MIRA
INFORM REPORT
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Report Date : |
13.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
PRIYANKA GEMS |
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Registered Office : |
2102-A Panchratna, 21st Floor, Opera House, Mumbai ,
Maharashtra. |
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Country : |
India |
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Year of Establishment : |
1992 |
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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 all types of Jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Exist |
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Comments : |
Despite several follow ups, explanations and appraisals, management
remained non-co-operative. Some press clipping indicates that management was involved in murder of
a businessman. Hence, it would be prudent to deal with the concern on fully
safe and secured trade terms and conditions only. Important dealings can be ignored. Mr.Jinesh of the concern declined business and financial details.
However, efforts are continued for the same and if available, a shall follow
soon. |
INFORMATION PARTED
BY
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Name : |
Mr.Kishor |
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Designation : |
Accountant |
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Contact No.: |
91-9820490688 |
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Date : |
07.10.2008 |
LOCATIONS
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Registered Office : |
2102-A Panchratna, 21st Floor, Opera House, Mumbai,
Maharashtra, India. |
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Tel. No.: |
91-22-23679235 |
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Mobile No.: |
91-9820490688 (Mr.Kishor) |
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Fax No.: |
91-22-23645198 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Location : |
1000 sq.ft. |
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Factory 1 : |
1st Floor, Tapovan, Opp.Gitanjali Cinema, Surat – 395006,
Gujarat. |
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Tel. No.: |
91-261-2553481 / 2/3/4 |
PARTNERS
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Name : |
Mr.Babubhai Mangukiya |
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Designation : |
Partner |
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Age : |
55 years |
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Qualification : |
B.Com |
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Name : |
Mr.Jitu Mangukiya |
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Designation : |
Partner |
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Age : |
35 years |
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Qualification : |
B.Com |
KEY EXECUTIVES
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Name : |
Mrs.Nishita |
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Designation : |
Accountant |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of all types of Jewellery. |
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Exports : |
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Countries : |
v European
Countries |
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Imports : |
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Countries : |
v European
Countries v Belgium |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Credit (120 days) |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers v End Users |
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No. of Employees : |
20 ( in office + in factory + in branch) |
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Bankers : |
State Bank of India Overseas Branch, Mumbai |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
C.I.Patwa and Company Chartered Accountant |
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Associates: |
Priyanka India Private Limited New Delhi |
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Tel. No.: |
91-11-28116867 / 28117604 / 28117753 / 28115982 |
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Fax No.: |
91-11-28115192 |
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E-Mail : |
Priyanka.india@gems.vsnl.net |
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Web site: |
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Line of Business: |
Manufacturing of Tents,Canvas,etc. |
CAPITAL STRUCTURE
NA
FINANCIAL DATA
[all figures are in Rupees Millions]
NA
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was reported to be in business since 1992 at Mumbai in Maharashtra as a partnership concern.
TRADE REFERENCES:
v
RATNA JEWELERS , MUMBAI
Press clipping
Police had begun a hunt for three diamond traders in connection with the murder of diamond trader Mr. Rajesh Shah, 40, who could not pay up Rs. 2000 millions to traders in Mumbai and Surat for diamonds exported by them.
The police suspect the accused – Mr. Manish Suresh and Mr. Dinesh may be escaped to Surat.
Senior Police Inspector Bhagwan Balaji Hule of the Lamington police station said, “We had gone to the accused Manish’s residence at Gowalia Tank, but nobody was found there. They also had information of another accused Dinesh living somewhere in Santacruz. They are keeping a watch in Surat following information that all three accused had escaped to Surat.
Mr. Manish lives on the 14th floor of Dhawalgiri building at Popnaswadi, Gowalia Tank. A security guard at the beginning said, “Since Thursday evening Manish had not come home.
“His father has gone somewhere since Friday. His wife and mother on Saturday night locked the flat and had gone away. Since then nobody had returned. The police had been frequenting his place and asking about him. Certain traders had also come and made enquiries.
So far the a police had seized Manish’s silver coloured Lancer car. Hule said, “Rajesh was taken by the accused in the Lancer to Phoenix building. The Lancer is owned by Mr. Manish. His wife and has shown the car documents”.
The three diamond traders are from Jalpa Diamond Company which was located on the second floor of Pratik building in Opera House. It is believed that Mr. Rajesh had owned the three of them Rs. 120.000 millions.
On Thursday night, Mr. Rajesh’s body was found in the office of Priyanka Gems on the second floor of Phoenix Building, V. P. Road.
In this connection, the police had registered a case of murder and Mr. Paresh Ramji Magukhiya, 23, an employee of Priyanka Gems, had been arrested.
Mr. Paresh was produced at the Girgaun Metropolitan court at 4 pm on Friday and the court had granted him police custody till September 20.
Meanwhile, the police had registered a case against Mr. Paresh under Sections 302, 342 and 34 and had submitted a remand application at the Metropolitan Magistrate’s court. The police had revealed some shocking details in the remand application.
Mr. Rajesh was running a diamond company, Sonidien, at Antwerp in Belgium.
His wife and son were also living there. Rajesh’s brother in law Mr. Mahendra Jayantibhai Gandhi, 49, runs Chirag Diamonds at Prasad Chambers in Mumbai.
Mr. Gandhi used to buy diamonds from Mumbai and export them to Mr. Rajesh. In return, Rajesh used to sell them and send him the money.
Since Mr. Rajesh did not sent Gandhi any money for many days, the traders in Mumbai started collecting money from Gandhi.
Diamond traders Mr. Bipin, Mr. Manish and Mr. Rajendra threatened Gandhi and his son Chirag over the phone and asked about Mr. Rajesh’s property in Mumbai. In this connection, Mr. Gandhi had registered a complaints at the Malabar Hill Police Station.
Mr. Rajesh came to Mumbai on July 30. At 11 pm on Thursday, a stranger had called up Rajesh’s brother Mr. Pradip and informed him that Mr. Rajesh was being beaten up by Mr. Manish, Mr. Suresh, Mr. Dinesh and some other traders in the office of Jalpa Diamonds, Phoenix Building.
Following this telephonic information, Mr. Pradip went to Priyanka Gems to confirm it. There he saw Mr. Rajesh lying on the floor with bruises all over his body. He immediately informed the Lamington Road police station.
Police Inspector Mr. J. L. Dhanawade of the Lamington police station is investigating the case.
We visited the office of the concern where we observed that
K Name Board could be seen.
K The concern’s office is easy to locate.
K Subject is located in an upmarket area.
K Items such as Telephone, Fax Machines, Computers and Air Conditioner could be seen at the concern’s office.
Subject employs around 25 persons in its’ set up comprising of 5 persons in office and 20 persons in factory
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.48.72 |
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UK Pound |
1 |
Rs.82.17 |
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Euro |
1 |
Rs.65.90 |
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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