MIRA INFORM REPORT

 

 

Report No. :

324293

Report Date :

30.05.2015

 

IDENTIFICATION DETAILS

 

Name :

SUNRISE DIAMONDS LIMITED

 

 

Registered Office :

Unit 1, 14/F., Peninsula Square, East Wing, 18 Sung On Street, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

25.02.2004

 

 

Com. Reg. No.:

884758

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trading of diamonds and jewellery.

 

 

No. of Employee :

About 10

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

HONG KONG ECONOMIC OVERVIEW

 

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12% of total system deposits in Hong Kong by the end of 2013. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 40.7 million in 2013, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.

 

Source : CIA

 

Contact Points

 

Company Name:

Sunrise Diamonds Limited

Supplied Name:

SUNRISE DIAMONDS LTD.

Trading Address:

Unit 1, 14/F., Peninsula Square, East Wing, 18 Sung On Street, Hunghom, Kowloon, Hong Kong

Supplied Address:

UNIT 1, 14/F PENINSULA SQUARE, EAST WING, 18 SUNG ON STREET, HUNGHOM KOWLOON,HONGKONG.

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

Sunrise Diamonds Limited

Registered Address:

Unit 1, 14/F., Peninsula Square, East Wing, 18 Sung On Street, Hunghom, Kowloon, Hong Kong

Telephone Number:

+852-2723-5100

Fax Number:

+852-2314-9100

E-mail:

admin@sunrisediam.com

support@sunrisediam.com

ritesh@sunrisediam.com

Date of Registration:

2004-2-25

Registered Number:

884758

Business Registration No.:

34310748

Registered Capital:

HKD 15,600,000 (USD 2,012,400)

(As of 2015.5, 1 HKD = 0.129 USD)

Paid-up Capital:

HKD 15,600,000 (USD 2,012,400) = 1,560,000 Shares @ HKD 10

Legal Form:

Private Limited Liability Company

SITC Code:

66729--Diamonds, non-industrial, otherwise worked, but not mounted or set (cm)

Principal Activities:

Trading of diamonds and jewellery, etc

Staff:

About 10 Employees (Company)

About 2,000 Employees (Group)

Listed at Stock Exchange:

No

Date of Last Annual Return:

2015-2-25

 

 

History

 

Subject was incorporated on 2004-2-25 with the registered number 884758 as Private Limited Liability Company in Hong Kong.

 

Corporate Structure

 

Related Factory

Name:

Shairu Gems Factory

Address:

166/A/2 & 170-C, Opp. SMC Swimming Pool, Vasta Devdi Road, Katargam, Surat 395004 - India

Tel:

+91-261-253-6488

Fax:

+91-261-253-6855

 

Major Related Companies

1

Name:

Shairu Gems Diamonds Pvt. Ltd.

Address:

DC-9012, Bharat Diamond Bourse, Bandra Kurla Complex, Bandra (E), Mumbai 400 051, India.

Tel:

+91-22-4050-5050

Fax:

+91-22-2363-0039

2

Name:

Atit Diamond Corporation

Address:

22 West, 48th Street, Suite 300, New York 10036, USA.

Tel:

+1-212-944-2848

Fax:

+1-212-944-4059

3

Name:

Angel Jewellery Pvt. Ltd.

Address:

India

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Ritesh Ashok Mehta

764,400

49%

Famous Link Investment Limited

795,600

51%

Total

1,560,000

100%

 

Major Shareholder Information:

1

Name:

Ritesh Ashok Mehta

Address:

Flat K, 5/F., Tower 2, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kln., Hong Kong

2

Name:

Famous Link Investment Limited

Address:

Room 1426, 14/Fl., Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong

Date of Registration:

2009-11-5

Registered Number:

1388442

Business Registration No.:

51508669

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Ritesh Ashok Mehta

Address:

Flat K, 5/F., Tower 2, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kln., Hong Kong

Position:

Director

ID Number:

R276791(A)

2

Name:

Taxbase Consultants Limited

Address:

Room 1408, 14/Fl., Hollywood Plaza, 610 Nathan Road, Kowloon, Hong Kong

Position:

Corporate Secretary

Registered Number:

411324

 

Personnel Structure

 

Total Employees

About 10 Employees (Company)

About 2,000 Employees (Group)

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Unit 1, 14/F., Peninsula Square, East Wing, 18 Sung On Street, Hunghom, Kowloon, Hong Kong

 

Premises Information

 

Office address:

Address:

Unit 1 on 14th Floor of East Wing, Peninsula Square, No.18 Sung On Street, Kowloon

Owners:

Sunrise Diamonds Limited

Memorial Number:

07102500900095

Assignment

Date of Instrument:

2007-10-2

Date of Registration:

2007-10-25

Consideration Value:

HKD 8,000,000.00

 

History of Premises Owners’

 

1

Memorial No.:

13120300160014

Date of Instrument:

2013-11-29

Date of Registration:

2013-12-3

Nature:

Mortgage

In Favor of:

Hang Seng Bank Limited

Consideration:

To secure "all moneys" in respect of general banking facilities

2

Memorial No.:

07071000320041

Date of Instrument:

2007-7-5

Date of Registration:

2007-7-10

Nature:

Agreement for sale and purchase

Remarks: See assignment mem. no. 07102500900095

In Favor of:

Sunrise Diamonds Limited

Consideration:

HKD 8,000,000.00

3

Memorial No.:

UB6863487

Date of Instrument:

1996-12-5

Date of Registration:

1996-12-24

Nature:

Agreement for sale and purchase

Remarks: See assignment mem.no.6911774

In Favor of:

New Worldtrade Limited

Consideration:

HKD 7,500,000.00

 

Production Information

 

Subject is a trader of diamonds, etc without any production activities.

 

Purchase Information

 

Subject purchases products mainly from its related factory in Surat, India.

 

Sales Information

 

Subject is engaged in sales of diamond and jewellery

The major shapes of diamonds sold by subject include round, princess, emerald, radiant, oval, pear, heart, cushion, and marquise

Subject can provide the diamonds from 0.10 pts to 10.00 cts.

Some diamonds sold by subject has GIA certification.

Subject’s sales region focuses on Asia market.

Subject’s major customers are jewellery manufacturers, retailers and individuals

 

 

Settlements

 

Purchase

 

Domestic Purchase

 

Subject has little domestic purchase.

 

Import

Products

Diamond

Payment Terms

Interior Settlement, T/T

 

Sales

 

Domestic Markets

Product

Diamond

Selling Terms

Cash, T/T

 

Export

Product

Diamond

Selling Terms

L/C, T/T

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff rejected to disclose the financial information, from other resources we cannot find it, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

 

Public

 

Civil Litigation

 

1

Date:

2014-01-25

Court Name:

District Court Civil Action

Court No.:

308

Claimant:

Sunrise Diamonds Ltd

c/o

Unit 1, 14/F, Peninsula Square, East Wing, 18 Sung On Street, Hung Hom, Kln

c/o

Tsang, Chan & Woo

(a firm)

(DCCJ)

Defendant:

Sunrise Diamonds Ltd

c/o

Unit 1, 14/F, Peninsula Square, East Wing, 18 Sung On Street, Hung Hom, Kln

c/o

Tsang, Chan & Woo

(a firm)

(DCCJ)

Reason:

Tort

2

Date:

2013-9-10

Court Name:

Small Claim Tribunal

Court No.:

028481/13

Claimant:

Sunrise Diamonds Ltd

(SCTC028481/13)

Defendant:

Easy Holdings Ltd

t/a

The Kong Jewellery Company

Reason:

Goods Sold and Delivered

3

Date:

2012-10-24

Court Name:

District Court Civil Action

Court No.:

3708

Claimant:

Sunrise Diamonds Ltd
c/o
Unit 1, 14/F, Peninsula Square, East Wing, 18 Sung On Street, Hung Hom, Kln

c/o
Tsang, Chan & Woo
(a firm)

Defendant:

Kego Design Jewellery Co Ltd (D1)
Chan Ming Kei (D2)
Cheng Chun Kit Bingo (D2)
c/o
Unit 27-28, 8/F, Block B, Focal Industrial Centre, 21 Man Lok Street, Hung Hom, Kln

Reason:

Contract

Amount:

USD 111,060.30

 

Mortgage Record

 

1

Company Name:

Sunrise Diamonds Limited (“the Company”)

Instrument of Creating Mortgage:

Debenture (“the Debenture”)

Date of Creating Mortgage:

2008-11-26

Date of Discharge of the Charge:

2013-11-15

Amount Secured:

All money and the discharge of all obligations and liabilities

Name of Mortgagee:

Antwerp Diamond Bank NV (“the Bank”)

Address of Mortgagee:

54, Pelikaanstraat, B-2018 Antwerpen 1, Belgium (through its Hong Kong representative office of Room 3509A, Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong)

Description of Property Mortgaged:

(1) All stocks shares bonds and securities of any kind whether marketable or otherwise and all other interests including (but not limited to) loan capital of the Company both present and future in any company firm consortium or entity including all allotments accretions offices rights benefits and advantages at any time accruing offered or arising in respect of or incidental to such stocks shares bonds and securities and all stocks shares rights money or property accruing to such stock shares bonds and securities or offered at any time by way of conversion redemption bonus preference option or otherwise in respect of such property;

(2) all book and other debts revenues and claims both present and future (including things in action which may give rise to a debt revenue or claim) due or owing or which may become due or owing to or purchased or otherwise acquired by the Company and the full benefit of all rights and remedies relating to such property including but not limited to any negotiable or non-negotiable instruments guarantees indemnities debentures legal and equitable charges and other security reservation of proprietary rights of tracing liens and all other rights and remedies of any nature in respect of such property;

(3) the uncalled capital goodwill and all patents patent applications trademarks trade names registered designs and copyrights and all licences and ancillary and connected rights relating to the intangible property both present and future of the Company;

(4) the undertaking and all other assets of the Company both present and future including (but not limited to) the stock in trade of the Company and the heritable property which are or may be from time to time while the Debenture is in force comprised in the property and undertaking of the Company and the property described in sub-clause 4.1.1 to 4.1.3 of the Debenture (if and insofar as the charges on such property or on any part or parts of such property contained in the Debenture shall for any reason be ineffective as fixed charges).

2

Company Name:

Sunrise Diamonds Limited (“the Company”)

Instrument of Creating Mortgage:

Debenture constituting a fixed and/or floating charge over all the assets of the company (the “debenture”)

Date of Creating Mortgage:

2011-4-4

Date of Discharge of the Charge:

2012-2-20

Amount Secured:

Al monies and liabilities in any currency due owing or incurred by the company to the Hong Kong and Shanghai Bank Corporation Limited (“the Bank”) at any time whether alone or joint with any other person, whether actually or contingent, whether at the date of the Debenture or in future, or in any capacity including principal or surety, interest on such monies and liabilities (both before and after demand or judgment) to date on which the Bank receives payment at the rates payable by the company or which would have been payable but for any circumstance which restrict payment and expenses of the Bank in enforcing the Debenture (the “Monies and Liabilities”)

Name of Mortgagee:

The Hong Kong and Shanghai Corporation Limited

Address of Mortgagee:

No. 1 Queen’s Road Central Hong Kong (“the Lender”)

Description of Property Mortgaged:

by way of first fixed charge:

(i) all chattels as at the date of the Debenture or at any time thereafter belonging to the Company (excluding any of the same for the time being forming part of the stock-in trade or work-in-progress of the company or which are for the time being otherwise effectively charged by way of legal mortgage or fixed charge under the Debenture)

(ii) all book debts and other debts and monetary claims (including without limitation any credit balance on any account of the company with any bank or other person (other than the bank) and any rents, licences fees or other payments due from any lessee, licensee or occupier of any immoveable property wherever situated) at the date of the Debenture or at any time thereafter due owed or incurred to the company (excluding such debts and claims (if any) as the Bank may from time to time have agreed in writing with the company shall not be subject to the fixed charge and excluding also such debts and claims as are charged pursuant to paragraph (iii) together with the full benefit of all guarantees and securities therefore and liens reservations of title and other rights enabling the company to enforce any such debts or claims) (collectively called the “Debt”)

(iii) any credit balance on any account of the company with bank or any other bank or financial institution

(iv) all goodwill and uncalled capital for the time being of the company

(v) all stocks shares debentures bonds loan capital and other securities of any description of any other person (including without limitation any subsidiary or subsidiary undertaking of the company ) and all rights to subscribe or convert other securities into or otherwise acquire any such securities at the date of the Debenture or at any time thereafter belonging to the company together with all dividends interest and other income and all other rights of whatsoever kind deriving from or incidental to any of the foregoing (collectively called the “Securities”)

(vi) all letters patent trademarks service marks designs utility models copyrights design rights and applications for registration of any of the foregoing and the right to apply for them in any part of the world moral rights inventions confidential information know how and rights of like nature arising or subsisting anywhere in the world in relation to all of the forgoing whether registered or unregistered at the date of the Debenture or at any time thereafter belonging to the company (collectively called the “Intellectual Property”)

(vii) all present and future contract or policies of insurance (including policies of life insurance or assurance) and all rights and claims to which the company is at the date of the Debenture or may at any time thereafter become entitled in relation to the proceeds thereof including refund of premium; and

(viii) (save to the extent charged by any of the above) the proceeds of sale of any referred to above

(c) by way of floating charge all the undertaking of the company and all its property whatsoever and wheresoever both present and future (other than any part thereof which is for the time being effectively charged by any of the fixed charges under the Debenture and recognized as effectively so charged under the laws of the jurisdiction in which the same is situated)

3

Company Name:

Sunrise Diamonds Limited (“the Borrower”)

Instrument of Creating Mortgage:

Mortgage (“the Mortgage”)

Date of Creating Mortgage:

2013-11-29

Amount Secured:

All monies, obligations and liabilities owing or incurred by the Borrower (and if the Borrower consists of two or more persons, all moneys, obligation and liabilities owing or incurred by those persons jointly) whether alone or jointly with any person from time to time to the Lender in respect of general banking facilities and all interest thereon and all other moneys and obligations in respect of moneys which the Borrower covenants to pay to the Lender under the provisions of Clause 2 of the Mortgage or otherwise under the terms of the Mortgage.

Name of Mortgagee:

Hang Seng Bank Limited (“the Lender”)

Address of Mortgagee:

83 Des Voeux Road Central, Hong Kong

Description of Property Mortgaged:

1,260/588,444th parts or shares of and in Kowloon Inland Lot No.10985 (Unit 2 on 14th Floor of East Wing of Peninsula Square, Kowloon)

4

Company Name:

Sunrise Diamonds Limited (“the Borrower”)

Instrument of Creating Mortgage:

Mortgage (“the Mortgage”)

Date of Creating Mortgage:

2013-11-29

Amount Secured:

All monies, obligations and liabilities owing or incurred by the Borrower (and if the Borrower consists of two or more persons, all moneys, obligation and liabilities owing or incurred by those persons jointly) whether alone or jointly with any person from time to time to the Lender in respect of general banking facilities and all interest thereon and all other moneys and obligations in respect of moneys which the Borrower covenants to pay to the Lender under the provisions of Clause 2 of the Mortgage or otherwise under the terms of the Mortgage.

Name of Mortgagee:

Hang Seng Bank Limited (“the Lender”)

Address of Mortgagee:

83 Des Voeux Road Central, Hong Kong

Description of Property Mortgaged:

All Those2,290/588,444th parts or shares of and in Kowloon Inland Lot No.10985 (Unit 1 on 14th Floor of East Wing of Peninsula Square, No.18 Sung on Street, Kowloon)

 

 

Special Note

 

Interview Details

Department:

Sales Department

 

 

Industry Information

 

66729--Diamonds, non-industrial, otherwise worked, but not mounted or set (cm)

 

Unit: HKD/000

 

2014.12

2014.01~2014.12

 

Quantity

Value

Quantity

Value

Imports

United Arab Emirates

113,655

854,839

1,452,417

10,085,815

Brazil

33

1,437

174

5,836

Australia

2,033

41,188

10,332

181,710

Belgium

81,093

1,198,674

1,070,230

181,710

Germany

154

614

18,279

80,845

Canada

202

1,578

7,643

104,109

Switzerland

5,866

161,374

56,112

1,665,846

Japan

36,378

286,671

497,269

3,174,371

Thailand

65,194

243,239

657,318

3,002,179

India

765,990

3,982,962

12,544,931

64,883,740

The Mainland of China

117,833

912,624

1,337,780

10,148,553

Exports

United Arab Emirates

--

--

54

4,421

Israel

61

10,875

153

38,772

Japan

--

--

3

116

Thailand

--

--

422

1,865

USA

140

2,916

2,982

55,371

Belgium

2

74

463

70,594

Singapore

--

--

28

4,990

The Mainland of China

186

496

4,894

15,396

 

External Trade Information:

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2014

4,219,046

55,283

3,617,468

3,672,751

+3.2

-546,295

2013.11

370,104

4,587

320,935

325,522

+5.8

-44,581

2013.12

365,228

4,596

306,281

310,877

0.0

-54,351

2014.01

323,436

4,299

299,157

303,456

-0.4

-19,979

2014.02

266,587

3,276

209,638

212,914

-1.3

-53,673

2014.03

351,889

5,120

296,403

301,523

+3.4

-50,365

2014.04

340,972

4,867

280,816

285,682

-1.6

-55,290

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

2014.07

368,293

5,120

321,040

326,160

+6.8

-42,132

2014.08

358,750

5,289

321,937

327,225

+6.4

-31,525

2014.09

382,355

4,153

327,833

331,986

+4.5

-50,369

2014.10

381,569

4,392

327,335

331,727

+2.7

-49,842

2014.11

378,946

4,701

322,082

326,783

+0.4

-52,163

2014.12

372,007

4,050

308,705

312,755

+0.6

-59,253

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

Attachment

 

Unit 1, 14/F., Peninsula Square, East Wing, 18 Sung On Street, Hunghom, Kowloon, Hong Kong

 

IMG_1

Unit 1, 14/F., Peninsula Square, East Wing, 18 Sung On Street, Hunghom, Kowloon, Hong Kong

 

IMG_2

 

Unit 1, 14/F., Peninsula Square, East Wing, 18 Sung On Street, Hunghom, Kowloon, Hong Kong

 

IMG_3

 

Unit 1, 14/F., Peninsula Square, East Wing, 18 Sung On Street, Hunghom, Kowloon, Hong Kong

 

IMG_4

 

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.63.76

UK Pound

1

Rs.97.80

Euro

1

Rs.69.91

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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

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NB

                                       New Business

 

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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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.