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MIRA INFORM REPORT
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Report No. : |
485733 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
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Name : |
MAHANT EXPORTS |
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Registered
Office : |
Plot # 4 Paiki -5, 1st Floor, Ghodiyapir Tekro, Opposite New Katargam Police
Station, Katargam Surat – 396004, Gujarat |
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Tel. No.: |
91-9979943535 / 9924045365 (Mr. Himanshu) |
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Country : |
India |
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Financials (as
on) : |
Not Available |
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Year of
Establishment: |
May 2017 |
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Capital Investment
/ Paid-up Capital : |
Not Available |
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TIN No.: |
Not Available |
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IEC No.: |
5217504188 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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GSTIN : |
24ABEFM8071G1Z9 |
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PAN No.: [Permanent Account No.] |
ABEFM8071G |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business
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Manufacturer, Trader and Importer of Rough and Raw Diamond. (Manufacturing
Done through Job Work.) (Confirmed by management) |
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No. of Employees
: |
03 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
NB |
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Credit Rating |
Explanation |
Rating Comments |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new partnership concern established in May 2017. It is a manufacturer, trader and importer of rough and raw diamond. Mr. Himanshu Khambhat (Accountant) has provided general information about the subject to us. Payments are reported to be unknown. In view of subject’s infancy, dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable. NOTE 1: Site visit was conducted at the address which you have provided and our executive has successfully traced the subject on the given address. Due to unavailability of contact details our executive was unable to contact the subject. At the premises our executive met Mr. Himanshu Khambhat (Accountant) who he provided the contact details- 9920445365. Further he also confirmed the existence of the subject on the given address. As per our executive’s observation, it is 1 story building and subject is situated on the 1st floor of the building. Location was difficult to find. Locality appears to be commercial. Area seems to be upmarket. Area of premises is 800 (sq. ft.). 3 employees were sighted in the office. Name board of the subject was sighted at the given address. NOTE 2: After the site visit our executive contacted on the number 9920445365 and Mr. Himanshu Khambhat (Accountant) provided the above information. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low
Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High
Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
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
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is not
listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 17.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY
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Name : |
Mr. Himanshu Khambhat |
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Designation : |
Accountant |
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Contact No.: |
91-9920445365 |
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Date : |
17.01.2018 |
LOCATIONS
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Registered Office : |
Plot # 4 Paiki -5, 1st Floor, Ghodiyapir Tekro, Opposite New Katargam
Police Station, Katargam Surat – 396004, Gujarat, India |
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Tel. No.: |
Not Available |
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Mobile No.: |
91-9979943535 / 9924045365 (Mr. Himanshu) |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
800 sq. ft. |
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Location : |
Rented |
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Locality : |
Commercial |
PARTNERS
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Name : |
Mr. Ramikbhai Kosiya |
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Designation : |
Partner |
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Address : |
34, Bhalchandra Nagar Society, Near Singanpor Char Rasta, Katargam – 395004, Gujarat, India |
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Name : |
Mr. Yogeshbhai Gopani |
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Designation : |
Partner |
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Address : |
B-59, Kuber Nagar, Soc-2, Katargam D, Arwaja, Katargam- 395004, Gujarat, India |
KEY EXECUTIVES
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Name : |
Mr. Himanshu Khambhat |
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Designation : |
Accountant |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Importer of Rough and Raw Diamond.
(Manufacturing Done through Job Work.) (Confirmed by management) |
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Products : |
Rough and Raw Diamond |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
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Products : |
Rough and Raw Diamond |
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Countries : |
Belgium |
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Terms : |
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Selling : |
Cheque and Credit (90 Days), RTGS, Bank Transfer |
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Purchasing : |
Credit (90 Days), RTGS, Bank Transfer |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Manufacturer
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No. of Employees : |
03 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
A.M. Patel and Associates Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Sister Concern: |
Not Available |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
-- |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are in
INR Million]
NEW BUSINESS
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
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Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
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1 |
Year of establishment |
Yes |
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2 |
Constitution of the entity -Incorporation
details |
Yes |
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3 |
Locality of the entity |
Yes |
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4 |
Premises details |
Yes |
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5 |
Buyer visit details |
Yes |
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6 |
Contact numbers |
Yes |
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7 |
Name of the person contacted |
Yes |
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8 |
Designation of contact person |
Yes |
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9 |
Promoter’s background |
No |
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10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
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11 |
Pan Card No. of Proprietor / Partners |
No |
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12 |
Voter Id Card No. of Proprietor / Partners |
No |
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13 |
Type of business |
Yes |
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14 |
Line of Business |
Yes |
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15 |
Export/import details (if applicable) |
Yes |
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16 |
No. of employees |
Yes |
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17 |
Details of sister concerns |
No |
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18 |
Major suppliers |
No |
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19 |
Major customers |
Yes |
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20 |
Banking Details |
Yes |
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21 |
Banking facility details |
No |
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22 |
Conduct of the banking account |
-- |
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23 |
Financials, if provided |
No |
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24 |
Capital in the business |
No |
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25 |
Last accounts filed at ROC, if applicable |
No |
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26 |
Turnover of firm for last three years |
No |
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27 |
Reasons for variation <> 20% |
-- |
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28 |
Estimation for coming financial year |
No |
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29 |
Profitability for last three years |
No |
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30 |
Major shareholders, if available |
No |
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31 |
External Agency Rating, if available |
No |
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32 |
Litigations that the firm/promoter
involved in |
-- |
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33 |
Market information |
-- |
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34 |
Payments terms |
Yes |
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35 |
Negative Reporting by Auditors in the Annual
Report |
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 and 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.
OBSERVATION FORM
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COMPANY NAME: MAHANT EXPORTS ADDRESS: Plot # 4 Paiki -5, 1st Floor, Ghodiyapir Tekro, Opposite New Katargam Police Station, Katargam Surat – 396004, Gujarat, India CONTACT NO: 91-9924045365 PERSON TO WHOM WE MET: Mr. Himanshu Khambhat DESIGNATION: Accountant NAME BOARD: SIGHTED LOCATION: DIFFICULT LANDMARK (IF ANY): OPPOSITE NEW KATARGAM POLICE STATION TOTAL FLOORS OF THE BUILDING: GROUND + 1 FLOOR SUBJECT SITUATED ON : 1ST FLOOR LOCALITY: COMMERCIAL AREA OF PREMISES: 800 (SQ. FT.) AREA: UPMARKET NO. OF EMPLOYEES SEEN AT PREMISES: 3 VISIBILITY OF
ITEMS: OFFICE EQUIPMENT FURNITURE ITEMS SIGHTED: Table and Chairs PROOF OF VISIT: PHOTOGRAPH |
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 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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INR |
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US Dollar |
1 |
INR 63.41 |
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1 |
INR 87.17 |
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Euro |
1 |
INR 77.44 |
INFORMATION DETAILS
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Information
Gathered by : |
PNM |
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Analysis Done by
: |
NYT |
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Report Prepared
by : |
SUJ |
SCORE FACTORS
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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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.