MIRA
INFORM REPORT
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Report Date : |
19.01.2012 |
IDENTIFICATION DETAILS
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Name : |
KAMA-SCHACHTER JEWELRY HONG KONG LTD. |
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Registered Office : |
Unit 1203, 12/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.04.2010 |
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Com. Reg. No.: |
52141280 |
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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 : |
4 |
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 30, 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 |
Company name and address
KAMA-SCHACHTER JEWELRY
HONG KONG LTD.
ADDRESS: Unit 1203, 12/F., Lippo Sun
Plaza, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2110 3370
FAX: 2110 0059
E-MAIL: olga.kamaschachter@gmail.com
MANAGEMENT
Managing Director: Mr. Colin
Pankaj Shah
SUMMARY
Incorporated on: 22nd
April, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,300,000.00
Issued: HK$1,300,000.00
Business Category: Jewellery Trader.
Employees:
4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory
ADDRESS
Registered Head Office:-
Unit 1203, 12/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.
Holding Company:-
Kama-Schachter Jewelry Private Ltd., India.
Associated Companies:-
Kama Schachter Jewellery Retail Pvt. Ltd., India.
Kama Schachter Jewelry Japan Co. Ltd., Japan.
Kama-Schachter Jewelry Inc., USA.
Affiliated Company:-
Leo Schachter Diamonds LLC, USA.
BUSINESS REGISTRATION NUMBER
52141280
COMPANY FILE NUMBER
1447589
MANAGEMENT
Managing Director: Mr. Colin
Pankaj Shah
CAPITAL
Nominal Share Capital: HK$1,300,000.00 (Divided into 1,300,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,300,000.00
SHAREHOLDER
(As per registry dated 22-04-2011)
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Name |
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No. of shares |
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Kama-Schachter Jewelry Private Ltd. Unit 601-604, Multistoried Building, Seepz-Sez, Andheri (E),
Mumbai-400096, India. |
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1,300,000 ======= |
DIRECTOR
(As per registry dated 22-04-2011)
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Name (Nationality) |
Address |
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Colin Pankaj SHAH |
211-212, Kalpataru Horizon, S. K. Ahire Marg, Worli, Mumbai-400018,
India. |
SECRETARY
(As per registry dated 22-04-2011)
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Name |
Address |
Co. No. |
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Blick Management Consultants Ltd. |
Unit 501, 5/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon,
Hong Kong. |
0130506 |
HISTORY
The subject was incorporated on 22nd April, 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.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products, etc.
Employees: 4.
Commodities Imported: India, other Asian countries, Europe, US, etc.
Markets: Hong
Kong, other Asian countries, Europe, Middle East, US, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,300,000.00 (Divided into 1,300,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,300,000.00
Profit or Loss: Suffering from a small loss in 2010.
Condition: Business
is under development.
Facilities: Trying
to make 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 1,300,000 ordinary shares of HK$1.00 each, Kama-Schachter Jewelry
Hong Kong Ltd. is a wholly-owned subsidiary of Kama-Schachter Jewelry Private
Ltd. [Kama-Schachter], an India-based firm.
The only director of the subject Mr. Colin Pankaj Shah is an Indian.
Kama-Schachter is a diamond jewellery manufacturer and trader. The subject is trading in those products
supplied by Kama-Schachter.
Kama-Schachter’s headquarters are in Mumbai, with branches in Chennai
and Delhi, and sales offices in New York, Toronto, Tokyo and Frankfurt. Kama-Schachter’s three factories in Mumbai,
India are using state-of-the-art technology to produce the diamond jewellery
for leading retailers all over the world.
Leo Schachter Diamonds LLC [LSD], a US-based firm, is one of the
business partners of Kama-Schachter.
Kama Schachter is one of Asia’s largest manufacturers and exporters of
diamonds anddiamond jewelry. Since its
inception in 1996 with 40 employees producing 1,000 ~ 1,500 pieces per month in
its first year of operation, Kama Schachter has expanded to two factories, with
1,000 workers and professionals, producing 30,000 pieces of jewelry every
month.
Kama Schachter’s diamond sourcing office is located in Mumbai’s diamond
center. Its partnership with LSD, one of
the world’s largest DTC Sightholders, allows it direct access to a vast range
of loose diamonds of every category.
The business of the subject keeps on improving.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong. For instance, it is going to take part in
“HKTDC Hong Kong International Jewellery Show 2012” which will be held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
16th to 20th February, 2012.
The history of the subject in Hong Kong is just over a year and eight
months.
On the whole, since the history of the subject is short, consider it
good for normal 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.66 |
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1 |
Rs.77.72 |
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Euro |
1 |
Rs.64.63 |
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.