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Report Date : |
26.07.2012 |
IDENTIFICATION DETAILS
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Name : |
WINFUL TRADING LTD |
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Registered Office : |
Unit A2, 10/F., |
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Country : |
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Date of Incorporation : |
15.03.2012 |
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Com. Reg. No.: |
59524287 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
TRADER
OF ALL KINDS OF DIAMONDS AND JEWELLERY, ETC |
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No. of Employees : |
1 |
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 Business |
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Payment Behaviour : |
-- |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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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 |
WINFUL TRADING LTD.
Unit A2, 10/F.,
PHONE: 6485 6981 (mobile
phone)
Managing
Director: Mr. Durgesh Sharma
Incorporated on :
15th March, 2012.
Organization : Private Limited Company.
Capital : Nominal: HK$10,000.00
Issued: HK$10,000.00
Business
Category : Diamond &
Jewellery Trader.
Employees : 1.
Main Dealing
Banker : The Hongkong &
Shanghai Banking Corp. Ltd.,
Banking
Relation : Too early to
comment.
Registered Office:-
Unit A2, 10/F.,
Able Bright International
Trading Ltd., Hong Kong. (same address)
59524287
1716985
Managing
Director: Mr. Durgesh Sharma
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 27-03-2012)
|
Name |
|
No.
of shares |
|
GNL12
Ltd., |
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1 |
|
Durgesh SHARMA |
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9,999 |
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|
|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 27-03-2012)
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Name (Nationality) |
Address |
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Durgesh SHARMA |
275/3 Near Esi Luna Agency, Kalabagh, |
(As per registry dated 27-03-2012)
|
Name |
Address |
|
|
Global
Associates Ltd. |
Unit A, 10/F., |
1695695 |
The
subject was incorporated on 15th March, 2012 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the registered address of the subject was located at 14/F., Chun Wo Commercial
Centre, 25 Wing Wo Street, Central, Hong Kong where was the operating address
of a commercial service provider Gateway Registrations Ltd., moved to the
present address with effect from 27th March, 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Diamond & Jewellery
Trader.
Lines: All kinds of
diamonds and jewellery, etc.
Employees:
1.
Commodities
Imported:
Markets:
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, 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: Satisfactory
Banker: The Hongkong
& Shanghai Banking Corp. Ltd.,
Standing: Small.
Having
issued 10,000 ordinary shares of HK$1.00 each, Winful Trading Ltd. is wholly
owned by Mr. Durgesh Sharma who is an Indian.
He is an
The
subject commenced business in March 2012.
The
subject does not have its own operating office.
Its registered address is in a private building located at Unit A2,
10/F.,
The
residential building is not trespassed by outsiders.
The
subject’s telephone number and fax number have not registered with local
telephone company nor listed on telephone directories. However, Sharma currently is in
The
subject is a diamond and jewellery importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from
According
to Sharma, the subject has had one employee in
The
subject’s business is chiefly handled by Sharma himself. History in
The
subject has got an associated company Able Bright International Trading Ltd.
located at the same address. This firm
is also operated by Sharma.
Since
the registered office of the subject is in a residential building, on the
whole, consider it good for normal business engagements on L/C basis.
DIAMOND INDUSTRY –
-
From time immemorial,
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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
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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.
-
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
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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.56.37 |
|
|
1 |
Rs.87.44 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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 |
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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 |
|
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 |
|
-- |
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.