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Report Date : |
06.12.2014 |
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 : |
· Engaged in trading diamond and jewellery · Engaged in wholesale of jewellery and precious metal · Engaged in wholesale of ore |
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No. of Employees |
About 10 Employees |
RATING & COMMENTS
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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 : |
Unknown |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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.
Taiwan's diplomatic isolation, low birth rate, and rapidly aging population are
other major long-term challenges. Free trade agreements have proliferated in
East Asia over the past several years, and following the landmark Economic
Cooperation Framework Agreement (ECFA) signed with China in June 2010, Taiwan
in July 2013 signed a free trade deal with New Zealand—Taipei’s first-ever with
a country with which it does not maintain diplomatic relations—and in November
inked a trade pact with Singapore. Negotiations continue on follow-on
components of ECFA regarding trade in goods and a dispute resolution mechanism;
a trade in services agreement is under review in the legislature. 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 overall trade surplus largely
because of its surplus with China, and its foreign reserves are the world's
sixth largest, behind China, Japan, Saudi Arabia, Russia, and Switzerland. 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. Taiwan since 2009 has gradually loosened rules governing
Chinese investment on the island, and has also secured greater market access
for its investors in the mainland. 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 |
|
Company Name: |
FLAWLESS DIAMONDS
CO., LTD. |
|
Supplied Name: |
FLAWLESS DIAMONDS CO.LTD |
|
Trading Address: |
9F.-2, No.267, Sec. 2, Dunhua S. Rd., Da-An Dist., Taipei City 10675, Taiwan (R.O.C.) |
|
Supplied Address: |
9 FLOOR, NO2, NO.267, DUNHUA S. ROAD, SEC 2, DA-AN DIST, TAIPEI CITY 10675, TAIWAN (R.O.C) |
|
Telephone Number: |
+886-2-2738-5151 |
|
Fax Number: |
+886-2-2738-5192 |
|
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: |
2010-04-08 |
|
Registration Number: |
25118580 |
|
Registry: |
Taipei City Government |
|
Registered Capital: |
NTD 500,000 (USD 16,550) (As of 2014.09, 1 NTD = 0.0331 USD) |
|
Legal Representatives: |
Hewei Mai |
|
Legal Form: |
|
|
Principal Activities: |
|
|
Staff: |
|
|
Listed at Stock Exchange: |
|
|
Date of Last Annual Return: |
Subject was incorporated on 2010-4-8 with registered number 25118580 as Private Limited Liability Company in Taiwan.
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 |
Major Shareholder
|
Name |
Subscription Amount |
| Hewei Mai |
400,000 |
|
1 |
|
|
Name |
Hewei Mai |
|
Position |
Director |
|
2 |
|
|
Name |
Qian Nan |
|
Position |
Manager |
|
Date of Appointment |
2010-04-01 |
|
|
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 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 India, etc.
Subject is engaged in sale of diamond and jewellery.
Subject’s sales region is mainly in Taiwan domestic market.
Subject’s major customers are jewellery manufacturers, retailers and designers, etc.
Import and export right:
|
Import right |
Yes |
|
Export right |
Yes |
Domestic Purchase
Subject has little domestic purchase.
Foreign Purchase
|
Terms |
Proportion |
|
|
Diamonds, etc |
T/T, etc |
100% |
Sales
Domestic Markets
|
Terms |
Proportion |
|
|
Diamonds, etc |
T/T, Cash, etc |
100% |
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 Ms. Wang declined to disclose its financials citing the grounds of company’s confidentiality; from other source we cannot obtain the relevant information, either.
Subject declined
to disclose any information about bankers, and we can not obtain the
information from other source.
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. Wang |
|
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.
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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.61.85 |
|
|
1 |
Rs.96.73 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.