|
|
|
MIRA INFORM REPORT
|
Report No. : |
485183 |
|
Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
SIM DIAM PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
FE - 8010, Bharat Diamond Bourse, F Tower, Centre Core, Bandra Kurla
Complex, Bandra (East), Mumbai – 400 051, Maharashtra |
|
Tel. No.: |
91-22-40042222 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of Incorporation
: |
14.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-159718 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 28.624 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2006PTC159718 |
|
|
|
|
IEC No.: |
0306003481 |
|
|
|
|
GST No.: |
27AAJCS7664L1ZK |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAJCS7664L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Cut and Polished Diamonds. (Registered Activity and
also Confirmed by Management) |
|
|
|
|
No. of Employees
: |
21 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
was incorporated in the year 2006 and it is a manufacturer, trader and
exporter of polished diamonds. It also imports rough diamonds. As per
financials of March 2017, the company has registered a growth of 21.82% in its
revenue as compared to its previous year’s revenue and has reported average
profit margin of 1.56% under review. Rating
takes into consideration the company’s satisfactory track record of business
operations marked by sound net worth base along with average debt coverage
indicators and good liquidity position. Rating
also takes into account the company’s established market position in the cut
and polished diamonds industry supported by its promoter’s extensive industry
experience and its established relationships with customers. Further,
the company has reported a good Earnings Per Share of INR 26.50 against its
face value of INR 10. However,
rating strength is partially offset by working capital intensive nature of
operations and the susceptibility to its profitability margins to volatility
in diamond prices and foreign exchange rates. 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. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
09.08.2017 |
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 PARTED BY
|
Name : |
Mr. Vikas Shethia |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-40042222 |
|
Date : |
10.01.2018 |
LOCATIONS
|
Registered Office : |
FE - 8010, Bharat Diamond Bourse, F Tower, Centre Core, Bandra Kurla
Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-40042222 |
|
Mobile No.: |
91-9892867000 (Mr. Vikas Shethia) |
|
Fax No. : |
91-22-40042223 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Manufacturing
Facilities : |
Located at:
|
|
|
|
|
Branch Office 1: |
Shop No. 105, Bali Sheri, Ghanshaym Bhuran, Mannidrarpura, Surat –
395003, Gujarat, India |
|
|
|
|
Branch Office 2: |
D2 / D4, Ground Floor, G – Block, West Core, Bharat Diamond Bourse, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Fatehchand Sethia |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
51, Miami Co-operative Housing Society, 70-A, Bhulabhai Desai Road, Mumbai
– 400 026, Maharashtra, India |
||||||||
|
Date of Birth/Age : |
12.08.1940 |
||||||||
|
Qualification : |
Graduate |
||||||||
|
Date of Appointment : |
14.02.2006 |
||||||||
|
DIN No.: |
01482289 |
||||||||
|
PAN No.: |
ALTPS2684N |
||||||||
|
Other Directorship :
|
|||||||||
|
|
|
||||||||
|
Name : |
Mr. Roshan Sethia |
||||||||
|
Designation : |
Director |
||||||||
|
Address : |
601, Madhu Kunj, Sayan Road, Prabhadevi, Mumbai – 400 025,
Maharashtra, India |
||||||||
|
Date of Birth/Age : |
24.01.1974 |
||||||||
|
Qualification : |
B. Com |
||||||||
|
Date of Appointment : |
14.02.2006 |
||||||||
|
DIN No.: |
00660156 |
||||||||
|
PAN No.: |
AHBPS1231K |
||||||||
|
Other Directorship :
|
|||||||||
KEY EXECUTIVES
|
Name : |
Mr. Vikas Shethia |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON: 30.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Individual/Hindu Undivided Family - Indian) |
55.76 |
|
Public/Other than promoters (Individual/Hindu Undivided Family - Indian) |
44.23 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cut and Polished Diamonds. (Registered Activity and
also Confirmed by Management) |
||||
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|
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Products : |
|
||||
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|
||||
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Brand Names : |
Not Available |
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|
||||
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Agencies Held : |
Not Available |
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||||
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Exports : |
|
||||
|
Products : |
Finished Goods |
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|
Countries : |
· New York · Hong Kong |
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|
||||
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Imports : |
|
||||
|
Products : |
Raw Material |
||||
|
Countries : |
Belgium |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash, Advance Payment and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash, Advance Payment and Credit |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
Manufacturer
|
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No. of Employees : |
21 [Approximately] |
|||||||||||||||||||||
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|
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Bankers : |
·
Corporation Bank · Bank of India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
R. Lodha and Assoicates Chartered Accountants |
|
Address : |
R.N. 25, 75/79 Old Hanuman Lane, 2nd Floor, Kalbadevi Road, Mumbai -400002, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABPL2344R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
Sim NY Corp, USA |
|
|
|
|
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives : |
Roshan Sethia HUF |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
INR 10/- each |
INR 30.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2862400 |
Equity Shares |
INR 10/- each |
INR 28.624 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 |
28.624 |
28.624 |
28.624 |
|
(b) Reserves and Surplus |
748.774 |
672.913 |
611.395 |
|
(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) |
777.398 |
701.537 |
640.019 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
36.100 |
33.230 |
46.157 |
|
(b) Deferred tax liabilities (Net) |
1.450 |
1.868 |
2.602 |
|
(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) |
37.550 |
35.098 |
48.759 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1482.996 |
859.402 |
1139.026 |
|
(b) Trade
payables |
938.287 |
952.986 |
686.031 |
|
(c) Other
current liabilities |
19.475 |
10.183 |
10.126 |
|
(d) Short-term
provisions |
15.868 |
12.595 |
4.881 |
|
Total Current
Liabilities (4) |
2456.626 |
1835.166 |
1840.064 |
|
|
|
|
|
|
TOTAL |
3271.574 |
2571.801 |
2528.842 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
184.226 |
169.418 |
187.609 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
6.387 |
6.387 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
190.613 |
175.805 |
187.609 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1914.205 |
1413.329 |
1454.134 |
|
(c) Trade
receivables |
1041.850 |
870.329 |
798.588 |
|
(d) Cash and
bank balances |
78.297 |
67.034 |
48.646 |
|
(e) Short-term
loans and advances |
46.609 |
45.304 |
39.865 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3080.961 |
2395.996 |
2341.233 |
|
|
|
|
|
|
TOTAL |
3271.574 |
2571.801 |
2528.842 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
4853.959 |
3984.427 |
3508.284 |
|
|
Other Income |
3.661 |
3.314 |
3.183 |
|
|
TOTAL |
4857.620 |
3987.741 |
3511.467 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1602.379 |
1392.783 |
1710.055 |
|
|
Purchases of
Stock-in-Trade |
2738.546 |
2024.846 |
1562.515 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(20.234) |
0.148 |
(275.433) |
|
|
Employee benefit expense |
30.410 |
23.583 |
19.734 |
|
|
CSR expenditure |
2.671 |
0.051 |
0.000 |
|
|
Other expenses |
270.947 |
355.603 |
275.275 |
|
|
TOTAL |
4624.719 |
3797.014 |
3292.146 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
232.901 |
190.727 |
219.321 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
88.496 |
71.998 |
103.544 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
144.405 |
118.729 |
115.777 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
25.029 |
24.535 |
28.737 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
119.376 |
94.194 |
87.040 |
|
|
|
|
|
|
|
Less |
TAX |
43.515 |
32.676 |
28.890 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
75.861 |
61.518 |
58.150 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1961.399 |
1382.374 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
26.50 |
21.49 |
20.32 |
Expected Sales (2017-2018): INR 5000.000 Million [Due to market growth)
The above information has been parted by Mr. Vikas Shethia (Finance
Manager)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2.625 |
1.137 |
1.029 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(507.978) |
378.608 |
(117.274) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(507.978) |
378.608 |
(117.274) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
78.34 |
79.73 |
83.08 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.66 |
4.58 |
4.39 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
78.89 |
101.78 |
76.52 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.12 |
0.13 |
0.15 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.26 |
1.13 |
1.17 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.76 |
0.73 |
0.75 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.96 |
1.27 |
1.85 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
3.16 |
2.62 |
2.88 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.24 |
0.24 |
0.29 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.63 |
2.65 |
2.12 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
1.56 |
1.54 |
1.66 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
2.32 |
2.39 |
2.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
9.76 |
8.77 |
9.09 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.25 |
1.31 |
1.27 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.47 |
0.54 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.24 |
0.27 |
0.25 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
53.16 |
31.22 |
41.44 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.25 |
1.31 |
1.27 |
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 |
28.624 |
28.624 |
28.624 |
|
Reserves & Surplus |
611.395 |
672.913 |
748.774 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
640.019 |
701.537 |
777.398 |
|
|
|
|
|
|
Long-term borrowings |
46.157 |
33.230 |
36.100 |
|
Short term borrowings |
1139.026 |
859.402 |
1482.996 |
|
Current maturities of
long-term debts |
1.029 |
1.137 |
2.625 |
|
Total
borrowings |
1186.212 |
893.769 |
1521.721 |
|
Debt/Equity
ratio |
1.853 |
1.274 |
1.957 |
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 |
3508.284 |
3984.427 |
4853.959 |
|
|
|
13.572 |
21.823 |
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 |
3508.284 |
3984.427 |
4853.959 |
|
Profit/ (Loss) |
58.150 |
61.518 |
75.861 |
|
|
1.66
% |
1.54
% |
1.56
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
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 |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem and Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a global
voluntary regulatory standard on bank capital adequacy, stress testing and
market liquidity.
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G04760179 |
10167417 |
BANK OF INDIA |
27/02/2008 |
30/05/2016 |
- |
1300000000.0 |
GROUND FLOOR, STAR
HOUSE -II, C-5,G-BLOCK, BANDRA-KURLA COMPLEX, BANDRA (EAST),MUMBAIMH400051IN |
|
2 |
A12290672 |
10008572 |
BANK OF INDIA |
17/06/2006 |
09/09/2006 |
- |
71500000.0 |
BULLION EXCHANGE
BRANCH,185, SHEIKH MEMON STREET, BULLION EXCHANGE,MUMBAIMH400002IN |
|
3 |
C35846930 |
10372692 |
THE ROYAL BANK OF
SCOTLAND N.V. |
16/07/2012 |
- |
26/11/2014 |
50000000.0 |
4, NORTH AVENUE, LEVEL
3, MAKER MAXITYBANDRA KURLA COMPLEX, BANDRA EASTMUMBAIMH400051IN |
|
4 |
C35538438 |
10427536 |
BANK OF INDIA |
06/05/2013 |
- |
21/11/2014 |
140000000.0 |
BHARAT DIAMOND
BOURSE MID CORPORATE BRANCH,D-2/D4, WEST CORE, G BLOCK, BANDRA KURLA COMPLEX,MUMBAIMH400051IN |
|
5 |
C36138444 |
10434316 |
CORPORATION BANK |
14/06/2013 |
- |
20/11/2014 |
200000000.0 |
OVERSEAS BRANCH,
BLOCK C-1, BHARAT DIAMOND BOURSE,BANDRA KURLA COMPLEX, BANDRA
(E),MUMBAIMH400051IN |
|
6 |
B90615519 |
10367870 |
BANK OF INDIA |
05/06/2012 |
- |
22/11/2013 |
129100000.0 |
BHARAT DIAMOND
BOURSE BR. D-2 / D-4, GR. FLOOR,WEST CORE,G BLOCK, BANDRA KURLA COMPLEX,
BANDRA(E)MUMBAIMH400051IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from others |
26.598 |
33.030 |
|
|
|
|
|
Total |
26.598 |
33.030 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
In respect of Disputed Liabilities for MVAT for FY1213 for which Appeal has been preferred by the Co. |
0.084 |
0.000 |
FIXED ASSETS:
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipment’s
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 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 : |
SWT |
|
|
|
|
Analysis Done by
: |
VIK |
|
|
|
|
Report Prepared
by : |
ARC |
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.