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Report Date : |
29.05.2012 |
IDENTIFICATION DETAILS
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Name : |
SHREET STAR |
|
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Registered Office : |
Flat B, 8/F., |
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Country : |
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Date of Incorporation : |
12.10.2009 |
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Com. Reg. No.: |
51264586-000-10 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Concern |
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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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SHREET STAR
Flat B, 8/F., Union Mansion, 33-35 Chatham Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 6118 6929
E-MAIL: sudip@shreetstar.com
Manager: Mr. Sudipkumar Dahyalal
Shah
Establishment: 12th
October, 2009.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat B, 8/F., Union Mansion, 33-35 Chatham Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated
Company:-
Sudi Diam (Shanghai) Co. Ltd.
706B, B Zone, Diamond Exchange Centre, 1701 Century Boulevard, Pudong
New Area, 200122 Shanghai, China.
[Tel: 86-21-6160 9798; Fax:
86-21-6160 9799]
51264586-000-10
Manager: Mr. Sudipkumar Dahyalal
Shah
Name: Mr. Sudipkumar Dahyalal
SHAH
Residential Address: Flat B,
8/F., Union Mansion, 33-35 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Ms. Sangita Sudip SHAH
Residential Address: Flat B,
8/F., Union Mansion, 33-35 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 12th October, 2009 as a partnership
concern jointly owned by Mr. Sudipkumar Dahyalal Shah and Ms. Sangita Sudip
Shah under the Hong Kong Business Registration Regulations.
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.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong
Kong, Japan, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C,
T/T, etc.
Capital: Not
disclosed.
Profit or Loss: Kept a balance account in 2011.
Condition: Business
is improving.
Facilities: Trying
to make use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Fairly
satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Shreet Star is a
partnership jointly owned by Mr. Sudipkumar Dahyalal Shah and Ms. Sangita Sudip
Shah. The two Shahs are India passport
holder and does not have the right to reside in Hong Kong permanently. The former is the manager of the subject.
Business commenced in
October 2009, the subject does not have its own operating office. Its registered address is in a private
building located at Flat B, 8/F., Union Mansion, 33-35 Chatham Road,
Tsimshatsui, Kowloon, Hong Kong. This
address is also the residence of the partners.
The subject’s telephone
number and fax number have not registered with local telephone company nor
listed on telephone directories.
However, Sudipkumar Dahyalal Shah can be reached at his mobile phone
number 852‑6118 6929. The subject
has no employees in Hong Kong.
The subject is a loose,
polished and cut diamond importer, exporter and wholesaler. It is trading in the following commodities:
single-cut diamond, fullcut loose diamond, carat size diamonds, blue sapphire,
etc. Commodities are chiefly imported
from India. Products are marketed in
Hong Kong, exported to Japan and the other Asian countries. Business is still under development.
To our knowledge, the
subject has had an associated company Sudi Diam (Shanghai) Co. Ltd. which is a
China-based firm. In November 2011, this
firm took part in Shanghai International Jewellery Exhibition Fair. The Managing Director of this firm is also
Sudipkumar Dahyalal Shah.
Business handled by the two
Shahs, the subject is a “two-person company”.
History in Hong Kong is just over two years and four months.
On the whole, since the
registered office of the subject is in a residential building and its history is
short, consider it good for normal business engagements on secured basis.
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.26 |
|
UK Pound |
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.