MIRA
INFORM REPORT
|
Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DHARMANANDAN DIAMONDS |
|
|
|
|
Registered Office : |
G-14, Prasad Chambers, Tata Road, Near 2, Opera House,
Mumbai – 400004, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1993 |
|
|
|
|
Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business : |
Manufacturer, Importer and Exporter of Diamonds |
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed concern having fine track. Partners are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The concern can be considered good for normal business dealings. It is doing very well. It can be regarded as a promising business partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
G-14, Prasad Chambers, Tata Road, Near 2, Opera House, Mumbai – 400004, Maharashtra, India |
|
Tel. No.: |
91-22-66355533 / 40041111 / 2 / 3 / 4 / 5 |
|
Fax No.: |
91-22-66355533 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq.ft |
|
Premises : |
Owned |
|
|
|
|
Branch Office : |
Plot No. 294, Behind Patel Falia, Gotlawadi, Katarganwadi, Surat – 395004, Gujarat, India |
|
Area : |
10000 sq.ft |
|
Premises : |
Owned |
PARTNERS
|
Name : |
Mr. Prakash Goti |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Laljibhai Patel |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Tulsibhai Goti |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Dayalbhai Goti |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Hitesh Patel |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Piyush Patel |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Sanjay Virani |
|
Designation : |
Partner |
|
|
|
|
Name : |
Mr. Shailesh Goti |
|
Designation : |
Partner |
|
|
|
|
Name : |
Dharmanandan Industries Limited |
|
Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Diamonds |
|
|
|
|
Products : |
Diamond, Trilliant Diamond and Round Diamonds |
|
|
|
|
Exports : |
|
|
Countries : |
Europe, U.S.A. and East Countries |
|
|
|
|
Imports : |
|
|
Countries : |
Belgium, Israel and Hong Kong |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Credit and D/P |
|
|
|
|
Purchasing : |
Cash, Credit and D/P |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
2020 |
|
|
|
|
Bankers : |
v ABN Amro Bank Veer Nariman Point, Mumbai – 400023 v Dena Bank Horniman
Circle, Mumbai - 400023 |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Rajiv and Shah Chartered Accountants |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Not Available |
|
Borrowed : |
Not Available |
|
Total : |
-- |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
5000.000 |
3500.000 |
2000.000 |
Expected Sales (2007-08) : Rs. 6000.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Overview
India depicts rich cultural heritage for precious metals and
stone. Since long Indian history talk about, precious stone like Kohinoor with
its rich treasures for the Jewellery.
Dharmanandan Diamonds Private Limited, a sister concern of
the Dharmanandan Group comes with a vision to disseminate the Indian
craftsmanship across the globe with an aim of luxury experience of life. It is
their pride to state that they have been doing business in this business fields
for last 20 years and have witnessed great success since they started
operating.
Dharmanandan Diamonds Private Limited has a wide product
offerings mainly dealing in Export of Diamonds having different shape like
Round, Princess, Hearts, Baguettes, Emeralds, Marquise, Pear and Oval. Of
various size, colors and clarity in association with other Dharmanandan group
of companies.
Their offices spread across the main centers of India,
enable them to optimize their product offerings by providing top quality and
competitive prices to their global customers. Apart from this, they also have
their own offices in Belgium, U.K. Hong Kong, Dubai and USA for better customer
service orientation and make feel their presence globally.
Timely shipment and assured quality, at
a competitive price, is the key of their good business relations with their
customers, who are extending their co-operation in all respects, emerging as
their partners in progress.
History
The Flagship Company Dharmanandan
Diamonds an ISO-9001-2000 company was established in 1980 as a Partnership Firm
registered under the Indian Partnership Act,1932 (Registered by Registrar of
Firms, Maharashtra State, Mumbai, India vide Registration No. BA-85606)
Subject is having its Registered Office
in Mumbai’s prime locality at G-14, Prasad Chambers, Opera House, Mumbai -
400004. The Flagship Company has its own ultramodern 9 storey factory building
located behind Patel Faliya, Gotalawadi, Katargam Road, Surat - 4, India having
total built up area of 1.25 lacs Sq. Ft. The total workforce of the company is
8000 including skilled and semi-skilled workers. Company’s factory at Surat
provides various facilities like In House club house, Medical Centre, Rest
Room, centrally Air Conditioned workplace and Social Security System.
Subject is a importer of rough diamonds
from sight holders and manufacturer and exporter of cut and polished diamonds
having different shape like Round, Princess, Hearts, Baguettes, Emeralds,
Marquise, Pear and Oval of various size, colors and clarity. The company
specializes mainly in manufacture of carat and certificated diamonds (i.e. each
diamond piece would weigh 1 carat or more). The Company mainly imports Rough
Diamonds from Belgium and the cut and polished diamonds are manufactured at the
Company’s own factory at Surat, India. The Exports of cut & polished
diamonds are mainly to European Countries, U.S.A. and Far East countries
particularly to Hong Kong.
Vision & Mission
Subject comes with a vision to
offer unique and quality diamonds for satisfying demands of its customers
located globally. It is their pride to state that they have been doing business
in the above mentioned business fields for last couple of years and have
witnessed great success since they started operating.
Their success, commercial vision and certain hindrances as a manufacturers were
the major driving force to make them to plunge into direct exports of the
diamonds. That is the reason, why they as an exporter have achieved a greater
success within a short period of time today.
Today the company is run under the guidelines of experienced directors;
professionally qualified managers and the success is contributed by 6000 expert
employees having perfect craftsmanship for diamond polishing.
They have made it their policy to maintain the quality at every phase of the
business process. Their ultimate aim is to satisfy their valued customers by
providing quality products at right prices.
Recognition/Credits
Today, with a tas force of 6000 skilled craftsmen, they have
grown in quantum leaps in the last 20 years. With a team of experienced directors
and professionally qualified manager, they make sure that their customers are
satisfied.
Accolades like the Niryat Shree 2005, been awarded
by Trade & Commerce Minister of India, just confirm that there are
better things to come.
HRD Certificates
Every diamond is unique, fashioned by nature and perfected
by human ingenuity and craftsmanship. The HRD Certificates Department issues
quality reports for loose, polished diamonds, describing the personality of the
stone based on scientific grounds and according to international standards.
An HRD Diamond Certificate guarantees
that the stone examined is indeed a real diamond, and contains a full and
detailed quality description, focussing on the famous 4 Cs: Carat (weight),
Colour, Clarity and Cut.
In addition to the HRD Diamond Certificate, for stones up to 0.99 ct a compact
Diamond Identification Report is also available.
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.39.36 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.57.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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 |
|