MIRA
INFORM REPORT
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Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
LUCID GEMS |
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Registered Office : |
105, Regal Diamond Centre, Opera House, Mumbai 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1997 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML04187B |
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PAN No.: [Permanent
Account No.] |
AABFL0253H |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer, Exporter and Importer of Cut and Polished Diamonds sizes from 2 pointers to 70 pointers. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 460000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern and having satisfactory track.
Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
105, Regal Diamond Centre, Opera House, Mumbai 400 004, Maharashtra,
India |
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Tel. No.: |
91-22-23669451/ 52/, 23681011 |
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Fax No.: |
91-22-23685337/ 23649881 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Kamal Bhansali |
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Designation : |
Partner |
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Date of Birth/Age : |
55 years |
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Qualification : |
Graduate |
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Experience : |
30 years |
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Name : |
Mr. Siddharth Bhansali |
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Designation : |
Partner |
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Date of Birth/Age : |
21 years |
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Qualification : |
Studying |
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Name : |
Mrs. Anita Bhansali |
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Designation : |
Partner |
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Date of Birth/Age : |
45 years |
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Qualification : |
Graduate |
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Experience : |
25 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Cut and Polished Diamonds sizes from 2 pointers to 70 pointers. |
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Products : |
Diamonds |
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Exports : |
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Products : |
Cut and Polished Diamonds |
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Countries : |
Europe and USA |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
Belgium |
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Terms : |
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Selling : |
Cash or Credit |
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Purchasing : |
L/C, D/A and D/P |
GENERAL
INFORMATION
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Customers : |
Exporters |
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No. of Employees : |
6 |
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Bankers : |
State Bank of India, Diamond Branch, India |
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Facilities : |
P/C Rs. 120.000 Millions |
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Banking Relations
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Satisfactory |
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Auditors : |
Harshad Patel Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-23894547 |
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Associates/Subsidiaries : |
Core Jewellery Private Limited GJ 4SDF, Seepz, Andheri (East), Mumbai – 400 096, Maharashtra, India |
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Area: |
6000 sq. ft. |
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Location: |
Leased |
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Tel No.: |
91-22-28291834 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 115.000 Millions |
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Borrowed : |
- |
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Total : |
Rs. 115.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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420.000 |
350.000 |
Expected Sales (2007-08) : Rs. 550.000 Millions
LOCAL AGENCY FURTHER
INFORMATION
Website Details
Attached:
About Them
Subject is an ISO certified export house, which manufactures and exports polished diamonds. What makes Subject stand out from its counterparts is its special assortment. At Lucid there are IGA Certified Assorters who follow the international grading system, which is sought after by their international clients.
They have a wide spectrum of clients from all over the globe such as the U.S., Israel, South Africa, U.K., Sweden, Singapore, China, South Korea and Australia. They constantly endeavor to explore new markets and achieve higher goals in addition to establishing new contacts.
Everybody follows the 4 C's but they at Subject believe in an additional C- Customer Care. A company where commitment is a tradition and confidence earned. Be it quality, prompt delivery, customer service or competitive prices, there is no compromise. At Subject they indulge themselves to provide their customers with the best diamonds and the best service. Professionalism, expertise and exclusivity will count more than anything.
Recently they have set up their own manufacturing factory also in Surat. Now, the company endeavors to explore new markets globally and expand to all potential areas, thereby establishing a firm footing in the Gems & Jewellery Industry. This fact is substantiated by Subject' efforts to recently set up its own Jewellery manufacturing unit named M/s Core Jewellery Private Limited in Seepz, Mumbai. This unit is manufacturing diamond studded gold and platinum Jewellery for exports all over the globe.
Subject has a firm commitment to total customer satisfaction through dedication to continuous improvement and the highest standards of quality.
Services:
Subject is proud to be a part of the Diamond Industry in India, the hub of the World Diamond Industry. Subject is a DTC Sight holder. They follow the best practice principles of DTC. They are prime manufacturers of cut and polished diamonds ranging in sizes from 2 pointers to 70 pointers. They also manufacture sizes ranging from 4 grainers to 6 grainers. All above sizes are available from VVS to P3 quality, in white and cape colour.
Their assortment, purity, colour, etc... are verified by certified
professionals trained by International Gemological Institute to ensure strict
quality control.
The impeccably cut stones have a fire and luster unparalleled in the diamond industry. From flawless to piques, in round and fancies, the large inventory makes a jewelers life easy.
Core Jewellery:
They have their own Jewellery-manufacturing unit in the name of Core Jewellery. Core offers a consortium of Jewellery for the varied events of life and endeavors to be an integral part of all your celebrations.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.67 |
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UK Pound |
1 |
Rs. 81.78 |
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Euro |
1 |
Rs. 58.46 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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