MIRA INFORM REPORT

Report Date :

14.04.2011

IDENTIFICATION DETAILS

Name :	WALA DIAM (HK)

Registered Office :	Flat D, 14/F., Block 8, Oak Mansions, Site 5, Whampoa Garden, 7 Tak Fung Street, Hunghom, Kowloon

Country :	Hong Kong

Date of Incorporation :	01.08.2000

Com. Reg. No.:	31135365-000-08

Legal Form :	Sole Proprietorship

Line of Business :	Importer, Exporter and Wholesaler of all kinds of jewellery and diamond

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company

Payment Behaviour :	Regular

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, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Hong Kong

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

WALA DIAM (HK)

Company ADDRESS

Flat D, 14/F., Block 8, Oak Mansions, Site 5, Whampoa Garden, 7 Tak Fung Street, Hunghom, Kowloon, Hong Kong.

PHONE: Not available

FAX: Not available

MANAGEMENT

Manager: Mr. Rajubhai Jivrajbhai Savani (Mobile: 6478 7378)

SUMMARY

Establishment: 1st August, 2000.

Organization: Sole Proprietorship.

Capital: Not disclosed.

Business Category: Diamond and Jewellery Trader.

Annual Turnover: US$4.5~5.0 million.

Employees: Nil.

Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.

Banking Relation: Satisfactory.

Company ADDRESS

Head Office:-

Flat D, 14/F., Block 8, Oak Mansions, Site 5, Whampoa Garden, 7 Tak Fung Street, Hunghom, Kowloon, Hong Kong.

P.O. Box 92015, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.

Affiliated Companies:-

Gold Star Jewellery, Hong Kong.
[Also owned by Mr. Rajubhai Jivrajbhai Savani]

Waladiam Co. Ltd., Thailand.

Walam Diamonds, India.

BUSINESS REGISTRATION NUMBER

31135365-000-08

MANAGEMENT

Manager: Mr. Rajubhai Jivrajbhai Savani

Contact Person: Mr. Paresh Katrodia

SOLE PROPRIETOR

Name: Mr. Rajubhai Jivrajbhai SAVANI

Residential Address: Flat A2, 4/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

HISTORY

The subject was established on 1st August, 2000 as a sole proprietorship concern owned by Mr. Rajubhai Jivrajbhai Savani under the Hong Kong Business Registration Regulations.

The following table shows the changes of the partners:-

Name	Incoming Date	Outgoing Date
Rajubhai Jivrajbhai Savani	01-08-2000 11-02-2009	23-06-2005 -
Pareshkumar Khimjibhai Diyora	18-05-2005	12-02-2009

At the very beginning, the subject was located at Block B, 5/F., Houng Sun Mansion, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong, moved to Block A, 3/F. of the same building in May 2001; to Flat B, 8/F., Block A2, Friends’ House, 6 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong in April 2004; to Flat 6B, 6/F., Block 9, Luxury Court, Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong in September 2004; to Flat A2, 4/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong in September 2005; and further to the present address in August 2009.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of jewellery and diamond.

Employees: Nil.

Commodities Imported: Imported from Belgium, India, other Asian countries, etc.

Markets: Belgium, Japan, Philippines, Taiwan, Thailand, USA, etc.

Annual Turnover: US$4.5~5.0 million.

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

Terms/Buying: L/C, D/P, T/T, etc.

FINANCIAL INFORMATION

Capital: Not disclosed.

Profit or Loss: Traded at a very small profitable angle.

Condition: Keeping in a fairly active state.

Facilities: Making fairly active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

Bankers:-

· Hang Seng Bank Ltd., Hong Kong.

· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Standing: Small.

GENERAL

Wala Diam (HK) is a sole proprietorship concern owned by an Indian, Mr. Rajubhai Jivrajbhai Savani. The old manager Mr. Pareshkumar Khimjibhai Diyora has retired. Savani is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Savani founded the subject in August 2000 but retired in June 2005. In February 2009, he joined in the subject again.

The subject does not have its own office. Its registered address is in a residential building located at Flat D, 14/F., Block 8, Oak Mansions, Site 5, Whampoa Garden, 7 Tak Fung Street, Hunghom, Kowloon, Hong Kong. The subject’s registered address is also the new residential address of the sole proprietor Savani. 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’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories. However, Savani can be reached at his mobile phone number 6478 7378.

The subject is trading in all kinds of jewellery and diamond. It is a polished and cut diamond importer, exporter and wholesaler. Size of diamonds handled range from 0.01 carat to 1.00 carat. Rough diamonds are imported from India and Belgium. Processed in Hong Kong, the subject’s products include the following items: tapers, baguettes, marquise, princess, round brilliant, etc. Finished products are exported to Belgium, Japan, the Philippines, Taiwan, Thailand, the United States, etc. Principal clients are jewellery manufacturers.

Business has been fairly active. The subject’s business is chiefly handled by Savani himself.

Besides operating the subject, Savani is operating another firm Gold Star Jewellery located at the subject’s registered address. Savani founded Gold Star Jewellery in October 2004. This firm is also a diamond trader.

The subject has affiliated companies known as Walam Diamonds in Mumbai and Surat of India and Waladiam Co. Ltd. in Bangkok of Thailand. Walam Diamonds is also an importer and exporter of polished diamonds. The key personnel is Mr. Nileshitaliya.

Walam Diamonds, a member of GJEPC (The Gem and Jewellery Export Promotion Council), is promoted by Mr. D. D. SAVANI, a leading manufacturer and exporter of diamond jewellery from India. It was established as a government recognised export house and has been catering to both Indian and international markets such as Belgium, the United Kingdom, the United States, France, Hong Kong, Thailand, Singapore, the United Arab Emirates, etc. Walam Diamonds has been in this trade for about 40 years.

The manufacturing units of Walam Diamonds located at Surat are well equipped with modern and sophisticated laser polishing machines. All workers are well trained. According to the subject.

Walam Diamonds is one of the suppliers of the subject.

On the whole, having a history of over ten years and six months, the subject is considered good for normal business engagements.

COURT CASES: None per our.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.48
UK Pound	1	Rs.72.37
Euro	1	Rs.64.42

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

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%)

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