MIRA INFORM REPORT
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Report Date : |
11.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
MAHENDRA BROTHERS EXPORTS PRIVATE LIMITED |
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Registered Office : |
611, Panchatratna, Mama Parmanad Marg, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
05.04.2007 |
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Com. Reg. No.: |
169724 |
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CIN No.: [Company
Identification No.] |
U52393MH2007PTC169724 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM31691C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of cut and polished Diamonds. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject has taken over the running business of the erstwhile
partnership concern Mehta Brothers, as a going concern. Erstwhile partners
are now directors of the subject. Trade relations are fair. Business is
active. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
611, Panchatratna, Mama Parmanad Marg, Mumbai – 400 004, Maharashtra, India
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Tel. No.: |
91-22-23634565 / 23634566 |
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Fax No.: |
91-22-23632061 |
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E-Mail : |
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Website : |
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Area : |
1500 sq.fts |
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Location : |
Owned |
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Corporate Office : |
Band Box House, 3rd Floor, 254-D, Dr. Annie Besant Road,
Worli, Mumbai – 400 030, Maharashtra |
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Tel. No.: |
91-22-56615600 |
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Fax No.: |
91-22-56615661 |
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E-Mail : |
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Factory 1 : |
Navsari, Gujarat, India |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Milan Parikh |
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Designation : |
Director |
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Name : |
Mr. Jitendra Parikh |
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Designation : |
Director |
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Date of Birth/Age : |
65 years |
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Name : |
Mr. Hiten Parikh |
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Designation : |
Director |
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Name : |
Mr. Ketan Parikh |
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Designation : |
Director |
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Name : |
Mr. Saunak Parikh |
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Designation : |
Director |
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Name : |
Mr. Jay Parikh |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Rajan |
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Designation : |
Export Manager |
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Name : |
Mr. Anand Mehta |
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Designation : |
Sales Manager |
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Name : |
Mr. Siraj Shah |
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Designation : |
Sales Manager |
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Name : |
Mr. Apurva Kothari |
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Designation : |
Sales Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of cut and polished Diamonds. |
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Exports : |
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Products : |
Cut and polished diamonds |
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Countries : |
Europe, USA, Far East , France, Germany, Belgium, Hongkong, Japan,
Australia, New Zealand, Canada. |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
Belgium, Israel, UK |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
GENERAL
INFORMATION
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No. of Employees : |
20000 |
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Bankers : |
ABN Amro Bank Address: N V Veer Nariman Point Road, Mumbai |
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Facilities : |
Export Finance Facility |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sampad Mehta and Associates Chartered Accountants |
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Group Companies:
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· Diarough N. V. Hoveniersstraat-30, B-2018, Antwerpen, Belgium Tel No : 00323-2342424 Fax No : 00323-2323931 E-mail : info@diarough.com · Emby International Inc 592, Fifth Avenue, 11th Floor, New York, NY 10036, USA Tel (too free) 1-800-usa-emby E-mail : ashit@embyintl.com · Diarough Hong Kong Ltd Unit 1101, 11/F Hunghom Commercial Centre Tower B 37 Ma Tau Wai Road, Kowloon, Hong Kong Tel No : 0085-22-7212682 Fax No : 0085-22-7216576 E-mail : Naresh@diaroughhk.com · Superstars GmbH Friedenstrabe 78, 75173, Pforxheim Deutschland, Germany Tel No : 0049-7231-2809417 Fax No : priya@s-directnet.de · Diarough Japan Co Ltd Plaza Akebonobashi, Sumiyoshi-Cho 8-12 Shinjuku-Ku, Tokyo 1620065 Tel No : 81-3-5360 2461 Fax No : 81-3-5360 2462 · Superior Diamonds Pvt Ltd Room No 906/907, 9th Floor, Manchester Unity Building, 220, Collins Street, Melbourne-3000, Australia Tel No : 00613-96501380 Fax No : 00613-96508989 · Diaco Inc 27, Queen Street (East), Suite No 802 Ontario-M5C 2M6, Canada Tel No : 001-416-3664815 Fax No : 001-416-3664135 E-mail : diamonds@diaco.ca · Antonia Jewellery L.L.C. M 52- Mexxanine Floor Gold Land Building Deira P O Box 41361 Dubai, UAE Tel No : 971 4 226 3851 Fax No : 971 4 299 6615 E-mail : astatrad@emirates.net.ae |
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Associates/Subsidiaries : |
· Uni - Design Jewellery Limited Address: Mumbai, Maharashtra, India Activity:
Manufacturer
and Exporter of Cut and Polished Diamonds · Uni - Design Jewellery India Private Limited Address: Mumbai, Maharashtra, India Activity:
Manufacturer
and Exporter of Cut and Polished Diamonds · Mahendra Brothers Diamonds Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000000 |
Equity shares |
Rs. 10/- each |
Rs.10000.0000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity shares |
Rs. 10/-
each |
Rs.50.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
MAHENDRA
BROTHERS
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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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9850.000 |
10000.000 |
Expected Sales (2007-08): Rs.10000.000 millions.
LOCAL AGENCY
FURTHER INFORMATION
Note:
Mahendra Brothers started in 1960 as a partnership firm and has now been
converted to a Private Limited Firm since 05.04.2007.
milestones :-
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Year |
Achievements |
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1940 |
Mr. Bagmal Parikh established Navsari, a small town in South Gujarat, as a major diamond cutting and polishing center. |
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1966 |
Awarded the National Trophy for outstanding Exports from the Government of India (also awarded in 1967) |
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1968 |
Mahendra Brothers was awarded the Certificate of Merit for Outstanding Exports by the Government of India for the period October 1966 to March 1968. |
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1969 |
The Government of India awarded Mahendra Brothers the National Trophy for Outstanding Exports for the period 1968-1969 |
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1969 |
Mahendra Brothers among the first Indian firms to become clients of The Diamond Trading Company London |
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1974 |
One of the Babushah’s nephews established an associate company in Belgium known as Diarough N.V. |
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1975 |
Mahendra Brothers set up a diamond cutting and polished factory in Mumbai to manufacture large size diamonds only. |
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1975 |
Mahendra Brothers was awarded the Certificate of Merit by the GJEPC for their efforts to develop a non-traditional market with highest exports to Australia. |
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1975 |
Mahendra Brothers was the winner of the GJEPC Award for outstanding export performance. |
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1977 |
To capitalize on the vast potential offered in the US, Mahendra Brothers established a marketing arm in USA. |
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1979-1983 |
Mahendra Brothers was the winner of the GJEPC Award for outstanding export performance. |
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1987 |
Mr. Bagmal Parikh was awarded the “Pioneer of Manufacturing activities in Industry” trophy by the Gem and Jewellery Export Promotion Council, by the then Finance Minister, Mr. N. D. Tewari. |
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1987 |
A marketing arm was set up in Canada. |
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1989 |
A marketing arm was set up in Hong Kong. |
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1989 |
Diarough Japan, an associate company was set up in Japan. |
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1990 |
On account of growing consumer awareness for diamond jewelry in India, Mahendra Brothers ventures into the local market and established Uni-Design Jewellery India Private Limited Uni Design Jewellery India Private Limited Participated in Nakshtra, which is an all India downstream jewellery program organized by De Beer. |
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2003 |
On 18th June 2003, Mahendra Brothers certified received ISO 9001:2000 certification for manufacturing and marketing of cut and polished diamonds from Det Borske Veritas Management System Certificate (DNV) |
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2004 |
August 2004, Mahendra Brothers, Worli was certified as the BEM certified manufacturer and the management system was assessed in accordance with the “Rio Tinto Diamonds Business Excellence Model”. |
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.39.36 |
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UK Pound |
1 |
Rs.80.31 |
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Euro |
1 |
Rs.57.79 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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51 |
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/normal. |
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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