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Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
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Name : |
VALUE
DIAM COMPANY LIMITED |
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Registered Office : |
Suite 2409, 24th Floor, Jewelry Trade Center, 919/311 Silom Road, Silom, Bangrak,, Bangkok 10500 |
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Country : |
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Date of Incorporation : |
08.03.2013 |
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Com. Reg. No.: |
0105556043271 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
engaged in importing and distributing of diamonds, precious and semi-precious stones, as well as exporting of the local products for jewelry industry. |
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No. of Employees : |
02 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Company |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Thailand |
B1 |
B1 |
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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 |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand achieved steady growth due largely to industrial and agriculture exports - mostly electronics, agricultural commodities, automobiles and parts, and processed foods. Thailand is trying to maintain growth by encouraging domestic consumption and public investment to offset weak exports in 2012. Unemployment, at less than 1% of the labor force, stands as one of the lowest levels in the world, which puts upward pressure on wages in some industries. Thailand also attracts nearly 2.5 million migrant workers from neighboring countries. The Thai government is implementing a nation-wide 300 baht ($10) per day minimum wage policy and deploying new tax reforms designed to lower rates on middle-income earners. The Thai economy has weathered internal and external economic shocks in recent years. The global economic severely cut Thailand's exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%, its fastest pace since 1995, as exports rebounded. In late 2011 growth was interrupted by historic flooding in the industrial areas in Bangkok and its five surrounding provinces, crippling the manufacturing sector. Industry recovered from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The government has approved flood mitigation projects worth $11.7 billion, which were started in 2012, to prevent similar economic damage, and an additional $75 billion for infrastructure over the next seven years with a plan to start in 2013.
Source
: CIA
VALUE DIAM COMPANY LIMITED
BUSINESS ADDRESS : SUITE 2409, 24th FLOOR,
JEWELRY TRADE CENTER,
919/311 SILOM ROAD,
SILOM, BANGRAK,
BANGKOK 10500, THAILAND
TELEPHONE : [66] 2630-0891
FAX :
[66] 2630-0891
E-MAIL ADDRESS : -
REGISTRATION ADDRESS : SAME AS BUSINESS ADDRESS
ESTABLISHED : 2013
REGISTRATION NO. : 0105556043271
TAX ID NO. : 3035701263
CAPITAL REGISTERED : BHT. 4,000,000
CAPITAL PAID-UP : BHT. 1,000,000
SHAREHOLDER’S
PROPORTION : THAI : 100%
FISCAL YEAR CLOSING DATE : -
LEGAL STATUS : PRIVATE LIMITED COMPANY
EXECUTIVE : MR. DEVEN HARSHAD KUMAR DOSHI, INDIAN
MANAGING DIRECTOR
NO. OF STAFF : 2
LINES OF BUSINESS : DIAMONDS, PRECIOUS AND SEMI-PRECIOUS
STONES
IMPORTER, DISTRIBUTOR AND EXPORTER
OPERATING TREND : EARLY
STAGE
PRESENT SITUATION : OPERATING NORMALLY
REPUTATION : -
MANAGEMENT STANDARD : -
The subject was established on March 8, 2013 as a private limited company under the registered name VALUE DIAM COMPANY LIMITED by Thai groups, with the business objective to import and distribute diamonds, precious and semi-precious stones for jewelry industry. It currently employs 2 staff.
The subject’s registered address is Suite 2409, 24th Floor, Jewelry Trade Center, 919/311 Silom Road, Silom, Bangrak, Bangkok 10500, and this is the subject’s current operation address.
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Name |
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Nationality |
Age |
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Mr. Deven
Harshad Kumar Doshi |
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Indian |
47 |
The above director signs on behalf of the subject with company’s affixed.
Mr. Deven Harshad Kumar Doshi is the Managing Director.
He is Indian nationality with the age of 47 years old.
The subject is engaged in importing and distributing of diamonds, precious and semi-precious stones, as well as exporting of the local products for jewelry industry.
PURCHASE
Its products are purchased from suppliers both domestic and overseas, mainly in India and Hong Kong.
SALES [LOCAL]
100% of the international products is sold locally to wholesalers, manufacturers and end-users.
EXPORT
100% of the local products is exported to India.
SUBSIDIARY
AND AFFILIATED COMPANY
The subject is not found to have any subsidiary or affiliated company here in Thailand.
LITIGATION
Bankruptcy and
Receivership
There are no litigation on bankruptcy and receivership cases filed against the subject found at Legal Execution Department for the past five years.
Others
There are no legal suits filed against the subject for the past two years.
CREDIT
Sales are by cash or on the credits term of 30-60 days.
Local bills are paid by cash or on the credits term of 30-60 days.
Imports are by T/T on negotiated terms.
Exports are against T/T.
BANKING
The banker’s name was not disclosed.
EMPLOYMENT
The subject currently employs 2 staff.
LOCATION DETAILS
The premise is rented for administrative office at the heading address. Premise is located in a prime commercial area.
COMMENT
Subject was established in March 2013 as an importer and distributor of diamond, precious and semi precious stones, as well as exporter of jewelry products to India. It is still in early stage, while its first year operation was disclosed at low level that was due to market stagnancy and shrinking consumer spending.
The capital was registered at Bht. 4,000,000 divided into 40,000 shares of Bht. 100 each, with the capital paid-up at Bht. 1,000,000 or 40,000 shares @ Bht. 25 each.
THE
SHAREHOLDERS LISTED WERE
: [as at March
7, 2013 at
Bht. 1,000,000 of capitalization]
|
NAME |
HOLDING |
% |
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Ms. Suntaree
Klinsang Nationality: Thai Address : 90 Moo 11, T. Nongkradone, A. Muang,
Nakornsawan |
20,000 |
50.00 |
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Ms. Patthita
Wadkien Nationality: Thai Address : 201/17 Moo 1, Tharaeng, Bangkhen,
Bangkok |
10,000 |
25.00 |
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Mr. Bootham
Seehabutr Nationality: Thai Address : 88 Moo 7, T. Talunglek, A. Muang,
Buriram |
10,000 |
25.00 |
Total Shareholders : 3
Share Structure [as at March 7, 2013]
|
Nationality |
Shareholders |
No. of Share |
% Shares |
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Thai |
3 |
40,000 |
100.00 |
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Foreign |
- |
- |
- |
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Total |
3 |
40,000 |
100.00 |
NAME OF AUDITOR
& CERTIFIED PUBLIC
ACCOUNTANT NO. :
None
Note:
Due to the subject was established in 2013, therefore financial statement was not yet available.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.32 |
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|
1 |
Rs.101.78 |
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Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
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<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.