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|
|
MIRA INFORM REPORT
|
Report No. : |
488576 |
|
Report Date : |
27.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
JEWELEX INDIA PRIVATE LIMITED |
|
|
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|
Registered
Office : |
401-Trade Centre, 4th Floor, Opposite MTNL Building, Bandra
Kurla Complex, Bandra (East), Mumbai – 400098, Maharashtra |
|
Tel. No.: |
91-22-43511000 |
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|
|
|
Country : |
India |
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|
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Financials (as
on) : |
31.03.2016 |
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|
|
|
Date of
Incorporation : |
01.10.2004 |
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|
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Com. Reg. No.: |
11-148938 |
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Capital
Investment / Paid-up Capital : |
INR 1000.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36910MH2004PTC148938 |
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|
|
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IEC No.: |
0388005556 |
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GST No: |
27AABCJ4523H2ZP |
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|
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TIN No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCJ4523H |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Processing of Diamonds and Manufacturer of Studded Jewellery. [Registered Activity and also Confirmed by Management] |
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|
|
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No. of Employees
: |
3000 (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 |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “D. J. Finance Limited” based in Mauritius incorporated in the year 2004 having fine record. It is engaged in processing of diamonds and manufacturing of jewellery. For the financial year 2016, the company has reported slight decline in its revenues compared to its previous year along with average profit margin during the year. Rating takes into consideration, the healthy financial risk profile characterized by adequate net worth base along with strong debt coverage indicators. Rating continue to derive strength from the established track record of its business operation backed by extensive experience of the promoters in the gems and jewellery industry along with the strong marketing network of its holding entity, resulting into a diversified revenue profile. However, ratings are partially offset by the company’s profitability margins susceptible to volatility in the prices of gold and diamonds along with fluctuating foreign exchange rates and economic uncertainty. Payments are reported to be regular. In view of aforesaid, the company can be considered for business dealing at usual trade terms and conditions. Note: As per Registrar of Companies the date of balance sheet i.e. financial filed is shown as 31.03.2017 but the documents related to the financial for the year 31.03.2017 are not available from any source. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short-term bank facilities=A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
31.12.2016 |
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 27.12.2018.
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. Vishal |
|
Designation : |
Assistant Vice President Finance |
|
Contact No.: |
91-22-43511000 |
LOCATIONS
|
Registered/ Head Office : |
401-Trade Centre, 4th Floor, Opposite MTNL Building, Bandra
Kurla Complex, Bandra (East), Mumbai – 400098, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
HE-7010, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-43511100/ 56938502 |
|
E-Mail : |
|
|
|
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Head Office / Unit 1 : |
G-29, G and J Complex III, SEEPZ, Andheri (East), Mumbai – 400096,
Maharashtra, India |
|
Tel. No.: |
91-22-66938500 / 8501 |
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Fax No.: |
91-22-28290460 |
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E-Mail : |
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Corporate Office 2 / Unit 2 : |
Unit – II (Trading Division), Plot No. 56-B, Ground and First Floor,
Seepz, Andheri (East), Mumbai – 400096, Maharashtra, India |
|
Tel. No.: |
91-22-66938505/ 8510/ 28291686/ 28290699 |
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E-Mail : |
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Unit 3 : |
Unit III, G – 33, G and J Complex No. III, Seepz, Andheri (East),
Mumbai – 400096, Maharashtra, India |
|
Tel. No.: |
91-22-66938500/ 56938502 |
|
Fax No.: |
91-22-28290460 |
|
E-Mail : |
|
|
|
|
|
Branch Offices : |
Located At : ·
New York ·
Hong Kong ·
China ·
Japan ·
Belgium |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Anish Piyush
Kothari |
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|
Designation : |
Director |
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Address : |
102, Elcid, 13 –
A, |
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Date of Birth/Age : |
19.11.1965 |
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Qualification : |
B.com |
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Date of Appointment : |
01.10.2004 |
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PAN No.: |
AADPK4951D |
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DIN No.: |
00093706 |
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Other Directorship :
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|
||||||||||||
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Name : |
Mr. Nilesh Pravin Kothari |
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Designation : |
Director |
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Address : |
111B, Atlas Apartments, |
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Date of Birth/Age : |
11.02.1961 |
||||||||||||
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Qualification : |
B.com |
||||||||||||
|
Date of Appointment : |
01.10.2004 |
||||||||||||
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PAN No.: |
AADPK4856H |
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DIN No.: |
00093751 |
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Other Directorship :
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|||||||||||||
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|
||||||||||||
|
Name : |
Mr. Ashish Piyush
Kothari |
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|
Designation : |
Director |
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|
Address : |
Nishika Terraces, 1st Floor, 55 Maulana Abdul Gaffar Road,
Worli Sea Fa Ce, Mumbai-400018, Maharashtra, India |
||||||||||||
|
Date of Birth/Age : |
21.05.1973 |
||||||||||||
|
Qualification : |
B.com |
||||||||||||
|
Date of Appointment : |
10.05.2005 |
||||||||||||
|
PAN No.: |
AADPK4857G |
||||||||||||
|
DIN No.: |
00093839 |
||||||||||||
|
Other Directorship :
|
|||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Ajit Hanmant Shinde |
|
Designation : |
Company Secretary |
|
Address : |
A-404, Daji Palace, Padmi Nagar, Phoolpada Road, Virar
(East), Palghar - 401305, Maharashtra, India |
|
Date of Appointment : |
01.08.2015 |
|
PAN No.: |
BKIPS4963D |
|
|
|
|
Name : |
Mr. Vishal |
|
Designation : |
Assistant Vice President Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Piyush Shantilal
Kothari |
|
1850000 |
|
Anish Piyush Kothari |
|
5690000 |
|
Nilesh Pravin Kothari |
|
5187500 |
|
Saryu Pravin Kothari |
|
7250000 |
|
Chandra Piyush Kothari |
|
6265000 |
|
Gopika Anish Kothari |
|
2425000 |
|
Nisha Nilesh Kothari |
|
2425000 |
|
D J Finance Limited |
|
51315000 |
|
Pravin Shantilal Kothari |
|
862500 |
|
Mihika Karan Kothari |
|
250000 |
|
Manti Kunal Mehta |
|
250000 |
|
Atul Shantilal Kothari |
|
12172500 |
|
Sahil Atul Kothari |
|
4057500 |
|
|
|
|
|
Total |
|
100000000 |
AS ON: 28.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
32.46 |
|
Promoters –
Non-resident Indian (NRI) |
16.23 |
|
Promoters – Body Corporate |
51.31 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Processing of Diamonds and Manufacturer of Studded Jewellery. [Registered Activity and also Confirmed by Management] |
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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 : |
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Products : |
Polished Diamonds |
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Countries : |
· Europe · Middle East · USA · Belgium |
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Imports : |
|
||||
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Products : |
Rough Diamonds |
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Countries : |
· Europe · Middle East · USA |
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||||
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Terms : |
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||||
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Selling : |
Cheque and Others [RTGS, NEFT] |
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|
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Purchasing : |
Cheque and Others [RTGS, NEFT] |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, End-Users and Others [Related Companies]
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
· Corporation Bank Mumbai overseas Branch, 1st Floor, Earnest House, Nariman Point, Mumbai - 400021, Maharashtra, India · The Royal Bank of Scotland N.V. (acting as lead bank) 4, North Avenue, Level 3, Maker Maxity, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, India |
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Facilities : |
|
|
|
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Auditors : |
|
|
|
Name : |
M. M. Nissim and
Company Chartered Accountants |
|
|
Address : |
Barodawala
Mansion, B-Wing, 3rd Floor, 81, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra, India |
|
|
PAN No.: |
AAAFM5103E |
|
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
|
|
Holding Company : |
D. J. Finance Limited, Mauritius |
|
|
|
|
|
|
Ultimate Holding Company: |
I.D.J. S.a.r.l., Luxembourg |
|
|
|
|
|
|
Associate Company : |
Opulence Creations Private Limited (U36911MH2008PTC180990) |
|
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|
·
|
|
|
Fellow Subsidiary Company : |
·
Jewelex Australia Pty Limited ·
Jewelex Europe N.V ·
Jewelex New York Limited ·
Jewelex Antwerp N V ·
Jewelex HK Limited ·
Jewelex Japan Limited ·
Jewelex Israel Limited ·
Jewelex Middle East DMCC |
|
|
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
·
Zenstar Jewellery LLP ·
Eternity Holdings ·
Amikam LLC ·
Jewellex Foundation |
|
CAPITAL STRUCTURE
AS ON: 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105950000 |
Equity Shares |
INR 10/- each |
INR 1059.500 Million |
|
1900000 |
Preference Shares |
INR 10/- each |
INR 19.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 1078.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000
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 |
1000.000 |
1000.000 |
1000.000 |
|
(b) Reserves and Surplus |
5622.896 |
5541.632 |
5291.299 |
|
(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) |
6622.896 |
6541.632 |
6291.299 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
24.077 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
55.292 |
56.383 |
41.553 |
|
Total Non-current
Liabilities (3) |
55.292 |
56.383 |
65.630 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
2650.967 |
4187.944 |
3984.618 |
|
(b) Trade
payables |
2328.296 |
3477.431 |
2348.243 |
|
(c) Other current
liabilities |
147.759 |
278.907 |
187.246 |
|
(d) Short-term
provisions |
0.000 |
120.358 |
233.990 |
|
Total Current
Liabilities (4) |
5127.022 |
8064.640 |
6754.097 |
|
|
|
|
|
|
TOTAL |
11805.210 |
14662.655 |
13111.026 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
869.234 |
991.116 |
1109.774 |
|
(ii)
Intangible Assets |
9.823 |
22.866 |
251.453 |
|
(iii) Tangible assets
capital work-in-progress |
1.650 |
19.772 |
9.361 |
|
(iv)
Intangible assets under development |
25.459 |
0.862 |
0.000 |
|
(b) Non-current Investments |
30.000 |
30.000 |
30.000 |
|
(c) Deferred tax assets (net) |
52.897 |
60.424 |
0.000 |
|
(d)
Long-term loans and advances |
348.392 |
328.823 |
231.969 |
|
(e) Other
Non-current assets |
4.335 |
2.968 |
3.819 |
|
Total Non-Current
Assets |
1341.790 |
1456.831 |
1636.376 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5209.619 |
7150.362 |
6089.171 |
|
(c) Trade
receivables |
4907.321 |
5557.456 |
5070.062 |
|
(d) Cash and
bank balances |
225.791 |
370.351 |
244.639 |
|
(e)
Short-term loans and advances |
118.168 |
125.357 |
68.470 |
|
(f) Other
current assets |
2.521 |
2.298 |
2.308 |
|
Total
Current Assets |
10463.420 |
13205.824 |
11474.650 |
|
|
|
|
|
|
TOTAL |
11805.210 |
14662.655 |
13111.026 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
20791.840 |
22018.342 |
19796.728 |
|
|
Other Income |
53.009 |
82.132 |
79.270 |
|
|
TOTAL |
20844.849 |
22100.474 |
19875.998 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
17719.120 |
18365.302 |
16378.745 |
|
|
Employee benefit expense |
673.702 |
704.388 |
631.081 |
|
|
CSR expenditure |
18.000 |
19.990 |
0.000 |
|
|
Other expenses |
1281.704 |
1603.229 |
1423.652 |
|
|
Prior period items |
0.000 |
6.053 |
0.000 |
|
|
Exceptional items |
0.000 |
158.527 |
0.000 |
|
|
TOTAL |
19692.526 |
20857.489 |
18433.478 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1152.323 |
1242.985 |
1442.520 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
182.073 |
242.757 |
231.307 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
970.250 |
1000.228 |
1211.213 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
234.103 |
349.948 |
199.741 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
736.147 |
650.280 |
1011.472 |
|
|
|
|
|
|
|
Less |
TAX |
242.016 |
142.539 |
259.309 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
494.131 |
507.741 |
752.163 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
15765.330 |
17324.564 |
15344.796 |
|
|
TOTAL EARNINGS |
15765.330 |
17324.564 |
15344.796 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
6049.910 |
10720.996 |
10197.085 |
|
|
Components and spare
parts |
12.526 |
10.839 |
27.977 |
|
|
Capital Goods |
14.271 |
125.033 |
111.838 |
|
|
TOTAL IMPORTS |
6076.708 |
10856.867 |
10336.900 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
4.94 |
5.08 |
7.52 |
|
PARTICULARS |
|
|
31.03.2017 |
|
Sales Turnover (Approximately) |
|
|
20000.000 |
|
|
|
|
|
The above information has been parted by Mr. Vishal [Assistant Vice
President Finance]
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
2381.029 |
644.167 |
(284.076) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
2305.369 |
766.557 |
(305.925) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
86.15 |
92.13 |
93.48 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.24 |
3.96 |
3.90 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
47.96 |
69.11 |
52.33 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.22 |
0.17 |
0.24 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.27 |
1.20 |
1.05 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.43 |
0.55 |
0.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.40 |
0.64 |
0.63 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.77 |
1.23 |
1.07 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.14 |
0.16 |
0.22 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.33 |
5.12 |
6.24 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.38 |
2.31 |
3.80 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.19 |
3.46 |
5.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
7.46 |
7.76 |
11.96 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.04 |
1.64 |
1.70 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.02 |
0.75 |
0.80 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.56 |
0.45 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.65 |
4.19 |
3.98 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.04 |
1.64 |
1.70 |
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
|
Particulars |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1000.000 |
1000.000 |
1000.000 |
|
Reserves & Surplus |
5291.299 |
5541.632 |
5622.896 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6291.299 |
6541.632 |
6622.896 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3984.618 |
4187.944 |
2650.967 |
|
Total
borrowings |
3984.618 |
4187.944 |
2650.967 |
|
Debt/Equity
ratio |
0.633 |
0.640 |
0.400 |
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 |
19796.728 |
22018.342 |
20791.840 |
|
|
|
11.222 |
-5.570 |
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 |
19796.728 |
22018.342 |
20791.840 |
|
Profit/ (Loss) |
752.163 |
507.741 |
494.131 |
|
|
3.80% |
2.31% |
2.38% |
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 |
No |
|
26 |
Turnover of firm for last four 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 |
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.
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B42281394 |
10362272 |
UNION BANK OF
INDIA |
30/05/2012 |
- |
- |
175900000.0 |
OVERSEAS SEEPZ
BRANCH, #007, BLOCK II, SEEPZ++,JOGESHWARI VIKHROLI LINK ROAD, ANDHERI
EAST,MUMBAIMH400096IN |
|
2 |
G38306643 |
90353333 |
INDUSIND BANK LTD. |
01/10/2004 |
23/02/2017 |
- |
5790000000.0 |
No.C-2, West Core
Area, Ground Floor, Tower No.3,Bharat Diamond Bourse Complex, G Block BKC,
BandraMumbaiMH400051IN |
|
3 |
B97144117 |
80018883 |
CORPORATION BANK |
23/07/2002 |
15/03/2007 |
18/02/2014 |
365000000.0 |
OVERSEAS BRANCHEARNEST
HOUSE, NARIMAN POINTMUMBAIMH400021IN |
|
4 |
B87730214 |
80024633 |
UNION BANK OF
INDIA |
28/07/2004 |
19/07/2008 |
17/10/2013 |
125000000.0 |
Overseas Branch,
Union Bank Bhavan,Ground Floor,239, Vidhan Bhavan Marg,Nariman PointMumbaiMH400021IN |
|
5 |
B86153624 |
10038752 |
CANARA BANK |
08/02/2007 |
16/07/2012 |
03/10/2013 |
70000000.0 |
OVERSEAS BRANCH,
211, DALAMAL TOWERNARIMAN POINTMUMBAIMH400021IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
440.963 |
0.000 |
|
|
|
|
|
Total |
440.963 |
0.000 |
CHANGE OF ADDRESS:
The Registered address of the company has been shifted from 401-Trade Centre,
Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India to the present
address w.e.f 22.08.2012.
CORPORATE INFORMATION
Jewelex India Private Limited, (the Company) was incorporated in India on 1st October, 2004, is engaged in processing of diamonds and manufacture of studded jewellery. The Company is a step down subsidiary of IDJ S.a.r.l., Luxembourg, which owns 51.32% capital through its wholly owned subsidiary, D. J. Finance Ltd., Mauritius.
BRIEF DESCRIPTION OF THE COMPANY’S WORKING
DURING THE YEAR:
Considering the economic and financial conditions in overseas as well as domestic market during the year, the company has performed well. The total income was INR 20844.849 Million as against INR 22100.473 Million for the previous year. The profit after tax was INR 494.131 Million against INR 507.742 Million for the previous year.
MERGER:
The Company has received approval from The Bombay High Court for merger of Opulence Creations Private Limited with Jewelex India Private Limited on 04th December, 2015. As per the scheme of merger, the effect of merger is given from the 01.04.2015 i.e. an appointed date of merger.
Due to Merger the Authorised Share Capital of the Company stands at INR 1078.500 Million divided into INR 105.950 Million 105950000 Equity Shares of INR 10/- each and 1900000 5% Preference Shares of INR 10/- each (Post Merger).
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.50 |
|
UK Pound |
1 |
INR 90.92 |
|
Euro |
1 |
INR 79.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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.