MIRA
INFORM REPORT
|
Report Date : |
28.12.2011 |
IDENTIFICATION DETAILS
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Name : |
D.S.M. DIAMONDS PTE. LTD. |
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Registered Office : |
14 Amber Gardens, #16-04, Amber Park Singapore 439960 |
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Country : |
Singapore |
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Date of Incorporation : |
16.03.2006 |
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Com. Reg. No.: |
200603731Z |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Processing and trader of diamonds jewelers, fashion accessories, etc. |
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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 |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Contact
Points
|
Company Name: |
D.S.M. Diamonds
Pte. Ltd. |
|
Supplied Name: |
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Supplied
Address: |
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Company Identification Details
|
Registered Name: |
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Registered
Address: |
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Date of
Registration:: |
2006-3-16 |
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Registered
Number: |
200603731Z |
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Country of
Incorporation: |
Singapore |
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Registered
Capital: |
SGD 200,000.00
(USD 157,200) (As of 2011.12,
1 SGD = 0.7869 USD) |
|
Paid-up Capital: |
SGD 200,000.00
(USD 157,200) = 200,000 Shares@1 SGD |
|
Legal Form: |
Private Limited
Liability Company |
|
Principal
Activities: |
Processing and trader
of diamonds jewelers, fashion accessories, etc. |
|
N/A |
|
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Status: |
Live Company |
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Listed at Stock
Exchange: |
No |
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Date of Last
Annual Return: |
2011-2-18 |
Subject declined
to introduce its staff number.
History
Subject was incorporated on 2006-3-16 with registered number 200603731Z as
Private Limited Liability Company in Singapore.
Shareholders
|
Subscription Amount |
Proportion of Investment (%) |
|
|
Manoj Kanji
Mehta |
200,000 |
100% |
|
Total |
200,000 |
100% |
Major Shareholder
Information:
|
Name: |
Manoj Kanji
Mehta |
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ID Number: |
S2721108I |
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Address: |
14 Amber Gardens
#16-04 Amber Park Singapore 439960 |
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Nationality: |
Singapore P.R. |
Management Information
Detailed
Information of Management:
|
1 |
|
|
Name: |
Manoj Kanji
Mehta |
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Position: |
Director |
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ID Number: |
S2721108I |
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Address: |
14 Amber
Gardens, #16-04, |
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Nationality: |
Singapore P.R. |
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Date of
Appointment: |
2006-3-16 |
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2 |
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Name: |
Padma Manoj
Mehta |
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Position: |
Director |
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ID Number: |
S |
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Address: |
14 Amber
Gardens, #16-04, Amber Park Singapore 439960 |
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Nationality: |
Singapore P.R. |
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Date of
Appointment: |
2007-12-1 |
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3 |
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Name: |
Padma Manoj
Mehta |
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Position: |
Secretary |
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ID Number: |
S |
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Address: |
14 Amber
Gardens, #16-04, Amber Park Singapore 439960 |
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Nationality: |
Singapore P.R. |
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Date of
Appointment: |
2006-5-31 |
Operation Information
Offices
& Factories
|
|
Office |
|
Address: |
Purchase
l
The subject purchases from foreign markets.
l
Subject has a proportion of 100% for import.
Sales
Information
l
Subject is mainly engaged in sales of diamonds
jewelers, fashion accessories.
l
Subject has both domestic and foreign markets.
l
Subject has a major proportion for export.
Settlements
Purchase
Domestic Markets
Notes: Subject seldom purchases from domestic markets.
Overseas Markets
|
Products |
Payment Terms |
Proportion |
|
Diamonds |
CBD, etc. |
100% |
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Diamonds
jewelers |
CBD, etc. |
100% |
Overseas Markets
|
Product |
Sales Terms |
Proportion |
|
Diamonds
jewelers |
CBD, etc. |
100% |
Financial Information
Subject has no
obligations to disclose its financial statements to the third party according
to the relevant policy in Singapore, subject did not submit the latest information
to the local registry, and the only source from which we can obtain the
information is the subject itself.
Subject’s relevant staff declined to disclose its financials citing the
grounds of company’s confidentiality; from other source we cannot obtain the
relevant information, either.
Auditors
|
Name: |
Mgi N Rajan
Associates |
Interview Details
|
Interview Date: |
2011-12-28 |
Notes: The man who answered the telephone declined
to introduce his name.
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.
-
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.52.89 |
|
|
1 |
Rs.82.71 |
|
Euro |
1 |
Rs.69.15 |
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.