MIRA INFORM REPORT
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Report Date : |
20.12.2011 |
IDENTIFICATION DETAILS
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Name : |
RUBY
IMPEX |
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Registered Office : |
Room 3, 3/F., Star Mansion, 3-5 Mindin Row, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.12.2010 |
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Com. Reg. No.: |
53539187-000-12 |
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Legal Form : |
Sole Proprietorship Concern |
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Line of Business : |
Importer, Exporter and Wholesaler
of all kinds of diamonds and jewellery products, etc. |
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No. of Employees
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Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
RUBY IMPEX
Company ADDRESS
Room 3, 3/F., Star Mansion, 3-5 Mindin Row, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
MANAGEMENT
Manager: Mr. Kushal Chand Golechha
SUMMARY
Establishment: ` 31st December, 2010.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond and Jewellery Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Head Office:-
Room 3, 3/F., Star Mansion, 3-5 Mindin Row, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
· Infinity Diam (H.K)
· Room 1801, 18/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong. [Owned by Mr. Nilesh Bhandari and Mr. Kushal Chand Golechha]
· Kans Diamonds (H.K)
· Room 1701, 17/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong. [Owned by Mr. Kushal Chand Golechha, Ms. Kanika Golechha and Mr. Nilesh Bhandari]
BUSINESS REGISTRATION NUMBER
53539187-000-12
MANAGEMENT
Manager: Mr. Kushal Chand Golechha
SOLE PROPRIETOR
Name: Mr. Kushal Chand GOLECHHA
Residential Address: 101A, Sky Scraper, Warden Road, Mumbai-400026, India.
HISTORY
The subject was established on 31st December, 2010 as a sole proprietorship concern owned by Mr. Kushal Chand Golechha under the Hong Kong Business Registration Regulations.
Initially the subject was located at Room C, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Room 3, 3/F. of the same building in 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, etc.
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: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Ruby Impex is a sole proprietorship set up and owned by Mr. Kushal Chand Golechha who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently.
The subject’s registered and operating address is in a residential building located at Room 3, 3/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong where may be the new residence of Mr. Kushal Chand Golechha when he is in Hong Kong. The residential building is not trespassed by outsiders.
Business commenced in December 2010, the subject is a diamond and gem stone importer, exporter and wholesaler. It is also a commission agent. Most of the commodities such as cut and polished diamonds are imported from India and Europe. The products of India are chiefly imported from Mumbai where is the native place of Golechha. Prime markets are Hong Kong, India, Japan and the other Asian countries.
The subject has no employees in Hong Kong. Business is chiefly handled by Kushal Chand Golechha himself. Kushal Chand Golechha is also the owner of Infinity Diam (H.K.) which was founded on 1st July, 2008. This firm is also a diamond trader.
The subject has got an associated company Kans Diamonds (H.K) located at Room 1701, 17/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong. Kans Diamonds (H.K) is a partnership jointly owned by Mr. Kushal Chand Golechha, Ms. Kanika Golechha and Mr. Nilesh Bhandari. It is also a diamond trader.
The history of the subject in Hong Kong is just about a year. Business is still under development.
On the whole, since the registered office of the subject is in a residential building, consider it good for normal business engagements on secured basis.
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its importance
from the huge conglomerate of family run organizations which operate in the
diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and
philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.52.96 |
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UK Pound |
1 |
Rs.82.04 |
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Euro |
1 |
Rs.68.91 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.