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|
%20PRIVATE%20LIMITED%20-%20492558_MIRA%2017-Feb-2018_files/image002.jpg){kind=small}
%20PRIVATE%20LIMITED%20-%20492558_MIRA%2017-Feb-2018_files/image004.jpg)
%20PRIVATE%20LIMITED%20-%20492558_MIRA%2017-Feb-2018_files/image006.gif)
MIRA
INFORM REPORT
|
Report No. : |
492558 |
|
Report Date : |
17.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
KGK DIAMONDS (I) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
DE-4011-4016, Tower D, 4th Floor, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra |
|
Tel. No.: |
91-22-40799999/ 40077777 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
01.10.2009 |
|
|
|
|
Com. Reg. No.: |
11-196167 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 292.620 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2009PTC196167 |
|
|
|
|
IEC No.: |
0388087684 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK7579A |
|
|
|
|
GSTIN : |
27AADCK7579A1ZF |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
(Registered activity)
(Confirmed by management) |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of KGK Group incorporated in the year 2009 having a satisfactory track record. The subject is engaged in manufacturing, exporting and trading of diamonds and diamond jewellery. For the financial year 2017, the company has achieved decent growth in its revenue as compared to previous year and has maintained low profit margin of 0.88% during the year. Rating takes into consideration, the satisfactory financial profile marked my adequate net worth base and average debt protection metrics. Rating further takes into account, the established track record and extensive experience of its promoters in the diamond industry. However rating strengths are partially offset by KGK group’s large working capital requirements, its exposure to intense competition in the industry resulting in its modest profitability margin and volatility in diamond prices and fluctuation in foreign exchange rates. Payments seems to be regular. In view of 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
08.01.2018 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
08.01.2018 |
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 17.02.2018
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Ujjwal |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-40799999 |
|
Date : |
16.03.2018 |
LOCATIONS
|
Registered/ Head Office: |
DE-4011-4016, Tower D, 4th Floor, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
Tel. No.: |
91-22-40799999/ 40077777 |
|
Fax No.: |
91-22-40799800/ 40077700 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Accounts and Admin Office : |
KGK Tower, 5th floor, Near Ekta Bhoomi Garden, Datta Pada
Road, Rajendra Nagar, Borivali (East), Mumbai-400066, Maharashtra,
India |
|
Tel. No.: |
91-22-28701501 |
|
Fax No.: |
91-22-28547666 |
|
|
|
|
Corporate Office : |
3rd Floor, KGK Tower II Dutta Pada Road, Near Ekta Bhoomi
Garden, Rajendra Nagar, Borivali (East), Mumbai-400066, Maharashtra, India |
|
|
|
|
Factory : |
4th Floor, Southern Portion, Plot 2 and 3, Purshottam Mill
Compound, A K Road, Surat-395008, Gujarat, India |
|
|
|
|
Sales Office : |
DE-5081, Tower D, Bharat Diamond House, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Navrattan Kothari |
|
Designation : |
Director |
|
Address : |
401, Khatau Condominium, 15-A, J. Mehta Marg, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
27.06.1942 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
01.10.2009 |
|
PAN No.: |
AACPK6149G |
|
DIN No.: |
00137063 |
|
|
|
|
Name : |
Mr. Sandeep Navrattan Kothari |
|
Designation : |
Director |
|
Address : |
Hoveniersstraat, 2 Suite No 529, Antwerpen 2018, Antwerp, NA, Belgium |
|
Date of Birth/Age : |
08.11.1971 |
|
Qualification : |
H.S.C |
|
Date of Appointment : |
01.10.2009 |
|
PAN No.: |
AADPK0011A |
|
DIN No.: |
00137694 |
|
|
|
|
Name : |
Mr. Vijesh Kumar Modi |
|
Designation : |
Director |
|
Address : |
502, B/Wing, 5th Floor, Adarsh Classic, Adarsh, Vihar Complex, Off Marve Road, Malad (West), Mumbai-400064, Maharashtra, India |
|
PAN No.: |
21.03.1967 |
|
Qualification : |
B. COM |
|
Date of Appointment : |
14.03.2015 |
|
|
AAIPM4967C |
|
DIN No.: |
02559106 |
KEY EXECUTIVES
|
Name : |
Ms. Dhara Prakash Jain |
|
Designation : |
Company Secretary |
|
Address : |
Pawapuri Sty., 'A' Wing, Floor No. 6, Flat No. 601, Seth Moti Shah Lane (Love Lane), Byculla, Mumbai-400010, Maharashtra, India |
|
Date of Birth/Age : |
04.12.1986 |
|
Date of Appointment : |
20.09.2010 |
|
PAN No.: |
ALNPJ0120E |
|
|
|
|
Name : |
Mr. Ujjwal |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Sandeep Kothari |
|
8000000 |
|
KGK Diajewels Private Limited, India |
|
3500000 |
|
Navrattan Kothari |
|
800000 |
|
Anila Kothari |
|
800000 |
|
Sanjay Kothari |
|
5913977 |
|
Manju Kothari |
|
934933 |
|
Preeti Kothari |
|
5800000 |
|
Precious Investment (HK) Limited, Hong Kong |
|
2990644 |
|
|
|
|
|
Total |
|
28739554 |
|
Names of Shareholder [6% fully convertible non-cumulative Preference
Shareholder] |
|
No. of Shares |
|
Precious Investment (HK) Limited, Hong Kong |
|
522453 |
|
|
|
|
|
Total |
|
522453 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2017
|
Category |
Percentage |
|
Promoters
– Individual/Hindu Undivided Family (Indian) |
53.58 |
|
Promoters
– Non-resident Indian (NRI) |
23.83 |
|
Promoters
– Body Corporate |
22.59 |
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20492558_MIRA%2017-Feb-2018_files/image008.gif)
BUSINESS DETAILS
|
Line of Business : |
(Registered activity)
(Confirmed by management) |
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Products : |
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|||||||||||||
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Brand Names : |
Not Divulged |
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|
Agencies Held : |
Not Divulged |
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|||||||||||||
|
Exports : |
|
|||||||||||||
|
Products : |
Polished Diamonds |
|||||||||||||
|
Countries : |
|
|||||||||||||
|
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|
|||||||||||||
|
Imports : |
|
|||||||||||||
|
Products : |
Rough and Raw Diamonds |
|||||||||||||
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Countries : |
|
|||||||||||||
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|||||||||||||
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Terms : |
|
|||||||||||||
|
Selling : |
Cash and Credit |
|||||||||||||
|
|
|
|||||||||||||
|
Purchasing : |
Cash and Credit (7-130 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
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Customers : |
Wholesalers
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
200 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Sudit K. Parekh and Company Chartered Accountants |
|
Address : |
Ballard House, 2nd Floor, Adi Marzban Path, Ballard Pier, Fort, Mumbai-400001, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFS4500P |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
U51900MH1984PTC032788 |
|
|
|
|
Subsidiary companies: |
· Alok Impex Private Limited, India U36911MH1989PTC051646 · Kothari Diamond Industries Private Limited, India U36912MH1989PTC054783 · KGK Gems Private Limited, India U36912MH2007PTC171061 · KGK Dia Processing Private Limited, India U67120MH1995PTC084439
U36912MH1988PTC049022 · KGK Innovative Private Limited, India U74900RJ1997PTC014154 · Sparkle Gems Inc., United States of America
|
|
|
|
|
Associate : |
· Jal Mahal Resorts Private Limited, India U55100MH2004PTC149500 |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38000000 |
Equity Shares |
INR 10/- each |
INR 380.000 Million |
|
2000000 |
Preference shares |
INR 10/- each |
INR 20.000 Million |
|
|
Total
|
|
INR 400.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28739554 |
Equity Shares |
INR 10/- each |
INR 287.395
Million |
|
522453 |
Preference shares |
INR 10/- each |
INR 5.225
Million |
|
|
Total
|
|
INR 292.620 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
292.620 |
292.620 |
292.620 |
|
(b) Reserves and Surplus |
3075.304 |
2885.828 |
2796.341 |
|
(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) |
3367.924 |
3178.448 |
3088.961 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a)
long-term borrowings |
1496.899 |
838.953 |
841.781 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long-term liabilities |
105.075 |
145.000 |
107.500 |
|
(d)
long-term provisions |
8.567 |
7.158 |
8.355 |
|
Total
Non-current Liabilities (3) |
1610.541 |
991.111 |
957.636 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short-term borrowings |
6243.280 |
6430.305 |
5966.899 |
|
(b) Trade payables |
3540.693 |
2228.657 |
1877.018 |
|
(c) Other current liabilities |
157.034 |
47.440 |
77.824 |
|
(d)
Short-term provisions |
2.290 |
1.066 |
0.952 |
|
Total
Current Liabilities (4) |
9943.297 |
8707.468 |
7922.693 |
|
|
|
|
|
|
TOTAL |
14921.762 |
12877.027 |
11969.290 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
656.267 |
717.990 |
778.354 |
|
(ii) Intangible Assets |
6.188 |
5.414 |
1.091 |
|
(iii) Tangible assets capital work-in-progress |
0.000 |
0.102 |
6.285 |
|
(iv) Intangible
assets under development |
0.000 |
1.285 |
0.326 |
|
(b)
Non-current Investments |
91.515 |
78.137 |
78.136 |
|
(c)
Deferred tax assets (net) |
12.796 |
10.853 |
10.748 |
|
(d) Long-term
loans and advances |
882.032 |
618.702 |
664.659 |
|
(e)
Other Non-current assets |
0.000 |
0.316 |
2.788 |
|
Total
Non-Current Assets |
1648.798 |
1432.799 |
1542.387 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.020 |
0.020 |
0.020 |
|
(b) Inventories |
6266.198 |
4831.867 |
4076.456 |
|
(c) Trade receivables |
6680.132 |
6335.031 |
6221.367 |
|
(d) Cash and bank balances |
184.373 |
73.404 |
82.155 |
|
(e) Short-term loans and advances |
118.961 |
195.231 |
41.163 |
|
(f) Other current assets |
23.280 |
8.675 |
5.742 |
|
Total Current Assets |
13272.964 |
11444.228 |
10426.903 |
|
|
|
|
|
|
TOTAL |
14921.762 |
12877.027 |
11969.290 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
21472.730 |
16065.951 |
16097.479 |
|
|
Other Income |
204.839 |
(64.394) |
102.021 |
|
|
TOTAL |
21677.569 |
16001.557 |
16199.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
12633.805 |
8921.047 |
10469.183 |
|
|
Purchases of
Stock-in-Trade |
7509.589 |
5478.385 |
4626.144 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(915.021) |
(248.237) |
(1030.102) |
|
|
Employee benefit expense |
171.069 |
232.336 |
217.752 |
|
|
CSR expenditure |
0.300 |
2.100 |
0.000 |
|
|
Other expenses |
1382.311 |
954.939 |
1016.603 |
|
|
TOTAL |
20782.053 |
15340.570 |
15299.580 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
895.516 |
660.987 |
899.920 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
527.356 |
427.000 |
578.795 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
368.160 |
233.987 |
321.125 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
73.137 |
83.423 |
96.671 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
295.023 |
150.564 |
224.454 |
|
|
|
|
|
|
|
Less |
TAX |
105.547 |
61.077 |
85.758 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
189.476 |
89.487 |
138.696 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
14624.648 |
12070.268 |
11116.685 |
|
|
TOTAL EARNINGS |
14624.648 |
12070.268 |
11116.685 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
12963.833 |
9356.149 |
9906.228 |
|
|
Components and spare
parts |
0.000 |
0.794 |
0.000 |
|
|
Capital Goods |
3.875 |
0.762 |
16.669 |
|
|
TOTAL IMPORTS |
12967.708 |
9357.706 |
9922.897 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
6.48 |
3.06 |
4.74 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
55.439 |
6.703 |
48.750 |
|
Net cash flows from (used in) operations |
269.549 |
392.761 |
582.637 |
|
Net cash flows from (used in) operating activities |
178.133 |
336.142 |
465.455 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average
Collection Days [Sundry Debtors
/ Income * 365] |
|
113.55 |
143.92 |
141.07 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
3.21 |
2.54 |
2.59 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
64.16 |
56.49 |
45.39 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.14 |
0.14 |
0.22 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
1.35 |
0.91 |
1.14 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio
[(Borrowing + Current Liabilities) / Total Assets] |
|
0.77 |
0.74 |
0.74 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
2.31 |
2.29 |
2.22 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
2.95 |
2.74 |
2.56 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.20 |
0.23 |
0.25 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
1.70 |
1.55 |
1.55 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
0.88 |
0.56 |
0.86 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
1.27 |
0.69 |
1.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
5.63 |
2.82 |
4.49 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio
[Current Assets / Current Liabilities] |
|
1.33 |
1.31 |
1.32 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.70 |
0.76 |
0.80 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.23 |
0.25 |
0.26 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
26.64 |
24.86 |
23.43 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.33 |
1.31 |
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 |
292.620 |
292.620 |
292.620 |
|
Reserves & Surplus |
2796.341 |
2885.828 |
3075.304 |
|
Net
worth |
3088.961 |
3178.448 |
3367.924 |
|
|
|
|
|
|
Long-term borrowings |
841.781 |
838.953 |
1496.899 |
|
Short term borrowings |
5966.899 |
6430.305 |
6243.280 |
|
Current maturities of
long-term debts |
48.750 |
6.703 |
55.439 |
|
Total
borrowings |
6857.430 |
7275.961 |
7795.618 |
|
Debt/Equity
ratio |
2.220 |
2.289 |
2.315 |
%20PRIVATE%20LIMITED%20-%20492558_MIRA%2017-Feb-2018_files/image010.gif)
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 |
16097.479 |
16065.951 |
21472.730 |
|
|
|
(0.196) |
33.654 |
%20PRIVATE%20LIMITED%20-%20492558_MIRA%2017-Feb-2018_files/image012.gif)
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 |
16097.479 |
16065.951 |
21472.730 |
|
Profit/ (Loss) |
138.696 |
89.487 |
189.476 |
|
|
0.86
% |
0.56
% |
0.88
% |
%20PRIVATE%20LIMITED%20-%20492558_MIRA%2017-Feb-2018_files/image014.gif)
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
|
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
292.620 |
|
(b) Reserves and Surplus |
|
|
2945.836 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
3238.456 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
1659.781 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long-term
liabilities |
|
|
12.711 |
|
(d) long-term
provisions |
|
|
17.671 |
|
Total Non-current
Liabilities (3) |
|
|
1690.163 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
|
6466.855 |
|
(b) Trade
payables |
|
|
3821.619 |
|
(c) Other
current liabilities |
|
|
241.922 |
|
(d) Short-term
provisions |
|
|
4.796 |
|
Total Current
Liabilities (4) |
|
|
10535.192 |
|
|
|
|
|
|
TOTAL |
|
|
15463.811 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
1526.321 |
|
(ii)
Intangible Assets |
|
|
16.027 |
|
(iii) Tangible assets
capital work-in-progress |
|
|
36.386 |
|
(iv)
Intangible assets under development |
|
|
1.285 |
|
(b) Non-current Investments |
|
|
245.182 |
|
(c) Deferred tax assets (net) |
|
|
24.328 |
|
(d)
Long-term loans and advances |
|
|
363.363 |
|
(e) Other
Non-current assets |
|
|
15.316 |
|
Total Non-Current
Assets |
|
|
2228.208 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.030 |
|
(b)
Inventories |
|
|
5722.743 |
|
(c) Trade
receivables |
|
|
7156.388 |
|
(d) Cash and
bank balances |
|
|
154.085 |
|
(e)
Short-term loans and advances |
|
|
200.027 |
|
(f) Other
current assets |
|
|
2.330 |
|
Total
Current Assets |
|
|
13235.603 |
|
|
|
|
|
|
TOTAL |
|
|
15463.811 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
|
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
|
17885.881 |
|
|
Other Income |
|
|
(93.294) |
|
|
TOTAL |
|
|
17792.587 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
|
8921.047 |
|
|
Purchases of
Stock-in-Trade |
|
|
6737.422 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
105.581 |
|
|
Employee benefit expense |
|
|
686.625 |
|
|
Other expenses |
|
|
572.604 |
|
|
TOTAL |
|
|
17023.279 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
|
769.308 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
481.438 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
287.870 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
135.897 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
151.973 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
58.770 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
|
93.203 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
3.185 |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS AND STATE
OF THE COMPANY’S AFFAIRS:
In F.Y. 2016-17, the Company’s revenue from operations increased by 33.65% approx from INR 16065.951Million in F.Y. 2015-16 to INR 21472.730 Million in F.Y. 2016-17. The overall revenue of the Company during the F.Y. 2016-17 consists of income from export and local sales of products i.e. Cut and polished diamonds and rough diamonds, income from providing Business Centre services and Export commission received. During F.Y. 2016-17, local sales of products of the Company have been increased by 71.61% approx i.e. INR 6804.100 Million in the F.Y. 2016-17 as compared to INR 3964.900 Million in the F.Y. 2015-16. There is increase in the income from export of products of the Company during F.Y. 2016-17 (INR 14630.300 Million) by 21.13% as compared to F.Y. 2015-16 (INR 12077.900 Million). Further during the current financial year 2016-17, gain on foreign exchange fluctuation (Net) is amounting to INR 149.700 Million as compared to loss on foreign exchange fluctuation amounting to INR 83.600 Million incurred during the previous financial year 2015-16. Further, there is increase in the income from providing Business Centre services during F.Y. 2016-17 (INR 38.300 Million) by 66.00% as compared to F.Y. 2015-16 (INR 23.100 Million). There is also increase in the amount of interest received during F.Y. 2016-17 (INR 34.200 Million) by 103.80% as compared to F.Y. 2015-16 (INR 16.800 Million).
The Profit before tax and profit after tax of the Company has also increased by approx 95.95% and 111.74% respectively for the F.Y. 2016-17 as compared to that for F.Y. 2015-16. During the year, there is cash inflow of INR 178.100 Million from operating activities as compared to INR 336.100 Million during the previous F.Y. 2015-16. The net cash inflow during the year stands at INR 3.758 Million as compared to net cash outflow of INR 2.23 Million during the previous F.Y. 2015-16.
Finance cost has increased by 23.50% i.e. from INR 427.000 Million in the F.Y. 2015-16 to INR 527.400 Million in F.Y. 2016-17 mainly due to increase in interest on borrowings. Secured Term loans (Long Term Borrowings) have been increased to INR 774.400 Million in F.Y. 2016-17 from INR 122.000 Million in F.Y. 2015-16. Unsecured Loans (Long Term Borrowings) consists of Loan from Related parties amounting to INR 722.500 Million as on 31st March, 2017 (INR 717.000 Million as on 31st March, 2016). Secured Working capital facilities from Bank (Short Term Borrowings) have been decreased to INR 6243.300 Million in F.Y. 2016-17 from INR 6430.300 Million in F.Y. 2015-16. Long term loans and advances have been increased to INR 882.000 Million in F.Y. 2016-17 from INR 618.700 Million in F.Y. 2015-16. The said Long term loans and advances inter alia consists of Loans to subsidiary amounting to INR 580.700 Million as on 31st March, 2017 (INR 289.600 Million as on 31st March, 2016),Other Inter-corporate Loans INR 224.700 Million as on 31st March, 2017 (INR 249.500 Million as on 31st March, 2016) and Loan to Employees INR 0.083 Million as on 31st March, 2017 (INR 0.229 Million as on 31st March, 2016). Trade payables increased to INR 3540.700 Million (F.Y.16-17) from INR 2228.700 Million (F.Y.15-16). Trade receivables increased to INR 6680.100 Million (F.Y.16-17) from INR 6335.000 Million (F.Y.15-16). Inventories as at 31st March, 2017 stands at INR 6266.200 Million as compared to INR 4831.900 Million as at 31st March, 2016. Net decrease in Property, Plant and Equipment during F.Y. 2016-17 amounts to INR 61.700 Million and net increase in Intangible assets during F.Y. 2016-17 amounts to INR 0.774 Million.
Lastly, there has been an increase in the net worth of the Company by an amount of INR 18.95 Million. It depicts that this year was a good year as compared to the last year, still the Directors have been working continuously for increasing the profits of the Company and for the future growth of the Company.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
276.705 |
271.205 |
|
Loans and advances from others |
445.766 |
445.766 |
|
|
|
|
|
Total |
722.471 |
716.971 |
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G05745138 |
100033246 |
ADITYA BIRLA FINANCE LIMITED |
13/06/2016 |
- |
- |
877500000.0 |
Indian Rayon Compound,VeravalGu362266IN |
|
2 |
C62410741 |
10544552 |
INDUSIND BANK LTD. |
29/12/2014 |
05/08/2015 |
- |
900000000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
|
3 |
G30126734 |
10501304 |
SOCIETE GENERALE |
26/05/2014 |
19/12/2016 |
- |
800000000.0 |
UPPER GROUND FLOOR, AMBADEEP BUILDING,14, KASTURBA GANDHI MARG,NEW DELHIDL110001IN |
|
4 |
C58962663 |
10483607 |
YES BANK LIMITED |
18/02/2014 |
30/06/2015 |
- |
500000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
5 |
G03186814 |
10372206 |
Standard Chartered Bank |
30/07/2012 |
28/04/2016 |
- |
1900000000.0 |
ABHIJEET II, GROUND FLOOR, NR MITHAKALI SIX ROADS,AHMEDABADAHMEDABADGJ380006IN |
|
6 |
C65785404 |
10359699 |
INDUSIND BANK LTD. |
21/05/2012 |
24/07/2015 |
- |
200000000.0 |
ONE INDIABULLS CENTRE, 8TH FLOOR, TOWER 1,841, SENAPATI BAPAT MARG, ELPHINSTONE ROAD (W)MUMBAIMH400013IN |
|
7 |
G62106141 |
10183308 |
INDUSIND BANK LTD. |
01/10/2009 |
27/10/2017 |
- |
6600000000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMa411001IN |
|
8 |
G01520766 |
10413331 |
ICICI BANK LIMITED |
27/02/2013 |
- |
07/04/2016 |
250000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
9 |
C40951105 |
10187035 |
Canara Bank |
01/10/2009 |
- |
02/01/2015 |
310000000.0 |
GROUND FLOOR, DALAMAL TOWERNARIMAN POINTMUMBAIMH400021IN |
|
10 |
C20560314 |
10248395 |
IDBI Bank Limited |
11/08/2010 |
- |
09/09/2014 |
200000000.0 |
224-A, WING, MITTAL COURTNARIMAN POINTMUMBAIMH400021IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees |
1574.708 |
1580.457 |
|
Other money for which company is contingently liable |
295.695 |
239.299 |
|
Total |
1870.403 |
1819.756 |
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Leasehold Improvements
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.
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 63.93 |
|
|
1 |
INR 89.55 |
|
Euro |
1 |
INR 79.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PON |
|
|
|
|
Analysis Done by
: |
NSG |
|
|
|
|
Report Prepared
by : |
KJL |
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 |
YES |
|
--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.