MIRA INFORM REPORT

 

 

 

Report Date :

06.12.2008

 

IDENTIFICATION DETAILS

 

Name :

BAO  SHIN  (HK)  CO.

 

 

Registered Office :

Flat B, 19/F., Costa Del Sol (Phase IIB), Tower 12A, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

20.02.1997

 

 

Com. Reg. No.:

20675457-000-02

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Importer and Exporter of all kinds of Diamonds and Jewellery.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

name of the company

 

BAO  SHIN  (HK)  CO.

 

 

ADDRESS

 

Flat B, 19/F., Costa Del Sol (Phase IIB), Tower 12A, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.

 

PHONE:            Not available

FAX:                 Not available

 

(Formerly located at: Flat E, 8/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.)

 

 

MANAGEMENT

 

Manager:  Mr. Paras Kumarbha Patel

 

 

SUMMARY

 

Establishment:                          20th February, 1997.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:        Diamond Trader.

 

Employees:                   Nil.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:            Fair.

ADDRESS

 

Head Office:-

Flat B, 19/F., Costa Del Sol (Phase IIB), Tower 12A, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.

 

BUSINESS REGISTRATION NUMBER

 

20675457-000-02

 

 

MANAGEMENT

 

Manager:  Mr. Paras Kumarbha Patel

 

 

SOLE PROPRIETOR

 

Name:  Mr. Paras Kumarbha PATEL

Residential Address:      Flat B, 19/F., Costa Del Sol (Phase IIB), Tower 12A, Laguna Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was established on 20th February, 1997 as a sole proprietorship concern owned by Mr. Jatin Champaklal Magiya under the Hong Kong Business Registration Regulations.

Mr. Paras Kumarbha Patel joined in as a partner on 1st July, 2007 while Mr. Jatin Champaklal Magiya retired on 1st March, 2008.  Now, the subject is owned by Mr. Patel.

Originally the subject was located at Flat E, 8/F., Cameron Plaza, 23‑25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in March 2008.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

OPERATIONS

 

Activities:                      Importer and Exporter.

 

Lines:                           All kinds of diamonds and jewellery.

 

Employees:                   Nil.

 

Commodities Imported:   India, Belgium, other European countries, etc.

 

Markets:                       Japan, India, other Asian countries, etc.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               As per contracted.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit & Loss:                Maintaining a very small profit every year.

 

Condition:                      Keeping in a fairly active state.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Bao Shin (HK) Co. is a sole proprietorship operated and owned by Mr. Paras Kumarbha Patel who is an Indian.

The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.

The subject does not have its own operating office.  Its address is in the residence of the sole proprietor.  Business seems not active in Hong Kong.

It is likely that the subject has not updated its information filed with the Inland Revenue Department Business Registration Office of the Hong Kong SAR Government.

The subject is trading in loose diamonds, single cut diamonds, tapper cut diamonds, full cut diamonds, etc.  Raw materials are chiefly imported from India.  Rough diamonds are polished or processed in Hong Kong.  Finished products are exported to the other Asian countries, Europe, the Middle East, etc.

The subject is also a commission agent.  Main products are the following items: bracelets, brooches, earrings, necklaces, pendants, rings, etc.

The subject’s business is chiefly handled by Mr. Paras Kumarbha Patel himself.  Being a one-man-company, the subject has no employees in Hong Kong.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

 

COURT CASES:            None per our.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.22

UK Pound

1

Rs.75.03

Euro

1

Rs.63.14

 

 

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