MIRA INFORM REPORT
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Report Date : |
07.05.2012 |
IDENTIFICATION DETAILS
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Name : |
NAMI CREATIONS SDN. BHD. |
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Registered Office : |
52B, Jalan 6/21D, Medan Idaman Business Centre, Jalan Gombak, Kuala Lumpur, Wilayah Persekutuan, Zip/postal code 53100 |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
28.03.2005 |
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Com. Reg. No.: |
686333-H |
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Legal Form : |
Private Limited Company Limited By
Shares |
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Line of Business : |
Import & sales of diamonds and jewelry |
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No. of Employees : |
01 |
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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Malaysia |
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 |
Verified Address
Subject name : NAMI CREATIONS SDN. BHD.
Business address : 1-18-01, Lanai Kiara Condominium
Jalan 1/61A
Mont Kiara
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 50480
Country : Malaysia
Tel : +60 16 2630321
Registered address : 52B, Jalan 6/21D
Medan
Idaman Business Centre
Jalan
Gombak
Town : Kuala Lumpur
Province : Wilayah Persekutuan
Zip/postal code : 53100
Country : Malaysia
Comments : The Subject does not operate from a physical office and all correspondence is conducted
through the
Subject’s director residential premises and mobile number.
Executive Summary
Date founded or registered : 28/03/2005
Legal form : Private Limited
Company Limited By Shares
Chief executive : Niren Bharat Shah
Issued & paid up capital
: MYR 1,345,200
Sales turnover : MYR
4,518,829 (Non-consolidated 12 months, 31/12/2010)
Net income : MYR 1,003 (Non-consolidated
12 months, 31/12/2010)
Total fixed assets : MYR 5,234,150
(Non-consolidated 12 months, 31/12/2010)
Line of business : Import & sales of
diamonds and jewelry.
Staff employed : 1 employee
Company Analysis
Country risk : Country risk is
minimal
Operation trend : Operational trend is
steady
Management experience : Management is modestly experienced
Financial performance : Financial performance is fair
Organization structure : Organizational structure is acceptable
Detrimental : No detrimental records found
Payment history : No payment delays noted
Registry Data
Registration date : 28/03/2005
Legal form : Private Limited
Company Limited By Shares
Registration no 686333-H
Registered authority : Companies Commission of Malaysia
Registry status : Live/Active
Previous name :
None reported.
Change of legal form : None reported.
Key Management
Name : Niren Bharat Shah
Designation : Managing Director
Appointments
Name : Haseena Begam Binti
Ibrahim Babu
Designation : Director
Identification no : 850726-14-6334
Appointment date : 07/05/07
Address : No 74, Jalan Sungai 10/2
Taman Sri
Gombak
68100 Batu
Caves
Selangor
Darul Ehsan
Malaysia
Name : Niren Bharat Shah
Designation : Director
Identification no : Z1534153
Appointment date : 28/03/05
Address : 1-18-01, Lanai Kiara
Condominium
Jalan
1/61A
Mont Kiara
50480
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
Name : Ekta Niren Shah
Designation : Director
Identification no : Z1808435
Appointment date : 23/05/11
Address : 1-18-01, Lanai Kiara
Condominium
Jalan
1/61A
Mont Kiara
50480
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
Name : Mahmmud Bin Kindang
Designation : Company Secretary
Identification no : 651206-13-5541
Appointment date : 14/09/06
Address : 12A, Jalan Rampaisari 1A
Bandar
Sungai Buaya
48010
Rawang
Selangor
Darul Ehsan
Malaysia
Staff employed : 1 employee
Key Advisors
Auditors : ABDUL RAJI &
CO.
B16-9,
Block B
Megan
Avenue II
12, Jalan
Yap Kwan Seng
50450
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
Composition
Authorized Capital : MYR 5,000,000
No of shares : 5,000,000 Ordinary Shares
Share par value : MYR 1
Issued capital : MYR 1,345,200
Paid up capital : MYR
1,345,200
How listed : Full List
Composition
Shareholder name : Ekta Niren Shah
Address : 1-18-01, Lanai
Kiara Condominium,
Jalan 1/61A
Mont Kiara
50480,
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
No. of shares : 500,200 Ordinary
Shares
Shareholder name : Haseena Begam Binti Ibrahim
Babu
Address : No 74,Jalan
Sungai 10/2
Taman Sri
Gombak
68100 Batu
Caves
Selangor
Darul Ehsan
Malaysia
No. of shares : 495,000 Ordinary
Shares
Shareholder name : Niren Bharat Shah
Address : 1-18-01,Lanai
Kiara Condominium
Jalan
1/61A
Mont Kiara
50480,
Kuala Lumpur
Wilayah
Persekutuan
Malaysia
No. of shares : 200,000 Ordinary
Shares
Shareholder name : Moideen Bin Ali Kutty
Address : Malaysia
No. of shares : 150,000 Ordinary
Shares
Structure
Related
companies and corporate affiliations comments : None Reported
Bank Details
Name of bank : Malayan Banking Berhad
Address : Malaysia
Account details : Current Account
Comments : It is generally not the policy
of local banks to provide credit status information to non
related parties,
however interested parties would be advised to consult first with the Subject
if banker's references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy fillings : None reported.
Court judgements : None reported.
Tax liens : None
reported.
Others : None reported.
Description
Source of financial statement
: Commercial Registry Filings
Financial statement date : 31/12/10
Type of accounts : Full audited
Currency : Malaysia,
Ringgit (MYR)
Exchange rate : 1 USD = MYR 3.04 as of
04-05-2012
Summarized
Financial Information
Consolidation type : Non Consolidated Non Consolidated
Currency : Malaysia,
Ringgit (MYR) Malaysia,
Ringgit (MYR)
Denomination : (x1) One (x1) One
Date of financial year end : 31/12/10 31/12/09
Length of accounts : 12 months 12 months
Sale turnover / Income : 4,518,829 5,110,570
Profit before tax : 2,558 1,793
Net income : 1,003 143
Non current assets : 1,664 3,816
Current assets : 5,232,486 5,352,819
Total assets : 5,234,150 5,356,635
Current liabilities : 4,723,920 4,847,408
Non current liabilities : 302 302
Total liabilities : 4,724,222 4,847,710
Share equity : 509,928 508,925
Retained earning : 9,928 8,925
Main activities : The Subject
is engaged in import & sales of diamonds and jewelry.
Purchases
International : India, Hong Kong
Sales
Local : Yes
International : No exports.
Property &
Assets
Premises : The Subject operates from residential premises located at the verified heading address consisting
of administrative office.
Branches : None reported.
Gross Domestic Products (GDP) & Economic
Overview
Central bank : Central Bank of Malaysia
Reserve of foreign exchange & gold : US$135.8 billion as of 13 april 2012
Gross domestic product - GDP : US$ 247.781 billion
GPP (Purchasing power parity) : 442.01 billion of International dollars
GDP per capita - current prices : US$ 8,624
GDP - composition by sector : agriculture: 9.4% industry: 40.9% services: 49.7%
Inflation 2008: 5.4%
2009: 0.6%
2010: 1.7%
Unemployment 2008 : 3.3 %
2009 : 3.6 %
2010: 3.3 %
Public debt
(General Government gross
debt as a % GDP) 2008:
42.8 %
2009: 55.4 %
2010: 54.2%
Government bond
ratings Standard
& Poor's: A-/Stable/A-2
Moody's rating: A3
Moody's outlook: STA
Market value of publicly traded shares US$ 420 billion
Largest
companies in the country : CIMB Group Holdings (Banking), Sime
Darby (Conglomerates), Public Bank (Banking), Maybank (Banking), Tenaga
Nasional(Utilities), Petronas Chemicals, Maxis Berhad
Trade & Competitiveness Overview
Total exports US$210.3
billion
Exports commodities electronic
equipment, petroleum and liquefied natural gas, wood and
wood products, palm oil, rubber, textiles,
chemicals
Total imports US$156.2
billion
Imports commodities electronics,
machinery, petroleum products, plastics, vehicles, iron and
steel products, chemicals
Export - major
partners US
15.6%, Singapore 14.6%, Japan 9.1%, China 8.8%, Thailand 5%,
HongKong 4.6%
Import - major
partners Japan
13%, China 12.9%, Singapore 11.5%, US 10.8%, Taiwan 5.7%,
Thailand 5.3%, South Korea 4.9%, Germany
4.6%, Indonesia 4.2%
FDI Inflows 2007:
US$8,538 million
2008: US$7,318 million
2009: US$1,381 million
FDI Outflows 2007:
US$11,280 million
2008: US$14,988 million
2009: US$8,038 million
Best countries for
doing business 21 out of 183
countries
Global
competitiveness ranking 26
(ranking by country on a basis of 133, the first is the best)
Country and Population Overview
Total population :
28.23 million
Total area :
329,847 km2
Capital : Kuala Lumpur
Currency : Malaysia Ringgits (MYR)
Internet
users as % of total population : 57.61%
Purchase Term
International : Prepayment, D/A, Credit 60-120
days
Sales Term
Local : Prepayment, Bank
transfer, D/A, Credit 60-120 days
Trade Reference/
Payment Behaviour
Comments : As local and international
trade references were not supplied, the Subject's payment
track
record history cannot be appropriately determined but based on our research,
payments are believed to be met without delay.
Investigation Note
Sources : Interviews and material
provided by the Subject
Other official and local business sources
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.53.72 |
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UK Pound |
1 |
Rs.86.98 |
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Euro |
1 |
Rs.70.65 |
INFORMATION DETAILS
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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.