MIRA
INFORM REPORT
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Report Date : |
22.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHAIRU GEMS |
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Registered Office : |
602-603, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.01.1976 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS05503B |
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PAN No.: [Permanent
Account No.] |
AABFS2487C |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturers, Exporters and Importers 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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Maximum Credit Limit : |
USD 2000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed concern having satisfactory
track. Trade relations are fair. Market reputation is favourable. Payments are
usually correct and as per commitments. The concern is doing well. Nothing adverse reported. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
602-603, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-3630963 / 3679242 / 3697371 |
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Fax No.: |
91-22-3630039 / 3633054 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. |
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Location : |
Owned |
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Factory : |
Surat, Gujarat, India |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Kumar R Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
54 years |
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Qualification : |
Under Graduate |
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Experience : |
30 years |
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Name : |
Mr. Shailesh B Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
57 years |
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Qualification : |
Under Graduate |
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Experience : |
34 years |
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Name : |
Mr. Shairul S Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
34 years |
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Qualification : |
Graduate |
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Experience : |
10 years |
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Name : |
Mr. Ashok B Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
58 years |
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Qualification : |
Under Graduate |
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Experience : |
32 years |
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Name : |
Mr. Siddharth A Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
31 years |
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Qualification : |
Graduate |
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Experience : |
12 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Importers of Cut and Polished Diamonds |
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Products : |
Cut and Polished Diamonds |
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Exports : |
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Products : |
Cut and Polished Diamonds |
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Countries : |
v USA v Japan v Germany v Belgium v Netherlands v UK v Italy v UAE v Taiwan v Australia |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
v Belgium |
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Terms : |
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Selling : |
Cash or Credit ( 60 to 120 days ) |
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Purchasing : |
Credit ( 120 days ) |
GENERAL
INFORMATION
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No. of Employees : |
1500 |
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Bankers : |
v State Bank of India, Mumbai, Maharashtra, India v ABN Amro Bank N.V., Mumbai, Maharashtra, India v Union Bank of India, Mumbai, Maharashtra, India v Bank of India |
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Facilities : |
Joint Limit - Rs. 1500.00 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Pruthviraj Snab and Company Chartered Accountants, Mumbai |
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Memberships : |
v Gem & Jewellary Export Promotion Council v Indo German Chamber of Commerce. |
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Associates/Subsidiaries : |
v M/s Kumar R
Mehta v Shairu gems
Private Limited |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 500.000 Millions |
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Borrowed : |
- |
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Total : |
Rs. 500.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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4500.000 |
2930.000 |
Expected Sales (2007-08) : Rs. 5000.000 Millions
LOCAL AGENCY FURTHER
INFORMATION
Website Details
Attached:
About Them:
At subject procuring rough diamonds is top priority, but must be done in an ethical manner. They ensure that the procurement is legal and each rough diamond procured is not a conflict or “blood” diamond. Rough diamonds are sourced from Russia, South Africa, Aber Overseas, BHP, and Diamdel India. Sourcing is conducted in strict adherence to United Nations resolutions 55/56 regarding conflict diamonds. The procurement is recorded in the form of warranty invoices given and received (certificate system). The system put in place is part of the corporate social responsibility towards their customers and the society.
Their customers can be assured that each diamond from Subject meets the trust,
faith and integrity reposed on them.
v Key factors of success
v Diversified rough sourcing
v Dedicated procurement teams in every major sourcing location
Achievements:
1976: Established Shairu Gems
1980: Export House status granted by Minister of Commerce
1981: Association with Shainydiam in Antwerp (Belgium)
1982: Highest Average Annual Growth Award in 1981-1982 by GJEPC (Gem and
Jewelry Export Promotion Council)
1983: Association with Atit Diamond Corp in New York
1984: Highest Average Annual Growth Award in 1983-84 by GJEPC
1986: Outstanding export promotion award for the year 1985-1986 by GJEPC
1987: Outstanding export promotion award for the year 1986-87 by GJEPC
1988: Outstanding export promotion award for the year 1987-88 by GJEPC
1992: Award for export performance in 1991-1992 by GJEPC
1994: Award for export performance in 1993-1994 by GJEPC
1999: Recognition as a Three-Star trading house by Ministry of Commerce
2001: A state of the art 40,000 sq feet cutting and polishing facility is built
in Surat
2005: Award for export performance in 2004-2005 by GJEPC
2006: Award for export performance in 2005-2006 by GJEPC
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.41 |
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UK Pound |
1 |
Rs. 81.37 |
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Euro |
1 |
Rs. 58.56 |
SCORE & RATING
EXPLANATIONS
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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 |
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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
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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. |
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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