|
|
|
MIRA INFORM REPORT
|
Report No. : |
509745 |
|
Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHEETAL MANUFACTURING COMPANY
PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
CC-3100, C Wing, Bharat Diamond, Bandra-Kurla Complex, Bandra (East),
Mumbai – 400004, Maharashtra |
|
Tel. No.: |
91-22-61815300 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
14.05.2008 |
|
|
|
|
Com. Reg. No.: |
11-182179 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 442.800 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51398MH2008PTC182179 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388019123 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTIN : |
27AAMCS1948J1ZU |
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|
|
|
PAN No.: [Permanent Account No.] |
AAMCS1948J |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject to carry on the business of manufacturing and trading of diamonds and diamond jewellery. (Registered activity) |
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|
|
|
No. of Employees
: |
270 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was originally established in 1987 as a partnership firm with
the name of Sheetal Manufacturing Co and later it got converted into private
limited company during 2008. The company is a manufacturer, exporter and trader of polished
diamonds and jewellery. It is also importer of rough diamonds. For the financial year ended 2017, the company has achieved an average
growth of 3.83% in its revenue as compared to the previous year and has
profit margin of 1.88%. Rating takes into account the above average operating performance of
the company despite adverse and challenging market conditions with modest
improvement in profitability margins and satisfactory debt servicing indicator. The rating also takes into account of vast experience of the promoters
in the CPD (Cut and Polished diamonds) industry backed by company’s
established market position in the diamond business. However, rating strength partially offset by company’s susceptibility
of the margins to volatility in rough prices, intense competition in the gems
and jewellery sector due to fragmented nature of the industry, and high
working capital intensity of operations. Business is active. Payments are seems to be slow but correct. In view of aforesaid, the company can be considered good for normal
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 |
ICRA |
|
Rating |
Long Term Loans = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
27.11.2017 |
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
31-03-2018.
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 17.05.2018
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Viral Modi |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-61815300 |
|
Date : |
16.05.2018 |
LOCATIONS
|
Registered Office/ Corporate
Office / Sales Office : |
CC-3100, C Wing, Bharat Diamond, Bandra-Kurla Complex, Bandra (East),
Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-61815300 |
|
Mobile No.: |
91-9867026925 (Ms. Nita Acharya) |
|
Fax No.: |
91-22-61815353 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
6000 Sq. Ft. |
|
Location: |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Factory 1 / Branch Office: |
Plot No. 13, Sheetal Avenue, Near Bhavani Circle, A K Road, Surat -
395008, Gujarat, India |
|
Location: |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Factory 2: |
Plot No. 255, Sheetal Near Railway Colony, Varachha Road, Surat –
395006, Gujarat, India |
|
|
|
|
Factory 3: |
Plot No. 127, L G House Vastadevi Rad, Katagram, Surat – 395006,
Gujarat, India |
|
|
|
|
Factory 4: |
Siddhkutir, Kapodara Choryashi, Surat – 395006, Gujarat, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Govindbhai Laljibhai Kakadia |
|
Designation : |
Director |
|
Address : |
901/902, Raheja Legend, 33rd Floor Dr. Annie Besant, Worli, Mumbai – 400030, Maharashtram |
|
Date of Birth/Age : |
03.06.1958 |
|
Qualification : |
Under Graduate |
|
Experience : |
41 Years |
|
Date of Appointment : |
14.05.2008 |
|
PAN No.: |
AFTPK4028A |
|
DIN No.: |
00252050 |
|
|
|
|
Name : |
Mr. Hirabhai Kanjibhai Kakadia |
|
Designation : |
Director |
|
Address : |
501/502, Raheja Legend, Opposite Sasnira Collage Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra, India |
|
Date of Birth/Age : |
24.08.1970 |
|
Qualification : |
Under Graduate |
|
Experience : |
22 Years |
|
Date of Appointment : |
14.05.2008 |
|
PAN No.: |
AADPK6778L |
|
DIN No.: |
02017417 |
|
|
|
|
Name : |
Mr. Vallabhbhai Laljibhai Kakadia |
|
Designation : |
Director |
|
Address : |
53-Adarsh Society, Athwalines, Choriyasi,, Surat – 395007, Gujarat, India |
|
Date of Birth/Age : |
01.06.1959 |
|
Qualification : |
Under Graduate |
|
Experience : |
39 Years |
|
Date of Appointment : |
14.05.2008 |
|
PAN No.: |
AHBPK3201B |
|
DIN No.: |
00027462 |
|
|
|
|
Name : |
Mr. Ravjibhai Laljibhai Kakadia |
|
Designation : |
Director |
|
Address : |
SY No. 32/2-TPS-8, FP-10, Ground Floor, Siddhnath Nagar Co-operative Housing Society, Behind, Affil Tower, Lambe Hanuman Road, Surat – 395006, Gujarat, India |
|
Date of Birth/Age : |
14.08.1964 |
|
Qualification : |
Under Graduate |
|
Experience : |
34 Years |
|
Date of Appointment : |
14.05.2008 |
|
PAN No.: |
AGQPK5038G |
|
DIN No.: |
00037184 |
|
|
|
|
Name : |
Mr. Ajay Govindbhai Kakadia |
|
Designation : |
Director |
|
Address : |
901/902, Raheja Legend, 33rd Floor, Opposite Sasnira College, Dr. A.B. Road, Worli, Mumbai – 400030, Maharashtra, India |
|
Date of Birth/Age : |
11.09.1979 |
|
Qualification : |
Graduate |
|
Experience : |
14 Years |
|
Date of Appointment : |
14.05.2008 |
|
PAN No.: |
AGQPK1637F |
|
DIN No.: |
01168559 |
|
|
|
|
Name : |
Mr. Chirag Ravjibhai Kakadia |
|
Designation : |
Director |
|
Address : |
601/602 Plot No. 254 A, Raheja Legend, Dr. Annie Basant Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
15.07.1990 |
|
Experience : |
3 Years |
|
Date of Appointment : |
15.07.2008 |
|
PAN No.: |
AGRPK2297A |
|
DIN No.: |
02749772 |
|
|
|
|
Name : |
Mr. Bharatkumar Vallabhbhai Kakadia |
|
Designation : |
Director |
|
Address : |
53, Adarsh Society, Athwalines, Surat – 395001, Gujarat, India |
|
Date of Birth/Age : |
19.01.1985 |
|
Experience : |
9 Years |
|
Date of Appointment : |
14.05.2008 |
|
PAN No.: |
AGQPK1679K |
|
DIN No.: |
01177028 |
KEY EXECUTIVES
|
Name : |
Mr. Viral Modi |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Names of Shareholders |
No. of Shares |
%age |
|
Govind Laljibhai Kakadia |
7485630 |
16.91 |
|
Hirabhai Kanjibhai Kakadia |
1771200 |
4.00 |
|
Vallabhbhai Laljibhbhai Kakadia |
7485630 |
16.91 |
|
Ravjibhai Laljibhai Kakadia |
7485630 |
16.91 |
|
Ajay Govindbhai Kakadia |
6683970 |
15.09 |
|
Bharatkumar Vallabhbhai Kakadia |
6683970 |
15.09 |
|
Chirag Ravjibhai Kakadia |
6683970 |
15.09 |
|
Total |
44280000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2015
|
Category |
Percentage of
Holding |
|
Promoters - Individual/Hindu Undivided Family – Indian |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject to carry on the business of manufacturing and trading of diamonds and diamond jewellery. (Registered activity) |
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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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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash, L/C and Credit (60 Days) |
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Purchasing : |
Cash, L/C and Credit (30 / 60 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers and End Users
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No. of Employees : |
270 (Approximately) |
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Bankers : |
|
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|
|
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Financial Institution : |
SBICAP Trustee Company Limited, 202, Maker Tower, 'E',
Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Pruthviraj Shah and Company Chartered Accountants |
|
Address : |
202 Radha Vallabh Co-operative Housing Society, French Bridge, Opera House, Mumbai – 400004, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAJPS5797B |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies (AS ON 31.03.2015) : |
· Sheetal Golden Works (India) Private Limited, India U36910MH2004PTC147793 · Sheetal Middle East DMCC, United Arab Emirates |
|
|
|
|
Fellow Subsidiary
Companies (AS ON 31.03.2015): |
· Sheetal (Far East) Limited, Hong Kong · Sheetal Europe BVBA, Belgium |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives(AS ON 31.03.2015): |
· Brown Diamonds Manufacturing Private Limited, India U36910GJ2005PTC045812 · Kiah Life Style Private Limited, India U36911MH1995PT C086133 · Radhika Diamonds Manufacturing Private Limited U36910GJ2005PTC04581 · L G Kakadia Charitable Trust, India · Neelam Export, India · SMC Employee GGCA Scheme, India · Sheetal Jewellery House, United States |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital: Not Available
Issued, Subscribed & Paid-up Capital: INR
442.800 Million
As on 31.03.2016
Authorised Capital: Not Available
Issued, Subscribed & Paid-up Capital: INR
442.800 Million
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR10/- each |
INR 1000.000 Million |
|
100000000 |
Redeemable Preference Shares |
INR10/- each |
INR 1000.000 Million |
|
|
Total |
|
INR 2000.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44280000 |
Equity Shares |
INR10/- each |
INR 442.800
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 |
442.800 |
442.800 |
442.800 |
|
(b) Reserves & Surplus |
8578.113 |
8083.471 |
7592.626 |
|
(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) |
9020.913 |
8526.271 |
8035.426 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
76.460 |
123.324 |
236.711 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(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) |
76.460 |
123.324 |
236.711 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5437.726 |
5320.534 |
8928.432 |
|
(b) Trade payables |
2363.928 |
1040.318 |
1689.83 |
|
(c) Other current liabilities |
149.578 |
117.448 |
236.449 |
|
(d) Short-term provisions |
0.290 |
0.655 |
2.531 |
|
Total
Current Liabilities (4) |
7951.522 |
6478.955 |
10857.242 |
|
|
|
|
|
|
TOTAL |
17048.895 |
15128.550 |
19129.379 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1631.652 |
1734.941 |
1222.348 |
|
(ii) Intangible Assets |
1883.074 |
1883.074 |
1883.074 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
261.534 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
60.616 |
66.007 |
66.007 |
|
(c) Deferred tax assets (net) |
32.689 |
50.594 |
30.623 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3608.031 |
3734.616 |
3463.586 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7259.143 |
5139.309 |
6562.071 |
|
(c) Trade receivables |
5604.631 |
5806.568 |
8518.247 |
|
(d) Cash and cash equivalents |
230.463 |
239.842 |
166.731 |
|
(e) Short-term loans and
advances |
0.015 |
208.215 |
418.744 |
|
(f) Other current assets |
346.612 |
0.000 |
0.000 |
|
Total
Current Assets |
13440.864 |
11393.934 |
15665.793 |
|
|
|
|
|
|
TOTAL |
17048.895 |
15128.550 |
19129.379 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
26304.692 |
25423.973 |
28671.087 |
|
|
Other Income |
80.791 |
28.526 |
35.479 |
|
|
TOTAL
|
26385.483 |
25452.499 |
28706.566 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
16361.005 |
14852.304 |
23857.528 |
|
|
Purchases of Stock-in-Trade |
7974.297 |
5116.853 |
4631.221 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1041.004) |
2239.399 |
(3704.528) |
|
|
Manufacturing Expenses |
1201.499 |
1494.848 |
1507.670 |
|
|
Employees benefits expense |
169.279 |
166.499 |
151.291 |
|
|
Exceptional Items |
|
0.000 |
6.310 |
|
|
Other expenses |
485.810 |
330.910 |
369.324 |
|
|
TOTAL |
25150.886 |
24200.813 |
26818.816 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1234.597 |
1251.686 |
1887.750 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
283.836 |
311.175 |
426.357 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
950.761 |
940.511 |
1461.393 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
157.150 |
192.183 |
223.871 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
793.611 |
748.328 |
1237.522 |
|
|
|
|
|
|
|
Less |
TAX |
298.969 |
257.482 |
423.93 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
494.642 |
490.846 |
813.592 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
11.17 |
11.09 |
18.37 |
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 |
NA |
NA |
475.061 |
|
Net cash flows from (used in) operating activities |
NA |
NA |
193.996 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
77.77 |
83.36 |
108.44 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
4.69 |
4.38 |
3.37 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
35.46 |
19.02 |
21.65 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.17 |
0.24 |
0.29 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.35 |
0.35 |
0.56 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.47 |
0.44 |
0.58 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.61 |
0.64 |
1.14 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.88 |
0.76 |
1.35 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.39 |
0.42 |
0.42 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.35 |
4.02 |
4.43 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
1.88 |
1.93 |
2.84 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.90 |
3.24 |
4.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
5.48 |
5.76 |
10.13 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.69 |
1.76 |
1.44 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.78 |
0.97 |
0.84 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.53 |
0.56 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
12.45 |
12.29 |
20.70 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.69 |
1.76 |
1.44 |
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 |
442.800 |
442.800 |
442.800 |
|
Reserves & Surplus |
7592.626 |
8083.471 |
8578.113 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
8035.426 |
8526.271 |
9020.913 |
|
|
|
|
|
|
Long Term borrowings |
236.711 |
123.324 |
76.460 |
|
Short Term borrowings |
8928.432 |
5320.534 |
5437.726 |
|
Total
borrowings |
9165.143 |
5443.858 |
5514.186 |
|
Debt/Equity
ratio |
1.141 |
0.638 |
0.611 |
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
|
28671.087 |
25423.973 |
26304.692 |
|
|
|
(11.325) |
3.464 |
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
|
28671.087 |
25423.973 |
26304.692 |
|
Profit |
813.592 |
490.846 |
494.642 |
|
|
2.84% |
1.93% |
1.88% |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: The Registered office of the company has been shifted from 1001, Prasad
Chambers, opera House, Mumbai – 400004, Maharashtra, India to the present address w.e.f. 01.10.2012
CORPORATE INFORMATION
(As on 31.03.2015)
Subject (‘the Company’) was incorporated in India on 14th May 2008 to carry on the business of manufacturing and trading of diamonds and diamond jewellery.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
C07411028 |
10504311 |
KOTAK MAHINDRA BANK LIMITED |
06/06/2014 |
- |
- |
195000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMH400051IN |
|
2 |
C59813097 |
10370835 |
SBICAP TRUSTEE COMPANY LIMITED |
09/07/2012 |
03/07/2015 |
- |
10625000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
3 |
C62375696 |
10549050 |
STATE BANK OF INDIA |
22/01/2015 |
- |
11/08/2015 |
390000000.0 |
DIAMOND BRANCH,D-3,WEST CORE,BHARAT DIAMOND BOURSEBANDRA KURLA COMPLEX, BANDRA (EAST),MUMBAIMH400051IN |
|
4 |
C62314851 |
10561728 |
STATE BANK OF HYDERABAD |
26/03/2015 |
- |
10/08/2015 |
250000000.0 |
1204, ASHOK MAHAL,TULLOCH ROAD, COLABAMUMBAIMH400005IN |
|
5 |
C18524272 |
10473411 |
IDBI BANK LIMITED |
04/01/2014 |
- |
14/08/2014 |
40000000.0 |
IDBI Tower, World Trade Complex,Cuffe Parade,MumbaiMH400005IN |
|
6 |
C15473994 |
10475202 |
UNION BANK OF INDIA |
16/12/2013 |
- |
11/08/2014 |
130000000.0 |
Overseas Branch, Union Bank Bhavan,Ground Floor,239,Vidhan Bhavan Marg,Nariman PointMumbaiMH400021IN |
|
7 |
C15479074 |
10475203 |
UNION BANK OF INDIA |
16/12/2013 |
- |
11/08/2014 |
91000000.0 |
Overseas Branch, Union Bank Bhavan,Ground Floor,239,Vidhan Bhavan Marg,Nariman PointMumbaiMH400021IN |
|
8 |
C16977688 |
10467680 |
STATE BANK OF INDIA |
02/12/2013 |
- |
07/08/2014 |
130000000.0 |
DIAMOND BRANCH, TOWER D-3, GROUND FLOOR,BHARAT DIAMOND BOURSE,BANDRA KURLA COMPLEXMUMBAIMH400051IN |
|
9 |
C15635873 |
10468209 |
STATE BANK OF TRAVANCORE |
02/12/2013 |
- |
01/08/2014 |
130000000.0 |
112-115, TULSINI CHAMBER, WEST WING,1ST FLOOR, 212, NARIMAN POINT,MUMBAIMH400021IN |
|
10 |
B93498541 |
10394587 |
STATE BANK OF INDIA |
29/11/2012 |
- |
16/12/2013 |
1479000000.0 |
DIAMOND BRANCH, D/3, WEST CORE, G BLOCK,BHARAT DIAMOND BOURSE, BKC, BANDRA(E)MUMBAIMH400051IN |
FIXED ASSETS
Tangible assets
- Buildings
- Plant and Equipment
- Furniture and Fixtures
- Vehicles
- Office Equipment
- Computer Equipments
Intangible assets
- Brands and trade marks
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 67.83 |
|
|
1 |
INR 91.68 |
|
Euro |
1 |
INR 80.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KJL |
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.