MIRA
INFORM REPORT
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Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
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Name : |
ASIA JEWEL |
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Registered Office : |
Front Block, 6/F., Ocean View Court, 31 Mody Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.05.2007 |
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Com. Reg. No.: |
37975686-000-05 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, etc. |
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 : |
Moderate |
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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 30, 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 and address
ASIA JEWEL
Address:
Front Block, 6/F., Ocean View Court,
31 Mody Road, Tsimshatsui,
Kowloon, Hong Kong.
(Formerly located at:
Flat B, 2/F., Union Mansion,
33-35 Chatham Road,
Tsimshatsui, Kowloon, Hong Kong.)
PHONE: Not available
FAX: Not available
MANAGEMENT
Manager: Ms. Milauni Rajshekhar
Parikh
SUMMARY
Establishment: 4th
May, 2007.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Jewellery Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Front Block, 6/F., Ocean View Court, 31 Mody Road, Tsimshatsui, Kowloon,
Hong Kong.
BUSINESS REGISTRATION NUMBER
37975686-000-05
MANAGEMENT
Manager: Ms. Milauni Rajshekhar
Parikh
SOLE PROPRIETOR
Name: Ms. Milauni Rajshekhar
PARIKH
Residential Address: 305 North
Woodland Street, Englewood, NJ 07631, USA.
HISTORY
The subject was established on 4th May, 2007 as a sole proprietorship
concern owned by Ms. Milauni Rajshekhar Parikh under the Hong Kong Business Registration
Regulations.
Initially the subject was located at Flat G, 48/F., Tower 6, Banyan
Garden, 863 Lai Chi Kok Road, Lai Chi Kok, Kowloon, Hong Kong, moved to Flat B,
2/F., Union Mansion, 33-35 Chatham Road, Tsimshatsui, Kowloon, Hong Kong
in December 2007; and further to the present address in July 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, other Asian countries, Europe, etc.
Markets: Southeast Asia, Europe, US, 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: Keeping a
balance account in Hong Kong.
Condition: Business is improving.
Facilities: Making fairly active use of general
banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
GENERAL
Asia Jewel is a sole proprietorship set up and owned by Ms. Milauni
Rajshekhar Parikh who is a US passport holder.
Being an Indian, Parikh does not have the right to reside in Hong Kong
permanently.
The subject’s registered address was located at Flat B, 2/F., Union
Mansion, 33‑35 Chatham Road, Tsimshatsui, Kowloon, Hong Kong. Now has moved to Front Block, 6/F., Ocean
View Court, 31 Mody Road, Tsimshatsui, Kowloon, Hong Kong. This office is not in a commercial building
but a residential building. It is likely
that Parikh has moved to this address but does not make any amendments on the
subject’s registration materials. The
subject’s operating address is also Parikh’s new residential address when she
is in Hong Kong. The residential
building is not trespassed by outsiders.
Parikh moved to this new address in July 2011.
The subject’s telephone number and fax number have not registered with
local telephone company nor listed on telephone directories. It has no employees in Hong Kong.
The subject is a diamond and gemstone importer, exporter and
wholesaler. It is trading in single-cut
diamond, fullcut loose diamond, carat size diamonds, blue sapphire, etc. Most of the commodities are imported from
India, other Asian countries and Europe.
Prime markets are Hong Kong and the United States.
It is likely that the subject has had an associated company in the
United States. The US firm imports
commodities from the subject and markets in North America.
Business handled by Parikh herself, the subject is just a one-person
company.
The history of the subject in Hong Kong is over four years and six
months. Business is improving.
On the whole, since the registered office of the subject is in a
residential building and has no employees in Hong Kong, consider it good for
normal business engagements on L/C 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.50.28 |
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|
1 |
Rs.80.08 |
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Euro |
1 |
Rs.68.44 |
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.