MIRA
INFORM REPORT
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Report Date : |
27.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
SANGHAVI EXPORTS INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
502, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
16.04.2007 |
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Com. Reg. No.: |
170013 |
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CIN No.: [Company
Identification No.] |
U36911MH2007PTC170013 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS55640E |
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PAN No.: [Permanent
Account No.] |
AAKCS7350N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is successor to Sanghavi Export International, a partnership
concern. Available information indicated high financial responsibility of the
concern. Trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
502, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23643992 / 3 / 0 |
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Mobile No.: |
91-9867386829 |
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Fax No.: |
91-22-23671575 |
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E-Mail : |
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Website : |
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Area : |
800sq.fts |
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Location : |
Owned |
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Factory : |
Opp. Prannath Hospital, V Surat – 395004, India |
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Tel. No.: |
91-261-251389 |
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Fax No.: |
91-261-2513898 |
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Area : |
100000sq.fts |
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Location : |
Owned |
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Branches : |
601-2, Trans HK Comms Building, 41-43, Carnarvon Road, T.S.T. Kowloon,
Hong Kong |
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Tel. No.: |
852-2721-8608 |
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Fax No.: |
852-27239704 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Vasantlal R. Sanghavi |
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Designation : |
Director |
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Date of Birth/Age : |
94 years |
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Qualification : |
Post Graduate |
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Experience : |
30 years |
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Name : |
Mr. Kalpesh Sanghavi |
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Designation : |
Director |
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Date of Birth/Age : |
38 years |
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Qualification : |
Graduate |
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Experience : |
18 years |
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Name : |
Mr. Kirti Sanghavi |
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Designation : |
Director |
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Name : |
Mr. Ramesh Sanghavi |
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Designation : |
Director |
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Name : |
Mr. Chandrakant Sanghavi |
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Designation : |
Director |
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Name : |
Mr. Jayesh Sanghavi |
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Designation : |
Director |
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Name : |
Mr. Shreyansh Sanghavi |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Exporter and Importer of Cut and polished Diamonds |
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Exports : |
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Products : |
Cut and Polished diamonds |
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Countries : |
Israel, Japan, USA, Singapore and Hong Kong (100%) |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
Belgium |
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Terms : |
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Selling : |
Cash and credit (90 days / 180 days) |
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Purchasing : |
Cash and Credit (90 days / 120 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
5000 |
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Bankers : |
˛ Bank of India, Opera
House Branch ˛ State Bank of
India, Diamond Branch ˛ Allahabad Bank,
Bombay Branch ˛ Ing Vyasa, Opera
House Branch ˛ Standard
Chartered Bank, M.G. Road Branch ˛ ABN Amro, Cuffe
Parade ranch |
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Facilities : |
Packing Credit and Pushing Shipment Rs.3500.000 millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mr. Suresh Khurava and Associates Chartered Accountants |
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Address : |
Mumbai |
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Associates/Subsidiaries : |
Sanghavi
Diamonds INC. Sanghavi
Diamonds INC. Sanghavi
Jewellery Tokyo Co. Ltd. Dynamic Design
Group INC. Sanghavi Far
East Pte. Ltd. |
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Sister Concern : |
Sanghavi
Jewel Pvt. Ltd. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs.10/- each |
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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6500.000 |
6000.000 |
Expected Sales (2007-08) : Rs.10000.000 millions
LOCAL AGENCY
FURTHER INFORMATION
As Per Web Details
Attached
Company Profile:
The 'Sanghavi Exports Group' was founded by the four Sanghavi brothers,
Vasant, Kirti, Ramesh and Chandrakant in the late 70s, with a great vision of
achieving major success & reaching the top in the Diamond Industry. With clear
aim to capture the diamond market, the Sanghavi brothers established one
company 'Sanghavi Exports' in 1984. Clear picture in mind of developing export
of polished diamonds to various countries, they started developing their sales
offices worldwide. With sheer determination and grit, the brothers have steered
the company to its present stature.
Under the flagship company, Sanghavi Exports, the group has developed
extensively in the Diamond industry. Today, the group's core business is
exporting polished diamonds & diamond studded jewellery & manufacturing
diamonds & jewellery. Sanghavi Exports is ISO 9001:2000 complaint and also
a Government Recognized Star Trading House, Top Export Award Winner for seven
consecutive years and a Diamond Trading Company Sightholder. Today more than
6250 highly skilled employees are working under the 'Sanghavi Exports' banner.
The group boasts of a large network of marketing offices all over the world,
right from USA to Hong Kong, from Belgium to Japan, from Australia to Canada
and from Singapore to the European nations.
The group's well equipped Hi-tech diamond manufacturing factory, Sanghavi
Diamond Mfg. Pvt. Ltd. at Surat, is one of the largest such units in Asia.
Having commenced production in the year 1992, the company today employs more
than 4725 highly trained workers, producing quality polished goods of all size,
cut and purity. The group has three jewellery factories at SEEPZ, Mumbai and
one factory at Andheri MIDC, Mumbai, all engaged in manufacturing of world
class diamond studded jewellery.
A combination of age-old tradition and cutting edge technology results in the
group's dazzling finished products that boast of a consistent quality finish,
with sizes ranging from 0.01 points to 3.00 carats with a fire and beauty par
excellence. The ultimate beneficiaries of the unique & wholesome business
practices of Sanghavi Exports are the company's customers. The company
constantly delivers the world's finest diamonds that are unrivalled at
international level and are available at the most competitive prices in terms
of value for money and product excellence. Sanghavi Exports is known for the
best cut & consistency in assortment and also for its commitment to
stringent quality and perfection for more than 30 years. Sanghavi Exports is
presently gearing up towards a major modernization and expansion drive of all
their current business activities.
History
The "Sanghavi Group" is engaged in the business of diamonds -
the most precious and incomparable of stones, valuable & valued in all its
forms. Established way back in the 70's, the group has today set up diamond
manufacturing & processing facilities all over Gujarat and a state of the
art factory at Surat.
Diamond trading still remains one of its major businesses. "Sanghavi
Exports" the parent company of the group, started making waves right from
its inception in exports during the year 1989-90. "Sanghavi Exports"
has consistently maintained its top position among the group of diamond
Exporters in India.
Today, Sanghavi Exports has emerged as a force to reckon with in the Indian
Diamond Industry. With time, the company has also started influencing the
international diamond markets and is constantly in the process of spreading its
wings in all possible directions at the best time.
The factory at Surat commenced production in the year 1994 under the name,
"Sanghavi Diamond Manufacturing Private Limited" and is recognized
worldwide today for its quality diamond production. This well established and
facilitative diamond manufacturing factory is one of the largest such units in
Asia. In line with the manufacturing and processing of diamonds, the group has
also made a foray into studded jewellery by setting up three ultra modern
jewellery manufacturing units at SEEPZ, Mumbai and a similar unit at Andheri
MIDC.
Achievements:
1989: Mr. Chandrakant Sanghavi-received Award
of Top Export Award Winner for the year of 1989 from GJEPC, India
1990: Mr. Kalpesh Sanghavi- received Award of
Top Export Award Winner for the year of 1990 from GJEPC, India
1991: Mr. Vasantlal Sanghavi- received Award
of Top Export Award Winner for the year of 1991 from GJEPC, India
1992: Mr. Rameshbhai Sanghavi- received Award
of Top Export Award Winner for the year
of 1992 from GJEPC, India
1993: Mr. Kirtibhai Sanghavi- received Award
of Top Export Award Winner from Mr. p. Chidambaram (Finance Minister of India)
for the year of 1993 from GJEPC, India
1994: Mr. Ketan Sanghavi- received Award of
Top Export Award Winner from Mr. p. Chidambaram (Finance Minister of India) for
the year of 1994 from GJEPC, India
1995: Mr. Shreyansh Sanghavi- received Award
of Top Export Award Winner from Mr. p. Chidambaram (Finance Minister of India)
for the year of 1995 from GJEPC, India
Certificate of conformance Annex, ISA
9001:2000
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 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.39.85 |
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UK Pound |
1 |
Rs.82.61 |
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Euro |
1 |
Rs.59.21 |
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 |
YES |
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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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