722.951 |
20020.689 |
|
|
|
|
|
|
TOTAL |
|
25423.443 |
23007.940 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue from Operation |
|
48130.154 |
53193.045 |
|
|
Other Income |
|
90.314 |
267.311 |
|
|
TOTAL |
|
48220.468 |
53460.356 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
40676.243 |
45932.381 |
|
|
Employees benefits
expense |
|
1272.605 |
1683.113 |
|
|
CSR Expenditure |
|
5.384 |
20.262 |
|
|
Other expenses |
|
2771.444 |
2943.503 |
|
|
TOTAL |
|
44725.676 |
50579.259 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
3494.792 |
2881.097 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
892.948 |
446.376 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
2601.844 |
2434.721 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
419.730 |
372.287 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
2182.114 |
2062.434 |
|
|
|
|
|
|
|
Less |
TAX |
|
633.683 |
750.632 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE MINORITY INTEREST |
|
1548.431 |
1311.802 |
|
|
|
|
|
|
|
|
MINORITY INTEREST |
|
(326.088) |
0.000 |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
|
1222.343 |
1311.802 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
102.04 |
118.55 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
Yes |
|
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.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G43853159 |
100097380 |
State Bank of Patiala |
24/03/2017 |
- |
- |
470000000.0 |
Block No.1 Gala No.2, SEEPZ++, Andheri (East), Mumbai-400096, Maharashtra, India |
|
2 |
G09811258 |
100045388 |
State Bank of India |
21/07/2016 |
- |
- |
275600000.0 |
Diamond Branch, D/3 West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
3 |
G09558768 |
100044706 |
Syndicate Bank |
20/07/2016 |
- |
- |
34200000.0 |
International Business Branch, 2nd Floor,10, Homji Street, Mumbai-400023, Maharashtra, India |
|
4 |
G09558941 |
100044707 |
State Bank of Patiala |
19/07/2016 |
- |
- |
287500000.0 |
Block No.1 Gala No.2, SEEPZ++, Andheri (East), Mumbai-400096, Maharashtra, India |
|
5 |
G06269229 |
100034845 |
State Bank of Patiala |
31/05/2016 |
- |
- |
1053200000.0 |
Block No.1 Gala No.2, SEEPZ++, Andheri (East), Mumbai-400096, Maharashtra, India |
|
6 |
C82547415 |
10628194 |
Syndicate Bank |
01/02/2016 |
- |
- |
26500000.0 |
International Business Branch, Fort, Mumbai-400023, Maharashtra, India |
|
7 |
C55448682 |
10572902 |
HDFC BANK LIMITED |
16/05/2015 |
- |
- |
9240000.0 |
HDFC Bank House Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
|
8 |
G09810680 |
10511650 |
State Bank of India |
03/07/2014 |
21/07/2016 |
- |
214200000.0 |
Diamond Branch, D/3 West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
9 |
G09810409 |
10450962 |
State Bank of India |
30/08/2013 |
21/07/2016 |
- |
61400000.0 |
Diamond Branch, D/3 West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
10 |
G09810995 |
10353182 |
State Bank of India |
17/04/2012 |
21/07/2016 |
- |
16348900000.0 |
Diamond Branch, D/3 West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
Guarantees |
260.861 |
253.095 |
FIXED ASSETS
Tangible Asset:
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
· Computer equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, 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 64.16 |
|
UK Pound |
1 |
INR 89.19 |
|
Euro |
1 |
INR 78.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
IND |
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.