|
|
|
MIRA INFORM REPORT
|
Report No. : |
492115 |
|
Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
AMORE JEWELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No 3A, Pandit Motilal Nehru Marg, Behind Patel Alluminum, Itt Bhatt,
Goregaon (East), Mumbai – 400063, Maharashtra |
|
Tel. No.: |
91-22-28712088 / 40726673 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
17.05.2004 |
|
|
|
|
Com. Reg. No.: |
11-146334 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 15.432 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36910MH2004PTC146334 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0304018970 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA7184J |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAECA7184J1ZC |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, exporter and importer of diamond studded jewelry. [Registered activity and also
confirmed by management] |
|
|
|
|
No. of Employees
: |
325 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Amore Jewels Private Limited is a manufacturer, exporter and importer
of diamond studded jewellery. The company was incorporated in the year 2004 and
is based Mumbai, Maharashtra. It is an established company having good track
record. For the financial year ended 2017, the company has witnessed a growth
in its revenue and has reported profit margin at 1.84% (approximately). The company possesses sound financial profile marked by decent net
worth base along with negligible debt level and favourable gap between trade
payables to its trade receivables. However, the rating strength is partially offset by vulnerability to
fluctuations in gold and diamond prices and intense competition in the
industry. Trade relations are reported as fair. Business is active. Payment
terms are seems to be slow but correct. 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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= BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
21.03.2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating= A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
21.03.2017 |
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 20.02.2018
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
|
Name : |
Mr. Rajendra |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-40726673 |
|
Date : |
17.02.2018 |
LOCATIONS
|
Registered Office : |
Plot No. 3A, Pandit Motilal Nehru Marg, Behind Patel Alluminum, ITT
Bhatt, Goregaon (East), Mumbai – 400063, Maharashtra, India |
|
Tel. No.: |
91-22-28712088 / 40726673 (30 Lines) |
|
Fax No.: |
91-22-28723405 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
30000 sq. ft. |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory : |
Unit 16 SDF VII, SEEPZ-SEZ, Andheri (East), Mumbai – 400096,
Maharashtra, India |
|
Location : |
Leased |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Shantilal Bhanwarlal Barmecha |
||||||||||||
|
Designation : |
Managing Director |
||||||||||||
|
Address : |
501/503, Vinayak Heights, Nargis Dutt Road, Pali Hill, Bandra (West),
Mumbai – 400050, Maharashtra, India |
||||||||||||
|
Date of Birth/Age : |
25.01.1953 |
||||||||||||
|
Date of Appointment : |
01.04.2014 |
||||||||||||
|
DIN No.: |
00815282 |
||||||||||||
|
Other Directorship:
|
|||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Viral Shantilal Barmecha |
||||||||||||
|
Designation : |
Director |
||||||||||||
|
Address : |
501/503, Vinayak Heights, Nargis Dutt Road, Pali Hill, Bandra (West), Mumbai
– 400050, Maharashtra, India |
||||||||||||
|
Date of Birth/Age : |
11.06.1980 |
||||||||||||
|
Date of Appointment : |
25.09.2013 |
||||||||||||
|
DIN No.: |
00615720 |
||||||||||||
|
Other Directorship:
|
|||||||||||||
|
|
|
||||||||||||
|
Name : |
Mr. Bhavesh Sureshkumar Barmecha |
||||||||||||
|
Designation : |
Director |
||||||||||||
|
Address : |
24, Sunita, 98, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
||||||||||||
|
Date of Birth/Age : |
23.06.1979 |
||||||||||||
|
Date of Appointment : |
17.05.2004 |
||||||||||||
|
DIN No.: |
00633750 |
||||||||||||
|
Other Directorship:
|
|||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Rajendra |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Prakash Barmecha HUF |
|
100 |
|
Usha Barmecha |
|
100 |
|
Ashish Bokaria |
|
300 |
|
Bhavesh Barmecha |
|
6600 |
|
Bhavesh Barmecha HUF |
|
23000 |
|
Suresh Kumar Barmecha HUF |
|
31100 |
|
Shantilal Barmecha |
|
130900 |
|
Viral S. Barmecha |
|
185100 |
|
Divya Barmecha |
|
285894 |
|
Prem Barmecha |
|
288600 |
|
AAA Diamonds Private Limited, India |
|
591460 |
|
|
|
|
|
Total |
|
1543154 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2017
|
Category |
Percentage |
|
Promoters [Individual/Hindu Undivided
Family (Indian)] |
61.67 |
|
Promoters [Bodies
corporate] |
38.33 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, exporter and importer of diamond studded jewelry. [Registered activity and also
confirmed by management] |
||||||||
|
|
|
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|
Products / Services
: |
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||||||||
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|
||||||||
|
Brand Names : |
Not Available |
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|
||||||||
|
Agencies Held : |
Not Available |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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|
Terms : |
|||||||||
|
Selling : |
Cash and Credit [30 Days] |
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|
|
||||||||
|
Purchasing : |
Cash and Credit [30 Days] |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
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|
Customers : |
Retailers, End Users
|
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|
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|
No. of Employees : |
325 (Approximately) |
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|
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Bankers : |
|
||||||||||||||||||||||
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||||||||||||||||||||||
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Facilities : |
|
|
Auditors : |
|
|
Name : |
R. Lodha and Associates Chartered Accountant |
|
Address : |
75/79,
Old Hanuman Lane, 2nd Floor, R.N.25, Kalbadevi Road, Mumbai –
400002, Maharashtra, India |
|
PAN No.: |
AABPL2344R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
· AAA Diamonds Private Limited, India [U51398MH2005PTC151625] · Impex Diamonds, India · Shri Bhavesh Barmecha (HUF) · S.V. Diamonds (Prop: Shri Shantilal Barmecha HUF), India · V.V. Diamonds (Prop: Shri Viral Barmecha HUF), India |
CAPITAL STRUCTURE
AS ON 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
INR 10/- each |
INR 20.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1543154 |
Equity Shares |
INR 10/- each |
INR 15.432 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 |
15.432 |
15.432 |
15.432 |
|
(b) Reserves & Surplus |
526.023 |
480.160 |
411.170 |
|
(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) |
541.455 |
495.592 |
426.602 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
1.819 |
|
(b) Deferred tax liabilities (Net) |
2.328 |
2.255 |
2.631 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2.328 |
2.255 |
4.450 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
454.025 |
353.493 |
401.845 |
|
(b) Trade
payables |
509.571 |
604.465 |
786.621 |
|
(c) Other current
liabilities |
2.824 |
3.953 |
2.990 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
966.420 |
961.911 |
1191.456 |
|
|
|
|
|
|
TOTAL |
1510.203 |
1459.758 |
1622.508 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
151.323 |
131.594 |
132.973 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
151.323 |
131.594 |
132.973 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
584.017 |
498.676 |
696.008 |
|
(c) Trade
receivables |
723.463 |
771.403 |
746.485 |
|
(d) Cash
and cash equivalents |
4.835 |
7.649 |
11.345 |
|
(e)
Short-term loans and advances |
46.565 |
50.436 |
35.697 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1358.880 |
1328.164 |
1489.535 |
|
|
|
|
|
|
TOTAL |
1510.203 |
1459.758 |
1622.508 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2486.033 |
2420.951 |
2541.568 |
|
|
Other Income |
0.215 |
0.303 |
0.199 |
|
|
TOTAL |
2486.248 |
2421.254 |
2541.767 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2233.908 |
1939.904 |
2583.096 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(83.772) |
160.839 |
(319.366) |
|
|
Employee benefit expense |
103.630 |
88.388 |
66.368 |
|
|
CSR expenditure |
3.600 |
0.000 |
0.000 |
|
|
Other expenses |
108.722 |
101.854 |
90.983 |
|
|
TOTAL |
2366.088 |
2290.985 |
2421.081 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
120.160 |
130.269 |
120.686 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
45.859 |
47.661 |
37.969 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
74.301 |
82.608 |
82.717 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
10.777 |
11.234 |
12.583 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
63.524 |
71.374 |
70.134 |
|
|
|
|
|
|
|
Less |
TAX |
17.661 |
2.384 |
(8.901) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
45.863 |
68.990 |
79.035 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
29.72 |
44.71 |
51.22 |
Expected Sales (2017-2018): INR 3000.000 Million (Due to business
growth)
The above information has been parted by Mr. Rajendra (Accountant)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
1.820 |
1.808 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(55.252) |
59.090 |
(112.687) |
|
Net cash flows from (used in) operating activities |
(40.217) |
89.053 |
(81.118) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
106.22 |
116.30 |
107.20 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.44 |
3.14 |
3.40 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
83.26 |
113.73 |
111.15 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.21 |
0.26 |
0.17 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.79 |
0.99 |
0.91 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.64 |
0.66 |
0.74 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.84 |
0.72 |
0.95 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.78 |
1.94 |
2.79 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.28 |
0.27 |
0.31 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.62 |
2.73 |
3.18 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
1.84 |
2.85 |
3.11 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.04 |
4.73 |
4.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
8.47 |
13.92 |
18.53 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.41 |
1.38 |
1.25 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.80 |
0.86 |
0.67 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.36 |
0.34 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
29.42 |
23.02 |
26.27 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.41 |
1.38 |
1.25 |
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 |
15.432 |
15.432 |
15.432 |
|
Reserves & Surplus |
411.170 |
480.160 |
526.023 |
|
Net
worth |
426.602 |
495.592 |
541.455 |
|
|
|
|
|
|
Long-term borrowings |
1.819 |
0.000 |
0.000 |
|
Short term borrowings |
401.845 |
353.493 |
454.025 |
|
Current maturities of
long-term debts |
1.808 |
1.820 |
0.000 |
|
Total
borrowings |
405.472 |
355.313 |
454.025 |
|
Debt/Equity
ratio |
0.950 |
0.717 |
0.839 |
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 |
2541.568 |
2420.951 |
2486.033 |
|
|
|
(4.746) |
2.688 |
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 |
2541.568 |
2420.951 |
2486.033 |
|
Profit/ (Loss) |
79.035 |
68.990 |
45.863 |
|
|
3.11
% |
2.85
% |
1.84
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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% |
Yes |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
REVIEW OF OPERATIONS:
During the year, the company has profit of INR 45.863 million as against profit of INR 68.990 million in the previous year. The company is undertaking active efforts towards accelerating the growth speed and is optimistic about better performance in the future.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C63761365 |
10257982 |
INDUSIND BANK LIMITED |
07/12/2010 |
24/07/2015 |
- |
600000000.0 |
ONE INDIABULLS CENTRE, 8TH FLOOR, TOWER 1,841, SENAPATI BAPAT MARG, ELPHINSTONE ROAD (W) MUMBAI MH400013IN |
|
2 |
B01986637 |
10004830 |
BANK OF INDIA |
24/04/2006 |
28/09/2010 |
30/12/2010 |
180000000.0 |
BULLION EXCHANGE BRANCH,185 SHEIKH MEMON STEET ZAVERI BAZAR, MUMBAI MH400002IN |
|
3 |
B01987106 |
10016345 |
BANK OF INDIA |
10/08/2006 |
28/09/2010 |
30/12/2010 |
180000000.0 |
BULLION EXCHANGE BRANCH,185 SHEIKH MEMON STEET ZAVERI BAZAR, MUMBAI MH400002IN |
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
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.
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 63.91 |
|
|
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHK |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
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.