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Report Date : |
27.07.2012 |
IDENTIFICATION DETAILS
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Name : |
DIVINE
IMPEX |
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Registered Office : |
Flat 1, 11/F., |
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Country : |
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Date of Incorporation : |
18.06.2008 |
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Com. Reg. No.: |
39439949-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds, etc. |
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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 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) |
|
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 |
DIVINE IMPEX
Flat 1, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2312 2164
FAX: 3904 6849
Manager: Mr. Piyushkumar Prakashkumar Shah
Establishment: 18th June, 2008.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Fair.
Registered
Office:-
Flat 1, 11/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Elegant Export, Hong Kong. (Same owner)
Affiliated
Companies:- (Same address)
Dazzle Impex, Hong Kong.
39439949-000-06
Manager: Mr. Piyushkumar Prakashkumar Shah
Name: Mr. Piyushkumar Prakashkumar SHAH
Residential Address: At
8 Post Meghraj Nr. Parbadi, Ta Meghraj Dis.‑Sabarkanth, Gujarat-383350,
India.
The subject was established on 18th June, 2008 as a sole proprietorship concern owned by Mr. Ketan Kumar Doshi under the Hong Kong Business Registration Regulations. However, a new partner Mr. Piyushkumar Prakashkumar Shah joined in on 16th August, 2010 while Doshi retired on 15th September, 2010.
Initially the subject was located at Flat 7, 9/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 1, 11/F. of the same building in January 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds, etc.
Employees: Nil.
Commodities Imported: India, European countries, other Asian countries, etc.
Markets: Hong Kong, China, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Keeping a balance account.
Condition: Business is improving.
Facilities: Make fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Divine Impex is a sole proprietorship set up and owned by Mr. Ketan Kumar Doshi who is an Indian. However, he retired on 15th September, 2010 and now the new sole proprietor Mr. Piyushkumar Prakashkumar Shah is also an Indian. Shah is an India passport holder and does not have the right to reside in Hong Kong permanently.
The subject’s registered address is located at Flat 1, 11/F., Star Mansion, 3‑5 Minden Row, Tsimshatsui, Kowloon, Hong Kong. This office is not in a commercial building but a residential building. It is likely that this office is also the residence of the new sole proprietor when he is in Hong Kong. The residential building is not trespassed by outsiders.
The subject is a diamond importer,
exporter and wholesaler. It is trading
in the following commodities-:
Single-cut diamond, fullcut loose diamond, carat size diamonds, blue sapphire, etc.
Most of the commodities are imported from India, other Asian countries, etc. Prime markets are Hong Kong, Japan and the other Asian countries. Business keeps on improving.
To our knowledge, the subject is sharing the office with other diamond trading firms such as Dazzle Impex which is also registered in Hong Kong. This firm is owned by Mr. Hiral Harish Udani who is an Indian. Also trading in diamonds, Dazzle Impex seems to be a business partner of the subject.
Business handled by Shah himself, the subject is just a one-man company. He has had close business ties with some of the diamond suppliers in Mumbai, India.
Besides operating the subject, Shah is also operating another firm known as Elegant Export. This firm is also a diamond trader.
The history of the subject in Hong Kong is just over four years and a month.
On the whole, since the registered office of the subject is in a residential building, consider it good for normal business engagements on secured 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.55.95 |
|
UK Pound |
1 |
Rs.86.56 |
|
Euro |
1 |
Rs.67.95 |
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.