The case of PNB, Nirav Modi & Mehul Choksi -- 2 (Gitanjali Gems)

The case of PNB, Nirav Modi & Mehul Choksi -- 2 (Gitanjali Gems)

Mehul Choksi is named in CBI's FIR of Jan 30, 2018 He is MD of Gitanjali Gems Ltd, & the case could link to this company & its subsidiaries/associates

Gitanjali Gems Ltd
Consolidated financials (in Rs crore)
               EBITDA*      PAT**
H1FY18    472             133
FY17        930              166
FY16        910             104
*Earnings before interest, tax, depreciation & amm.
**Profit after Tax
Company has postponed Oct-Dec '17 results disclosure. No new date given.

Gitanjali Gems consolidated Net Debt (Long Term + Short Term - Cash) (in Rs crore) at the end of:
Sep'17     6,900
Mar'17     7,700
Sep'16     7,600
Mar'16     7,600
Figures are approximate

Auditors note in Gitanjali Gems FY17 (2016-17) Annual Report:
As of 31-Mar-17
Principal+Interest due in FY17 not paid to:
ICICI Bank (external commercial borrowings):$9.8 mln (around Rs 64 crore)
Bank of Baroda (ECB): $0.7 mln (Rs 5 crore)
LIC (non-convertible debentures): Rs 3.5 crore


As per Gitanjali Gems' annual report for FY17 (2016-17):
- working capital facilities from banks overdrawn by Rs 31 crore in FY17 due to non-servicing of interest
- outstanding working capital borrowing balance as of 31-Mar-2017 was Rs 4,994 crore, carrying interest rate charge of 5-13%
- the amount due for Principal+Interest payment in FY18 (2017-18) on external commercial borrowings is $43.5 mln (Rs 282 crore).