|
|
|
MIRA INFORM REPORT
|
Report No. : |
487842 |
|
Report Date : |
25.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
LAXMI DIAMOND PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse,
Bandra-Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-40502222/33927041, 33927042 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
12.04.2006 |
|
|
|
|
Com. Reg. No.: |
11-161091 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 200.291 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36911MH2006PTC161091 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GSTIN: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCL1815G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject 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 also has a Jewellery Manufacturing Unit at SEZ; Andheri. This Unit manufactures Studded jewellery for sale and also does manufacturing for its customer on Job work basis. It is also engaged in the Business of Generation of Electricity by deploying Wind Mill. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company incorporated in the year 2006 and it is having satisfactory track. Management of the company has not filed its financials of 2017 with government department. As per available financials of 2016, the company has increased its revenue from operation and maintained average profitability margin of 2.16%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and low debt balance sheet. Further, rating also reflects company’s long standing track records along with improvement in the revenue as well as profitability profile during the year. However, rating strength is partially offset by vulnerability of its operating margins to volatility in raw material prices and working capital intensive operations. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating= BBB+ (Issuer Non-cooperative) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
10.03.2017 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating= A2 (Issuer Non-cooperative) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
10.03.2017 |
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 25.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Not Divulged |
|
Designation : |
Accounts |
|
Contact No.: |
91-22-33927041 |
|
Date : |
24.01.2018 |
LOCATIONS
|
Registered Office/Head Office: |
EW-2200, 2nd Floor, E West Wing, Bharat Diamond Bourse, Bandra-Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-40502222/33927041, 33927042 |
|
Fax No.: |
91-22-40502214 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Manufacturing
Head Office: |
Bhagu Bhula Compound, Near Gajera Circle, Katargam Fulpada Road, Katargam, Surat – 395004, Gujarat, India |
|
Tel. No.: |
91-261-3315555 |
|
Fax No.: |
91-261-3315599 |
|
E-Mail : |
|
|
|
|
|
Factory 1: |
415/416, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
|
|
|
|
Factory 2: |
SEEPZ, Andheri, Mumbai, Maharashtra, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Vasantbhai Haribhai Gajera |
|
Designation : |
Managing Director |
|
Address : |
1, Vrushal Nagar Society, Near Katargam Police Station, Katargam, Surat - 395004, Gujarat, India |
|
Date of Birth/Age : |
01.06.1954 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
ABTPG2033P |
|
DIN No.: |
00147855 |
|
|
|
|
Name : |
Mr. Ashokkumar Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
31, Kalpavruksh Apartment, 27, B. G. Kher Marg, Walkeshwar, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1965 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
ABTPG2048J |
|
DIN No.: |
00147819 |
|
|
|
|
Name : |
Mr. Chunibhai Haribhai Gajera |
|
Designation : |
Whole Time Director |
|
Address : |
67, Adarsh Society, Athwalines, Surat - 395001, Gujarat, India |
|
Date of Birth/Age : |
05.07.1960 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
12.04.2006 |
|
PAN No.: |
AAWPG3525A |
|
DIN No.: |
00147830 |
|
|
|
|
Name : |
Mr. Mitesh Chunilal Gajera |
|
Designation : |
Director |
|
Address : |
21/22, Suraj Co-operative Housing Society, 71, Bhulabhai Desai Road, C/O. Ajay M.T. School, Mumbai - 400006, Maharashtra, India |
|
Date of Birth/Age : |
10.03.1982 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.03.2008 |
|
DIN No.: |
01011862 |
|
|
|
|
Name : |
Mr. Lalitbhai Dhirubhai Gajera |
|
Designation : |
Director |
|
Address : |
43-44, Kantareshwar Society, Behind Anath Ashram, Katargam, Surat - 395004, Gujarat, India |
|
Date of Birth/Age : |
03.05.1972 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
04.07.2007 |
|
DIN No.: |
01624264 |
|
|
|
|
Name : |
Mr. Samrat Ajay Chokshi |
|
Designation : |
Director |
|
Address : |
204, Virat Apartment, Diwalibag, Athwagate, Surat - 395001, Gujarat, India |
|
Date of Birth/Age : |
18.01.1978 |
|
Qualification: |
Graduate |
|
Date of Appointment : |
04.07.2007 |
|
DIN No.: |
01627380 |
|
|
|
|
Name : |
Mr. Bakulbhai Haribhai Gajera |
|
Designation : |
Director |
|
Address : |
B26, Kanteshwar Society, Katargam Road, Surat - 395004, Gujarat, India |
|
Date of Birth/Age : |
16.12.1968 |
|
Date of Appointment : |
16.07.2013 |
|
DIN No.: |
06536819 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
Vasantbhai Haribhai Gajera |
|
4884615 |
|
Ashokbhai Haribhai Gajera |
|
7015423 |
|
Chunibhai Haribhai Gajera |
|
4552308 |
|
Bhavnaben Vasantbhai Gajera |
|
350000 |
|
Sarojben Ashokbhai Gajera |
|
750000 |
|
Sunitaben Chunibhai Gajera |
|
140000 |
|
Bakulbhai Gajera |
|
2336740 |
|
|
|
|
|
Total |
|
20029086 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2016
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject 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 also has a Jewellery Manufacturing Unit at SEZ; Andheri. This Unit manufactures Studded jewellery for sale and also does manufacturing for its customer on Job work basis. It is also engaged in the Business of Generation of Electricity by deploying Wind Mill. (Registered Activity) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Financial Institution: |
SBICAP Trustee Company Limited, 202, Market Tower (East), Cuffe Parade, Mumbai-400020, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountants |
|
Address : |
Purshottam Building, 1st Floor, 450 Lamington
Road, Opera House, Mumbai-400004, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFR7782K |
|
|
|
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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: |
|
CAPITAL STRUCTURE
As on 30.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48000000 |
Equity Shares |
INR 10/- each |
INR 480.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20029086 |
Equity Shares |
INR 10/- each |
INR 200.291 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 |
200.291 |
200.291 |
473.367 |
|
(b) Reserves and Surplus |
5572.924 |
4995.452 |
3856.188 |
|
(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) |
5773.215 |
5195.743 |
4329.555 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
515.789 |
140.000 |
360.266 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.050 |
5.154 |
|
(d) long-term
provisions |
102.694 |
12.933 |
13.108 |
|
Total Non-current
Liabilities (3) |
618.483 |
152.983 |
378.528 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
5053.449 |
5655.531 |
5063.433 |
|
(b) Trade
payables |
6019.107 |
5181.845 |
4516.979 |
|
(c) Other
current liabilities |
123.762 |
19.894 |
110.103 |
|
(d) Short-term
provisions |
33.033 |
37.661 |
47.468 |
|
Total Current
Liabilities (4) |
11229.351 |
10894.931 |
9737.983 |
|
|
|
|
|
|
TOTAL |
17621.049 |
16243.657 |
14446.066 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1297.403 |
1290.939 |
1264.225 |
|
(ii)
Intangible Assets |
2.030 |
2.412 |
1.888 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
7.117 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
104.419 |
291.807 |
311.702 |
|
(c) Deferred tax assets (net) |
60.412 |
38.164 |
3.501 |
|
(d)
Long-term loans and advances |
262.004 |
269.531 |
124.799 |
|
(e) Other
Non-current assets |
3.606 |
7.774 |
56.805 |
|
Total Non-Current
Assets |
1729.874 |
1900.627 |
1770.037 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
6.190 |
5.914 |
5.460 |
|
(b)
Inventories |
8995.001 |
8014.111 |
6496.729 |
|
(c) Trade
receivables |
5450.657 |
5910.444 |
5346.499 |
|
(d) Cash and
bank balances |
265.620 |
196.818 |
194.224 |
|
(e)
Short-term loans and advances |
170.147 |
77.293 |
89.909 |
|
(f) Other
current assets |
1003.560 |
138.450 |
543.208 |
|
Total
Current Assets |
15891.175 |
14343.030 |
12676.029 |
|
|
|
|
|
|
TOTAL |
17621.049 |
16243.657 |
14446.066 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
29351.475 |
28737.487 |
26869.575 |
|
|
Other Income |
362.674 |
676.303 |
31.192 |
|
|
TOTAL |
29714.149 |
29413.790 |
26900.767 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
21954.725 |
23344.520 |
20242.102 |
|
|
Purchases of
Stock-in-Trade |
5082.525 |
3250.780 |
4198.899 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1313.001) |
(1141.722) |
(1258.962) |
|
|
Employee benefit expense |
769.725 |
1006.271 |
1029.311 |
|
|
CSR expenditure |
14.128 |
13.075 |
0.000 |
|
|
Other expenses |
1487.775 |
1394.901 |
1275.645 |
|
|
Prior period items before tax |
10.044 |
4.110 |
16.869 |
|
|
TOTAL |
28005.921 |
27871.935 |
25503.864 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
1708.228 |
1541.855 |
1396.903 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
740.685 |
571.760 |
541.865 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
967.543 |
970.095 |
855.038 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
164.387 |
221.441 |
119.865 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
803.156 |
748.654 |
735.173 |
|
|
|
|
|
|
|
Less |
TAX |
169.541 |
267.227 |
257.372 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
633.615 |
481.427 |
477.801 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
21804.302 |
23499.741 |
21214.492 |
|
|
Components and spare
parts |
22.338 |
22.842 |
31.297 |
|
|
Capital Goods |
5.476 |
5.151 |
125.450 |
|
|
TOTAL IMPORTS |
21832.116 |
23527.735 |
21371.240 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
31.63 |
24.04 |
27.56 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Net cash flows from (used in) operations |
1545.768 |
502.163 |
(165.252) |
|
Net cash flows from (used in) operating activities |
1290.918 |
200.386 |
(445.351) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
67.78 |
75.07 |
72.63 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.38 |
4.86 |
5.03 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
81.26 |
71.12 |
67.46 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.19 |
0.19 |
0.22 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.31 |
1.19 |
1.10 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.67 |
0.68 |
0.70 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.96 |
1.12 |
1.25 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.95 |
2.10 |
2.25 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.23 |
0.25 |
0.29 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.31 |
2.70 |
2.58 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.16 |
1.68 |
1.78 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
3.60 |
2.96 |
3.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
10.98 |
9.27 |
11.04 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.42 |
1.32 |
1.30 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.61 |
0.58 |
0.63 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.33 |
0.32 |
0.30 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
27.81 |
28.94 |
11.46 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.42 |
1.32 |
1.30 |
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 |
473.367 |
200.291 |
200.291 |
|
Reserves & Surplus |
3856.188 |
4995.452 |
5572.924 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4329.555 |
5195.743 |
5773.215 |
|
|
|
|
|
|
Long-term borrowings |
360.266 |
140.000 |
515.789 |
|
Short term borrowings |
5063.433 |
5655.531 |
5053.449 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
5423.699 |
5795.531 |
5569.238 |
|
Debt/Equity
ratio |
1.253 |
1.115 |
0.965 |
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 |
26869.575 |
28737.487 |
29351.475 |
|
|
|
6.952 |
2.137 |
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 |
26869.575 |
28737.487 |
29351.475 |
|
Profit/ (Loss) |
477.801 |
481.427 |
633.615 |
|
|
1.78% |
1.68% |
2.16% |
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 |
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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 |
No |
|
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 & 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.
CORPORATE
INFORMATION:
The company is a private company limited by shares, domiciled in India and registered as such in April, 2006 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 also has a Jewellery Manufacturing Unit at SEZ; Andheri. This Unit manufactures Studded jewellery for sale and also does manufacturing for its customer on Job work basis. It is also engaged in the Business of Generation of Electricity by deploying Wind Mill. It is in the process of setting up solar power project at Rajasthan. It has also entered in to an arrangement with Group Company for undertaking Development of real estate on one of its plot where in it is being given 40% of sale proceeds as consideration for consequential transfer
UNSECURED LOAN
|
Particulars |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related parties |
140.000 |
140.000 |
|
SHORT TERM
BORROWING |
|
|
|
Loans and advances from related parties |
153.236 |
31.916 |
|
Total |
293.236 |
171.916 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
C81074528 |
10623117 |
SBICAP TRUSTEE COMPANY LIMITED |
11/02/2016 |
19/02/2016 |
- |
202000000.0 |
202, MARKET TOWER(E)CUFFE PARADE, MUMBAI-400020, MAHARASHTRA, INDIA |
|
2 |
C69265197 |
10600850 |
Export-Import Bank of India |
30/10/2015 |
- |
- |
560000000.0 |
CENTRE ONE BUILDING, FLOOR 21,WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI-400005, MAHARASHTRA, INDIA |
|
3 |
C51626836 |
10565349 |
IDBI Bank Limited |
23/04/2015 |
- |
- |
250000000.0 |
SPECIALISED CORPORATE BRANCH,5TH FLOOR ,PLOT NO C7G-BLOCK,BKC,OPPOSITE NSE BUILDING,BANDRA (E), MUMBAI-400051, MAHARASHTRA, INDIA |
|
4 |
C30339972 |
10526720 |
UNION BANK OF INDIA |
30/09/2014 |
- |
- |
350000000.0 |
OVERSEAS BRANCH, UNION BANK BHAVAN,GROUND FLOOR,239,VIDHAN BHAVAN MARG,NARIMAN POINT, MUMBAI-400021, MAHARASHTRA, INDIA |
|
5 |
C21167945 |
10520607 |
ICICI BANK LIMITED |
01/09/2014 |
- |
- |
300000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURI, VADODARA-390015, GUJARAT, INDIA |
|
6 |
C33651852 |
10493441 |
Bank of India |
11/03/2014 |
14/10/2014 |
- |
1200000000.0 |
SEEPZ MID CORPORATE BR.BEHIND SEEPZ SERVICE CENTREMIDC AREA , ANDHERI (EAST), MUMBAI-400096, MAHARASHTRA, INDIA |
|
7 |
B14972095 |
10174152 |
Bank of India -Lead Bank & 3 others |
10/08/2009 |
28/05/2011 |
- |
300000000.0 |
SEEPZ MID CORPORATE BRANCH, BEHIND SEEPZ SERVICECENTRE BUILDING, MAROL INDUSTRIAL AREA, SEEPZ,MUMBAI-400096, MAHARASHTRA, INDIA |
|
8 |
A03503182 |
10015617 |
STATE BANK OF SAURASHTRA |
02/08/2006 |
02/08/2006 |
- |
142000000.0 |
OVERSEAS BRANCH, 1ST FLOOR, 198,RAJA RAM MOHAN ROY ROAD, GIRGAUM, MUMBAI-400004, MAHARASHTRA, INDIA |
|
9 |
G02550366 |
10015571 |
State Bank of India |
02/08/2006 |
05/04/2016 |
- |
7708900000.0 |
DIAMOND BRANCH, D/3, WEST CORE,BHARAT DIAMOND BOURSE, BANDRA KURLA COMPLEX, MUMBAI-400051, MAHARASHTRA, INDIA |
|
10 |
A05560669 |
10484227 |
STATE BANK OF SAURASHTRA |
12/04/2006 |
- |
- |
142000000.0 |
OVERSEAS BRANCH , 1ST FLOOR, DIAMOND QUEEN,198, RAJARAM MOHAN ROY MARG, GIRGAON, MUMBAI-400004, MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
|
31.03.2016 |
|
Guarantees |
|
56.514 |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Furniture and fixtures
- Vehicles
- Computer equipments
- Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.77 |
|
|
1 |
INR 89.20 |
|
Euro |
1 |
INR 78.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
RKI |
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.
·