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Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
FLAWLESS DIAMONDS CO., LTD. |
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Registered Office : |
9F.-2, No.267, Sec. 2, Dunhua S. Rd., Da-An Dist., Taipei City 10675 |
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Country : |
Taiwan |
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Date of Incorporation : |
08.04.2010 |
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Com. Reg. No.: |
25118580 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of diamond and jewellery |
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No. of Employees : |
About 10 Employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 4.0%. 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: |
9F.-2, No.267,
Sec. 2, Dunhua S. Rd., Da-An Dist., Taipei City 10675, Taiwan (R.O.C.) |
|
Supplied Address: |
9th FL 2, No.
267 Dunhua S. Rd Sec 2 Da-An Dist taipei City 10675 |
|
Telephone Number: |
+886-2-2738-5151 |
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Fax Number: |
|
|
Email: |
Notes: The exact name and address are as
above.
|
FLAWLESS DIAMONDS CO., LTD. |
|
|
Registered Address: |
9F.-2, No.267, Sec. 2, Dunhua S. Rd., Da-An Dist., Taipei City 10675,
Taiwan (R.O.C.) |
|
Date of Foundation: |
2010-4-8 |
|
Registration Number: |
25118580 |
|
Registry: |
Taipei City Government |
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Registered Capital: |
(As of 2013.09, 1 NTD = 0.0340 USD) |
|
Legal Representatives: |
Hewei Mai |
|
Legal Form: |
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Principal Activities: |
|
|
Staff: |
|
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Listed at Stock Exchange: |
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|
Date of Last Annual Return: |
Subject was incorporated
on 2010-4-8 with registered number 25118580
as Private Limited Liability Company in Taiwan.
|
Name |
Subscription Amount |
|
Hewei Mai |
400,000 |
The information above is that of subject’s major shareholders.
Related Companies
|
1 |
|
|
Name: |
World Shiner Pty Ltd |
|
Address: |
Suite 4 Level 3, Dymocks Building, 428
George Street, Sydney 2000, Australia |
|
Tel: |
+612-9232-3557 |
|
Fax: |
+612-9232-3560 |
|
2 |
|
|
Name: |
World Shiner B.V.B.A |
|
Address: |
Hovenierstraat, 30, Bus No. 122 Room No. 127
Antwerpen 2018, Belgium |
|
Tel: |
+323-226-4807 |
|
3 |
|
|
Name: |
World Shiner Canada Inc. |
|
Address: |
Suite 504, 27 Queen Street East Toronto M5C
2M6, Ontario, Canada |
|
Tel: |
+1-416-368-5955 |
|
Fax: |
+1-416-368-5855 |
|
4 |
|
|
Name: |
Diamantra GmbH |
|
Address: |
Hirschstr. 29, Stuttgart D-70173, Germany |
|
Tel: |
+49-711-693-8242 |
|
Fax: |
+49-711-693-8244 |
|
5 |
|
|
Name: |
World Shiner Co., Ltd. |
|
Address: |
3-43-6 Taito, 501, Nakaokachimachi Flats, Taito
-Ku Tokyo 110-0016, Japan |
|
Tel: |
+81-3-5807-1441 |
|
Fax: |
+81-3-5818-2031 |
|
6 |
|
|
Name: |
World Shiner S. L. |
|
Address: |
C/ Abada, 2 Piso 4 Despacho 8, Madrid 28013,
Spain |
|
Tel: |
+34-91-522-1844 |
|
Fax: |
+34-91-523-7070 |
|
7 |
|
|
Name: |
World Shiner (U.K.) Ltd. |
|
Address: |
Suite 160, 1st Floor, Princess house, 50-60
East Castle Street, London W1W8EA, United Kingdom |
|
Tel: |
+44-20-7323-1144 |
|
Fax: |
+44-20-7323-1155 |
|
8 |
|
|
Name: |
Diamantra, Inc. |
|
Address: |
5 S. Wabash Avenue, Suite 1721 Chicago
60603, IL, USA |
|
Tel: |
+1-312-854-3900 |
|
Fax: |
+1-312-854-3999 |
Core Management
|
Name |
Hewei Mai |
|
Position |
Director |
|
2 |
|
|
Name |
Xian Nan |
|
Position |
Manager |
|
Date of Appointment |
2010-4-1 |
Personnel
Structure
|
Total Employees |
About 10 Employees |
Offices &
Factories
|
|
Headquarters |
|
Add |
9F.-2, No.267, Sec. 2, Dunhua S. Rd., Da-An Dist., Taipei City 10675,
Taiwan (R.O.C.) |
Production
Information
Subject is a trader of diamond and jewellery, etc without any production
activities.
Purchase
Information
The registered activities of subject:
|
Business Code |
Details |
|
F115010 |
Wholesale of jewellery and precious metal |
|
F115020 |
Wholesale of ore |
|
F215010 |
Retail of jewellery and precious metal |
|
F215020 |
Retail of ore |
|
F401010 |
International trade business |
Subject purchases products mainly from abroad such as Europe, etc.
Subject is engaged in sale of diamond and
jewellery, etc.
Subject’s sales region is mainly in Taiwan domestic market.
Subject’s major customers are the manufacturers of jewellery and watch.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
Subject has little domestic purchase.
Foreign Purchase
|
Terms |
Proportion |
|
|
Diamonds |
L/C, T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Diamonds |
Cash, T/T, etc |
100% |
Export
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 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 |
Ms. Nan |
|
Department |
Sales Department |
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.
-
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.
-
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 –
-
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.
-
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.62.52 |
|
|
1 |
Rs.100.26 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.