MIRA INFORM REPORT

 

 

Report No. :

508605

Report Date :

23.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ALPESH GEMS

 

 

Registered Office :

JE-8220, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra

Mobile No.:

91-9867980177 (Mr. Mahesh)

91-9377709008 (Mr. Rasik Kheni)

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Year of Establishment :

1998

 

 

Capital Investment :

INR 23.195 Million

 

 

IEC No.:

[Import-Export Code No.]

0388191953

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAAFA4192K1ZE

 

 

TIN No.:

27200246121

 

 

PAN No.:

[Permanent Account No.]

AAAFA4192K

 

 

Legal Form :

Partnership Concern with an unlimited liability of the partners

 

 

Line of Business :

Manufacturer, Exporter and Importer of Rough and Polished Diamonds.

 

 

No. of Employees :

407 (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 :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Alpesh Gems is a manufacturer, exporter and importer of rough and polished diamonds. The concern was started in the year 1998 and is based in Mumbai, Maharashtra. It is an established partnership concern having satisfactory track record.

For the financial year ended 2017, the concern has witnessed a growth in its revenue and has achieved a profit margin at 0.48% (approx.)


The concern possesses an acceptable financial profile marked by sound net worth base along with fair debt level of the company.


The concern also derives strength from its long standing track record of business operation.


However, the rating strength is partially offset by low profit margin and strong competition from organized and un-organised players in diamond industry.

Trade relations are reported as fair. Business is active. Payment terms are seems to be slow but correct.


The concern can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES : Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 23.05.2018

 

 

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

 

Name :

Mr. Mahesh

Designation :

Accountant

Contact No.:

91-9867980177

Date :

10.05.2018

 

 

LOCATIONS

 

Registered Office :

JE-8220, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

Not Available

Mobile No.:

91-9867980177 (Mr. Mahesh)

91-9377709008 (Mr. Rasik Kheni)

91-9374549254 (Mr. Alpesh Kheni)

Fax No.:

Not Available

E-Mail :

alpeshgems@yahoo.com

mmavashti@gmail.com

Location :

Owned

Locality :

Commercial

 

 

Factory :

Plot No.4/B, Karshan Meghjini Wadi, Varacha Road, Surat – 395006, Gujarat, India

Tel. No.:

91-261-2549254

 

 

Branch Office :

A/4, Mayur Apartment, Raheja Township, Malad (East), Mumbai – 400097, Maharashtra, India 

 

 

PARTNERS

 

Name :

Mr. Rasikbhai Vashrambhai Kheni

Designation :

Partner 

Address :

A-4, Maurya Apartments, Raheja Town, Malad (East), Mumbai – 400097, Maharashtra, India

PAN No.:

AFIPK5249Q

 

 

Name :

Mr. Manoj Vashrambhai Kheni

Designation :

Partner 

Address :

A-4, Maurya Apartments, Raheja Town, Malad (East), Mumbai – 400097, Maharashtra, India

PAN No.:

ACRPK1423G

 

 

Name :

Mr. Alpesh Vashrambhai Kheni

Designation :

Partner 

Address :

A-4, Maurya Apartments, Raheja Town, Malad (East), Mumbai – 400097, Maharashtra, India

PAN No.:

AIRPK9565H

 

 

KEY EXECUTIVES

 

Name :

Mr. Mahesh

Designation :

Accountant

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Rough and Polished Diamonds.

 

 

Products :

407 (Approximately)

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Diamonds

Countries :
  • Belgium
  • Hong Kong

 

 

Imports :

 

Products :

Rough Diamonds

Countries :
  • Belgium
  • Hong Kong
  • Dubai

 

 

Terms :

 

Selling :

Cash, Credit (180 Days) and Other (RTGS)

 

 

Purchasing :

Cash, Credit (180 Days) and Other (RTGS)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

Customers :

Wholesalers, Retailers,

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

No. of Employees :

407 (Approximately)

 

 

Bankers :

Bank Name

Kotak Mahindra Bank Limited

Branch

--

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

  • State Bank of India
  • Dena Bank

Facilities :

SECURED LOANS

31.03.2017

INR In Millions

31.03.2016

INR In Millions

HDFC Bank Loan

0.000

3.189

Kotak Bank

33.056

29.650

Kotak Mahindra Bank - 666

4.727

(0.004)

Shree Shramdeep Urban Co-operative Bank – CP 235

0.299

0.496

Shree Shramdeep Urban Co-operative Bank – CP 247

0.000

0.224

Total

38.082

33.555

 

 

Auditors :

 

Name :

Ramesh Rajni and Company

Chartered Accountants

Address :

1st Floor, Purshottam Building 450, Lamington Road, Mumbai – 400004, Maharashtra, India

Membership No :

100330

 

 

Collaborators :

Not Available

 

 

Membership :

Not Available

 

 

Sister Concern :

Not Available

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

CAPITAL ACCOUNT

(INR In Millions)

Particulars

 

AMOUNT

Partner’s Fixed Capital

0.050

Current Account

23.145

TOTAL

23.195

 

 

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

31.03.2015

SHAREHOLDERS FUNDS

 

 

 

1] Partner’s Capital Account

0.050

0.050

0.050

2] Partner’s Current Account

23.145

14.659

6.224

3] Reserves & Surplus

0.000

0.710

0.710

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

23.195

15.419

6.984

LOAN FUNDS

 

 

 

1] Secured Loans

38.082

33.555

31.258

2] Unsecured Loans

2.400

0.000

0.863

TOTAL BORROWING

40.482

33.555

32.121

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

63.677

48.974

39.105

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

6.096

6.918

7.784

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.010

0.010

0.010

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

86.430

104.829

98.144

 

Sundry Debtors

141.251

188.513

70.199

 

Cash & Bank Balances

4.274

7.239

1.977

 

Other Current Assets

0.454

0.131

0.040

 

Loans & Advances and Deposit

2.658

4.116

3.690

Total Current Assets

235.067

304.828

174.050

Less : CURRENT LIABILITIES & PROVISIONS
 
 
 

 

Sundry Creditors

177.149

262.770

142.739

 

Other Current Liabilities

0.250

0.000

0.000

 

Provisions

0.097

0.012

0.000

Total Current Liabilities

177.496

262.782

142.739

Net Current Assets

57.571

42.046

31.311

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

63.677

48.974

39.105

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

637.622

624.930

402.778

 

Other Income

0.140

0.052

0.169

 

TOTAL

637.762

624.982

402.947

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

587.690

583.803

377.592

 

Manufacturing Expenses

29.711

23.537

12.393

 

Sale and Administration Expenses

9.083

7.145

5.243

 

Salary to Partners

2.600

3.600

3.138

 

Prior period expenses

0.452

0.000

0.000

 

TOTAL

629.536

618.085

398.366

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

8.226

6.897

4.581

 

 

 

 

 

Less

FINANCIAL EXPENSES

2.399

2.582

1.077

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

5.827

4.315

3.504

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

1.130

1.352

1.517

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

4.697

2.963

1.987

 

 

 

 

 

Less

TAX

1.601

0.917

0.617

 

 

 

 

 

 

NET PROFIT/ (LOSS) 

3.096

2.046

1.370

 

The above information has been parted by Mr. Mahesh (Accountant)

 

Note: Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

80.86

110.10

63.61

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

4.51

3.32

5.74

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

110.02

164.29

137.98

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.10

0.07

0.05

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

1.35

1.00

0.59

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.90

0.95

0.96

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.75

2.18

4.60

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

7.76

17.04

20.56

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.26

0.45

1.11

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

3.43

2.67

4.25

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

0.49

0.33

0.34

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

1.28

0.66

0.75

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

13.35

13.27

19.62

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.31

1.16

1.21

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.83

0.76

0.53

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.10

0.05

0.04

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

1.75

2.28

5.12

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.31

1.16

1.21

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

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

Partners’ Capital Account

0.050

0.050

0.050

Partner’s Current Account

23.145

14.659

23.145

Reserves & Surplus

0.710

0.710

0.000

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

6.984

15.419

23.195

 

 

 

 

Secured borrowings

31.258

33.555

38.082

Unsecured borrowings

0.863

0.000

2.400

Total borrowings

32.121

33.555

40.482

Debt/Equity ratio

4.599

2.176

1.745

 

 

 

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

402.778

624.930

637.622

 

 

55.155

2.031

 

 

 

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

402.778

624.930

637.622

Profit

1.370

2.046

3.096

 

0.34%

0.33%

0.49%

 

 

 

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

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last 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

No

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

 

UNSECURED LOAN

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

KKM Diamond

2.400

0.000

Total

2.400

0.000

 

 

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.

 

 

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

Indian Rupees

US Dollar

1

INR 68.02

UK Pound

1

INR 91.25

Euro

1

INR 80.07

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHL

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRUP

 

 

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

NO

--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)

 

 

 

 

 

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