MIRA
INFORM REPORT
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Report Date : |
09.02.2012 |
IDENTIFICATION DETAILS
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Name : |
ISCO CORPORATION
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 : |
Hong Kong |
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Date of Incorporation : |
10.03.2011 |
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Com. Reg. No.: |
58062579 |
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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. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New company |
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Payment Behaviour : |
Unknown |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
A2 |
A2 |
|
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
ISCO
CORPORATION LTD.
Company 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
MANAGEMENT
Managing
Director: Mr. Amit Sand
SUMMARY
Incorporated on : 10th March, 2011.
Organization : Private Limited Company.
Capital: Nominal : HK$10,000.00
Issued : HK$1.00
Business Category : Diamond Trader.
Employees : Nil.
Main Dealing Banker : The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation : Too early to comment.
Company name
ISCO CORPORATION LTD.
Company ADDRESS
Registered
Head Office:-
c/o Akin
Professionals Ltd.
20/F., Champion
Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
BUSINESS REGISTRATION NUMBER
58062579
COMPANY FILE NUMBER
1571507
MANAGEMENT
Managing
Director: Mr. Amit Sand
CAPITAL
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
SHAREHOLDER
(As per registry dated 10-03-2011)
|
Name |
|
No.
of share |
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Company Kit Secretarial Services Ltd.,
Hong Kong. |
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1 = |
DIRECTOR
(As per registry dated 28-03-2011)
|
Name (Nationality) |
Address |
|
Amit SAND |
Mahaveer Cotton Factory, Near Bus Stand
Bijai Nagar, Ajmer, Raj., India. |
SECRETARY
(As per registry dated 28-03-2011)
|
Name |
Address |
Co.
No. |
|
Akin
Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
HISTORY
The
subject was incorporated on 10th March, 2011 as a private limited liability
company under the Hong Kong Companies Ordinance.
Initially
the subject was located at 6/F., Shun On Commercial Building, 112‑114 Des
Voeux Road Central, Hong Kong, moved to the present address with effect from
28th March, 2011 where is the operating address of its commercial service
provider Akin Professionals Ltd.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities : Importer, Exporter and Wholesaler.
Lines : All kinds of diamonds.
Employees : Nil.
Commodities Imported : India, etc.
Markets : Hong Kong, etc.
Terms/Sales : L/C, T/T, etc.
Terms/Buying : L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital : HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital : HK$1.00
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 trade commitments as required.
Commercial Morality : Too early to comment.
Banker : The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing : Small.
GENERAL
ISCO
Corporation Ltd. was incorporated on 10th March, 2011. It 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. which is
handling its correspondences and documents.
This firm is also the corporate secretary of the subject. The subject has no employees in Hong Kong.
The
subject has issued 1 ordinary share which is owned by Mr. Amit Sand 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 shareholder of the subject
cannot be reached as he is in India.
The
subject’s lines of business are unknown since the secretarial firm declined to
divulge any information about it.
It
is likely that the subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. However, this line of business
is unconfirmed.
The
subject may has got an associated company in Raj., India which is also operated
by Sand.
It
is likely that the India 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 India firm also
exports commodities to foreign markets under the name of the subject and its
registered address in Hong Kong.
The
history in Hong Kong is just over ten 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.49.06 |
|
|
1 |
Rs.78.08 |
|
Euro |
1 |
Rs.65.15 |
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 |
|
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 |
|
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 |
|
-- |
NB |
New Business |
-- |
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.