MIRA INFORM REPORT

 

 

Report Date :           

30.06.2011

 

IDENTIFICATION DETAILS

 

Name :

DIVINE  IMPEX

 

 

Registered Office :

Flat 1, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

18.06.2008

 

 

Com. Reg. No.:

39439949-000-06          

 

 

Legal Form :

Sole Proprietorship.

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company 

 

 

Payment Behaviour :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

 

Company name

 

DIVINE  IMPEX

 

 

Company ADDRESS

 

Flat 1, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            2312 2164

FAX:                 3904 6849

 

 

MANAGEMENT

 

Manager:  Mr. Piyushkumar Prakashkumar Shah

 

 

SUMMARY

 

Establishment:                          18th June, 2008.

 

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.

Company ADDRESS

 

Head Office:-

Flat 1, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.

 

Associated Companies:- (Same address)

Dazzle Impex, Hong Kong.

Vardhaman International, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

39439949-000-06

 

 

MANAGEMENT

 

Manager:  Mr. Piyushkumar Prakashkumar Shah

 

 

SOLE PROPRIETOR

 

Name:                           Mr. Piyushkumar Prakashkumar SHAH

Residential Address:      8 Post Meghraj Nr., Parbadi, Ta Meghraj Dis.‑Sabarkanth, Gujarat-383350, India.

 

 

HISTORY

 

The subject was established on 18th June, 2008 as a sole proprietorship concern owned by Mr. Ketan Kumar Doshi under the Hong Kong Business Registration Regulations.  However, a new partner Mr. Piyushkumar Prakashkumar Shah joined in on 16th August, 2010 while Doshi retired on 15th September, 2010.

Initially the subject was located at Flat 7, 9/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 1, 11/F. of the same building in January 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 diamonds and jewellery products, etc.

 

Employees:                   Nil.

 

Commodities Imported:   India, European countries, other Asian countries, etc.

 

Markets:                       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:                Keeping a balance account.

 

Condition:                      Business is improving.

 

Facilities:                      Trying to make 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

 

Divine Impex is a sole proprietorship set up and owned by Mr. Ketan Kumar Doshi.  However, he retired on 15th September, 2010 and now the new sole proprietor is Mr. Piyushkumar Prakashkumar Shah who is also an Indian.  Shah is an India passport holder and does not have the right to reside in Hong Kong permanently.

The subject’s registered address is located at Flat 1, 11/F., Star Mansion, 3‑5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.  This office is not in a commercial building but a residential building.  It is likely that this office is also the residence of the new sole proprietor when he is in Hong Kong.  The residential building is not trespassed by outsiders.

The subject is a diamond importer, exporter and wholesaler.  It is trading in the following commodities: single-cut diamond, fullcut loose diamond, carat size diamonds, blue sapphire, etc.  Most of the commodities are imported from India and Europe.  Prime markets are Hong Kong, Japan and the other Asian countries.  Business is improving.

To our knowledge, the subject is sharing the office with other diamond trading firms such as Dazzle Impex and Vardhaman International.  Both firms are registered in Hong Kong.  The former is owned by Mr. Hiral Harish Udani while the latter is owned by Mr. Nilesh Kantilal Doshi.  Both of the owners are Indian.  Also trading in diamonds, both firms and the subject seem to be business partners.

Business handled by Shah himself, the subject is just a one-man-company.

The history of the subject in Hong Kong is just over three years.

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.

 

COURT CASES:            None per our.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.94

UK Pound

1

Rs.71.91

Euro

1

Rs.64.60

 

 

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.