MIRA
INFORM REPORT
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Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRISM JEWELLERY |
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Registered Office : |
Unit No. 403, Building No. 1, Seepz++ (SEZ), MIDC, Mahakali Caves Road,
Andheri (East), Mumbai – 400096, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
2004 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16709A |
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PAN No.: [Permanent
Account No.] |
AAFFO9020J |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer, Exporter and Importer of Gold Jewellery. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Unknown |
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Comments : |
Mr. Sameer Sampat (Accounts manager) Mr. Pragnesh Zaveri (Finance Head)
remained non co-operative during current investigation. The concern is said to be backed by an old established diamond traders
bhanushali and company at 640 – 646, Panchratna, Opera House, Mumbai –
400004, Maharashtra, India. However, in absence of finance and business details of the subject
concern, it would be difficult to assees concern’s current financial states
and payment record behaviours. Hence, it would be advisible to deal with the concern on safe and
secured trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sameer Sampat |
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Designation : |
Accounts Manager |
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Name : |
Mr. Pragnesh Zaveri |
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Designation : |
Finance Head |
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Contact No.: |
91-22-40172000 |
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Date : |
02.07.2008 |
LOCATIONS
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Registered Office / Factory : |
Unit No. 403, Building No. 1, Seepz++ (SEZ), MIDC, Mahakali Caves
Road, Andheri (East), Mumbai – 400096, Maharashtra, India |
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Tel. No.: |
91-22-28290680 |
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Fax No.: |
91-22-28293933 |
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E-Mail : |
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Website : |
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Location : |
Leased |
PARTNERS
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Name : |
Mr. Jitendra K. Bhanshali |
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Designation : |
Main Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Gold Jewellery. |
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Exports : |
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Products : |
v Gold Jewellery v Diamond Studded
Jewellery |
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Countries : |
v US v Europe v UK v Dubai v Australia |
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Imports : |
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Products : |
v Gold Jewellery v Polished
Diamonds |
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Countries : |
v US v UK v Dubai v Australia v Europe |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
v Wholesalers |
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No. of Employees : |
100 |
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Bankers : |
Not Available |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Rajendra and Company Chartered Accountants |
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Address : |
Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Sister Concerns : |
v Bhanshali and Company Address : 640 – 646,
Panchratna, Mama Parmanand Marg, Mumbai – 400004, Maharashtra, India Tel No.: 91-22-23632235/
23611921 Fax No.: 91-22-23634293 v Prism Enterprises Private Limited Address : 309 – 311, (A –
1), Shah and Nahar Industrial Estate, Lower Parel, Mumbai – 400 013,
Maharashtra, India Tel No.: 91-22-66611122 Fax No : 91-22-66611132 v Prism Diamonds Inc Address : 20, East 46th Street, Suite # 900, New
York, NY 10017, USA Tel No.: 1-212-7199748 Fax No.: 1-212-9229154 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 millions (Estimated) |
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Borrowed : |
-- |
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Total : |
Rs. 5.000 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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150.000 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 43.13 |
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UK Pound |
1 |
Rs. 85.02 |
|
Euro |
1 |
Rs. 67.77 |
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 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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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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29 |
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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