MIRA INFORM
REPORT
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Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
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Name : |
TRADEWELL
ENTERPRISES HK |
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Formerly Known As : |
Tradewell
Enterprises |
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Registered Office : |
Flat C, 15/F., |
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Country : |
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Date of Incorporation : |
15.01.1997 |
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Com. Reg. No.: |
20775904-000-01 |
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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 |
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No. of Employees
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02 |
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
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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 |
TRADEWELL ENTERPRISES HK
Flat C, 15/F., Hang Lung Bank Tsimshatsui Branch Building, 46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2369 1302, 2327 0648
FAX: 2366 5212
E-MAIL: meeranh@yahoo.com.hk
Manager: Mr. Meeran Haroon Thaika
Establishment: 15th January, 1997.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Jewellery Trader.
Annual Turnover: HK$60-65 million.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat C, 15/F., Hang Lung Bank Tsimshatsui Branch Building, 46‑48 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Companies:-
Paragon Impex, India.
Tradewell Enterprises Co. Ltd., Thailand.
Tradewell Enterprises HK
Ltd., Hong Kong. (Same address)
[Commenced dormancy on 31st March, 2008]
Tradewell Enterprises Inc., USA.
20775904-000-01
Manager: Mr. Meeran Haroon Thaika
Name: Mr. Meeran Haroon THAIKA
Residential Address: Flat
B7, 11/F., Hankow Centre, 4A Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 15th January, 1997 as a partnership concern jointly owned by Mr. Meeran Haroon Thaika and Ms. Sadhika Thaika Meeran Haroon under the Hong Kong Business Registration Regulations.
The subject changed to a sole proprietorship as Ms. Sadhika Thaika Meeran Haroon retired on 15th June, 1997.
Originally the subject was registered under the name of Tradewell Enterprises, name changed to the present style on 17th July, 1997.
Initially the subject was located at 10A, Grand Right Centre, 10 Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat B, 3/F., Hon Kwong Mansion, 25-29 Hankow Road, Tsimshatsui, Kowloon, Hong Kong in July 1997; to Room 1105, 11/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in December 2000; to Room 1101, 11/F. of the same building in May 2003; and further moved to the present address in February 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery.
Employees: 2.
Commodities Imported: India, Belgium, USA, other European countries, etc.
Markets: Japan, other Asian countries, etc.
Annual Turnover: HK$60-65 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making 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.
Tradewell Enterprises HK is a sole proprietorship set up and owned by Mr. Meeran Haroon Thaika who is an Indian. He has been in Hong Kong for a very long time. He is a Hong Kong ID holder.
The subject is a jewellery diamond importer, exporter and wholesaler. According to the subject, it is also a “general trader”.
The jewellery is manufactured in the subject’s factories in China, with associates sourcing office in India (Mumbai). The subject is trading in the following commodities:-
· 14KT, 18KT gold diamond jewellery
· 0.01 pt to 5.00 cts round diamond
· 0.01 pt to 5.00cts marquise, pear, princess diamond
· Diamond studded watches
Commodities or raw materials are imported from India, Belgium, the United States, other European countries, etc. The subject has customers in Japan, Hong Kong, Thailand, other Asian countries, the United States, the United Arab Emirates, Saudi Arabia, Qatar, etc. Currently the subject has got affiliated firms in India, Thailand and the United States. Business is rather active.
The subject has had an associated company Tradewell Enterprises HK Ltd. also located the operating address of the subject. However, this firm has commenced dormancy since 31st March, 2008. This firm is jointly owned by Mr. Meeran Haroon Thaika and Ms. Sadhika Thaika Meeran Haroon.
The annual sales turnover of the subject ranges from HK$60 to 65 million. Making a small profit every year.
As the history of the subject in Hong Kong is over fifteen years and two months, on the whole, consider it good for normal business engagements.
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 |
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US Dollar |
1 |
Rs.51.16 |
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UK Pound |
1 |
Rs.81.79 |
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Euro |
1 |
Rs.68.34 |
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.