MIRA
INFORM REPORT
|
Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
PORSHE JEWELS |
|
|
|
|
Registered Office : |
21 – 23, Dhanji Street, Mumbadevi Mansion, 3rd Floor,
Mumbai – 400004, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
2002 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP19296E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAGPP9028P |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Importer of Cut and Polished Stones |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern having satisfactory track. Their
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
|
Registered Office : |
21 – 23, Dhanji Street, Mumbadevi Mansion, 3rd Floor,
Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-23428319/23425945 |
|
Fax No.: |
91-22-23423675 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
150 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Retail Outlet |
Atria Millennlum Mall, 310 A, 3rd Floor, Besant Road,
Worli, Mumbai - 400018 |
|
Telefax No.: |
91-22-24813540/37 |
|
E-Mail : |
|
|
Area : |
312 sq. ft. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Kach Gain |
|
Designation : |
Partner |
|
Date of Birth/Age : |
56 years |
|
Qualification : |
Engineer |
|
|
|
|
Name : |
Mr. Pritam Gain |
|
Designation : |
Partner |
|
Date of Birth/Age : |
24 years |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mrs. Minoti Gain |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Cut and Polished Stones |
|
|
|
|
Exports : |
|
|
Products : |
All Products |
|
Countries : |
|
|
Imports : |
|
|
Products : |
(Empty Sockets) Mountings. |
|
Countries : |
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30-60 days), and CAD |
|
|
|
|
Purchasing : |
Cash and Credit (30-60 days), and CAD |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
40 |
|
|
|
|
Bankers : |
|
|
|
|
|
Facilities : |
Yes |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Dinesh Gandhi and Associates Chartered Accountants |
|
Address : |
Opera House, Mumbai |
|
|
|
|
Associates/Subsidiaries : |
Lumi Stars |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.100.000 Millions |
|
Borrowed : |
- |
|
Total : |
Rs.100.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
2000.000 |
1600.000 |
|
|
|
|
|
Expected Sales (2007-08) : Rs.2500.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Website
details:
Subject is a manufacturing and trading firm
for both commercial and high end jewelry. It is located in the jewelry trade
capital of india. Mumbai and also trades in loose certified diamonds of carat
and above… The firm is into exports of jewelry and loose diamonds too and is
currently exporting to the US and Hong Kong…
The key person of the firm Mr, Kach Gain, an
electronic engineer converted to a jeweler is engaged in this business for over
2decades. Mr. Pritam Gain Son Of Mr. Kach Gain is a professional trained
gemologist from GIA (Carlsbad – California) and looks after the process of
expansion. Ms. Priyashree Gain duaghter to Mr. Kach Gain is the firms designing
and marketing head keeping a close watch on the markets changing patters.
The concern has a sister concern firm named
LUMI STARS located in the SEZ zone of kolkata in the area of salt lake within
standard design factory builkding named manikachan. The unit would mainly
manufacture machine made and semi handmade jewelry for all parts of the globe
and is fully equipped with all tools necessary to meet the clientele’s time
schedule and is quality… The concern is under the guidance of yet another
knowledgeable person named Mr. Anjan Chatterjee a partner of threir firm with a
background knowledge in banking for over 25 years and also educated gentlmen in
jewelry manufacturing…
Jewelry in all its beauty is more than a mere
decoration. It has a language of its own, a voice that they ourselves have
given it.
They understand their dreams and desires and
craft them into intricate pieces of exclusive diamond studded jewellery.
With an experience of over 50 years in the
trade and having a worforce of 50 highly skilled craftmen, they create machine
made and hand made customizes jewellery – each piece a true reflection of your
personality.
The entire process, hight from selection of
diamonds to setting them into jewellery is supervised by a qualifled gemologist
from GIA, ensuring that get only the best in terms of quality and exclusivity.
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 |
Rs.39.38 |
|
UK Pound |
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.57.66 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
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 |
|
TOTAL |
|
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|