MIRA INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
PARAS
JEWELLERY |
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Registered Office : |
c/o Andy T. H. Yuen & Co., Room 1102, 11/F., Wofoo Commercial Building, 576 Nathan Road, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.03.2009 |
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Com. Reg. No.: |
50333980-000-03 |
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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 |
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 : |
Small Company |
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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 30th, 2011
|
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
PARAS JEWELLERY
Company ADDRESS
c/o Andy T. H. Yuen & Co.
Room 1102, 11/F., Wofoo Commercial Building, 576 Nathan Road, Mongkok, Kowloon, Hong Kong.
PHONE: 2566 6063
FAX: 2566 5707
MANAGEMENT
Manager: Mr. Kushal Pradip Jhaveri
SUMMARY
Establishment: 2nd March, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered
Office:-
c/o Andy T. H. Yuen & Co.
Room 1102, 11/F., Wofoo Commercial Building, 576 Nathan Road, Mongkok, Kowloon, Hong Kong.
Associated
Company:-
Parshva Gems, Hong Kong.
[A sole proprietorship bearing BR No. 50343195 established on 04‑03-2009 and owned by Mr. Kushal Pradip Jhaveri]
BUSINESS REGISTRATION NUMBER
50333980-000-03
SOLE PROPRIETOR
Name: Mr. Kushal Pradip JHAVERI
Residential Address: Flat 10, 5/F., Chowpatty Sea Pace Sea Castle Building, Mumbai 400007, India.
HISTORY
The subject was established on 2nd March, 2009 as a sole proprietorship concern owned by Mr. Kushal Pradip Jhaveri under the Hong Kong Business Registration Regulations.
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.
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: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active 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
Paras
Jewellery is a sole proprietorship set up and owned by Mr. Kushal Pradip
Jhaveri who is an Indian. Jhaveri is an
India passport holder and does not have the right to reside in Hong Kong
permanently. He is also the manager of
the subject.
The
subject does not have its own operating office.
Its registered office is in an accountant firm located at Room 1102,
11/F., Wofoo Commercial Building, 576 Nathan Road, Mongkok, Kowloon, Hong Kong
known as Andy T. H. Yuen & Co. which is handling its correspondences and
documents.
The
subject has no employees in Hong Kong.
The
subject is a diamond importer, exporter and wholesaler. It is the supplier, importer and exporter of
a versatile range of diamonds in a wide variety like rose cut diamonds, rose
cut heart, rose cut round, rose cut pears, and other gemstones, etc. Commodities are chiefly imported from
India. Business is still under
development.
The
subject is just a one-man-company.
Business in Hong Kong is just over two years and seven months.
Jhaveri
also set up another firm known as Parshva Gems in March 2009. This firm is engaged in the same
business as the subject. Established on
4th March, 2009 in Hong Kong, Parshva Gems has had its registered address in a
commercial service provider known as Asia Business Service Ltd.
It
is likely that the subject has got an associated company in India which is also
operated by Jhaveri.
It
is likely that the India firm deals with foreign parties under the name of the
subject and let foreign firms correspond with the subject’s registered address
in Hong Kong. The India firm also
exports commodities to foreign markets under the name of the subject and its
registered address in Hong Kong.
The
subject’s business in Hong Kong is not very active.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on secured 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.49.71 |
|
UK Pound |
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
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.