|
|
|
MIRA INFORM REPORT
|
Report No. : |
509780 |
|
Report Date : |
23.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
JEWELMARK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No 501 Tower 2 Seepz MIDC Marol Area, Andheri (East),
Mumbai - 400096 |
|
Mob. No.: |
91-22-28290904/ 28290905/ 28291025 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
29.12.2003 |
|
|
|
|
Com. Reg. No.: |
11-143715 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 20.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U36910MH2003PTC143715 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ09358G |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ3769M |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in Manufacturing and Export of Diamond studded Jewellery and Trading of Diamonds and Jewellery. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 : |
Subject was incorporated in the year 2003. It is a manufacturer of Diamond Studded Jewellery.
|
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 |
|
Rating |
Long Term = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
14.02.2018 |
|
Rating Agency Name |
CARE RATING |
|
Rating |
Short Term = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
14.02.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 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 DENIED
Management Non-Cooperative (Tel. No.: 91-22-28290904 / 905 / 28291025)
LOCATIONS
|
Registered Office : |
Unit No 501 Tower 2 Seepz MIDC Marol Area, Andheri (East),
Mumbai – 400096, India |
|
Tel. No.: |
91-22-28290904/ 28290905/ 28291025 |
|
Fax No.: |
91-22-28290034/ 28290906 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
7000 sq. ft. |
|
Location : |
Owned |
|
Locality : |
Industrial |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Kumarpal C Shah |
|
Designation : |
Director |
|
Address : |
117, Floor-20, 80B, Darya Mahal, Laxmibai Jagmohandas
Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
11.06.1945 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
29.12.2003 |
|
DIN No.: |
01904179 |
|
|
|
|
Name : |
Mr. Parag Babulal Mehta |
|
Designation : |
Director |
|
Address : |
101 Ashoka Apartments 10th Floor, 68 Nepeansea Road,
Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
30.09.1964 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
16.04.2009 |
|
DIN No.: |
02626039 |
|
|
|
|
Name : |
Mr. Dalpatsingh Jain |
|
Designation : |
Additional Director |
|
Address : |
704, Sky High Tower, Shankar Lane Near Orlem, Malad (West),
Mumbai – 400064, Maharashtra, India |
|
Date of Appointment : |
30.09.2017 |
|
DIN No.: |
07952056 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Kumarpal Chimanlal Shah |
|
500000 |
|
Shital Kumarpal Shah |
|
500000 |
|
Princess Gems and Gold Limited |
|
1000000 |
|
|
|
|
|
Total |
|
2000000 |
Equity Share Break up (Percentage of Total Equity)
As on 03.07.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
50.00 |
|
Promoter - Bodies
corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing and Export of Diamond
studded Jewellery and Trading of Diamonds and Jewellery. [Registered
Activity] |
||||
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|
||||
|
Products : |
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||||
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|
||||
|
Brand Names : |
Not Divulged |
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||||
|
Agencies Held : |
Not Divulged |
||||
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||||
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Exports : |
Not Divulged |
||||
|
|
|
||||
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Imports : |
Not Divulged |
||||
|
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|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Sampat Mehta and Associates Chartered Accountants |
|
Address : |
3, Kapur Mansion, 47, Hughes Road, Mumbai – 400007, Maharashtra, India |
|
PAN No.: |
AAAFS1266J |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
INR 10/- each |
INR 20.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
INR 10/- each |
INR 20.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees 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 |
20.000 |
20.000 |
20.000 |
|
(b) Reserves and Surplus |
114.165 |
100.456 |
82.740 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Minority interest |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
134.165 |
120.456 |
102.740 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
17.173 |
17.579 |
17.857 |
|
(b) Deferred tax liabilities (Net) |
4.095 |
4.251 |
4.221 |
|
(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) |
21.268 |
21.830 |
22.078 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
69.020 |
69.327 |
69.930 |
|
(b) Trade
payables |
262.572 |
299.850 |
493.628 |
|
(c) Other
current liabilities |
6.927 |
8.242 |
15.119 |
|
(d) Short-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Current
Liabilities (4) |
338.519 |
377.419 |
578.677 |
|
|
|
|
|
|
TOTAL |
493.952 |
519.705 |
703.495 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
27.312 |
29.363 |
31.877 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
0.335 |
0.404 |
0.408 |
|
(e) Other
Non-current assets |
19.475 |
26.702 |
21.926 |
|
Total Non-Current
Assets |
47.122 |
56.469 |
54.211 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
160.710 |
50.211 |
59.433 |
|
(c) Trade
receivables |
283.865 |
407.353 |
586.747 |
|
(d) Cash and
bank balances |
1.733 |
1.250 |
0.584 |
|
(e)
Short-term loans and advances |
0.522 |
4.422 |
2.520 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
446.830 |
463.236 |
649.284 |
|
|
|
|
|
|
TOTAL |
493.952 |
519.705 |
703.495 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1039.521 |
1087.878 |
1299.331 |
|
|
Other Income |
1.276 |
1.789 |
4.451 |
|
|
TOTAL |
1040.797 |
1089.667 |
1303.782 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
932.035 |
966.741 |
1150.120 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(44.370) |
(3.614) |
(1.941) |
|
|
Employee benefit expense |
54.245 |
37.285 |
30.887 |
|
|
CSR expenditure |
0.000 |
0.000 |
0.000 |
|
|
Other expenses |
70.714 |
56.094 |
77.352 |
|
|
TOTAL |
1012.624 |
1056.506 |
1256.418 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
28.173 |
33.161 |
47.364 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4.048 |
3.161 |
3.361 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
24.125 |
30.000 |
44.003 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
2.941 |
3.088 |
5.059 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
21.184 |
26.912 |
38.944 |
|
|
|
|
|
|
|
Less |
TAX |
7.475 |
9.196 |
13.966 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
13.709 |
17.716 |
24.978 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
6.855 |
8.858 |
12.489 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Net cash flows from (used in) operations |
16.824 |
17.547 |
19.395 |
|
Net cash flows from (used in) operating activities |
9.193 |
8.381 |
4.769 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
99.67 |
136.67 |
164.83 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
3.66 |
2.67 |
2.21 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
102.83 |
113.21 |
156.66 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
0.18 |
0.66 |
0.80 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
1.03 |
1.13 |
1.49 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.72 |
0.76 |
0.85 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.64 |
0.72 |
0.85 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ NetWorth) |
|
2.52 |
3.13 |
5.63 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.20 |
0.24 |
0.31 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
6.96 |
10.49 |
14.09 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
1.32 |
1.63 |
1.92 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
2.78 |
3.41 |
3.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
10.22 |
14.71 |
24.31 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.32 |
1.23 |
1.12 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.85 |
1.09 |
1.02 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.27 |
0.23 |
0.15 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
4.31 |
4.35 |
4.39 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.32 |
1.23 |
1.12 |
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) |
|
Share Capital |
20.000 |
20.000 |
20.000 |
|
Reserves & Surplus |
82.740 |
100.456 |
114.165 |
|
Net
worth |
102.740 |
120.456 |
134.165 |
|
|
|
|
|
|
Long-term borrowings |
17.857 |
17.579 |
17.173 |
|
Short term borrowings |
69.930 |
69.327 |
69.020 |
|
Total
borrowings |
87.787 |
86.906 |
86.193 |
|
Debt/Equity
ratio |
0.854 |
0.721 |
0.642 |
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 |
1299.331 |
1087.878 |
1039.521 |
|
|
|
(16.274) |
(4.445) |
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 |
1299.331 |
1087.878 |
1039.521 |
|
Profit/ (Loss) |
24.978 |
17.716 |
13.709 |
|
|
1.92
% |
1.63
% |
1.32
% |
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 |
STATE OF COMPANY'S AFFAIR
:
The Company is engaged in manufacturing and Export of Diamond studded Jewellery and trading of diamonds and Jewellery in Mumbai Special Economic Zone (SEZ). There has been no change in the business of the Company during the financial year ended 31st March, 2017.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
17.173 |
17.173 |
|
|
|
|
|
Total |
17.173 |
17.173 |
INDEX
OF CHARGES:
|
Charges Registered |
||||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B62035720 |
10386312 |
UNION BANK OF INDIA |
07/11/2012 |
- |
- |
10000000.0 |
OVERSEAS SEEPZ BRANCH, #007 BLOCK II, SEEPZ ++COMPLEX, JOGESHWARI VIKHROLI LINK RD., ANDHERI (E)MUMBAIMH400096IN |
|
2 |
Y10248769 |
90148999 |
UNION BANK OF INDIA |
16/12/2004 |
- |
- |
8000000.0 |
VOERSEAS BRANCH SEEPZ 007 BLOCK NO-IIMAROL INDUSTRIAL AREA JOGESHWARI VIKHROLI LINK ROAMUMBAIMH400096IN |
|
3 |
G57491136 |
80035920 |
UNION BANK OF INDIA |
16/12/2004 |
04/10/2017 |
- |
60000000.0 |
OVERSEAS SEEPZ ++ BRANCH, #007 BLOCK II, SEEPZ ++COMPLEX, JOGESHWARI VIKHROLI LINK RD., ANDHERI (E)MUMBAIMH400096IN |
|
4 |
G57496564 |
80035919 |
UNION BANK OF INDIA |
16/12/2004 |
04/10/2017 |
- |
90000000.0 |
OVERSEAS SEEPZ ++ BRANCH, #007 BLOCK II, SEEPZ ++COMPLEX, JOGESHWARI VIKHROLI LINK RD., ANDHERI (E)MUMBAIMH400096IN |
|
5 |
G49468127 |
10515994 |
UNION BANK OF INDIA |
05/07/2014 |
- |
14/07/2017 |
850000.0 |
OVERSEAS SEEPZ BRANCH, # 007, BLOCK No.II, SEEPZ++COMPLEX, JOGESHWARI-VIKROLI LINK ROAD, ANDHERI (E)MUMBAIMH400096IN |
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.
FIXED ASSETS
- Building
- Plant and
Equipment
- Furniture and
Fixture
- Vehicles
- Motor
Vehicles
- Office
Equipment
- Computer
Equipment
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 68.02 |
|
|
1 |
INR 91.25 |
|
Euro |
1 |
INR 80.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
JYO |
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.