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Report Date : |
30.05.2013 |
IDENTIFICATION DETAILS
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Name : |
KARATS & MORE CO., LTD. |
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Formerly Known as: |
Hallmark Inter Gold Co., Ltd. |
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Registered Office : |
13F.-1, No.68, Sec. 4, Ren-Ai Rd., Da-An
District, Taipei City 106 |
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Country : |
Taiwan |
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Date of Incorporation : |
28.04.2003 |
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Com. Reg. No.: |
80186555 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of
jewelry, art craft and etc. |
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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 |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Taiwan |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Taiwan ECONOMIC OVERVIEW
Taiwan has a dynamic capitalist economy with gradually decreasing
government guidance of investment and foreign trade. Exports, led by
electronics, machinery, and petrochemicals have provided the primary impetus
for economic development. This heavy dependence on exports exposes the economy
to fluctuations in world demand. In 2009, Taiwan's GDP contracted 1.8%, due
primarily to a 13.1% year-on-year decline in exports. In 2010 GDP grew 10.7%,
as exports returned to the level of previous years, and in 2011, grew 4.1%. In
2012, however, growth fell to 1.3%, because of softening global demand.
Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are
major long-term challenges. Free trade agreements have proliferated in East
Asia over the past several years, but except for the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, so far
Taiwan has been excluded from this greater economic integration in part because
of its diplomatic status. Negotiations continue on such follow-on components of
ECFA regarding trade in goods and services. The MA administration has said that
the ECFA will serve as a stepping stone toward trade pacts with other key trade
partners, which Taiwan subsequently launched with Singapore and New Zealand.
Taiwan's Total Fertility rate of just over one child per woman is among the
lowest in the world, raising the prospect of future labor shortages, falling
domestic demand, and declining tax revenues. Taiwan's population is aging
quickly, with the number of people over 65 accounting for 11.2% of the island's
total population as of 2012. The island runs a large trade surplus largely
because of its surplus with China, and its foreign reserves are the world's
fifth largest, behind China, Japan, Saudi Arabia, and Russia. In 2006 China
overtook the US to become Taiwan's second-largest source of imports after
Japan. China is also the island's number one destination for foreign direct
investment. Three financial memorandums of understanding, covering banking, securities,
and insurance, took effect in mid-January 2010, opening the island to greater
investments from the mainland's financial firms and institutional investors,
and providing new opportunities for Taiwan financial firms to operate in China.
In August 2012, Taiwan Central Bank signed a memorandum of understanding on
cross-Strait currency settlement with its Chinese counterpart. The MOU allows
for the direct settlement of Chinese RMB and the New Taiwan dollar across the
Strait, which could help develop Taiwan into a local RMB hub. Closer economic
links with the mainland bring greater opportunities for the Taiwan economy, but
also poses new challenges as the island becomes more economically dependent on
China while political differences remain unresolved.
|
Source : CIA |
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Company Name: |
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Supplied Name: |
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Trading Address: |
13F.-1, No.68, Sec. 4, Ren-Ai Rd., Da-An
District, Taipei City 106, Taiwan (R.O.C.) |
|
Supplied Address: |
13FL-1 68 JEN AI RD SECTION 4TA-AN DIST
TAIPEI CITY Taiwan 106XXX |
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Telephone Number: |
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Fax Number: |
Notes: The exact name and address are as above.
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Registered Name: |
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Registered Address: |
13F.-1, No.68, Sec. 4, Ren-Ai Rd., Da-An District, Taipei City 106,
Taiwan (R.O.C.) |
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Date of Foundation: |
2003-4-28 |
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Registration Number: |
80186555 |
|
Registry: |
Taipei City Government |
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Registered Capital: |
(As of 2013.5, 1 NTD = 0.0335 USD) |
|
Legal Representatives: |
Xi Du |
|
Legal Form: |
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Principal Activities: |
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Staff: |
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Listed at Stock Exchange: |
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Date of Last
Annual Return: |
Notes: Subject declined to disclose its staff number; from other source we cannot obtain the relevant information, either.
Subject was incorporated on 2003-4-28 with registered number 80186555 as Private Limited Liability Company in Taiwan.
|
Former English Name |
Hallmark Inter Gold Co., Ltd. |
|
Current English Name |
Karats & More Co.,
Ltd. |
|
Name |
Subscription Amount |
|
Xi Du |
7,500,000 |
The information above is that of subject’s major shareholders.
Subject did not introduce
whether it has any subsidiaries or branches, from other source we can not
obtain the relevant information, either.
Core
Management
|
1 |
|
|
Name |
Xi Du |
|
Position |
Director |
|
2 |
|
|
Name |
Dewei Zheng |
|
Position |
Manager |
|
Date of
Appointment |
2012-1-17 |
Offices
& Factories
|
|
Headquarters |
|
Add |
13F.-1, No.68, Sec. 4, Ren-Ai Rd., Da-An District, Taipei City 106,
Taiwan (R.O.C.) |
Production
Information
l
The subject is a trader of jewelry, art craft and etc without any production activities.
Purchase
Information
l
The registered activities of subject:
|
Business Code |
Details |
|
F401010 |
International trading business. |
|
F115010 |
Wholesales of jewelry and precious metal. |
l
It is introduce that subject imports products from
foreign countries.
l The subject is
mainly engaged in sales of jewelry, art
craft and etc.
l
It is introduced that
subject’s major products are jewelry, precious metal, art craft of corals, diamonds and etc.
l
It is introduced that subject’s
selling territory is mainly in domestic market.
l
It is introduced that
subject’s major customers are jewelers, direct customers and etc.
Import and export
right:
|
Import right |
Yes |
|
Export right |
Yes |
Purchase
Domestic Purchase
The subject has
little purchase in domestic market.
Foreign Purchase
|
Payment Terms |
Proportion |
|
|
CBD and etc |
100% |
Sales
Domestic Markets
|
Sales Terms |
Proportion |
|
|
Jewelry, art craft and etc |
CBD and etc |
100% |
Export
The subject has little export.
Subject has no obligations to disclose its financial statements to the third party according to the relevant policy in Taiwan and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff Mr. Doshi declined to disclose its financials citing the grounds of company’s confidentiality; from other source we can not obtain the relevant information, either.
Subject declined to disclose its bank details; from other source we cannot obtain the relevant information, either.
Mortgage
No chattel mortgage record of subject has been found within the recent 3
months.
Lawsuit
Up to date of reporting,
no existing or latent litigation of the subject has been found.
|
Name |
Mr. Doshi |
|
E-mail |
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.
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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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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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in February
2013. A senior executive of GJEPC said, “Export of cut and polished diamonds
started falling month-wise after the imposition of 2 % of import duty on the
polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.24 |
|
UK Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.72.32 |
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 |
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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.