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Report Date : |
11.07.2012 |
IDENTIFICATION DETAILS
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Name : |
VIVA
IMPEX |
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Registered Office : |
Room 9, 13/F., Block B, Hunghom Commercial Centre, |
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Country : |
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Date of Incorporation : |
27.11.2006 |
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Com. Reg. No.: |
37384267-000-11 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Diamond Trader, Importer and Exporter of all kinds of diamonds, precious stones, etc. |
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No. of Employees : |
04 |
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
|
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 |
VIVA IMPEX
Room 9, 13/F., Block B, Hunghom Commercial Centre, 37 Ma Tau Wai Road, Kowloon, Hong Kong.
PHONE: 2311 1040
FAX: 2311 1045
Manager: Mr. Minal Madhubhai Davariya
Establishment: 27th November, 2006.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: 4.
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Head Office:-
Room 9, 13/F., Block B, Hunghom Commercial Centre, 37 Ma Tau Wai Road, Kowloon, Hong Kong.
37384267-000-11
Manager: Mr. Minal Madhubhai Davariya
Name: Mr. Minal Madhubhai DAVARIYA
Residential Address: N-5
Panchvati Society, Ichhanath-Umra Surat, Gujarat‑395007, India.
The subject was established on 27th November, 2006 as a sole proprietorship concern owned by Mr. Minal Madhubhai Davariya under the Hong Kong Business Registration Regulations.
Initially the subject was located at “Flat G, 4/F., Luna Court, 53-59 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat D, 7/F., Pacific Building, 65-67 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong” in December 2007; to “Unit F2, Room F15, 1/F., Hang Fung Industrial Building, Phase 2, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong” in April 2010, and further moved to the present address in August 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Diamond Trader.Importer and Exporter.
Lines: All kinds of diamonds, precious stones, etc.
Employees: 4.
Commodities Imported: India, Israel, etc.
Markets: Hong Kong, India, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C.
Capital: Not disclosed.
Profit or Loss: Making a small profit in the past three years.
Condition: Business is normal.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Indian Overseas Bank, Hong Kong Branch.
Standing: Small.
Viva Impex is a sole proprietorship set up and owned by Mr. Minal Madhubhai Davariya who is an India passport holder. He is also manager of the subject.
Business commenced in November 2006, formerly the subject’s operating address was located at a residential building. It moved to the present address which is the latest one in August 2011.
According to the subject, it is trading in loose diamonds, carat size diamonds, precious stones, jewellery products mounted with diamonds. Raw materials are imported from India, Belgium and other European countries, etc. Raw diamonds are processed in Hong Kong while finished products are wholesaled in Hong Kong, China and exported to India and other Asian countries.
Davariya has developed business ties with a number of the jewellery firms in Surat, Gujarat, India. Business keeps on improving.
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.
The subject’s business is chiefly handled by Davariya himself. It made a small profit in the past three years. History in Hong Kong is over five years.
On the whole, consider the subject good for normal business engagements in small credit amounts.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.81 |
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UK Pound |
1 |
Rs.86.53 |
|
Euro |
1 |
Rs.68.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.