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Report Date : |
08.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SILVER
SANDS LTD. |
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Registered Office : |
c/o
Buttar.HK Ltd., Unit S, 1/F., |
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Country : |
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Date of Incorporation : |
15.07.2011 |
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Com. Reg. No.: |
58684236 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Diamond and jewellery trader of all kinds of diamonds and jewellery, etc. |
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No. of Employees : |
03. (including associates) |
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 Concern |
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Payment Behaviour : |
Unknown |
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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 |
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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 |
SILVER SANDS LTD.
Room 5, 18/F., Royal Commercial Centre, 56 Parkes Street, Yau Ma Tei, Kowloon, Hong Kong.
PHONE: 2723 8407
FAX: 2723 8487
General Manager: Mr. Sarraf Gautam Kumar
Incorporated on: 15th July, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Diamond and jewellery trader.
Employees: 3. (including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Address:-
c/o Buttar.HK Ltd.
Unit S, 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
Operating Office:-
Room 5, 18/F., Royal Commercial Centre, 56 Parkes Street, Yau Ma Tei, Kowloon, Hong Kong.
Mailing
Address:
Post Office Box 98696, Tsimshatsui Post Office, Kowloon, Hong Kong.
Associated
Companies:-
Cell Pacific Ltd., Hong Kong. (Same address)
Denzong Trade Link, Hong Kong. (Same address)
Denzong, Hong Kong. (Same address)
58684236
1633423
General Manager: Mr. Sarraf Gautam Kumar
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated
15-07-2011)
|
Name |
|
No. of share |
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Sarraf GAUTAM KUMAR |
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1 = |
(As per registry
dated 23-03-2012)
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Name (Nationality) |
Address |
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Pacific Palace (Asia) Ltd. |
263 Main Street, Road Town Tortola, British Virgin Islands. |
(As per registry
dated 23-03-2012)
|
Name |
Address |
Co.
No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 15th July, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Room 5, 18/F., Royal Commercial Centre, 56 Parkes Street, Yau Ma Tei, Kowloon, Hong Kong, moved to the present address with effect from 23rd March, 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Diamond and jewellery trader.
Lines: All kinds of diamonds and jewellery, etc.
Employees: 3. (including associates)
Commodities Imported: India, China, other Asian countries, etc.
Markets: Hong Kong, China, other Asian countries, etc.
Annual Turnover: Not reported.
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$1.00
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., Hong Kong.
Standing: Small.
Silver Sands Ltd. is wholly-owned by Mr. Sarraf Gautam Kumar who is an Indian. The director of the subject Pacific Palace (Asia) Ltd. is a BVI‑registered firm.
The subject’s registered address is in the operating office of a commercial service provider located at 1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.
The address of the subject’s operating office is located at Room 5, 18/F., Royal Commercial Centre, 56 Parkes Street, Yau Ma Tei, Kowloon, Hong Kong. The subject shares the office with the following firms which are also operated by Sarraf Gautam kumar or his family:-
· Denzong Trade Link;
· Denzong;
· Cell Pacific Ltd. [Cell Pacific].
All the above-mentioned firms are Hong Kong-registered firms.
Denzong Trade Link is trading in the following commodities:
Watch Movement, Watch Case - Metal (From China & Taiwan), Watch Dial (From China & Taiwan), Watch Bands & Straps (From China & Taiwan), Silk, Raw, Mainframe (CPU), Computer Peripherals & Accessories, Mobile Phones, Mobile Phone Accessories, Joss Paper (Incense from India), Box - Presentation (Watch & jewellery packing boxes from China), Tiles & Coverings, etc.
Denzong is trading in lamps, ceramic tiles, tiles, furniture, etc. Cell Pacific has operations all over world. It is dealing in Jewellery, Artefacts, Diamonds, Precious Stones and Precious Metals. Its recently launched collection of Hindu Gods and Goddesses which are exclusively designed by its team of professional designers.
The subject is engaged in the same lines of business as Cell Pacific.
On
the whole, since the history of the subject is short, consider it good for
normal 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.55.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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.