MIRA INFORM REPORT
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Report Date : |
18.02.2012 |
IDENTIFICATION DETAILS
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Name : |
WEALTHY
MARK PRIVATE LTD. |
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Registered Office : |
c/o Excellent Luck Ltd., Room 736, 7/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.12.2010 |
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Com. Reg. No.: |
53433367 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Jewellery, diamonds, gemstone, etc. |
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No. of Employees : |
Nil |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Company |
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Payment
Behaviour : |
Unknown |
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Litigation : |
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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, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
WEALTHY MARK
PRIVATE LTD.
c/o Excellent Luck Ltd.
Room 736, 7/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2375 2297, 2574 5118
FAX: 2375 2780, 2838 3196
E-MAIL: wealthymarkinfo@gmail.com
Managing Director: Mr. Mohammed Mukhtar Shaikh
Incorporated on: 10th December, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
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 Excellent Luck Ltd.
Room 736, 7/F., Beverley Commercial Centre, 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
Affiliated Companies:-
· Adila Private Ltd., Hong Kong.
· Excellent Luck Ltd., Hong Kong. (Same address)
· Interseas Trading Co., Hong Kong. (Same address)
53433367
1539109
Managing Director: Mr. Mohammed Mukhtar Shaikh
Contact Person: Mr. Syed Riyaz Syed Anwar
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 per registry
dated 10-12-2010)
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Name |
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No. of shares |
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Mohammed Mukhtar SHAIKH |
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10,000 ===== |
(As per registry
dated 10-12-2010)
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Name (Nationality) |
Address |
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Mohammed Mukhtar SHAIKH |
10/11 Imtiyaz Belding Piet Road, Kurla, Mumbai 400070, India. |
(As per registry
dated 10-12-2010)
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Name |
Address |
Co.
No. |
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Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 10th December, 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: Jewellery, diamonds, gemstone, etc.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, Japan, other Asian countries, etc.
Annual Turnover: Too early to obtain figure.
Terms/Sales: L/C or as per contracted.
Terms/Buying: Prepayment, L/C, etc.
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 trade commitments as required.
Commercial Morality: Too early to comment.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Wealthy Mark Private Ltd. is wholly owned by Mr. Mohammed Mukhtar Shaikh who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is the only director of the subject and currently residing in Mumbai, India. He cannot be reached.
The subject does not have its own operating office. Its registered office is in a Hong Kong-registered firm located at Room 736, 7/F., Beverley Commercial Centre 87-105 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong known as Excellent Luck Ltd. [Excellent Luck] which is handling its correspondences and documents. However, its corporate secretary Buttar.HK Ltd. is located at a different address.
The subject has no employees in Hong Kong.
It is likely that the subject is a diamond and jewellery trader. Commodities are chiefly sourced from India. Business is still under development.
The contact person of the subject Mr. Syed Riyaz Syed Anwar is also an Indian. Syed Anwar is the sole shareholder and director of a Hong Kong registered firm Adila Private Ltd. [Adila]. Registered in Hong Kong on 10th December, 2010, Adila also does not have its operating address in Hong Kong. Its registered office is in a commercial service firm located at 9/F., Aztec House, 2 Mau Lam Street, Jordan, Kowloon, Hong Kong known as Buttar.HK Ltd. which is handling its correspondences and documents. Buttar.HK Ltd. is the corporate secretary of the subject and Adila. Buttar.HK Ltd. has had two offices in Hong Kong, including the above-mentioned one. Adila also has no employees in Hong Kong. Currently, Syed Anwar who also cannot be reached is also residing in Mumbai, India.
Excellent Luck is an Indian firm trading in bicycles and tricycles, tea and teabag, sewing machines and parts, ball bearing, plywood, batteries, etc. Commodities are sourced from China, Japan, the United Kingdom, other European countries, etc. Commodities are exported to India, the Middle East, Europe, North America, etc.
It is likely that the subject has got an associated company in Mumbai, India.
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 subject’s business in Hong Kong is not active. History in Hong Kong is just over nine 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 secured 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.21 |
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UK Pound |
1 |
Rs.77.75 |
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Euro |
1 |
Rs.64.58 |
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.