MIRA
INFORM REPORT
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Report Date : |
11.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
KIRAN GEMS PRIVATE LIMITED |
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Registered Office : |
109, Prasad Chambers, Opera House, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
14.09.2007 |
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Com. Reg. No.: |
11-174133 |
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CIN No.: [Company
Identification No.] |
U36912MH2007PTC174133 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMK17224E /SRTK02242C |
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PAN No.: |
AADCK1665M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporter and Importer of Polish Diamond and Diamond Jewellery. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Jagannath of the company declined business and financial details. State Bank and India sanctioned loans of Rs.5460 millions on
29.10.2007 against hypothecation of stock. The company’s estimated annual turnover for year ended March 2008 can
be around Rs.12809.80 millions. The company has been doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION DECLINED
BY
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Name : |
Mr. Jagannath |
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Designation : |
Senior Officer in Accounts |
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Date : |
30.06.2008 |
LOCATIONS
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Registered Office : |
109, Prasad Chambers, Opera House, Mumbai – 400 004, Maharashtra,
India |
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Tel. No.: |
91-22-40504444 |
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Fax No.: |
91-22-40504055 |
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E-Mail : |
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Location : |
Owned |
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Branch Office : |
4 UG, Affil Tower, L H Road, Varachha, Surat, Gujarat |
DIRECTORS
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Name : |
Mr. Babubhai Shamjibhai Patel |
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Designation : |
Director |
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Address : |
A/502, Affil Tower, Lambe Hanuman Road, Varachha Road, Surat – 395 006,
Gujarat, India |
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Date of Birth/Age : |
01.12.1959 |
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Date of Appointment : |
18.09.2007 |
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Name : |
Mr. Labhubhai Shamjibhai Lakhani / Patel |
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Designation : |
Director |
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Address : |
7, Street No.1, Yogeshwar Society, Anantwadi, Devubaug, Bhavnagar –
364 001, Gujarat, India |
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Date of Birth/Age : |
04.07.1951 |
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Date of Appointment : |
18.09.2007 |
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Name : |
Mr. Dinesh Mavjibhai Lakhani |
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Designation : |
Director |
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Address : |
Dhotre Niwas, Flat No. 8, 3rd Floor, Tilak Mandir Road,
Vile Parle East, Mumbai – 400 057, Maharashtra, India |
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Date of Birth/Age : |
22.01.1978 |
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Date of Appointment : |
18.09.2007 |
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Name : |
Mr. Vallabhbhai Shamjibhai Patel |
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Designation : |
Director |
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Name : |
Mr. Mavjibhai Shamjibhai Patel |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Deepal Makwana |
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Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Vallabhbhai Shamjibhai Patel / Lakhani |
1100000 |
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Mavjibhai Shamjibhai Patel / Lakhani |
1100000 |
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Babubhai Shamjibhai Lakhani / Patel |
1050000 |
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Laxmiben Vallabhbhai Patel / Lakhani |
400000 |
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Rasilaben Mavjibhai Patel / Lakhani |
400000 |
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Varshaben Babubhai Lakhani / Patel |
400000 |
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Devkuverben Labhubhai Lakhani / Patel |
150000 |
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Labhubhai Shamjibhai Lakhani / Patel |
400000 |
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Total |
5000000 |
List of Allottees As on 08.02.2008
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Names of Shareholders |
No. of Shares |
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Vallabhbhai Shamjibhai Patel / Lakhani |
850000 |
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Mavjibhai Shamjibhai Patel / Lakhani |
850000 |
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Babubhai Shamjibhai Lakhani / Patel |
1050000 |
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Laxmiben Vallabhbhai Patel / Lakhani |
100000 |
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Rasilaben Mavjibhai Patel / Lakhani |
100000 |
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Varshaben Babubhai Lakhani / Patel |
400000 |
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Devkuverben Labhubhai Lakhani / Patel |
150000 |
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Labhubhai Shamjibhai Lakhani / Patel |
400000 |
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Kalpesh Vallabhbhai Patel / Lakhani |
550000 |
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Master Munjal Mavjibhai Patel / Lakhani |
550000 |
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Total |
5000000 |
BUSINESS DETAILS
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Line of Business : |
Exporter and Importer of Polish Diamond and Diamond Jewellery. |
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Exports : |
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Products : |
Polished Diamond |
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Countries : |
·
HongKong ·
USA |
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Imports : |
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Products : |
Rough Diamond |
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Countries : |
Belgium |
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Terms : |
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Selling : |
Cash, Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Cash, Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
State Bank of India 144 J.S..S. Road, Majestic Shopping Centre, Girgaum, Mumbai – 400 004,
Maharashtra, India |
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Facilities : |
Rs.5460.000 millions (total limit including CC, PCB etc.) |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Ramesh Rajni and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
As the subject is a new company, no financials
are yet available.
LOCAL AGENCY FURTHER
INFORMATION
Form No. 8
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Corporate
identity number of the company |
U36912MH2007PTC174133 |
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Name of the
company |
KIRAN GEMS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
109, Prasad Chambers, Opera House, Mumbai – 400 004, Maharashtra,
India |
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This form is for |
Modification of
charge |
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Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
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Particular of
charge holder |
State Bank of India 144 J.S..S. Road, Majestic Shopping Centre, Girgaum, Mumbai – 400 004,
Maharashtra, India |
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Nature of
instrument creating charge |
a.
First
Supplemental Joint Hypothecation Deed. b.
Joint
Supplemental Working Capital Consortium Agreement c.
Joint Inter
Se Agreement |
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Date of
instrument Creating the charge |
29.10.2007 |
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Amount secured by
the charge |
Rs.5460.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest As would be determined by Bank from time to time. ·
Terms of
repayment As would be determined by Bank from time to time. ·
Margin As would be determined by Bank from time to time. ·
Extent and
operation of the charge Not Applicable ·
Others Not Applicable |
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Particulars of
the property charged |
Hypothecation of: ·
Assets of
the Firm (Both Movable and Immovable Properties); And ·
Assets of
partners/ Guarantors (i.e. Immovable Properties) |
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Particulars of
the present modification |
Now by the
present modification dated 29.10.2007 with the consent of the Consortium
Banks ING Vysya Bank Limited, Ground Floor, Patel chambers, Opera House,
Mumbai – 4 has joined the consortium and at the request of the borrower the said Banks have increased their
credit facilities from Rs.4800.000 millions to Rs.5460.000 millions. |
History
The company was incorporated on 14th
September, 2007 to takeover the running business of Kiran Exports established
on 20.04.1999 as a Partnership Concern.
Company Profile :
Subject is an identity in the
world of Diamond Manufacturers
since 1985 and today acclaims the title of “The World Leader” in manufacturing and marketing of white diamonds under 25 pointers.
Focusing on its core-strengths of manufacturing, Subject has carved a prime niche for
itself in the mass luxury segment. The Company also is India’s largest
employment opportunity creator with 17,000 skilled craftsmen and professionals
under its umbrella adding value to diamonds and the jewels it creates.
Subject has a vision of
becoming a Global Customer-Centric Enterprise with a totally integrated value
chain from Rough to Retail. Being a DTC Sightholder Company, Subject has also set benchmarks in
terms of quality also as a company, implying to the Best Practice principles and
ethical norms of the industry. With a massive production of nearly 1,000,000
carats of polished diamonds, Subject
facilitates in the growth of over a 1000 excelling jewellery businesses
worldwide.
Over the years Subject
has also received various awards from the Gems and Jewellery Export Promotion
Council in India for excellent performance including Second Best Performer of
the Year 2007 - (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, 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.43.16 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.95 |
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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