MIRA
INFORM REPORT
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Report Date : |
10.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
KGK
ENTERPRISES |
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Registered Office : |
647 A, Panchratna, Opera House, Mumbai –
400 004, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1980 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK03456F |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturer,
Importer & Exporter of 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 : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Unknown |
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Litigation : |
Unknown |
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Comments : |
Subject
is an established and reputed diamond traders having estimated turnover of
Rs. 2000.000 Millions. Partners are reported as experienced, respectable and
resourceful businessman. Their trade relations are fair. Payments are usually
correct and as per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. We
continue our efforts for more details and if available, it will follow soon. |
LOCATIONS
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Registered Office : |
647 A, Panchratna, Opera House, Mumbai –
400 004, India |
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Tel. No.: |
91-22-23698811/ 12/ 13/ 14 |
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Fax No.: |
91-22-23699102/
23685046 |
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E-Mail : |
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Website: |
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Area : |
600
sq. ft. |
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Location : |
Owned |
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Factory : |
At
Surat, Jaipur, Jasdan |
PARTNERS
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Name : |
Mr.
Navratan Khothari |
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Designation : |
Partners |
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Name : |
Mr.
Sandeep Kothari |
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Designation : |
Partners |
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Name : |
K. G.
Kothari & Sons |
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Designation : |
Partners |
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Name : |
Kaygee
Impex Private Limited |
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Designation : |
Partners |
KEY EXECUTIVES
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Name : |
Mr.
Vikram Porwal |
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Designation : |
Chief
Executive Officer |
BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Importer & Exporter of Polished Diamonds, DTC Site Holders. |
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Exports to : |
Al
over the world |
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Imports from : |
Belgium,
Israel |
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Terms : |
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Selling : |
L/C& Cash (30 Days) |
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Purchasing : |
L/C& Cash (30 Days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers
and Retailers |
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No. of Employees : |
Group
- 10000 |
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Bankers : |
ABN
Amro Bank |
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Facilities : |
-- |
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Banking Relations : |
Unknown |
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Sister Concern: |
Kothari
Gems B-1,
Prithvi Raj Road, Jaipur – 302 001 Line of Business: Deals in coloured gems, Precious and Semi
precious Stones. KGK
Creations India Private Limited K G
Kothari & Sons Kaygee
Impex Private Limited |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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2000.000 |
No
financials and other details could be available since the concerned person left
for South Africa and in his absence no one is ready to give any details.
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE:
Company Profile
KGK's
Diamond Operation started in the year 1969 with Diamonds trading and Diamond
manufacturing activities began in 1982.
Initially
KGK was sourcing its Rough Diamond requirement from Antwerp the world Diamond
Capital. In 1997 KGK became the DTC Sight Holder and started getting rough
Diamonds directly from London in addition to Antwerp. This facilitated it to
produce more competitive and cost effective polish Diamonds.
Total
about 2500 workers are working in various associate factories located in Mumbai
and Gujarat. KGK's Diamond operation is controlled and managed from offices in
Panchratna and adjoining building in Opera House , Bombay where highly skilled
assorters assort and grade the Cut and Polish Diamonds into various lots as per
their Cut, Color,Clarity and Size.
All
assorted goods pass through strict quality control measures as per KGK's laid
down assortment standard's before they are sold all over the world. This is the
reason they are known for the Best Quality Products and total Customer
Satisfaction all over the world.
About Group:
The
Foundation of the KGK Group was laid in 1905, close to 100 years from now.
The Group initiated its activity in trading of Precious Stones in Rangoon, Jaipur and Madras in 1905 under the Leadership of Mr. Keshrimalji Kothari who was later shouldered by his son Mr. Ghisilalji Kothari.
Year 1969 marked a new beginning for the KGK Group when Mr.Navrattan Kothari,
son of Mr. Ghisilalji Kothari came to Bombay and started the Business of
Diamonds along with Precious and Semi Precious stones.
Following
the principal of forward integration the group has moved from Color Stones
Business to Diamonds Business and to Fine Studded Jewellery with manufacturing
setup in India and China.
The
Group expanded itself Globally and has achieved phenomenal Success, growth and
recognition worldwide. It has a wide network of its associate offices situated
in Thailand, Hong Kong, China, Japan, USA, South Africa, Israel, Belgium and
Dubai.
Export
Awards [From Gem and Jewelry Export Promotion Council of India]
The KGK Group has been felicitated with awards for highest exporter of Precious
stones for 8 Years in row. KGK has been bestowed with awards for registering
record Cut & Polish Diamonds Export figures in the year 1995-96 from Gem
& Jewelry Export Promotion Council of India.
Diamond Operation:
KGK's
Diamond Operation started in the year 1969 with Diamonds trading and Diamond
manufacturing activities began in 1982.
Initially
KGK was sourcing its Rough Diamond requirement from Antwerp the world Diamond
Capital. In 1997 KGK became the DTC Sight Holder and started getting
rough Diamonds directly from London in addition to Antwerp. This facilitated it
to produce more competitive and cost effective polish Diamonds.
Total
about 2500 workers are working in various associate factories located in Mumbai
and Gujarat. KGK's Diamond operation is controlled and managed from offices in
Panchratna and adjoining building in Opera House , Bombay where highly skilled
assorters assort and grade the Cut and Polish Diamonds into various lots as per
their Cut, Color,Clarity and Size.
All
assorted goods pass through strict quality control measures as per KGK's laid
down assortment standard's before they are sold all over the world. This is the
reason they are known for the Best Quality Products and total Customer
Satisfaction all over the world .
Social
Activities:
Growth
and expansion of business has not been the sole motive of the KGK Group. Group
has shared its achievements with society and has lived for social cause and
philanthropy.
A recent example of this comes in the form that KGK Group has donated
substantially to the BHAGWAN MAHAVEER CANCER HOSPITAL AND RESEARCH CENTER
situated in home town Jaipur City the capital of Rajasthan which is one of
the largest Cancer Hospitals in the Northern India and equipped
with all the necessary modern medical equipment.
Their
Diamond Demand:
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Copyright
© 2000 KGK-Group. All rights reserved. Revised: December 21, 2000 Site
Designed by: [Kothari
Creations Pvt. Ltd.] |
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(D.K.) |
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WHITE |
1/2 |
1100 - 1200 |
V.V. |
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(G.C.) |
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WHITE MARQUISE / PEARS |
1/10, 1/6, 1/5, 1/4, 1/3, 1/2, 3/4 |
VS |
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TTLB |
+2 - 6.5 |
90 - 115 / |
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TTLC |
+2 - 6.5 |
200 - 225 |
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(R.K.) |
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TTLB ROUND |
+2 - 6.5 |
135 - 150 |
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WHITE PRINCESS |
+2 - 5 |
200 - 225 |
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DB ROUND |
+10 - 11 |
40 - 60 |
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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.44.42 |
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UK
Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.57.80 |
SCORE &
RATING EXPLANATIONS
|
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|
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 |
|
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 |