|
|
|
MIRA
INFORM REPORT
|
Report No. : |
496331 |
|
Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
D. NAVINCHANDRA EXPORTS PRIVATE LIMITED (w.e.f 19.04.2010) |
|
|
|
|
Formerly Known
As : |
PLATINUM DIAMONDS Private Limited |
|
|
|
|
Registered Office
: |
GW-8101, 8th Floor, G-Tower, Bharat Diamond Bourse, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-66076000 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
06.09.2005 |
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|
|
|
Com. Reg. No.: |
11-155937 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 0.816 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51398MH2005PTC155937 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0309041619 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD04685C |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AADCP6855C1ZD |
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|
|
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PAN No.: [Permanent Account No.] |
AADCP6855C |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
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|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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Comments : |
D Navinchandra Exports Private Limited is a processor, exporter and
importer of diamonds (Manufacturing done through job work). The company was
incorporated in the year 2005 and is based in Mumbai, Maharashtra. It is an
established company having good track records. For the financial year ended 2017, the company has witnessed a growth
in its revenue and has reported fair profit margin at 2.08% (approx.). The company possesses sound financial profile marked by healthy net
worth base along with comfortable debt level and favourable gap between trade
payables to its trade receivables. However, the rating strength is partially offset by strong competition
from organized and un-organized players in diamonds industry. Trade relations are reported as fair. Business is active. Payment
terms are seems to be slow but correct. In view of the aforesaid, the company can be considered for business
dealings at usual trade terms and conditions.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low
Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High
Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = (BBB+) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
February 6, 2017 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = (A2) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
February 6, 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 16.03.2018
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 : |
Mrs. Uttara |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-66076000 |
|
Date : |
16.03.2018 |
LOCATIONS
|
Registered Office : |
GW-8101, 8th Floor, G-Tower, Bharat Diamond Bourse, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66076000 |
|
Fax No.: |
91-22-66076099 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Samir Shantilal Mehta |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
902/903- Rajul Apartment, 9/Harkness Road, Malbar Hill, Mumbai -
400006, Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
30.07.1963 |
||||||||||||||||||||||||
|
Qualification : |
B.COM |
||||||||||||||||||||||||
|
Date of Appointment : |
06.09.2006 |
||||||||||||||||||||||||
|
PAN No.: |
AACPM5453D |
||||||||||||||||||||||||
|
DIN No.: |
00244242 |
||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name : |
Mr. Shantilal Mangalji Mehta |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
902/903- Rajul Apartment, 9/Harkness Road, Malbar Hill, Mumbai-
400006, Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
26.05.1933 |
||||||||||||||||||||||||
|
Qualification : |
Non SSC |
||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2010 |
||||||||||||||||||||||||
|
PAN No.: |
AACPM6039K |
||||||||||||||||||||||||
|
DIN No.: |
00292950 |
||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name : |
Mr. Navinchandra Dalpatlal Mehta |
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|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
51, Vijaydeep, 5th Floor, 31 Ridge Road, Walkeshwar, Mumbai – 400001,
Maharashtra, India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
05.11.1937 |
||||||||||||||||||||||||
|
Qualification : |
NON SSC |
||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2010 |
||||||||||||||||||||||||
|
PAN No.: |
AAOPM2667F |
||||||||||||||||||||||||
|
DIN No.: |
00338276 |
||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Name : |
Mr. Ajesh Navinchandra Mehta |
||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||
|
Address : |
51 Vijaydeep 5th Floor, 31, Ridge Road, Mumbai - 400006, Maharashtra,
India |
||||||||||||||||||||||||
|
Date of Birth/Age : |
08.01.1969 |
||||||||||||||||||||||||
|
Qualification : |
B.COM |
||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2008 |
||||||||||||||||||||||||
|
PAN No.: |
AABPM7824R |
||||||||||||||||||||||||
|
DIN No.: |
01546771 |
||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mrs. Uttara |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Equity Shareholders |
No. of Shares |
|
Samir Shantilal Mehta |
5065 |
|
Ajesh Navinchandra Mehta |
5065 |
|
Total |
10130 |
|
|
|
|
Names of 6%
Non-Cumulative Redeemable Preference Shareholders of Series-B |
|
|
Navinchandra Dalpatlal Mehta |
15000 |
|
Ajesh Navinchandra Mehta |
10000 |
|
Samir Shantilal Mehta |
25000 |
|
Total |
50000 |
|
|
|
|
Names of 6%
Non-Cumulative Redeemable Preference Shareholders of Series-C |
|
|
Navinchandra Dalpatlal Mehta |
10750 |
|
Samir Shantilal Mehta |
10750 |
|
Total |
21500 |
|
|
|
|
Sub
Total |
81630 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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||||
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Exports : |
Not Divulged |
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|
||||
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Imports : |
|
||||
|
Products : |
Rough Diamonds |
||||
|
Countries : |
|
||||
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|
||||
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Terms : |
|
||||
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Selling : |
Advance Payment, L/C, Document and Payment |
||||
|
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|
||||
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Purchasing : |
Advance Payment, L/C, Document and Payment |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
||||||||||||||||||||||
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Customers : |
End Users and OEM’s
|
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No. of Employees : |
150 (Approximately) |
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Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Ramesh Rajni and Company Chartered Accountants |
|
Address : |
1st Floor , Purshottam Building, 405, Lamington Road, Opera House, Mumbai - 400 004, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAFFR7782K |
|
|
|
|
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 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2110000 |
Equity Shares |
INR 10/- each |
INR 21.100 Million |
|
200000 |
Preference Shares |
INR 10/- each |
INR 2.000 Million |
|
|
Total |
|
INR 23.100
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10130 |
Equity Shares |
INR 10/- each |
INR 0.101
Million |
|
71500 |
Preference Shares |
INR 10/- each |
INR 0.715
Million |
|
|
Total |
|
INR 0.816 Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.816 |
0.816 |
21.815 |
|
(b) Reserves and Surplus |
2505.382 |
2289.430 |
2062.721 |
|
(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) |
2506.198 |
2290.246 |
2084.536 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
203.500 |
203.464 |
169.075 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.777 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
203.500 |
203.464 |
169.852 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
2515.493 |
1406.685 |
2356.238 |
|
(b) Trade
payables |
2002.680 |
2628.468 |
3005.247 |
|
(c) Other
current liabilities |
13.480 |
16.095 |
13.875 |
|
(d) Short-term
provisions |
23.252 |
15.145 |
5.952 |
|
Total Current
Liabilities (4) |
4554.905 |
4066.393 |
5381.312 |
|
|
|
|
|
|
TOTAL |
7264.603 |
6560.103 |
7635.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
380.637 |
441.299 |
516.149 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
60.668 |
55.668 |
55.668 |
|
(c) Deferred tax assets (net) |
18.864 |
11.625 |
0.000 |
|
(d)
Long-term loans and advances |
65.806 |
62.843 |
69.556 |
|
(e) Other
Non-current assets |
24.883 |
21.400 |
23.061 |
|
Total Non-Current
Assets |
550.858 |
592.835 |
664.434 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
4.359 |
4.359 |
4.359 |
|
(b)
Inventories |
3525.658 |
3459.133 |
4661.541 |
|
(c) Trade
receivables |
2955.000 |
2373.149 |
2195.245 |
|
(d) Cash and
bank balances |
142.219 |
95.454 |
88.025 |
|
(e)
Short-term loans and advances |
14.211 |
14.189 |
14.372 |
|
(f) Other
current assets |
72.298 |
20.984 |
7.724 |
|
Total
Current Assets |
6713.745 |
5967.268 |
6971.266 |
|
|
|
|
|
|
TOTAL |
7264.603 |
6560.103 |
7635.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
10374.048 |
9932.661 |
10080.122 |
|
|
Other Income |
144.979 |
7.693 |
15.636 |
|
|
TOTAL |
10519.027 |
9940.354 |
10095.758 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6825.599 |
5143.968 |
8455.594 |
|
|
Purchases of
Stock-in-Trade |
1817.760 |
1563.607 |
661.317 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
52.282 |
1385.557 |
(1711.213) |
|
|
Employee benefit expense |
115.296 |
107.617 |
98.764 |
|
|
Other expenses |
1195.895 |
1142.219 |
1880.055 |
|
|
Exceptional items before tax |
4.762 |
(4.296) |
(0.463) |
|
|
TOTAL |
10011.594 |
9338.672 |
9384.054 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
507.433 |
601.682 |
711.704 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
109.988 |
216.034 |
260.906 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
397.445 |
385.648 |
450.798 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
63.328 |
85.701 |
102.378 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
334.117 |
299.947 |
348.420 |
|
|
|
|
|
|
|
Less |
TAX |
118.165 |
94.245 |
117.434 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
215.952 |
205.702 |
230.986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
1429.035 |
1223.384 |
1000.921 |
|
|
|
|
|
|
|
Add
/ Less |
WDV of Fixed Assets Written off whose life |
0.000 |
0.000 |
(3.728) |
|
|
|
|
|
|
|
Add
/ Less |
Deferred
Tax on above |
0.000 |
0.000 |
1.290 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
5.775 |
|
|
Adjustment for proposed dividend |
0.000 |
0.042 |
0.253 |
|
|
Adjustment for DDT on Proposed Dividend |
0.000 |
0.009 |
0.057 |
|
|
Total |
0.000 |
0.051 |
6.085 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1644.987 |
1429.035 |
1223.384 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5594.322 |
5173.879 |
6186.345 |
|
|
Other income- Local sale in
Dollar |
3289.005 |
3339.274 |
2488.219 |
|
|
TOTAL EARNINGS |
8883.327 |
8513.153 |
8674.564 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
6546.394 |
5048.032 |
7479.929 |
|
|
Finished Goods |
30.300 |
13.716 |
38.982 |
|
|
Capital Goods |
0.000 |
1.208 |
34.545 |
|
|
TOTAL
IMPORTS |
6576.694 |
5062.956 |
7553.456 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
21549.00 |
20570.00 |
23098.66 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(868.021) |
1164.847 |
468.440 |
|
Net cash flows from (used in) operating activities |
(993.003) |
1059.081 |
332.350 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
103.97 |
87.21 |
79.49 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.51 |
4.19 |
4.59 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
84.57 |
143.03 |
120.32 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.14 |
0.17 |
0.15 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.33 |
1.36 |
1.38 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.66 |
0.65 |
0.73 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.08 |
0.70 |
1.21 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.82 |
1.78 |
2.58 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.15 |
0.19 |
0.25 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.61 |
2.79 |
2.73 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.08 |
2.07 |
2.29 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.97 |
3.14 |
3.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
8.62 |
8.98 |
11.08 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.47 |
1.47 |
1.30 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.70 |
0.62 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.34 |
0.35 |
0.27 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3332.10 |
1973.22 |
115.76 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.47 |
1.47 |
1.30 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
21.815 |
0.816 |
0.816 |
|
Reserves & Surplus |
2062.721 |
2289.430 |
2505.382 |
|
Net
worth |
2084.536 |
2290.246 |
2506.198 |
|
|
|
|
|
|
Long-term borrowings |
169.075 |
203.464 |
203.500 |
|
Short term borrowings |
2356.238 |
1406.685 |
2515.493 |
|
Total
borrowings |
2525.313 |
1610.149 |
2718.993 |
|
Debt/Equity
ratio |
1.211 |
0.703 |
1.085 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
10080.122 |
9932.661 |
10374.048 |
|
|
0.000 |
(1.463) |
4.444 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
10080.122 |
9932.661 |
10374.048 |
|
Profit/ (Loss) |
230.986 |
205.702 |
215.952 |
|
|
2.29
% |
2.07
% |
2.08
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
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 |
CORPORATE INFORMATION:
Subject is a private company limited by shares, domiciled in India and registered under the Companies Act, 1956 as such in September, 2005. 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.
STATE OF COMPANY’S
AFFAIRS, BUSINESS OVERVIEW AND FUTURE OUTLOOK
During the year, your Company has recorded Revenue from Sales of INR 10374.048 Million as compared to the Sales of INR 9932.661 Million and also earned Other Income of INR 144.979 Million as compared to that of INR 7.693 Million, for the corresponding previous year.
The Company has earned net profit to the tune of INR 215.952 Million as compared to profit earned of INR 205.702 Million in respect of the corresponding previous year, after making provision for taxation and deferred tax adjustment.
Barring unforeseen circumstances, further improvement in sale and profitability is expected in the current year in view of continued efforts being made. Further the company is taking effective steps to strengthen the profitability and financial soundness of the Company.
During the year, there were no changes in Company’s nature of business.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
203.500 |
203.464 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties |
41.205 |
0.000 |
|
Total |
244.705 |
203.464 |
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
C61088571 |
10276081 |
State Bank of India |
28/02/2011 |
23/07/2015 |
- |
3000000000.0 |
Diamond Branch, D-3, Tower, G-Block, Bharat Diamond Bourse, BKC. Bandra (East), Mumbai – 400051, Maharashtra, India |
|
2 |
A83449652 |
10213013 |
STATE BANK OF INDIA |
29/03/2010 |
- |
- |
660000000.0 |
Diamond Branch, 1st Floor, Majestic Shopping Centre, 144 Jss Road, Girgaum, Mumbai – 400004, Maharashtra, India |
FIXED ASSETS
- Land
- Buildings
- Residential building
- Office building
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Computer equipments
DIAMOND INDUSTRY –
INDIA
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the untiring
and unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
Excerpts from Times of India dated 30th October 2010 is as
under –
Gem and Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market liquidity.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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
|
INR |
|
US Dollar |
1 |
INR 64.93 |
|
|
1 |
INR 90.72 |
|
Euro |
1 |
INR 80.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUJ |
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.