MIRA INFORM REPORT
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Report Date : |
16.05.2012 |
IDENTIFICATION DETAILS
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Name : |
JEDI
DIA. TRADING LTD. |
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Registered Office : |
Suite B & C, 5/F., |
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Country : |
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Date of Incorporation : |
12.06.2006 |
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Com. Reg. No.: |
36842173 |
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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 : |
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
|
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 |
JEDI DIA. TRADING LTD.
Suite B & C, 5/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 3525 0287
FAX: 3525 0286, 3825 0286
Managing Director: Mr. Devang Sevantilal Shah (Mobile: 9099 7486)
Incorporated on: 12th June, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Suite B & C, 5/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Company:-
SG Trading Co., Hong Kong. [Business ceased]
36842173
1051596
Managing Director: Mr. Devang Sevantilal Shah
Director & Contact Person: Mr. Darpil Narendra Shah (Mobile: 9748 6804)
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry
dated 10-02-2012)
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Name |
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No. of shares |
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Devang Sevantilal SHAH |
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750,000 |
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Jagruti Devang SHAH |
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750,000 |
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Darpil Narendra SHAH |
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1,500,000 |
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–––––––– |
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Total: |
3,000,000 ======= |
(As per registry
dated 12-06-2011)
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Name (Nationality) |
Address |
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Devang Sevantilal SHAH |
Flat 1, 9/F., Block B, Burlington House, 92-94C Nathan Road, Tsimshatsui, Kowloon, Hong Kong. |
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Jagruti Devang SHAH |
Flat 1, 9/F., Block B, Burlington House, 92-94C Nathan Road, Tsimshatsui, Kowloon, Hong Kong. |
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Darpil Narendra SHAH |
Flat 1, 9/F., Block B, Burlington House, 92-94C Nathan Road, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 12-06-2011)
|
Name |
Address |
Co.
No. |
|
Taxbase Consultants Ltd. |
Room 1426, 14/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong. |
0411324 |
The subject was incorporated on 12th June, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat 1, 9/F., Block B, Burlington House, 92-94C Nathan Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 1, 13/F., Block B of the same building in June 2010, to Room 1507, 15/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong with effect from 19th July, 2010. It moved to the present address in late 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, Belgium, other European and Asian countries, etc.
Markets: Japan, Taiwan, India, other Asian countries, Middle East, Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Alternation of
Capital:-
|
12-06-2006 |
paid up |
HK$ 4.00 |
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10-02-2012 |
paid up |
HK$ 2,999,996.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 3,000,000.00 ============== |
Increase of
Nominal Capital:-
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From |
HK$10,000.00 |
to |
HK$3,000,000.00 |
on |
10-02-2012 |
Mortgage or
Charge:-
Date of Assignment of Receivables – General with Notice of Assignment: 16-08-2010
Amount: To secure all monies in respect of banking facilities
Property: In consideration of the Banking Facilities, the Customer, as beneficial owner and by way of
security for the payment of the Secured Monies, hereby assigns, and agrees to assign, to the Bank the Receivables until all the Secured Monies have been paid or discharged
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit in the past years.
Condition: Keeping in a normal manner.
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: Normal.
Jedi Dia. Trading Ltd. is jointly owned by three Indian, namely, Mr. Devang Sevantilal Shah, holding 25% interests; Mr. Jagruti Devang Shah, also holding 25%; and Mr. Darpil Narendra Shah, holding 50%. They are all directors of the subject.
The subject has increased its issued share capital from HK$4.00 to HK$3 million. However, the equities of the shareholders remain unchanged.
The subject moved to the present address in late 2011.
Devang Sevantilal Shah and Jagruti Devang Shah are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently. D. S. Shah can be reached at his mobile phone number 9099 7486 while D. N. Shah can be reached at his mobile phone number 9748 6804.
The subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds range from 0.005 cts to 1 cts. Some of the diamonds are over 1 cts. Commodities are chiefly imported from India, Belgium, other European and Asian countries. After processing in Hong Kong or China, finished products are exported to Japan, Taiwan, India, other Asian countries, the Middle East, Europe, etc. Business keeps on improving.
D. S. Shah was also a partner of a partnership SG Trading Co. which was located at a different address. However, SG Trading Co. has ceased business since 15th January, 2007.
The subject’s business is chiefly handled by D. S. Shah and J. D. Shah. The subject is a business of the Shah family. Contact person is Mr. Darpil Narendra Shah.
The history of the subject in Hong Kong is over five years and eight 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.53.84 |
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UK Pound |
1 |
Rs.86.72 |
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Euro |
1 |
Rs.69.17 |
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.