|
|
|
MIRA INFORM REPORT
|
Report No. : |
507999 |
|
Report Date : |
12.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
CE-7011, 7th Floor, Tower C, G Block, Bharat Diamond
Bourse, BKC, Bandra - (East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-22-66615600 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
05.04.2007 |
|
|
|
|
Com. Reg. No.: |
11-169724 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 1183.552 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52393MH2007PTC169724 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388013419 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAFCM0246E1ZT |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM0246E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
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|
Line of Business
: |
Subject is engaged in manufacturing, Exporting and sales of polished diamonds. [Registered activity and also confirmed by management] |
|
|
|
|
No. of Employees
: |
1300 (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 |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was established as a partnership firm in the year 1960 and it was converted into a private limited company in the year 2007.
|
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 |
CARE |
|
Rating |
Long term : A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
27.02.2018 |
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
31-03-2018.
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 12.05.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Jignesh |
|
Designation : |
Vice President of Finance |
|
Contact No.: |
91-9702498257 |
|
Date : |
10.05.2018 |
LOCATIONS
|
Registered Office : |
CE-7011, 7th Floor, Tower C, G Block, Bharat Diamond
Bourse, BKC, Bandra – (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66615600/ 23634565 |
|
Mobile No.: |
91-9702498257 (Mr. Jignesh) |
|
Fax No.: |
91-22-66615661 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Head Office / Sales Office : |
Tower C, Central Wing, CE 7011-15, (8th Floor) G Block,
Bharat Diamond Bourse, BKC, Bandra (E), Mumbai 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66156000 |
|
Fax No.: |
91-22-66615633 |
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory: |
B1/ F1, Mukam Post Jamalpur, Gandevi Road, Behind Koushalya Park,
Navsari – 396445, Gujarat, India |
|
Location : |
Owned |
|
Locality : |
Industrial |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Saunak Jitendra Parikh |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Petit Hall, D Building, Flat No.171, Menka, 66, Nepean Sea Road,
Mumbai- 400006, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
21.08.1971 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
05.04.2007 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00256316 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Milan Kavin Parikh |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
15-A, J Mehta Marg, Next To Khatau Condominium, Mumbai-400006,
Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
06.07.1963 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
05.04.2007 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00256411 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Hiten Bagmal Parikh |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Whole-time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
41, Laxmi Niwas, 8, Nepeansea Road, Mumbai-400006, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
03.09.1956 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
S.S.C |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
05.04.2007 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00292585 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Raj Hiten Parikh |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Whole-time Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
41, Laxmi Vilas, 87 Nepeansea Road, Mumbai-400006, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
21.12.1981 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
05.04.2007 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00921828 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other Directorship:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Aalap Milan Parikh |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
15-A , J. Mehta Marg, Next To Khatau Condominium, Mumbai-400006,
Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
12.04.1988 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.04.2016 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06385499 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Rishi Hiten Parikh |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Laxmi Vilas, Flat No. 41 4th Floor, 87 Nepeansea Road, Mumbai-400006,
Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
22.10.1987 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.10.2012 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06405194 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Jignesh |
|
Designation : |
Vice President of Finance |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
NOTE: SHAREHOLDERS DETAILS FILE ATTACHED
AS ON 29.09.2017
|
Equity Share
Break up |
Percentage |
|
Category |
|
|
Promoters - Individual/Hindu Undivided Family – Indian |
71.49 |
|
Promoters - Others (Trust) |
24.00 |
|
Public/Other than promoters – Others (Foreign Body Corporate) |
4.51 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing, Exporting and sales of polished diamonds. [Registered activity and also confirmed by management] |
||||||
|
|
|
||||||
|
Products / Services
: |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Available |
||||||
|
|
|
||||||
|
Exports : |
|
||||||
|
Products : |
Polished Diamonds |
||||||
|
Countries : |
·
United States of Amercia ·
Hong Kong ·
Japan |
||||||
|
|
|
||||||
|
Imports : |
|
||||||
|
Products : |
Rough Diamonds |
||||||
|
Countries : |
·
Belgium ·
Israel ·
Russia |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
L/C, Cheque, Others (RTGS/NEFT) |
||||||
|
|
|
||||||
|
Purchasing : |
L/C, Cheque, Others (RTGS/NEFT) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
1300 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
· Kotak Mahindra Bank Limited, 27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India ·
Yes Bank Limited, 9th Floor, Nehru Centre,
Discovery of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra,
India |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Sampat Mehta and Associates Chartered Accountants |
|
Address : |
B-501 / 502, 11, Sarvoday Western Express Highway, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS1266J |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies : (As on 31.03.2016) |
|
|
|
|
|
Other related party
: (As on 31.03.2016) |
CIN No.: U36911MH1989PTC052544 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with
Key management personnel and their relatives : (As on 31.03.2016) |
CIN No.: U36912MH1987PTC044898
CIN No.: U67120MH1995PTC088974
CIN No.:U36911KL2008PTC022587
|
CAPITAL STRUCTURE
AS ON 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
INR 10/- each |
INR 700.000 Million |
|
14996800 |
1% Non-cumulative Redeemable Preference Shares |
INR 10/- each |
INR 149.968 Million |
|
3200 |
5% Non-cumulative Redeemable Preference Shares |
INR 10/- each |
INR 0.032 Million |
|
65000000 |
2% Compulsorily convertible Preference Shares |
INR 10/- each |
INR 650.000 Million |
|
75000000 |
Convertible Preference Shares |
INR 10/- each |
INR 750.000 Million |
|
|
Unclassified shares |
|
INR 250.000 Million |
|
|
Total |
|
INR 2500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63357071 |
Equity Shares |
INR 10/- each |
INR 633.571 Million |
|
14996500 |
1% Non-cumulative Redeemable Preference Shares |
INR 10/- each |
INR 149.965 Million |
|
2800 |
5% Non-cumulative Redeemable Preference Shares |
INR 10/- each |
INR 0.028 Million |
|
39998800 |
2% Compulsorily convertible Preference Shares |
INR 10/- each |
INR 399.988 Million |
|
|
Total |
|
INR 1183.552
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 |
1183.552 |
1183.552 |
1183.552 |
|
(b) Reserves &
Surplus |
2261.673 |
2118.984 |
1667.036 |
|
(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) |
3445.225 |
3302.536 |
2850.588 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2268.900 |
2268.100 |
2294.651 |
|
(b) Deferred tax
liabilities (Net) |
58.480 |
82.192 |
34.364 |
|
(c) Other long term
liabilities |
71.650 |
71.650 |
71.650 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2399.030 |
2421.942 |
2400.665 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6054.395 |
7698.688 |
7424.176 |
|
(b) Trade payables |
2988.222 |
3775.293 |
3694.726 |
|
(c) Other current
liabilities |
64.233 |
204.705 |
45.982 |
|
(d) Short-term provisions |
1.240 |
1.398 |
1.981 |
|
Total Current Liabilities
(4) |
9108.090 |
11680.084 |
11166.865 |
|
|
|
|
|
|
TOTAL |
14952.345 |
17404.562 |
16418.118 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1969.868 |
2102.336 |
1764.006 |
|
(ii) Intangible Assets |
11.968 |
5.177 |
3.257 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
117.799 |
124.210 |
146.409 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
33.323 |
25.010 |
16.388 |
|
(e) Other Non-current
assets |
507.073 |
507.065 |
470.136 |
|
Total Non-Current Assets |
2640.031 |
2763.798 |
2400.196 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.097 |
0.380 |
1.134 |
|
(b) Inventories |
7516.459 |
7568.856 |
6658.980 |
|
(c) Trade receivables |
4320.817 |
6395.905 |
6812.565 |
|
(d) Cash and cash
equivalents |
323.247 |
533.164 |
434.370 |
|
(e) Short-term loans and
advances |
53.728 |
44.629 |
45.923 |
|
(f) Other current assets |
97.966 |
97.830 |
64.950 |
|
Total Current Assets |
12312.314 |
14640.764 |
14017.922 |
|
|
|
|
|
|
TOTAL |
14952.345 |
17404.562 |
16418.118 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
23584.649 |
26659.449 |
25819.197 |
|
|
Other Income |
50.008 |
28.065 |
62.922 |
|
|
TOTAL |
23634.657 |
26687.514 |
25882.119 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
12505.830 |
15147.675 |
13657.051 |
|
|
Purchases of
Stock-in-Trade |
6292.801 |
8330.934 |
7799.801 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
463.292 |
(1157.575) |
(290.646) |
|
|
Employees benefits
expense |
356.761 |
343.746 |
291.213 |
|
|
CSR expenditure |
9.254 |
6.425 |
0.000 |
|
|
Other expenses |
2717.290 |
2413.892 |
2001.043 |
|
|
TOTAL |
22345.228 |
25085.097 |
23458.462 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1289.429 |
1602.417 |
2423.657 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
885.670 |
784.213 |
1664.950 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
403.759 |
818.204 |
758.707 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
164.398 |
206.880 |
140.192 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
239.361 |
611.324 |
618.515 |
|
|
|
|
|
|
|
Less |
TAX |
96.672 |
195.845 |
354.454 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
142.689 |
415.479 |
264.061 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
19427.777 |
25737.968 |
|
|
TOTAL EARNINGS |
NA |
19427.777 |
25737.968 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
13368.562 |
13899.566 |
|
|
Finished Goods |
NA |
534.177 |
6697.795 |
|
|
Capital Goods |
NA |
118.916 |
0.180 |
|
|
TOTAL IMPORTS |
NA |
14021.655 |
20597.541 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
2.25 |
6.56 |
4.17 |
|
|
Diluted |
2.25 |
6.56 |
4.17 |
|
Particulars |
|
31.03.2018 |
31.03.2017 |
|
Sales Turnover (Approximately) |
|
28800.000 |
23630.000 |
Expected Sales (2018-2019): INR 29160.000 Million
The above information has been parted by Mr. Jignesh (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 |
2106.357 |
434.436 |
(848.927) |
|
Net cash flows from (used in) operating activities |
1998.205 |
434.436 |
(848.927) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
66.87 |
87.57 |
96.31 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.46 |
4.17 |
3.79 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
58.02 |
58.69 |
62.85 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.17 |
0.21 |
0.36 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.65 |
0.76 |
1.37 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.76 |
0.80 |
0.82 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.42 |
3.02 |
3.41 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.64 |
3.54 |
3.92 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.58 |
0.64 |
0.62 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.46 |
2.04 |
1.46 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
0.61 |
1.56 |
1.02 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.95 |
2.39 |
1.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
4.14 |
12.58 |
9.26 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.35 |
1.25 |
1.26 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
0.53 |
0.61 |
0.66 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.23 |
0.19 |
0.17 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
7.03 |
8.42 |
8.21 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.35 |
1.25 |
1.26 |
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 |
1183.552 |
1183.552 |
1183.552 |
|
Reserves & Surplus |
1667.036 |
2118.984 |
2261.673 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2850.588 |
3302.536 |
3445.225 |
|
|
|
|
|
|
long-term borrowings |
2294.651 |
2268.100 |
2268.900 |
|
Short term borrowings |
7424.176 |
7698.688 |
6054.395 |
|
Total borrowings |
9718.827 |
9966.788 |
8323.295 |
|
Debt/Equity ratio |
3.409 |
3.018 |
2.416 |
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 |
25819.197 |
26659.449 |
23584.649 |
|
|
|
3.254 |
(11.534) |
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 |
25819.197 |
26659.449 |
23584.649 |
|
Profit |
264.061 |
415.479 |
142.689 |
|
|
1.02% |
1.56% |
0.61% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
|
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1183.552 |
|
(b) Reserves &
Surplus |
|
|
2836.702 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
(3) Minority interest |
|
|
253.779 |
|
Total Shareholders’ Funds
|
|
|
4274.033 |
|
|
|
|
|
|
(4) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
2294.869 |
|
(b) Deferred tax
liabilities (Net) |
|
|
50.398 |
|
(c) Other long term
liabilities |
|
|
176.032 |
|
(d) long-term provisions |
|
|
11.780 |
|
Total Non-current
Liabilities |
|
|
2533.079 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
6837.103 |
|
(b) Trade payables |
|
|
3095.690 |
|
(c) Other current
liabilities |
|
|
70.369 |
|
(d) Short-term provisions |
|
|
6.946 |
|
Total Current Liabilities
|
|
|
10010.108 |
|
|
|
|
|
|
TOTAL |
|
|
16817.220 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
2112.484 |
|
(ii) Intangible Assets |
|
|
8.759 |
|
(iii) Capital
work-in-progress |
|
|
7.453 |
|
(iv) Intangible assets
under development |
|
|
0.000 |
|
(b) Non-current
Investments |
|
|
269.822 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
35.466 |
|
(e) Other Non-current
assets |
|
|
567.142 |
|
Total Non-Current Assets |
|
|
3001.126 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.097 |
|
(b) Inventories |
|
|
8155.940 |
|
(c) Trade receivables |
|
|
5105.449 |
|
(d) Cash and cash
equivalents |
|
|
428.571 |
|
(e) Short-term loans and
advances |
|
|
26.262 |
|
(f) Other current assets |
|
|
99.775 |
|
Total Current Assets |
|
|
13816.094 |
|
|
|
|
|
|
TOTAL |
|
|
16817.220 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
|
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
25284.441 |
|
|
Other Income |
|
|
67.802 |
|
|
TOTAL |
|
|
25352.243 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
|
15588.611 |
|
|
Purchases of Stock-in-Trade |
|
|
4297.607 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
|
565.918 |
|
|
Employees benefits expense |
|
|
548.299 |
|
|
CSR expenditure |
|
|
10.524 |
|
|
Exceptional items |
|
|
25.692 |
|
|
Other expenses |
|
|
2865.023 |
|
|
TOTAL |
|
|
23901.674 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
1450.569 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
976.931 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
473.638 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/ AMORTISATION |
|
|
191.162 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
|
282.476 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
115.433 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
|
167.043 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (INR) |
|
|
|
|
|
Basic |
|
|
2.64 |
|
|
Diluted |
|
|
1.62 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
Yes |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 five years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
BACKGROUND (As on
31.03.2016)
The Company was incorporated upon conversion of erstwhile firm Messrs Mahendra Brothers into a private limited company under provisions of Part IX of the Companies Act, 1956 with effect from April 5, 2007 vide certificate of incorporation No U52393MH2007PTC169724 issued by the Registrar of Companies, Maharashtra, Mumbai.
The Company is predominantly engaged in manufacturing and sales of polished diamonds.
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.
UNSECURED LOANS:
|
PARTICULAR |
31.03.2016 INR In Million |
31.03.2015 INR In Million |
|
Long-term
Borrowings |
|
|
|
Debentures |
2161.100 |
2161.100 |
|
Loans and advances from related parties |
107.800 |
107.000 |
|
Total |
2268.900 |
2268.100 |
INDEX OF CHARGE:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G06507800 |
100035720 |
Axis Bank Limited |
23/03/2016 |
- |
- |
135000000.0 |
Corporate Banking Branch, 12-Mittal TowerFirst Floor, A-Wing, Nariman PointMumbaiMH400021IN |
|
2 |
G69681591 |
10062592 |
INDUSIND BANK LTD. |
05/04/2007 |
23/11/2017 |
- |
9000000000.0 |
No.C-2, West Core Area, Gr. Floor, Tower No.3,G-Block, Bandra Kurla Complex,MUMBAIMH400051IN |
|
3 |
G83954479 |
100063371 |
KOTAK MAHINDRA BANK LIMITED |
15/11/2016 |
- |
04/04/2018 |
200000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
4 |
G83895508 |
10555575 |
YES BANK LIMITED |
05/01/2015 |
- |
23/03/2018 |
100000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
5 |
C57557753 |
80002358 |
The Royal Bank of Scotland N. V. |
05/03/2001 |
- |
30/06/2015 |
2820000000.0 |
MumbaiMumbaiMH400023IN |
|
6 |
C57560088 |
10243655 |
The Royal Bank of Scotland N. V. |
01/10/2010 |
- |
30/06/2015 |
6000000000.0 |
74, Sakhar Bhavan,7th Floor, Nariman Point,MumbaiMH400021IN |
|
7 |
C57561656 |
80002357 |
The Royal Bank of Scotland N. V. |
05/03/2001 |
17/03/2006 |
30/06/2015 |
2820000000.0 |
2nd Floor, Sakhar Bhavan,Nariman PointMUMBAIMH400023IN |
|
8 |
C35975960 |
10456685 |
Bank of India |
01/10/2013 |
- |
04/12/2014 |
500000000.0 |
Bharat Diamond Bourse Br., D-2 / D-4, West Core,G Block, Bandra Kurla Complex, Bandra (East)MumbaiMH400051IN |
|
9 |
C31039555 |
10454960 |
INDUSIND BANK LIMITED |
11/10/2013 |
- |
17/10/2014 |
500000000.0 |
INDUSIND HOUSE 425,DADASAHEB BHADKAMKAR MARG,MUMBAIMH400004IN |
|
10 |
C25615055 |
10456606 |
Bank of India |
01/10/2013 |
- |
26/09/2014 |
500000000.0 |
Bharat Diamond Bourse Br., D-2 / D-4, West Core,G Block, Bandra Kurla Complex, Bandra (East)MumbaiMH400051IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Guarantees |
400.000 |
2745.000 |
|
Other money for which company is contingently liable |
637.105 |
427.930 |
|
Total |
1037.105 |
3172.930 |
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Plant and equipment
- Furniture and Fixture
- Office equipment
- Computer
- Motor Vehicles
Intangible Asset:
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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 67.38 |
|
UK Pound |
1 |
INR 91.09 |
|
Euro |
1 |
INR 79.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
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 |
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.