MIRA
INFORM REPORT
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Report Date : |
05.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
KRINAL GEMS |
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Registered Office : |
206, Flox
Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2005 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTK01514C |
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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 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 38000 |
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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 now well-established concern having satisfactory track.
Trade relations are fair. Payments are usually correct and as per
commitments. It can be considered normal for business dealings at usual trade terms
and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Nitin Rao |
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Designation : |
Accountant |
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Contact No.: |
91-9322041264 |
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Date : |
04.10.2008 |
LOCATIONS
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Registered
Office : |
206, Flox Chambers,
Opera House, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23668142/3 |
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Fax No.: |
91-22-23668142/3 |
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Mobile No.: |
91-9322041264
(Mr. Nitin) |
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Area : |
400 Sq.fts. |
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Locations : |
Owned |
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Head Office : |
202, Princes Plaza,
Sardar Chowk, Varachha Road, Surat – 6, Gujarat, India |
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Tel. No.: |
91-261-2544558 |
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Area : |
15000 sq.
fts. (Office cum Factory) |
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Locations : |
Owned |
PARTNERS
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Name : |
Mr. Mukersh Bhai Khunt |
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Designation : |
Partner |
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Address : |
66, Kamal Park
Society, Vibhag – II Varachha, Kapodra, Surat – 6 |
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Date of Birth/Age : |
40 years |
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Qualification : |
VIth Standard |
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Name : |
Mr. Mansukhbhai Khunt |
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Designation : |
Partner |
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Address : |
66, Kamal Park
Society, Vibhag – II Varachha, Kapodra, Surat – 6 |
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Date of Birth/Age : |
29 years |
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Qualification : |
XIth Standard |
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Name : |
Mr. Hiteshbhai Khunt |
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Designation : |
Partner |
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Address : |
66, Kamal Park
Society, Vibhag – II Varachha, Kapodra, Surat – 6 |
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Date of Birth/Age : |
32 years |
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Qualification : |
S.S.C |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Diamonds. |
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Exports : |
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Products : |
Diamonds |
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Countries : |
Hong Kong |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
Belgium, Hong Kong |
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Terms : |
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Selling : |
Credit (90-120 days) |
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Purchasing : |
Credit (90-120 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
150 (Head Office + Factory) |
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Bankers : |
Saraswat Co-Operative Bank, New Marine Lines, Mumbai – 400 002,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Ramesh Rajni and Associates Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 7.430 millions |
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Borrowed : |
--- |
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Total : |
Rs. 7.430 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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|
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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7.430 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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7.430 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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7.430 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.312 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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122.579 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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122.579 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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Provisions |
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Total
Current Liabilities |
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115.461 |
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Net Current Assets |
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7.118 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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7.430 |
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PROFIT & LOSS
ACCOUNT
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Particulars |
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31.03.2008 |
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I) Gross Revenue |
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Local Sales of Polished Diamond |
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137.302 |
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Export of Polished Diamond |
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53.311 |
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Deemed Exports of Polished Diamond |
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17.172 |
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Local Sale of Rejection Diamond |
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0.836 |
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Export Exchange Difference |
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0.183 |
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Total |
208.804 |
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II) Cost of Sales |
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Rough Material
Consumed |
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Opening stock of Rough and Rejection diamond |
29.090 |
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Add: Purchase during the year |
152.424 |
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Less: Closing stock of Rough and Rejection diamond |
[53.609] |
127.905 |
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Labour charges |
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12.049 |
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Manufacturing Expenses |
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0.303 |
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Import Export Differences |
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[5.038] |
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Cost of production |
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135.219 |
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Add: Opening stock of Polished Diamond |
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35.973 |
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Add: Purchase and Import of Polished Diamond |
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67.297 |
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Less : Closing stock of Polished Diamond |
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41.432 |
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Cost of Sales |
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197.057 |
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III) Gross profit (I-II) |
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11.747 |
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Selling and Administrative Expenses |
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2.913 |
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As per Schedule – E |
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Depreciation |
|
0.077 |
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Interest on partners capital
balance |
|
0.120 |
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Remuneration to working partners |
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3.160 |
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Provision for taxation |
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0.000 |
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Net profit after
tax transfer to Partners Capital Account |
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5.187 |
KEY RATIOS
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PARTICULARS |
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|
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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15.53 |
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Current Ratio (Current Asset/Current Liability) |
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1.06 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE References:-
·
Deepak
Diamond, Mumbai, Maharashtra
·
Kama
Jewellery, Mumbai , Maharashtra
·
Lukshi
Jewellery, Mumbai , Maharashtra
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.88 |
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UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
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 |
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 |
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 |
|
45 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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