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Report Date : |
27.07.2012 |
IDENTIFICATION DETAILS
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Name : |
BLUE SPARKS LTD. |
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Registered Office : |
Room 1505, 15/F., |
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Country : |
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Date of Incorporation : |
15.06.2009 |
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Com. Reg. No.: |
50796366 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER AND EXPORTER OF ALL KINDS OF DIAMONDS, ETC. |
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No. of Employees : |
2. |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
BLUE SPARKS
LTD.
ADDRESS: Room 1505, 15/F., Lee Wai Commercial
Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
Managing Director: Mr. Amit Kumar
Incorporated on: 15th
June, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees:
2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1505, 15/F., Lee Wai Commercial Building, 1-3 Hart Avenue,
Tsimshatsui, Kowloon, Hong Kong.
Affiliated/Associated Companies:-
Anki Impex Ltd., Hong Kong.
Diva Diam, Hong Kong.
Victory Jewellery, Hong Kong.
50796366
1345731
Managing Director: Mr. Amit Kumar
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 15-06-2011)
|
Name |
|
No. of shares |
|
Amit KUMAR |
|
10,000 ===== |
(As per registry dated 17-02-2012)
|
Name (Nationality) |
Address |
|
Amit KUMAR |
Flat E, 45/F., Block 16, Caribbean Coast, Crystal Cove, 1 Kin Tung
Road, Tung Chung. Lantau Island, Hong Kong. |
(As per registry dated 15-06-2011)
|
Name |
Address |
Co. No. |
|
Billion Rise Secretaries Ltd. |
Room 1213, 12/F., Tai Yau Building, 181 Johnston Road, Wanchai,
Hong Kong. |
1409644 |
The subject was incorporated on 15th June, 2009 as a private limited liability
company under the Hong Kong Companies Ordinance.
At the very beginning, the subject was located at Room 1505, 15/F., Lee
Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong,
moved to Room 1213, 12/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong
Kong where was the operating address of Billion Rise Secretaries Ltd. in March
2010. It moved back to the present
address with effect from 27th February, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds, etc.
Employees: 2.
Commodities Imported: India, etc.
Markets: Hong
Kong, China, other Asian countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, 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: Made a very small profit in 2011.
Condition: Business
is improving.
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.
Having issued 10,000 ordinary shares of HK$1.00 each, Blue Sparks Ltd.
is wholly-owned by Mr. Amit Kumar who is an Indian. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
He is also the only director of the subject.
At the very beginning, the 10,000 shares were owned by Mr. Amit
Kumar. On 5th March, 2010, Kumar
transferred his shares to Mr. Vilas Pandurang Gurav who was the previous
shareholder. He transferred all his
shares back to Kumar in June, 2011.
Kumar is also the only shareholder and director of Anki Impex Ltd. which
is located at the same address of the subject.
Besides, Kumar is also the manager and sole proprietor of Diva Diam
which was established on 9th September, 2006.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, Japan and the other Asian countries.
Business keeps on improving.
The subject’s business is chiefly handled by Kumar himself.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
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.
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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.
-
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.55.95 |
|
|
1 |
Rs.86.56 |
|
Euro |
1 |
Rs.67.95 |
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.