MIRA
INFORM REPORT
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Report Date : |
08.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NASAA GEM AND
JEWELLERY COMPANY |
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Registered Office : |
Flat D, 9/F., Lising Court, 34-36 Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.09.2006 |
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Com. Reg. No.: |
37151931-000-09 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Importer and Exporter of all kinds of diamonds and gem
stones. |
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No. of Employees : |
Not Available |
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 concern |
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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) |
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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 |
Company name
NASAA GEM AND JEWELLERY COMPANY
Company ADDRESS
Flat D, 9/F.,
Lising Court, 34-36 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2301 3888, 2301 2680
FAX: 2312 7888
E-MAIL: aakash@ctimail3.com
MANAGEMENT
Manager: Mr. Sagar Mukesh Modi
SUMMARY
Establishment : 14th September, 2006.
Organization : Sole Proprietorship.
Capital : Not disclosed.
Business Category : Diamond and Gem Trader.
Employees : Nil.
Main Dealing Banker : Hang Seng Bank Ltd., Hong Kong.
Banking Relation :
Fair.
Company name
NASAA GEM
AND JEWELLERY COMPANY
Company ADDRESS
Head
Office:-
Flat D, 9/F.,
Lising Court, 34-36 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Companies:-
N Kirtikumar &
Company, India.
N. R. Gem Exports,
Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
37151931-000-09
MANAGEMENT
Manager: Mr. Sagar Mukesh Modi
SOLE PROPRIETOR
Name: Mr. Sagar Mukesh MODI
Residential
Address: Flat D, 9/F., Lising Court, 34-36 Granville Road, Tsimshatsui,
Kowloon, Hong Kong.
HISTORY
The
subject was established on 14th September, 2006 as a sole proprietorship
concern owned by Ms. Nimisha Mukesh Modi under the Hong Kong Business
Registration Regulations. On 26th May,
2008, Mr. Sagar Mukesh Modi joined in and replaced Ms. Nimisha Mukesh Modi as
the sole proprietor. Ms. Nimisha Mukesh
Modi retired on 27th May, 2008.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities : Importer and Exporter.
Lines : All kinds of diamonds and gem stones.
Employees : Nil.
Materials/Commodities : Imported from India, other Asian countries, Europe, etc.
Markets : Hong Kong, Southeast Asia, North America, etc.
Terms/Sales : L/C, T/T, etc.
Terms/Buying : L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Capital : Not disclosed.
Profit or Loss : Making a very small profit in past three years.
Condition : Business is fairly active.
Facilities : Making fairly active use of general banking facilities.
Payment : Met trade commitments as required.
Commercial Morality : Satisfactory.
Banker : Hang Seng Bank Ltd., Hong Kong.
Standing : Small.
GENERAL
Nasaa
Gem And Jewellery Company is a sole proprietorship owned by Mr. Sagar
Mukesh Modi 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 does not have its own operating office.
Its registered address, located at Flat D, 9/F., Lising Court, 34-36
Granville Road Tsimshatsui, Kowloon, Hong Kong, is also the residence of the
sole proprietor. Business is just fairly
active. The subject has no employees in
Hong Kong.
The
subject is a diamond and jewellery product trader. Loose diamonds, polished and cut diamonds are
imported from India, Belgium and other European countries. Some of the rough diamonds are polished or
processed in Hong Kong or China.
Finished products and polished diamonds are marketed in Hong Kong and
exported or re-exported to Taiwan, the Philippines, China, other Asian
countries, the United States, Europe, etc.
The
subject has got an affiliated company N. R. Gem Exports that is also located at
the subject’s address. Established on
10th May, 1995, N. R. Gem Exports is jointly owned by Ms. Nimisha Mukesh Modi
and Mr. Mukesh Babulal Modi. The former
was the old sole proprietor of the subject.
The business of N. R. Gem Exports is chiefly handled by Mr. Mukesh
Babulal Modi. The subject and N. R. Gem
Exports are owned and operated by the Modi family.
The
subject also has got a related firm in India known as N Kirtikumar &
Company which seems to be the subject’s principal supplier. This firm is significant for its loose
diamonds.
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 Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
16th to 20th February, 2012.
The
subject’s history in Hong Kong is over five years and four months.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis.
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.48.91 |
|
|
1 |
Rs.77.30 |
|
Euro |
1 |
Rs.64.11 |
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.