MIRA INFORM
REPORT
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Report Date : |
16.04.2012 |
IDENTIFICATION DETAILS
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Name : |
FAMASIA
LTD. |
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Registered Office : |
Unit 902, 9/F., |
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Country : |
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Date of Incorporation : |
27.11.2007 |
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Com. Reg. No.: |
38676954 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and gemstones. |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
FAMASIA LTD.
Unit 902, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2486 1000
FAX: 2486 1003
Managing Director: Mr. Paresh Jerambhai Bodra (Mobile: 6500 0533)
Incorporated on: 27th November, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 902, 9/F., Multified Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
38676954
1189202
Managing Director: Mr. Paresh Jerambhai Bodra
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry
dated 30-01-2012)
|
Name |
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No. of shares |
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Paresh Jerambhai BODRA |
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5,000,000 |
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Ravikumar Bhagvanbhai BODARA |
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5,000,000 |
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––––––––– |
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Total: |
10,000,000 ======== |
(As per registry
dated 27-11-2011)
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Name (Nationality) |
Address |
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Paresh Jerambhai BODRA |
Flat D, 15/F., Tin Man Court, 2A Kimberley Street, Tsimshatsui, Kowloon, Hong Kong. |
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Ravikumar Bhagvanbhai BODARA |
Flat D, 15/F., Tin Man Court, 2A Kimberley Street, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 30-01-2012)
|
Name |
Address |
Co.
No. |
|
Champion Corporate Ltd. |
Room 2002, 20/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong. |
0657221 |
The subject was incorporated on 27th November, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1513, 15/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in December 2011.
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 gemstones.
Employees: 2.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Southeast Asia, Europe, Middle East, etc.
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Alternation of Capital:-
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Initially |
paid up |
HK$ 1,000,000.00 |
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30-01-2012 |
paid up |
HK$ 9,000,000.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$10,000,000.00 ============== |
Increase of Nominal Capital:-
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From |
HK$1,000,000.00 |
to |
HK$10,000,000.00 |
on |
30-01-2012 |
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit in the past years.
Condition: Business is normal.
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.
Having issued 1 million ordinary shares of HK$1.00 each, Famasia Ltd. was wholly owned by Mr. Paresh Jerambhai Bodra who is an Indian. In January 2012, the subject increased its ordinary shares to 10 million of HK$1.00 each of which are equally owned by Paresh Jerambhai Bodra and Ravikumar Bhagvanbhai Bodara. They are also directors of the subject.
Bodra and Bodara are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
The subject moved to the present new address in December 2011.
The subject is trading in all kinds of loose diamonds, fancy cut diamonds. The followings are the main products carried: marquise, pears, tappers, buggets and rose cut, round brilliant, single cut and fancy cut, etc. Most of the commodities are imported from India, other Asian countries, etc. All diamonds are marketed in Hong Kong, exported to China, Singapore, other Asian countries, Western Europe, etc. Business is rather active.
The subject has got an associated company engaged in diamond cutting and processing in Gujarat, India.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in “HKTDC Hong Kong International Jewellery Show 2013” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2013.
P. J. Bodra can be reached at his mobile phone number 6500 0533.
The history of the subject in Hong Kong is over four years and four months.
On the whole, consider it good for normal business engagements in small credit amounts.
|
Date |
Particulars |
Amount |
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07-05-2010 |
Instrument: Assignment of Receivables – General with Notice of Assignment Property: In consideration of the Banking Facilities, the Customer, as beneficial owner and by way of security for the payment of the Secured Monies, hereby assigns, and agrees to assign, to the Bank the Receivables until all the Secured Monies have been paid or discharged Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
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15-04-2011 |
Instrument: Mortgage Property: 43/10,608th parts or shares of and in Section A of Kowloon Inland Lot No. 6455, The Remaining Portion of Kowloon Inland Lot No. 6455, Section A of Kowloon Inland Lot No. 6458, The Remaining Portion of Kowloon Inland Lot No. 6458, Section A of Kowloon Inland Lot No. 6460 and The Remaining Portion of Kowloon Inland Lot No. 6460 (Unit 2 on 9/F. of Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all the general banking facilities to an unlimited extent and interest thereon |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.42 |
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UK Pound |
1 |
Rs.81.93 |
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Euro |
1 |
Rs.67.67 |
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.