MIRA INFORM REPORT
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Report Date : |
17.01.2012 |
IDENTIFICATION DETAILS
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Name : |
STALLION
LTD. |
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Registered Office : |
c/o KNG Consultants, Room 605, 6/F., Stag Building, 148-150 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.12.2009 |
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Com. Reg. No.: |
51610496 |
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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 and jewellery products, etc. |
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No. of Employees
: |
Not Available |
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 – September 30th, 2011
|
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 |
Company name
STALLION LTD.
Company ADDRESS
c/o KNG Consultants
Room 605, 6/F., Stag Building, 148-150 Queen’s Road Central, Hong Kong.
PHONE: 2541 4068
FAX: 2541 4069
MANAGEMENT
Managing Director: Mr. Nishank Harshadbhai Dagli
SUMMARY
Incorporated on: 28th December, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
c/o KNG Consultants
Room 605, 6/F., Stag Building, 148-150 Queen’s Road Central, Hong Kong.
Affiliated
Companies:-
Phoenix Impex
Flat 1, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
Technic Trade [BR No. 50256550-000-02]
Room 728, 7/F., Beverly Commercial Centre, 87 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. [Business ceased]
Vardhaman
International
Flat 1, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
51610496
COMPANY FILE NUMBER
1405396
MANAGEMENT
Managing Director: Mr. Nishank Harshadbhai Dagli
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER
(As per registry
dated 28-12-2010)
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Name |
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No. of shares |
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Nishank Harshadbhai DAGLI |
|
10,000 ===== |
DIRECTOR
(As per registry
dated 28-12-2010)
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Name (Nationality) |
Address |
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Nishank Harshadbhai DAGLI |
C-19 Alok Apartments, P T College Road, NR Sabar Flats Paldi Ahmedabad-380007, India. |
SECRETARY
(As per registry
dated 28-12-2010)
|
Name |
Address |
Co.
No. |
|
Regent Secretarial & Tax Consultants Ltd. |
Room 1601, 16/F., 113 Argyle Street, Mongkok, Kowloon, Hong Kong. |
0610447 |
HISTORY
The subject was incorporated on 28th December, 2009 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.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, etc.
Employees: Nil.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, Southeast Asia, Europe, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
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: Kept a balance account in Hong Kong.
Condition: Business is under development.
Facilities: Making fairly active 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.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Stallion Ltd. is wholly-owned by Mr. Nishank Harshadbhai Dagli who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Dagli is the only director of the subject.
Business commenced in December 2009, the subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 605, 6/F., Stag Building, 148-150 Queen’s Road Central, Hong Kong known as KNG Consultants which is handling its correspondences and documents. The subject has no employees in Hong Kong.
Dagli is also the owner of two firms: Phoenix Impex and Vardhaman International. The subject and these two firm are diamond traders. Phoenix Impex and Vardhaman International are located at Flat 1, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
Business commenced in February 2008, Vardhaman International is trading in loose diamonds, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, etc. Most of its commodities are imported from India, Belgium and other European countries, etc. The subject is dealing in the same commodities.
The subject is just a one-man-company. As mentioned before, the subject has had an affiliated company Phoenix Impex which is also owned by Dagli. Established on 17th July, 2007, Phoenix Impex is also a diamond trader.
Besides the subject, Vardhaman International and Phoenix Impex, Dagli had set up another firm known as Technic Trade located at a different address. Established on 10th February, 2009, Technic Trade was located at Room 728, 7/F., Beverly Commercial Centre, 87 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. Technic Trade was also a diamond trader. However, this firm has ceased business since 6th December, 2010.
The history of the subject is just over two years in Hong Kong.
On the whole, 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.65 |
|
UK Pound |
1 |
Rs.79.09 |
|
Euro |
1 |
Rs.65.32 |
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.