|
Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
RANK INTERNATIONAL |
|
|
|
|
Registered
Office : |
A-34, Nandjyot Industrial Estate, Safedpool, Andheri Kurla Road, Andheri
(East), Mumbai – 400072, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
14.09.1994 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.45.044 Millions |
|
|
|
|
IEC No.: |
0394056761 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAFR5858G |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Gold and Silver Findings, Gold and Silver Chains, Master Alloys, Nose / Ear Piercing Instruments, Immitation Jewellery etc |
|
|
|
|
No. of Employees
: |
75 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 180000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established partnership concern having a satisfactory
track record. Mr. Deepak, Accounts and Finance Manager has provided all information
but denied to disclose financials of 2012. However, trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Deepak Maheshwari |
|
Designation : |
Accounts and Finance Manager |
|
Contact No.: |
91-9322641655 |
|
Date : |
26.07.2013 |
LOCATIONS
|
Registered Office : |
A-34, Nandjyot Industrial Estate, Safedpool, Andheri Kurla Road,
Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-42442500 |
|
Mobile No.: |
91-9322641655 (Mr. Deepak) |
|
Fax No.: |
91-22-42442599 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1019 sq.fts |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
G 44, Gems and Jewellery Complex- I, Seepz , Andheri East, Mumbai 400096, Maharashtra, India |
|
Tel. No.: |
+91 22 42442200 |
|
Fax No.: |
+91 22 42442299 |
|
E-Mail : |
|
|
Area : |
8000 sq.fts |
|
Location : |
Leased |
|
|
|
|
Branches 1 : |
G 44 (Part), Gems and Jewellery Complex- I, Seepz , Andheri East,
Mumbai 400096, Maharashtra, India |
|
Tel. No.: |
91 22 42442200 |
|
Fax No.: |
91 22 42442299 |
|
E-Mail : |
|
|
Area : |
350 sq.fts |
|
Location : |
Leased |
|
|
|
|
Branches 2 : |
SDF # 12, Trading Block, Noida Sez, Phase Ii, Noida Dadri Road, Noida 201305, India |
|
Tel. No.: |
+91 9811264088 |
|
Fax No.: |
+91 120 4202114 |
|
E-Mail : |
|
|
Area : |
1000sq.fts |
|
Location : |
Leased |
PARTNERS
|
Name : |
Mrs. Bharati Kedia |
|
Designation : |
Partner |
|
Address : |
43, Ocean Crest Chsl, Bhulabhai Desai Road, Mumbai 400036, Maharashtra,
India |
|
Date of Birth/Age : |
07.09.1954 |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Ms. Sangeeta Ruia |
|
Designation : |
Partner |
|
Address : |
A38 Nandjyot Industrial Estate, Safedpool, Mumbai 400072, Maharashtra,
India |
|
Date of Birth/Age : |
18.05.1965 |
|
Qualification : |
Graduate |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Maheshwari |
|
Designation : |
Accounts and Finance Manager |
|
|
|
|
Name : |
Mr. Radheshyam Kedia |
|
Designation : |
Key Executive |
|
Address : |
43, Ocean Crest Chsl, Bhulabhai Desai Road, Mumbai - 400036, Maharashtra,
India |
|
Date of Birth/Age : |
16.08.1956 |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. Madhusudan Ruia |
|
Designation : |
Key Executive |
|
Address : |
Shivam Apartments, Babulnath, Mumbai - 400007, Maharashtra,
India |
|
Date of Birth/Age : |
19.08.1957 |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. Bharat Kedia |
|
Designation : |
Key Executive |
|
Address : |
A 701, Orchid Enclave, J B Nagar, Andheri East, Mumbai - 400096, Maharashtra,
India |
|
Date of Birth/Age : |
01.12.1975 |
|
Qualification : |
Graduate |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Gold and Silver Findings,
Gold and Silver Chains, Master Alloys, Nose / Ear Piercing Instruments,
Immitation Jewellery etc |
|
|
|
|
Exports : |
|
|
Products : |
· Gold and Silver Findings · Gold and Silver Chains |
|
Countries : |
· USA · Hong Kong · Thailand · United Kingdom · South Africa · Switzerland |
|
|
|
|
Imports : |
|
|
Products : |
· Gold and Silver Findings · Ear /Nose Piercing Instruments · Imitation Jewellery |
|
Countries : |
· USA · Italy · Hong Kong |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30 days) |
|
|
|
|
Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Installed Capacity |
Actual Production |
|
Master Alloys |
1 Ton Per Month |
50 % |
|
Gold and Silver Findings |
40 Kg Per Month |
40% |
|
Gold and Silver Chains |
250 Kg Per Month |
40 % |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
|
|
|
|
No. of Employees : |
75 (Approximately) |
|
|
|
|
Bankers : |
· Kotak Mahindra Bank Limited J B Nagar, Andheri (East) Branch, Mumbai - 400096, Maharashtra,
India |
|
|
|
|
Facilities : |
Cash and Credit Rs.37.500 Millions |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Banka and Banka Chartered Accountant |
|
Address : |
Shah Tarde Centre, 3rd Floor, Rani Sati Marg, Off W.E.
Highway, Malad East, Mumbai 400097 |
|
Tel. No.: |
+91 22 40984545 |
|
Fax No.: |
+91 22 40984546 |
|
E-Mail : |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
|
Capital Investment : |
|
|
Owned : |
Rs.45.044 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.45.044 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
Not Divulged |
The above information has been declined by Mr. Deepak Maheshwari.
Note: Sole Proprietory and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
45.044 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
45.044 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
16.535 |
|
|
2] Unsecured Loans |
|
|
5.523 |
|
|
TOTAL BORROWING |
|
|
22.058 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
67.102 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
32.570 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.640 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
91.150 |
|
|
Sundry Debtors |
|
|
87.174 |
|
|
Cash & Bank Balances |
|
|
8.128 |
|
|
Other Current Assets |
|
|
6.616 |
|
|
Loans & Advances |
|
|
1.846 |
|
Total
Current Assets |
|
|
194.914 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.000 |
|
|
Other Current Liabilities |
|
|
161.022 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
161.022 |
|
|
Net Current Assets |
|
|
33.892 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
67.102 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
467.539 |
|
|
|
Other Income |
|
|
0.452 |
|
|
|
TOTAL |
|
|
467.991 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
|
|
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
11.892 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.752 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
|
11.140 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total
Income |
(%) |
|
|
2.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
2.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
5.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Debt/Networth) |
|
|
|
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.21 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one years |
Yes |
|
12] |
Profitability for last one years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
No |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the untiring
and unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly diverted
borrowed money for diamond business into real estate and capital markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market liquidity.
NOTE:
Earlier when we has prepared the report on subject company Mr. Deepak (A/c and Finance Manager) confirmed that partner of the company was:
1. Mrs. Bharti Kedia
2. Ms. Sangeet Ruia
3. Mr. Radheshyam Kedia
4. Mr. Madhusudan Ruia
5. Mr. Bharat Kedia
But no he claimed that only
1. Mrs. Bharti Kedia
2. Ms. Sangeet Ruia
Are the partners of the company. Others are just Key Executive.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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
|
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 |
|
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.