MIRA
INFORM REPORT
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Report Date : |
01.09.2007 |
IDENTIFICATION DETAILS
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Name : |
KIRAN EXPORTS |
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Registered Office : |
109/112-A, Prasad Chambers, Opera House, Mumbai-400004, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1985 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK06347F |
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PAN No.: [Permanent
Account No.] |
AAAFK2144B |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Subject is engaged in the business as Manufacturer, Exporter and Importer of 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 5988800 |
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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 a well established and reputed concern having fine track. Financial position is good. Payments are correct and as per commitments. The concern is doing well. It can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
109/112-A, Prasad Chambers, Opera House, Mumbai-400004, |
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Tel. No.: |
91-22-23676242 40504444 |
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Fax No.: |
91-22-40504055 |
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E-Mail : |
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Website : |
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Area : |
620 sq. fts. |
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Location : |
Owned |
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Overseas Office : |
Kiran Exports Limited Dorfu Court, 18th Floor, Flat B-1, 5-6, Hau Fook Street, Tasim Sha Tsui, Hong Kong Tel No : 852-23662488 Fax No : 852-27398288 Kiran Exports B.V.B.A. Hoventerstraat 30, Room 215, Tel No : 323 2253604 Fax No : 323 2253605 E-mail : kiranbvba@hotmail.com Kiran Jewels Inc. 576, Tel No : 1-212-9215722 Fax No : 1-212-9215723 E-mail : infousa@kiranjewels.com |
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Factory / Office : |
Ř
Ahmedabad, Ř
Plot No. 9, Near Tel No.: 91-261-2554514 Fax No.: 91-261-2552606 Email: infosurat@kiranexports.net Ř
IT-1, Building SDF – VII, Seepz, Andheri
(East), Mumbai 400 096, Tel No.: 91-22-40052222 Fax No.:91-22-40050022 Email: infoindia@kiranjewels.com |
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Sales / Marketing Office : |
112 – A, Prasad Chambers, Opera House, Mumbai 400 004, |
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Tel. No.: |
91-22-40504444 |
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Fax No.: |
91-22-40504455 |
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E-Mail : |
PARTNERS
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Name : |
Mr. Vallabhbhai Patel |
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Designation : |
Partner |
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Name : |
Mr. Mavjibhai Patel |
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Designation : |
Partner |
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Name : |
Mr. Babubhai Patel |
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Designation : |
Partner |
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Name : |
Mr. Labhubhai Patel |
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Designation : |
Partner |
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Name : |
Mrs. L. V. Patel |
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Designation : |
Partner |
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Name : |
Mrs. R. M. Patel |
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Designation : |
Partner |
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Name : |
Mrs. V. B. Patel |
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Designation : |
Partner |
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Name : |
Mrs. D. L. Patel |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business as Manufacturer, Exporter and Importer of Diamonds. |
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Exports : |
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Products : |
Cut and polished diamonds |
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Countries : |
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Imports : |
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Products : |
Rough diamonds |
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Countries : |
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Terms : |
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Selling : |
L/C or D/A |
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Purchasing : |
L/C or D/A |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
225 (200 in factory, 25 in office) |
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Bankers : |
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State Bank of Ř
State Bank of Saurashtra (overseas Branch) /
Union Bank of |
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Facilities : |
Subject enjoys Cash Credit facility of Rs. 5005.000
millions from its bankers |
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Banking Relations
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Good |
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Auditors : |
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Name : |
Mr. Nikesh R Shah Chartered Accountants |
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Associates/Subsidiaries : |
Name: Kiranmani Diamond Private Limited, Mumbai Line of Business: Trader, Exporter and Importer of Diamonds. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1497.200 millions (owned) |
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Borrowed : |
-- |
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Total : |
Rs. 1497.200 millions (owned) |
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 (around) |
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9470.000 |
6720.000 |
LOCAL AGENCY FURTHER INFORMATION
Subject’s Essence
Subject was established in 1985 by three far-sighted brothers – Mr. Vallabhbhai
S. Patel, Mr. Babubhai S. Lakhani and Mr. Mavjibhai S. Patel. Their vision and
goal gave the company its strong roots, and their passion for quality has
permeated throughout the organization.
Subject has grown into an organization that has created employment
opportunities for over 12000 craftsmen and professionals. Its corporate
headquarters are in Mumbai and manufacturing facilities in
Subject today has successfully been servicing clients across the globe
from its sales offices
in
Client
Subject has always maintained a customer-centric approach as an
integral part of its business philosophy.
As a result, Subject has satisfied customers across all geographies -
Belgium, Thailand, Hong Kong, USA, Israel, Malaysia, Japan, U.A.E, Switzerland
and the U.K., to name a few.
Product
They at subject are equipped with state-of-the-art diamond cutting
polishing machinery, and are pioneers in introducing laser technology in
diamond cutting. Yet, they swear by the ideology that the men behind the
machines make the difference.
Meeting every need:
They offer an extensive range of polished diamonds to meet the diverse
requirements of their varied customers, a range that spans from assortments of
brilliants and Princess cuts, all manufactured at their state-of-the-art
facilities in
Diamond manufacturing:
At present, their manufacturing techniques are an amalgamation of age-old practices
and state-of-art technology - 55 laser machines, Auto Planners with Laser
Marking, Auto Bruting Machines and many more. Latest machinery apart, their
primary asset is the skill and ingenuity of their master craftsmen. After all,
it takes a diamond to cut a diamond.
The processes they undertake include:
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Rough Assortment
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Cleaving & Sawing
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Bruting
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Polishing
Along the entire process, the diamond passes
through a computerized network and strict quality control measures. They at
Subject, are recognized as one of the best producers of quality diamonds &
jewellery, and have to this end satisfied customers the world over.
milestones
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Year |
Achievements |
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1985 |
Partnership Firm set up by Mr. V. S. Patel and Family |
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1992 |
Set up of the first factory in |
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1996 |
International Export House Status granted to the company |
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1997 |
Established a 50,000 sq. ft. manufacturing area and 20,000 sq. ft. assortment area. |
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1998 |
Established its own office for rough procurement at |
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1999 |
Achieved International Trading House status. |
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2000 |
Established its marketing office in |
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2001 |
Established its marketing office in |
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2003 |
The Gem and Jewellery Export Promotion Council award for achieving the Second Best Export Performance in Cut and Polished Diamonds (Non-DTC) |
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2004 |
The Gem and Jewels Export Promotion Council award for achieving the Fourth Best Export Performance in Cut and Polished Diamonds (Non-DTC) |
awards
Subject has awarded The Gem and Jewellery Council’s award for ‘ The Second Best Export Performance for Loose Diamonds’ in the Non-DTC category for the year 2003 and in the year 2004, was ranked 4th in the Non-DTC category.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.96 |
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1 |
Rs.82.55 |
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Euro |
1 |
Rs.55.96 |
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 |
YES |
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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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