MIRA
INFORM REPORT
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Report Date : |
25.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
DEEPAK JEWELLERY CREATION |
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Registered Office : |
54/ 56, Mahalaxmi Sadan, Bhuleshwar Road, Mumbai – 400 002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
1988 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD13047G |
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PAN No.: [Permanent
Account No.] |
AACFD6986G |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers and Exporters of Imitation Jewellery. |
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 40000 |
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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 a well established and reputed concern having satisfactory
track. Trade relations are fair. Business is active. The management parted general
information but declined to part with financials. Payments are reported as
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sumit |
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Designation : |
Partner |
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Contact No.: |
91-9821213981 |
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Date : |
25.04.2008 |
LOCATIONS
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Registered Office : |
54/ 56, Mahalaxmi Sadan, Bhuleshwar Road, Mumbai – 400 002,
Maharashtra, India |
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Tel. No.: |
91-22-22426036 / 22420584 / 22420174 |
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Mobile No.: |
91-9821213981 |
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Fax No.: |
91-22-22424371 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
Located at: Kandivali, Mumbai, Maharashtra, India |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Deepak R. Punjabi |
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Designation : |
Partner |
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Date of Birth/Age : |
53 Years |
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Qualification : |
Under Graduate |
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Name : |
Mr. Sumit Punjabi |
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Designation : |
Partner |
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Date of Birth/Age : |
28 Years |
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Qualification : |
Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Imitation Jewellery. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
UAE, UK, USA, Canada, South East Asia, Middle East |
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Terms : |
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Selling : |
T/T and Cash basis |
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Purchasing : |
Cash and Credit upto 30-60 days basis |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Around 50 |
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Bankers : |
Union Bank of India, Kalbadevi Branch, Mumbai, Maharashtra, India |
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Facilities : |
Subject enjoys C/C facility from its banker. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
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Memberships : |
Gem and Jewelry Export Promotion Council |
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Sister Concerns : |
Deepak Jewellery
Private Limited 54/ 56, Mahalaxmi Sadan, Bhuleshwar Road, Mumbai – 400 002,
Maharashtra, India Line of Business: Manufacturer and Exporter of Imitation Jewellery. Punjabi Products
54/ 56, Mahalaxmi Sadan, Bhuleshwar Road, Mumbai – 400 002,
Maharashtra, India Line of Business: Manufacturer and Exporter of Imitation Jewellery. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 millions (Estimated) |
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Borrowed : |
Nil |
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Total : |
Rs. 10.000 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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50.000 |
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LOCAL AGENCY
FURTHER INFORMATION
As Per Web:
Profile
Subject has acquired a highly respectful position amongst Indian
manufacturers and exporters of Imitation Jewelry. Their gamut of fashionable
jewelry consists of necklace-set,
bangles, finger-rings, earrings, broaches, anklets, bracelets, chains, belts
& hair ornaments, Vitorian Jewelry, Kundan Jewelry, Bangles. They
offer a huge variety of jewelry and ornaments as per the changing fashion
statements in today's time. Well-equipped with the latest technology for
designing and cutting the jewelry, their creative designers are an added
advantage of their company. For more than fifteen years, they have made big
contribution to the fashion industry by making trend setting jewelry, belts and hair ornaments.
Highlights
The highlighting points of range of necklace set, bangles, finger rings,
earrings, broaches, anklets, bracelets, chains, belts and hair ornaments are:
- Unique
designs
- Innovative
patterns
- Delicate
crafting
- Long life
& durable
Specialties
After entering the fashion industry, products i.e. necklace set, bangles,
finger rings, earrings, broaches, anklets, bracelets, chains, belts and hair
ornaments have made a remarkable impact on the customers. Due to exclusive
collection, very soon, they became popular and got the membership of Gem &
Jewelry Export Promotion Council. With strong financial position, they have
plans to launch new designs in the market very soon.
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.40.14 |
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UK Pound |
1 |
Rs.79.66 |
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Euro |
1 |
Rs.62.92 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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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45 |
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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