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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

509728

Report Date :

19.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

STAR RAYS

 

 

Registered Office :

Shivam Chambers, Khand Bazar, Varachha Road, Surat – 395006, Gujarat

Tel. No.:

91-261-2554445

 

 

Country :

India

 

 

Financials (as on) :

31.03.2018

 

 

Year of Establishment:

1980

 

 

Capital Investment / Paid-up Capital :

Not Divulged

 

 

TIN No.:

Not Available

 

 

IEC No.:

[Import-Export Code No.]

0888017049

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAMFS1942B1ZB

 

 

PAN No.:

[Permanent Account No.]

AAMFS1942B

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners

 

 

Line of Business :

Manufacturer, Exporter and Importer of Diamond. [Confirmed by management]

 

 

No. of Employees :

500 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a partnership concern established in the year 1980 and is having satisfactory track record.

 

The concern is a manufacturer, importer and exporter of diamond.

 

The concern has achieved a sales turnover of INR 15430.000 Million for the financial year 2017 and INR 16000.000 Million for the financial year 2018.

 

The rating continue to factory in favorably the domain expertise and long standing experience of the promoters in the cut and polished diamonds (CPD) industry support 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 seems 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.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA RATING

Rating

Long Term loans = A-

Rating Explanation

Adequate degree of safety and low credit risk

Date

20.02.2018

 

Rating Agency Name

ICRA RATING

Rating

Short Term Loans = A2+

Rating Explanation

Strong degree of safety and low credit risk

Date

20.02.2018

 

 

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 31-03-2018.

 

 

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 19.05.2018.

 

 

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

 

Name :

Mr. Sameer Shah

Designation :

Senior Accountant

Contact No.:

91-22-40304444

Date :

18.05.2018

 

 

LOCATIONS

 

Registered Office :

Shivam Chambers, Khand Bazaar, Varachha Road, Surat -395006, Gujarat, India

Tel. No.:

Not Available

Fax No.:

91-261-2554445

E-Mail :

accounts@starrays.com

info@starrays.com

Website :

http://www.starrays.com

Location :

Owned

Locality:

Commercial

 

 

Marketing Office 1:

Bharat Diamond Bourse (BDB), DW2031/32, Second Floor, D-Tower, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-40304444

Fax No.:

91-22-23634585

Location :

Owned

 

 

Marketing Office 2:

71  West, 47th Street, Suite-1300, New York, 10036

 

 

PARTNERS

 

Name :

Mr. Vikesh Rameshkumar Shah

Designation :

Partner

Address :

404, Meghmayur Apartment, Opposite Lourd S Convent Schoolathwa Lines, Surat - 395007,Gujarat 

 

 

Name :

Mr. Aalok Rajendrakumar Shah 

Designation :

Partner

Address :

9-B, Ravitej Apartment,Opposite Lourds  Convent Schoolathwa Lines , Surat-395007,Gujarat, India

 

 

Name :

Mr. Ritesh Rameshkumar Shah 

Designation :

Partner

Address :

404, Meghmayur Apartment, Opposite Lourd S Convent Schoolathwa Lines, Surat - 395007,Gujarat 

 

 

Name :

Mr. Rajendrakumar Dalpatlal Shah

Designation :

Partner

Address :

9-B, Ravitej Apartment, Opposites Lourds Convent School, Athwalines, Surat – 395005, Gujarat, India

 

 

Name :

Mr. Dilipkumar Babulal Mehta 

Designation :

Partner

Address :

402-502, Dharam Palace, B/H Umra Jakat Naka, Parle Point, Surat -395005, Gujarat, India

 

 

Name :

Mr. Mahendrakumar Dalpatlal Shah

Designation :

Partner

Address :

403, Platinum Residency, Opposite V.T. Choksi Law College, Athwa Lines, Surat - 395007,Gujarat, India

 

 

Name :

Mr. Krupesh Rameshkumar Shah

Designation :

Partner

Address :

404, Meghmayur Apartment, Opposite Lourd S Convent Schoolathwa Lines, Surat - 395007,Gujarat 

 

 

Name :

Mr. Priyank Mahendrakumar Shah

Designation :

Partner

Address :

403, Platinum Residency, Opposite V.T. C, Hoksi Law Collegeathwa Lines, Surat - 395007,Gujarat, India

 

 

Name :

Mr. Sohil Rajendrakumar Shah

Designation :

Partner

Address :

9-B, Ravitej Apartment,Opposite Lourds  Convent Schoolathwa Lines , Surat-395007,Gujarat, India

 

 

Name :

Mr. Pratik Jitendrakumar Shah

Designation :

Partner

Address :

183/A, Nav Shantinagar Co-Operative Housing Socety Limited,98, Nepean Sea Road  Mumbai - 400006,Maharashtra, India

 

 

Name :

Mr. Jitendrakumar Dalpatlal Shah

Designation :

Partner

Address :

183/A, Nav Shantinagar Housing Society, 98, Nepeansea Road, Mumbai-400006, Maharashtra, India

 

 

KEY EXECUTIVES

 

Name :

Mr. Sameer Shah

Designation :

Senior Accountant

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importer of Diamond. [Confirmed by management]

 

 

Products :

Diamond

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Polished Diamond

Countries :
  • Japan
  • China
  • United States of America

 

 

Imports :

 

Products :

Rough Diamond

Countries :
  • Israel
  • Belgium

 

 

Terms :

 

Selling :

Advance Payment, Cheque and Credit [RTGS]

 

 

Purchasing :

Advance Payment, Cheque and Credit [RTGS]

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Wholesalers, Retailer

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

800 (Approximately)

 

 

Bankers :

Bank Name

Bank of India

Branch

Bandra-Kurla Complex, Mumbai, Maharashtra, India

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

 

 

 

 

Auditors :

 

Name :

Bakul Sandeep and Company

Chartered Accountants

Address :

Surat, Gujarat, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Sister Concern:

Not Available

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Not Divulged

Borrowed :

--

Total :

Not Divulged

 

 

FINANCIAL DATA

[all figures are in INR Million]

 

Particulars

 

 

31.03.2018

31.03.2017

Sales Turnover (Approximately)

 

16000.000

15430.000

 

 

[Due to business growth]

 

 

Expected Sales (2018-2019) : INR 16500.000 Million

 

The above information has been denied by Mr. Sameer Shah (Senior Accountant).

 

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

 

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2017

31.03.2018

 

INR In Million

INR In Million

Sales

15430.000

16000.000

 

 

3.694

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity – Legal Form

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

No

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

No

25

Last accounts filed at ROC, if applicable

No

26

Turnover of firm for last two years

Yes

27

Reasons for variation <> 20%

Yes

28

Estimation for coming financial year

Yes

29

Profitability for last three years

No

30

Major shareholders, if available

No

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

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 & 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, 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

 

Currency

 
Unit

INR

US Dollar

1

INR 67.96

UK Pound

1

INR 91.88

Euro

1

INR 80.28

 

 

INFORMATION DETAILS

 

Information Gathered by :

AKS

 

 

Analysis Done by :

NYT

 

 

Report Prepared by :

JYO

 

 

SCORE FACTORS

 

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

NO

--AFFILIATION

YES/NO

NO

--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

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)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.