MIRA INFORM REPORT
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Report
Date : |
23rd
January, 2007 |
IDENTIFICATION DETAILS
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Name : |
ELEGANT
COLLECTION |
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Registered
Office : |
Plot No. 56 A, Seepz, Andheri (East), Mumbai – 400 096, |
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Country
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
1997 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
MUME02144C |
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PAN
No.: (Permanent
Account No.) |
AAAFE0047P |
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Legal
Form : |
A
Partnership Concern with an Unlimited Liability of the Partners. |
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Line
of Business : |
Manufacturer & exporter of Diamond Studded Gold
Jewellery. |
RATING & COMMENTS
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MIRA’s
Rating : |
A |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum
Credit Limit : |
USD
1200000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Mr. Dinkar of the concern parted same details. Subject is
a well established concern having fine track. 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.
It can be regarded as a promising business partner in a medium to long term |
LOCATIONS
|
Registered
Office / Head Office/ Factory : |
Plot No.
56 A, Seepz, Andheri(East), Mumbai – 400 096, |
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Tel.
No.: |
91-22-28290782
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Fax
No.: |
91-22-28240783
/ 28361942 |
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E-Mail
: |
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Website
: |
PARTNERS
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Name : |
Mr. Satish Joshi |
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Designation
: |
Partner |
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Name : |
Mr. Abhay Jasani |
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Designation
: |
Partner |
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Name : |
Mr. Madhav Jasani |
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Designation
: |
Partner |
KEY EXECUTIVES
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Name : |
Mr. G. S. Deshpande |
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Designation
: |
Chief Executive Officer |
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Name : |
Mr. Sridhar |
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Designation
: |
Chief Executive Officer |
BUSINESS DETAILS
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Line
of Business : |
Manufacturer & Exporter of Diamond Studded Gold
Jewellery |
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Exports
to : |
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Exports
of : |
Diamond Studded Gold Jewellery |
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Imports
from : |
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Imports
of : |
Raw materials and Machinery |
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Terms
: |
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Selling : |
Cash and Credit |
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Purchasing : |
L/C |
GENERAL INFORMATION
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No. of
Employees : |
About 600 |
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Bankers
: |
State Bank of |
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Banking Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs. 300.000 million |
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Borrowed : |
Nil |
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Total : |
Rs. 300.000 million |
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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1600.000 |
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Export
Value |
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1600.000 |
LOCAL AGENCY FURTHER INFORMATION
No Financial could be available from any sources. Management
remained non cooperative during current investigation. The exempted divulging
their Balance sheet and Profit & Loss A/C figures and hence could not be
available.
The concern
is a 100% Export Oriented Unit and not permitted to visit the premises except
for employees or owners for whom special entry passes are allotted.
The concern
passed through difficult time as reliably learnt due to unfavourable market
conditions in
In view of
the aforesaid, it would be prudent to deal with the concern on fully safe and
secured trade terms and conditions.
CMT REPORT [Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
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.44.23 |
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|
1 |
Rs.87.56 |
|
Euro |
1 |
Rs.57.61 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP
CAPITAL |
1~10 |
7 |
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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 |
YE S |
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TOTAL |
|
57 |
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 |
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 |