MIRA
INFORM REPORT
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Report Date : |
18.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
D. NAVINCHANDRA EXPORT PRIVATE LIMITED |
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Registered Office : |
211, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
20.04.2007 |
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Com. Reg. No.: |
170147 |
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CIN No.: [Company
Identification No.] |
U74900MH2007PTC170147 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTD02050G |
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PAN No.: [Permanent
Account No.] |
AACCD5877B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Diamond Stones and Diamond
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject has taken over the running business of erstwhile D.
Navinchandra and Company. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Pankaj Thakar |
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Designation : |
Finance Executive |
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Contact No.: |
- |
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Date : |
16.02.2008 |
LOCATIONS
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Registered Office : |
211, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-40373100/ 66383100/ 23632565/ 23630604/ 2639 |
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Fax No.: |
91-22-66383113/ 23630186 |
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E-Mail : |
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Website : |
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Area : |
800 sq. ft. |
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Location : |
Owned by director |
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Factory : |
Located at:
16/1, Varachha Main Road, Kapodara Char Rasta, Surat, Gujarat |
DIRECTORS
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Name : |
Mr. Navinchandra D. Mehta |
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Designation : |
Director |
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Name : |
Mr. Dilip Mehta |
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Designation : |
Director |
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Name : |
Mr. Shrenik Choksi |
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Designation : |
Director |
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Name : |
Mr. Rupin Kothari |
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Designation : |
Director |
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Name : |
Mr. Samir Mehta |
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Designation : |
Director |
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Name : |
Mr. Ajesh Mehta |
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Designation : |
Director |
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Name : |
Mr. Hemal Choksi |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Diamond Stones and Diamond
Jewellery |
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Products : |
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Exports : |
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Products : |
All Products |
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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 : |
Cash and Credit (120-150 days) – Export |
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Purchasing : |
Cash and Credit (120-180 days) – Import |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 5000 |
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Bankers : |
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Facilities : |
Combined Limit |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhavesh P. Sanghavi and Company Chartered Accountant |
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Address : |
Opera House, Mumbai |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Share |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Share |
Rs.10/- each |
Rs.150.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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30.04.2007-31.01.2008 |
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Sales Turnover |
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4000.000 |
Expected Sales (2007-08): Rs.5500.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Note:
The above company started as a partnership concern in 1970 but has now changed
to D. Navinchandra Export Private Limited, Since April 2007.
Website details:
Diamonds
- Rough
Over the past 40 years subject has made
major contributions to the Indian Diamond Industry. Their first step into the diamond
business has seen them as an integrated diamond manufacturing company.
Currently they source conflict free rough diamonds from the world’s top
suppliers, the Diamond Trading Company (DTC) and Rio Tinto Diamonds. Rio Tinto
Diamonds are marketers for Argyle Diamond Mine - Australia and Diavik Diamond
mine - Canada.
- Manufactured
Today India is a destination that is
home to one of the finest diamond cutting and polishing units globally. Their
three facilities located in Mumbai, Surat, Navsari and Ahmedabad, are
recognised as part of these fine units. They are staffed by over 15000 of the
best artisans and are equipped with the latest laser cutting machines and state
of the art Sarin Planners. This combination of modern machinery and a highly
skilled and experienced workforce results in the finest quality output in the
industry.
- Polished
Their range of polished diamonds
encompasses a variety of cuts, colours, clarity and carats. They offer 717
types of diamonds with excellent grading and adequate volumes. Their range of
polished diamonds consists of whites, spotted whites and TTLBs.
Along with GIA and IGI certified goods, they offer larger
sizes of 1 carat and above in D to I colors with clarity ranging from VVS to
I2’s. Today, internationally they have been recognised as the one-stop shop for
a wide range of polished diamonds
Jewellery:
Interjewel, a subsidiary of subject was
established over 3 decades ago. Today it is one of the largest manufacturers of
diamond studded jewellery in the US. A competitive price, consistent supplies,
a well respected lineage, variety and passion for developing new products is
what makes Interjewel the esteemed entity it is today.
- Manufacturing
They enjoy a competitive edge of being
able to procure the finest rough diamonds. This helps them in providing their
customer with an array of diamond variations and qualities to suit their
requirement. With a huge production capacity they have over 725 trained
professionals that enable them to meet orders of any size, and deliver on time.
- Designing
They hire the finest designers from
Mumbai and other countries. These designers etch out the finest designs that
set trends globally. Their state-of-the-art CAD-CAM centre helps their
designers achieve their best. Every time they come out with a new line, they
make sure that product innovation is merged well with process efficiencies.
This ensures that they offer great products at great prices.
JC Penney Supplier Entity Award ‘04
Subject group company, Interjewel Group, has been awarded
the prestigious JC Penney Supplier Entity Award in the Fine Jewelry category
for the year 2005. Interjewel was honoured with this trophy after evaluating
its performance across six critical areas - Merchandize Leadership, Quality
Standards, Product Development, Compliance Standards, Quick Response and
Marketing Competitiveness.
JC Penney is one of the leading department stores with over
1000 stores in the United States.
Overseas
Companies :
INDIA (Mumbai)
212, Prasad Chambers, Opera House, Mumbai - 400 004.
Tel: +91-22-5638 3100
Fax: +91-22-2363 0186
BELGIUM
Dianco B.V.B.A., Hovebursstraat 2,
B - 2018 Antwerp, Belgium
Tel: +32 3 232 9827
Fax: +323-2319683
USA
D. N. Gems
Corporation
Suite No. 1512, 580 Fifth Avenue,
New York, N.Y. 10036, USA
Tel: +1-212-869 7801
Fax: +1-212-869 4062
Thailand
D. N. Gems Company
Limited
30-38, Mahaesak SOI-3, 603, K.B.S. Bldg, 6th floor, Bangkok 10500
Tel: +66-2-237 3919
Fax: +66-2-237 3921
HONG KONG
Little Rocks (HK) Co. Unite E1, 2/F
Kaiser Estate,
Phase 1, 41 Man Yue Street, Hunghom, Kowloon, Hong Kong
Tel: +85-2-23678455
Fax: +85-2-23664277
U.A.E.
Moonlight Trading DMCC, PO Box 171425
M-15 Gold Land Building, Deira, Dubai, UAE
Tel: +971 4235 2846
Fax: +971 4235 2801
JEWELLERY DIVISION
USA
Interjewel, 580 Fifth Avenue, Suite 1512
New York, NY 10036, USA
Tel: +1-212-869 7801
Fax: +1-212-869 4062
Email: sanjay@interjewel.com
DUBAI
Ira Collection
Jewellery (LLC)
PO Box 171425, 201 Al Dhagaya Bldg.
Deira, Dubai, UAE
Tel: +971 4 2353966
Fax: +971 4 2352801
Email: mlight@emirates.net.ae
INDIA
InterJewels International Private Limited
Plot No. 2 / 3, Seepz, Andheri (E), Mumbai 400 096. India.
Tel.: +91-22-2829 0035
Fax: +91-22-2829 0668
Email: interjewel@eth.net
InterJewels Mumbai Private Limited
Plot No. 53/1, Road No. 7
M.I.D.C., Andheri East, Mumbai 400 093, India
Tel: +91-22-67021741/ 42
Fax: +91-22-67021743
Email: sales@interjewelmumbai.com
Ira Diamond Jewellery
Plot # 95, Prince Bhavan,
Road No. 16, Ground Floor
MIDC, Andheri (E), Mumbai 400 093, India
Tel: +91-22-28263849, +91-22-67047838
Fax: +91-22-67047838
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.39.66 |
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UK Pound |
1 |
Rs.78.16 |
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Euro |
1 |
Rs.58.09 |
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 |
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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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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