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Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
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Name : |
JEWEL DIAM PTE. LTD. |
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Registered Office : |
16 |
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Country : |
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Date of Incorporation : |
23.08.2010 |
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Com. Reg. No.: |
201017872D |
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Legal Form : |
Limited Exempt Private Company |
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LINE OF BUSINESS : |
SUBJECT IS ENGAGED IN TRADING OF DIAMONDS AND IT DOES NOT
HAVE ANY OTHER ITEMS |
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|
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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) |
|
Singapore |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company Name: |
Jewel Diam Pte.
Ltd. |
|
Supplied Name: |
|
|
Supplied
Address: |
|
Notes: Subject’s exact name and address are as
above and the supplied number +65-6401-1500 and +65-6342-2677 belongs to the
residence of subject’s director.
We tried to
contact subject according to the given number +65-6401-1500, the supplied
telephone number and fax number belongs to the residence of subject’s boss. And
the woman who answered the phone gave us subject’s company number as
+65-91098618.
We tried to
contact subject again, Subject’s director Mr. Uday Ramesh Jhaveri confirmed
subject’s name, address and general operation information as trading of
jewelry, but he declined to disclose any other details and just asked us to
send a mail to uday1970@hotmail.com.
An E-mail has been
sent to the given E-mail address, but no reply has been received, yet.
From public files,
we can not find any other valid contact or operation details, either.
Up to the date of
reporting, we failed to obtain subject’s operation details, if there is any new
development, we will update the report.
We found subject’s
registration information from local registry, supplying as follows for
reference.
|
Registered Name: |
|
|
Registered
Address: |
|
|
Date of
Registration:: |
|
|
Registered
Number: |
201017872D |
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Country of
Incorporation: |
Singapore |
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Registered
Capital: |
SGD 500,000 (USD
395,850) (As of 2012.07,
1 SGD = 0.7917 USD) |
|
Paid-up Capital: |
SGD 500,000 (USD
395,850) = 500,000 Shares@1 SGD |
|
Legal Form: |
Limited Exempt
Private Company |
|
Principal
Activities: |
46421--Wholesale
Of Jewellery |
|
N/A |
|
|
Status: |
Live Company |
|
Listed at Stock
Exchange: |
No |
|
Date of Last
Annual Return: |
|
Notes: Subject did not
introduce its staff number; from other source we can not obtain the relevant
information, either.
Subject was
incorporated on
|
Subscription
Amount |
Proportion of
Investment (%) |
|
|
UDAY RAMESH JHAVERI |
500,000 |
100% |
|
Total |
500,000 |
100% |
Major Shareholder
Information:
|
Name: |
UDAY RAMESH JHAVERI |
|
ID Number: |
S7080428Z |
|
Address: |
16 AMBER GARDENS #10-04 AMBER PARK Singapore
439961 |
Subject did not introduce
whether it has any subsidiaries or branches, from other source we can not
obtain the relevant information, either.
Detailed
Information of Management:
|
1 |
|
|
Name: |
Uday Ramesh Jhaveri |
|
Position: |
Director |
|
ID Number: |
S7080428Z |
|
Address: |
16 Amber Gardens #10-04 Amber Park Singapore
439961 |
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Nationality: |
Singapore P.R. |
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Date of Appointment: |
|
|
|
|
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Name: |
Jhaveri Uday Manjri |
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Position: |
Secretary |
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ID Number: |
S7376086J |
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Address: |
16 Amber Gardens #10-04 Amber Park Singapore
439961 |
|
Nationality: |
SINGAPORE P.R. |
|
Date of Appointment: |
|
Offices
& Factories
|
|
Office |
|
Address: |
Operation
Information
Subject only
confirmed that subject is a trader of jewelry, and we can not find any other
operation details from subject or other sources.
We tried to contact subject’s director Mr. Uday Ramesh Jhaveri again thourgh the number +65-91098618, he introduced that Subject Is Engaged in Trading of Diamonds and it Does Not Have any Other Items.
All
the diamonds are processed and form India.
Subject did not
introduce the settlement information and from other source we can not obtain
the relevant information, either.
In Singapore, Limited Exempt Private Companies are not obligated to submit
their financial statements to the local registry. We did not find the
financials of subject from the local registry, the subject also declined to
disclose such information due to the confidentiality reason.
Information on bank details is not avaialble from subject or other sources.
|
Name: |
Uday Ramesh
Jhaveri |
|
Position |
Director |
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.55.15 |
|
|
1 |
Rs.86.57 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
|
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 |
|
<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.