|
|
|
MIRA INFORM REPORT
|
Report No. : |
492071 |
|
Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
FINE JEWELLERY MANUFACTURING LIMITED |
|
|
|
|
Registered
Office : |
Plot No GJ-12, SEEPZ SEZ++ Complex, MIDC, Andheri (East), Mumbai-400096, Maharashtra |
|
Tel. No.: |
91-22-30804080/30804161 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
08.10.2001 |
|
|
|
|
Com. Reg. No.: |
11-133589 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 113.199 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2001PLC133589 |
|
|
|
|
IEC No.: |
2702000053 |
|
|
|
|
GSTIN/UIN: |
27AAACF5736D1ZU |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF5736D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Diamond Studded Gold, Platinum Silver Jewellery etc. (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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Fine Jewellery Manufacturing Limited manufacturer of diamond
studded gold, platinum silver jewellery etc. The company was incorporated in the year
2001 and is based in Mumbai, Maharashtra. It is an established company having
satisfactory track records. For the financial year ended 2017, revenue of the company has
marginally declined. However, it has witnessed a growth in its profit and has
achieved fair profit margin at 2.03%. (approx.) The company possesses sound financial profile marked by healthy net
worth base along with fair debt level favourable gap between trade payables
to its trade receivables. However, the rating strength is partially offset by strong competition
from organized and un-organized players in gold and diamond Jewellery business. Trade relations are reported as fair. Business is active. Payments are
seems to be slow but correct. In view of the aforesaid, the company can be considered for 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 |
CRISIL |
|
Rating |
Long Term Rating = (BB+) |
|
Rating Explanation |
Moderate risk of default |
|
Date |
30.12.2017 |
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 16.02.2018
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 BY
|
Name : |
Mr. Ravi |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-30804080 |
|
Date : |
15.02.2018 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No GJ-12, SEEPZ SEZ++ Complex, MIDC, Andheri (East), Mumbai-400096, Maharashtra, India |
|
Tel. No.: |
91-22-30804080/30804161 |
|
Fax No.: |
91-22-30804168 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Leased |
|
Locality : |
Industrial |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sohil Premkumar Kothari |
||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
131-C, Rambha Building, 66, Nepeansea Road, Mumbai-400004,
Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
11.12.1978 |
||||||||||||||||||||
|
Qualification : |
B. Com |
||||||||||||||||||||
|
Date of Appointment : |
08.10.2001 |
||||||||||||||||||||
|
PAN No.: |
AABPK2538C |
||||||||||||||||||||
|
DIN No.: |
00102962 |
||||||||||||||||||||
|
Other
Directorship:
|
|||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Name : |
Mr. Natwarlal Deenanathji Trivedi |
||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
B-504, 5th Floor, Mukta Mahek Residency, Thakur Complex, 90 Ft Road,
Kandivali East, Mumbai-400101, Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
13.02.1969 |
||||||||||||||||||||
|
Date of Birth/Age : |
16.06.1983 |
||||||||||||||||||||
|
PAN No.: |
AABPT4003F |
||||||||||||||||||||
|
Qualification : |
B.com |
||||||||||||||||||||
|
DIN No.: |
00077578 |
||||||||||||||||||||
|
Other
Directorship:
|
|||||||||||||||||||||
|
|
|||||||||||||||||||||
|
Name : |
Mr. Viral Premkumar Kothari |
||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
131, Rambha, 66, Nepean Sea Road, Mumbai-400006, Maharashtra, India |
||||||||||||||||||||
|
Date of Birth/Age : |
16.06.1983 |
||||||||||||||||||||
|
Qualification : |
B.com |
||||||||||||||||||||
|
Date of Appointment : |
01.09.2008 |
||||||||||||||||||||
|
PAN No.: |
AHJPK4351M |
||||||||||||||||||||
|
DIN No.: |
02380318 |
||||||||||||||||||||
|
Other
Directorship:
|
|||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Name : |
Mr. Mohanlal Vagaram Patel |
||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||
|
Address : |
131, Avon Classic, Co- Operative Housing society, Opposite
Tata SSL, Dattapada Road, Borivali (East), Mumbai – 400066, Maharashtra,
India |
||||||||||||||||||||
|
Date of Appointment : |
16.03.2017 |
||||||||||||||||||||
|
DIN No.: |
01253573 |
||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Jignesh Jitendra Hemani |
|
Designation : |
Chief Finance Officer |
|
Address : |
703, Building No. 6, Balaji Garden Chs, Plot No. 17,
Sector 11, Near Fam Chs, Koparkhairane, Navi Mumbai-400709, Maharashtra,
India |
|
Date of Appointment : |
15.01.2018 |
|
PAN No.: |
ABBPH1965P |
|
|
|
|
Name : |
Mrs. Jayshree Kakani |
|
Designation : |
Practicing Company Secretary |
|
Address : |
604/D, Sonam Heights, Phase XV, New Golden Nest, Bhayandar (East), District Thane -401105, Maharashtra, India |
|
Mob. No: |
91-9619172077 |
|
Email: |
|
|
|
|
|
Name : |
Mr. Ravi |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Equity Shareholders |
|
No. of Shares |
|
Kothari Lalitkumar Premkumar |
|
1344618 |
|
Kothari Premkumar Smita |
|
100 |
|
M. Shashikant Exports Limited, India |
|
4406700 |
|
Kothari Premkumar Sohil |
|
931614 |
|
Kothari Sohil Dharini |
|
319600 |
|
Kothari Premkumar Viral |
|
952668 |
|
Bhow Surendra Nilesh |
|
3364601 |
|
Total |
|
11319901 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2017
|
Category |
Percentage |
|
Promoters- Individual/Hindu Undivided Family- Indian |
31.35 |
|
Promoters- Body corporate |
38.93 |
|
Public/Other than promoters- Non Resident Indian |
29.72 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Diamond Studded Gold, Platinum Silver Jewellery etc. (Registered activity) |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
Rajendra and Company Chartered Accountants |
|
Address : |
1311, Dalamal Tower 211, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFR1878D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates : |
·
Fine Jewellery (India) Limited, India (U99999MH1987PLC043293) ·
Fine Jewellery Gold Private Limited, India (U36912MH2011PTC211948) ·
FJIL Inc, United States ·
Fine Euro ·
M. Shashikant Exports Limited, India (U39912MH1979PLC020923) |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
INR 10/- each |
INR 200.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11319901 |
Equity Shares |
INR 10/- each |
INR 113.199 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
113.199 |
166.000 |
166.000 |
|
(b) Reserves and Surplus |
385.340 |
296.160 |
261.725 |
|
(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) |
498.539 |
462.160 |
427.725 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.116 |
1.914 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
1.356 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
11.084 |
8.597 |
8.778 |
|
Total Non-current
Liabilities (3) |
11.200 |
10.511 |
10.134 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short-term
borrowings |
588.009 |
583.646 |
549.031 |
|
(b) Trade
payables |
244.734 |
271.087 |
309.455 |
|
(c) Other
current liabilities |
23.899 |
29.521 |
21.990 |
|
(d) Short-term
provisions |
15.184 |
12.257 |
7.850 |
|
Total Current
Liabilities (4) |
871.826 |
896.511 |
888.326 |
|
|
|
|
|
|
TOTAL |
1381.565 |
1369.182 |
1326.185 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
98.797 |
105.376 |
102.492 |
|
(ii)
Intangible Assets |
32.247 |
36.556 |
24.378 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
15.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
1.755 |
1.397 |
0.000 |
|
(d)
Long-term loans and advances |
16.313 |
12.816 |
8.253 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
149.112 |
156.145 |
150.123 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
824.257 |
790.986 |
744.136 |
|
(c) Trade
receivables |
329.416 |
377.492 |
390.694 |
|
(d) Cash and
bank balances |
49.757 |
29.256 |
30.968 |
|
(e)
Short-term loans and advances |
29.023 |
15.303 |
10.264 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1232.453 |
1213.037 |
1176.062 |
|
|
|
|
|
|
TOTAL |
1381.565 |
1369.182 |
1326.185 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1793.154 |
1893.502 |
1663.742 |
|
|
Other Income |
9.763 |
10.750 |
29.402 |
|
|
TOTAL |
1802.917 |
1904.252 |
1693.144 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1362.914 |
1535.090 |
1337.152 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
68.638 |
(36.782) |
(33.208) |
|
|
Employee benefit expense |
146.076 |
150.822 |
145.792 |
|
|
Other expenses |
107.442 |
138.497 |
124.243 |
|
|
TOTAL |
1685.070 |
1787.627 |
1573.979 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
117.847 |
116.625 |
119.165 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
48.059 |
56.524 |
68.172 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
69.788 |
60.101 |
50.993 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
24.306 |
21.610 |
27.540 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
45.482 |
38.491 |
23.453 |
|
|
|
|
|
|
|
Less |
TAX |
9.103 |
4.055 |
3.596 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
36.379 |
34.436 |
19.857 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1767.472 |
1889.793 |
1691.740 |
|
|
TOTAL EARNINGS |
1767.472 |
1889.793 |
1691.740 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
3.78 |
3.15 |
2.07 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.434 |
0.745 |
0.000 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
88.392 |
28.056 |
108.762 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
80.675 |
26.075 |
101.866 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
67.05 |
72.77 |
85.71 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
5.44 |
5.02 |
4.26 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
65.54 |
64.46 |
84.47 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.14 |
0.15 |
0.16 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.90 |
0.82 |
0.84 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.63 |
0.66 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
1.18 |
1.27 |
1.28 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ NetWorth) |
|
1.75 |
1.94 |
2.08 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.26 |
0.31 |
0.33 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
2.45 |
2.06 |
1.75 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
2.03 |
1.82 |
1.19 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
2.63 |
2.52 |
1.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
7.30 |
7.45 |
4.64 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.41 |
1.35 |
1.32 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.47 |
0.47 |
0.49 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.36 |
0.34 |
0.32 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
5.20 |
3.53 |
3.31 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.41 |
1.35 |
1.32 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
166.000 |
166.000 |
113.199 |
|
Reserves & Surplus |
261.725 |
296.160 |
385.340 |
|
Net
worth |
427.725 |
462.160 |
498.539 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
1.914 |
0.116 |
|
Short term borrowings |
549.031 |
583.646 |
588.009 |
|
Current maturities of
long-term debts |
0.000 |
0.745 |
0.434 |
|
Total
borrowings |
549.031 |
586.305 |
588.559 |
|
Debt/Equity
ratio |
1.284 |
1.269 |
1.181 |
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 |
1663.742 |
1893.502 |
1793.154 |
|
|
|
13.810 |
(5.300) |
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 |
1663.742 |
1893.502 |
1793.154 |
|
Profit/ (Loss) |
19.857 |
34.436 |
36.379 |
|
|
1.19% |
1.82% |
2.03% |
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 |
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 |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
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 and Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector. This
follows the implementation of Basel III accord – a global voluntary regulatory
standard on bank capital adequacy, stress testing and market liquidity.
PERFORMANCE REVIEW:
During the early months of 2017, gold jewellery exports were adversely affected due to levy of import duty on gold used in making jewellery as well as duty on gold jewellery which was levied by United Arab Emirates. As a result, revenue from operations decreased from INR 1893.502 million as recorded during the FY 2015-16 to INR 1793.154 million during FY 2016-17 causing an effective decrease of 7% in the revenue during the year.
There has been a decline in business of Europe also due to levy of customs duty however the directors are of the view that the same is a short term phenomenon till the initial anxiety relating to custom duty regulations settles down and the customers are able to recalibrate their end prices to the end customer for factoring the increase in cost on account of custom duty.
Other income is mainly attributable to interest income including interest on sales tax refund, net exchange fluctuation gain on foreign currency transaction.
Despite the reduction in turnover, the company has been able to achieve better profitability due to the better risk management policies being followed by the company on the forex front and rigorous measures for controlling costs which has resulted into decline in Employee Cost, Finance Cost as well as Selling & Administrative overheads.
The Company has earned profit of INR 36.379 million during the year as compared to INR 34.436 million during the previous year 2015-16 at an EPS of INR 3.78 per share.
The directors are optimistic to achieve better results in the forthcoming years.
UNSECURED LOANS:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from others |
0.000 |
2.942 |
|
Total |
0.000 |
2.942 |
INDEX
OF CHARGES:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF
SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C15688500 |
10021493 |
STATE BANK OF INDIA |
04/09/2006 |
17/07/2014 |
- |
641000000.0 |
SEEPZ BRNACH, ANDHERI (EAST)MUMBAIMH400096IN |
|
2 |
G38333613 |
10588871 |
UNION BANK OF INDIA |
05/08/2015 |
- |
14/03/2017 |
15000000.0 |
OVERSEAS BRANCH, SEEPZ ++, 007 BLOCK NO.II,SEEPZ ++ COMPLEX, MAROL INDL. AREA, ANDHERI (E),MUMBAIMH400096IN |
|
3 |
C16822413 |
10325104 |
STATE BANK OF INDIA |
19/12/2011 |
- |
11/08/2014 |
35000000.0 |
SEEPZ BRANCH, ANDHERI (EAST),MUMBAIMH400096IN |
|
4 |
C15623705 |
80010893 |
STATE BANK OF INDIA |
18/03/2004 |
04/09/2006 |
11/08/2014 |
110000000.0 |
OFFSHORE BANKING UNIT, SEEPZ,MUMBAIMH400096IN |
|
5 |
B94014461 |
10087320 |
STATE BANK OF INDIA |
18/09/2007 |
07/03/2008 |
20/12/2013 |
43000000.0 |
OFFSHORE BANKING UNIT, NEW BANKING BUILDING,SEEPZ, ANDHERI (EAST)MUMBAIMH400096IN |
|
6 |
B89878706 |
80013741 |
STATE BANK OF INDIA |
04/09/2006 |
07/03/2008 |
16/11/2013 |
110000000.0 |
OFFSHORE BANKING UNIT, NEW BANKING BUILDING,SEEPZ, ANDHERI (EAST)MUMBAIMH400096IN |
|
7 |
B34006403 |
10249173 |
PUNJAB NATIONAL BANK |
17/09/2010 |
- |
09/02/2012 |
10000000.0 |
OFFSHORE BANKING UNITSEEPZ, ANDHERI (EAST),MUMBAIMH400096IN |
|
8 |
B34005496 |
10062828 |
PUNJAB NATIONAL BANK |
16/07/2007 |
- |
09/02/2012 |
6000000.0 |
OFFSHORE BANKING UNITSEEPZ, ANDHERI (EAST),MUMBAIMH400096IN |
|
9 |
B34006049 |
10075677 |
PUNJAB NATIONAL BANK |
24/10/2007 |
- |
09/02/2012 |
6000000.0 |
OFFSHORE BANKING UNITSEEPZ, ANDHERI (EAST),MUMBAIMH400096IN |
|
10 |
B31721905 |
10080673 |
UNION BANK OF INDIA |
08/12/2007 |
- |
02/02/2012 |
14400000.0 |
OVERSEA BRANCH, SEEPZ + +, UNIT 007, BLOCK NO. II,SEEPZ++ COMPLEX, MAROL INDUSTRIAL AREA, ANDHERI,MUMBAIMH400096IN |
FIXED ASSETS:
Tangible Assets
· Air Conditioners
· CC TV Camera
· Fire Fighting Equipments
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
·
Computer Equipments
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 63.92 |
|
|
1 |
INR 89.55 |
|
Euro |
1 |
INR 79.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
SWT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
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.