MIRA
INFORM REPORT
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Report Date : |
19.10.2012 |
IDENTIFICATION DETAILS
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Name : |
STAR GEMS & JEWELLERY LIMITED |
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Registered Office : |
91 Eugenia
Rise, Totara Heights, Auckland, Zip/postal code 2105 |
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Country : |
New Zealand |
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Date of Incorporation : |
24.09.2001 |
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Com. Reg. No.: |
1164026 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Import and
sales of diamonds. |
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No. of Employees : |
5 including
directors |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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New Zealand |
a1 |
a1 |
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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 |
New Zealand - ECONOMIC OVERVIEW
Over the past 20 years the government has transformed New Zealand from an agrarian economy dependent on concessionary British market access to a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes - but left behind some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. Per capita income rose for ten consecutive years until 2007 in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, helping fuel a large balance of payments deficit that posed a challenge for economic managers. Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007-08; international capital inflows attracted to the high rates further strengthened the currency and housing market, however, aggravating the current account deficit. The economy fell into recession before the start of the global financial crisis and contracted for five consecutive quarters in 2008-09. In line with global peers, the central bank cut interest rates aggressively and the government developed fiscal stimulus measures. The economy posted a 2% decline in 2009, but pulled out of recession late in the year, and achieved 1.7% growth in 2010 and 2% in 2011. Nevertheless, key trade sectors remain vulnerable to weak external demand. The government plans to raise productivity growth and develop infrastructure, while reining in government spending.
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Source : CIA |
Verified Address
Subject name : STAR GEMS & JEWELLERY LIMITED
Business
address : 8 Mana Place
Town : Wiri
Province : Auckland
Zip/postal
code : 2104
Country : New Zealand
Tel : +64 9 2612638
Fax : +64 9 2634639
Email : stargems@paradise.net.nz
Website : www.stargems.biz
Registered
address : 91 Eugenia Rise
Town : Totara Heights
Province : Auckland
Zip/postal
code : 2105
Country : New Zealand
Postal address
: P.O. Box 75018
Town : Manurewa
Province : Auckland
Country : New Zealand
Executive Summary
Date founded
or registered : 24/09/2001
Legal form : Private Limited
Company
Chief
executive : Tilak
Wadhwa
Issued &
paid up capital : NZD 1,000
Line of
business : Import and
sales of diamonds.
Staff employed
: 5 including
directors
Company Analysis
Country risk :
Country risk
is minimal
Operation
trend : Operational
trend is steady
Management
experience : Management is
modestly experienced
Financial
performance : Financial
performance is undetermined
Organisation
structure : Organisational
structure is acceptable
Detrimental : No detrimental found
Payment
history : No payment
delays noted
Registry Data
Registration
date : 24/09/2001
Legal form : Private Limited Company
Registration
no 1164026
Registered
authority : New Zealand Companies
Office
Registry
status : Live/Active
Previous name
: None reported.
Change of legal
form : None reported.
Key Management
Name : Tilak Wadhwa
Designation : Managing Director
Appointments
Name : Tilak Wadhwa
Designation : Director
Appointment
date : 29/07/03
Address : 91 Eugenia Rise
Totara Heights, Auckland 2105
New Zealand
Name : Upasana Wadhwa
Designation : Director
Appointment
date : 17/12/01
Address : 91 Eugenia Rise
Totara Heights, Auckland 2105
New Zealand
Staff employed
: 5 including directors
Composition
Authorized
Capital : NZD 1,000
No of shares 1,000 Shares
Share par
value : NZD 1
Issued capital
: NZD 1,000
Paid up capital : NZD
1,000
How listed : Full List
Composition
Shareholder
name : Tilak Wadhwa
Address : 91 Eugenia Rise
Totara Heights, Auckland 2105
New Zealand
No. of shares
: 1,000 Shares
% of shares : 100%
Structure
Name : SAI BABA NEW ZEALAND
LIMITED
Affiliation
type : Sister
Company
Address : 91 Eugenia Rise
Totara Heights, Auckland 2105
New Zealand
Name : T & T INTERNATIONAL
LIMITED
Affiliation
type : Sister
Company
Address : 8 Mana Place
Wiri, Auckland 2104
New Zealand
Name : SUNSHINE MARKETING
LIMITED
Affiliation
type : Associate
Address : 91 Eugenia Rise
Totara Heights, Auckland 2105
New Zealand
Name : SAFE PROPERTIES LIMITED
Affiliation
type : Associate
Address : 8 Mana Place
Wiri, Auckland 2104
New Zealand
Bank Details
Name of bank :
Bank of New
Zealand
Address : New Zealand
Account
details : Current Account
Comments : It is generally not the policy
of local banks to provide credit status information to
non related parties, however interested parties would be advised
to consult first
with the Subject if banker's references are required.
Mortgages : None
reported.
Legal Fillings
Bankruptcy
fillings : None reported.
Court
judgements : None reported.
Tax liens : None reported.
Others : None reported.
Description
Comments : Private Companies in New
Zealand are not required to file accounts unless
classified as "Large", which at the moment means that two out of the following
three conditions are met:
- The company
has a sales turnover of over NZD 20,000,000;
- The company
has total assets of over NZD 10,000,000;
- The company
employs 50 people or more.
The
representative contacted Mr. Tilak Wadhwa declined to provide any financial
information with regards to the Subject.
Main
activities : The Subject engages in import and distribution of diamonds.
Purchases
International
: India
Sales
Local : Yes
International
: None reported.
Property &
Assets
Premises : The Subject operates from
premises located at the verified heading
address consisting of an administrative office.
Branches : None reported.
Gross Domestic
Products (GDP) & Economic Overview
Central bank Reserve Bank of New Zealand
Reserve of foreign exchange & gold US$ 20.562 billion
Gross domestic product - GDP US$ 180.548 billion
GPP (Purchasing power parity) 126.628 billion of International dollars
GDP per capita - current prices US$ $ 40,454
GDP - composition by sector agriculture: 4.7% industry: 24% services: 71.3%
Inflation 2009: 2.1%
2010: 2.3%
2011: 4.%
Unemployment rate 2009:
6.1%
2010: 6.5%
2011: 6.5%
Public debt
(General Government gross
debt as a % GDP) 2009: 26.1 %
2010: 32.3%
2011: 37%
Government bond
ratings Standard
& Poor's: AA+/Stable/A-1+
Moody's rating: Aaa
Moody's outlook: STA
Market value of publicly traded shares US$ 67.061 Billion
Largest companies in the country :
Westpac
Limited, Transpower, Fletcher Building Limited, National
Bank of New Zealand, Fonterra Co-Operative Group Ltd, Air New Ze
Trade & Competitiveness Overview
Total exports US$33.24billion
Exports commodities dairy products, meat, wood and wood products, fish, machinery
Total imports US$31.11 billion
Imports commodities machinery and equipment, vehicles and aircraft, petroleum,
electronics, textiles, plastics
Export - major partners Australia 22%, US 11.5%, Japan 9.2%, China 5.3%, UK 4.6%
Import - major partners Australia 20.7%, China 13.4%, US 9.7%, Japan 9.5%, Singapore 4.9%,
Germany 4.7%
FDI Inflows 2008: US$ 4,598 million
2009: US$ -1,293 million
2010: US$ 561 million
FDI Outflows 2008: US$ 462 million
2009: US$-308 million
2010: US$-589 million
Best countries for doing
business 3 out of 183 countries
Global competitiveness ranking 25 (ranking by country on a basis of 142, the first is the best)
Country and Population Overview
Total population :
4.37 million
Total area :
270,467 km2
Capital : Wellington
Currency : New Zealand Dollar (NZD)
Internet users as % of total population : 83 %
Purchase Term
International
: Prepayment, Telegraphic transfer,
D/P, Credit 30-150 days
Sales Term
Local : Prepayment, Bank
transfer, D/P, Credit 30-120 days
Trade Reference/
Payment Behaviour
Comments : As local and international
trade references were not supplied, the Subject's
payment track record history cannot be appropriately determined
but based
on our research, payments are believed to be met without delay.
Investigation Note
Sources : Interviews and material
provided by the Subject
Other official and local business sources
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.96 |
|
UK Pound |
1 |
Rs.85.45 |
|
Euro |
1 |
Rs.69.46 |
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 |
|
<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.