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Report Date : |
28.05.2012 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN
TREND CREATION LTD. |
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Registered Office : |
Flat D, 4/F., |
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Country : |
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Date of Incorporation : |
23.11.2011 |
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Com. Reg. No.: |
59187447 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of gemstones, jewellery, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
--- |
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 |
GOLDEN TREND CREATION LTD.
Flat D, 4/F., Everwell Garden, 1 Sheung Hong Street, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
Managing Director: Mr. Sunita Nahata
Incorporated on: 23rd November, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Gemstone Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat D, 4/F., Everwell Garden, 1 Sheung Hong Street, Kowloon, Hong Kong.
Associated
Company:-
Keen Jade Ltd.
Room 1202, 12/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
[Tel: 2363 9677; 2363 8869, Fax: 2764 5923]
59187447
1683471
Managing Director: Mr. Sunita Nahata
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 07-12-20111)
|
Name |
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No. of shares |
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GNL11 Ltd., Hong Kong. |
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1 |
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Mahendra Kumar NAHATA |
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4,999 |
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Sunita NAHATA |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 06-12-2011)
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Name (Nationality) |
Address |
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Mahendra Kumar NAHATA |
Flat D, 4/F., Everwell Garden, 1 Sheung Hong Street, Kowloon, Hong Kong. |
|
Sunita NAHATA |
Flat D, 4/F., Everwell Garden, 1 Sheung Hong Street, Kowloon, Hong Kong. |
(As per registry
dated 06-12-2011)
|
Name |
Address |
Co.
No. |
|
Tam & Wongs Nominee Ltd. |
1/F., Hang Lung House, 188 Queen’s Road Central, Hong Kong. |
0187810 |
The subject was incorporated on 23rd November, 2011 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 gemstones, jewellery, etc.
Employees: Nil.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Hong Kong, Japan, China, other Asian countries, Middle East, Europe, 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
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: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Keen Jade Ltd. is equally owned by Mr. Sunita Nahata and Mr. Mahendra Kumar Nahata both of whom are Indian. The Nahatas are also directors of the subject. Being Hong Kong ID Card holders, they have got the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered address is in a private building located at Flat D, 4/F., Everwell Garden, 1 Sheung Hong Street, Kowloon, Hong Kong. This is the residence of the shareholders.
The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.
The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.
Formerly the subject’s registered address was located at Room 1001-4A, 10/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong where was the operating address of a secretarial firm known as GNL11 Ltd. The subject changed its registered address to the present with effect from 6th December, 2011.
The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.
The subject has had an associated company known as Keen Jade Ltd. [Keen Jade] in Hong Kong. This firm is located at a different address.
The subject and Keen Jade are engaged in the same lines of business, more or less.
Incorporated in June 1991, Keen Jade is almost wholly-owned by Mr. Sunita Nahata while the very minor shareholder is Mr. Mahendra Kumar Nahata.
Keen Jade is gemstone trader. It has been trading in coloured stones and jewellery. The subject is engaged in cutting fine gemstones meeting high standards. Its factory is in India having 3,500 skilled workers cutting millions of pieces of variety gemstones. The subject is able to deliver its products to worldwide customers in shorter lead time with consistent quality. Its products are marketed in Hong Kong and exported to Western Europe, Eastern Europe, Thailand, Japan, North America, the Middle East, etc.
The subject is carrying the following semi-precious stones: aquamarine, pink amethyst, rubylite, green amethyst, blue topaz, lemon topaz, citrine, smokey topaz, kunzite, peridot, morganite, pink tourmalines, amethyst, pink topaz, garnet, rose quartz, moon stone, iolite, tanzanite, alexandrite, etc.
The business of Keen Jade in Hong Kong is rather active. Contact person is Mahendra Kumar Nahata.
In order to penetrate the international market further, Keen Jade has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in “HKTDC Hong Kong International Jewellery Show 2013” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2013.
Keen Jade operates from its own office located at Room 1202, 12/F., Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong. The premises at this address have been mortgaged to a Hong Kong bank for securing banking facilities.
The subject’s history in Hong Kong is just over six 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 |
|
US Dollar |
1 |
Rs.55.73 |
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UK Pound |
1 |
Rs.87.26 |
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Euro |
1 |
Rs.69.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
---- |
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.