|
Report No. : |
351969 |
|
Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
STAR JEWELRY (PVT.) LIMITED |
|
|
|
|
Registered Office : |
Plot No. 6, Sector A, Phase 1, Karachi Export Processing Zone, Landhi
Industrial Area Extension, Karachi |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Year of Established : |
2005 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in jewellery manufacturing |
|
|
|
|
No. of Employee : |
75 |
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 : |
Slow but correct |
|
|
|
|
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) |
|
Pakistan |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
STAR JEWELRY (PVT.)
LIMITED
|
Registered
Address |
|
Plot No. 6, Sector A, Phase 1, Karachi Export Processing Zone, Landhi
Industrial Area Extension, Karachi, Pakistan |
|
Tel # |
92 (21) 35085438 |
|
Fax # |
92 (21) 35085437 |
|
a. |
Nature of Business |
Jewellery
Manufacturing |
|
b. |
Year Established |
2005 |
|
c. |
Registration # |
0050601 |
None
|
Maqsood Ahmed & Co. (Chartered Accountants) C-208, 2nd Floor, National Auto Plaza, Marston Road, Karachi, Pakistan |
|
Subject Company was established as a Private Limited Company in 2005 |
|
6. |
Authorized Capital |
Rs. 10,000,000/- divided into 100,000 shares
of Rs. 100/- each |
|
|
Issued & Paid up Capital |
Rs. 200/- divided into 2 shares of Rs. 100/-
each |
|
Names |
Nationality |
Address |
Designation |
|
Mr. Syed Nasruddin Rupani Miss. Natashah Rupani |
Pakistani & U.S. Nationality U.S.A. |
7500 Bellaire Boulevard, Suite 900,
Houston, Texas 77036, U.S.A. 7500 Bellaire Boulevard, Suite 900,
Houston, Texas 77036, U.S.A. |
Chief Executive Director |
|
Name |
No. of Shares |
|
Mr. Syed Nasruddin Rupani Miss. Natashah Rupani |
1 1 |
|
(1) A.R. Raheem Enterprises, Pakistan. (2) Raheem Jewellers, Pakistan. |
Engaged in Jewellery
Manufacturing
75
|
Year |
In
Pak Rupees |
|
2014 |
35,000,000/- (Estimated) |
|
Mainly Jewelers, Trading Companies etc |
Habib Metropolitan Bank Limited, Pakistan.
Bank Alhabib Limited, Pakistan.
Standard
Chartered Bank Limited, Pakistan.
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 105.90 |
|
UK Pound |
1 |
Rs. 161.50 |
|
Euro |
1 |
Rs. 113.50 |
Subject Company was established in 2005 and is engaged in Jewellery manufacturing.
Trade relations are reported as fair. Subject can be considered for normal
business dealings at usual trade terms and conditions.
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.66.81 |
|
|
1 |
Rs.100.37 |
|
Euro |
1 |
Rs.70.68 |
|
PKR |
1 |
Rs. 0.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.