|
Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUPERB JEWELLERY |
|
|
|
|
Registered Office : |
c/o Gurus & Lexes Consultants Ltd. |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
21.09.2009 |
|
|
|
|
Com. Reg. No.: |
51183495-000-09 |
|
|
|
|
Legal Form : |
Sole Proprietorship Concern |
|
|
|
|
Line of Business : |
Subject was a diamond and jewellery importer, exporter and
wholesaler |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Business Ceased |
|
Payment Behaviour : |
-- |
|
Litigation : |
-- |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
SUPERB JEWELLERY
Registered Office:-
c/o Gurus & Lexes Consultants Ltd.
Suite 1008, 10/F., Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay, Hong Kong.
Mailing Address:-
P.O. Box 95036, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Associated Companies:- (Same owner)
Sharp Diamonds, Hong Kong. (Same address)
Supreme Trading FZE, Hong Kong.
51183495-000-09
Manager: Mr. Shiv Shankar Gopawat
Name: Mr. Shiv Shankar GOPAWAT
Residential Address: Po-Kharsan,
Via-Kheroda, Udaipur, Raj., India.
The subject was established on 21st September, 2009 as a sole proprietorship concern owned by Mr. Shiv Shankar Gopawat under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Please be advised that Superb Jewellery has ceased business since 31st July, 2014.
The subject was a sole proprietorship set up on 21st September, 2009 and owned by Mr. Shiv Shankar Gopawat who was an India merchant. He was an India passport holder and did not have the right to reside in Hong Kong permanently. Gopawat was also manager of the subject.
The subject did not have its own operating office. Its registered office was in a commercial service firm located at Suite 1008, 10/F., Prosperity Millennia Plaza, 663 King’s Road, Quarry Bay, Hong Kong known as Gurus & Lexes Consultants Ltd. [Gurus & Lexes] which had handled its correspondences and documents.
The subject did not have any employees in Hong Kong.
The subject was a diamond and jewellery importer, exporter and wholesaler. Most of the commodities were imported from India, Belgium, Israel, etc. Prime markets were Hong Kong, the other Asian countries, the United Arab Emirates, etc. Business was not so active in Hong Kong.
The subject’s business was chiefly handled by Gopawat himself. Gopawat is also the owner of another firm Sharp Diamonds [Sharp] which is also registered in Hong Kong. This firm is engaged in the same lines of business as the subject. Sharp’s registered address is also in the above-mentioned address. The subject and Sharp were set up on the same date.
Besides the subject and Sharp, Gopawat is also the sole proprietorship of Supreme Trading FZE [Supreme]. Business commenced in September 2009 and registered in Hong Kong, Supreme also does not have its own operating office. Its registered office is in the operating office of Gurus & Lexes located at Room 1002, 10/F., Chuang’s Tower, 30-32 Connaught Road Central, Hong Kong. This address is quite different from the above‑mentioned one.
The subject ceased business formally on 31st July, 2014 in Hong Kong and Shiv Shankar Gopawat retired simultaneously.
Since the subject has ceased business, consider it not suitable for any business engagements.
DIAMOND INDUSTRY –
-
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.61.93 |
|
|
1 |
Rs.96.37 |
|
Euro |
1 |
Rs.76.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIS |
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.