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Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ZENIA |
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Registered Office : |
Room 404, 4/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen
Street East, Hunghom, Kowloon |
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Country : |
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Date of Incorporation : |
24.09.2004 |
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Com. Reg. No.: |
34938558-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds, precious stones, and jewellery products. |
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No. of Employees : |
4. (Including affiliates) |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 30, 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 |
ZENIA
ADDRESS:
Room 404, 4/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen Street
East, Hunghom, Kowloon, Hong Kong.
PHONE: 2730 5088
FAX: 2730 5084
Manager: Mr. Praful Chandra
Madhubhai Patel
Establishment: 24th
September, 2004.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Annual Turnover: HK$60~65
million.
Employees:
4. (Including affiliates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 404, 4/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen Street
East, Hunghom, Kowloon, Hong Kong.
Associated/Affiliated Companies:-
Rio-Star
Flat H, 13/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. [Solely owned by Mr.
Lalit Jivraj Patel]
Vriti Diam (HK) Ltd.
Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon,
Hong Kong. [Wholly owned by Mr. Bhavesh
Narasi Patel. Directors are Mr. Bhavesh
Narasi Patel and Mr. Praful Chandra Madhubhai Patel]
Vriti Diam
Flat A, 6/F., Hang Lung Bank Building, 46-48 Granville Road,
Tsimshatsui, Kowloon, Hong Kong.
[Solely owned by Mr. Bhavesh Narasi Patel]
34938558-000-09
Manager: Mr. Praful Chandra
Madhubhai Patel
Name: Mr. Praful Chandra Madhubhai
PATEL
Residential Address: Room 5,
10/F., Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 24th September, 2004 as a sole
proprietorship concern owned by Mr. Praful Chandra Madhubhai Patel under the
Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Flat C, 10/F., Century
House, 3-4 Hanoi Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 29, 2/F.,
Block M, Kaiser Estate, Phase 3, 11 Hok Yuen Street, Hunghom, Kowloon, Hong
Kong in January 2006, and further to the present address in October 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, precious stones, and jewellery products.
Employees: 4. (Including affiliates)
Commodities Imported: India, Belgium, other European countries, etc.
Markets: India,
other Asian countries, etc.
Annual Turnover: HK$60~65 million.
Terms/Sales: L/C and T/T.
Terms/Buying: L/C,
T/T, D/A, etc.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
normal condition.
Facilities:
Making rather
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.
Zenia is a sole proprietorship set up on 24th September, 2004 and owned
by Mr. Praful Chandra Madhubhai Patel who is an Indian. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
The subject is a diamond importer, exporter and wholesaler. It has got affiliated companies Vriti Diam
(HK) Ltd. [Vriti] and Vriti Diam in Hong Kong but located at a different
address.
Having issued 100,000 ordinary shares of HK$1.00 each, Vriti is wholly
owned by Mr. Bhavesh Narasi Patel who is an India passport holder. Being an Indian, Mr. B. N. Patel is residing
in Hong Kong currently. One of the
directors of Vriti Mr. Praful Chandra Madhubhai Patel is also the manager of
the subject who was appointed on 21st July, 2008. Vriti Diam is also owned by Mr. Bhavesh
Narasi Patel.
The subject and Vriti are engaged in the same lines of business. Both are trading in loose diamonds, fancy
diamonds, and diamond for jewellery.
Products are exported to Japan, Taiwan, South Korea, China, other Asian
countries, Europe, North America, etc.
Most of the polished and cut diamonds are imported from Mumbai, India.
Another affiliated firm Rio-Star is owned by Mr. Lalit Jivraj
Patel. Rio-Star is also located at a
different address. All the Patels belong
to the same family.
The subjects business is chiefly handled by P. C. M. Patel
himself. The Patel family has had close
business ties with some of the diamond suppliers and manufacturers in Mumbai,
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 2012 which will be
held in Wanchai, Hong Kong during the period of 16th to 20th February, 2012.
The annual sales turnover of the subject ranges from HK$60 to 65
million. Making a small profit every
year.
The history of the subject in Hong Kong is over seven years and two
months.
On the whole, consider it good for normal business engagements.
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.
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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.
-
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.51.66 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.67.18 |
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 SCs 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.