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Report Date : |
27.04.2012 |
IDENTIFICATION DETAILS
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Name : |
AURAGEM CO. LTD. |
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Registered Office : |
Unit 10-P, 1/F., Block A, Focal Industrial Centre, |
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Country : |
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Date of Incorporation : |
04.10.2010 |
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Com. Reg. No.: |
52388084 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer,
Exporter and Wholesaler of all Kinds of Gemstones, etc. |
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No. of Employees : |
3 (As per
Government Registry) 6 (As claimed by management) |
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 |
AURAGEM
CO. LTD.
Unit 10-P, 1/F.,
Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong
Kong.
PHONE: 2333 4656
FAX: 2994 5208
Managing
Director: Mr. Sonu Shailesh Mehta
Incorporated on 4th June, 2010.
Organization Private Limited Company.
As per Government Registry
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category Importer, Exporter and Wholesaler.
Employees 3 (As per Government Registry)
6 (As claimed by management)
Main Dealing Banker The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation Satisfactory.
Registered
Head Office:-
Unit 10-P, 1/F.,
Block A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong
Kong.
Atlantic Sensor
Ltd., British Virgin Islands.
52388084
1464827
Managing
Director: Mr. Sonu Shailesh Mehta
As per Government Registry
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
As claimed
by management
Authorized Capital US$ One millions one hundred Thousand only.
Equity Capital US $ 1,100,000 (Divided into 1,100,000 shares of US$1.00 each)
Issued subscribed
and Paid–up Capital
Equity Capital US $ 1,100,000 (Divided into 1,100,000 shares of US$1.00 each)
(As per registry dated 04-06-2011)
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Name |
|
No. of shares |
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Atlantic Sensor Ltd. 263 Main Street, P.O. Box 2196, Road Town, Tortola, British Virgin
Islands. |
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10,000 ===== |
(As per registry dated 04-06-2011)
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Name (Nationality) |
Address |
|
Sonu Shailesh
MEHTA |
Unit 10-P, 1/F., Block A, Focal Industrial
Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 04-06-2011)
|
Name |
Address |
Co. No. |
|
Louis
Lai Co. 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.
Initially
the subject was located at 9/F., Surson Commercial Building, 140‑142
Austin Road, Tsimshatsui, Kowloon, Hong Kong where is the operating office of
Louis Lai Co. Secretarial Services Ltd., moved to the present address with
effect from 21st June, 2010.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities Importer, Exporter and Wholesaler.
Lines All kinds of gemstones, etc.
Employees 3 (As per Government Registry)
6 (As claimed by management)
Commodities Imported : India, Europe, etc.
Markets : Hong Kong, other Asian countries, etc.
Terms/Sales As per contracted.
Terms/Buying L/C, T/T.
Nominal Share
Capital :
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital :
HK$10,000.00
Profit or
Loss :
Too early to offer an opinion.
Condition : Business is
under development.
Facilities :
Making fairly active use of general banking facilities.
Payment
: Met as required.
Commercial
Morality : Satisfactory.
Banker
: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing
: Small.
Auragem
Co. Ltd. is wholly-owned by Atlantic Sensor Ltd. which is a BVI‑registered
firm.
The
old directors of the subject Nankeen (Nominees) Ltd. and Uni-Quali (Nominees)
Ltd. were nominee firms located at 9/F., Surson Commercial Building, 140-142
Austin Road, Tsimshatsui, Kowloon, Hong Kong where is the operating office of
Louis Lai Co. Secretarial Services Ltd. [Louis Lai]. Louis Lai is the corporate secretary of the
subject. Now, the director of the
subject is Mr. Sonu Shailesh Mehta who is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently.
It
is likely that the subject is a gemstone trader. Commodities are chiefly imported from India,
Sri Lanka, Thailand, etc. Prime markets
are Hong Kong, other Asian countries, etc.
Business is still under development.
The
history of the subject in Hong Kong is just over a year and seven months.
On
the whole, since the history of the subject is short, consider it good for
normal business engagements on secured 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.57 |
|
UK Pound |
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
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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.