|
|
|
MIRA INFORM REPORT
|
Report No. : |
485986 |
|
Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
KIRAN GEMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FE-5011, Bharat Diamond Bourse, “G” Block, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-40504444 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
14.09.2007 |
|
|
|
|
Com. Reg. No.: |
11-174133 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 556.586
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912MH2007PTC174133 |
|
|
|
|
IEC No.: |
0388089938 |
|
|
|
|
GST No.: |
27AADCK1665M1Z7 |
|
|
|
|
TIN No.: |
27930629112 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK1665M |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
The Company is engaged in the Manufacturing and Selling of Rough as well as Cut and Polished Diamonds. It is also engaged in the business of Generation of Electricity by Deploying Wind Mills. (Registered activity) |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Kiran Gems Private Limited (KGPL) is the flagship company of the Kiran Group (KG), promoted by Mr. Vallabhbhai Patel (Chairman), Mr. Babubhai Lakhani (Director) & Mr. Mavjibhai Patel (Managing Director). KGPL commenced business as a partnership firm (erstwhile Kiran Exports) in 1985, and was incorporated in September 2007 as a private limited company. KGPL is engaged in processing of CPD from -1 cent to 10 carats in all shapes, sizes and color. It is an established company having fine track record.
.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
28.11.2017 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short term Rating = A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
28.11.2017 |
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 15.01.2018.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-22-40504444]
LOCATIONS
|
Registered Office/ Head Office : |
FE-5011, Bharat Diamond Bourse, “G” Block, Bandra Kurla Complex,
Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40504444 |
|
Mobile No.: |
91-9987571747 (Office) |
|
Fax No.: |
91-22-40504455 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
217/218, Tarabaug Estate, Opposite Jeevan Dhara Hotel, Varachha Road,
Surat-395006, Gujarat, India |
|
Tel. No.: |
91-261-2553983/ 84/ 85 / 2553983 |
|
Fax No.: |
91-261-2553982/ 2653982 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Plot No 152 6th Floor Near Sona Apartments Umiyadham Road Varachha, Surat-395006,
Gujarat, India |
|
|
|
|
Factory 3 : |
FP No. 36, 8th Floor, Near Umiyadham Temple, A K Road, Varachha,
Surat-395008, Gujarat, India |
|
|
|
|
Administrative Office : |
1002, A-Wing, The Capital, G-Block, Bandra Kurla Complex, Bandra (East),
Mumbai-400051, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Vallabhbhai Shamjibhai Patel |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
701/702, 7th Floor, Munshi Manor, 174/175 9th and 10th Road Jn., Khar (West), Mumbai-400052, Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
16.12.1957 |
||||||||||||||||
|
Qualification : |
Non-S.S.C |
||||||||||||||||
|
Date of Appointment : |
14.09.2007 |
||||||||||||||||
|
PAN No.: |
AGEPP9194J |
||||||||||||||||
|
DIN No.: |
00091715 |
||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Babubhai Shamjibhai Lakhani |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
Flat No. 713, 7th Floor, G Wing Ashirwad Palace, Bhatar Mauje, Surat-395002, Gujarat, India |
||||||||||||||||
|
Date of Birth/Age : |
01.12.1959 |
||||||||||||||||
|
Qualification : |
Non-S.S.C |
||||||||||||||||
|
Date of Appointment : |
18.09.2007 |
||||||||||||||||
|
PAN No.: |
AGLPP7215M |
||||||||||||||||
|
DIN No.: |
00091766 |
||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Mavjibhai Shamjibhai Pate |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
901, 9th Floor, Mayfair Maaya, Maaya Jn., 9th & 11th Road, Khar (West), Mumbai -400052, Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
02.03.1964 |
||||||||||||||||
|
Qualification : |
B.Com |
||||||||||||||||
|
Date of Appointment : |
14.09.2007 |
||||||||||||||||
|
PAN No.: |
AGEPP9189M |
||||||||||||||||
|
DIN No.: |
00147902 |
||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Labhubhai Shamjibhai Lakhani |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
7, Street No. 1, Yogeshwar Society, Anantwadi, Devubaug, Bhavnagar-364001, Gujarat, India |
||||||||||||||||
|
Date of Birth/Age : |
04.07.1951 |
||||||||||||||||
|
Qualification : |
Non S.S.C |
||||||||||||||||
|
Date of Appointment : |
18.09.2007 |
||||||||||||||||
|
PAN No.: |
AARPL9639H |
||||||||||||||||
|
DIN No.: |
01807301 |
||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Dinesh Mavjibhai Lakhani |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
501, Manju Castle CHS, Near St Xavier Road, Vile Parle (W) Mumbai 400056, Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
22.01.1978 |
||||||||||||||||
|
Qualification : |
H.S.C |
||||||||||||||||
|
Date of Appointment : |
18.09.2007 |
||||||||||||||||
|
PAN No.: |
ABJPL3123D |
||||||||||||||||
|
DIN No.: |
01833349 |
||||||||||||||||
|
|
|
||||||||||||||||
|
Name : |
Mr. Rajesh Labhubhai Lakhani |
||||||||||||||||
|
Designation : |
Director |
||||||||||||||||
|
Address : |
R. No. - 51, 5th Floor, Sea View Building Near Ramkrishna Mission, West Avenue Road, Santacruz (West) Mumbai-400054, Maharashtra, India |
||||||||||||||||
|
Date of Birth/Age : |
06.07.1976 |
||||||||||||||||
|
Qualification : |
HSC |
||||||||||||||||
|
Date of Appointment : |
25.08.2014 |
||||||||||||||||
|
PAN No.: |
AESPL0801Q |
||||||||||||||||
|
DIN No.: |
06950687 |
||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mrs. Chhaya Jairam Lakhani |
|
Designation : |
Company Secretary |
|
Address : |
601, A - 41, Sector - 1, Harsh Vihar Chs Shanti Nagar, Mira Road (East) Thane 401107, Maharashtra, India |
|
Date of Appointment : |
28.03.2013 |
|
PAN No.: |
ADQPL3398H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Equity
Shareholders |
|
No. of Shares |
|
Vallabhbhai S.
Patel/ Lakhani |
|
6286769 |
|
Mavjibhai S.
Patel/ Lakhani |
|
5350781 |
|
Babubhai S.
Patel/ Lakhani |
|
100000 |
|
Laxmiben V.
Patel/ Lakhani |
|
500000 |
|
Rasilaben M.
Patel/ Lakhani |
|
500000 |
|
Varshaben B.
Patel/ Lakhani |
|
50000 |
|
Devkunverben L.
Patel/ Lakhani |
|
300000 |
|
Labhubhai S.
Patel/ Lakhani |
|
800000 |
|
Munjal M.
Lakhani |
|
935984 |
|
Varun B.
Lakhani |
|
1421610 |
|
Dinesh M.
Lakhani |
|
950000 |
|
Ashish B. Lakhani |
|
3132460 |
|
Rajesh L. Lakhani |
|
252857 |
|
|
|
|
|
Total |
|
20580461 |
|
Names of
Preference Shareholder |
|
No. of Shares |
|
Ashish B. Lakhani |
|
3147809 |
|
|
|
|
|
Total |
|
3147809 |
AS ON: 23.12.2017
|
Names of Allottee [Equity Shareholders] |
|
No. of Shares |
|
Ashishkumar Lakhani |
|
400000 |
|
|
|
|
|
Total |
|
400000 |
AS ON: 30.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
84.78 |
|
Promoters – Individual/ Hindu Undivided Family –
Non-resident Indian (NRI) |
15.22 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the Manufacturing and Selling of Rough as well as Cut and Polished Diamonds. It is also engaged in the business of Generation of Electricity by Deploying Wind Mills. (Registered activity) |
||||
|
|
|
||||
|
Products/ Services : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· State Bank of India Diamond Branch, D-3,West Core,Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),, Mumbai - 400051, Maharashtra, India · Standard Chartered Bank Crescenzo, 3A/F, Plot No. C-38 & 39, ‘G’ Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India · The Royal Bank of Scotland N.V. 4 North Avenue, Maker Maxity, Level 3, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India · Bank of India Bharat Diamond Bourse Branch, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India · State Bank of India D-3, West Core, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East) Mumbai – 400051, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountants |
|
Address : |
Purshotam Building, 1st Floor, 450, Lamington Road, Opera House, Mumbai – 400004, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFR7782K |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate : |
International Diamond Dist. Inc., United States of America (Ceases w.e.f. 01.05.2015) |
|
|
|
|
Subsidiary Company
: |
Kiranmani Diamonds Private Limited, India [U36911MH2003PTC142557] |
|
|
|
|
Enterprises that are directly or
indirectly, through one or more intermediaries controlled by Company : |
· Kiran (Asia) Limited, Hong Kong · Kiran Jewels LLC, United Arab Emirates · Kiran Gems (Shanghai) Limited, United Arab Emirates · Kiran Wind Energy Private Limited |
|
|
|
|
Fellow Subsidiary
Company : |
· Kiran Jewels Inc · Kiran Exports BVBA, Belgium · Kiran Exports (Hong Kong) Limited, Hong Kong · Unique Design Inc. · Kiran Jewelry, India · Kiran Design, India · Kiran Jewels (India) · Prestige Jewelry International Inc · SDIL Inc · Kiran Jewels LLC, United Arab Emirates · Kiran Gems DMCC |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Kiranmani Investment and Finance Private Limited (PART IX), India U65990MH2006PTC169419 · Maruti Impex, India |
CAPITAL STRUCTURE
AFTER 30.09.2017
Authorised Capital : INR 710.000 Million
Issued, Subscribed & Paid-up Capital :INR 484.586
Million
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
4500000 |
Preference Shares |
INR 100/- each |
INR 450.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 700.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20180461 |
Equity Shares |
INR 10/- each |
INR 201.805 Million |
|
3547809 |
Preference Shares |
INR 100/- each |
INR 354.781 Million |
|
|
|
|
|
|
|
Total |
|
INR 556.586
Million |
FINANCIAL DATA
[all figures are
in 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 |
556.586 |
592.586 |
317.805 |
|
(b) Reserves & Surplus |
16335.698 |
14371.032 |
10188.934 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
2747.810 |
|
Total
Shareholders’ Funds (1) + (2) |
16892.284 |
14963.618 |
13254.549 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1783.658 |
1279.158 |
1033.658 |
|
(b) Deferred tax liabilities (Net) |
17.027 |
66.500 |
98.811 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
10.051 |
|
Total
Non-current Liabilities (3) |
1800.685 |
1345.658 |
1142.520 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
19793.315 |
20071.274 |
15846.902 |
|
(b)
Trade payables |
5252.688 |
5288.983 |
7797.575 |
|
(c)
Other current liabilities |
1081.021 |
275.009 |
114.075 |
|
(d)
Short-term provisions |
46.018 |
23.327 |
38.075 |
|
Total
Current Liabilities (4) |
26173.042 |
25658.593 |
23796.627 |
|
|
|
|
|
|
TOTAL |
44866.011 |
41967.869 |
38193.696 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4397.731 |
3668.744 |
3374.842 |
|
(ii)
Intangible Assets |
3.942 |
3.716 |
3.706 |
|
(iii)
Capital work-in-progress |
361.192 |
430.744 |
86.750 |
|
(iv) Intangible assets under development |
11.998 |
2.419 |
3.571 |
|
(b) Non-current
Investments |
24.653 |
27.766 |
39.734 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
396.632 |
376.681 |
282.257 |
|
(e)
Other Non-current assets |
1.007 |
73.320 |
1.007 |
|
Total
Non-Current Assets |
5197.155 |
4583.390 |
3791.867 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
17753.971 |
16337.342 |
19025.652 |
|
(c)
Trade receivables |
20577.771 |
19640.737 |
14308.088 |
|
(d)
Cash and cash equivalents |
281.992 |
385.992 |
325.070 |
|
(e)
Short-term loans and advances |
482.382 |
673.935 |
322.958 |
|
(f)
Other current assets |
572.740 |
346.473 |
420.061 |
|
Total
Current Assets |
39668.856 |
37384.479 |
34401.829 |
|
|
|
|
|
|
TOTAL |
44866.011 |
41967.869 |
38193.696 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
77175.722 |
71995.246 |
58869.041 |
|
|
|
Other Income |
490.253 |
887.048 |
47.120 |
|
|
|
TOTAL |
77665.975 |
72882.294 |
58916.161 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
47349.822 |
50810.364 |
39479.139 |
|
|
|
Purchases of Stock-in-Trade |
17182.606 |
8860.424 |
6530.086 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
212.937 |
1181.255 |
1517.314 |
|
|
|
Employees benefits expense |
256.676 |
222.847 |
201.479 |
|
|
|
Other expenses |
7358.948 |
6949.985 |
7457.201 |
|
|
|
Exceptional items |
31.726 |
91.610 |
76.613 |
|
|
|
TOTAL |
72392.715 |
68116.485 |
55261.832 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5273.260 |
4765.809 |
3654.329 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1682.147 |
1684.012 |
1639.961 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3591.113 |
3081.797 |
2014.368 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
624.979 |
560.194 |
308.728 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2966.134 |
2521.603 |
1705.640 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
974.311 |
783.341 |
642.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1991.823 |
1738.262 |
1062.642 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
60537.323 |
56540.443 |
33518.910 |
|
|
TOTAL EARNINGS |
60537.323 |
56540.443 |
33518.910 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
50277.150 |
50227.553 |
44423.246 |
|
|
|
Finished Goods |
1176.825 |
785.631 |
575.514 |
|
|
|
Stores & Spares |
36.180 |
44.538 |
24.688 |
|
|
|
Capital Goods |
539.019 |
421.524 |
424.12 |
|
|
TOTAL IMPORTS |
52029.174 |
51479.246 |
45447.568 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic
|
100.37 |
87.59 |
65.01 |
|
|
|
Diluted
|
83.94 |
73.26 |
60.90 |
|
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 |
87.000 |
0.000 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
3264.899 |
(822.563) |
(2756.452) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
2227.175 |
(1653.643) |
(3411.316) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
97.32 |
99.57 |
88.71 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.75 |
3.67 |
4.11 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
29.71 |
32.35 |
61.86 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.30 |
0.29 |
0.19 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.10 |
1.16 |
1.05 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.62 |
0.64 |
0.65 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.28 |
1.43 |
1.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.55 |
1.71 |
1.80 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.28 |
0.27 |
0.26 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.13 |
2.83 |
2.23 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.58 |
2.41 |
1.81 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.44 |
4.14 |
2.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
11.79 |
11.62 |
8.02 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.52 |
1.46 |
1.45 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.84 |
0.82 |
0.65 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.36 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
38.77 |
36.18 |
53.12 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.52 |
1.46 |
1.45 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
317.805 |
592.586 |
556.586 |
|
Reserves & Surplus |
10188.934 |
14371.032 |
16335.698 |
|
Share Application money
pending allotment |
2747.810 |
0.000 |
0.000 |
|
Net
worth |
13254.549 |
14963.618 |
16892.284 |
|
|
|
|
|
|
long-term borrowings |
1033.658 |
1279.158 |
1783.658 |
|
Short term borrowings |
15846.902 |
20071.274 |
19793.315 |
|
Current Maturities of Long
term debt |
0.000 |
87.000 |
0.000 |
|
Total
borrowings |
16880.560 |
21437.432 |
21576.973 |
|
Debt/Equity
ratio |
1.274 |
1.433 |
1.277 |
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 |
58869.041 |
71995.246 |
77175.722 |
|
|
|
22.297 |
7.196 |
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 |
58869.041 |
71995.246 |
77175.722 |
|
Profit/ (Loss) |
1062.642 |
1738.262 |
1991.823 |
|
|
1.81% |
2.41% |
2.58% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
556.586 |
592.586 |
|
(b) Reserves and Surplus |
|
21178.018 |
18067.306 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
(3) Minority interest |
|
4003.487 |
7002.46 |
|
Total
Shareholders’ Funds (1) + (2) |
|
25738.091 |
25662.352 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4697.284 |
4345.517 |
|
(b) Deferred tax liabilities (Net) |
|
24.291 |
82.465 |
|
(c) Other long-term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
9.033 |
17.796 |
|
Total Non-current
Liabilities (3) |
|
4730.608 |
4445.778 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term borrowings |
|
28568.435 |
28238.896 |
|
(b) Trade
payables |
|
10374.705 |
9347.080 |
|
(c) Other
current liabilities |
|
480.062 |
359.093 |
|
(d) Short-term
provisions |
|
119.173 |
125.376 |
|
Total Current
Liabilities (4) |
|
39542.375 |
38070.445 |
|
|
|
|
|
|
TOTAL |
|
70011.075 |
68178.575 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
5314.261 |
4494.584 |
|
(ii)
Intangible Assets |
|
4.414 |
4.197 |
|
(iii) Tangible assets
capital work-in-progress |
|
361.192 |
431.407 |
|
(iv)
Intangible assets under development |
|
11.998 |
2.419 |
|
(b) Non-current Investments |
|
14.579 |
155.514 |
|
(c) Deferred tax assets (net) |
|
453.632 |
311.529 |
|
(d)
Long-term loans and advances |
|
710.146 |
833.859 |
|
(e) Other
Non-current assets |
|
16.312 |
130.402 |
|
Total Non-Current
Assets |
|
6886.534 |
6363.911 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
31754.785 |
29755.326 |
|
(c) Trade
receivables |
|
29115.633 |
29651.586 |
|
(d) Cash and
bank balances |
|
641.712 |
1010.963 |
|
(e)
Short-term loans and advances |
|
684.953 |
974.851 |
|
(f) Other
current assets |
|
927.458 |
421.938 |
|
Total
Current Assets |
|
59121.053 |
54812.204 |
|
|
|
|
|
|
TOTAL |
|
70011.075 |
68178.575 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
121263.968 |
110743.708 |
|
|
Other Income |
|
781.997 |
1186.330 |
|
|
TOTAL |
|
122045.965 |
111930.038 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
52850.001 |
52610.191 |
|
|
Purchases of
Stock-in-Trade |
|
53979.367 |
42323.503 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(2729.397) |
508.780 |
|
|
Exceptional items before tax |
|
49.911 |
207.367 |
|
|
TOTAL |
|
114651.767 |
104505.743 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTIZATION |
|
7394.198 |
7424.295 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
1998.270 |
2267.271 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTIZATION |
|
5395.928 |
5157.024 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTIZATION |
|
695.874 |
654.865 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
4700.054 |
4502.159 |
|
|
|
|
|
|
|
Less |
TAX |
|
1238.893 |
1128.232 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
3461.161 |
3373.927 |
|
|
|
|
|
|
|
Less |
TAX EXPENSE OF DISCOUNTING OPERATIONS |
|
0.000 |
(6.272) |
|
|
|
|
|
|
|
Less |
MINORITY INTEREST |
|
(674.273) |
(1092.258) |
|
|
|
|
|
|
|
|
NET PROFIT/ (LOSS) AFTER TAXES AND MINORITY INTEREST |
|
2786.888 |
2275.397 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (INR) |
|
|
|
|
|
Basic
|
|
140.43 |
128.02 |
|
|
Diluted
|
|
117.45 |
119.93 |
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G30659858 |
100067350 |
State Bank of India |
02/12/2016 |
- |
- |
200000000.0 |
Diamond Br, D-3, West Core, Bharat Diamond Bourse,Bandra Kurla Complex, Bandra (East)MumbaiMH400051IN |
|
2 |
G01968114 |
10069794 |
State Bank of India |
14/09/2007 |
28/03/2016 |
- |
24750000000.0 |
Diamond Branch, D-3, West Core, Bharat DiamondBourse, Bandra Kurla Complex, Bandra (East)MUMBAIMH400051IN |
|
3 |
G36790343 |
10520184 |
ICICI BANK LIMITED |
05/09/2014 |
- |
22/02/2017 |
300000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
4 |
G00890012 |
10552103 |
The Saraswat Co-op Bank Ltd BKC Branch |
25/02/2015 |
- |
15/03/2016 |
160000000.0 |
Gr Fl, Madhava Commercial Premises Co-op Soc LtdPlot No. C-4, E Block, BKC, Bandra (E)MumbaiMH400051IN |
|
5 |
C81939290 |
10554117 |
STATE BANK OF INDIA |
14/02/2015 |
- |
04/03/2016 |
200000000.0 |
DIAMOND BRANCH,D-3,WEST CORE,BHARAT DIAMOND BOURSEBANDRA KURLA COMPLEX, BANDRA (EAST),MUMBAIMH400051IN |
|
6 |
C63449078 |
10319110 |
ICICI BANK LIMITED |
11/11/2011 |
- |
07/09/2015 |
1000000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
7 |
C61792727 |
10533686 |
State Bank of India |
05/11/2014 |
- |
04/08/2015 |
1460000000.0 |
Diamond Branch, D-3,West Core,Bharat Diamond Bourse, Bandra Kurla Complex,MUMBAIMH400051IN |
|
8 |
B96227897 |
10450692 |
State Bank of India |
27/08/2013 |
- |
01/02/2014 |
6393100000.0 |
Diamond Branch, Bharat Diamond Bourse,Bandra Kurla Complex, Bandra (East)MumbaiMH400051IN |
|
9 |
B77434603 |
10212177 |
ANDHRA BANK |
26/03/2010 |
- |
17/06/2013 |
170000000.0 |
OPERA HOUSE BRANCHOPERA HOUSEMUMBAIMH400004IN |
|
10 |
B77433902 |
10212176 |
ANDHRA BANK |
27/03/2010 |
- |
17/06/2013 |
170000000.0 |
OPERA HOUSE BRANCHOPERA HOUSEMUMBAIMH400004IN |
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.
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
1783.658 |
1033.658 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
538.350 |
773.700 |
|
|
|
|
|
Total |
2322.008 |
1807.358 |
CORPORATE INFORMATION
Kiran Gems Private Limited is a private Company limited by shares, domiciled in India and registered as such in September, 2007 under Part IX of The Companies Act, 1956. The Company is engaged in the manufacturing and selling of rough as well as cut and polished diamonds. The Company caters to both, domestic and international markets. It is also engaged in the Business of Generation of Electricity by deploying Wind Mills.
STATE OF COMPANY’S
AFFAIRS, BUSINESS OVERVIEW AND FUTURE OUTLOOK
During the year, the Company has recorded Revenue from Operations of INR 77175.722 Million as compared to Revenue from Operations of INR 71995.246 Million and also earned Other Income of INR 490.253 Million as compared to that of INR 887.048 Million, for the corresponding previous year.
The Company has earned net profit to the tune of INR 1991.823 Million as compared to profit earned of INR 1738.262 Million in respect of the corresponding previous year, after making provision for taxation and deferred tax adjustment.
Barring unforeseen circumstances, further improvement in sale and profitability is expected in the current year in view of continued efforts being made. Further, the Company is taking effective steps to strengthen the profitability and financial soundness of the Company.
During the year, there were no changes in Company’s nature of business.
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and equipment
· Factory equipment
· Furniture and fixtures
· Vehicles
· Computer equipment
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 63.53 |
|
UK Pound |
1 |
INR 86.05 |
|
Euro |
1 |
INR 76.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.