MIRA
INFORM REPORT
|
Report Date : |
21.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
STAR DIAM PTE. LTD. |
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Registered Office : |
35 Selegie Road, #01-21, Parklane Shopping Mall, Singapore 188307 |
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Country : |
Singapore |
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Financials (as on) : |
2006 |
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Date of Incorporation : |
21.12.2002 |
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Com. Reg. No.: |
200211003M |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
RETAIL SALE OF JEWELLERY |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRAs Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Contact
Points
|
Company Name: |
Star Diam Pte.
Ltd. |
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Supplied Name: |
|
|
Supplied
Address: |
545, Orchard Road, 13 Fareast Shopping Centre, Singapore 238882 |
Special Notes
We did not find
any other contact information of subject according to the supplied name, and
the supplied address is not complete. From public files, we found that subject
was a jewelry store retailing of jewelries, while the
operation information is not confirmed by subject.
Up to the date of
reporting, we did not get contact with subject, if you kindly supply contact information
of subject, wed like to continue our investigation.
We found the
registered information of subject from local registry, supplying as follows for
reference.
Company Identification Details
|
Registered Name: |
|
|
Registered
Address: |
35 Selegie Road, #01-21, Parklane Shopping Mall, Singapore 188307 |
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Date of
Registration:: |
2002-12-21 |
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Registered
Number: |
|
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Country of
Incorporation: |
Singapore |
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Registered
Capital: |
SGD 300,000.00 (USD
236,070.00) (As of 2011.12,
1 SGD = 0.7869 USD) |
|
Paid-up Capital: |
SGD 300,000.00
(USD 236,070.00) = 300,000 Shares@1 SGD |
|
Legal Form: |
Private Limited
Liability Company |
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Principal
Activities: |
47731 Retail
Sale Of Jewellery |
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N/A |
|
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Status: |
Live Company |
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Listed at Stock
Exchange: |
No |
|
Date of Last
Annual Return: |
2011-9-23 |
History
Subject was incorporated on 2002-12-21 with registered number
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Kankariya Mitesh
Rameshbhai |
300,000 |
100% |
|
Total |
300,000 |
100% |
Major Shareholder
Information:
|
Name: |
Kankariya Mitesh
Rameshbhai |
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ID Number: |
F5371004 |
|
Address: |
Swashray
building 1st floor nr., radhakrishna mandir trikam nagar, lambe hanuman road,
Surat, India |
Management Information
Detailed
Information of Management:
|
1 |
|
|
Name: |
Kankariya Mitesh
Rameshbhai |
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Position: |
Director |
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ID Number: |
F5371004 |
|
Address: |
Swashray
building 1st floor nr., radhakrishna mandir trikam nagar, lambe hanuman road,
surat, india |
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Nationality: |
Indian |
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Date of
Appointment: |
2008-9-26 |
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2 |
|
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Name: |
Govindasamy
Chelladurai |
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Position: |
Director |
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ID Number: |
S2664114D |
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Address: |
373 Hougang
Street 31, #09-61, Singapore 530373 |
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Nationality: |
Singapore
Citizen |
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Date of
Appointment: |
2002-12-21 |
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3 |
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Name: |
Govindasamy
Chelladurai |
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Position: |
Secretary |
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ID Number: |
S2664114D |
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Address: |
373 Hougang
Street 31, #09-61, Singapore 530373 |
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Nationality: |
Singapore
Citizen |
|
Date of
Appointment: |
2005-3-10 |
Profit/Loss Account
Unit: SGD
|
Date |
2006 |
2005 |
2004 |
|
Revenue f.k.a [Sales Turnover And Other Operating Revenues] |
4,816,731.00 |
306,161.00 |
908,859.00 |
|
Profit/(Loss) before Tax from Continuing Operations f.k.a [Profit/(Loss) before tax] |
1,956.00 |
2,932.00 |
(46,737.00) |
|
Profit/(Loss) after Tax from Continuing Operations f.k.a [Profit/(Loss) After Tax] |
1,956.00 |
2,932.00 |
(43,737.00) |
|
Net Income/(Loss) From Extraordinary And Non-Operating
Items |
N.A. |
0.00 |
0.00 |
|
Profit/(Loss) After Tax and Extraordinary Items |
N.A. |
2,932.00 |
(43,737.00) |
|
Total Assets |
3,385,453.00 |
1,000,296.00 |
665,002.00 |
|
Total Current Assets |
3,385,453.00 |
1,000,296.00 |
665,002.00 |
|
Total Non-Current Assets f.k.a. [Fixed And Others] |
0.00 |
0.00 |
0.00 |
|
Total Liabilities |
3,127,302.00 |
744,101.00 |
411,739.00 |
|
Total Current Liabilities |
3,127,302.00 |
744,101.00 |
411,739.00 |
|
Total Non-Current Liabilities |
0.00 |
0.00 |
0.00 |
|
Total Equity f.k.a [Shareholder's Funds] |
258,151.00 |
256,195.00 |
253,263.00 |
|
Paid-Up Capital |
N.A. |
300,000.00 |
300,000.00 |
|
Share Capital |
300,000.00 |
- |
- |
|
Other Reserves, Total f.k.a. [Reserves] |
0.00 |
0.00 |
0.00 |
|
Retained Earnings/(Accumulated Loss) |
41,849.00 |
(43,805.00) |
(46,737.00) |
Financial Ratio
|
Date |
2006 |
2005 |
2004 |
|
Rate of Net Profit on Sales (%) |
0.04 |
0.96 |
(4.81) |
|
Return of Investment (%) |
0.06 |
0.29 |
(6.58) |
|
Return of Shareholder's Funds (%) |
0.76 |
1.14 |
(17.27) |
|
Total Assets Turnover (%) |
1.42 |
0.31 |
1.37 |
|
Current/Working Capital Ratio (%) |
1.08 |
1.34 |
1.62 |
|
Proprietary Ratio (%) |
7.63 |
25.61 |
38.08 |
|
Total Debt to Equity Ratio (%) |
92.37 |
74.39 |
61.92 |
Auditors
|
Name: |
D. Arumugam
& co |
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.
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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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.03 |
|
|
1 |
Rs.82.34 |
|
Euro |
1 |
Rs.68.99 |
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 SCs 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.