|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
H DIPAK AND COMPANY |
|
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Registered
Office : |
2408, Panchratna, Opera House, M P Marg, Mumbai - 400 004, |
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Financial (as
on) : |
31.03.2014 |
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Country : |
India |
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Year of
Establishment : |
1992 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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|
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IEC No.: |
Not Divulged |
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TIN No.: |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business
: |
Manufacturer, Trader, Exporter and Importer of Diamonds. |
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established partnership concern having a fine track
record. Mr. Nikunj (Assistant Manager) has provided us with all information. The rating takes into consideration promoter’s extensive industry
experience and its established relations with clients. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. The concern can be considered good 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Have Strong Degree of Safey and Carry Low Credit Risk. |
|
Date |
17.04.2013 |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Nikunj |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-22-66446666 |
|
Date : |
29.11.2014 |
LOCATIONS
|
Registered Office : |
2408, Panchratna, Opera House, M P Marg, Mumbai - 400 004, |
|
Tel. No.: |
91-22-66270600 / 23635436 / 23639101 / 56446666 / 23690383 / 23636979
/ 56346806 |
|
Mobile No.: |
91-9820448660 (Mr. Kalpesh) |
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Fax No.: |
91-22-23639107 / 23635436 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Corporate Office : |
Plot No. D 10, Road No. 21, Sinath Nagar, Marol, MIDC, Mumbai – 400
093, |
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Tel. No.: |
91-22-66446666 |
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Fax No.: |
91-22-28377049 |
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|
|
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Factory : |
Sardar Patel, Town Ship, Near Navsari Railway Station, Navsari, |
PARTNERS
|
Name : |
Mr. Hitesh V Mehta |
|
Designation : |
Partner |
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Date of Birth/Age : |
52 Years |
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Qualification : |
HSC |
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|
|
|
Name : |
Mr. Manish Mehta |
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Designation : |
Partner |
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Date of Birth/Age : |
47 Years |
|
Qualification : |
Graduate |
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|
|
|
Name : |
Mr. Ankit Mehta |
|
Designation : |
Partner |
|
Date of Birth/Age : |
28 Years |
KEY EXECUTIVES
|
Name : |
Mr. Nikunj |
|
Designation : |
Assistant Manager |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Exporter and Importer of Diamonds. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Diamonds |
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Countries : |
·
USA ·
UK ·
Australia ·
Japan ·
Hong Kong |
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Imports : |
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Products : |
Rough Diamonds |
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Countries : |
·
Belgium ·
Israel |
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Terms : |
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Selling : |
Credit (30 Days) |
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Purchasing : |
Credit (30 Days) |
GENERAL INFORMATION
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Suppliers : |
Diamond Trading Company, Botswana, South Africa |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
Note: Bankers
are not ready to give details. |
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Auditors : |
|
|
Name : |
V G Varia and Company Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates/Subsidiaries : |
Not Divulged |
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Sister Concern : |
Not Divulged |
CAPITAL STRUCTURE
|
Capital Investment : |
|
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
16000.000 |
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The above information has been parted by Mr. Nikunj (Assistant Manager)
Note : Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry
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 |
No |
|
5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
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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 three years |
No |
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13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
|
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 |
Yes |
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.
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.61.88 |
|
|
1 |
Rs.96.82 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
GAY |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
57 |
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.