MIRA INFORM REPORT
|
Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
SAGA CO., LTD. |
|
|
|
|
Registered Office : |
1-3, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
12.04.1986 |
|
|
|
|
Com. Reg. No.: |
22100025 |
|
|
|
|
Legal Form : |
Joint Stock Company |
|
|
|
|
Line of Business : |
Design, processing and sales of jewelry accessories, etc |
|
|
|
|
No. of Employees
: |
60-70 employees (Taiwan) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment
Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Taiwan |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Company Name: |
|
|
Supplied Name: |
|
|
Trading Address: |
|
|
Supplied Address: |
|
|
Telephone Number: |
|
|
Fax Number: |
|
|
E-mail: |
Notes: Subject’s exact name and address are as above and the subject did not
introduce the supplied address.
Subject was incorporated on
|
Name |
Subscription Shares |
|
Yangen Sun |
90,800 |
|
Yuede Lei |
|
|
1 |
|
|
Boxiu Shi |
1 |
|
Saga Group Limited |
90,800 |
The information above is that of subject’s major shareholders.
It is introduced that
subject has a watch factory in the mainland of
Core
Management
|
1 |
|
|
Name |
Yangen Sun |
|
Position |
Board Chairman |
|
2 |
|
|
Name |
Yuede Lei |
|
Position |
Director |
|
Date of
Appointment |
|
|
3 |
|
|
Name |
Boxiu Shi |
|
Position |
Director |
|
4 |
|
|
Name |
Kaiya Wei |
|
Position |
Supervisor |
Personnel
Structure
|
Total Employees |
60-70 employees (Taiwan) |
Offices
& Factories
|
|
Headquarters |
|
Add |
Production
Information
l
Subject is engaged in design and processing of jewelry
accessories and subject has factories in China and Thailand.
Purchase
Information
l
The registered activities of subject:
|
-- |
Manufacture, processing and export of all kinds
of Jewelry products and semi-finished
product |
|
-- |
Manufacture, processing and export of wax mould, rubber mould, jewelry tools creating tools, products and semi-finished product |
|
-- |
Sales and price quoting business of jewelry (materials, products and semi-finished product) |
|
-- |
Manufacture, processing, assembly, manufacturing
consignment and export of decorative
clocks, components, products and semi-finished
product, etc |
|
-- |
General import and export trading business
Besides licensed business |
l
It is introduced that subject purchases mainly
local market, while the raw materials are imported from other countries by
their suppliers.
l
The subject is mainly engaged in sales of jewelry accessories including gold ornaments, silver ornament,
Inlaid Jewelry and watches, etc
l
Subject’s products are both sold in domestic and
overseas market and its sales mainly focus on Europe and America.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
|
Payment Terms |
Proportion |
|
|
Raw materials, etc |
COD, etc |
100% |
Foreign Purchase
Subject has little direct import
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Jewelry Accessories, etc |
50% prepayment, 50% before delivery, etc |
100% |
Export
|
Sales Terms |
Proportion |
|
|
Jewelry Accessories, etc |
50% prepayment, 50% before delivery, 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 Ms. Shu declined to disclose its financials
citing the grounds of company’s confidentiality; from other source we can not
obtain the relevant information, either.
Subject declined to disclose its bank details; 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 |
Ms. Shu |
|
Position |
Manager |
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.50.91 |
|
UK Pound |
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
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.