MIRA
INFORM REPORT
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Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
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Name : |
GOLD STAR JEWELLERY |
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Registered Office : |
Flat D, 14/F., Block 8, Oak Mansions, Site 5, Whampoa Garden, 7 Tak
Fung Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.10.2004 |
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Com. Reg. No.: |
34986470-000-10 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of jewellery and
diamond. |
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No. of Employees : |
Not Available |
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 30, 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
GOLD STAR
JEWELLERY
Company ADDRESS
Flat D, 14/F., Block 8, Oak Mansions, Site 5, Whampoa Garden, 7 Tak Fung
Street, Hunghom, Kowloon, Hong Kong.
PHONE: 6478 7378
MANAGEMENT
Manager: Mr. Rajubhai Jivrajbhai
Savani
SUMMARY
Establishment: 13th
October, 2004.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond and Jewellery Trader.
Annual Turnover: US$4.5~5.0
million.
Employees:
Nil.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
company ADDRESS
Head Office:-
· Flat D, 14/F., Block 8, Oak Mansions, Site 5, Whampoa Garden, 7 Tak Fung Street, Hunghom, Kowloon, Hong Kong.
· P.O. Box 92015, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
· Wala Diam (HK), Hong Kong. [Also owned by Mr. Rajubhai Jivrajbhai Savani]
· Waladiam Co. Ltd., Thailand.
· Walam Diamonds, India.
BUSINESS REGISTRATION NUMBER
34986470-000-10
MANAGEMENT
Manager: Mr. Rajubhai Jivrajbhai
Savani
SOLE PROPRIETOR
Name: Mr. Rajubhai Jivrajbhai
SAVANI
Residential Address: Block A2,
4/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was established
on 13th October, 2004 as a sole proprietorship concern owned by Mr. Rajubhai
Jivrajbhai Savani under the Hong Kong Business Registration Regulations.
The following table shows
the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Rajubhai Jivrajbhai
Savani |
13-10-2004 |
23-06-2005 |
|
Pareshkumar Khimjibhai
Diyora |
18-05-2005 |
12-02-2009 |
Initially the subject was
located at Flat 6B, Block 9, Luxury Court, 9 Hau Fook Street, Kowloon, Hong
Kong, moved to Block A2, 4/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui,
Kowloon, Hong Kong in September 2005; and further to the present address in
August 2009.
Apart from these, neither
material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of jewellery
and diamond.
Employees: Nil.
Commodities Imported: Imported from Belgium, India, other Asian countries, etc.
Markets: Belgium, Japan, Philippines, Taiwan,
Thailand, US, etc.
Annual Turnover: US$4.5~5.0
million.
Terms/Sales:
L/C, T/T, D/P, etc.
Terms/Buying: L/C,
D/P, T/T, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Made a very
small profit in the past years.
Condition:
Keeping in a
fairly active condition.
Facilities:
Making fairly
active use of general banking facilities.
Payment: Met
trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· Hang Seng Bank Ltd., Hong Kong.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Gold Star Jewellery is a
sole proprietorship owned by an Indian Mr. Rajubhai Jivrajbhai Savani who is an
Indian. Savani is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently. He founded the subject in October 2004 but
retired in June 2005. In February 2009,
he joined in the subject again. Now, he
is the manager of the subject.
The subject does not have
its own office. Its registered address
is in a residential building located at Flat D, 14/F., Block 8, Oak Mansions,
Site 5, Whampoa Garden, 7 Tak Fung Street, Hunghom, Kowloon, Hong Kong. The subject’s registered address is also
the new residential address of the sole proprietor. It is likely that the subject has not updated
its information filed with the Inland Revenue Department Business Registration
Office of the Hong Kong SAR Government.
The subject’s telephone
number and fax number have not registered with local telephone company nor
listed on telephone directories.
However, Savani can be reached at his mobile phone number 6478 7378.
The subject is trading in
all kinds of jewellery and diamond. It
is a polished and cut diamond importer, exporter and wholesaler. Size of diamonds handled range from 0.01
carat to 1.00 carat. Rough diamonds are
imported from India, other Asian countries and Belgium. However, India is the main supplying
countries. Processed in Hong Kong or
China, the subject’s products include: tapers, baguettes, marquise, princess,
round brilliant, etc. Finished products
including rings, earrings, pendants, bracelets, etc. are exported to Belgium,
Japan, the Philippines, India, Taiwan, Thailand, the United States, etc. Principal customers are jewellery
manufacturers. Business has been steady
and fairly active.
The subject has had
affiliated companies known as Walam Diamonds in Mumbai and Surat of India and
Waladiam Co. Ltd. in Bangkok of Thailand.
Walam Diamonds is also an importer and exporter of polished
diamonds. The key personnel is Mr.
Nileshitaliya. The one in Mumbai is
Walam Diamonds’ head office while the one on Surat is its branch office. Walam Diamonds’ manufacturing unit is also in
Surat. This firm is supposed to be the
main supplier of the subject.
Walam Diamonds, a member of
GJEPC (The Gem and Jewellery Export Promotion Council), is promoted by Mr. D.
D. Savani, a leading manufacturer and exporter of diamond jewellery from
India. It was established as a
government recognised export house and has been catering to both Indian and
international markets such as Belgium, the United Kingdom, the United States,
France, Hong Kong, Thailand, Singapore, the United Arab Emirates, etc. Walam Diamonds has been in this trade for
about 40 years.
The manufacturing units of
Walam Diamonds located at Surat are well equipped with modern and sophisticated
laser polishing machines. Its workers
are well trained. Walam Diamonds seems
to be the main supplier of the subject.
Besides the subject, Savani
is operating another firm Wala Diam (HK) [Wala] which is also located at the
subject’s operating address. Wala was
established on 1st August, 2000. Also
owned and operated by SAVANI, this firm is also a diamond trader.
Business handled by Savani
himself, the subject and Wala has no other employees in Hong Kong.
The annual sales turnover
of the subject and Wala ranges from US$4.5 to 5.0 million. Keeping a balance account most of the time or
just making a very small profit in the past years.
The history of the subject
in Hong Kong is over seven years in Hong Kong.
On the whole, consider the
subject good for normal business engagements.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.81 |
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|
1 |
Rs.82.00 |
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Euro |
1 |
Rs.68.81 |
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.