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Report Date : |
13.04.2012 |
IDENTIFICATION DETAILS
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Name : |
RAJ IMPEX |
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Registered Office : |
Room 1027, 10/F., |
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Country : |
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Date of Incorporation : |
17.02.1995 |
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Com. Reg. No.: |
18815576-000-02 |
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Legal Form : |
Partnership. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds
and jewellery products, emerald, precious stones, etc |
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No. of Employees : |
1 |
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
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
RAJ IMPEX
Room 1027, 10/F., Tung Fai Building, 27 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2739 9687, 2739 9881
FAX: 2739 9709
E-MAIL: sheryl@asiaonline.net
Manager: Mr. Morakhia Nalinkumar Jayantilal
Establishment: 17th February, 1995.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond Trader.
Annual Turnover: HK$12~15 million.
Employee: 1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
RAJ IMPEX
Head
Office:-
Room 1027, 10/F.,
Tung Fai Building, 27 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
18815576-000-02
Manager: Mr. Morakhia Nalinkumar Jayantilal
Name: Mr. Morakhia Nalinkumar JAYANTILAL
Residential
Address: Flat C, 10/F., Wah Fai Mansion, 38-40 Granville Road, Tsimshatsui,
Kowloon, Hong Kong.
Name: Mr. Rajesh Popatlal SHAH
Residential
Address: Flat C, 8/F., Camma Building, 16 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
The subject was established on 17th February, 1995 as a partnership concern jointly owned by Mr. Nalinkumar Jayantilal Morakhia and Mr. Rajesh Popatlal Shah under the Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Morakhia Nalinkumar JAYANTILAL |
17-02-1995 |
- |
|
Rajesh Popatlal SHAH |
17-02-1995 |
31-01-1998 |
|
Sudipkumar Dahyalal SHAH |
31-01-1998 |
01-04-2000 |
|
Pratikkumar Nemchad PARIKH |
01-04-2000 |
02-10-2003 |
At
the very beginning, the subject was located at Flat C, 10/F., Wah Fai Mansion, 38-40
Granville Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat C, 8/F., Camma
Building, 16 Cameron Road, Tsimshatsui, Kowloon, Hong Kong in April 1996; to
Room 1104, 11/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong in December 2000; and further moved to the present address in July
2010.
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 products, emerald, precious stones, etc.
Employee: 1.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Hong Kong, Japan, Taiwan, South Korea, other Asian countries, etc.
Annual Turnover: HK$12~15 million.
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit in the past years.
Condition: Business is steady.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Bank of India,
Hong Kong Branch.
Standing: Small.
Raj
Impex is a partnership jointly owned by Mr. Morakhia Nalinkumar Jayantilal and
Mr. Rajesh Popatlal Shah while both are Indian.
The latter had retired for more than five years but joined in again as a
partner on 2nd October, 2003. Both
of the partners have been in Hong Kong for a very long time.
The
subject moved to the present new address located at Room 1027, 10/F., Tung Fai
Building, 27 Cameron Road, Tsimshatsui, Kowloon, Hong Kong in July 2010. This office is in a residential building
which is not trespassed by outsiders.
The
subject is a gemstone, polished, cut and loose diamond importer, exporter and
wholesaler. It is trading in single-cut
diamond, fullcut loose diamond, carat size diamonds, blue sapphire, etc. Products are chiefly imported from India,
Belgium, other European and Asian countries.
Prime markets are Hong Kong, Japan, Taiwan, South Korea, other Asian
countries, etc. Business is rather active.
The
subject has developed business ties with a number of regular suppliers in India
and customers in Asia. The annual sales
turnover of the subject ranges from HK$12 to 15 million. Making a small profit every year.
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in Hong Kong.
For instance, it is going to take part in “HKTDC Hong Kong International
Jewellery Show 2012” which will be held in Hong Kong Convention and Exhibition
Centre, Wanchai, Hong Kong during the period of 16th to 20th February, 2012.
The
subject’s business is chiefly handled by the two partners. History in Hong Kong is over sixteen years
and eleven 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.44 |
|
|
1 |
Rs.81.96 |
|
Euro |
1 |
Rs.67.60 |
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 |
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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 |
-- |
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.