MIRA
INFORM REPORT
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Report Date : |
15.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANKIT GEMS |
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Registered Office : |
706, 709 Prasad Chambers, Opera
House, Mumbai - 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 [Estimated] |
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Date of Incorporation : |
Around 1978 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA21454G |
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PAN No.: [Permanent
Account No.] |
AABFA2540E |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer and exporter of all kinds of
cut and polished diamonds. |
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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Maximum Credit Limit : |
USD 20000000 |
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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 fine track.
Partners are reported as experienced, respectable and having satisfactory
means of their own. Their trade relations are reported as fair. Business is
active. Payments are reported as usually correct and as per commitment. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
706, 709 Prasad Chambers, Opera
House, Mumbai - 400 004, Maharashtra, India |
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Tel. No.: |
91-22-2368 3738 ,3739 / 2366
9578,9579 |
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Fax No.: |
91 22 2363 2344 |
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E-Mail : |
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Website : |
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Factory : |
Kunj Gali, Opposite Kesarba Market, Near
Ambaji Mandir, Katargam Road, Surat-395004, Gujarat, India |
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Tel. No.: |
91 261 2530958 |
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Fax No.: |
91 261 2530876 |
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Branches [Raw Material] : |
A.
C. Diam B.V.B.A Hoveniers Street 30, Box 210,
Room No: 820, 2018 Antwerp, Belgium |
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Tel. No.: |
91-323-2329484 |
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Fax No.: |
91-323-2329481 |
PARTNERS
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Name : |
Mr. Vasant Shah |
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Designation : |
Partner |
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Name : |
Mr. Arvind Shah |
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Designation : |
Partner |
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Name : |
Mr. Pravin Shah |
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Designation : |
Partner |
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Name : |
Mr. Dilip Shah |
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Designation : |
Partner |
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Name : |
Mr. Dilip Soni |
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Designation : |
Partner |
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Name : |
Mr. Arun Shah |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of all kinds of
cut and polished diamonds. |
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Exports : |
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Products : |
Cut and Polished Diamonds |
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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 |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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No. of Employees : |
700 [In Office 50; In Factory : 650] |
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Bankers : |
State Bank of India Diamond Branch, Mumbai – 400004, Maharashtra, India |
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Facilities : |
Concern enjoys substantial facilities from its bankers. |
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Banking
Relations : |
Good |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
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Capital Investment [Estimated]: |
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Owned : |
Rs. 500.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 500.000 Millions |
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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5000 |
LOCAL AGENCY
FURTHER INFORMATION
PROFILE
Ankit Gems is the Government
Recognized Export House Unit engaged in the business of manufacturing and
exporting of all kinds of cut and polished diamonds. Establishers of the
company Mr. Vasantbhai Shah, Mr. Arvindbhai Shah, Mr. Arunbhai Shah, Mr.
Pravinbhai Shah, Mr. Dilipbhai Shah and Mr. Dilipbhai Soni are dedicated
to business since last 25 years. They are consolidating the business over the
years by their cautious approach and have developed a strong goodwill in the
trade.
The Firm undertakes the activity of exporting polished diamond of various
shapes possesses its sales network worldwide. The firm imports raw material
from various sources like Belgium, S. Africa, Israel and Russia. The firm
carries its manufacturing activities at Surat, India which benefits the best
workmanship available than anywhere else using latest means of technology.
The company has a unique grading system, which
comply to the international standards. The company can provide international
certification of grading on customer demand from reputed laboratories like GIA
(Gemological Institute of America), IGI (Indian Gemological Institute), IDI
(Indian Diamond Institute) or other of customers choice.
TECHNOLOGY
The Factory is located at SURAT in
Gujarat State (India). The factory is fully equipped with the latest means of
Technology and they have engaged a number of Skilled workers in the
manufacturing process. Their Managerial Executives have been trained with the
latest manufacturing activities personally in Israel and they constantly guide
the workers accordingly too maintain the best Cut and Clarity results.
The
word "CUT" has different meanings. It is synonymous to "the
making": a combination of operations (cleaving, sawing, bruting,
polishing) resulting in the shape of a diamond. These may have different forms
and various "styles": rose cut, brilliant cut, mixed cut,. Everything
that contributes to create certain conditions, good or bad, of brilliance, disperation
and scintillation, intervene with the quality of the cut. These are the
proportions, the polis and the symmetry.
In Today's Modern World of New Innovated Techniques they take special care to
manufacture (Best) Excellent cut and give the Diamond Best Symmetry. Their
Parameters for Excellent, Very Good, Good Cut are same as the GIA Standards
which are having an Universal Acceptance. Whether prefer a round, pear, emerald
cut, marquise or heart shape, the shape of the diamond and make (proportion and
finish) both are elements of the CUT. The better the diamond has been cut, the
better the make, thus the more beautiful the diamond will appear. This cutting
process is the human factor and there is a wide range of expertise in the
world. Some of the diamond cutting centers in the world are New York, Antwerp,
Africa, India. The make of a diamond is the overall appearance. If the diamond
is pleasing to the eye, the probabilities are it has very good angles, good
facet junctions, and very nice finish or polish.
Light travels best, reflecting and refracting, in the third diagram. It has the
best dimensions, angles, and finish so it exits through the top of the diamond
as sparkle (brillance, scintillation, and dispersion). The other diamonds lose
that sparkle through their undersides.
Excellent : Diamonds
cut just very slightly outside of "ideal" proportions.
Very
Good : Diamonds cut just outside of "ideal" proportions.
Good : Diamonds
cut noticeably outside "ideal" proportions but above average.
Fair : Diamonds cut below average proportions with noticeably reduced
brilliance and cutting flaws to the untrained eye.
Poor : Diamonds
cut well below average proportions with distinctively reduced brilliance and
noticeable cutting irregularities to the untrained eye.
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.40.45 |
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UK Pound |
1 |
Rs.82.25 |
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Euro |
1 |
Rs.63.20 |
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 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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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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