MIRA INFORM
REPORT
PRELIMINARY
REPORT
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Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
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Name : |
M
B IMPEX |
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Registered Office : |
Unit L1, 13/F., Kaiser Estate, Phase 2, |
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Country : |
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Date of Incorporation : |
16.10.1997 |
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Com. Reg. No.: |
21310844-000-10 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
Importer, Exporter and Wholesaler of Polished diamonds, jewellery, etc |
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No. of Employee: |
3 |
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 : |
Regular |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
M
B IMPEX
Unit L1, 13/F., Kaiser Estate, Phase 2, 47-53 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2994 8832
FAX: 2311 3443
E-MAIL: mbimpex@netvigator.com
Manager: Mr. Manishkumar Savjibhai Patel
Establishment: 16th October, 1997.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond Trader.
Annual Turnover: HK$60~65 million.
Employees: 3.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Unit L1, 13/F., Kaiser Estate, Phase 2, 47-53 Man Yue Street, Hunghom, Kowloon, Hong Kong.
Affiliated/Associated
Companies:-
· D. Goldi B.V.B.A., Belgium.
· Jewel Goldi, India.
· Jewel Goldi (NY) Inc., USA.
· R. Goldi (Shanghai) Diamond Co. Ltd., China.
· S. Goldi (Asia) Ltd., Hong Kong.
· S.Goldi, Hong Kong. [Operated by Mr. Manishkumar Savjibhai Patel]
· Shree Ramkrishna Export, India.
· V. Goldi Ltd., Israel.
21310844-000-10
Manager: Mr. Manishkumar Savjibhai Patel
Name: Mr. Manishkumar Savjibhai PATEL
Residential Address: 7/F., Ocean View Court, 27A Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Nileshkumar Mohanbhai PATEL
Residential Address: Flat E, 2/F., Luna Court, 53-59 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 16th October, 1997 as a sole proprietorship concern owned by Mr. Manishkumar Savjibhai Patel under the Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
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Manishkumar Savjibhai Patel |
16-10-1997 |
- |
|
Jayeshbhai
Mohanbhai Patel |
01-06-2001 |
31-03-2002 |
|
Nileshkumar Mohanbhai
Patel |
05-01-2005 |
- |
Initially the subject was located at 7/F., Ocean View Court, 27A Chatham Road, Tsimshatsui, Kowloon, Hong Kong where is the residential address of the partner, moved to Flat B, 10/F., Ocean View Court, 43 Mody Road, Tsimshatsui, Kowloon, Hong Kong in November 1997; to Flat F, 14/F., Block B, Hilton Towers, 96 Granville Road, Tsimshatsui East, Kowloon, Hong Kong in May 2002; to Room 502, 5/F., Lee Kar Building, 4‑4A Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong in August 2002; to 13/F., Fullcorp Centre, 53-55 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong in June 2005. In December 2005, Fullcorp Centre was renamed Katherine House. The subject moved to the present address in May 2007.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Polished diamonds, jewellery, etc.
Employees: 3.
Commodities Imported: Belgium India, Israel, other Asian countries, etc.
Markets: Belgium, USA, other Asian countries.
Annual Turnover: HK$60~65 million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
· Hong Kong Jewellery & Jade Manufacturers Association, Hong Kong.
· Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
· Japan Jewellery Association, Japan.
·
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKM0576]
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· Hang Seng Bank Ltd., Hong Kong.
· Bank of Baroda (Hong Kong) Ltd., Hong Kong.
Standing: Small.
M B Impex is a partnership concern jointly owned by Mr. Manishkumar Savjibhai Patel and Mr. Nileshkumar Mohanbhai Patel. The two Patels are Indian and belong to the same family.
The subject, established in 1997, is one of the prestigious establishments for polished diamonds in Hong Kong. The supply comes from its India factory directly in order to provide stable and reliable sources to support the jewellery production. According to the subject, wide range of products are well finished with high quality tapers, baguettes, princess and other fancy shapes by skilful craftsmen in the Greater China region.
The subject’s in-house design team creates over a thousand designs. The products include rings, earrings, pendants, bracelets and necklaces which are set in 18K gold and platinum with diamonds and gemstones. The subject also produces ODM products according to the requirements of its customers.
The followings are the main products of the subject:-
Diamond
Jewellery
· White Diamond Jewellery
· Color Diamond Jewellery
Gem
Set Jewellery
· Emerald Jewellery
· Ruby Jewellery
· Sapphire Jewellery
Gold
Jewellery
· 18K Gold Jewellery
Platinum
Jewellery
· Pt 900 Platinum Jewellery
The subject has actively participated in major international jewellery shows to explore the venturing market worldwide. For instance, the subject has taken part in the following fairs and shows:-
The
United States
· JCK Las Vegas Show
Turkey
· Istanbul Jewelry Show I
· Istanbul Jewelry Show II
Hong
Kong
· HK Int’l Jewellery Show
· HK Jewellery & Gem Fair
Thailand
· Bangkok Gems & Jewelry Fair
Middle
East
· Mid-East Watch & Jewellery, Sharjah, UAE
· Jewellery Arabia, Bahrain
· Dubai Int’l Jewellery Week, UAE
The subject is also going to take part in Hong Kong International Jewellery Show which will be held during the period of 16th to 20th February, 2012.
The subject’s main markets are Belgium, other European countries, the Middle East, the United States, and other Asian countries.
Annual sales turnover of the subject ranges from HK$60 to 65 million. Business is rather profitable and active.
Besides operating the subject, Manishkumar Savjibhai Patel is also operating a sole proprietorship S.Goldi which is also a diamond trader. Located at the same building, S.Goldi has got an affiliated company S. Goldi (Asia) Ltd. [S. Goldi] which is a Hong Kong-registered firm located at its operating address. S. Goldi has had affiliated companies in Belgium, the United States, India, China, Israel.
The history of the subject in Hong Kong is over thirteen years and six months.
On the whole, consider it good for normal business engagements.
COURT CASES: None per our.
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.51.66 |
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UK Pound |
1 |
Rs.81.79 |
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Euro |
1 |
Rs.67.18 |
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.