MIRA INFORM REPORT

 

 

Report Date :

21.11.2007

 

IDENTIFICATION DETAILS

 

Name :

MILAN JEWELLERS

 

 

Registered Office :

109, Zaveri Bazar, Mumbai – 400002, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

1976

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners.

 

 

Line of Business :

Manufacturer, Exporter and Importer of cut and polished diamonds.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 1326000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments.

 

The concern can be considered good for any normal business dealings at usual trade terms and conditions.

 

 

LOCATIONS

 

Registered/Sales Office :

109, Zaveri Bazar, Mumbai – 400002, Maharashtra, India

Area :

1051 sq. ft.

Location :

Owned

 

 

Sales Office :

1002-Panchratna, Opera House, Mumbai – 400004, Maharashtra, India

Tel. No.:

91-22-23692166/23690288

Fax No.:

91-22-23634368

E-Mail :

Tdl_uj@yahoo.co.in

Area :

300 sq. ft

Location :

Owned

 

 

Factory 1 :

Sidhpura Industrial Estate, S. V. Road, Goregaon (West),Mumbai – 400064,

Maharashtra, India

Area :

6500 sq. ft.

Location :

Owned

 

 

Factory 2 :

Vishnagar, North Gujarat

Area :

1250 sq. ft.

Location :

Owned

 

 

 

PARTNERS

 

Name :

Mr. Milan T. Chokshi

Designation :

Partner

Address :

112-Laxmi Vilas, 87, Napean Sea Road, Mumbai – 400006, Maharashtra

Date of Birth/Age :

35 years

Qualification :

B. Com

Experience :

10 years

 

 

Name :

Mr. Mihir K. Jhaveri

Designation :

Partner

Address :

Atlas Apartment, 61/B, 11 J. Mehta Road, Mumbai – 400 006, Maharashtra

Date of Birth/Age :

33 years

Qualification :

B. Com

Experience :

10 years

 

 

Name :

Master Shanay N. Chokshi

Designation :

Partner

Address :

55 Kamal Building, 69, Walkeshwar Road, Mumbai – 400 006, Maharashtra

Date of Birth/Age :

14 years

Qualification :

Studying

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of cut and polished diamonds.

 

 

Exports :

 

Products :

Polished Diamonds

Countries :

·         Hongkong

·         Bangkok

·         USA

·         UAE

·         Israel

 

 

Imports :

 

Products :

Diamonds

Countries :
  • Belgium
  • Israel

 

 

Terms :

 

Selling :

Credit (91-120 days)

 

 

Purchasing :

Others (91-120 days)

 

 

PRODUCTION STATUS

 

Particulars

Unit

Installed Capacity

Actual Production

Cut and Polished Diamonds

Cts.

85000

80000

 

 

 

 

 

 

GENERAL INFORMATION

 

No. of Employees :

400

 

 

Bankers :
  • Corporation Bank, Overseas Branch, Nariman Point, Mumbai – 400 021, Maharashtra

              Credit Limit: Rs.177.500 millions

  • Union Bank of India, Opera House Branch, Mumbai – 400004, Maharashtra

       Credit Limit: Rs.130.000 millions

 

 

Facilities :

Credit Limit Rs.500.000 Millions

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

G. K. Choksi and Company

Address :

601, Raheja Chambers, Nariman Point, Mumbai – 400 021,Maharashtra

Tel. No.:

91-22-22324446

Fax No.:

91-22-228821323

 

 

Associates/Subsidiaries

 

 
  • Tanvirkumar Diamonds Limited

Address:

1002-Panchratna, Opera House, Mumbai – 400004,Maharashtra

Line of Business:

Importer and Exporter of Diamonds

 

 

 
  • Eternity Jewels

Address:

G-11, Gem and Jewellery Complex – II,Seepz, Andheri (East),Mumbai

Line of Business:

Jewellery Manufacturing and Export

 

 

 
  • J. E. Exports

Address:

Andheri East

Line of Business:

Export Studded Gold Jewellery

 

 

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs.331.500 Millions

Borrowed :

-

Total :

Rs.331.500 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

870.000

1000.000

 

 

 

 

Net Profit

 

2.5%

2.5%

 

 

 

 

 

Expected Sales (2007-08): Rs.1100.000 Millions

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

HISTORY:

Subject was incorporated in the year 1976 at Mumbai in Maharashtra as a partnership concern.

 

 

BUSINESS:

Subject is engaged in the business as Manufacturer, Exporter and Importer of Cut and Polished Diamonds.

 

Concern’s production status as on 31.03.2004 was as under:

 

 

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.39.34

UK Pound

1

Rs.80.72

Euro

1

Rs.57.71

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

NO

TOTAL

 

44

 

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

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions