MIRA INFORM REPORT

 

 

 

Report Date :

20.08.2008

 

IDENTIFICATION DETAILS

 

Name :

BEAUTY - DIAM

 

 

Registered Office :

Room 6, 9/F, Hart Avenue Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

1997

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacturer and Exporter of Diamond studded and gold jewellery (e.g. bracelets, earrings, nose pin, bangles)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

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

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

name of the company

 

 

 

 

BEAUTY - DIAM

 

Business Address

 

Room 6, 9/F, Hart Avenue Plaza
5-9 Hart Avenue
Tsim Sha Tsui
Kowloon
Hong Kong
Tel: +852-23664475, +852-92871787
Fax: +852-23664076

 

 

 

SUMMARY

 

 

Founded:

1997

Legal form:

Sole Proprietorship

Registration date:

15.01.1997

ACTIVITY:

Manufacturer & Exporter

Main Products:

Diamond studded and gold jewellery (e.g. bracelets, earrings, nose pin, bangles)

Staff:

5 (5 in Hong Kong)

Financial situation:

Modest but ordered

Payments:

Payments are made according to terms

Litigation:

clear

 

 

 

Registration status: 1997 - Registered company
Activity status: 1997 - Active company

 

 

 

 

IDENTIFICATION

 

 

Name:

Beauty - Diam

 

Telephone:

+852-23664475

 

Fax:

+852-23664076

 

Business Address:

Room 6, 9/F, Hart Avenue Plaza
5-9 Hart Avenue
Tsim Sha Tsui
Kowloon
Hong Kong
Tel: +852-23664475, +852-92871787
Fax: +852-23664076

 

 

Registered Address:

Room 6, 9/F, Hart Avenue Plaza
5-9 Hart Avenue
Tsim Sha Tsui
Kowloon
Hong Kong

 

 

 

 

HISTORY AND REGISTRATION

 

 

Founded:

1997

 

Legal form:

Sole Proprietorship

 

Registration date:

15.01.1997

 

BR Number:

20640474

 

SHAREHOLDERS

 

KALA Piyush Bhagchand
Nationality: IN
Room 9C, Bo Yip Building
6 Ashley Road
Kowloon
Hong Kong

Proprietor

 

 

MANAGEMENT        

 

KALA Piyush Bhagchand, Proprietor
KALA Piyush Bhagchand, is subject's proprietor who is actively engaged in subject's overall management and operation.

Management Assessment
Subject is a relatively small entity. There is no clear division of management functions and responsibilities. One or two key figures are responsible for overall management.

 

ACTIVITY

 

NATURE OF BUSINESS:

Manufacturer & Exporter

 

NACE:

3212 Manufacture of jewellery and related articles

 

Main products:

Diamond studded and gold jewellery (e.g. bracelets, earrings, nose pin, bangles)

 

 

 

Activity comment:

Subject is a family based company. Subject is engaged in exporting and importing of diamond studded and gold jewellery e.g. bracelets, earrings, nose pin, bangles, necklace, and ring. Other sources revealed that subject has manufacturing unit in both Mainland China and India. Subject's main markets include the Middle East, America and Europe and now also gaining momentum in the Indian market. Subject manufactures oriental and western style jewellery.

Basic traffic of phone calls, deliveries of documents indicates that subject is performing adequate level of daily business activities with some functional divisions and business structures. Operations are observed to be properly organized with necessary number of staff.

 

 

 

MARKETS:


Middle East, India, Europe, North America
Payment terms:
T/T
L/C (letter of credit)
O/A (open account)

 

 

 

PURCHASES:


China, India
Payment terms:
T/T
L/C (letter of credit)
O/A (open account)

 

 

 

 

PREMISES

 

Address:

Room 6, 9/F, Hart Avenue Plaza
5-9 Hart Avenue
Tsim Sha Tsui
Hong Kong

Type of premises:

office premises

Type of ownership:

Premises owned by related concern

Area:

Commercial

Condition:

reasonable

Equipment:

Properly equipped and maintained


Computing equipment was observed at captioned premises with enough basic office and other supportive facilities.

 

 

STAFF:

Total staff: 5

Staff in Hong Kong: 5

 

 

 

IMPORTANCE:

Small Company

 

 

 

 

FINANCE

 

 

Financial situation:

Modest but ordered

 

Status of company:

Properly run

 

Business trends:

Stagnant

 

 

 

Direct interview:

Subject's stuff (declined to disclose her name)

 

 

 

Financial data source:

Declined to disclose any financial data

 

 

Subject's staff declined to disclose any financial figures due to company policy and unknown inquiring party. She also claimed that subject's director, Kala Piyush Bhagchand, is out of office. Formal written request has been sent to subject for further information, however, we have received no reply up till the submission of this report.

With respect to subject’s operation scale, size and compared with similar size companies in industry, estimated annual turnover is around HKD 20M.

However, the combination of rising materials cost , increasing labour wages, and escalating energy cost may increase subject's cost of production and thus reduce its overall profitability.


 

 

Bankers

 

Declined to disclose

 

 

 

Payments:

Payments are made according to terms

 

 

 

 

Litigation records:

clear
on subject: clear
on KALA Piyush Bhagchand : clear

 

 

 

Insolvency Information:

According to available information sources the company is not in a insolvency/Preliminary/debt regulation proceeding.

 

 

 

Negative file check:

clear

 

 

 

Company comment:

Secure terms are recommended. Small business is deemed carried out with limited resources for regular financial commitments. Capability to overcome financial difficulties is not demonstrated with concrete evidence. Business should be done on a secured basis with close monitoring.

 

 

 

 

 

Macro Economic Indicator - Hong Kong

(USD billions)

2003

2004

2005

2006

2007 (f)

2008 (f)

Economic growth (%)

3.2

8.6

7.5

6.9

5.6

5.3

Inflation (%)

-1.9

0.3

1.4

2.3

3.0

3.1

Public sector balance (%GDP)

-3.3

1.7

1.0

2.7

2.7

3.0

Exports

224.7

260.3

289.5

317.6

343.3

381.9

Imports

230.4

269.6

297.2

331.7

362.6

400.2

Trade balance

-5.8

-9.3

-7.6

-1.4

-2.0

-1.8

Current account balance

16.5

15.7

20.2

20.2

20.1

24.6

Current account balance (%GDP)

10.4%

9.5%

11.4%

10.6%

9.9%

11.1%

Foreign debt

37.8%

41.0%

40.7%

38.0%

36.3%

35.4%

Debt service (%Exports)

1.8%

2.1%

2.2%

2.3%

2.1%

2.0%

Currency reserves (import months)

4.8

4.2

3.7

3.4

3.2

3.0

(e)estimate (f)forecast

 

 

COUNTRY RATING (Hong Kong)
Rating : A1

The steady political and economic environment has positive effects on an
already good payment record of companies.Very weak default probability.

For further information of country rating and payment experience such as
Assets – weaknesses – risk outlook; Industries overview; Insolvency trend;
Means of payment and collection methods; and Non payment index,
please visit our group’s official homepage at www.cofacerating.com or go
directly to your interest at www.cofacerating.com/anglais/home/Country.html

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.72

UK Pound

1

Rs.81.45

Euro

1

Rs.64.47

 

 

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.

 

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