|
|
|
MIRA
INFORM REPORT
|
Report No. : |
509752 |
|
Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
RENAISSANCE JEWELLERY LIMITED (w.e.f.20.12.2005) |
|
|
|
|
Formerly Known
As : |
RENAISSANCE JEWELLERY PRIVATE LIMITED (w.e.f.05.04.2002) RENAISSANCE GEM AND JEWELLERY EXPORT PRIVATE LIMITED (w.e.f. 16.04.1997) MAYUR GEM AND JEWELLERY EXPORT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 36 A and
37, Seepz, Andheri (East), Mumbai - 400096, Maharashtra |
|
Tel. No.: |
91-22-40551200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
04.12.1989 |
|
|
|
|
Com. Reg. No.: |
11-054498 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 190.794 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36911MH1989PLC054498 |
|
|
|
|
IEC No.: |
2789000093 |
|
|
|
|
GST No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCR2148B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Manufacturing, Selling and Designing of Silver, Gold, Platinum Jewellery Studded with Diamonds and Other Precious and Semi-Precious Stones. (Registered Activity) |
|
|
|
|
No. of Employees
: |
708 (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 incorporated in the year 1989. It is a Manufacturer of Diamonds studded Jewellery. For the financial year 2017, the revenue of the company has decreased by 3.72% but has managed to maintained average profit margin of 2.77%. The healthy financial profile of the company is marked by strong networth base with negligible debt level. The rating takes into consideration the subject’s long established track record of the business operations along with extensive experience of its promoters. The company has its share price trading at around INR 299.60 against the Face Value (FV) of INR 10 on BSE as on 16th May, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 6160.949 million and has reported profit margin of 4.80%. However, these rating strengths are partially offset by stretched working capital cycle and presence in a highly fragmented and competitive cut and polished Diamond (CPD) industry. Business is active. Payments seems to be slow but correct. In view of aforesaid, the company can be considered 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.
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=BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
13.10.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term=A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
13.10.2017 |
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 19.05.2018.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
(Contact No: 91-22-40551200)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 36 A and
37, Seepz, Andheri (East), Mumbai - 400096, Maharashtra, India |
|
Tel. No.: |
91-22-40551200 |
|
Fax No.: |
91-22-66938457/ 28292146 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
G-42, G and J Complex - III, SEEPZ, MIDC Marol, Andheri (East), Mumbai
- 400096, Maharashtra, India |
|
|
|
|
Factory 3 : |
Unit No.156, SDF-V, SEEPZ, Andheri (East), Mumbai – 400096,
Maharashtra, India |
|
|
|
|
Factory 4 : |
GJ -10, SDF-VII, SEEPZ, Andheri (East), Mumbai – 400096, Maharashtra,
India |
|
|
|
|
Factory 5 : |
Unit No. 41 and 44, SDF-II, SEEPZ, Andheri (East), Mumbai-400096
Maharashtra, India |
|
|
|
|
Factory 6 : |
G-5, G and J Complex – I, SEEPZ, Andheri (East), Mumbai – 400096
Maharashtra, India |
|
|
|
|
Factory 7 : |
Unit No. C-3, Plot No. 15, WICEL, MIDC, Andheri - (East), Mumbai –
400096, Maharashtra, India |
|
|
|
|
Factory 8 : |
Plot No. 2302, Hill Drive, Talaja Road, Bhavnagar – 364002, Gujarat,
India |
|
|
|
|
Branch Office : |
CC-9081, Bharat Diamond Bourse, 9th Floor, C Tower, Central Wing, BKC Bandra
(East), Mumbai, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Hitesh Shah Mahendra |
|
Designation : |
Managing Director |
|
Address : |
202, Jyoti Darshan Co-Operative Housing society, 68, Runghta Lane, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
15.09.1971 |
|
Qualification : |
B. Com |
|
Expertise in
specific functional area : |
Hitesh Shah has over 22 years of experience in gems and Jewellery business. He has earlier worked with Sudiam B. V. BA, Japan as president and was responsible for its operational activities He oversees the finances and accounting functions and merchandising. |
|
Date of Appointment : |
01.01.2006 |
|
DIN No.: |
00036338 |
|
|
|
|
Name : |
Mr. Sumit Niranjan Shah |
|
Designation : |
Director |
|
Address : |
A-1101-06, Quantum Park, Near Union Park Gulab Nagar, Khar (West), Mumbai 400052, Maharashtra, India |
|
Date of Appointment : |
01.02.2006 |
|
DIN No.: |
00036387 |
|
|
|
|
Name : |
Mr. Niranjan Amratlal Shah |
|
Designation : |
Wholetime Director |
|
Address : |
71, Vijay Deep, 31, Ridge Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
18.01.1947 |
|
Qualification : |
SSC |
|
Expertise in
specific functional area : |
He has over 42 years of experience in the Gems and Jewellery industry having an exposure to the entire range of activities. |
|
Date of Appointment : |
01.01.2003 |
|
DIN No.: |
00036439 |
|
|
|
|
Name : |
Mr. Neville Rustom Tata |
|
Designation : |
Wholetime Director |
|
Address : |
401, Eken Heights, 21, Cross Road, Pali Naka, Bandra West, Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1973 |
|
Qualification : |
H.S.C |
|
Expertise in
specific functional area : |
Neville Tata has vast work experience in gems and jewellery business. Mr. Tata was initially designated as the Chief Operating Officer of RJL and was responsible for overseeing operational functioning of factories. Production, Industrial Relations, manpower planning - recruiting and development are his forte. |
|
Date of Appointment : |
01.02.2009 |
|
DIN No.: |
00036648 |
|
|
|
|
Name : |
Mr. Vishwas Vasudev Mehendale |
|
Designation : |
Director |
|
Address : |
B-103, Makwana Building, 260, P. M. Road, Vile Parle-East, Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
17.09.1957 |
|
Date of Appointment : |
03.04.2007 |
|
DIN No.: |
00094468 |
|
|
|
|
Name : |
Mr. Veerkumar Shah |
|
Designation : |
Director |
|
Address : |
603, Hamilton C.H.S.L, 9, Laburnum Road, Gamdevi, Mumbai-400007, Maharashtra, India |
|
Date of Birth/Age : |
01.05.1945 |
|
Date of Appointment : |
01.02.2006 |
|
DIN No.: |
00129379 |
|
|
|
|
Name : |
Mr. Anil Kumar Chopra |
|
Designation : |
Director |
|
Address : |
Flat 5 B, Somerset Place, Sophia Collage Road, Mumbai-400026, Maharashtra, India |
|
Date of Birth : |
07.12.1943 |
|
Date of Appointment : |
03.04.2007 |
|
DIN No.: |
01417814 |
|
|
|
|
Name : |
Mr. Arun Purushottam Sathe |
|
Designation : |
Director |
|
Address : |
5, Ashirvad, 16th Cross Road, Khar (West), Mumbai-400052, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1939 |
|
Date of Appointment : |
27.05.2010 |
|
DIN No.: |
03092215 |
|
|
|
|
Name : |
Mrs. Madhavi Sanjeev Pethe |
|
Designation : |
Director |
|
Address : |
301, Sukhjyot, Tejpal Scheme, Road No.1, Vile Parle (East), Mumbai-400057, Maharashtra, India |
|
Date of Birth/Age : |
15.12.1963 |
|
Date of Appointment : |
07.08.2014 |
|
DIN No.: |
05210916 |
KEY EXECUTIVES
|
Name : |
Mr. Dilip Bhogilal Joshi |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
A-82, Rustomjee Regal, Rustomjee Acre Rustom, Irani Marg, Dahisar(West), Mumbai-400068, Maharashtra, India |
|
Date of Appointment : |
23.05.2014 |
|
PAN No: |
AAIPJ7288F |
|
|
|
|
Name : |
Mr. Ghanashyam Madhav Walavalkar |
|
Designation : |
Company Secretary |
|
Address : |
E-101, Trans Residency CHS, Road No. 23, MIDC, Andheri(East), Mumbai-400093, Maharashtra, India |
|
Date of Appointment : |
01.12.2008 |
|
PAN No: |
AAHPW7466K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
13359580 |
70.76 |
|
|
(B) Public |
5519860 |
29.24 |
|
|
|
|
|
|
|
Grand Total |
18879440 |
100.00 |
|
Statement showing shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu undivided Family |
66,51,359 |
35.23 |
|
|
Niranjan A. Shah |
29,10,677 |
15.42 |
|
|
Hitesh M. Shah |
13,35,958 |
7.08 |
|
|
Kalpana N. Shah |
0.00 |
|
|
|
Pinky D. Shah |
10,68,766 |
5.66 |
|
|
Amit C. Shah |
6,67,979 |
3.54 |
|
|
Bhupen C. Shah |
6,67,979 |
3.54 |
|
|
Any Other (specify) |
25,80,184 |
13.67 |
|
|
N. Kumar Diamond Exports Limited |
72 |
0.00 |
|
|
Niranjan Family Private Trust |
25,80,112 |
13.67 |
|
|
Kothari Descendents Private Trust |
0.00 |
|
|
|
Sub Total A1 |
92,31,543 |
48.90 |
|
|
A2) Foreign |
0.00 |
|
|
|
Individuals (NonResident Individuals/
Foreign Individuals) |
41,28,037 |
21.87 |
|
|
Sumit N. Shah |
41,28,037 |
21.87 |
|
|
Sub Total A2 |
41,28,037 |
21.87 |
|
|
A=A1+A2 |
1,33,59,580 |
70.76 |
|
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name
of the Shareholders |
No. of fully paid
up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
|
|
|
|
Foreign Portfolio Investors |
6719 |
0.04 |
|
|
Financial Institutions/ Banks |
19599 |
0.10 |
|
|
Sub Total B1 |
26318 |
0.14 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.200
Million |
1589680 |
8.42 |
|
|
Individual share capital in excess of INR
0.200 Million |
1692568 |
8.97 |
|
|
Parag Sureshchandra Shah |
304930 |
1.62 |
|
|
Pooja Arora |
270000 |
1.43 |
|
|
Reena Arora |
270000 |
1.43 |
|
|
Vrsha Arora |
267294 |
1.42 |
|
|
Any Other (specify) |
2211294 |
11.71 |
|
|
Trusts |
196376 |
1.04 |
|
|
RJL Employee Welfare Trust |
196376 |
1.04 |
|
|
HUF |
247894 |
1.31 |
|
|
Non-Resident Indian (NRI) |
226363 |
1.20 |
|
|
Clearing Members |
101251 |
0.54 |
|
|
Bodies Corporate |
1438343 |
7.62 |
|
|
BG Advisory Services LLP |
699898 |
3.71 |
|
|
Jbcg Advisory Services Private Limited |
228118 |
1.21 |
|
|
Unclaimed or Suspense or Escrow Account |
1067 |
0.01 |
|
|
Sub Total B3 |
5493542 |
29.10 |
|
|
B=B1+B2+B3 |
5519860 |
29.24 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing, Selling and Designing of Silver, Gold, Platinum Jewellery Studded with Diamonds and Other Precious and Semi-Precious Stones. (Registered Activity) |
|
|
|
|
Products : |
Diamond
Studded Jewellery |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
708 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
State
Bank of India ·
Bank of
India ·
Punjab
National Bank ·
Central
Bank of India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
J. K. Shah and Company Chartered Accountants |
|
Address : |
14/2, Mahalaxmi Industrial Estate, D. Shivner Road, Lower Parel, Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-61491000 |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Jayesh
Dadia and Associates Chartered
Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Companies/ LLP : |
·
Renaissance Jewellery Bangladesh Private Limited,
India ·
Verigold Jewellery (UK) Limited ·
Renaissance Jewelry N.Y Inc. (RJNY) ·
Verigold Jewellery DMCC ·
Aurelle Jewellery LLP |
|
|
|
|
Indirect Subsidiary Companies : |
·
Housefull International Limited - Subsidiary of
N. Kumar Diamond Exports Limited · House Full Supply Chain Management Limited – Subsidiary of Housefull International Limited ·
The
Seabean Dialysis Partners India Trust - 100% beneficial interest by Housefull
International Limited ·
Renaissance
Jewellery DMCC - Subsidiary of Verigold Jewellery DMCC |
|
|
|
|
Associate concerns / companies / trust under control of key management
personnel and relatives : |
·
Anived Trade Impex Private Limited, India ·
Anived Advisors Private Limited, India ·
Anived Portfolio Managers Private Limited, India ·
Suanik Multicomm Impex Private Limited, India ·
Renaissance Jewellery Limited – Employee Group
Gratuity Trust ·
RJL – Employee Welfare Trust ·
Renaissance Foundation ·
iAlpha Enterprise |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27000000 |
Equity Shares |
INR 10/- each |
INR 270.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19079440 |
Equity Shares |
INR 10/- each |
INR 190.794 Million |
|
|
|
|
|
- Reconciliation of the shares outstanding
at the beginning and at the end of the reporting year.
|
Equity Shares |
March 31, 2017 |
|
|
|
No. of Shares |
INR in Million |
|
At the beginning of the
year |
19079440 |
190.794 |
|
Issued during the year |
--- |
--- |
|
Outstanding
at the end of the year |
19079440 |
190.794 |
Of the above, 720,000 Equity Shares of INR
10/- each fully paid-up have been issued to RJL – Employee Welfare
Trust pursuant to Employee Stock Purchase
Scheme (ESPS). (Refer note 38)
b. Terms/ rights attached to equity shares
The
company has only one class of issued shares having par value of INR
10/–. Each holder of equity shares is entitled to one vote per share and
carries identical right as to dividend. These shares are not subject to any
restrictions.
In
the event of liquidation of the Company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after distrubution of all
preferential amounts. The distribution will be in proportion to the numbers of
equity share held by the shareholders.
During
the year March 31, 2017, Interim Dividend of INR Nil
(March 31, 2016 INR 2.00) per share was distributed
to
the equity shareholders.
c. Details of shareholders holding more than
5% shares in the company.
|
Name of Shareholders |
March 31, 2017 |
|
|
|
No. of Shares |
%
holding in the class |
|
Equity
Shares of INR 10/– each fully paid up |
|
|
|
Sumit N. Shah |
4171120 |
21.86 |
|
Niranjan A. Shah |
2861900 |
15.00 |
|
Hitesh M. Shah |
1430950 |
7.50 |
|
Pinky D. Shah |
1144760 |
6.00 |
|
Niranjan Family Private
Trust |
2607040 |
13.66 |
As
per records of the Company, including its register of shareholders/ members and
other declarations received from shareholders regarding beneficial interest,
the above shareholding represents both legal and beneficial ownerships of
shares.
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 |
190.794 |
190.794 |
190.794 |
|
(b) Reserves & Surplus |
4232.114 |
3781.776 |
3377.840 |
|
(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) |
4422.908 |
3972.570 |
3568.634 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
18.716 |
24.212 |
0.000 |
|
(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 |
13.309 |
14.851 |
7.666 |
|
Total
Non-current Liabilities (3) |
32.025 |
39.063 |
7.666 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1969.757 |
1524.957 |
1780.345 |
|
(b)
Trade payables |
1544.753 |
2514.060 |
1987.740 |
|
(c)
Other current liabilities |
46.238 |
35.203 |
68.809 |
|
(d)
Short-term provisions |
15.576 |
14.151 |
37.623 |
|
Total
Current Liabilities (4) |
3576.324 |
4088.371 |
3874.517 |
|
|
|
|
|
|
TOTAL |
8031.257 |
8100.004 |
7450.817 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
334.329 |
303.107 |
345.065 |
|
(ii)
Intangible Assets |
4.183 |
4.343 |
3.491 |
|
(iii)
Capital work-in-progress |
2.345 |
53.849 |
3.288 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1072.621 |
1062.458 |
1100.750 |
|
(c) Deferred tax assets
(net) |
23.678 |
18.629 |
15.211 |
|
(d) Long-term Loan
and Advances |
185.120 |
187.422 |
168.008 |
|
(e)
Other Non-current assets |
3.217 |
3.279 |
3.039 |
|
Total
Non-Current Assets |
1625.493 |
1633.087 |
1638.852 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
419.580 |
248.894 |
145.260 |
|
(b)
Inventories |
1825.242 |
2202.066 |
2129.851 |
|
(c)
Trade receivables |
3270.003 |
3311.148 |
3213.929 |
|
(d)
Cash and cash equivalents |
538.540 |
493.087 |
230.840 |
|
(e)
Short-term loans and advances |
128.729 |
133.524 |
91.512 |
|
(f)
Other current assets |
223.670 |
78.198 |
0.573 |
|
Total
Current Assets |
6405.764 |
6466.917 |
5811.965 |
|
|
|
|
|
|
TOTAL |
8031.257 |
8100.004 |
7450.817 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
11004.315 |
11429.040 |
10603.906 |
|
|
|
Other Income |
168.273 |
24.966 |
165.794 |
|
|
|
TOTAL |
11172.588 |
11454.006 |
10769.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
8803.671 |
9822.299 |
8449.439 |
|
|
|
(Increase)/decrease in inventories |
327.314 |
(416.997) |
347.993 |
|
|
|
Employees benefits expense |
347.435 |
333.202 |
386.886 |
|
|
|
Other expenses |
1142.486 |
1133.073 |
1011.239 |
|
|
|
Cost of traded goods |
0.000 |
51.511 |
0.000 |
|
|
|
TOTAL |
10620.906 |
10923.088 |
10195.557 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
551.682 |
530.918 |
574.143 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
79.269 |
63.396 |
92.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
472.413 |
467.522 |
482.098 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
81.392 |
76.784 |
109.947 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
391.021 |
390.738 |
372.151 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
86.228 |
56.083 |
27.662 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
304.793 |
334.655 |
344.489 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B Value |
10509.692 |
11242.061 |
10288.569 |
|
|
TOTAL EARNINGS |
10509.692 |
11242.061 |
10288.569 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials (Includes Goods in transit) |
5080.980 |
5800.076 |
5077.168 |
|
|
|
Consumable, Tools and Spares |
57.543 |
75.347 |
86.297 |
|
|
|
Capital goods |
29.042 |
8.099 |
8.099 |
|
|
TOTAL IMPORTS |
5167.565 |
5883.522 |
5171.564 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
15.97 |
17.54 |
18.06 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Vehicle loan from Bank (Secured) |
5.496 |
5.000 |
0.000 |
|
|
|
|
|
|
Cash generated from/(used in) operations |
21.241 |
876.139 |
1355.961 |
|
|
|
|
|
|
Net Cash flow from/ (used in) Operating Activity |
(62.338) |
787.635 |
1268.394 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
108.46 |
105.75 |
110.63 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.37 |
3.45 |
3.30 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
64.05 |
93.42 |
85.87 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.30 |
0.24 |
0.27 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.62 |
1.47 |
1.63 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.45 |
0.51 |
0.52 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.45 |
0.39 |
0.50 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.81 |
1.03 |
1.09 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.08 |
0.09 |
0.10 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.96 |
8.37 |
6.24 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.77 |
2.93 |
3.25 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.80 |
4.13 |
4.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
6.89 |
8.42 |
9.65 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.79 |
1.58 |
1.50 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.28 |
1.04 |
0.95 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.55 |
0.49 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
10.45 |
8.15 |
9.33 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.79 |
1.58 |
1.50 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 299.60/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
190.794 |
190.794 |
190.794 |
|
Reserves & Surplus |
3377.840 |
3781.776 |
4232.114 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3568.634 |
3972.570 |
4422.908 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
24.212 |
18.716 |
|
Short term borrowings |
1780.345 |
1524.957 |
1969.757 |
|
Current Maturities of Long
term debt |
0.000 |
5.000 |
5.496 |
|
Total
borrowings |
1780.345 |
1554.169 |
1993.969 |
|
Debt/Equity
ratio |
0.499 |
0.391 |
0.451 |
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 |
10603.906 |
11429.040 |
11004.315 |
|
|
|
7.781 |
-3.716 |
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 |
10603.906 |
11429.040 |
11004.315 |
|
Profit/ (Loss) |
344.489 |
334.655 |
304.793 |
|
|
3.25% |
2.93% |
2.77% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
-
The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
-
Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
-
Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some
medium and large diamond traders which are usually engaged in fictitious import
– export, inter-company transactions, financially assisted by banks. In the
process, several public sector banks lost several hundred million rupees. They
mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
-
The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G09777459 |
90223422 |
State Bank of
India |
14/02/2003 |
25/07/2016 |
- |
2823500000.0 |
SEEPZ BRANCH, NEW
BANK BUILDINGANDHERI EASTMUMBAIMH400096IN |
|
2 |
G60737277 |
10275006 |
ICICI BANK LIMITED |
25/03/2011 |
20/07/2013 |
10/10/2017 |
170000000.0 |
LANDMARKRACE
COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
3 |
C00203349 |
90220417 |
BANK OF INDIA |
12/11/2001 |
14/02/2003 |
03/03/2014 |
140000000.0 |
SEEPZ BRANCH
ANDHERI EASTMUMBAIMH400096IN |
|
4 |
B89601223 |
10310432 |
STATE BANK OF
INDIA |
28/09/2011 |
- |
31/10/2013 |
120000000.0 |
SEEPZ, ANDHERI
(EAST)MumbaiMH400096IN |
|
5 |
B84816032 |
90222484 |
STATE BANK OF
INDIA |
27/04/1995 |
- |
21/08/2013 |
500000.0 |
OVERSEAS
BRANCHMUMBAIMH400021IN |
|
6 |
B84815588 |
10131259 |
STATE BANK OF
INDIA |
17/10/2008 |
- |
21/08/2013 |
50000000.0 |
SEEPZ, ANDHERI
(EAST)MUMBAIMH400096IN |
|
7 |
B84840115 |
90223001 |
STATE BANK OF
INDIA |
22/03/1999 |
- |
21/08/2013 |
54500000.0 |
DIAMOND
BRANCHMUMBAIMH400007IN |
|
8 |
B84816487 |
90224999 |
STATE BANK OF
INDIA |
22/03/1999 |
22/12/1999 |
21/08/2013 |
54500000.0 |
DIAMONA
BRMUMBAIMH400007IN |
|
9 |
B81185126 |
80064569 |
Bank of India |
12/11/2001 |
- |
11/07/2013 |
140000000.0 |
Seepz BranchSeepz
Andheri(East)MumbaiMH400096IN |
|
10 |
B75002170 |
10062732 |
BANK OF INDIA |
04/07/2007 |
06/08/2008 |
17/04/2013 |
200000000.0 |
SEEPZ
BRANCHANDHERI (EAST)MUMBAIMH400096IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loan from related parties (unsecured) |
|
|
|
from Directors repayable on
demand (Interest Free) |
5.622 |
23.357 |
|
Inter Corporate Deposit** |
10.440 |
21.440 |
|
|
|
|
|
Total |
16.062 |
44.797 |
|
Notes: SHORT TERM BORROWINGS ** Inter Corporate Deposit
carries Interest Rate of 9% and repayable within six months or earlier at the
option borrower company. |
||
CORPORATE INFORMATION
Renaissance
Jewellery Limited (the company) is a public limited company domiciled in India
and incorporated under the provisions of the Companies Act, 1956. Its shares
are listed on two stock exchanges in India. The company is engaged in the
manufacture of diamond studded jewellery which are majorly exported to countries
like USA, Hong Kong, etc.
AWARDS/RECOGNITION
The
Company has always strived for the best quality and
designs adhering necessary Ethical Standards. The Company has been consistently
receiving awards and recognition by various Trade Organizations and Councils,
for its’ performance and achievements.
The Company has received:
– GJEPC Award for topping Export Performance under the category “Studded
Precious Metal Jewellery Exports”, in 2016, for the 6th time.
– The Company has been accorded with the certified membership by
Responsible Jewellery Council (RJL), in 2016.
·
2001 - SEEPZ-SEZ Star Award
·
2004 - Walmart’s International Supplier of the Year
·
2006 - GJEPC Award for second largest exporter of studded precious
metal jewellery
·
2007 - Three Star Export House
·
2008 - GJEPC Award for largest exporter of studded metal precious
Jewellery
·
2009 - Emerging India Award
·
2011 - GJEPC Award for largest exporter of studded metal precious
Jewellery
·
2012 - GJEPC Award for largest exporter of studded metal precious
Jewellery
·
2015 - GJEPC Award for largest exporter of studded metal precious
Jewellery
·
2016 - GJEPC Award for the largest exporter of studded precious
metal Jewellery
MANAGEMENT’S
DISCUSSION AND ANALYSIS
RESPONSIBLE JEWELLERY COUNCIL
The Management believes that the sustainability of any such global
business model also stems from doing business in a responsible manner that
follows the international best practises. RJL is a certified member of the Responsible
Jewellery Council (RJC). Being a RJC member, the Company is committed to and
independently audited against the RJC Code of Practices – an international
standard on responsible business practices for the Gems and Jewellery industry.
The Code of Practices addresses human rights, labour rights, environmental
impact, mining practices, product disclosure and many more important topics in
the jewellery supply chain. RJC also works with multi-stakeholder initiatives on
responsible sourcing and supply chain due diligence.
GJEPC AWARD
The Company also believes that growth and best practices always get
noticed and acknowledged by customers, competitors and industry forum.
The Gem and Jewellery Export Promotion Council (GJEPC) has once again
recognised RJL as a leading manufacturer in India. During the
year, Renaissance has received the GJEPC Award
for largest exporter in the category of
Precious Metal Jewellery – Studded for the
year 2015-16. It is an award for felicitating
the largest exporter for outstanding
performance and contribution in the trade
category. This is the sixth time that the Company has won this award since
2006.
OUR BUSINESS
The Company is engaged in the business of design, manufacturing and
sales of various types of jewellery comprising silver, gold, platinum jewellery
studded with diamonds and other precious and semi-precious stones. The
jewellery products include rings, pendants, earrings, bracelets, necklaces and bangles.
Categories under which these products are sold are Diamond Fashion, Diamond
Bridal and Gemstones.The Company currently has three subsidiaries incorporated
in USA, UK, and UAE that help in sales in those regions.
The
Company has manufacturing facilities in Mumbai, Bhavnagar (Gujarat) and
Bangladesh. The design of these products is centralized in Mumbai. The value
addition in the products comes from a workforce comprising of close to 4300
people spread across these locations. The Company believes that these locations
provide cost effective skilled workers. The Company has invested in building
adequate infrastructure across these locations. These locations are well
equipped to manage the rising designing and manufacturing requirements of the
Company without incurring substantial capital expenditure. Dubai has been added
to the footprint of manufacturing locations during the current financial year.
THE YEAR 16-17
AT A GLANCE
Strategic Initiative: Acquisition of business in Dubai
During the year, Verigold Jewellery
DMCC, Dubai; a wholly owned subsidiary of RJL has set up a JV Renaissance
Jewellery DMCC (RJDMCC) with a local partner. RJDMCC has acquired the assets
(factory along with plant and machinery), customers and intellectual property
rights of Vogue Jewellery DMCC, a manufacturer of Plain Gold Jewellery. The factory
has over 75 employees and a manufacturing capacity of 300 kg per month.
The Company has identified The Middle East as a thrust
area for the Company for future growth. This acquisition gives RJL a good
foothold to penetrate the jewellery market in the Middle East. Based on the
traction the business had with its customers prior to the acquisition as well
as during the 4 months post acquiring, the Company believe this acquisition
will have significant positive impact to their sales. The Company also proposes
to generate synergies by selling studded jewellery to the existing clients of
the acquired entity.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR In Million)
|
Particulars
|
Three Months ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Income from operations |
|
|
|
|
a) Net sales/ Income from operation |
3295.192 |
2717.245 |
7706.159 |
|
b) Other income |
9.375 |
10.057 |
28.001 |
|
Total
income from Operations(net) |
3304.567 |
2727.302 |
7734.160 |
|
Expenditure |
|
|
|
|
a) Cost of materials consumed |
1922.106 |
2554.738 |
6384.933 |
|
b) Change in inventories of finished goods, work-in-progress
and stock-in -trade |
728.922 |
(365.213) |
(241.061) |
|
c) Employee benefit expenses |
145.005 |
91.141 |
323.933 |
|
d) Foreign Exchange (Gain)/ Loss |
(78.895) |
(49.972) |
(223.483) |
|
e) Finance Costs |
26.952 |
23.358 |
69.134 |
|
f) Depreciation and amortization expense |
19.991 |
18.949 |
56.719 |
|
g) Other expenses |
312.793 |
321.761 |
939.452 |
|
Total expenses |
3076.874 |
2594.762 |
7309.627 |
|
Profit/ (Loss) from
operations before Exceptional Items |
227.693 |
132.540 |
424.533 |
|
Tax Expense |
|
|
|
|
Income Tax |
65.285 |
36.331 |
117.075 |
|
Deferred Tax |
(1.859) |
0.083 |
(3.494) |
|
Profit
/ (Loss) after tax for the
period/ year |
164.267 |
96.126 |
310.952 |
|
Other Comprehensive Income |
|
|
|
|
Items that will not
be reclassified to profit or loss |
|
|
|
|
Re-measurement gains (losses) on defined benefit plans |
(0.300) |
(0.600) |
(0.900) |
|
Equity instruments through other Comprehensive Income |
41.717 |
(11.555) |
55.098 |
|
Income tax effect on above |
(7.116) |
5.468 |
(9.223) |
|
Items that will be
reclassified to profit or loss |
|
|
|
|
Fair value changes on derivatives designated as cash flow hedges |
47.943 |
(75.316) |
(69.306) |
|
Mutual Fund debts inst7ruments through other comprehensive income |
--- |
--- |
--- |
|
Income tax effect on above |
(16.592) |
26.065 |
23.985 |
|
Other
Comprehensive Income for the period |
65.652 |
(55.937) |
(0.345) |
|
Total Other Comprehensive Income for the
period after tax |
229.918 |
40.188 |
310.607 |
|
Paid-up equity share capital (Face value INR 10/- per share) |
188.794 |
188.794 |
188.794 |
|
Earnings per share (EPS) (of INR 10/- each not annualized) |
|
|
|
|
Basic |
8.89 |
5.25 |
16.83 |
|
Diluted |
8.89 |
5.25 |
16.83 |
Notes:
1. The above unaudited Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on February 14, 2018.
2. The Company is engaged primarily in the business of 'Manufacture and sale of
Jewellery' and hence there is no separate reportable segment within the
criteria defined under Indian Accounting Standard (Ind AS) -108 'Operating
Segments'.
3. The National Company Law Tribunal (NCLT) vide its order dated January 19,
2018 has directed to hold the meetings of Shareholders of the Renaissance
Jewellery Ltd. (transferee company). House Full International Ltd. (HFIL) and
N. Kumar Diamond Exports Ltd. (NKDEL), Transferor companies, for the purpose of
considering and approving the Scheme of Amalgamation/Merger by Absorption. The
said meetings are scheduled to be held on Tuesday, February 27, 2018. In view
of the proposed scheme, no provision for diminution for the investment in HFIL
is considered necessary.
4. The above results have been prepared in accordance with Companies (Indian
Accounting Standards) Rules, 2015 (Ind AS) to the extent applicable. The
company has adopted Ind- AS for the first time beginning April 01,2017 with
transition date April 01,2016.
5. The auditors have carried out limited reviewed of the above results for the
quarter/ nine months ended December 2017. Ind-AS compliant financials results
for the quarter/ nine months ended December 2016 have not been subjected to
limited review. However, the management has exercised necessary due diligence
to ensure that the financial result for the said quarter/ nine months ended,
provide a true and fair view of the affairs of the Company.
6. There is possibility that these quarterly financial results along with the
provisional financial statements as of and for the year ended March 31, 2017
may require adjustment before constituting the final Ind-AS compliant financial
Statements as of and for the year ending March 31, 2018 due to changes in
financial reporting requirements arising from new or revised standards or
interpretations issued by ICAI or changes in the use of one or more optional
exemptions from full retrospective application as permitted under Ind AS 101.
7. The reconciliation between net profit for the quarter/nine months ended
December 2016 reported earlier as per previous Indian GAAP and the one recast
as per Ind AS is as under:
8. For calculation of Earnings Per Share, Equity Shares held by ESPS Trust is
netted of against paid up equity share capital of the Company.
9. The figures for the previous quarters have been re-grouped/reclassified wherever
considered necessary to conform with those of current quarter and nine months.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the Company
not acknowledged as debts: |
|
|
|
Guarantees
given to banks against credit facilities extended to indirect subsidiary company i.e Housefull International Limited |
170.000 |
170.000 |
|
Penalty
levied by the Custom Authorities |
0.311 |
0.311 |
|
Income Tax demand disputed
in appeal |
|
|
|
Disputed by the Company |
1.899 |
1.899 |
|
Disputed
by the Department |
6.272 |
6.272 |
|
Disputed
demand by Custom Authorities |
2132.224 |
2132.224 |
(The contingent liabilities,
if materialised, shall entirely be borne by the company, as there is no likely reimbursement
from any other party.)
The company has received a
demand of Customs Duty along with the penalty amounting to INR 1675.490 Million
from the Commissioner of Customs, Chhatrapati Shivaji International Airport,
Mumbai (Customs), alleging that the import of finished jewellery for remaking is
not a permitted activity for an unit in SEEPZ SEZ and hence chargeable to
Customs duty. Further, the Commissioner has also preferred an appeal to CESTAT
for levy of interest of INR 228.367 Million along with penalty amounting of INR
228.367 Million on the said Customs Duty considering the issue is currently sub
judice ad under litigation in the Bombay High Court, management has disclosed
the demand of INR 2132.224 Million as a contingent liabilities.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
· Leasehold Improvements
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 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 67.96 |
|
UK Pound |
1 |
INR 91.88 |
|
Euro |
1 |
INR 80.28 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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.