MIRA INFORM REPORT

 

 

Report Date :           

13.05.2011

 

IDENTIFICATION DETAILS

 

Name :

PRESTO  TRADE

 

 

Registered Office :

Flat F, 13/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

01.06.1991

 

 

Com. Reg. No.:

14592962-000-06

 

 

Legal Form :

Partnership

 

 

Line of Business :

Importer and Exporter of Diamonds, jewellery, precious stones, etc.

 

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 :

Usually Correct 

 

 

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

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

PRESTO  TRADE

 

 

Company ADDRESS

 

Flat F, 13/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.

PHONE:            2311 5480,  2311 5481,  2311 5482

FAX:                 2721 4630,  2311 5485

E-MAIL             prestotrade@gmail.com

presto@hknet.com

 

 

MANAGEMENT

 

Manager:  Mr. Varshit Jain

 

 

SUMMARY

 

Establishment:                          1st June, 1991.

 

Organization:                 Partnership.

 

Capital:                         Not disclosed.

 

Business Category:        Jewellery Trader.

 

Employees:                   2.  (Including associate)

 

Main Dealing Banker:     Indian Overseas Bank, Hong Kong Branch.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Head Office:-

Flat F, 13/F., Winner Building, 36 Man Yue Street, Hunghom, Kowloon, Hong Kong.

 

Associated Companies:-

King Sun Trading

Flat A, 11/F., Austin Mansion, 15A Austin Avenue, Kowloon, Hong Kong.

Splendor Diagem Ltd., Hong Kong.
[Formerly known as Presto Trade Ltd.]  (Same address)

 

 

BUSINESS REGISTRATION NUMBER

 

14592962-000-06

 

 

MANAGEMENT

 

Manager:  Mr. Varshit Jain

 

 

PARTNERS

 

Name:                           Praveen Raghunath LODHA

Residential Address:      164/72 Soi Puttha Osot, New Road, Bangrak, Bangkok 10500, Thailand.

 

Name:                           Varshit JAIN

Residential Address:      Flat A, 9/F., Kok Pah Mansion, 58-60 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was established on 1st June, 1991 as a sole proprietorship concern owned by Mr. Praveen Raghunath Lodha under the Hong Kong Business Registration Regulations.

The following table shows the changes of the subject’s partners:-

 

Name

Incoming Date

Outgoing Date

Praveen Raghunath LODHA

01-06-1991

-

Vivek SACHETI

01-08-1992

28-02-2003

Dharmendra MUTHA

01-03-2003

31-08-2005

Varshit JAIN

15-08-2005

-

 

Initially the subject was located at Flat K, 9/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 04A, 9/F., Lee Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in January 1997; to Flat B4, 12/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong in January 1999; to Flat B, 13/F., Kok Pah Mansion, 58-60 Cameron Road, Tsimshatsui, Kowloon, Hong Kong in October 1999; to Room 1504, 15/F., Tung Shun Hing Commercial Centre, 20-22 Granville Road, Tsimshatsui, Kowloon, Hong Kong in November 2005; and further moved to the present address in July 2009.

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

 

 

OPERATIONS

 

Activities:                      Importer and Exporter.

 

Lines:                           Diamonds, jewellery, precious stones, etc.

 

Employees:                   2.  (Including associate)

 

Commodities Imported:   India, Belgium, Israel, Thailand, USA, etc.

 

Markets:                       Hong Kong, Japan, India, the Middle East, Europe, 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:                Making a small profit every year.

 

Condition:                      Keeping in an active condition.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as contracted.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Indian Overseas Bank, Hong Kong Branch.

 

Standing:                      Small.

 

GENERAL

 

Presto Trade is a partnership jointly owned by Mr. Praveen Raghunath Lodha and Mr. Varshit Jain.  Both of the partners are Indian while the latter joined in the subject on 15th August, 2005.

The subject moved to the present address in July 2009 where is an industrial building.

The subject is trading in all kinds of diamonds, jewellery, precious stones, etc.  Rough diamonds and products are imported from India, Belgium, Israel, Thailand, the United States, etc.  Rough diamonds are processed in Hong Kong or in China.  Finished products are exported to Japan, India, Thailand, the Middle East, Europe, etc.  Business is rather active and steady.

Lodha had lived in Thailand for a long time and has established business ties with many diamond firms in Bangkok.  He moved to Hong Kong and joined in the subject in June 1991.  Currently, many of the diamond firms in Thailand are the subject’s main business partners.

The subject’s partner and manager Jain is also the Manager of King Sun Trading which is also a jewellery product trader.  King Sun Trading is a sole proprietorship set up on 29th September, 2006 and owned by Jain.  However, King Sun Trading does not have its own operating office.  Its registered address is in the residence of Jain.

The subject’s business is chiefly handled by the two partners.

Mr. Dharmendra Mutha was a partner of the subject who retired on 31st August, 2005.  Before retiring from the subject, Dharmendra Mutha set up a diamond trading firm known as Shrey International on 16th July, 2005.  Registered in Hong Kong, Shrey International is located at a different address while Dharmendra Mutha is the sole proprietor.

The subject has got an associated company Splendor Diagem Ltd. located at its operating address.  Splendor Diagem Ltd. is engaged in the same lines of business as the subject.

As the history of the subject in Hong Kong is over nineteen years and ten months, 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.44.79

UK Pound

1

Rs.73.19

Euro

1

Rs.63.59

 

 

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%)

 

 

 

 

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.