|
|
|
MIRA INFORM REPORT
|
Report No. : |
488274 |
|
Report Date : |
29.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
P
N GADGIL JEWELLERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
694, Narayan Peth, Pune - 411030, Maharashtra |
|
Tel. No.: |
91-20-24435001-3 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
28.10.2013 |
|
|
|
|
Com. Reg. No.: |
11-149288 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 920.000
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36912PN2013PTC149288 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCP4162E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in retail sales of all types of gems,
diamonds, semi-precious stones and all types of jewellery made of gold,
silver and other metals and precious stones. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information denied 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 : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established as a partnership concern with the name “P. N. Gadgil Jewellers” in the year 1958 but later it got converted into private limited company in the year 2013. It is a trader and exporter of all types of jewellery, diamonds, gems, stones, etc. Management has not filed its financial record with government department for the year 2017 and same are not available from any other sources. For the financial year 2016, the company has achieved 9.66% growth in its revenue as compared to the previous year. It has reported low profitability margin of 0.22%. The financial profile of the company seems to be satisfactory marked by adequate net worth base. Rating also takes into consideration the strength derived from promoter’s experience in the retail jewellery segment and well established brand. Rating is constrained due to exposure to fluctuations in gold prices. The demonetization definitely has caused a drop in the business and while it is a short term pain, in the long run we visualize the move to create a level playing field for everyone. Also there was a panic amongst people where many people tried to exchange cash with gold that led to a sudden rise in demand which triggered the price hike. Trade relations are reported as fair. Business is active. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Loans : BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
11.11.2016 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Loans : A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
11.11.2016 |
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 29.01.2018
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 : |
Mr. Saurabh Gadgil |
|
Designation : |
Director |
|
Contact No.: |
91-9975000099 |
|
Date : |
25.01.2018 |
(Tel No.: 91-20-24435001/3 -
Ringing)
LOCATIONS
|
Registered Office : |
694, Narayan Peth, Pune - 411030, Maharashtra, India |
|
Tel. No.: |
91-20-24435001-3 |
|
Mob. No.: |
91-9975000099 (Mr. Saurabh Vidyadhar Gadgil) |
|
Fax No.: |
91-20-24435010 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Branch Offices : |
Located at ·
Mumbai ·
Panvel ·
Chandrapur ·
Aurangabad ·
Nagpur ·
Goa ·
Nanded |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Saurabh Vidyadhar Gadgil |
|
Designation : |
Managing Director |
|
Address : |
2131, Kaustubh Vijayanagar, Sadashiv Peth, Pune – 411030, Maharashtra,
India |
|
Date of Birth/Age : |
09.05.1977 |
|
Qualification : |
M B A in Foreign Trade |
|
Date of Appointment : |
28.11.2013 |
|
PAN No.: |
AFFPG6694G |
|
DIN No.: |
00616563 |
|
|
|
|
Name : |
Mr. Vidyadhar Anant Gadgil |
|
Designation : |
Director |
|
Address : |
2131, Kaustubh Vijayanagar, Sadashiv Peth, Pune – 411030, Maharashtra,
India |
|
Date of Birth/Age : |
11.10.1947 |
|
Qualification : |
B.A. |
|
Date of Appointment : |
28.10.2013 |
|
PAN No.: |
AGJPG6634M |
|
DIN No.: |
00474197 |
|
|
|
|
Name : |
Mr. Parag Yashwant Gadgil |
|
Designation : |
Director |
|
Address : |
4, Sarthak Apartment, 1901, Sadashiv Peth, Natubag, Bajirao Road, Pune
– 411030, Maharashtra, India |
|
Date of Birth/Age : |
28.07.1959 |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Date of Appointment : |
28.10.2013 |
|
PAN No.: |
ACWPG2456J |
|
DIN No.: |
01536943 |
|
|
|
|
Name : |
Ms. Radhika Saurabh Gadgil |
|
Designation : |
Nominee Director |
|
Address : |
2131, Kaustubh, Vijaya Nagar Colony, Sadashiv Peth, Pune – 411030, Maharashtra, India |
|
Date of Appointment : |
03.02.2017 |
|
DIN No.: |
00490499 |
|
|
|
|
Name : |
Ms. Vaishali Vidyadhar Gadgil |
|
Designation : |
Nominee Director |
|
Address : |
Kaustubh, 2131, Sadashiv Peth, Pune – 411030, Maharashtra, India |
|
Date of Appointment : |
03.02.2017 |
|
DIN No.: |
03309004 |
|
|
|
|
Name : |
Ms. Anjali Parag Gadgil |
|
Designation : |
Nominee Director |
|
Address : |
4, Sarthak Apartments, 1901, Sadashiv Peth, Natu Baug, Pune – 411030, Maharashtra, India |
|
Date of Appointment : |
03.02.2017 |
|
DIN No.: |
07709302 |
KEY EXECUTIVES
|
Name : |
Hiranyamai Kulkarni |
|
Designation : |
Company Secretary |
|
Address : |
Flat No 10, Padma Apartment, Lane No. 8, Dahanukar Colony, Kothrud, Pune- 411038, Maharashtra, India |
|
Date of Appointment : |
13.11.2017 |
|
PAN No.: |
EBEPK1284F |
MAJOR SHAREHOLDERS
AS ON 31.03.2016
|
Names of Equity Shareholders |
|
No. of Shares |
|
Vidyadhar Anant Gadgil |
|
33744000 |
|
Parag Yashwant Gadgil |
|
11856000 |
|
Saurabh Vidyadhar Gadgil |
|
5376000 |
|
Parag Yashwant Gadgil |
|
2496000 |
|
Vidyadhar Anant Gadgil |
|
1728000 |
|
Total |
|
55200000 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Vidyadhar Anant Gadgil |
|
22496000 |
|
Parag Yashwant Gadgil |
|
7904000 |
|
Saurabh Vidyadhar Gadgil |
|
3584000 |
|
Parag Yashwant Gadgil |
|
1664000 |
|
Vidyadhar Anant Gadgil |
|
1152000 |
|
Total |
|
36800000 |
AS ON 29.12.2016
Equity Share Break up
|
Category |
Percentage |
|
Promoters – (Individual/Hindu Undivided Family – Indian) |
17.39 |
|
Promoters – (Other – Trust) |
82.61 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in retail sales of all types of
gems, diamonds, semi-precious stones and all types of jewellery made of gold,
silver and other metals and precious stones. (Registered Activity) |
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Products / Services
: |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
· State Bank of India, Industrial Finance Branch, Tara Chambers, Mumbai - Pune Road, Pune – 411003, Maharashtra, India |
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Facilities : |
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|
Financial Institution: |
SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
G.D. Apte and Company Chartered Accountants |
|
Address : |
GDA House, Plot No 85, Bhusari Colony (Right) Paud Road, Pune – 411038, Maharashtra, India |
|
PAN
N Income-tax PAN of auditor or auditor's firm : |
AAHFG5198A |
|
|
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|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint Venture (As
on 31.03.2016) : |
· Anant Mauli Jewellers, India · PNG Jewellers LLC, Dubai, United Arab Emirates |
|
|
|
|
Subsidiary
Companies (As on 31.03.2016) : |
· P N Gadgil Jewellers DMCC, United Arab Emirates · Style Quotient Jewellery Private Limited, India [CIN NO.: U36910PN2014PTC151454] |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives (As on 31.03.2016) : |
· Png Jewellers Inc, Usa, United States · Seamless Education Academy Private Limited, India [CIN NO.: U80903PN2008PTC132433] · Think Pure Social Foundation Private Limited, India · Toolbox Animation Studio Private Limited, India [CIN NO.: U72900PN2009PTC133385] · Dajikaka Gadgil Developers Private Limited, India [CIN NO.: U45209PN2008PTC132730] · Gadgil Diamonds Private Limited, India [CIN NO.: U51398MH2008PTC216739] · Gadgil Holdings Private Limited, India [Cin NO.: U74999PN2008PTC131819] · Gadgil Hotels Private Limited, India [CIN NO.: U55101PN2007PTC129625] · Gadgil Lifestyles Private Limited, India · Jpa Tulja Interiors Private Limited, India [CIN NO.: U45200PN2008PTC132019] · P N Gadgil Jewellers (Partnership Firm), India |
CAPITAL STRUCTURE
After 29.12.2016
Authorised Capital: INR 1250.000 Million
Issued, Subscribed & Paid-up Capital: INR 1180.000
Million
AS ON 29.12.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
INR 10/- each |
INR 600.000 Million |
|
40000000 |
Preference Shares |
INR 10/- each |
INR 400.000 Million |
|
|
Total |
|
INR 1000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55200000 |
Equity Shares |
INR 10/- each |
INR 552.000 Million |
|
36800000 |
Preference Shares |
INR 10/- each |
INR 368.000 Million |
|
|
Total |
|
INR 920.000
Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
920.000 |
760.000 |
1.000 |
|
(b) Reserves and Surplus |
630.852 |
582.669 |
236.285 |
|
(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) |
1550.852 |
1342.669 |
237.285 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
90.148 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
15.036 |
26.421 |
7.574 |
|
(c) Other long-term
liabilities |
32.134 |
15.266 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
137.318 |
41.687 |
7.574 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
3528.061 |
2214.708 |
1890.519 |
|
(b) Trade
payables |
947.036 |
502.916 |
470.220 |
|
(c) Other current
liabilities |
1259.243 |
790.181 |
1183.675 |
|
(d) Short-term
provisions |
11.442 |
98.440 |
99.638 |
|
Total Current
Liabilities (4) |
5745.782 |
3606.245 |
3644.052 |
|
|
|
|
|
|
TOTAL |
7433.952 |
4990.601 |
3888.911 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
992.644 |
349.011 |
318.809 |
|
(ii)
Intangible Assets |
237.176 |
264.718 |
295.236 |
|
(iii) Tangible assets
capital work-in-progress |
56.537 |
211.473 |
0.080 |
|
(iv)
Intangible assets under development |
34.589 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.920 |
4.283 |
1.050 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
421.904 |
105.332 |
0.210 |
|
(e) Other
Non-current assets |
10.476 |
8.599 |
84.237 |
|
Total Non-Current
Assets |
1760.246 |
943.416 |
699.622 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.050 |
0.000 |
|
(b)
Inventories |
4368.066 |
2924.379 |
2372.726 |
|
(c) Trade
receivables |
429.762 |
461.108 |
156.014 |
|
(d) Cash and
bank balances |
446.212 |
371.486 |
527.474 |
|
(e)
Short-term loans and advances |
429.666 |
290.162 |
124.095 |
|
(f) Other
current assets |
0.000 |
0.000 |
8.980 |
|
Total Current
Assets |
5673.706 |
4047.185 |
3189.289 |
|
|
|
|
|
|
TOTAL |
7433.952 |
4990.601 |
3888.911 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
21624.566 |
19719.347 |
5033.002 |
|
|
Other Income |
79.929 |
30.783 |
16.624 |
|
|
TOTAL |
21704.495 |
19750.130 |
5049.626 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
13423.960 |
11728.681 |
2648.014 |
|
|
Purchases of
Stock-in-Trade |
6910.698 |
5530.027 |
3652.912 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1657.355) |
(332.851) |
(2172.742) |
|
|
Employee benefit expense |
480.642 |
372.880 |
78.355 |
|
|
CSR expenditure |
6.691 |
3.000 |
0.000 |
|
|
Other expenses |
1936.674 |
1469.393 |
393.632 |
|
|
Prior period items |
6.157 |
10.936 |
0.000 |
|
|
TOTAL |
21107.467 |
18782.066 |
4600.171 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
597.028 |
968.064 |
449.455 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
357.148 |
214.560 |
60.990 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
239.880 |
753.504 |
388.465 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
150.471 |
87.617 |
18.488 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
89.409 |
665.887 |
369.977 |
|
|
|
|
|
|
|
Less |
TAX |
41.226 |
242.834 |
133.575 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
48.183 |
423.053 |
236.402 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
228.536 |
265.223 |
14.942 |
|
|
TOTAL EARNINGS |
228.536 |
265.223 |
14.942 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
25.775 |
103.103 |
|
|
TOTAL IMPORTS |
0.000 |
25.775 |
103.103 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.92 |
14.66 |
7250.93 |
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 |
33.488 |
|
Net cash flows from (used in) operations |
(768.737) |
(858.576) |
(605.001) |
|
Net cash flows from (used in) operating activities |
(902.320) |
(1146.845) |
(646.144) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
7.25 |
8.53 |
11.31 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
50.32 |
42.77 |
32.26 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
17.00 |
10.64 |
27.24 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.14 |
0.33 |
0.19 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.45 |
1.17 |
0.73 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.79 |
0.72 |
0.94 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
2.33 |
1.65 |
7.97 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
3.70 |
2.69 |
15.36 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.85 |
0.61 |
2.59 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.67 |
4.51 |
7.37 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT
/ Sales) * 100) |
% |
0.22 |
2.15 |
4.70 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.65 |
8.48 |
6.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.11 |
31.51 |
99.63 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.99 |
1.12 |
0.88 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.23 |
0.31 |
0.22 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.21 |
0.27 |
0.06 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3.93 |
2.91 |
1890.52 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.99 |
1.12 |
0.88 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
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 |
1.000 |
760.000 |
920.000 |
|
Reserves & Surplus |
236.285 |
582.669 |
630.852 |
|
Net
worth |
237.285 |
1342.669 |
1550.852 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
90.148 |
|
Short term borrowings |
1890.519 |
2214.708 |
3528.061 |
|
Current maturities of
long-term debts |
33.488 |
0.000 |
0.000 |
|
Total
borrowings |
1924.007 |
2214.708 |
3618.209 |
|
Debt/Equity
ratio |
8.108 |
1.649 |
2.333 |
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 |
5033.002 |
19719.347 |
21624.566 |
|
|
|
291.801 |
9.662 |
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 |
5033.002 |
19719.347 |
21624.566 |
|
Profit/ (Loss) |
236.402 |
423.053 |
48.183 |
|
|
4.70% |
2.15% |
0.22% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
920.000 |
760.000 |
|
(b) Reserves and Surplus |
|
527.917 |
525.331 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
1447.917 |
1285.331 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
90.148 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
15.179 |
26.421 |
|
(c) Other long-term
liabilities |
|
32.134 |
15.266 |
|
(d) long-term
provisions |
|
0.173 |
0.100 |
|
Total Non-current
Liabilities (3) |
|
137.634 |
41.787 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
3777.258 |
2371.786 |
|
(b) Trade
payables |
|
963.089 |
473.118 |
|
(c) Other
current liabilities |
|
1284.439 |
795.514 |
|
(d) Short-term
provisions |
|
11.582 |
99.094 |
|
Total Current
Liabilities (4) |
|
6036.368 |
3739.512 |
|
|
|
|
|
|
TOTAL |
|
7621.919 |
5066.630 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1016.978 |
367.656 |
|
(ii)
Intangible Assets |
|
238.810 |
291.424 |
|
(iii) Tangible assets
capital work-in-progress |
|
56.537 |
211.473 |
|
(iv)
Intangible assets under development |
|
34.589 |
0.000 |
|
(b) Non-current Investments |
|
1.513 |
1.003 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.030 |
|
(d)
Long-term loans and advances |
|
485.802 |
105.550 |
|
(e) Other
Non-current assets |
|
10.476 |
8.599 |
|
Total Non-Current
Assets |
|
1844.705 |
985.735 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.049 |
|
(b)
Inventories |
|
4675.387 |
3158.970 |
|
(c) Trade
receivables |
|
289.754 |
304.371 |
|
(d) Cash and
bank balances |
|
539.714 |
405.828 |
|
(e)
Short-term loans and advances |
|
257.814 |
211.677 |
|
(f) Other
current assets |
|
14.545 |
0.000 |
|
Total
Current Assets |
|
5777.214 |
4080.895 |
|
|
|
|
|
|
TOTAL |
|
7621.919 |
5066.630 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
|
22013.172 |
19578.745 |
|
|
Other Income |
|
52.496 |
49.779 |
|
|
TOTAL |
|
22065.668 |
19628.524 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
13423.960 |
11728.682 |
|
|
Purchases of
Stock-in-Trade |
|
7213.965 |
5601.726 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(1717.791) |
(567.443) |
|
|
Employee benefit expense |
|
511.577 |
382.811 |
|
|
CSR expenditure |
|
6.692 |
3.000 |
|
|
Other expenses |
|
2030.999 |
1552.927 |
|
|
Prior period items |
|
6.157 |
10.936 |
|
|
TOTAL |
|
21475.559 |
18712.639 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
590.109 |
915.885 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
383.693 |
218.747 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
206.416 |
697.138 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
155.986 |
89.004 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
50.430 |
608.134 |
|
|
|
|
|
|
|
Less |
TAX |
|
41.539 |
243.176 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
8.891 |
364.958 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
0.12 |
12.56 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by info
agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
No |
|
26 |
Turnover of firm for last about 2 years
and 5 months |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last about 2 years and 5
months |
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
(As on 31.03.2016)
Subject is a private company registered under Companies Act, 1956. The company is engaged in retail sales of all types of gems, diamonds, semi precious stones and all types of jewellery made of gold, silver and other metals and precious stones
UNSECURED LOANS:
|
Particulars |
31.03.2016 INR In Million |
31.03.2015 INR In Million |
|
Long-term
Borrowings |
|
|
|
Long-term maturities of finance lease obligations |
0.203 |
0.000 |
|
Short-term
borrowings |
|
|
|
Term loans |
711.892 |
0.000 |
|
Total |
712.096 |
0.000 |
INDEX OF CHARGE:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G50781376 |
100116583 |
SBICAP TRUSTEE COMPANY LIMITED |
04/08/2017 |
- |
- |
450000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI – 400005, MAHARASHTRA, INDIA |
|
2 |
G24225633 |
10599223 |
HDFC BANK LIMITED |
08/09/2015 |
19/11/2016 |
- |
240000000.0 |
MILLENIUM TOWER, 4TH FLOOR, BHANDARKAR ROAD, OPPOSITE SANE DAIRY, DECCAN GYMKHANA, SHIVAJI NAGAR, PUNE – 411004, MAHARASHTRA, INDIA |
|
3 |
G08268666 |
10583034 |
State Bank of India |
07/07/2015 |
18/07/2016 |
- |
1495000000.0 |
INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, MUMBAI- PUNE ROAD, PUNE – 411003, MAHARASHTRA, INDIA |
|
4 |
G43928605 |
10571479 |
SBICAP TRUSTEE COMPANY LIMITED |
13/05/2015 |
21/04/2017 |
- |
3045000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI – 400005, MAHARASHTRA, INDIA |
|
5 |
C30645667 |
10527179 |
HDFC BANK LIMITED |
29/09/2014 |
- |
- |
100000000.0 |
MILLENIUM TOWER, 4TH FLOOR, BHANDARKAR ROAD, OPPOSITE SANE DAIRY, DECCAN GYMKHANA, SHIVAJI NAGAR, PUNE – 411004, MAHARASHTRA, INDIA |
|
6 |
G07110349 |
10598025 |
State Bank of India |
14/09/2015 |
- |
30/06/2016 |
395000000.0 |
INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, MUMBAI- PUNE ROAD, PUNE – 411003, MAHARASHTRA, INDIA |
|
7 |
G07185945 |
10602024 |
ICICI BANK LIMITED |
31/10/2015 |
- |
23/06/2016 |
150000000.0 |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, VADODARA – 390015, GUJARAT, INDIA |
|
8 |
C55476410 |
10512185 |
State Bank of India |
08/07/2014 |
31/12/2014 |
20/05/2015 |
1300000000.0 |
INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, MUMBAI-PUNE ROAD, PUNE – 411003, MAHARASHTRA, INDIA |
|
9 |
C55252571 |
10532077 |
Bank Of Maharashtra |
27/10/2014 |
- |
04/04/2015 |
1000000000.0 |
MAYUR COLONY ROAD BRANCH, 6 VIDYABHARATI, KARVE ROAD, KOTHRUD, PUNE – 411038, MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Guarantees |
410.238 |
206.000 |
|
Other money for which company is contingently liable |
20.266 |
0.000 |
FIXED ASSETS:
Tangible Assets
·
Other building
·
Other plant and equipment
·
Furniture and fixtures
·
Motor vehicles
·
Computer Equipments
·
Leasehold improvements
·
Goodwill
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 : |
SHA |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYTK |
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.
·