MIRA
INFORM REPORT
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Report Date : |
03.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
BOMBAY JEWELLERY MANUFACTURERS |
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Registered Office : |
G-47, Gems and Jewellery Complex No. –1, SEEPZ, Andheri (East), Mumbai - 400
096, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1993 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB05523A |
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PAN No.: [Permanent
Account No.] |
AAAFB6763B |
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Legal Form : |
Partnership concern with an unlimited liability of the
partners. |
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Line of Business : |
Manufacturer and exporter of Diamond Studded Jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established partnership concern engaged in
the business as manufacturers and exporters of Studded Jewellery. The
concern’s business is progressing well. Partners are well experienced in
their line of business and they are very resourceful too. Trade relations are
fair. Payments are usually correct and as per commitments. It can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
G-47, Gems and Jewellery Complex No. –1, SEEPZ, Andheri (East), Mumbai - 400 096,
Maharashtra, INDIA. |
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Tel. No.: |
91-22-28291173 / 1564 |
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Mobile No.: |
91-9821039558 [Mr. Samir] |
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Fax No.: |
91-22-28292736 |
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E-Mail : |
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Website : |
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Area : |
10000 Sq. Ft. [Leased Office] |
PARTNERS
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Name : |
Mr. Samir R. Mehta |
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Designation : |
Partner |
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Address : |
902, Jamna Niketan, Manav
Mandir Road, Mumbai – 400 006 |
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Date of Birth/Age : |
58 years |
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Qualification : |
B. Sc. |
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Experience : |
34 years |
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Name : |
Mrs. Nayana S. Mehta |
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Designation : |
Partner |
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Address : |
902, Jamna Niketan, Manav Mandir
Road, Mumbai – 400 006 |
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Date of Birth/Age : |
58 years |
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Qualification : |
B.Com. GIA Designer |
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Name : |
Mr. Nihar Mehta |
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Designation : |
Partner |
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Address : |
902, Jamna Niketan, Manav
Mandir Road, Mumbai – 400 006 |
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Date of Birth/Age : |
28 years |
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Qualification : |
BBA, COSA, DGC, GIA |
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Experience : |
7 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of Diamond Studded Jewellery. |
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Exports : |
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Products : |
Diamond Studded Jewellery |
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Countries : |
U.S.A., U.K. and Germany |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
U.S.A., Italy, UK and Germany |
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Terms : |
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Selling : |
Cash or Credit (60 / 90 days) terms |
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Purchasing : |
Cash or Credit (60 / 90 days) terms |
GENERAL
INFORMATION
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Customers : |
Rosy Blue, New York |
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No. of Employees : |
155 [In office : 20; In factory: 135] |
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Bankers : |
Seepz Branch, Andheri (East),
Mumbai Facility : About
Rs. 80.000 millions packing credit and bills
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parul A Shah and Company Chartered Accountants |
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Associates/Subsidiaries : |
˜
Rasiklal & Sons 2301, Panchratna Building,
Mama Parmanand Marg, Opera House, Mumbai – 400 004, Maharashtra Tel. No. 91-22-23630586 /
23618887 Fax. No. 91-22-23672047 Email – rasiklalbombay@yahoo.com Importers
of Diamond. ˜
Bharat Diamond Corporation 50, Main Street, White Planes,
New York, USA Wholesalers of loose diamonds
and finished Jewellery |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
-- |
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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500.000 |
400.000 |
Expected Sales (2007-08) Above Rs. 700.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is engaged in the business as manufacturer and
exporter of studded fine gold jewellery like rings, pendants, ear rings,
bracelets, bangles, necklaces, ensemble sets in 9 Kt, 10 Kt, 14 Kt, 18 Kt in
yellow, white and rose gold.
The concern’s production capacity is 400/500 units per day
and its production is 250 units per day on annual basis.
It is in trade terms with :
- Leg-or, Italy
- A. S. Exports, Prasad Chambers, Mumbai – 400 004
- Shital
Manufacturing Company, Prasad Chambers, Mumbai – 400 004
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 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.39.56 |
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UK Pound |
1 |
Rs.81.39 |
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Euro |
1 |
Rs.58.04 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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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60 |
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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