MIRA
INFORM REPORT
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Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
OCEAN DIAMONDS |
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Registered Office : |
Flat A5, 10/F., Block A, Hankow Centre, 47 Peking Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.05.2001. |
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Com. Reg. No.: |
31769598-000-05 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds of Diamonds and Jewellery. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
OCEAN DIAMONDS
ADDRESS
Flat A5, 10/F.,
Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
MANAGEMENT
Manager: Mr. Mehul Girishbhai Tanna
SUMMARY
Establishment: 1st May, 2001.
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
Registered Office:-
Flat A5, 10/F.,
Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
31769598-000-05
MANAGEMENT
Manager: Mr. Mehul Girishbhai Tanna
SOLE PROPRIETOR
Name: Mr. Mehul Girishbhai TANNA
Residential
Address: Room B, 8/F., Kam Ma Building, 16 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
HISTORY
The subject was established on 1st May, 2001 as a sole proprietorship concern owned by Mr. Mehul Girishbhai Tanna under the Hong Kong Business Registration Regulations.
Originally the subject was located at Room C, 9/F., Kam Ma Building, 16 Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room B, 8/F. of the same building in January 2002 and further moved to the present address in July 2004.
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: Europe, India, etc.
Markets: India, Middle East, Europe,
etc.
Terms/Sales: L/C.
Terms/Buying: L/C.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit & Loss: Just made a very small profit in the past years.
Condition: Business is fairly active.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Fairly satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Ocean Diamonds is a sole proprietorship set up and owned by Mr. Mehul Girishbhai Tanna who is an Indian and has been in Hong Kong for a very long time. Tanna is also an India passport holder.
The subject’s registered address is located at Flat A5, 10/F., Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong. The office is not in a commercial building but a residential building. It is likely that Mr. Tanna has moved to this new address but does not make any amendments on the subject’s registration materials. It seems that the subject’s operating address is also Mr. Tanna’s residential address.
The subject is a diamond and jewellery trader. It imports raw diamonds from India and Europe and processes in Hong Kong. Finished products are exported to India, some Asian countries, the Middle East, etc. Business is fairly active.
Business handled by Tanna himself, the subject made very small profits or just kept a balance account in the past years. The subject seems to be a “one‑man-company”.
On the whole, consider the subject good for normal business engagements on L/C basis.
COURT CASES: None per our.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.21 |
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UK Pound |
1 |
Rs.79.76 |
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Euro |
1 |
Rs.64.72 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)