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Report Date : |
31.03.2012 |
IDENTIFICATION DETAILS
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Name : |
STAROUGH (H.K.) LTD. |
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Registered Office : |
Room 1204, 12/F., |
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Country : |
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Date of Incorporation : |
24.12.2004 |
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Com. Reg. No.: |
35220847 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, precious stones, etc. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
STAROUGH (H.K.)
LTD.
ADDRESS: Room 1204, 12/F., Winfield
Commercial Building, 6-8A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2739 3021, 2186 6196
FAX: 2739 3121, 2186 6197
E-MAIL: kotharip@netvigator.com
Managing Director: Mr. Priyank
Kothari
Incorporated on: 24th
December, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,440,000.00
Issued: HK$2,440,000.00
Business Category: Diamond Trader.
Employees:
4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1204, 12/F., Winfield Commercial Building, 6-8A Prat Avenue,
Tsimshatsui, Kowloon, Hong Kong.
Associated/Affiliated Companies:-
Harshit Diamonds Pvt. Ltd., India.
JKS, Hong Kong. (Same address)
Luminas BVBA, Belgium.
Russel Diamonds FZCO, UAE.
Star-Rough (ISR) Ltd., Israel.
35220847
0942223
Managing Director: Mr. Priyank
Kothari
Nominal Share Capital: HK$2,440,000.00 (Divided into 2,440,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,440,000.00
(As per registry dated 31-01-2012)
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Name |
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No. of shares |
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Russel Punit KOTHARI |
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1 |
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Priyank KOTHARI |
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2,439,999 |
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Total: |
2,440,000 ======= |
(As per registry dated 24-12-2011)
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Name (Nationality) |
Address |
|
Priyank KOTHARI |
Flat G, 6/F., Kimberly 26, 26 Kimberley Road, Tsimshatsui, Kowloon,
Hong Kong. |
|
Russel Punit KOTHARI |
Flat G, 6/F., Kimberly 26, 26 Kimberley Road, Tsimshatsui, Kowloon,
Hong Kong. |
Priyank KOTHARI (As per registry
dated 24-12-2011)
The subject was incorporated on 24th December, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Last time, the subject was located at c/o Dhuns Management Services
Ltd., 7/F., Man On Commercial Building, 12-13 Jubilee Street, Central,
Hong Kong, moved to the present address with effect from 23rd May, 2008.
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, precious stones, etc.
Employees: 4.
Commodities Imported: India, Belgium, Israel, other European and Asian countries, etc.
Markets: Japan,
Korea, Southeast Asia, Europe, Middle East, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$2,440,000.00 (Divided into 2,440,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,440,000.00
Alternation of Capital:-
|
24-12-2004 |
paid up |
HK$ 2.00 |
|
31-01-2012 |
paid up |
HK$ 2,439,998.00 |
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Total: |
paid up |
HK$ 2,440,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$100,000.00 |
to |
HK$2,440,000.00 |
on |
30-01-2012 |
Profit or Loss: Making
a small profit in the past years.
Condition: Keeping in a satisfactory
condition.
Facilities: Making rather active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 2,440,000 ordinary shares of HK$1.00 each, Starough (H.K.)
Ltd. is chiefly owned by Mr. Priyank Kothari.
Formerly the subject was equally owned by Mr. Russel Punit Kothari and
Mr. Priyank Kothari while each of them held a single share of HK$1.00. Now, Russel Punit Kothari has become a minor
shareholder of the subject.
Mr. Priyank Kothari is a Hong Kong ID Card holder who has moved to
Hong Kong for a long time. He has
got the right to reside in Hong Kong permanently. He is also the individual secretary and
Managing Director of the subject. The
two shareholders have got business concerns in Israel.
The subject is a member of the Kothari Group which includes the
following firms apart from the subject:-
Harshit Diamonds Pvt. Ltd., India
Luminas BVBA, Belgium
Russel Diamonds FZCO, UAE
Star-Rough (ISR) Ltd., Israel
The headquarters of the Group seem to be in India and control by the
Kothari family.
The subject has got a business partner Hausman Diamond in Ramat Gan,
Israel. Ramat Gan, Israel is the
international headquarters of Hausman Diamond.
Hausman Diamonds Hong Kong company is known as Hausman Diamond
Manufacturers H.K. Ltd. [Hausman HK] which was incorporated on 23rd June, 2005. Long time ago, the subject shared the same
office with Hausman HK in Hong Kong.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, cut and polished
diamonds, emerald, precious stones, ruby jade, gem sets, semi-precious stones,
blue or coloured sapphire, Tanzanite, etc.
Commodities are chiefly imported from India and Israel. Now, the subjects products are marketed in
Hong Kong, exported to the other Asian countries, Europe, the Middle East and
North America. Business is rather
active.
The subjects business has become active since early June 2008. Its business is chiefly handed by Priyank
Kothari who is residing in Hong Kong.
Russel Punit Kothari is responsible for the business of Star-Rough (ISR)
Ltd. which is an Israel-based firm.
Besides operating the subject, Priyank Kothari is also operating another
firm JKS located at the same operating address.
JKS is also a diamond trader which was established on 9th May, 2011.
The subject is fully supported by the Kothari Group. The history of the subject in Hong Kong is
over seven years and three months.
On the whole, consider it good for normal business engagements.
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 |
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US Dollar |
1 |
Rs.51.15 |
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1 |
Rs.81.80 |
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Euro |
1 |
Rs.68.34 |
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 SCs 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.