|
Report No. : |
335358 |
|
Report Date : |
07.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
STAR GEMS & JEWELLERY LTD |
|
|
|
|
Registered Office : |
91 Eugenia
Rise, Silkwood Heights, Manukau City, Auckland, NZ |
|
|
|
|
Country : |
New Zealand |
|
|
|
|
Date of Incorporation : |
24.09.2001 |
|
|
|
|
Legal Form : |
NZ Limited Company |
|
|
|
|
Line of Business : |
The subject operates in the import and distribution of jewellery and
related products. |
|
|
|
|
No. of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
New
Zealand |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
NEW ZEALAND - ECONOMIC OVERVIEW
Over the past 30 years the government has transformed New Zealand from an agrarian economy, dependent on concessionary British market access, to a more industrialized, free market economy that can compete globally. This dynamic growth has boosted real incomes - but left behind some at the bottom of the ladder - and broadened and deepened the technological capabilities of the industrial sector. Per capita income rose for ten consecutive years until 2007 in purchasing power parity terms, but fell in 2008-09. Debt-driven consumer spending drove robust growth in the first half of the decade, fueling a large balance of payments deficit that posed a challenge for policymakers. Inflationary pressures caused the central bank to raise its key rate steadily from January 2004 until it was among the highest in the OECD in 2007-08. The higher rate attracted international capital inflows, which strengthened the currency and housing market while aggravating the current account deficit. The economy fell into recession before the start of the global financial crisis and contracted for five consecutive quarters in 2008-09. In line with global peers, the central bank cut interest rates aggressively and the government developed fiscal stimulus measures. The economy pulled out of recession in 2009, and achieved 2%-3% growth between 2011 to 2014. Nevertheless, key trade sectors remain vulnerable to weak external demand and lower commodity prices. In the aftermath of the Canterbury earthquakes, the government has continued programs to expand export markets, develop capital markets, invest in innovation, raise productivity growth, and develop infrastructure, while easing its fiscal austerity.
|
Source
: CIA |
STAR GEMS &
JEWELLERY LTD
1164026
NZBN: 9429036760824
|
Established |
2001 |
|
|
Incorporated |
2001 |
|
|
Line of Business |
Jewellery design and distribution |
|
|
Status |
Trading |
|
|
Chief Executive Officer |
Tilak Wadhwa |
|
For the last financial
year ended 31 March 2015 the subject traded profitably and recorded revenue of
close to NZ$5,000,000.
On a projected
basis, similar results are expected for the current financial year ending 31
March 2016.
The subject maintains a financing facility with its bankers which is
used to assist in funding working capital requirements.
Fixed assets include furniture fixtures, fittings and motor vehicles
valued at $250,000.
Entity Type: NZ Limited Company
Incorporated: 24 Sep 2001
Current Status: Registered
Constitution Filed: No
Annual Return Filing Month: June
Ultimate holding company: No
Registered Office
91 Eugenia Rise, Silkwood Heights, Manukau City,
Auckland, NZ
Address for Service
91 Eugenia Risr, Silkwood Heights, Manukau City,
Auckland, NZ
Directors
WADHWA, Tilak
91 Eugenia Rise, Totara Heights, Manukau, 2105, NZ
WADHWA, Upasana
91 Eugenia Rise, Totara Heights, Manukau, 2105, NZ
Shareholdings
Total Number of Shares: 1,000
Extensive Shareholdings: No
998 - WADHWA, Tilak
- WADHWA, Upasana
1 - WADHWA, Tilak
1 - WADHWA, Upasana
TRADING ADDRESS 8
Mana Place
MANUKAU
CITY, AUCKLAND
POSTAL ADDRESS PO
Box 76620
MANUKAU
CITY AUCKLAND NZ
TELEPHONE (649) 261 2638
642 154 1151
FACSIMLE (649)
261 2638
WEBSITE www.stargems.co.nz
ASSOCIATED ENTITY HOUSE
OF BOND
T&T
INTERNATIONAL LTD
SAFE PROPERTIES
LTD
BANK ASB
BANK
EMPLOYEES 8
The subject was incorporated in New Zealand on 24 September 2001 under the current style.
Operations were established as a new venture in September 2001.
In 2013 the subject acquired the assets and operations of House of Bond.
The subject operates in the import and distribution of jewellery and related products.
Activities are conducted from premises located at the above listed trading address.
The subject is not required to lodge financial statements with the New
Zealand Companies Office.
During the current interview conducted with Director Tilak Wadhwa, he
advised that for the last financial year ended 31 March 2015 the subject traded
profitably and recorded revenue of close to NZ$5,000,000.
ON a projected basis, similar results are expected for the current
financial year ending 31 March 2016.
Current assets include stock on hand of close to NZ$3,000,000 and
receivables of NZ$440,000
Current liabilities at this time include creditors of NZ$ 420,000. The
subject maintains extended trading terms with some suppliers.
The subject maintains a financing facility with its bankers which is
used to assist in funding working capital requirements.
Fixed assets include furniture fixtures, fittings and motor vehicles
valued at $250,000.
Mr Wadhwa declined to release a copy of the subject’s financial
statements for the current enquiry.
The subject imports most requirements. A trade survey on the subject
traced the following accounts:
-
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.63.76 |
|
UK Pound |
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.69.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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.