MIRA INFORM REPORT
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Report Date : |
08.05.2012 |
IDENTIFICATION DETAILS
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Name : |
GOLD
LEAF DESIGN LTD. |
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Registered Office : |
Room 903, 9/F., |
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Country : |
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Date of Incorporation : |
25.01.2010 |
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Com. Reg. No.: |
51747130 |
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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, etc. |
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No. of Employees
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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 : |
Small Company |
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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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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 |
GOLD LEAF
DESIGN LTD.
Room 903, 9/F., Metropole Building, 57
Peking Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2369
6555
Managing Director: Mr. Ajit Tolaram Panjabi
Incorporated on: 25th
January, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Diamond Trader.
Employee:
1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 903, 9/F., Metropole Building, 57 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
51747130
1415101
Managing Director: Mr. Ajit Tolaram Panjabi
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry
dated 25-01-2011)
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Name |
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No.
of shares |
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Ajit
Tolaram PANJABI |
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100,000 ====== |
(As per registry
dated 25-01-2011)
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Name (Nationality) |
Address |
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Ajit Tolaram
PANJABI |
Room 903, 9/F., Metropole Building, 57
Peking Road, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 25-01-2011)
|
Name |
Address |
Co.
No. |
|
Union
Secretarial Services Ltd. |
9/F., Tak Lee Commercial Building, |
0252992 |
The
subject was incorporated on 25th January, 2010 as a private limited liability
company under the Hong Kong Companies Ordinance.
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, etc.
Employee: 1.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, Japan, other Asian countries, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Too early to comment.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having
issued 100,000 ordinary shares of HK$1.00 each, Gold Leaf Design Ltd. is wholly
owned by Mr. Ajit Tolaram Panjabi who is an Indian. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
Panjabi is also the only director of the subject.
The
subject has had its registered office located at Room 903, 9/F., Metropole
Building, 57 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
Business
commenced in January 2010, the subject is a diamond importer, exporter and
wholesaler. It is trading in loose,
polished and cut diamonds. Most of the
commodities are imported from India.
Prime markets are Hong Kong, Japan and the other Asian
countries. Business is still under
development.
Mini
Diamonds (India) Ltd. [MDIL], an India-based firm, announced that it entered
into a purchase agreement with the subject for supplying products to it on 25th
February, 2010 on such terms and conditions as agreed between the parties to
the agreement. Now, MDIL has become the
main supplier of the subject. Besides,
MDIL has acquired an undisclosed minority stake in the subject. MDIL is in the business of rough diamonds and
polished diamonds for past one decade.
It has two segments while one is Manufacturing and the other is
Trading. MDIL commenced trading and
manufacturing activities in 2005-06. It
has entered an MOU and Leave License Agreement [LLA] with EVA Exports Ltd. to
carry out exclusive manufacturing of the company’s rough diamonds in their
factory at Dahisar, Mumbai.
The
subject’s business is chiefly handled by Panjabi himself who has been in Hong
Kong for a very long time.
The
history of the subject in Hong Kong is over a year and ten months.
On
the whole, since the history of the subject is short in Hong Kong, consider it
good for normal business engagements on secured basis.
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.53.34 |
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UK Pound |
1 |
Rs.86.09 |
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Euro |
1 |
Rs.69.37 |
INFORMATION DETAILS
|
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.