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Report Date : |
15.02.2012 |
IDENTIFICATION DETAILS
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Name : |
ASHAPURA IMPEX |
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Registered Office : |
Flat F, 14/F., Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.12.2003 |
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Com. Reg. No.: |
34127244-000-12 |
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Legal Form : |
Partnership concern |
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Line of Business : |
Wholesaler and Exporter of all kinds of diamonds and gem stones. |
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No. of Employees : |
1. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ASHAPURA IMPEX
Flat F, 14/F.,
Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2724 8550, 2724 8558
FAX: 2724 8584
E-MAIL: bhauteshshah@indiatimes.com
Manager: Mr. Rakesh Jayantilal Shah (Mobile: 6192 2435)
Establishment : 9th December, 2003.
Organization : Partnership.
Capital : Not disclosed.
Business Category : Gem Stone Wholesaler and Exporter.
Employee : 1.
Main Dealing Banker : Indian Overseas Bank, Hong Kong Branch.
Banking Relation : Satisfactory.
ASHAPURA IMPEX
Head
Office:-
Flat F, 14/F.,
Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
34127244-000-12
Manager: Mr. Rakesh Jayantilal Shah
Contact
Person: Mr. Ronak Shah
Name: Rakesh Jayantilal SHAH
Residential Address:
Shahiyar Kunj, 4/F., 401, 1-12-6 Misuji, Taito-ku, Tokyo 111-0055, Japan.
Name: Hetal Rakesh SHAH
Residential
Address: Shahiyar Kunj, 4/F., 401, 1-12-6 Misuji, Taito-ku, Tokyo 111-0055,
Japan.
The
subject was established on 9th December, 2003 as a partnership concern owned by
three Indian under the Hong Kong Business Registration Regulations.
The
following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Rakesh Jayantilal Shah |
09-12-2003 |
- |
|
Himanshu Jayantilal Shah |
09-12-2003 |
01-01-2004 |
|
Amishkumar Chandulal Shah |
09-12-2003 |
01-10-2007 |
|
Hetal Rakesh Shah |
01-10-2007 |
- |
Initially
the subject was located at Flat F, 5/F., Far East Mansion, 5-6 Middle Road, Tsimshatsui,
Kowloon, Hong Kong, moved to the present address in June 2007.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities : Wholesaler and Exporter.
Lines :
All kinds of diamonds and gem stones.
Employee : 1.
Commodities Imported : India,
Thailand, other Asian countries, Europe, etc.
Markets :
Hong Kong, Japan and other Asian countries.
Terms/Sales : COD or as per contracted.
Terms/Buying : L/C, T/T, etc.
Capital : Not disclosed.
Profit or Loss : Making a small profit in the past five years.
Condition : Business is normal.
Facilities : Making rather active use of general banking facilities.
Payment : Met trade commitments as contracted.
Commercial Morality : Satisfactory.
Bankers:-
Indian Overseas Bank, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing : Small.
Ashapura
Impex is a partnership concern jointly owned by Mr. Rakesh Jayantilal Shah and
Mr. Hetal Rakesh Shah. Being Indian, the
two Shahs are the members of the Shah family.
Long time ago, they had resided in Tokyo, Japan for a number of
years. Mr. Rakesh Jayantilal Shah moved
to Hong Kong and started his business in December 2003.
The
office of the subject is in a residential building known as Winsor Mansion in
Tsimshatsui, Kowloon, Hong Kong. The
residential building is not trespassed by outsiders.
The
subject is a diamond trader and processor.
Business
commenced in December 2003, the subject is trading in loose, polished white,
polished colour and cut diamonds, gem stones, precious stones, semi-precious
stones, sapphire, Tanzanite, etc. It is
an importer, exporter and wholesaler.
Raw materials and commodities are imported from India, other Asian
countries, Belgium and other European countries. Gem stones and diamonds are processed,
polished and cut in Hong Kong or in China.
Its main products, polished white and colour diamonds, have the
following specifications:-
·
Shape — Rounds
·
Clarity — WS1, WS2
·
Colour — E, F, G
·
Size — 2 ct or over
·
Finish — Excellent
Finished
products are marketed in Hong Kong, exported to Japan, India, other Asian
countries and Europe, etc.
Since
the subject’s Manager Rakesh Jayantilal Shah had resided in Tokyo, Japan for a
long time, he is responsible for marketing the subject’s products in
Japan. He can be reached at his mobile
phone number 852-6192 2435. The
subject’s business in Japan is rather active.
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, the subject took part in the
“International Jewelry Vietnam 2008” which had been held in Ho Chi Minh City,
Vietnam from 2nd to 4th May, 2008. It
also has taken part in the Fairs and Shows which are held in Hong Kong.
The
subject’s business is chiefly handled by the Shah family who have had closed
business ties with the jewellery firms and manufacturers in Mumbai, India. The contact person of the subject Mr. Ronak
Shah is also a member of the Shah family.
The
history of the subject in Hong Kong is over eight years and two months.
On
the whole, consider it good for normal business engagements in small credit
amounts.
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.
-
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.
-
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.
-
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.
-
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.
-
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.49.33 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.64.83 |
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 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.