MIRA
INFORM REPORT
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Report Date : |
18.08.2012 |
IDENTIFICATION DETAILS
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Name : |
GOLD MILL JEWELRY CO., LTD. |
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Registered Office : |
6 Floor Block 2, Wanshan Jewellery
Park, Tianbei Four Road, Luohu District, Shenzhen, Guangdong Province 518000
Pr |
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Country : |
China |
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Date of Incorporation : |
24.08.2005 |
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Com. Reg. No.: |
440301102951370 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
manufacturing, processing and selling
gold, platinum, palladium, silver jewelry, etc. |
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No. of Employees : |
48 |
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 : |
Moderate |
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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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China |
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 |
Company name & address
GOLD MILL JEWELRY CO., LTD.
6 floor
block 2, wanshan jewellery park, tianbei four road
luohu
district, shenzhen, guangdong province 518000 PR CHINA
TEL: 86
(0) 755-25617934/25620340/25533667
FAX: 86
(0) 755-25612537
EXECUTIVE SUMMARY
Date of Registration : AUGUST 24, 2005
REGISTRATION NO. : 440301102951370
LEGAL FORM : Limited liabilities company
REGISTERED CAPITAL :
CNY 10,000,000
staff : 48
BUSINESS CATEGORY :
MANUFACTURING & PROCESSING & trading
Revenue : n/a (AS OF DEC. 31, 2011)
EQUITIES : n/a (AS OF
DEC. 31, 2011)
WEBSITE : www.goldmilljewelry.com
PAYMENT : AVERAGE
MARKET CONDITION : AVERAGE
FINANCIAL CONDITION : fairly stable
OPERATIONAL TREND : ordinary
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : CNY 6.36 = USD 1
Adopted
abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL TREND & GENERAL
REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
LEGAL STATUS & HISTORY
SC was
established as a limited liabilities company of PRC with State Administration
of Industry & Commerce (SAIC) under registration No.: 440301102951370 on
August 24, 2005.
SC’s Organization Code Certificate
No.: 77879760-4
SC’s registered capital: CNY 10,000,000
SC’s paid-in capital: CNY 10,000,000
Registration Change Record:-
|
Date |
Change
of Contents |
Before
the change |
After
the change |
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|
Registered
Capital |
CNY
2,500,000 |
CNY
5,000,000 |
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Registration
No. |
4403012186691 |
440301102951370 |
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Legal
Representative |
Liao Zhuo |
Luo Deguang |
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Legal
Representative |
Luo Deguang |
Wang Yongqiang |
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Registered
Capital |
CNY
5,000,000 |
CNY 10,000,000 |
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Shareholder
(s) (% of Shareholding) |
Liao Zhuo 50% Luo Deguang 50% |
Luo Deguang 50% Liao Zhuo 25% Wang Yongqiang 25% |
Current Co search indicates SC’s shareholders & chief
executives are as follows:-
|
Name of Shareholder (s) |
% of Shareholding |
|
Luo Deguang |
50 |
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Liao Zhuo |
25 |
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Wang Yongqiang |
25 |
SC’s Chief Executives:-
|
Position |
Name |
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Legal Representative and
Chairman |
Wang Yongqiang 王永强 |
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General Manager |
Luo Deguang 罗德广 |
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Supervisor |
Liao Zhuo 廖卓 |
RECENT DEVELOPMENT
No recent development was found during our checks at present.
SHAREHOLDER CHART & BACKGROUND
Name %
of Shareholding
Luo Deguang 50
Liao Zhuo 25
Wang Yongqiang 25
MANAGEMENT
Wang Yongqiang, Legal Representative and Chairman
-----------------------------------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as legal representative and
chairman
Luo Deguang , General Manager
------------------------------------------------------
Ø
Gender: M
Ø
Working
experience (s):
At present, working in SC as general manager
Liao Zhuo , Supervisor
--------------------------------------
Ø
Gender: M
BUSINESS OPERATION
SC’s
registered business scope includes manufacturing, processing, purchasing, and
selling gold, platinum, palladium, silver jewelry, and jewelry inlaid;
purchasing and selling pearl, gemstone, jewelry and crafts; information
consulting; domestic trade; importing and exporting commodities and technology.
SC is
mainly engaged in manufacturing, processing and selling gold, platinum,
palladium, silver jewelry, etc.
SC’s products
mainly include:
Pendant
Wedding Ring
Women's Ring
Men's Ring
Necklace
Etc.
SC sources its merchandises 100% from domestic market, mainly Shenzhen. SC sells 60% of its merchandises in domestic market and 40% to overseas market.
The buying terms of SC include Check, T/T and Credit of
30-60 days. The payment terms of SC include Check, T/T, L/C and Credit of 30-60
days.
Staff & Office:
--------------------------
SC is
known to have approx. 48 staff
at present.
SC
rents an area as its operating office and factory, but the detailed information
is unknown.
RELATED COMPANY
SC
is not known to have any subsidiary at present.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment experience (through current enquiry with SC's
suppliers), our delinquent payment and our debt collection record concerning
SC.
Trade payment experience: SC did not
provide any name of trade/service suppliers and we have no other sources to
conduct the enquiry at present.
Delinquent payment record: None in our
database.
Debt collection record: No overdue amount
owed by SC was placed to us for collection within the last 6 years.
BANKING
The
bank information of SC is not filed in local SAIC.
FINANCIALS
SC’s financials are not filed in local SAIC, and SC also refused to
release the details.
CONCLUSIONS
SC is considered small-sized in its line with
7 years business history.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
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UK Pound |
1 |
Rs.87.55 |
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Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.