MIRA INFORM REPORT
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Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
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Name : |
STARGEMS
(HK) LTD. |
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Formerly Known As : |
Sterling Star (HK) Ltd |
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Registered Office : |
Room 803, 8/F., V. Heun Building, 138 Queen’s Road Central |
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Country : |
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Date of Incorporation : |
07.04.2008 |
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Com. Reg. No.: |
53467140 |
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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, emerald, precious stones,
etc. |
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No. of Employees
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02 |
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 |
STARGEMS (HK)
LTD.
Room 1007, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 2724 8488
FAX: 2724 3988
E-MAIL: bhaveshjaveri@hotmail.com
Managing Director: Mr. Bhavesh
Deepak Javeri
Incorporated on: 7th April, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond
Trader.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Room 803, 8/F., V. Heun Building, 138 Queen’s Road Central, Hong Kong.
Head Office:-
Room 1007, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Associated/Affiliated Companies:-
· Lotus Jewellery DMCC, UAE.
· Sterling Star Trading LLC, UAE.
53467140
1223841
Managing Director: Mr. Bhavesh Deepak Javeri
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 24-05-2011)
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Name |
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No.
of shares |
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Bhavesh
Deepak JAVERI |
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3,000 |
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Karan JAVERI |
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7,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 24-05-2011)
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Name (Nationality) |
Address |
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Bhavesh Deepak
JAVERI |
5 Navyug Niketan Teen Bhatti, 185
Walkeshwar Road, Mumbai MS 400006, India. |
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Karan JAVERI |
506, Al Sharhan Building, Rigga Road,
Diera, Dubai, UAE. |
(As per registry
dated 07-04-2011)
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Name |
Address |
Co.
No. |
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Akin
Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
The
subject was incorporated on 7th April, 2008 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Whiteland Consultants Ltd., name
changed to Sterling Star (HK) Ltd. on 23rd December, 2010, and further to
the present style on 19th August, 2011.
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, emerald, precious stones, etc.
Employees: 2.
Commodities Imported: India, other Asian countries, etc.
Markets: India, other Asian countries, UAE, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Alternation of
Capital:-
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07-04-2008 |
paid up |
HK$ 1.00 |
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24-05-2011 |
paid up |
HK$ 9,999.00 |
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––––––––––––– |
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Total: |
paid up |
HK$ 10,000.00 ============ |
Profit or Loss: Making a small profit in the past two years.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having
issued 10,000 ordinary shares of HK$1.00 each, Stargems (HK) Ltd. is jointly owned
by Mr. Bhavesh Deepak Javeri, holding 30% interests; and Mr. Karan Javeri,
holding 70%. The two shareholders are
Indian. They are also directors of the
subject. The former is an India passport
holder while the latter is a Belgium passport holder, both of whom do not have
the right to reside in Hong Kong permanently.
The
subject is a diamond trader. It has had
associated companies in Dubai, the United Arab Emirates known as Sterling Star
Trading LLC and Lotus Jewellery DMCC.
Located at the same address in the United Arab Emirates, both firms are
operated by Karan Javeri. Lotus
Jewellery DMCC is a member of Dubai Multi-Commodities Centre.
The
subject is a diamond importer, exporter and wholesaler. It is trading in loose diamonds like
marquise, pears, tappers, buggets and rose cut diamonds, etc. Commodities are sourced from India and other
Asian countries, products are marketed in China, exported to Japan, other Asian
countries and the United Arab Emirates.
Business is normal.
As
the history of the subject in Hong Kong is just over three years and seven
months, on the whole, consider it good for normal business engagements in small
credit amounts.
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 |
|
US Dollar |
1 |
Rs.53.34 |
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UK Pound |
1 |
Rs.86.11 |
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Euro |
1 |
Rs.69.07 |
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.