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Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
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Name : |
WORLD WIDE GENERAL TRADING LTD. |
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Registered Office : |
C/o Akin Professionals Ltd. 20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan |
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Country : |
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Date of Incorporation : |
08.12.2008 |
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Com. Reg. No.: |
50128399 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Diamonds, jewellery products, 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 |
WORLD WIDE
GENERAL TRADING LTD.
ADDRESS: c/o Akin Professionals Ltd.
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong.
PHONE: 2541 4224
FAX: 2541 4225
Managing Director: Mr. Surojit
Kumar Roy
Incorporated on: 8th
December, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Akin Professionals Ltd.
20/F., Champion Building, 287-291 Des Voeux Road Central,
Sheung Wan, Hong Kong.
Associated Company:-
World Wide Trading FZE, UAE.
50128399
1292561
Managing Director: Mr. Surojit
Kumar Roy
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 08-12-2011)
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Name |
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No. of shares |
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Surojit Kumar ROY |
|
5,000,000 ======= |
(As per registry dated 08-12-2011)
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Name (Nationality) |
Address |
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Surojit Kumar ROY |
11 Mitra Para, Panihati, 24 PGS N. WB., Dubai. |
(As per registry dated 08-12-2011)
|
Name |
Address |
Co. No. |
|
Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
The subject was incorporated on 8th December, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was registered under the name of Golden Reed Ltd.,
name changed to the present style on 4th May, 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Diamonds,
jewellery products, etc.
Employees: Nil.
Commodities Imported: India, Europe, etc.
Markets: UAE,
Europe, Asian countries, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C, T/T, D/P,
etc.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 5,000,000 ordinary shares of HK$1.00 each, World Wide General
Trading Ltd. is jointly owned by Mr. Surojit Kumar Roy 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.
Formerly the subject was equally owned by Roy and Mr. Vibhor Gupta. The latter transferred all his shares to Roy
on 21st December, 2010. Since then, Roy
has become the only shareholder of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at 20/F., Champion Building, 287-291 Des Voeux Road
Central, Sheung Wan, Hong Kong known as Akin Professionals Ltd. [Akin] which is
handling its correspondences and documents.
Akin is also the corporate secretary of the subject.
Your given phone number 852-2541 4224 belongs to Akin.
The subject has no employees in Hong Kong.
The subject is a diamond and jewellery trader. It is trading in loose, polished and cut
diamonds and other jewellery products.
Most of the commodities are imported from India. Prime markets are the United Arab Emirates.
The subject has got an associated company in the United Arab Emirates
known as World Wide Trading FZE which is operated by the old shareholder of the
subject Vibhor Gupta. The UAE firm is
also a diamond and jewellery trader. It
is likely that the UAE firm deals with foreign parties under the name of the
subject and let foreign firms correspond with the subject’s registered address
in Hong Kong.
The subject’s history in Hong Kong is just over three years and four
months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C 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.51.62 |
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|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
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 |
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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.