MIRA
INFORM REPORT
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Report Date : |
05.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
H. K.
DESIGNS [INDIA] |
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Registered Office : |
Unit
No. 113, SWF IV, Seepz, Andheri [East], Mumbai – 400096, 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 : |
2005 |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacture
of Diamond Jewellery such as Bangles, Bracelets, Earrings, Necklace, Pendent,
Rings, etc. |
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
120000 |
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Status : |
New
Concern |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new concern. It has been promoted by 15 years old concern Hari Krishna
Exports. Trade
relations are fair. Payments are usually correct and as per commitments. The
concern can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory
: |
Unit
No. 113, SWF IV, Seepz, Andheri [East], Mumbai – 400096, Maharashtra, India |
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Tel. No.: |
91-22-67161616 |
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Fax No.: |
91-22-67536760 |
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E-Mail : |
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Area : |
8000
sq. ft. |
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Location : |
Leased
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PARTNERS
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Name : |
Mr.
Dhanshyam Dholakia |
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Designation : |
Partner
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Name : |
Mr.
Savjibhai Dholakia |
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Designation : |
Partner
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Name : |
Mr.
Rajesh Dholakia |
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Designation : |
Partner
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Name : |
Mr.
Dharmesh Dholakia |
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Designation : |
Partner
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BUSINESS DETAILS
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Line of Business : |
Manufacture
of Diamond Jewellery such as Bangles, Bracelets, Earrings, Necklace, Pendent,
Rings, etc. |
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Exports to : |
Europe,
USA and Italy |
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Imports from : |
Raw
Materials from USA |
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Terms : |
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Selling : |
Credit
[120 days] |
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Purchasing : |
Credit
[120 days] |
GENERAL
INFORMATION
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Customers : |
Wholesalers
and Retailers |
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No. of Employees : |
400 |
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Bankers : |
State
Bank of India Seepz
Branch, Andheri [East], Mumbai |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
M N
Nishim and Company Chartered
Accountants |
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Associates/Subsidiaries : |
Hari Krishna Exports -
Cut
and Polish Diamond -
Established
in 1992 -
Export Trading House Office in New York, Hong Kong and Antwerp H K Designs Inc. 15th
West, 47th Street, Suit # 303, New York, NY 10036 Tel
No. : 1-212-944-0518 Fax
No.: 1-212-944-9229 Email
: info@hkdesignsinc.com |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
30.000 Millions |
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Borrowed : |
Rs.
90.000 Millions |
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Total : |
Rs.
120.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
|
|
31.03.2006 |
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Sales Turnover |
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400.000 |
LOCAL
AGENCY FURTHER INFORMATION
Diamond Jewellery is a value
for money product - a finely cut
brilliant diamond in round shape, studded
with utmost care and selection, in to
10 / 14 / 18 kt. Gold Jewellery which is
designed so delicately and thoughtfully.
Manufacturing and exporting such
beautiful Diamond Jewellery all over the
world since 2002, it is the result of
skilled art of over 400 workers, at
their 2 factories in Mumbai. They can
produce 1,20,000 Pcs. of classic Diamond
Jewellery, every year. The Diamonds used
therein are of VVS to I3 quality,
from D color to fancies.
H. K. Designs is an ISO 9001 : 2000
certified company with distinct advantages
and benefits for its Jewellery customers. Namely –
1) ISO certificate spells Quality
and Assurance of world standard Diamond
Jewellery;
2) Customized Designs fulfills the
exact needs of Jewellery buyers;
3) Third party Q .C. assures fair
and optimum quality jewelry; and
4) Own sourcing of rough diamonds,
own manufacturing of cut and polished
Diamonds and own manufacturing of Diamond
studded Gold Jewellery - makes their jewellery
really cost - effective - !!
H. K. Designs parent company Hari
Krishna Exports is an established player in the
field of cut and polished Diamonds, since
1992. It is a Three - star Export Trading House,
highest export award winner from Gem &
Jewellery Export promotion Council of India, for the last
4 years, continuously, in non - DTCv category.,
The sparkling Diamonds made in
7 factories by over 5000 workers and
exported all over the world, are in
round brilliant cut, princess cut, Marquise
, Taper - Buggettes and Oval cut, from 0.01 cts. to
10.00 Cts. size range.
Their overseas offices in
New York, Hong Kong and Antwerp ensures smooth operations of
International trade of Diamonds and
Diamond Jewellery .
Whether it is a Diamond
Ring for Engagement purpose or the
Diamond Anniversary Ring for gift purpose;
whether it is a Diamond Necklace /
Ear Ring set for wedding Occasion or
the stylish Diamond Bracelet / Watches; or
Diamond Cuff Links and accessories for
all - purpose occasions - H. K. Designs
fulfills the needs and Taste of
everyone - !!
Excellence is the commitment they give to their valued
customers; and the future growth is the promise they give to their selves, in
their core business of Diamonds and studded Jewellery . It reflects the choice
to buy, possess or gift - which is simply out - of- this-world, yet made in
this very world - !!
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
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.11 |
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UK
Pound |
1 |
Rs.86.58 |
|
Euro |
1 |
Rs.57.04 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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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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43 |
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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