MIRA
INFORM REPORT
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Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
WAMAN HARI PETHE JEWELLERS |
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Registered Office : |
First Floor, Pethe Bldg, J.S.S. Road, Thakurwar, 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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Year of Establishment : |
1909 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW00478C |
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PAN No.: [Permanent
Account No.] |
AAAFW0236C |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer and Retailer of Gold and Diamond Studded 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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Maximum Credit Limit : |
USD 2500000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is old established jewelers whose 4th generation is
in business. They are Popular among Maharastrian community and known for
quality and reliability. Partners are resourceful businessmen. Their trade relations are fair.
Payment are Usually correct and as per commitments. The Concern can be considered good for any normal business dealings It
can be regarded as a promising business partner in a medium to long run. |
INFORMATION PARTED
BY
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Name : |
Mrs. Palavi Kulkarni |
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Designation : |
Accountants |
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Date : |
07.10.2008 |
LOCATIONS
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Registered Office : |
First Floor, Pethe Building, J.S.S. Road, Thakurdwar, Mumbai- 400004,
Maharashtra, India |
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Tel. No.: |
91-22-23852826 / 23863523 / 23858470 / 23896452 |
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Fax No.: |
91-22-23858470 |
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E-Mail : |
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Websites : |
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Area : |
2000 Sq.fts |
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Location : |
Owned |
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Branches 1 : |
Pethe Building, J.S.S Road, Girgaon, Mumbai-400 004, Maharashtra,
India |
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Tel. No.: |
91-22-23853521 / 23853522 / 23858470 |
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Branches 2 : |
Pethe Building, Ranade Road, Dadar(West), Mumbai-400 028, Maharashtra,
India |
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Tel. No.: |
91-22-24301592 / 24307516 |
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Branches 3 : |
Cosmos Court, S.V. Road, Opp. ICO Petrol Pump, Vileparle(west),
Mumbai-400 056, , Maharashtra, India |
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Tel. No.: |
91-22-26105201/26105202 |
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Branches 4 : |
Shop No:4-5, Siddharth Co.op, Hsg. Society, Factory Lane, Off L.T.
Road, Near H.S.B.C, Borivali (West), Mumbai-400 092, Maharashtra, India |
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Tel. No.: |
91-22-28335833 / 28335844 |
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Branches 5 : |
At 4/5/6, Sungrace Apartments, F1, Sector10, Vashi, Navi
Mumbai-400703, Maharashtra, India |
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Tel. No.: |
91-22-27668407 / 27668408 |
PARTNERS
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Name : |
Mr. Ram Krishna Ganesh Pethe |
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Designation : |
Partner |
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Name : |
Mr. Neelkanth Ganesh Pethe |
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Designation : |
Partner |
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Name : |
Mr. Dilip Madhar Pethe |
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Designation : |
Partner |
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Name : |
Mr. Ulhas Madhav Pethe |
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Designation : |
Partner |
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Name : |
Mr. Subhash Srikrishna Pethe |
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Designation : |
Partner |
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Name : |
Mr. Chinnai N. Pethe |
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Designation : |
Partner |
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Name : |
Mr. Tushar C. Pethe |
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Designation : |
Partner |
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Name : |
Mr. Ashish C. Pethe |
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Designation : |
Partner |
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Name : |
Mr. Adima S. Pehte |
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Designation : |
Partner |
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Name : |
Mr. Vishwnatah. Pethe |
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Designation : |
Partner |
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Name : |
Mr. Chandarkant Pethe |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Retailer of Gold and Diamond Studded Jewellery |
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Exports : |
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Products : |
Jewellery Diamonds |
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Countries : |
USA, Australia |
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Terms : |
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Selling : |
Cash, Credit (90 days) |
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Purchasing : |
Credit (90 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
200 |
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Bankers : |
· Standard Chartered Bank, M G Road, Dadar (West), Mumbai, Maharashtra, India · HDFC Bank, Jogeshwari (West) Branch, Mumbai, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S S Ganpule and Company Chartered Accountants |
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Address : |
Dadar, Mumbai, Maharashtra, India |
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Associates/Subsidiaries
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NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 500.000 Millions (Estimated) |
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Borrowed : |
---- |
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Total : |
Rs. 500.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
31.03.2007 |
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Sales Turnover |
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800.000 |
750.000 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:-
· Tanishq
· Kiah
WEBSITE DETAILS:-
Concern Profile:-
Discover A World Of Timeless Beauty:
The concern was established in 1909 in Mumbai, is one of the largest jewellery establishments in western part of India. At the concern, four generations of master craftsmen have strived hard, to realise a dream that has resulted in flawless reputation of more than 90 years, well earned at their three exclusive showrooms in Mumbai at Gurgaon, Dadar and Borivali.
Designing Excellence:
Their continuous efforts at introducing innovations in their designs maintains the perfect balance between traditional craftsmanship and contemporary panache.
The concern has won several awards for designing, prominent being the award for
" Best Design: Casual Ring Category" in the design competition held
under the auspisces of "De- Beers" For the year 1997.
International Profile:
The concern has exports
of jewellery to U.S.A., Australia, Bangkok, Hong Kong and Japan.
They are expertise in baguette set jewellery. They at the concern put in that
extra effort and emphasis on supplying their customers only the Best
International Quality. Added to this the advantage of being situated in a low
cost centre like Mumbai makes their Jewellery an instant hit worldwide.
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.48.01 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.20 |
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 |
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 |
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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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/normal. |
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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