MIRA
INFORM REPORT
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Report Date : |
19.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SCINTILLATING JEWELLERY |
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Registered Office : |
1601, Panchratna , Opera House, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 (Estimated) |
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Date of Incorporation : |
2002 |
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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 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 seems is a well – established and reputed concern. The management
of the concern remained non – co-operative despite several follow-ups. We
could manage some information from indirect sources based on which the report
is prepared. 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/Factory : |
1601, Panchratna , Opera House, Mumbai – 400 004, Maharashtra, India |
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Tel. No.: |
91-22-23697374 /75 / 22413332 / 66546777/888/999 |
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Mobile No.: |
91-9820271202 / 9820912027 |
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Fax No.: |
91-22-23684963 /23614760 |
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E-Mail : |
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Website : |
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Showroom: : |
Atria – The Millenium Mall, Shop No G – 21, Dr. Annie Besant Road,
Worli, Mumbai – 400 018, Maharashtra |
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Branches : |
Amritsar, Agra, Delhi, Jaipur, Jodhpur, Kolkata, Patna, Udaipur,
Ujjain. |
PARTNERS
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Name : |
Mr. Amit Begani |
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Designation : |
Partner |
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Name : |
Mr. Nehal Dhadda |
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Designation : |
Partner |
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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Imports : |
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Products : |
Rough diamonds |
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Terms : |
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Selling : |
Cash, Credit, COD |
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Purchasing : |
Cash, Credit, COD |
GENERAL
INFORMATION
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Customers : |
Retailers, Wholesalers |
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No. of Employees : |
Around 50 |
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Bankers : |
NA |
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Banking
Relations : |
---- |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
NA |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover (Estimated) |
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250.000 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
The concern is a brand
that has become a synonym for 'HONESTY AND VALUE FOR MONEY', a name that
millions trust in the Gems and Jewellery industry. With loyal customers
worldwide it has been recognised by the Gems and Jewellery Export Promotion
Council (GJEPC) by several awards over the year for Outstanding performance in
the field of exports.
The concern with its wide network of dealers is
currently available in all major cities in India. Their Franchise concept is
crafted to broaden the reach of the brand.
The biggest benefit that any franchisee can bank upon is the brand that they
would be associating with. They at the concern are equipped with state-of-the-
art infrastructure for creating various style of uniquely handcrafted designer
jewellery specialising in bridal sets, necklace, Pendant Sets, Earings to
specialities like Gajra, Hathful and Men's studs like Cuffinks and Kilangi etc.
There is no requirement for a franchisee to be from the Gems and Jewellery
fraternity. However, self initiative and willingness is must.
The concern name itself means the Jewellery that sparkles, twinkles and is brilliant itself. It is a house of Diamond Jewellery of all types in varying designs prepared as per the taste and choice of customer. Its purpose is to fulfill the DREAMS of the customers. It is one of India’s leading jewellers with a unique and exquisite range of gold-diamond studded jewellery specializing in heavy bridal sets.
Subject is promoted by well known Dhadda Group having three generations of expertise in the trade. The group is one of the leading exporters of Diamonds with their
customers spread across the world. The Dhadda
Group has got many awards from
The Gem and Jewellery Export
Promotion Council for its excellent performance in the field of export.
Mr. Dhanraj Dhadda, a great
visionary and an Industry Standard in himself with more than six decades of
rich experience along with his equally talented three sons is leading the company with enthusiasm and modern
technology has helped the group to
reach this respectable position.
The other partners are well known in the diamond trade and
respected for their expertise in
grading and knowledge of pricing. The partners with their hard working
blossomed and flourished the Dhadda
Group by focusing activities on
Exports.
The experienced and trusted team of executives, designers and artisans are the
assets of the company. The customer can find their rich experience, commitment
and intelligence in the product. The customer can find the variety in unimaginable
affordable rates at competitive terms.
Product / Services:
Manufacturer of diamonds and diamond studded
Jewellery such as rings, ear – rings and exclusive necklaces for brides.
ACHIEVEMENTS:
1960: Started operations in loose diamonds under
the entrepreneurial leadership of Mr. Dhanraj Dhadda.
1976: Started hand crafted customized
jewellery exclusively for family and close friends.
1992: Received the award for 5th
largest exporter of diamonds (Non DTC site holder) from Gem and Jewellery
Export promotion council.
1997: Received the award for 7th
largest exporter of diamonds (Non DTC site holder) from Gem Jewellery Export
Promotion council)
2003- As a part of diversification program
launched scintillating Jewellery
2005: Received the Tahitian pearl trophy for
an exclusive rings.
2006: Received an award for the best diamond
VivaH Jewellery
Opened exclusive Diamond Jewellery showroom at
Mumbai – Atria Mall
Kolkata - Camac Street
Delhi -
Karol Bagh
OTHER INFORMATION:
Qualifications Required:
There is no industry
specific qualification that is required from a franchisee. However, they must
possess the willingness to take the brand to new heights. They are expected to
initiate.
Marketing Support:
National Level Marketing is done by the company. Regional level has to be
done by Franchise
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.39.57 |
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UK Pound |
1 |
Rs.78.93 |
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Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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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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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
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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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