|
Report Date : |
22.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAX RISE TRADING LTD. |
|
|
|
|
Registered Office : |
c/o Global Associates Ltd. Unit A, 10/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
23.08.2012 |
|
|
|
|
Com. Reg. No.: |
60263781 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
The subject was a diamond 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 : |
Dissolved by Deregistration |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
MAX
RISE TRADING LTD.
[Dissolved by Deregistration]
ADDRESS:
Registered
Office:-
c/o Global Associates Ltd.
Unit A, 10/F.,
Associated
Company:- (Same address)
Star Grace Trading Ltd., Hong Kong. [Dissolved]
60263781
1790631
23rd August, 2012.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 27-08-2013)
|
Name |
|
No.
of shares |
|
Prince SUHALKA |
|
10,000 ===== |
(As per registry dated 27-08-2013)
|
Name (Nationality) |
Address |
|
Prince SUHALKA |
69, Ganesh Ghati, Raghuveer Singh Ki
Haveli, Udaipur, Rajasthan, India. |
(As per registry dated 27-08-2013)
|
Name |
Address |
Co.
No. |
|
Global Associates Ltd. |
Unit A, 10/F., Tack Building, 48 Gilman
Street, Central, Hong Kong. |
1695695 |
The subject was incorporated on 23rd August,
2012 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly the subject’s registered address
was located at 14/F., Chun Wo Commercial Centre, 25 Wing Wo Street, Central,
Hong Kong where was the operating address of a secretarial firm known as
Gateway Registrations Ltd. The subject
changed its registered address to Unit A, 10/F., Tack Building, 48 Gilman
Street, Central, Hong Kong with effect from 27th August, 2012 as it had changed
its commercial service provider since then.
It was formally dissolved by deregistration
on 17th January, 2014.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Please be advised that Max Rise Trading Ltd.
was a private limited company which applied for deregistration in September
2013. It was formally deregistered on
17th January, 2014, the date of the publication of Gazette Notice No. 336. The subject was accordingly dissolved by
deregistration.
Having issued 10,000 ordinary shares of
HK$1.00 each, the subject was wholly owned by Mr. Prince Suhalka who was an
India merchant.
He was an India passport holder and did not
have the right to reside in Hong Kong permanently. He was also the only director of the subject.
The subject did not have its own operating
office. Its registered office was in a
commercial service firm located at Unit A, 10/F., Tack Building, 48 Gilman
Street, Central, Hong Kong known as Global Associates Ltd. [GAL] which had handled
its correspondences and documents. GAL
was also the corporate secretary of the subject.
The subject was a diamond importer, exporter
and wholesaler. It had traded in loose,
polished and cut diamonds. Most of the commodities
were imported from India. Prime markets
were Hong Kong, China and the other Asian countries.
The business of the subject was chiefly
handled by Suhalka himself. History in
Hong Kong was just over a year.
Besides the subject, Suhalka had operated
another firm known as Star Grace Trading Ltd. [Star Grace], a Hong
Kong-registered firm also located at the operating address of GAL. Also incorporated on 23rd August, 2012, Star
Grace was also dissolved by deregistration on 17th January, 2014.
On the whole, since the subject has been
dissolved by deregistration, consider it not suitable for any business
engagements.
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.61.85 |
|
|
1 |
Rs.97.01 |
|
Euro |
1 |
Rs.77.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.