|
|
|
MIRA INFORM REPORT
|
Report No. : |
487705 |
|
Report Date : |
24.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
KIRTILAL KALIDAS JEWELLERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
601, Raja Street, Coimbatore – 641001, Tamilnadu |
|
Tel. No.: |
91-422-2398899 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
01.01.2008 |
|
|
|
|
Com. Reg. No.: |
18-014127 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 10.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911TZ2008PTC014127 |
|
|
|
|
IEC No.: |
3202014978 |
|
|
|
|
GSTIN/UIN : |
33AADCK2544B1Z5 |
|
|
|
|
TIN / CST No.: |
33931760130 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK2544B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Retail trade in diamonds and gold Jewellery. [Registered activity and also
confirmed by management] |
|
|
|
|
No. of Employees
: |
500 (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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2008. It is engaged in sale
in diamonds and gold jewellery. For the financial year 2017, the company has reported dip in its
revenue by 4.99% as compared to the previous year but has managed to maintain
an average profit margin of 4.52%. The sound financial risk profile of the company is marked by adequate
networth base along with comfortable debt balance sheet profile. These strengths are partially offset by large working capital
requirement, exposure to intense competition in the fragmented jewellery
retailing industry, and susceptibility to volatility in old prices. 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 Borrowing= BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
15.03.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 24.01.2018
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 (GENERAL DETAILS)
|
Name : |
Mr. Shashik Marq |
|
Designation : |
Deputy Manager Accounts |
|
Contact No.: |
91-422-2646960 |
|
Date : |
23.01.2018 |
LOCATIONS
|
Registered Office : |
601, Raja Street, Coimbatore – 641001, Tamilnadu, India |
|
Tel. No.: |
91-422-2398899 / 2646960 / 2642188 |
|
Fax No.: |
91-422-2642835 |
|
E-Mail : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Corporate Office : |
11, GN Mills, Post Mettupalayam Road, Coimbatore – 641029, Tamilnadu, India |
|
|
|
|
Branch Office : |
Located At : ·
Bangalore ·
Coimbatore ·
Chennai ·
Madurai ·
Vijaywada ·
Hyderabad ·
Kochi ·
Ludhiana |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Thangamuthu Shanthkumar |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-time director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
91, West Venkatasamy Road, R S Puram, Coimbatore – 641002, Tamilnadu,
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.02.1949 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.06.2013 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00012631 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Paresh Kirtilal Mehta |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-time director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
114, Tanhee Heights, Nepean Sea Road, Mumbai – 400006, Maharashtra,
India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
13.06.1951 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.04.2011 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00004179 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Suraj Shantakumar |
|
Designation : |
Manager |
|
Address : |
91, West Venkatasamy Road, R S Puram, Coimbatore – 641002,
Tamilnadu, India |
|
Date of Birth/Age : |
02.04.1986 |
|
PAN No.: |
BBKPS6904H |
|
Date of Appointment : |
01.06.2013 |
|
|
|
|
Name : |
Mr. Shashik Marq |
|
Designation : |
Deputy Manager Accounts |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Pankaj Kirtilal Mehta |
|
30000 |
|
Kaushik Kirtilal Mehta |
|
10 |
|
Paresh Kirtilal Mehta |
|
10 |
|
Thangamuthu Shanthkumar |
|
200000 |
|
Maniben K Mehta Family Trust |
|
50000 |
|
Pankaj K Mehta Investment private limited, India |
|
300000 |
|
Paresh K Mehta Investment private limited, India |
|
150000 |
|
Seema K Mehta |
|
10 |
|
Neema K Mehta |
|
10 |
|
Paresh K Mehta Managing Trustee Blue Mountain Private Family
Trust |
|
219970 |
|
Smita P Mehta Managing Trustee Paresh K Mehta Family Trust |
|
49990 |
|
|
|
|
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 22.09.2017
|
Category |
Percentage |
|
Promoters [Individual/Hindu Undivided
Family (Indian)] |
23.00 |
|
Promoters [Bodies
corporate] |
45.00 |
|
Promoters [Others
(Trust)] |
32.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retail trade in diamonds and gold Jewellery. [Registered activity and also confirmed
by management] |
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|
|
|
||||||||||||
|
Products / Services
: |
|
||||||||||||
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|
||||||||||||
|
Brand Names : |
Not Available |
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|
|
||||||||||||
|
Agencies Held : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Exports : |
|
||||||||||||
|
Products : |
·
Diamonds Jewellery ·
Gold Jewellery |
||||||||||||
|
Countries : |
·
New York ·
Belgium |
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|
||||||||||||
|
Imports : |
|
||||||||||||
|
Products : |
·
Raw Material |
||||||||||||
|
Countries : |
·
New York ·
Belgium |
||||||||||||
|
|
|
||||||||||||
|
Terms : |
|
||||||||||||
|
Selling : |
Cash, Cheque, Credit (30 / 60 / 90 Days) and Others (RTGS) |
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|
|
|
||||||||||||
|
Purchasing : |
Cash, Cheque, Credit (30 / 60 / 90 Days) and Others (RTGS) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
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|
|
||||||||||||||||||||||
|
Customers : |
Retailers, End Users, OEM’s
|
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|
|
||||||||||||||||||||||
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
· IndusInd Bank Limited, 652-656, Tristar Towers (2nd Floor), Avinashi Road, Coimbatore – 641037, Tamilnadu, India · Kotak Mahindra Bank Limited, No.219, Arunachalam Road, R.S. Puram, Coimbatore – 641002, Tamilnadu, India · Canara Bank, Oppanakara Street, Coimbatore – 641001, Tamilnadu, India · Syndicate Bank, Vysial Street, Coimbatore – 641001, Tamilnadu, India |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution : |
3i Infotech Trusteeship Services Limited, 3rd to 6th Floor, International Infotech Park, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai – 400703, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Suri and Company Chartered Accountants |
|
Address : |
II
Floor, AMM Buildings, 354, Mettupalayam Road, Coimbatore – 641043, Tamilnadu,
India |
|
PAN No.: |
AABFS5023Q |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Vispark Jewellery Manufacturers Private Limited · Benchmark Softec Private Limited · Paresh K Mehta Investments Private Limited · Pankaj K Mehta Investments Private Limited · Eurostar Diamond Traders, NV, Belgium · Eurostar Belgium Inc., USA · Eurostar Diamonds India Private Limited · Suraj Agro Infrastructure (India) Private Limited · Prismraj Enterprises |
CAPITAL STRUCTURE
AS ON 22.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
INR 10/- each |
INR 10.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
INR 10/- each |
INR 10.000 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 |
10.000 |
10.000 |
10.000 |
|
(b) Reserves & Surplus |
1242.251 |
1007.195 |
975.976 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1252.251 |
1017.195 |
985.976 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
297.513 |
297.513 |
297.515 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
297.513 |
297.513 |
297.515 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1622.311 |
1786.530 |
1783.072 |
|
(b) Trade
payables |
269.315 |
433.123 |
371.131 |
|
(c) Other
current liabilities |
97.698 |
95.039 |
111.361 |
|
(d) Short-term
provisions |
57.539 |
22.416 |
23.826 |
|
Total Current
Liabilities (4) |
2046.863 |
2337.108 |
2289.390 |
|
|
|
|
|
|
TOTAL |
3596.627 |
3651.816 |
3572.881 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
162.222 |
182.784 |
178.200 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
13.714 |
14.918 |
14.158 |
|
(d)
Long-term Loan and Advances |
40.870 |
41.370 |
37.810 |
|
(e) Other
Non-current assets |
47.946 |
27.230 |
7.512 |
|
Total Non-Current
Assets |
264.752 |
266.302 |
237.680 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
6.000 |
|
(b)
Inventories |
2616.932 |
3182.570 |
3159.165 |
|
(c) Trade
receivables |
59.785 |
85.282 |
104.024 |
|
(d) Cash
and cash equivalents |
624.870 |
93.955 |
38.254 |
|
(e) Short-term
loans and advances |
30.288 |
23.707 |
27.758 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3331.875 |
3385.514 |
3335.201 |
|
|
|
|
|
|
TOTAL |
3596.627 |
3651.816 |
3572.881 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
5195.489 |
5468.609 |
5637.862 |
|
|
Other Income |
9.847 |
10.498 |
2.545 |
|
|
TOTAL |
5205.336 |
5479.107 |
5640.407 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3412.128 |
4218.480 |
4905.344 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
497.355 |
112.330 |
(418.832) |
|
|
Employee benefit expense |
252.391 |
237.655 |
217.757 |
|
|
CSR expenditure |
0.524 |
0.000 |
0.081 |
|
|
Other expenses |
461.576 |
567.041 |
585.608 |
|
|
TOTAL |
4623.974 |
5135.506 |
5289.958 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
581.362 |
343.601 |
350.449 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
181.258 |
203.171 |
212.982 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
400.104 |
140.430 |
137.467 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
31.099 |
33.563 |
32.706 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
369.005 |
106.867 |
104.761 |
|
|
|
|
|
|
|
Less |
TAX |
133.950 |
39.540 |
35.434 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
235.055 |
67.327 |
69.327 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
165.818 |
105.012 |
89.539 |
|
|
TOTAL EARNINGS |
165.818 |
105.012 |
89.539 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
335.362 |
52.044 |
13.685 |
|
|
Components and spare
parts |
7.194 |
0.000 |
4.506 |
|
|
Capital Goods |
0.000 |
3.617 |
3.654 |
|
|
TOTAL IMPORTS |
342.556 |
55.661 |
21.845 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
235.00 |
67.00 |
69.33 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
990.109 |
358.619 |
(61.159) |
|
Net cash flows from (used in) operating activities |
882.895 |
318.045 |
(92.913) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
4.20 |
5.69 |
6.73 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
86.90 |
64.12 |
54.20 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
28.81 |
37.48 |
27.62 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.22 |
0.11 |
0.11 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
3.58 |
1.88 |
1.97 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.65 |
0.72 |
0.72 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.53 |
2.05 |
2.11 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.63 |
2.30 |
2.32 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.13 |
0.18 |
0.18 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.21 |
1.69 |
1.65 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
4.52 |
1.23 |
1.23 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.54 |
1.84 |
1.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
18.77 |
6.62 |
7.03 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.63 |
1.45 |
1.46 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.35 |
0.09 |
0.08 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.35 |
0.28 |
0.28 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
191.98 |
208.40 |
208.06 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.63 |
1.45 |
1.46 |
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 |
10.000 |
10.000 |
10.000 |
|
Reserves & Surplus |
975.976 |
1007.195 |
1242.251 |
|
Net
worth |
985.976 |
1017.195 |
1252.251 |
|
|
|
|
|
|
Long-term borrowings |
297.515 |
297.513 |
297.513 |
|
Short term borrowings |
1783.072 |
1786.530 |
1622.311 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
2080.587 |
2084.043 |
1919.824 |
|
Debt/Equity
ratio |
2.110 |
2.049 |
1.533 |
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 |
5637.862 |
5468.609 |
5195.489 |
|
|
|
(3.002) |
(4.994) |
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 |
5637.862 |
5468.609 |
5195.489 |
|
Profit/ (Loss) |
69.327 |
67.327 |
235.055 |
|
|
1.23
% |
1.23
% |
4.52
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY PERFORMANCE
REVENUE
There is no substantial change in the volume of business and in the operating income of the company during this financial year. The sales volume of the company has taken a hit during this financial year due to the nationwide strike resorted in the month of April-16 and May-16 by the Gem and Jewellery sector against imposition of central excise duty on jewellery. Subsequently in the month of November-16, the Government of India demonetised higher denomination currencies which had a dampening effects on Gem and Jewellery industries. This move of the Government of India affected the sales in the month of November-16 and December-16. However the availability of currency improved in the month of January-17 and consequent to this the sales volume of the company started improving in the last quarter of this financial year 2016-17. The management, after taking into account of the adverse economic situation that prevailed over major part of the financial year has put great emphasis in reducing the operating and other expenses rather than focusing on improving the sales volume. This strategic move of the management delivered desired result and the profitability of the company increased significantly compared to the profit earned by the company during the previous financial year.
FUTURE OUTLOOK
The various regulatory regulations of the Government of India are expected to have an adverse impact on the Gem and jewellery industries. The implementation of GST is expected to make radical shift of the business from un-organised sector to organised sector which is positive sign for the organised players like the company. However the industry witnessed a drop in the sales volume post implementation of GST as customers advanced their purchase programme fearing that there would be an increase in the GST rate on jewellery and due to this sale volume increased substantially in the month of June-17. The increase in Gold import in the first quarter of the Current Financial Year 2017-18 by about 40% and widening trade and current account deficit causes threat to Gem and Jewellery industry as the Government may impose new restrictions on gold import. It is hoped that the drop in the interest rate and favourable monsoon would improve demand for jewelleries during the current financial year 2017-18.
FINANCE
This financial year is yet another important year for the company in its success journey looking from the financial prospective. The borrowings of the company have been kept under control throughout the financial year by holding inventories at the optimum level. As the profitability of the company increased considerably, the borrowing limit of the company has not been fully utilised during the major part of the financial year. In view of the availability of borrowing power the management has approached the bankers seeking permission for repayment of part of the un-secured availed from the Directors and Shareholders. The Directors pleased to inform the shareholders that the company established a wholly owned subsidiary company Kirtilal Kalidas Jewellers INC at New York and me new subsidiary started its retail operation from 1st April 2017.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Intercorporate borrowings |
190.677 |
190.677 |
|
Loans and advances from related parties |
106.836 |
106.836 |
|
|
|
|
|
Total |
297.513 |
297.513 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G06052823 |
10377799 |
KOTAK MAHINDRA BANK LIMITED |
29/08/2012 |
18/03/2016 |
- |
375000000.0 |
NO.219, ARUNACHALAM ROADR.S.PURAMCOIMBATORETN641002IN |
|
2 |
C80555055 |
10380143 |
INDUSIND BANK LIMITED |
17/08/2012 |
26/02/2016 |
- |
400000000.0 |
652-662, TRISTAR TOWERSAVANASHI ROAD COIMBATORETN641037IN |
|
3 |
B30897540 |
10304148 |
CANARA BANK |
07/07/2011 |
03/01/2012 |
- |
300000000.0 |
OPPANAKARA STREET,COIMBATORETN641001IN |
|
4 |
C51738532 |
10183162 |
AXIS BANK LIMITED |
16/09/2009 |
23/03/2015 |
- |
1825000000.0 |
1095, VIGNESHWAR CRESTAPAPPANAICKENPALAYAM, AVINASHI ROADCOIMBATORETN641037IN |
|
5 |
B90334939 |
10126931 |
AXIS BANK LIMITED |
24/09/2008 |
30/09/2013 |
- |
950000000.0 |
1095 , VIGNESHWAR CRESTAPAPPAAICKENPALAYAM , AVINASHI ROADCOIMBATORETN641037IN |
|
6 |
C39254420 |
10350002 |
THE AXIS BANK LIMITED |
16/04/2012 |
- |
10/12/2014 |
100000000.0 |
1095 , VIGNESHWAR CRESTA, PAPPAAICKENPALAYAMAVINASHI ROADCOIMBATORETN641037IN |
|
7 |
B27944891 |
10143731 |
SYNDICATE BANK |
09/01/2009 |
- |
09/12/2011 |
300000000.0 |
VYSIAL STREETCOIMBATORETN641001IN |
|
8 |
A62819016 |
10124072 |
3I INFOTECH TRUSTEESHIP SERVICES LIMITED |
27/08/2008 |
- |
20/05/2009 |
247500000.0 |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHINAVI MUMBAIMH400703IN |
FIXED ASSETS:
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipments
DIAMOND INDUSTRY – INDIA
-
From
time immemorial, India is well known in the world as the birthplace for
diamonds. It is difficult to trace the origin of diamonds but history says
that in the remote past, diamonds were mined only in India. Diamond production
in India can be traced back to almost 8th Century B.C. India,
in fact, remained undisputed leader till 18th Century when Brazilian
fields were discovered in 1725 followed by emergence of S. Africa, Russia and
Australia.
-
The
achievement of the Indian diamond industry was possible only due to combination
of the manufacturing skills of the Indian workforce and the untiring and
unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
-
The
area of study of family owned diamond businesses derives its importance from
the huge conglomerate of family run organizations which operate in the diamond
industry since many generations.
-
Some of
the basic traits of family run business enterprises include spirit of
entrepreneurship, mutual trust lowers transaction costs, small, nimble and
quick to react, information as a source of advantage and philanthropy.
-
Family
owned diamond businesses need to improve on many fronts including higher
standard of corporate governance, long-term performance – focused strategies,
modern management and technology.
-
Utmost
caution is to be exercised while dealing with some medium and large diamond
traders which are usually engaged in fictitious import – export, inter-company
transactions, financially assisted by banks. In the process, several public
sector banks lost several hundred million rupees. They mostly diverted borrowed
money for diamond business into real estate and capital markets.
-
Excerpts
from Times of India dated 30th October 2010 is as under –
-
Gem and
Jewellery Export Promotion Council in its statistical data has shown the export
of polished diamonds to have increase by 28% in February 2013. Compared to $
1.4 bn worth of polished diamond export in February, 2012, India exported $
1.84 billion worth of polished diamonds in February 2013. A senior executive of
GJEPC said, “Export of cut and polished diamonds started falling month-wise
after the imposition of 2 % of import duty on the polished diamonds. But
February, 2013 has given a new ray of hope to the industry as the export of
polished diamonds has actually increased by 28%. It means the industry is on
the track of recovery and round tripping of diamonds has stopped completely.”
Demand has started coming from the US, the UK, Japan and China. India’s
polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The
banking sector has started exercising restraint while following prudent risk
management norms when lending money to gems and jewellery sector. This follows
the implementation of Basel III accord – a global voluntary regulatory standard
on bank capital adequacy, stress testing and market liquidity.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 63.77 |
|
|
1 |
INR 89.20 |
|
Euro |
1 |
INR 78.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
JYT |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.