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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

485311

Report Date :

12.01.2018

 

IDENTIFICATION DETAILS

 

Name :

DIAMOND INDIA LIMITED

 

 

Registered Office :

2/A Laxmi Towers, 2nd Floor, G Block Behind ICICI Bank ,BKC, Bandra East, Mumbai – 400051, Maharashtra

Tel. No.:

91-22-23875090/23865090

 

 

Country :

India

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

16.12.2002

 

 

Com. Reg. No.:

11-138275

 

 

Capital Investment / Paid-up Capital :

INR 114.102 Million

 

 

CIN No.:

[Company Identification No.]

U36911MH2002PLC138275

 

 

IEC No.:

Not Divulged

 

 

GSTIN/UIN:

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCD8377R

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in imports and supplies precious metals to jewellery manufacturers and exporters. It is engaged in sourcing rough diamonds from mining companies and selling it directly to the manufacturers and industries in India. The company also offers gold/silver coins to manufactures; and gold/silver coins to the public at major centres.  (Registered Activity and also from Indirect Source).

 

 

No. of Employees :

Information denied by the management

 

 

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

 

Maximum Credit Limit :

USD 4000000

 

 

Status :

Good

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Diamond India Limited was incorporated in the year 2002. It is engaged in manufacturing, cleaving, cutting and polishing of Industrial Diamonds, Precious and Semi-Precious diamonds.

 

For the financial year 2016, the company has achieved 53.28% growth in its revenue as compared to previous year revenue but has reported low profit margin of 0.03%.

 

The sound financial profile of the company is marked by adequate networth base and favourable gap between trade payables and trade receivables along with negligible debt level.

 

However, rating strengths are partially offset by stretched working capital cycle and presence in a highly fragmented and competitive diamond industry.

 

Business is active. Payments are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

 

Note: As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

 

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

ICRA

Rating

Bank Loans = BBB

Rating Explanation

Moderate degree of safety and moderate 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 11.01.2018

 

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

 

(91-22-23875090) – Ringing

 

(91-22-61669802) – Management non co-operative

 

LOCATIONS

 

Registered Office :

2/A Laxmi Towers, 2nd Floor, G Block Behind ICICI Bank ,BKC, Bandra East, Mumbai – 400051, Maharashtra

Tel. No.:

91-22-23875090/23865090

Fax No.:

91-22-23875095

E-Mail :

info@diamondindia.net

pramal42@hotmail.com

rough@diltd.in

accounts@diamondindia.net

Website :

http://www.diamondindia.net

 

 

Corporate/ Surat Office :

Plot No.12/13/14 1st Floor, Mira Nagar, Near Lok Samarpan, Blood Bank, Mini Bazar, Varachha Road. Surat – 395006, Gujarat, India

Tel. No.:

91-261-2567710

Fax No.:

91-261-2567709

E-Mail :

sdasurat@yahoo.co.in

 

 

Overseas Office :

Dubai

 

Emirates Tower, Level 41, Sheikh Zyed Road, Dubai UAE

 

Branch Office:

81, Pariseema Complex, Nr Lal Bunglow, C.G. Road, Ahmedabad – 380006, India

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Nilesh Navinchandra Shah

Designation :

Director

Address :

16-B, Lands End, 29-D, Dongershi Road, Mumbai-400006, Maharashtra, India

Date of Birth/Age :

05.06.1956

Date of Appointment :

1612.2002

PAN No.:

ALCPS8522J

DIN No.:

00515643

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U65999MH2006PTC163129

BULK DIAMONDS PRIVATE LIMITED

30/03/2007

-

U65929MH2017PLC302670

PRECIOUS FINSERVE INDIA LIMITED

11/12/2017

-

 

 

Name :

Mr. Jay Mahendra Parikh

Designation :

Director

Address :

D-184, Tahnee Heights, 18th Floor, Petit Hall, 66, Nepean Sea Road, Mumbai -400006, Maharashtra, India

Date of Appointment :

08.12.2017

DIN No.:

00085095

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U67190MH2010PTC209378

MAP FOREX EXIM PRIVATE LIMITED

24/10/2010

-

 

 

Name :

Mrs. Suman Dnyaneshwar Veturkar

Designation :

Director

Address :

D/201, Gokul Tower, Thakur Complex, W.E.Highway, Kandivali (East), Mumbai – 400101, Maharashtra, India

Date of Appointment :

24.07.2015

DIN No.:

07243226

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U65929MH2017PLC302670

PRECIOUS FINSERVE INDIA LIMITED

13/12/2017

-

 

 

Name :

Mr. Dilip Sitapchand Dalal

Designation :

Director

Address :

207,Enterprise Apartments Forjeti Hill Road, Opposite Bhatia Hospital, Mumbai -400036, Maharashtra, India

Date of Appointment :

16.03.2016

DIN No.:

07481824

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U65929MH2017PLC302670

PRECIOUS FINSERVE INDIA LIMITED

11/12/2017

-

 

 

Name :

Mr. Praveen Shankar Pratap Shankar Pandya

Designation :

Director

Address :

132/ 333,13th Floor, Tahnee Heights, Petit Hall 66, Nepean Sea Road,, Mumbai – 400036, Maharashtra, India

Date of Birth/Age :

10.04.1950

Date of Appointment :

16.12.2002

PAN No.:

AAFPP4029B

DIN No.:

00316843

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U99100MH1966GAP013486

THE GEM AND JEWELLERY EXPORT PROMOTION COUNCIL

16/10/2015

-

U25202MH1985PLC036120

SHANKAR PACKAGINGS LIMITED

06/05/1985

-

U36912MH1989PLC054800

SHANKAR JEWELS LIMITED

29/12/1989

-

U36911MH1995PLC087127

REVASHANKAR GEMS LIMITED

03/04/1995

-

U36912MH2000PLC123669

SHANGOLD INDIA LIMITED

17/01/2000

-

U99999MH2006PTC159430

SHANKAR REALTY PRIVATE LIMITED

01/02/2006

-

U85300DL2008NPL181612

NATIONAL SKILL DEVELOPMENT CORPORATION

27/09/2016

-

U65999MH2006PTC163129

BULK DIAMONDS PRIVATE LIMITED

17/07/2006

-

U74999MH2015NPL268347

INDIA DIAMOND TRADING CENTRE

24/10/2016

-

U65929MH2017PLC302670

PRECIOUS FINSERVE INDIA LIMITED

11/12/2017

-

 

 

Name :

Mr. Sudhir Rasiklal Mehta

Designation :

Director

Address :

SU-Shilp, P-25, B-G Kher Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

12.08.1948

Date of Appointment :

09.09.2006

PAN No.:

AABPM9701F

DIN No.:

00425037

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U45202MH1982PTC028814

ANAND SHYAM ESTATES DEVELOPERS PVT LTD

30/09/2004

-

U93090MH2008PTC179214

MY SCREEN MOBILE (INDIA) PRIVATE LIMITED

21/02/2008

-

U74999MH2008PTC185390

GRANDIOSE FERRUM PRIVATE LIMITED

04/08/2008

-

U74210MH2009PTC196935

GIVE REALTY PRIVATE LIMITED

09/11/2009

-

U70200DL2010PTC200387

ORANGE SQUARE REALTY PRIVATE LIMITED

16/09/2011

-

U40101MH2010PTC201148

SURYA CHAITANYA POWER PRIVATE LIMITED

23/03/2010

-

U40101MH2010PTC201135

SANJIVANI URJA POWER PRIVATE LIMITED

22/03/2010

-

U91120MH2005PLC157427

PALANPUR COMMUNITY FOUNDATION

21/11/2005

-

U45201MH2007PTC173573

GRANDIOSE INFRASTRUCTURE VENTURE ENTERPRISES PRIVATE LIMITED

28/08/2007

-

 

 

Name :

Mr. Sanjay Jayantilal Bhansali

Designation :

Director

Address :

1502, Nepean House, 85- A, Nepean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

14.11.1962

Date of Appointment :

09.09.2006

DIN No.:

00773177

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U45202MH2008PTC177495

NEESHE INFRASTRUCTURE PRIVATE LIMITED

07/01/2008

-

U45400MH2013PTC241681

GALAXY INFRAHEIGHTS PRIVATE LIMITED

13/07/2015

-

U45400DL2013PTC252885

GALAXY ECOHOMES PRIVATE LIMITED

23/09/2015

-

U45400DL2015PTC283195

VERVE COLONISERS PRIVATE LIMITED

31/12/2016

-

U45400DL2015PTC283196

LANTANA INFRAPROJECTS PRIVATE LIMITED

28/12/2016

-

U45400DL2015PTC283678

BIGWORD INFRAPROJECTS PRIVATE LIMITED

31/12/2016

-

U45400DL2015PTC283759

DHAROHAR HEIGHTS PRIVATE LIMITED

31/12/2016

-

U45400DL2016PTC291160

GLD INFRAPROJECTS PRIVATE LIMITED

26/10/2016

-

U45209DL2016PTC298153

FASTIDIOUS BUILDMART PRIVATE LIMITED

23/09/2017

-

U65929MH2017PLC302670

PRECIOUS FINSERVE INDIA LIMITED

13/12/2017

-

 

 

Name :

Mr. Milan Tanvir Chokshi

Designation :

Director

Address :

112, Laxmi Villas Co-op Hosing Society Limited, 11th Floor, 87, Nepean Sea Road, Mumbai- 400006, Maharashtra, India

Date of Birth/Age :

19.01.1976

Date of Appointment :

27.09.2008

DIN No.:

00139380

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U36910MH1995PLC092679

TANVIRKUMAR DIAMONDS LIMITED

01/04/2012

-

U65929MH2017PLC302670

PRECIOUS FINSERVE INDIA LIMITED

11/12/2017

-

 

 

Name :

Mr. Suresh Chimanlal Shah

Designation :

Director

Address :

15-A,Ridge Road, South Wing, 2 /18, Bay View, Mumbai- 400006, Maharashtra, India

Date of Birth/Age :

18.10.1952

Date of Appointment :

27.09.2008

DIN No.:

00412576

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U51909WB2004PTC099781

ALLWORTH TRADERS PRIVATE LIMITED

24/01/2006

-

U52100WB2010PTC143542

ELLISBRIDGE TRADING PRIVATE LIMITED

10/12/2012

-

U93000MH2010PTC208671

AYURISH EXPORTS PRIVATE LIMITED

26/11/2013

-

U36912MH2011PTC218987

TWINKLE DIAMOND EXPORTS PRIVATE LIMITED

22/06/2011

-

U74120MH2014PTC255154

PANAROMIC DIAMOND JEWELLERY PRIVATE LIMITED

29/03/2014

-

U36910MH2003PTC141108

TWINKLE DIAMOND JEWELLERY (INDIA) PRIVATE LIMITED

30/06/2003

-

U65929MH2017PLC302670

PRECIOUS FINSERVE INDIA LIMITED

11/12/2017

-

 

 

Name :

Mr. Mehul Navinchandra Shah

Designation :

Director

Address :

121, Ashok Apartment, 68, Nepean Sea Road, Rungta Lane, Mumbai- 400006, Maharashtra, India

Date of Birth/Age :

05.07.1960

Date of Appointment :

27.09.2008

DIN No.:

00368819

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U36900MH1987PTC044857

STAR BRILLIAN PVT LTD

01/10/1987

-

U45200MH1989PTC054637

NAVSHILA ESTATES AND INVESTMENTS PRIVATE LIMITED

15/12/1989

-

U75111MH1993PTC075111

NAVSHILA DIAMOND MANUFACTURING PRIVATE LIMITED

12/11/1993

-

U36912MH1994PLC080017

STAR BRILLIAN JEWELLERY LIMITED

02/08/1994

-

U51900MH1973NPL017093

DIAMOND EXPORTERS ASSOCIATION LIMITED

06/12/2008

-

U51398MH1984NPL033787

BHARAT DIAMOND BOURSE

28/09/2006

-

U34300MH1947GAP005941

MALABAR HILL CLUB LIMITED

24/09/2008

-

U01403MH2007PTC169525

NAVSHILA AGRO PRIVATE LIMITED

02/04/2007

-

U36910GJ2009PTC057240

ARTISTIC EXPORTS PRIVATE LIMITED

12/06/2009

-

U36910MH2005PTC150485

CONSTAR JEWELS PRIVATE LIMITED

10/03/2005

-

U74990MH2005PTC150493

SHARP LAB AND ASSAYING PRIVATE LIMITED

10/03/2005

-

U74999MH2015NPL268347

INDIA DIAMOND TRADING CENTRE

11/09/2015

-

U01100MH2016PTC287283

ALFONSOAGRO PRIVATE LIMITED

31/10/2016

-

U65929MH2017PLC302670

PRECIOUS FINSERVE INDIA LIMITED

11/12/2017

-

 

 

Name :

Mr. Dilip Shah

Designation :

Director

Address :

902/A, Chandanbal, R. R. Thakkar Marg, Walkeshwar, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

06.01.1963

Date of Appointment :

28.09.2010

DIN No.:

00147262

Other Directorship:

CIN/FCRN

COMPANY NAME

BEGIN DATE

END DATE

U99100MH1966GAP013486

THE GEM AND JEWELLERY EXPORT PROMOTION COUNCIL

16/10/2015

-

U52393MH2006PTC162664

VEER JEWELS PRIVATE LIMITED

16/06/2006

-

U27205MH2006PTC164245

AKS JEWELS PRIVATE LIMITED

01/09/2006

-

U26999MH2016PTC287771

ADAMANTINE POLISHING WORK PRIVATE LIMITED

18/11/2016

-

U26912MH2016PTC287873

NARMADA DIAMOND WORKS PRIVATE LIMITED

23/11/2016

-

 

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2017

 

SHAREHOLDING FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 01.09.2017

 

Category

Percentage

Promoters- Individual/Hindu Undivided Family- Indian

10.33

Public/Other than promoters- Individual/Hindu Undivided Family- Indian

32.56

Public/Other than promoters - Body corporate

57.11

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in imports and supplies precious metals to jewellery manufacturers and exporters. It is engaged in sourcing rough diamonds from mining companies and selling it directly to the manufacturers and industries in India. The company also offers gold/silver coins to manufactures; and gold/silver coins to the public at major centres.  (Registered Activity and also from Indirect Source).

 

 

Products / Services :

Name and Description of main products / services

NIC Code of the Product/service

Rough Diamonds

32112

Precious Metals

32112

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

Information denied by the management

 

 

Bankers :

Banker Name :

Not Divulged

Branch :

 

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

 

Facilities :

(INR In Million)

SECURED LOAN

As on

31.03.2016

As on

31.03.2015

SHORT TERM BORROWING

 

 

Working capital loans from banks

(Bank Overdraft and Preshipment PC Loan are secured against hypothecation of inventories, Fixed Deposits and Book Debts)

671.253

1256.354

Total

671.253

1256.354

 

 

Auditors :

 

Name :

Rajendra and Company

Chartered Accountants

Address :

Mumbai, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFR1878

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associate:
  • Bulk Diamonds Private Limited – [U65999MH2006PTC163129]
  • Colourjewels India Limited  [U36996MH2012PLC233853]

 

 

Subsidiary company:
  • Diamond India DMCC, United Arab Emirates

 

 

Others:
  • Diamond India (Singapore) Pte Limited

 

 

 

 

Enterprises which are owned, or have significant influence of or are partners with Key

Management personnel and their relatives:
  • Vishinda Diamonds
  • Constar Jewels Private Limited – [U36910MH2005PTC150485]
  • Revashankar Gems Limited – [U36911MH1995PLC087127]
  • Bhansali Diamonds
  • Twinkle Diamonds
  • Diamond India Corporations

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2016

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000000

Equity Shares

INR 10/- each

INR 250.000 Million

 

 

 

 

 

Issued, Subscribed Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

22765887

Equity Shares

INR 10/- each

INR 227.659 Million

 

 

 

 

 

 

Subscribed, Paid up capital

No. of Shares

Type

Value

Amount

 

 

 

 

54580

Equity Shares

INR 10/- each

INR 0.546 Million

22711307

Equity Shares

INR 5/- each

INR 113.556 Million

 

Total

 

INR 114.102 Million

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2016

31.03.2015

31.03.2014

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

114.102

114.102

114.102

(b) Reserves and Surplus

1282.065

1281.700

1245.118

(c) Money received against share warrants

0.000

0.000

0.000

(d) Minority interest

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

1396.167

1395.802

1359.220

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long-term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.559

0.446

0.551

Total Non-current Liabilities (3)

0.559

0.446

0.551

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short-term borrowings

671.253

1256.354

1378.401

(b) Trade payables

183.432

3.468

2.263

(c) Other current liabilities

175.338

94.314

56.245

(d) Short-term provisions

30.796

41.192

20.288

Total Current Liabilities (4)

1060.819

1395.328

1457.197

 

 

 

 

TOTAL

2457.545

2791.576

2816.968

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5.677

0.988

2.084

(ii) Intangible Assets

0.179

0.121

0.373

(iii) Tangible assets 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

2.492

2.492

2.492

(c) Deferred tax assets (net)

1.798

1.468

0.239

(d) Long-term loans and advances

21.434

43.749

20.214

(e) Other Non-current assets

10.000

114.200

0.200

Total Non-Current Assets

41.580

163.018

25.602

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

6.874

189.265

183.990

(b) Inventories

804.652

1280.094

1736.092

(c) Trade receivables

457.557

545.900

201.412

(d) Cash and bank balances

646.067

512.310

627.165

(e) Short-term loans and advances

1.451

0.738

6.553

(f) Other current assets

499.364

100.251

36.154

Total Current Assets

2415.965

2628.558

2791.366

 

 

 

 

TOTAL

2457.545

2791.576

2816.968

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2016

31.03.2015

31.03.2014

 

SALES

 

 

 

 

Total Revenue from operations

64246.804

41912.423

26788.640

 

Other Income

53.155

66.450

52.204

 

TOTAL

64299.959

41978.873

26840.844

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

0.000

0.380

2.708

 

Purchases of Stock-in-Trade

63645.310

41317.857

26790.537

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

475.443

455.997

(166.347)

 

Employee benefit expense

18.419

14.908

8.914

 

Other expenses

66.092

43.146

26.288

 

TOTAL

64205.264

41832.288

26662.100

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

94.695

146.585

178.744

 

 

 

 

 

Less

FINANCIAL EXPENSES

64.234

69.012

85.013

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

30.461

77.573

93.731

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

0.883

1.098

0.668

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

29.578

76.475

93.063

 

 

 

 

 

Less

TAX

8.614

18.771

29.188

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

20.964

57.704

63.875

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

2025.086

3132.729

2763.722

 

TOTAL EARNINGS

2025.086

3132.729

2763.722

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

63991.786

41076.211

25124.442

 

TOTAL IMPORTS

63991.786

41076.211

25124.442

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

0.921

2.535

6.300

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2016

31.03.2015

31.03.2014

Current Maturities of Long term debt

0.000

0.000

0.000

Cash generated from operations

572.380

65.296

(30.295)

Net cash flows from (used in) operations

576.153

40.470

(98.987)

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Average Collection Days

(Sundry Debtors / Income * 365 Days)

2.60

4.75

2.74

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

140.41

76.78

133.00

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

1.05

0.03

0.03

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.12

0.11

0.10

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

16.17

132.18

72.75

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.43

0.50

0.52

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.48

0.90

1.01

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.76

1.00

1.07

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.00

0.00

0.00

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

1.47

2.12

2.10

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2016

31.03.2015

31.03.2014

Net Profit Margin

((PAT / Sales) * 100)

%

0.03

0.14

0.24

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

0.85

2.07

2.27

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

1.50

4.13

4.70

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2016

31.03.2015

31.03.2014

Current Ratio

(Current Assets / Current Liabilities)

2.28

1.88

1.92

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.52

0.97

0.72

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.57

0.50

0.48

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

5.88

11.01

12.08

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

2.28

1.88

1.92

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Share Capital

114.102

114.102

114.102

Reserves & Surplus

1245.118

1281.700

1282.065

Net worth

1359.220

1395.802

1396.167

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

1378.401

1256.354

671.253

Total borrowings

1378.401

1256.354

671.253

Debt/Equity ratio

1.014

0.900

0.481

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

26788.640

41912.423

64246.804

 

0.000

56.456

53.288

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2014

31.03.2015

31.03.2016

 

(INR In Million)

(INR In Million)

(INR In Million)

Sales

26788.640

41912.423

64246.804

Profit/ (Loss)

63.875

57.704

20.964

 

0.24 %

0.14 %

0.03 %

 

 

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2016

31.03.2015

I.              EQUITY AND LIABILITIES

 

 

(1)Shareholders' Funds

 

 

(a) Share Capital

114.102

114.102

(b) Reserves and Surplus

1789.786

1757.967

(c) Money received against share warrants

0.000

0.000

(d) Minority interest

0.000

0.000

 

 

 

(2) Share Application money pending allotment

0.000

0.000

Total Shareholders’ Funds (1) + (2)

1903.888

1872.069

 

 

 

(3) Non-Current Liabilities

 

 

(a) long-term borrowings

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

(c) Other long-term liabilities

0.000

0.000

(d) long-term provisions

0.559

0.446

Total Non-current Liabilities (3)

0.559

0.446

 

 

 

(4) Current Liabilities

 

 

(a) Short-term borrowings

671.253

1256.354

(b) Trade payables

183.432

3.468

(c) Other current liabilities

175.604

97.238

(d) Short-term provisions

30.796

41.192

Total Current Liabilities (4)

1061.085

1398.252

 

 

 

TOTAL

2965.532

3270.767

 

 

 

II.            ASSETS

 

 

(1) Non-current assets

 

 

(a) Fixed Assets

 

 

(i) Tangible assets

5.677

0.988

(ii) Intangible Assets

0.179

0.121

(iii) Tangible assets capital work-in-progress

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

(b) Non-current Investments

0.300

0.300

(c) Deferred tax assets (net)

1.798

1.468

(d) Long-term loans and advances

21.434

43.749

(e) Other Non-current assets

10.000

114.200

Total Non-Current Assets

39.388

160.826

 

 

 

(2) Current assets

 

 

(a) Current investments

6.874

189.265

(b) Inventories

804.652

1280.094

(c) Trade receivables

485.681

796.486

(d) Cash and bank balances

1127.644

742.459

(e) Short-term loans and advances

1.296

0.534

(f) Other current assets

499.997

101.103

Total Current Assets

2926.144

3109.941

 

 

 

TOTAL

2965.532

3270.767

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

31.03.2016

31.03.2015

 

SALES

 

 

 

Total Revenue from operations

65354.777

43636.196

 

Other Income

57.372

66.450

 

TOTAL

65412.149

43702.646

 

 

 

 

Less

EXPENSES

 

 

 

Cost of Materials Consumed

0.000

0.380

 

Purchases of Stock-in-Trade

64751.337

43032.962

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

475.443

455.997

 

Employee benefit expense

20.031

16.440

 

Other expenses

67.875

45.529

 

TOTAL

65314.686

43551.308

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

97.463

151.338

 

 

 

 

Less

FINANCIAL EXPENSES

64.234

69.012

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

33.229

82.326

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

0.883

1.098

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

32.346

81.228

 

 

 

 

Less

TAX

8.614

18.771

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

23.732

62.457

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

1.042

2.743

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

No

8

Designation of contact person

No

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

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)

No

16

No. of employees

No

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

Note: Registered office of the company has been shifted from “322, Panchratnaopera House, Mumbai – 400004, Maharashtra India” to the present address w.e.f.03.10.2006

 

SEGMENT REPORTING:

 

The Company has identified three reportable segments viz. Diamond, Precious Metal and National Games(NGS). Segments have been identified and reported taking into account nature of products and services, the differing risks and returns and the internal business reporting systems. The accounting policies adopted for segment reporting are in line with the accounting policy of the Company with following additional policies for segment reporting.

 

OPERATIONAL REVIEW AND STATE OF COMPANY'S AFFAIRS:

 

During the year under review the Company achieved a Turnover of INR 64228.800 Million by selling 947,310.25 carats of Rough Diamonds 14.512 tonnes of gold bars, 645.763 tonnes of silver bars, 693.49 kgs. of silver coins and 26.34 kgs of SRT silver coins.

 

DIL is continuing its operations with the working capital needs and other requirements from the Consortium of Banks comprising Indusind Bank Limited, State Bank of India and Union Bank of India.

 

The Board is hopeful that in the following years and in times to come, the company will continue to march on the road of growth by undertaking many more such initiatives and efforts to fulfil the aspirations.

 

 

Rough Diamonds

 

During the full year DIL imported 898,126.38 carats of rough diamonds worth INR 3742.100 Million and sold 947,310.25 carats worth INR 4280.500 Million to shareholders and other diamond manufacturers.

 

Precious Metals Business

 

Gold import by banks and nominated agencies was severely affected in financial year 2015-16 as gold was available from refineries at a discount. Nevertheless, the Company could sell 14.51 tonnes of gold in the financial year 2015-16 as against 5.6 tonnes of gold in the financial year 2014-15. The Company increased its sale of silver from 536 tonnes in the financial year 2014-15 to 645.76 tonnes in the financial year 2015-16. (i.e. growth of 20.48%). The Company was awarded with the "Promising Nominated Agency Award" at India International Gold Convention 2016, held at Agra.

 

 

INDEX OF CHARGE:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

G11390846

100049086

05/08/2016

-

-

700000000.0

2401 GEN THIMMAYYA ROADCONTONMENTPUNEMA411001IN

2

G10371888

10581113

12/12/2014

12/04/2016

-

500000000.0

CORPORATE BANKING BRANCH12 MITTTAL TOWERS,A WING.1ST FLOOR,NARIMAN POINTMUMBAIMH400021IN

3

B58570706

10305551

25/07/2011

02/08/2012

-

1050000000.0

CORPORATE BANKING BRANCH,BARAKHAMBA ROAD,STATEMAN HOUSE, 2ND FLOOR,NEW DELHIDL110001IN

4

C65415713

10044291

16/03/2007

24/07/2015

-

1750000000.0

ONE INDIABULLS CENTRE, 8TH FLOOR, TOWER 1,841, SENAPATI BAPAT MARG, ELPHINSTONE ROAD (W)MUMBAIMH400013IN

 

 

FIXED ASSETS:

 

·         Computers

·         Furniture and Fixtures

·         Office 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, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 63.73

UK Pound

1

INR 86.01

Euro

1

INR 76.13

 

 

INFORMATION DETAILS

 

Information Gathered by :

POO

 

 

Analysis Done by :

VAR

 

 

Report Prepared by :

NKTS

 

 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.