Final Report
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Report Date : |
08.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SUPERB JEWELLERY |
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Registered Office : |
c/o Gurus
& Lexes Consultants Ltd., |
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Country : |
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Date of Incorporation : |
21.09.2009 |
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Com. Reg. No.: |
51183495-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
Not Available |
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 : |
Moderate |
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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
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
SUPERB JEWELLERY
c/o Gurus & Lexes Consultants Ltd.
Suite 1008, 10/F., Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay, Hong Kong.
PHONE: 2838 8530
FAX: 3157 7910
Manager: Mr. Shiv Shankar Gopawat
Establishment: 21st September, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
c/o Gurus & Lexes Consultants Ltd.
Suite 1008, 10/F., Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay, Hong Kong.
P.O. Box 95036, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Associated
Companies:- (Same owner)
Sharp Diamonds, Hong Kong. (Same address)
Supreme Trading FZE, Hong Kong.
51183495-000-09
Manager: Mr. Shiv Shankar Gopawat
Name: Mr. Shiv Shankar GOPAWAT
Residential Address: Po-Kharsan,
Via-Kheroda, Udaipur, Raj, India.
The subject was established on 21st September, 2009 as a sole proprietorship concern owned by Mr. Shiv Shankar Gopawat under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: Nil.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Japan, Middle East, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
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.
Superb Jewellery is a sole proprietorship set up on 21st September, 2009 and owned by Mr. Shiv Shankar Gopawat who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Gopawat is the manager of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Suite 1008, 10/F., Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay, Hong Kong known as Gurus & Lexes Consultants Ltd. [Gurus & Lexes] which is handling its correspondences and documents. The subject has no employees in Hong Kong.
The subject is a diamond and jewellery importer, exporter and wholesaler. Most of the commodities are imported from India, Belgium, Israel, etc. Prime markets are Hong Kong, Japan, the other Asian countries, the United Arab Emirates, etc. Business is not active in Hong Kong.
The subject’s business is chiefly handled by Gopawat himself. Gopawat is also the owner of another firm Sharp Diamonds [Sharp] which is also registered in Hong Kong. This firm is engaged in the same lines of business as the subject. Sharp’s registered address is also in the above-mentioned address.
Most of the time, Gopawat is residing in Raj, India. It is likely that he is operating a firm there which is also a diamond and jewellery trader.
Besides the subject and Sharp, Gopawat is also the sole proprietorship of Supreme Trading FZE [Supreme]. Business commenced in September 2009 and registered in Hong Kong, Supreme also does not have its own operating office. Its registered office is in the operating office of Gurus & Lexes located at Room 1002, 10/F., Chuang’s Tower, 30-32 Connaught Road Central, Hong Kong. This address is quite different from the above‑mentioned one.
Supreme is also a diamond trader. Besides trading in diamonds, it also trades in other commodities such as furniture, electronic products, electric appliances, etc. It is also a commission. It is likely that Supreme has had an associated company in Dubai, the United Arab Emirates bearing the same name.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for 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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
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UK Pound |
1 |
Rs.85.22 |
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Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.