MIRA INFORM REPORT

 

 

Report Date :

17.06.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

BAO  SHIN  (HK)  CO.

 

 

Registered Office :

Flat D & E, 8/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, 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

 

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

 

BAO  SHIN  (HK)  CO.

 

 

Company ADDRESS

 

Flat D & E, 8/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            2367 5960

FAX:                 2367 6675

 

 

MANAGEMENT

 

Manager:  Mr. Paras Kumarbha Patel

 

 

SUMMARY

 

Establishment:                          20th February, 1997.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:        Diamond Trader.

 

Employees:                   5.  (Including associate)

 

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

 

Banking Relation:           Satisfactory.

 

Company ADDRESS

 

Head Office:-

Flat D & E, 8/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.

 

Associated Company:-

Prateek Exports, 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., Tower 12A, Costa Del Sol (Phase IIB), 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.

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:                   5.  (Including associate)

 

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:                Maintaining a very small profit.

 

Condition:                      Keeping in a normal state.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met obligations 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 owned and operated by Mr. Paras Kumarbha Patel who is an Indian.  Patel is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

The subject is trading in loose diamonds, single cut diamonds, tapper cut diamonds, full cut diamonds, etc.  Raw materials, polished and cut diamonds are chiefly imported from India.  Rough diamonds are polished, processed in Hong Kong or China.  Finished products are marketed in Hong Kong and exported to Japan, the other Asian countries, Europe, etc.  The subject is also a commission agent.  Main products carried are bracelets, brooches, earrings, necklaces, pendants, rings, etc.  Its business is chiefly handled by Patel himself.

The subject has had an affiliated company Prateek Exports [Prateek] located at its operating address.  Prateek is a also sole proprietorship set up on 8th January, 1990 and owned by Mr. Jain Sunil who is an Indian and also has been in Hong Kong for a very long time.  Prateek is also a loose diamond trader.  It also trades in jewellery bracelet watches, diamond watches, etc.  The subject also trades in Prateek’s products.

The subject’s old partner Mr. Jatin Champaklal Magiya retired on 1st March, 2008.  Now, Mr. Jatin Champaklal Magiya is the Managing Director of Forever Lucky Diamond Ltd. [FLDL] which is a Hong Kong-based firm.  Incorporated on 8th November, 2007, FLDL is equally owned by Mr. Jatin Champaklal Magiya and Mr. Hema Jatin Magiya, both of whom are also Indian.  Being also a diamond trader and owned by the Magiya family, FLDL is located at a different address.  FLDL is a business partner of the subject.

The subject has developed business ties with a number of suppliers in India and numerous customers in foreign countries.

On the whole, since the history of the subject in Hong Kong is about fourteen years, on the whole, consider it good for normal business engagements.

 

COURT CASES:            None per our.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.90

UK Pound

1

Rs.72.54

Euro

1

Rs.63.39

 

 

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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