MIRA INFORM REPORT

 

 

Report Date :

14.11.2011

 

IDENTIFICATION DETAILS

 

Name :

triple x diamonds

 

 

Registered Office :

Flat 4A, 4/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

11.06.2010

 

 

Com. Reg. No.:

52420705-000-06

 

 

Legal Form :

Partnership

 

 

Line of Business :

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

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

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 30th, 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

 

TRIPLE  X  DIAMONDS

 

 

Company ADDRESS    

 

Flat 4A, 4/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            Not available

FAX:                 Not available

 

 

MANAGEMENT

 

Manager:  Mr. Pankajkumar Punabha Rangani  (Mobile: 6767 6220)

 

 

SUMMARY

 

Establishment:                          11th June, 2010.

 

Organization:                 Partnership.

 

Capital:                         Not disclosed.

 

Business Category:        Diamond Trader.

 

Employees:                   Nil.

 

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

 

Banking Relation:           Too early to comment.

 

company ADDRESS

 

Head Office:-

Flat 4A, 4/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

Associated Companies:-

Pansun Diamonds, Hong Kong.  (Same owners)

R.D. Gem Ltd.

Room 404, 4/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

Rio Star, Hong Kong.

Zenia, Hong Kong.

Zenias Ltd., Hong Kong.

etc.

 

 

BUSINESS REGISTRATION NUMBER

 

52420705-000-06

 

 

MANAGEMENT

 

Manager:  Mr. Pankajkumar Punabha Rangani

 

 

PARTNERS

 

Name:                           Mr. Pankajkumar Punabha RANGANI

Residential Address:      Flat 4A, 4/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

Name:                           Mr. Mitul Harendrakumar MAISURIA

Residential Address:      Fl. No. A, 302 Capital Complex, Nr. Gangajamna Raw House, Ranmder Road, Surat GS, India.

 

 

HISTORY

 

The subject was established on 11th June, 2010 as a sole proprietorship concern owned by Mr. Pankajkumar Punabha Rangani under the Hong Kong Business Registration Regulations.  It became a partnership as Mr. Mitul Harendrakumar Maisuria joined in as a partner on 11th September, 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, etc.

 

Markets:                       Hong Kong, other Asian countries, etc.

 

Annual Turnover:            Too early to obtain figure.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               L/C, T/T, etc.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Too early to offer an opinion.

 

Condition:                      Business is under development.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments on time.

 

Commercial Morality:     Satisfactory.

 

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

 

Standing:                      Small.

 

 

GENERAL

 

Triple X Diamonds is a partnership jointly owned by Mr. Pankajumar Punabha Rangani and Mr. Mitul Harendrakumar Maisuria, both of whom are Indian.  The former is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.  The latter joined in on 11th September, 2010 is an India passport holder.

The subject does not have its own operating office.  Its registered and operating address is in the residence of Rangani.  The residential building is not trespassed by outsiders.

The subject’s telephone number and fax number have not registered with local telephone company nor listed on telephone directories.  However, Rangani can be reached at his mobile phone number 6767 6220.

The subject has no employees in Hong Kong.  It is a diamond importer, exporter and wholesaler.  The subject is the supplier, importer and exporter of versatile range of diamonds in a wide variety like rose cut diamonds, rose cut heart, rose cut round, rose cut pears, rose cut oval, rose cut marquise, fancy cut and fancy colour diamonds, briollets beads, old mine cut diamonds, round brilliant cut diamonds, marquise, pears, oval, heart, emerald, etc.  Most of the commodities are imported from India.  Finished products, cut and polished diamonds are marketed in Hong Kong or re-exported to other Asian countries.  Business is still under development.

The subject has got the following associated companies in Hong Kong:-

R.D. Gem Ltd.

Rio Star

Zenia

Zenias Ltd.

All these firms are diamond trader.  Rangani was an employee or contact person of these firms.  Apart from the above-mentioned firm, Rangani and Maisuria are also the owners of Pansun Diamonds.  Pansun Diamonds is also a diamond trader set up on 31st May, 2010.

As the history of the subject in Hong Kong is less than a year, on the whole, consider it good for normal business engagements on secured 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

UK Pound

1

Rs.80.08

Euro

1

Rs.68.45

 

 

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.