MIRA INFORM REPORT

 

 

Report Date :

31.07.2007

 

IDENTIFICATION DETAILS

 

Name :

RICH DIAMONDS INC

 

 

Registered Office :

1-13-36 Takabatake Kofu City Yamanashi-Pref 400-0042

 

 

Country :

Japan

 

 

Financials (as on) :

31.07.2006

 

 

Date of Incorporation :

Sept 1994

 

 

Legal Form :

Limited Company (Kabushiki Kaisha)

 

 

Line of Business :

Import, wholesale of polished diamonds, other jewelry

 

 

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 :

Fair

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

name

 

RICH DIAMONDS INC

 

 

REGD NAME

 

Rich Diamonds KK

 

 

MAIN OFFICE

 

1-13-36 Takabatake Kofu City Yamanashi-Pref 400-0042 JAPAN

Tel        : 055-233-3451

Fax       : 055-233-3452

URL      : N/A

E-Mail address: richdia@hotmail.com

 

 

ACTIVITIES

 

Import, wholesale of polished diamonds, other jewelry

 

 

BRANCHES

 

Tokyo, Osaka

 

 

FACTORY(IES)

 

(subcontracted)

 

 

OFFICERS

 

ANUP KUMAR ARUN AGARWAL, PRES (Indian resident)

 

Yen Amount:     In million Yen, unless otherwise stated

 

 

SUMMARY

 

FINANCES        FAIR                             A/SALES          Yen 4,800 M

PAYMENTS      REGULAR                     CAPITAL           Yen 20 M

TREND             STEADY                       WORTH            Yen 210 M

STARTED         1994                             EMPLOYES      17

 

COMMENT

 

IMPORTER AND WHOLESALER SPECIALIZING IN POLISHED DIAMONDS.  FINANCIAL SITUATION CONSIDERED FAIR AND GOOD FOR ORDINARY BUSINESS ENGAGEMENTS.

                       

 

 

HIGHLIGHTS

           

The subject company was established by Shanti Enterprise, India, as its marketing base    in Japan for wholesaling polished diamonds and other jewelry.  Goods are imported from the parent and its group firm in Hong Kong.  Imports polished, precut diamonds centrally, other gem stones & jewelry.  Based in Kofu City, a hub of jewelry processors and stores, its clients are jewelry processors, wholesalers, jewelry stores covering the greater-Tokyo region.  The Tokyo Branch Office functions as its marketing base in Tokyo area, contributing to sales growth.  Opened Osaka Branch, too. 

 

 

FINANCIAL INFORMATION

           

Financials are only partially disclosed.

 

The sales volume for Jul/2006 fiscal term amounted to Yen 4,800 million, a 9% up from Yen 4,400 million in the previous term.  This is attributed to the expansion of client networks with Tokyo & Osaka offices opened.  Sales staff increased to 17 from 9.  The net profit decreased to Yen 15 million from Yen 20 million a year ago.  Rising costs of imports and operations ate into profits. 

 

For the current term ending Jul 2007 the net profit is projected at Yen 15 million, on a 2% rise in turnover, to Yen 4,900 million.

 

The financial situation is considered maintained FAIR and good for ORDINARY business engagements. 

 

 

REGISTRATION

           

Date Registered:            Sept 1994

Legal Status:                 Limited Company (Kabushiki Kaisha)

Authorized:                    1,600 shares

Issued:                          400 shares

Sum:                            Yen 20 million

Major shareholders (%):  Man Mohan Ginka*(50), Sohan Ginka (50)

*.. Owner of Shanti Enterprise (India)

No. of shareholders:       2

           

Nothing detrimental is known as to the commercial morality of executives.

 

 

OPERATION

           

Activities: Imports and wholesales polished diamonds, other gem stones (--50%), fingerings, earrings, pendants, necklaces, bracelets, other jewelry products (--50%).

 

Goods are imported from India, Hong Kong, Korea, etc.

           

Clients: Jewelry processors, jewelry wholesalers, jewelers, other 

 

No. of accounts: 600

 

Domestic areas of activities: Centered in greater-Tokyo

 

Suppliers: [Mfrs, wholesalers] Imports from Shanti Enterprise (India), Unirich Diamond (Hong Kong) (--group firms), other from Israel, Russia, Korea, other.

 

Payment record: Regular

 

Location: Business area Kofu City.  Office premises at the caption address are owned and maintained satisfactorily.

 

 

Bank References

 

Mizuho Bank (Kofu)

Resona Bank (Kofu)

 

Relations: Satisfactory

 

 

FINANCES

 

(In Million Yen)

 

Terms Ending:

　

31/07/2007

31/07/2006

31/07/2005

31/07/2004

Annual Sales

　

4,900

4,800

4,400

4,400

Recur. Profit

　

..

..

..

..

Net Profit

　

15

15

20

30

Total Assets

　

　

N/A

N/A

N/A

Net Worth

　

　

210

195

175

Capital, Paid-Up

　

　

20

20

20

Div.P.Share(¥)

　

　

0.00

0.00

0.00

<Analytical Data>

(%)

(%)

(%)

(%)

       S.Growth Rate

2.08

9.09

0.00

10.00

       Current Ratio

 

 

..

..

..

       N.Worth Ratio

 

..

..

..

       N.Profit/Sales

0.31

0.31

0.45

0.68

 

Financials are only partially disclosed.

Estimated figures for the 31/07/2007 fiscal term

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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