MIRA
INFORM REPORT
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Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
DAVARIYA BROTHERS |
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Registered Office : |
114, Prasad Chambers, Opera House, Mumbai – 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
1986 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD12835E |
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PAN No.: [Permanent
Account No.] |
AACFD0230F |
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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 Diamonds |
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 4000000 |
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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 satisfactory track. Partners are reported as experienced respectable and resourceful businessmen. Their trade relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade terms and condition. |
INFORMATION PARTED
BY
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Name : |
Mr. Vishal Davariya |
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Designation : |
Partner |
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Date : |
02.06.2008 |
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Name : |
Mr. Philip |
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Designation : |
Accountant |
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Date : |
02.06.2008 |
LOCATIONS
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Registered Office : |
114 Prasad Chambers, 1st Floor, Opera House, Mumbai-400004,
Maharashtra, India |
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Tel. No.: |
91-22-23642868 / 23642646 / 23642869 |
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Mobile No.: |
91-9821361831 |
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Fax No.: |
91-22-23672869 |
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Area : |
500 sq. ft. |
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Location : |
Owned |
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Branches : |
Davariya Chambers, Patel katargam, Surat-395003, Gujarat,
India |
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Area : |
100000 sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Mayank Trivedi |
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Designation : |
Partner |
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Name : |
Mr. Chandubhai Davariya |
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Designation : |
Partner |
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Name : |
Mr. Manubhai Davariya |
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Designation : |
Partner |
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Name : |
Mr. Pritesh Davariya |
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Designation : |
Partner |
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Name : |
Mr. Vishal Davariya |
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Designation : |
Partner |
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Name : |
Mr. Shailesh Davariya |
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Designation : |
Partner |
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Name : |
Mr. Sanjay Davariya |
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Designation : |
Partner |
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Name : |
Mr. Arjan Davariya |
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Designation : |
Partner |
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Name : |
Mr. Mitesh Davariya |
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Designation : |
Partner |
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Name : |
Mr. Mayank Trivedi |
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Designation : |
Partner |
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Name : |
Mr. Chandubhai Davariya |
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Designation : |
Partner |
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Name : |
Mr. Manubhai Davariya |
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Designation : |
Partner |
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Name : |
Mr. Pritesh Davariya |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Diamonds |
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Exports : |
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Countries : |
·
Belgium ·
Japan ·
U.S.A. ·
HongKong ·
Thailand · Middle East |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
Belgium |
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Terms : |
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Selling : |
L/C, Cash, Credit (30/60/90 days), D/A or D/P terms |
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Purchasing : |
L/C, Cash, Credit, D/A or D/P terms |
GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
3250 |
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Bankers : |
·
Andhra Bank · Union Bank of India Nariman Point, Mumbai-400021,
Maharashtra, India |
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Facilities : |
The concern enjoy Cash Credit facility of Rs. 250.000
millions from Andhra Bank and Cash Credit of Rs. 100.000 millions from Union
Bank of India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Upendra Bakashwala and Company Chartered Accountants, Surat, Gujarat, India
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1000.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 1000.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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2000.00 |
1740.00 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References :
·
Mohit Gems – Hongkong
·
P K Impex
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AL Nobala - Dubai
It exports cut and polished diamonds.
It imports rough diamonds from Belgium
We visited the office of the concern and our observations as follows :
Ř Name Board could be seen and the visibility of the same is high.
Ř The concern’s office is easy to locate.
Ř Subject is located on 1st floor in a upmarket commercial area.
Ř Items such as Telephones, Air Conditioner and Computers could be seen at its office.
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.42.59 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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54 |
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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