MIRA INFORM REPORT
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Report Date : |
13.03.2012 |
IDENTIFICATION DETAILS
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Name : |
RENAISSANCE DIAM. CO., LTD. |
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Registered Office : |
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Country : |
Taiwan |
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Date of Incorporation : |
09.12.2010 |
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Com. Reg. No.: |
53115229 |
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Legal Form : |
Overseas Company |
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Line of Business : |
Import and sales
of jewelry, 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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Taiwan |
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 |
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Company Name: |
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Supplied Name: |
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Trading Address: |
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Supplied Address: |
13-E No 368 Sec 1 Fuxing S Road Da An Dist
Taipei City 10656 Taiwan ROC |
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Telephone Number: |
+886-2-27009547 |
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Fax Number: |
Notes: The exact subject’s name and address are as above mentioned.
Notes: Subject declined to introduce its staff
number.
Subject was incorporated on 2010-12-9 with registered number 53115229 as Private Limited Liability Company in Taiwan.
|
Name |
Subscription
Amount |
|
Aide Xia |
1,000,000 |
The information above is that of subject’s major shareholders.
Core
Management
|
Name |
Aide Xia |
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Position |
Director |
Offices
& Factories
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|
Headquarters |
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Add |
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Production
Information
l
Subject is a trader of jewelry, etc. without any production activities
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
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F115010 |
Wholesales of jewelry and precious metals |
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F115020 |
Wholesales of ore |
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F215010 |
Retails of jewelry and precious
metals |
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F215020 |
Retails of Ore |
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F401010 |
International trade |
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ZZ99999 |
Besides licensed
business, all other business items those are not banned or restricted. |
M
l
The jewelry for sale is mostly purchased from India.
l
The subject has a
proportion of 100% for Import
l
The subject is mainly engaged in processing and
sales of various jewelry,
etc.
l
Subject’s jewelry includes gold jewelry, diamonds jewelry, etc.
l
Subject has both domestic
and foreign markets.
l
Subject exports to
Singapore, Korea, etc.
l
The subject has a proportion
of 50% for export.
Import and export
right:
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Import right |
Yes |
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Export right |
Yes |
Purchase
Domestic Purchase
Notes: Subject seldom purchases from domestic markets.
Foreign Purchase
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Payment Terms |
Proportion |
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Jewelry
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CBD, etc. |
100% |
Sales
Domestic Markets
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Sales Terms |
Proportion |
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Jewelry
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Cash, etc. |
100% |
Export
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Sales Terms |
Proportion |
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Jewelry
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CBD, etc. |
100% |
Subject has no obligations to disclose its financial statements to the
third party according to the relevant policy in Taiwan and the only source from
which we can obtain the information is the subject itself.
Subject’s relevant staff Mr. Xia declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
Mortgage
No chattel
mortgage record of subject has been found within the recent 3 months.
Lawsuit
Up to date of
reporting, no existing or latent litigation of the subject has been found.
|
Name |
Mr. Xia |
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.49.94 |
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UK Pound |
1 |
Rs.78.25 |
|
Euro |
1 |
Rs.65.39 |
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.