MIRA INFORM REPORT

 

 

Report Date :

07.01.2011

 

IDENTIFICATION DETAILS

 

Name :

HING  FOOK  JEWELRY

 

 

Registered Office :

c/o P C Yu & C Yip, Room 109, 1/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

03.06.2009

 

 

Com. Reg. No.:

50736758-000-06

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Trading in loose diamonds, single cut diamonds, tapper cut diamonds, full cut diamonds, etc. 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

New Concern / no Operating Office in Hong Kong

 

 

Payment Behaviour :

Unknown

 

 

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

HING  FOOK  JEWELRY

 

 

Company ADDRESS

 

c/o P C Yu & C Yip

Room 109, 1/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.

 

PHONE:            2724 6188

FAX:                 2366 2280

 

 

MANAGEMENT

 

Manager:           Mr. Rajesh Ganeshbhai Patel

 

 

SUMMARY

 

Establishment:                          3rd June, 2009.

 

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:           Satisfactory.

 

company ADDRESS

 

Registered Office:-

c/o P C Yu & C Yip

Room 109, 1/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

50736758-000-06

 

 

MANAGEMENT

 

Manager:  Mr. Rajesh Ganeshbhai Patel

 

 

SOLE PROPRIETOR

 

Name:                           Mr. Rajesh Ganeshbhai PATEL

Residential Address:      4 Gopinathji Bunglows, Dabholi Char Rasia, Ved Road, Surat 395004, Gujarat, India.

 

 

HISTORY

 

The subject was established on 3rd June, 2009 as a sole proprietorship concern owned by Mr. Rajesh Ganeshbhai Patel under the Hong Kong Business Registration Regulations.

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 products, etc.

 

Employees:                   Nil.

 

Commodities Imported:   India, other Asian countries, etc.

 

Markets:                       Hong Kong, Japan, other Asian countries, etc.

 

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

 

Terms/Buying:               L/C, T/T, 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:                      Unknown

 

Commercial Morality:  Satisfactory.

 

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

 

Standing:                      Small.

 

 

GENERAL

 

Hing Fook Jewelry is a sole proprietorship set up on 3rd June, 2009 and owned by Mr. Rajesh Ganeshbhai Patel who is an Indian.  Being Manager of the subject, Patel is holding an India passport and does not have the right to reside in Hong Kong permanently.

The subject does not have its own operating office.  Its registered office is in an accountant located at Room 109, 1/F., Mirror Tower, 61 Mody Road, Tsimshatsui East, Kowloon, Hong Kong known as P C Yu & C Yip which is handling its correspondences and documents.

The subject has no employees in Hong Kong.  We do not know whether Patel is in Hong Kong or not.

The subject is trading in loose diamonds, single cut diamonds, tapper cut diamonds, full cut diamonds, etc.  Rough, polished and cut diamonds are chiefly imported from Gujarat, India.  Prime markets are Hong Kong, Japan, other Asian countries, etc.  Business is still under development.

The subject is just a one-man company of which business is handled by Patel himself.

It is likely that the subject has got an affiliated company in India which is also operated by Patel.  The India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.  The India firm also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not very active.  History in Hong Kong is over one and a half years.

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.45.31

UK Pound

1

Rs.70.26

Euro

1

Rs.59.56

 

 

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.