MIRA INFORM REPORT
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Report Date : |
07.03.2012 |
IDENTIFICATION DETAILS
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Name : |
PRIME GEMS (S) PTE LTD |
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Formerly Known As : |
Alwan Trading (S) Pte Ltd |
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Registered Office : |
61 Meyer Road #05-05 Atria At Meyer, The Singapore 437885 |
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Country : |
Singapore |
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Date of Incorporation : |
12.10.1989 |
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Com. Reg. No.: |
198904472E |
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Legal Form : |
Limited Exempt Private Company |
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Line of Business : |
General Wholesale Trade (Including General Importers and
Exporters) |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Singapore |
a1 |
a1 |
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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 |
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Company Name: |
Prime Gems (S) Pte Ltd |
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Supplied Name: |
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Supplied
Address: |
We tried to contact subject
through the phone number “+65-6333-8653/1758” obtained from public files, no
one answered the phone. We have tried for several times, while the results act
as the same.
We also tried to contact
the subject through number “+65-63334161”, but the person who answered the
telephone said it was a residential number.
No other valid contact
information was found from public files according to the supplied name or
address.
Subject’s principal
activities in the registration files are as follows, but the information is not
confirmed.
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46900 |
General
Wholesale Trade (Including General Importers And Exporters) |
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82991 |
Including
Auction-Sale For Jewellery, Gems, Diamonds And Other Accessories |
Up to the date of reporting, we did not get in touch with subject, we
will update the report if anything new returned.
We found the registration information of subject from local registry,
supplying as follows for reference.
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Registered
Name: |
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Registered
Address: |
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Date
of Registration:: |
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Registered
Number: |
198904472E |
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Country
of Incorporation: |
Singapore |
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Registered
Capital: |
SGD 500,000.00
(USD 390,150.00) (As of 2012.3, 1
SGD = 0.7803 USD) |
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Paid-up Capital: |
SGD 500,000.00
(USD 390,150.00) = 500,000 Shares@1 SGD |
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Legal
Form: |
Limited Exempt
Private Company |
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Principal
Activities: |
46900--General
Wholesale Trade (Including General Importers And Exporters) 82991--Including
Auction-Sale For Jewellery, Gems, Diamonds And Other Accessories |
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N/A |
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Status: |
Live Company |
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Listed at Stock
Exchange: |
No |
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Date of Last Annual
Return: |
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Subject was
incorporated on
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Date
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Change
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Alwan Trading (S) Pte Ltd |
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Prime Gems (S) Pte Ltd |
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Subscription Amount |
Proportion of Investment (%) |
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50,000 |
10% |
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Patel
Narshibhai Hemchandbhai |
250,000 |
50% |
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Vora Bindu Narshin |
200,000 |
40% |
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Total |
500,000 |
100% |
Major Shareholder
Information:
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1 |
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Name: |
Shtya
Prakas S/O Kanhaiya Lal |
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ID
Number: |
S1502657Z |
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Address: |
672B
Klang Lane #05-81 Singapore 212672 |
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2 |
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Name: |
Patel
Narshibhai Hemchandbhai |
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ID
Number: |
S |
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Address: |
61
Meyer Road #05-05 Atria At Meyer, The Singapore 437885 |
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3 |
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Name: |
Vora
Bindu Narshin |
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ID
Number: |
S |
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Address: |
61
Meyer Road #05-05 Atria At Meyer, The Singapore 437885 |
Subject did not register any subsidiaries or branches,
from other source we can not obtain the relevant information, either.
Detailed
Information of Management:
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1 |
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Name: |
Patel Narshibhai
Hemchandbhai |
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Position: |
Director |
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ID Number: |
S |
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Address: |
61 Meyer Road
#05-05 Atria At Meyer, The Singapore 437885 |
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Nationality: |
Singapore P.R. |
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Date of
Appointment: |
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2 |
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Name: |
Patel Narshibhai
Hemchandbhai |
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Position: |
Managing
Director |
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ID Number: |
S |
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Address: |
61 Meyer Road
#05-05 Atria At Meyer, The Singapore 437885 |
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Nationality: |
Singapore P.R. |
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Date of
Appointment: |
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3 |
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Name: |
Vora Bindu
Narshin |
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Position: |
Director |
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ID Number: |
S |
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Address: |
61 Meyer Road
#05-05 Atria At Meyer, The Singapore 437885 |
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Nationality: |
Singapore P.R. |
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Date of
Appointment: |
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Subject has no obligations to disclose its financial statements to the
third party according to the relevant policy in Singapore and the only source
from which we can obtain the information is the subject it self.
Since we did not
get in touch with subject, the financials are not available.
Information on
bank details is not available from subject or other sources.
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Name: |
RAMA & CO |
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.50.03 |
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UK Pound |
1 |
Rs.79.32 |
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Euro |
1 |
Rs.66.02 |
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.