MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SURESH BROTHERS |
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Registered Office : |
511, Panchratna, M. P. Marg, 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 : |
1964 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS01737B |
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PAN No.: [Permanent
Account No.] |
AAAFS3651F |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer, Distributor, Exporter and Importer of cut and polished
diamonds. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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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 24000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old established and reputed concern having satisfactory track.
Trade relations are fair. Financial position is good. Payments are correct
and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
511, Panchratna, M. P. Marg, Opera House, Mumbai – 400004,
Maharashtra, India |
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Tel. No.: |
91-22-23631741/23630742/40329999 |
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Fax No.: |
91-22-23632654 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft |
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Location : |
Owned |
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PARTNERS
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Name : |
Mr. Bharat J. Javeri |
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Designation : |
Partner |
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Date of Birth/Age : |
60 years |
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Qualification : |
Graduate |
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Experience : |
40 years |
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Name : |
Mrs. Nandita R. Javeri |
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Designation : |
Partner |
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Date of Birth/Age : |
45 years |
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Qualification : |
Graduate |
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Experience : |
25 years |
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Name : |
Mrs. Nina S. Javeri |
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Designation : |
Partner |
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Date of Birth/Age : |
62 years |
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Qualification : |
Graduate |
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Experience : |
40 years |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer, Distributor, Exporter and Importer of cut and polished
diamonds. |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
OTC |
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Countries : |
London |
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Terms : |
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Selling : |
Credit (60-90-120 days) |
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Purchasing : |
Advance Payments |
GENERAL
INFORMATION
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Customers : |
Wholesaler |
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No. of Employees : |
250 |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mr. Rajendra and Company Chartered Accountants |
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Address : |
Mumbai |
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Goup of Company: |
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Address: |
Suresh Brothers Diamond Manufacturers,511, Panchratna, M.P. Marg, Opera
House, Mumbai - 400 004, India |
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Tel No.: |
91-22-2363 1741 / 7417 / 0742 / 4631 |
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Fax No.: |
91-22-2363 2654 |
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Email: |
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Address: |
Bharat &
Company, Mumbai (Jewelry Division) 304, 3rd Floor, Tower
No. 1,Seepz ++, Jogeshwari-Vikhroli Link Road,Andheri (E), Mumbai 400 096. |
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Tel No.: |
91-22-2829 3232 / 33 / 34 |
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Fax No.: |
91-22-2829 3030 |
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Email: |
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Address: |
Suresh Brothers USA, Inc 6, East 45th Street,New York, New York - 10017 |
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Tel No.: |
1212-949-4444/4520/4524 |
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Fax No.: |
1212-949-4548 |
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Email |
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Address: |
Suresh Brothers (HK) Ltd., Hong Kong Block D, 9/F Hart Avenue,Tsim Sha Tsui (TST), Kowloon, Hong Kong. |
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Tel No.: |
91-852-2368-0510/0511 |
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Fax No.: |
91-852-2368-0398 |
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Email: |
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Address: |
Representative in Europe (Loose Diamonds), Diamstar B.V.B.A, Hoveniersstraat, 30 Bus 123, Suite 620, 2018 Antwerpen, Belgium. |
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Tel No.: |
91-323-2322453 |
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Fax No.: |
91-323 - 2312512 |
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Email: |
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Address: |
Representative in Europe (Jewelry) |
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Tel No.: |
91-323-2322453 |
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Fax No.: |
91-323 - 2312512 |
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Email: |
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Address: |
Representative in Japan Infinity Diamonds, 301 JM Building, 3-7-9 Ueno, Taito-Ku, Tokyo 1100005, Japan |
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Tel No.: |
91-813-5807-5803 |
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Fax No.: |
91-813-5818-0278 |
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Email: |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.6.000 Millions |
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Borrowed : |
- |
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Total : |
Rs.6.000 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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3000.000 |
2500.000 |
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Expected Sales (2007-08) : Rs.4000.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Website
details:
Subject
had its origins in the Saralal Laxmichand Group, in 1910. The Group became a
Diamond Trading
Concern
Sightholder in 1964.
In 1976, Subject emerged as an independent entity and continued to be a Diamond
Trading Company
Sightholder.
Today, Subject - a professionally managed concern - is a leading diamond
manufacturer and distributor.
The Concerns greatest asset is its large staff of 320 skilled and experienced
people.
The Head Office of Subject is in Mumbai, India.
Bharat
and Concernis an Associate Firm of Subject. It currently manages the Jewelry
division.
Group
Concern of Subject- an ISO 9001 Concern.
- Suresh Brothers (HK)
Limites, Hong Kong
- Bharat and Company,
Mumbai
- Suresh Brothers, USA,
Inc.
- MAIA (Fine Jewellery
Stores)
- Diamstar B.V.B.A.,
Belgium (Loose Diamond Representative in Europe)
- Enchante Fine
Jewelry.,Belgium (Jewelry Representative in Europe)
- Infinity Diamonds
(Representative in Japan)
Production:
- Their loose
diamond manufacturing and production facilities, at Mumbai, are
state-of-the-art. They comprise 8 units in which upgrading of technology
is a continuous process.
- They complement
the 4Cs of carat, cut, color and clarity with their additional 4 Cs of:
control in manufacturing, control of inventory, continuous investment and
customer service.
- To maintain
high standards from start to finish, we employ 800 highly skilled and
experienced artisans and personnel.
- 'Best
Practice Principles' are adhered to strictly to ensure a clean, healthy,
safe and humane work environment.
- They do not
employ 'child labor' at any stage nor infringe upon any labor laws.
- They adhere
to the 'Kimberly Process Declaration'.
Services
:
- The Concern procures
its rough diamonds directly from the Diamond Trading Company as well as
other
- producers.
- They manufacture
polished diamonds such as: Stars - 6.5, Melee -11, + 6.5, +11 and Pointers
ranging from 5 p.ct
- to 1 carater. Their
strength is in fine quality, make and consistent grading.
- They have Account
Managers assigned for each of our major customers. Each Account Manager
has a team of four preparers looking after their clients' requirements.
- Their skilled team of
over a 100 sorters see to it that diamonds are stringently graded.
- Their Marketing and
Sales Executives regularly visit overseas markets to keep abreast of
changing business trends and customer tastes. They are trained to offer
prompt, personalized and courteous customer service.
Jewelry Manufacturing and Marketing- Kanban Application
- Tailormade Assortments
- Bagging and Matching
- Timely Deliveries
- Prompt Follow-up on
customer queries
- Girdle Engraving (on
select programs)
- Certification of stones
(on select programs)
- Forward Planning
- Servicing through Hong
Kong office
- Fax Orders
- Procuring Goods (not
manufactured by them)
Marketing
Initiatives
- Joint Promotions
- Co-Branding
In-store Training - Creating POS displays
- Regular updates to customers
on trends and developments
- Disseminating valuable
marketing information provided by the Diamond Trading Company
- Availing the expertise
of the Diamond Promotion Service for the local market
Their
marketing and sales encompass largely retailers and jewelry manufacturers
around the world.
Jewelry Catalogue:
Bharat and Company is an Associate Firm of subject. They
currently manage the Jewelry division. They are manufacturers of 3-stone
jewelry, right hand rings, earrings, pendants including hearts and crosses,
bridals and anniversary rings, and bracelets, designed by thier own in-house
designing team, which uses manual as well as CAD/CAM facilities. They use most
of their own, well-made diamonds in their products, in order to enhance the
appeal of their jewelry and showcase their craftsmanship to the fullest.
Moreover, their staff is experienced, qualified and courteous, applying
stringent quality control at each level of production to ensure the best
results. Their jewelry is made with utmost care and precision to maintain its
high finish and overall high quality. Regardless of price, their quality always
remains at the highest level.
- They keep in tune with worldwide trend changes by visiting trade
fairs, and giving their designers and product development heads access to
the internet, flyers and trade magazines.
- They email their customers unique and creative concepts on a
regular basis.
- They give their customers full use oftheir design team.
- They give their customers full use of theirr model making
department which uses CAD and CAM facilities.
- For any reason if defects occur during shipping, they repair the
defects free of charge.
- Quick customer response to any of their queries.
- They keep customers updated with the latest diamond and jewelry information
given to them by the Diamond Trading concern.
- Due to their good correspondence, strict QC and minimal rejection,
they save their customer time and money on trips to India.
- Their factory is BPP and BEM certified, assuring their customers
that they are giving them the highest quality product manufactured under
strict standard guidelines.
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.39.68 |
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UK Pound |
1 |
Rs.81.95 |
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Euro |
1 |
Rs.58.79 |
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 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
NO |
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TOTAL |
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63 |
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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