MIRA
INFORM REPORT
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Report Date : |
13.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SUR GEMS |
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Registered Office : |
1402 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1971 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS02853E |
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PAN No.: [Permanent
Account No.] |
AAAFS2996R |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturers, Traders, Exporters and Importers 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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Maximum Credit Limit : |
USD 40000 |
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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 is a well established and reputed concern. Partners are
reported as experienced, respectable and having satisfactory means of their own.
Trade relations are reported as fair. Business is active. Payments are
reported as 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 : |
1402 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23691029 / 23674001 / 23629299 |
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Fax No.: |
91-22-23629299 / 23640273 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. [Owned] |
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Branch Office : |
Located at Kolkata |
PARTNERS
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Name : |
Mr. Sudhir Mehta |
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Designation : |
Partners |
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Date of Birth/Age : |
58 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Saket Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
39 Years |
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Qualification : |
Post Graduate |
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Name : |
Mr. Vivek Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
32 Years |
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Qualification : |
Graduate |
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Name : |
Mr. Sumit Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
36 Years |
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Qualification : |
Graduate |
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Name : |
Mrs. Anila Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
62 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Traders, Exporters and Importers of Cut And Polished
Diamonds |
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Exports : |
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Products : |
Cut and Polished Diamonds |
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Countries : |
Belgium, Thailand, USA, Hongkong, Middle East, Africa and Israel |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
Belgium, Israel, Dubai and Russia |
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Terms : |
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Selling : |
Credit [120-180 days] and D/A |
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Purchasing : |
Credit [90-120 days] and D/A |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
55 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
April 07 to
November 07 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
800.000 |
650.000 |
500.000 |
Expected Sales (2007-08) : Rs. 1200.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
From cutting and polishing a diamond
to creating a delectable bauble gracing the shelves of global retail outlets,
they do it all. But more importantly, in the four decades of their existence
they have built up a formidable reputation for qualities that go beyond an
excellent product.
Technical Excellence
Their diamond polishing factory in
Mumbai is rated as one of the best in the country. Not surprising. After all
they’ve not only created a fully vertically integrated set up that takes the
diamond from rough to retail under one roof, but ensured that the latest
technologies have been incorporated in all their facilities. More over their
staff is thoroughly trained in the state-of-the art techniques and is
constantly looking to upgrade the facilities and their skills.
Global Standards in product quality and range
A hands on approach to the market
and technologically world-class manufacturing set up ensure that they have a
large product quality and variety. From handcrafted high value products to a
more popular mass appeal one, they have a range few can match.
Diamonds – polished and sold as
stones, or diamonds set in gorgeous jewelry are the mainstay of the products
they offer. From high-end handcrafted pieces to mass made designs on
state-of-the art machinery. They have the infrastructure to create ranges
targeting various levels of the market.
Their diamonds are sourced by
their own offices in the heart of the world’s rough diamond trading centers, in
Antwerp and Israel. Here their experienced teams equipped with a wealth of knowledge
acquired through years of experience source a whole range of diamonds.
Cutting Edge Technology
Diamonds at Surgems have that
extra edge that come from being cut and polished by state-of-the-art
technology. In fact their factory in Mumbai is rated one of the Best.
Throughout their existence they have been quick to adopt the latest in
manufacturing technology and their factories are fully equipped with the most
advanced equipment including sarin and lexus planners, super auto bruters,
Laser Bruters, Bentonville automatic blockers and laser sawing machines.
Highly Trained Staff
But above all, in the four decades
of their existence they have built up a formidable reputation for trust. At
Surgems the emphasis has always been on high standards of customer service and
has led to them being the provider of choice for a whole range of clients for a
wide variety of products - from polished diamond to diamond jewelry.
Jewellry
A combination of technology and
market understanding has fueled the creation of a highly versatile jewelry
manufacturing set-up. They have three manufacturing units, each dedicated to a
particular type of jewelry. In their Mumbai factory, the latest technological
innovations are used to create high-end, high fashion and custom designed
jewelry. Here highly skilled craftsmen who have been meticulously trained set
the stones in a variety of settings in innovative designs – an example of which
is an invisible setting of a host of diamonds on a curved surface. Their
kolkata SEZ units cater to the Mid & Low price point items.
Design and Development
They have a skilled and highly
trained design department who keeps in tune with the market to develop
innovative designs. This helps them keep ahead of trends and develop regional
designs. In cases where design is customer-driven, their team works closely
with the customer to deliver made-to-order designs.
Their watchwords Flawless Services
Perfect Solutions is reflective of their customer-centric Company culture.
The emphasis here, is not just on providing products and solutions but also
service that builds a relationship of trust. As a company policy they are
committed to managing their relationship with their customers through a variety
of processes.
Consistent Quality System
Following the Consistent Quality
System, they provide a steady supply of polished diamonds with the highest
levels of service. Their manufacturing experience, market knowledge and
reliable services such as bagging and matching pairs, consistent and timely
supply and doorstep delivery, guarantee complete customer satisfaction.
Customer Driven Product Development
They pay close attention to
customer needs and interact regularly to understand their requirements. Whether
its sorting stones or designing jewelry, they have their ear close to the
ground on client requests. Their design teams work closely with the customer to
develop made-to-order designs. However, since their team is highly skilled and
has an ongoing insight into changing consumer tastes, they are also able to
provide fashion forward designs that will enhance the customer’s product range
in the market place.
Accessibility
Across the world they have a
network of offices and affiliates who not only sell their products but are also
channels for service and feedback. Customers have no difficultly in getting in
touch with them to service their queries.
At Sur gems, their relationship
with their consumer does not end with a sale. Strong after sales service is a
cornerstone of their philosophy. Not only do they follow up to see if the
product has met with the customer’s satisfaction. They also ensure that they
get feedback about the sales and constantly work to improving their service
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.39.35 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.57.62 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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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 |
NO |
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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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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
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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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