MIRA
INFORM REPORT
|
Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
HEERA BLUE |
|
|
|
|
Registered Office : |
Flat C1, 9/F., Block C, Tsim Sha Tsui Mansion, 83-97 Nathan Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
26.09.2005 |
|
|
|
|
Com. Reg. No.: |
36043694-000-09 |
|
|
|
|
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 : |
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 : |
No Operating Office In Hong Kong |
|
|
|
|
Payment Behaviour : |
-- |
|
|
|
|
Litigation : |
-- |
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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name and address
HEERA BLUE
ADDRESS:
Flat C1, 9/F., Block C, Tsim Sha Tsui Mansion, 83-97 Nathan Road,
Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
MANAGEMENT
Manager: Mr. Salamudeen Noorul
Ariff Ahamed
SUMMARY
Establishment: 26th
September, 2005.
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.
ADDRESS
Head Office:-
Flat C1, 9/F., Block C, Tsim Sha Tsui Mansion, 83-97 Nathan Road,
Tsimshatsui, Kowloon, Hong Kong.
Affiliated Company:-
Karani Associates
Flat F, 6/F., Alpha House, 27 Nathan Road, Tsimshatsui, Kowloon, Hong Kong. [Tel: 2368 7630; Fax: 2722 7788]
BUSINESS REGISTRATION NUMBER
36043694-000-09
MANAGEMENT
Manager: Mr. Salamudeen Noorul
Ariff Ahamed
SOLE PROPRIETOR
Name: Mr. Salamudeen Noorul Ariff
AHAMED
Residential Address: Flat E,
17/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
HISTORY
The subject was established on 26th September, 2005 as a sole
proprietorship concern owned by Mr. Salamudeen Noorul Ariff Ahamed under the
Hong Kong Business Registration Regulations.
Initially the subject was located at Flat E, 17/F., Star Mansion, 3-5
Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to the present address
in February 2010.
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, etc.
Markets: Hong Kong, Japan, 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: Making a very
small profit in the past three years.
Condition: Business is normal.
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
Heera Blue is a sole proprietorship set up and owned by Mr. Salamudeen
Noorul Ariff Ahamed who is an Indian.
Ahamed is holding an India passport and does not have the right to
reside in Hong Kong permanently.
The subject’s registered address is located at Flat C1, 9/F., Tsim Sha
Tsui Mansion, 83-97 Nathan Road, Tsimshatsui, Kowloon, Hong Kong. This office is not in a commercial building
but a residential building. It is likely
that Ahamed has moved to this new address but does not make any amendments on
the subject’s registration materials. It
seems that the subject’s operating address is also Ahamed’s residential address
when he is in Hong Kong. The residential
building is not trespassed by outsiders.
The subject has had an affiliated company Karani Associates located at a
different address. The subject is using
the phone and fax number of Karani Associates as its communication
numbers. Karani Associates is a gemstone
and jade trade located at Flat F, 6/F., Alpha House, 27 Nathan Road,
Tsimshatsui, Kowloon, Hong Kong.
However, Karani Associates also trades in dried seafood, essential oil
and bird’s nest.
The subject is trading in loose diamonds, precious stones, ruby jade,
gem sets, semi-precious stones, sapphire, etc.
Rough diamonds are imported from India, Sri Lanka, Thailand, Belgium and
other European countries, etc. Some of
the rough diamonds are polished or processed in Hong Kong. Finished products and polished diamonds are
marketed in Hong Kong or exported to the other Asian countries, Europe,
etc. The subject is also a commission
agent. It trades other commodities as
entrusted by customers.
The subject is just a one-man company.
Making a small profits in the past three years. Business is just fair.
The history of the subject is over six years and a month in Hong Kong.
Since the subject does not have its own operating office and has no
employees, consider it good for business engagements on L/C basis.
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.28 |
|
|
1 |
Rs.80.08 |
|
Euro |
1 |
Rs.68.44 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.