MIRA
INFORM REPORT
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Report Date : |
05.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
JAIPUR GEMS |
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Registered Office : |
50/1, Cathedral Road, Chennai 600086, Tamilnadu. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Legal Form : |
Partnership Concern With an Unlimited Liability of the Partner |
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Line of Business : |
Dealer of Jewellery of Gold, Precious, Semi-Precious. |
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 750000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern having satisfactory reputation in
the market. Management (Ms. Sacheti) declined business and financial details due
to obvious reasons of volumous cash transaction. Trade relations are reported
as fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ramkrishnan |
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Designation : |
Accountant |
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Date : |
25.10.2008 |
LOCATIONS
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Registered Office : |
50/1, Cathedral Road, Chennai 600086, Tamilnadu, India. |
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Tel. No.: |
91-44-28117145 / 281110104 |
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Fax No.: |
91-44-28113739 |
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E-Mail : |
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Website : |
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Area : |
1200 sq ft |
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Location : |
Owned |
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Branch 1: |
2, Dharam Palace, Hughes Road, Grant Road, Mumbai 400007, Maharashtra. |
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Tel. No.: |
91-22-23631888 / 23636378 |
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Fax No.: |
91-22-23645599 |
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E-Mail : |
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Branch 2 : |
50, Cathearal Raod, Chennai 6000086, Tamil Nadu |
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Tel. No.: |
91-44-28117145 / 28110104 |
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Fax No.: |
91-44-28113739 |
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E-Mail : |
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Branch 3 : |
729, Avinashi Road, Coimbatore 641018, Tamilnadu |
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Tel. No.: |
91-422-4393964 |
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Fax No.: |
91-422-44393974 |
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E-Mail : |
PARTNERS
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Name : |
Mr. Padam Sacheti |
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Designation : |
Main Partner |
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Name : |
Mr. Mithun Sacheti |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. Ramkrishnan |
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Designation : |
Accountant |
BUSINESS DETAILS
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Line of Business : |
Dealer of Jewellery of Gold, Precious,
Semi-Precious. |
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Terms : |
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Selling : |
Cash Over Counter |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Individuals |
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No. of Employees : |
200 (For Production) |
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Bankers : |
·
HDFC Bank Limited, Anna Salai, Chennai 600002. ·
Deutche Bank AG, Chennai 600086 |
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Banking
Relations : |
--- |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.150.000 Millions (Estimated) |
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Borrowed : |
--- |
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Total : |
Rs.150.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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30.000 |
LOCAL AGENCY
FURTHER INFORMATION
Press Release:
L.N. Revathy
Coimbatore, March 11 Jaipur Gems has opened its store here, the third in
the country, after Mumbai and Chennai.
“We have not just established our presence here but brought the Jaipur
feel,” the Director, Mr Mithun Sacheti, told Business
Line.
The company has taken an old building on lease, revamped the interiors
to the likes of a palace environment and showcased its jewellery range in
thematic style. “In Chennai, we created ‘levels’ to have this effect,” Mr
Sacheti said, without disclosing details about the outlay for establishing each
of these exclusive outlets.
The company plans to spread its wings into Hyderabad soon. It has
already narrowed down a location and is expecting to throw it open before the
end of 2008.
Asked if Jaipur Gems is on an expansion spree Mr Sacheti said “We are
not looking at rapid expansion because of constraints on the production side.”
About 280 people are engaged in manufacturing the jewellery, set to
exquisite design. Each piece is handmade and set to trend, with a touch of
tradition to match the style.
Mr Sacheti is himself a designer and product of the Gemmological
Institute of America.
“Intrinsic craftsmanship, stunning designs and stones — sourced from different parts of the world, with an eye for detail and design has been our forte,” he said.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.48.62 |
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UK Pound |
1 |
Rs.76.71 |
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Euro |
1 |
Rs.61.30 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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46 |
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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