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Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
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Name : |
FANCY CREATIONS CO. LTD. |
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Registered Office : |
Unit 306-A207, 3/F., Harbour Centre, Tower 1, |
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Country : |
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Date of Incorporation : |
04.06.2010 |
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Com. Reg. No.: |
52388050 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of loose diamonds, etc. |
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No. of Employees : |
09 |
RATING & COMMENTS
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MIRAs 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 |
FANCY CREATIONS CO. LTD.
Unit 306-A207, 3/F., Harbour Centre, Tower 1, 1 Hok Cheung Street,
Hunghom, Kowloon, Hong Kong.
PHONE: 2334 5199
FAX: 2773 0390
Managing Director: Mr. Nilesh Valjibhai
Khetani
Incorporated on: 4th
June, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$7,800,000.00
Issued: HK$7,800,000.00
Business Category: Diamond Trader.
Employees: 9.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 306-A207, 3/F., Harbour Centre, Tower 1, 1 Hok Cheung Street,
Hunghom, Kowloon, Hong Kong.
52388050
1464841
Managing Director: Mr. Nilesh
Valjibhai Khetani
Nominal Share Capital: HK$7,800,000.00 (Divided into 7,800,000 shares of
HK$1.00 each)
Issued Share Capital: HK$7,800,000.00
(As per registry dated 10-01-2012)
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Name |
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No. of shares |
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Onstar Capital Ltd. Omar Hodge Building, Wickhams Cay, Road Town, Tortola, British Virgin
Islands. |
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10,000 |
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Nilesh Valjibhai KHETANI |
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7,790,000 |
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Total: |
7,800,000 ======== |
(As per registry dated 04-06-2011)
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Name (Nationality) |
Address |
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Nilesh Valjibhai KHETANI |
Unit 306-A207, 3/F., Harbour Centre Tower 1, 1 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong. |
(As per registry dated 04-06-2011)
|
Name |
Address |
Co. No. |
|
Louis Lai Company Secretarial Services Ltd. |
9/F., Surson Commercial Building, 140‑142 Austin Road,
Tsimshatsui, Kowloon, Hong Kong. |
0686503 |
The subject was incorporated on 4th June, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of loose diamonds, etc.
Employees: 9.
Commodities Imported: India, etc.
Markets: Hong
Kong, China, Japan and other Asian countries.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$7,800,000.00 (Divided into 7,800,000 shares
of HK$1.00 each)
Issued Share Capital: HK$7,800,000.00
Alternation of Capital:-
|
04-06-2010 |
paid up |
HK$
10,000.00 |
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10-01-2012 |
paid up |
HK$7,790,000.00 |
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Total: |
paid up |
HK$7,800,000.00 ============= |
Increase of Nominal Capital:-
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From |
$10,000.00 |
to |
HK$7,800,000.00 |
on |
10-01-2012 |
Profit or Loss: Keeping
a balance account.
Condition: Business
is under development.
Facilities: Making
fairly 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 7.8 million ordinary shares of HK$1.00 each, Fancy
Creations Co. Ltd. is chiefly owned by Mr. Nilesh Valjibhai Khetani 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 minor shareholder of the
subject Onstar Capital Ltd. is a BVI-registered firm.
The subjects office is in a business centre located at Unit 306-A207,
3/F., Harbour Centre, Tower 1, 1 Hok Cheung Street, Hunghom, Kowloon,
Hong Kong.
We can reach Khetani as per your given phone number 852-2334 5199. However, he is always busy.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, fancy, polished and
cut diamonds. Most of the commodities
are imported from India. Prime markets
are Hong Kong, China, Japan and the other Asian countries. Business is still under development. According to Khetani, the subject has had
nine employees.
The subjects business is chiefly handled by Khetani himself. History in Hong Kong is just over a year and
nine months.
Since the subjects history in Hong Kong is short, consider it good for
business engagements on L/C basis for the time being.
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 |
|
US Dollar |
1 |
Rs.51.99 |
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|
1 |
Rs.83.54 |
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Euro |
1 |
Rs.63.40 |
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 |
-- |
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.