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Report Date : |
07.11.2013 |
IDENTIFICATION DETAILS
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Name : |
VIJAY ORIENT
STAR LTD. |
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Registered Office : |
Flat B, 11/F., |
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Country : |
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Date of Incorporation : |
28.04.1978 |
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Com. Reg. No.: |
05558618 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Exporter and Wholesaler of all kinds of fine jewellery and diamond products. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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) |
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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 |
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Source : CIA |
VIJAY ORIENT STAR
LTD.
Flat B, 11/F.,
Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2522
3014~5, 2524 0842
FAX: 852-2845 3821
E-MAIL: gare10@hotmail.com
Managing
Director: Mr. Gautam
Shantilal Jhaveri
Incorporated on: 28th April, 1978.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$1,000,000.00
Business Category: Jewellery Trader.
Employees: 4. (Including associate)
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
VIJAY
ORIENT STAR LTD.
Registered
Head Office:-
Flat B, 11/F.,
Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
* Arihant Enterprise Ltd., Hong Kong.
Kowloon Resources
And Supplies Ltd., Hong Kong.
London Star
Diamond Co., India.
* One Six Ltd., Hong Kong.
* Surya Star Ltd., Hong Kong. (Deregistered)
(* Same address)
05558618
0059855
Managing
Director: Mr. Gautam
Shantilal Jhaveri (Mobile: 852-9198 3985)
General
Manager: Mr. Renuka Galitam Jhaveri
Nominal Share Capital:
HK$10,000,000.00 (Divided into 100,000 shares of HK$100.00 each)
Issued Share
Capital: HK$1,000,000.00
(As
per registry dated 28-04-2011)
|
Name |
|
No.
of shares |
|
Gautam Shantilal JHAVERI |
|
3,990 |
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David KLAGSBRUN [Deceased] |
|
3,000 |
|
Pradyot R. KOTHARI |
|
3,000 |
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Renuka Gautam JHAVERI |
|
10 |
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|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 28-04-2011)
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Name (Nationality) |
Address |
|
Gautam
Shantilal JHAVERI |
Flat B, 11/F., Cameron Plaza,
23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong. |
|
Renuka
Gautam JHAVERI |
Flat B, 11/F., Cameron Plaza,
23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong. |
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Devanshi
Gautam JHAVERI |
Flat B, 11/F., Cameron Plaza,
23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 28-04-2011)
|
Name |
Address |
Co.
No. |
|
Dhun’s
Management Services Ltd. |
7/F., Man On Commercial Building, 12-13 Jubilee Street, Central, Hong
Kong. |
0027006 |
The
subject was incorporated on 28th April, 1978 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at Room 1307, 13/F., Tak Shing House, 20 Des Voeux
Road Central, Hong Kong, moved to the present address in June 2002.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Exporter and Wholesaler.
Lines: All kinds of fine jewellery and diamond products.
Employees: 4. (Including associate)
Commodities Imported: India, Europe, etc.
Markets: Japan, South Korea, Southeast Asia, Europe, Middle East, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000,000.00 (Divided into 100,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date of Charge Over Deposits: 29-04-1988
Amount: To secure the repayment of all moneys obligations and liabilities
Property: All the deposit of US$65,000
Mortgagee: Belgian Bank, Hong Kong Branch. [Business was taken over by Industrial & Commercial Bank of China (Asia) Ltd.]
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active and steady condition.
Facilities: Adequate for current running.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Good.
Vijay Orient Star Ltd. is jointly owned by Mr. Gautam Shantilal Jhaveri, Mr. David Klagsbrun, Mr. Pradyot R. Kothari, and Mr. Renuka Galitam Jhaveri. The second has passed away while the third is residing in Antwerp, Belgium.
Mr.
Gautam Shantilal Jhaveri can be reached at his Hong Kong mobile phone number
852-9198 3985.
The
subject’s business is chiefly handled by Gautam Shantilal Jhaveri and Renuka
Galitam Jhaveri. Belong to the same
family, the two Jhaveris are Hong Kong ID Card holders and have got the right
to reside in Hong Kong permanently.
The
subject is trading in the following commodities:-
|
Product/Service |
Product/Service Remarks |
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Fine Jewellery |
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Precious and Semi-Precious Jewellery |
From India (Importer) |
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Jewellery – Semi-Precious Stone |
From India (Importer) From India (Exporter) |
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Jewellery – Platinum |
From India (Importer) From India (Exporter) |
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Jewellery – Pearl |
From India (Importer) From India (Exporter) |
|
Jewellery – Gemset |
From India (Importer) From India (Exporter) |
|
Jewellery – Pearl |
From India (Importer) |
Most
of the subject’s commodities are imported from India. After processing in Hong Kong or China, the
subject’s jewellery products are exported to Japan, South Korea, Southeast
Asia, Europe, the Middle East, etc.
Business is rather active and steady.
It seems that Belgium has been a significant market of the subject.
The
subject has had an associated company Surya Star Ltd. [Surya Star] located at
its operating address. Having issued 100
ordinary shares of HK$1.00 each, Surya Star is wholly-owned by Holdas Nominees
Ltd. which is a Hong Kong-registered firm.
The director of Surya Star Gautam Shantilal Jhaveri is also the Managing
Director of the subject.
The
subject has had an associated company Kowloon Resources And Supplies Ltd.
[Kowloon Resources] located at a different address.
The
subject has had an associated company One Six Ltd., a Hong Kong-registered firm
located at the same address. This firm
is trading in loose diamonds and fine jewellery. Most of its products are made of white round
diamonds and 18K white gold.
Having
issued 100 ordinary shares of HK$1.00 each, Kowloon Resources is wholly owned
by Benta Nominees Ltd. which is a Hong Kong-registered nominee firm. The only director of Kowloon Resources is
also Gautam Shantilal Jhaveri. This firm
is also a diamond trader.
Another
associated company Arihant Enterprise Ltd. is also located at the same
address. This company was incorporated
on 28th October, 1975 and is also operated by Gautam Shantilal Jhaveri.
Besides,
the subject has had an associated company known as London Star Diamond Co.
[London Star] in India. It is likely
that London Star is the subject’s main supplier.
The
subject has been a significant and old polished diamond exporter and
wholesaler. History in Hong Kong is
about thirty-five years. Regular
suppliers and customers have been maintained.
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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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 –
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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.61.92 |
|
|
1 |
Rs.99.59 |
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Euro |
1 |
Rs.83.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.