MIRA INFORM
REPORT
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Report Date : |
16.04.2012 |
IDENTIFICATION DETAILS
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Name : |
TRUMPET
LTD. |
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Registered Office : |
Flat 13, 4/F., New Knutsford House, 13 Knutsford Terrace,
Tsimshatsui, |
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Country : |
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Date of Incorporation : |
19.04.2007 |
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Com. Reg. No.: |
37893303 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds, 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 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
TRUMPET LTD.
Flat 13, 4/F., New Knutsford House, 13 Knutsford Terrace, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2722 7099
FAX: 2125 5616
Managing Director: Mr. Vinay Kumar Jain
Incorporated on: 19th April, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Fair.
Registered Head
Office:-
Flat 13, 4/F., New Knutsford House, 13 Knutsford Terrace, Tsimshatsui, Kowloon, Hong Kong.
37893303
1125201
Managing Director: Mr. Vinay Kumar Jain
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 19-04-2011)
|
Name |
|
No. of shares |
|
Vinay Kumar JAIN |
|
10,000 ===== |
(As per registry
dated 19-04-2011)
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Name (Nationality) |
Address |
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Vinay Kumar JAIN |
P.264 Ctt Road, Scheme No. 4 (M), Calcutta 700054, Dist. 24 Pgs(s), State WB, India. |
(As per registry
dated 19-04-2011)
|
Name |
Address |
Co.
No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong. |
975326 |
The subject was incorporated on 19th April, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat D, 3/F., Sam Toh Building, 386 Queen’s Road West, Sai Ying Pun, Hong Kong, moved to present address in March 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
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, D/P, etc.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is fairly active in Hong Kong.
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.
Having issued 10,000 ordinary shares of HK$1.00 each, Trumpet Ltd. is wholly-owned by Mr. Vinay Kumar Jain who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject’s registered address is located at Flat 13, 4/F., New Knutsford House, 13 Knutsford Terrace, Tsimshatsui, Kowloon, Hong Kong. It seems that this address is also Jain’s residence when he is in Hong Kong.
The subject’s old registered address was located at Flat D, 3/F., Sam Toh Building, 386 Queen’s Road West, Sai Ying Pun, Hong Kong where was also a residential building.
The subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds range from 0.05 cts to 0.60 cts. Most of the commodities are imported from India and Europe. Prime markets are Hong Kong, Japan and other Asian countries.
The subject has had an affiliated diamond supplier in India. Business keeps on improving.
Business chiefly handled by Vinay Kumar Jain himself, the subject is just a one-man company.
The history of the subject in Hong Kong is just about four years.
On the whole, since the registered office of the subject is in a residential building, consider it good for normal business engagements on secured basis.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.42 |
|
UK Pound |
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
RATING EXPLANATIONS
|
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 |
|
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.