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MIRA INFORM REPORT
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Report No. : |
486628 |
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Report Date : |
17.01.2018 |
IDENTIFICATION DETAILS
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Name : |
STAR RAYS |
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Registered
Office : |
Shivam Chambers, Khand Bazaar, Varachha Road, Surat -395006, Gujarat |
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Tel. No.: |
91-22-40304444 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Year of
Establishment : |
1980 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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IEC No.: |
0888017049 |
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GSTIN/UIN: |
Not Divulged |
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TIN No.: |
27480356256 |
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PAN No.: [Permanent Account No.] |
AAMFS1942B |
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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 and Exporter of Diamond. [Confirmed by Management] |
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No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a partnership concern established in the year 1980 and is
having satisfactory track record. The concern is a manufacturer and exporter of diamond. Mr. Sameer (Senior Accountant) has claimed that the concern has achieved
a sales turnover of INR 15430.000 million for the financial year 2017. The rating continues to factory in favorably the domain expertise and
long standing experience of the promoters in the cut and polished diamonds
(DPD) industry supported by well established distribution network and
presence in the e-commerce domain which provides the firm easier access to
diversified global market. Payment terms are reported to be usually correct. The concern can be considered 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.
ECGC Country Risk Classification List
|
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 |
ICRA |
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Rating |
Long term loans = A- |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
26.08.2016 |
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Rating Agency Name |
ICRA |
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Rating |
Short term loan = A2 |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
26.08.2016 |
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. Sameer |
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Designation : |
Senior Accountant |
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Contact No.: |
91-22-40304444 |
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Date : |
16.01.2018 |
LOCATIONS
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Registered Office : |
Shivam Chambers, Khand Bazaar, Varachha Road, Surat -395006, Gujarat,
India |
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Tel. No.: |
91-22-40304444 |
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Fax No.: |
91-261-2554445 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality: |
Commercial |
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Marketing Office
1: |
Bharat Diamond Bourse (BDB), DW2031/32, Second Floor, D-Tower, West
Wing, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra,
India |
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Tel. No.: |
91-22-40304444 |
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Fax No.: |
91-22-23634585 |
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Location : |
Owned |
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Marketing Office
2: |
71 West, 47th
Street, Suite-1300, New York, 10036 |
PARTNERS
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Name : |
Mr. Jitendra Shah |
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Designation : |
Partner |
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Address : |
183/A, Nav Shantinagar Housing Society, 98, Nepeansea Road, Mumbai-400006, Maharashtra, India |
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Name : |
Mr. Rajendra Shah |
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Designation : |
Partner |
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Address : |
9-B, Ravitej Apartment, Opposites Lourds Convent School, Athwalines, Surat – 395005, Gujarat, India |
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Name : |
Mr. Mahendra Shah |
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Designation : |
Partner |
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Address : |
702 Adharshila Apartment, Near Lal Bungalows, Ghod Dod Road, Surat- 95001, Gujarat, India |
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Name : |
Mr. Dilip Shah |
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Designation : |
Partner |
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Address : |
402-502, Dharam Palace, B/H Umra Jakat Naka, Parle Point, Surat -395005, Gujarat, India |
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Name : |
Vikesh |
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Designation : |
Partner |
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Name : |
Mr. Ritesh |
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Designation : |
Partner |
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Name : |
Mr. Krupesh |
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Designation : |
Partner |
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Name : |
Mr. Sohil |
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Designation : |
Partner |
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Name : |
Mr. Aalok |
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Designation : |
Partner |
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Name : |
Mr. Pratik |
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Designation : |
Partner |
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Name : |
Mr. Priyank |
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Designation : |
Partner |
KEY EXECUTIVES
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Name : |
Mr. Sameer |
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Designation : |
Senior Accountant |
BUSINESS DETAILS
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Line of Business
: |
Manufacturer and Exporter of Diamond. [Confirmed by Management] |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Polished Diamond |
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Countries : |
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Imports : |
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Products : |
Rough Diamond |
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Countries : |
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Terms : |
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Selling : |
L/C, Cheque, Credit and Others (RTGS) |
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Purchasing : |
L/C, Cheque, Credit and Others (RTGS) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers
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No. of Employees : |
800 (Approximately) |
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Bankers : |
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Auditors : |
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Name : |
Bakul Sandeep and Company Chartered Accountants |
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Address : |
Surat, Gujarat, India |
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Collaborators : |
Not Available |
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Membership : |
Not Available |
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Sister Concern : |
-- |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
INR Million]
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Particulars |
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31.03.2017 |
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Sales Turnover (Approximately) |
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15430.000 |
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Expected Sales (2017-2018): INR 16000.000 Million (Due to business
growth)
The above information has been parted by Mr. Sameer (Senior Accountant)
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 |
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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 |
No |
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5 |
Buyer visit details |
-- |
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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 |
No |
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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 |
Yes |
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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 one year |
Yes |
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27 |
Reasons for variation <> 20% |
Yes |
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28 |
Estimation for coming financial year |
Yes |
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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 |
Yes |
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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 |
NOTE: As confirmed by the management registered
office of the concern has been shifted from 301/ 302 Pramukh Chambers, Opposite Jeevan
Parivar Nanpura, Surat - 395001, Gujarat, India to present address
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.
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
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.76 |
|
|
1 |
INR 87.91 |
|
Euro |
1 |
INR 78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
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Analysis Done by
: |
NYT |
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Report Prepared
by : |
KVT |
SCORE FACTORS
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
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.