MIRA INFORM REPORT
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Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN
STAR EXPORTS LTD. |
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Registered Office : |
Unit D1, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.08.2004 |
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Com. Reg. No.: |
34854859 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamond watches, etc. |
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No. of Employees
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4 persons |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment
Behaviour : |
No Complaints |
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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) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
GOLDEN STAR
EXPORTS LTD.
Company ADDRESS
Unit D1, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2311 4055
FAX: 2311 4002
E-MAIL: goldenstar@nwtbb.com
MANAGEMENT
Managing Director: Mr. Laluu Jadejaa
SUMMARY
Incorporated on: 6th August, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: China Construction Bank (Asia) Corporation Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Unit D1, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.
Affiliated Company:-
Golden Star Exports, Hong Kong.
BUSINESS REGISTRATION NUMBER
34854859
COMPANY FILE NUMBER
0915912
MANAGEMENt
Managing Director: Mr. Laluu Jadejaa
Contact Person: Mr. Air Anil Ramchandra
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDERS
(As per registry
dated 06-08-2011)
|
Name |
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No. of shares |
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Laluu JADEJAA |
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9,500 |
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Rupal JADEJAA |
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500 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry
dated 06-08-2011)
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Name (Nationality) |
Address |
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Laluu JADEJAA |
Flat A, 13/F., Windsor Mansion, 29-31 Chatham Road South, Kowloon, Hong Kong. |
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Rupal JADEJAA |
Flat A, 13/F., Windsor Mansion, 29-31 Chatham Road South, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 06-08-2011)
Rupal JADEJAA
HISTORY
The subject was incorporated on 6th August, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamond watches, etc.
Employees: 4.
Commodities Imported: India, other Asian countries, USA, Europe, etc.
Markets: Central America, South & North America, Eastern & Western Europe, Middle East, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: China Construction Bank (Asia) Corporation Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Golden Star Exports Ltd. is jointly owned by Mr. Laluu Jadejaa, holding 95% interests; and Mr. Rupal Jadejaa, holding 5%. They are also directors of the subject. Being Hong Kong ID Card holders, the Jadejaas have got the right to reside in Hong Kong permanently.
The subject is a diamond watch trader. It is trading in men’s diamond studded watches, ladies’ diamond studded watches, jewellery watches, diamond watches, bling bling watches, men’s bling watches, ladies’ diamond watches, men’s diamond watches, jewelry watches, etc. Loose diamonds are imported from India, European countries, etc. The subject’s products are exported to Central America, South & North America, Eastern & Western Europe, the Middle East, etc. Business is rather active.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, the subject took part in Hong Kong Watch & Clock Fair 2010 and 2011 which were held in Hong Kong in 2010 and 2011 respectively. It is also going to take part in “HKTDC Hong Kong International Jewellery Show 2012” which will be held in Wanchai, Hong Kong during the period of 16th to 20th February, 2012.
The contact person of the subject Mr. Air Anil Ramchandra is also an Indian.
The annual sales turnover of the subject is rather significant. History in Hong Kong is over seven years and four months.
On the whole, consider the subject good for normal business engagements.
REMARKS:
Property information of the company:-
Property Location: Unit D on 6/F., Summit Building, 30 Man Yue Street, Kowloon, Hong Kong.
Owner: Golden Star Exports Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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18-09-2008 |
- |
China Construction Bank (Asia) Corporation Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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18-09-2008 |
Instrument: Mortgage Property: 2,786/435,384th parts or shares of and in Section A of Subsection 1 of Section F of Kowloon Marine Lot No. 40, Section B of Subsection 1 of Section F of Kowloon Marine Lot No. 40, The Remaining Portion of Section G of Kowloon Marine Lot No. 40, Subsection 2 of Section F of Kowloon Marine Lot No. 40 and Subsection 3 of Section F of Kowloon Marine Lot No. 40 (Unit D on 6/F. of Summit Building, 30 Man Yue Street, Kowloon, Hong Kong.) Mortgagee: China Construction Bank (Asia) Corporation Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities and interest thereto |
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18-09-2008 |
Instrument: Assignment of Rentals Property: 2,786/435,384th parts or shares of and in Section A of Subsection 1 of Section F of Kowloon Marine Lot No. 40, Section B of Subsection 1 of Section F of Kowloon Marine Lot No. 40, The Remaining Portion of Section G of Kowloon Marine Lot No. 40, Subsection 2 of Section F of Kowloon Marine Lot No. 40 and Subsection 3 of Section F of Kowloon Marine Lot No. 40 (Unit D on 6/F. of Summit Building, 30 Man Yue Street, Kowloon, Hong Kong.) Mortgagee: China Construction Bank (Asia) Corporation Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities and interest thereto |
DIAMOND INDUSTRY –
INDIA
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.69.89 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.