MIRA INFORM REPORT
|
Report Date : |
13.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
GLOW
STAR |
|
|
|
|
Registered Office : |
c/o WinGate Business Group Ltd., Room 2301, 23/F., World-Wide House, 19 Des Voeux Road Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
05.03.2010 |
|
|
|
|
Com. Reg. No.: |
51876088-000-03 |
|
|
|
|
Legal Form : |
Sole Proprietorship. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
GLOW STAR
company ADDRESS
c/o WinGate Business Group Ltd.
Room 2301, 23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong.
PHONE: 2830 9999
FAX: 2830 9998
MANAGEMENT
Manager: Mr. Amitkumar Chhanalal Shah
SUMMARY
Establishment: 5th March, 2010.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Head Office:-
c/o WinGate Business Group Ltd.
Room 2301, 23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong.
Associated
Companies:- (Same owner)
Honeywell Impex
c/o Success Business Centre
Room 1006, 10/F., Carnarvon Plaza, 20 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
Unique Trading
Company
c/o WinGate Business Group Ltd.
Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
BUSINESS REGISTRATION NUMBER
51876088-000-03
MANAGEMENt
Manager: Mr. Amitkumar Chhanalal Shah
SOLE PROPRIETOR
Name: Mr. Amitkumar Chhanalal SHAH
Residential Address: 21/A, Baba Ramdas Building, Hemu Colony Cross Road, 2 Irani Wadi, Kandivali (W),
Mumbai-400067, India.
HISTORY
The subject was established on 5th March, 2010 as a sole proprietorship concern owned by Mr. Amitkumar Chhanalal Shah under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds, etc.
Employees: Nil.
Commodities Imported: India, Europe, etc.
Markets: Hong Kong, Japan, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Glow Star is a sole proprietorship set up and owned by Mr. Amitkumar Chhanalal Shah who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 2301, 23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong known as WinGate Business Group Ltd. [WinGate] which is handling its correspondences and documents. WinGate has had another office located at Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
The subject has no employees in Hong Kong.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds which are over 0.05 cts. Most of the commodities are imported from India. Prime markets are Hong Kong, Japan and the other Asian countries. Business is improving.
To our knowledge, Shah has got a number of suppliers in Mumbai, India. The subject is just a one-man company. Business is chiefly handled by Shah himself.
Shah is also the owner of Honeywell Impex [Honeywell] which is located at the operating office of another secretarial firm. Established on 22nd September, 2009, Honeywell is a Hong Kong-registered firm also trading in diamonds. Besides, Shah is also the owner of Unique Trading Company which is located at the other operating office of WinGate. Also established on 5th March, 2010, Unique Trading Company is a Hong Kong-registered firm also trading in diamonds.
The history of the subject in Hong Kong is over a year and nine months.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
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.
-
The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
-
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 –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.42 |
|
UK Pound |
1 |
Rs.81.92 |
|
Euro |
1 |
Rs.69.94 |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.