MIRA INFORM REPORT
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Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
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Name : |
VRITI
DIAM (HK) LTD. |
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Registered Office : |
Flat B, 12/F., Granville House, 41C & |
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Country : |
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Date of Incorporation : |
27.03.2008 |
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Com. Reg. No.: |
39087350 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of diamonds, precious stones, and jewellery products |
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No. of Employees
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2 |
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
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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 |
VRITI DIAM (HK)
LTD.
Flat B, 12/F., Granville House, 41C & 41D Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 3116 7601
FAX: 3116 7602
Managing Director: Mr. Bhavesh Narasi Patel (Mobile: 6629 4412)
Incorporated on: 27th March, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Loose Diamond Trader.
Turnover of 2011: HK$99,795,143.83
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat B, 12/F., Granville House, 41C & 41D Granville Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Vriti Diam, Hong Kong.
39087350
1220672
Managing Director: Mr. Bhavesh Narasi Patel
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry
dated 27-03-2011)
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Name |
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No. of shares |
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Bhavesh Narasi PATEL |
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100,000 ====== |
(As per registry
dated 27-03-2011)
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Name (Nationality) |
Address |
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Bhavesh Narasi PATEL |
Flat A, 6/F., Hang Lung Bank Building, 46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong. |
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Maheshkumar Bhavanbhai GAJERA |
5, Nandan Villa, Model Town Chs. B-11, Gulmohar Cross Road No. 7, Vile Parle West, Mumbai 400056, India. |
(As per registry
dated 27-03-2011)
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Name |
Address |
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Bayani Divino Bautista PONCE |
13/F., 5 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
The subject was incorporated on 27th March, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at M29, 2/F., Phase 3, Kaiser Estate, 9‑11A Hok Yuen Street, Hunghom, Kowloon, Hong Kong, moved to Room 404, 4/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong in March 2009, to Flat B, 12/F., Granville House, 41C & 41D Granville Road, Tsimshatsui, Kowloon, Hong Kong in 2010, to Room 1711, 17/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong with effect from 1st April, 2011. It moved back to Granville House in late 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of diamonds, precious stones, and jewellery products.
Employees: 3.
Commodities Imported: India, Belgium and other European countries, etc.
Markets: Hong Kong, India, other Asian countries, etc.
Turnover of 2011: HK$99,795,143.83
Terms/Sales: COD, L/C, T/T, D/A, or 150 days, etc.
Terms/Buying: L/C, T/T, or 120 to 150 days, etc.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Mortgage or
Charge:-
Date of Mortgage: 30-08-2011
Amount: All moneys
Property: 2/94th
parts or shares of and in Section A of Kowloon Inland
Lot No. 7603 and The Remaining Portion of Kowloon
Inland Lot No. 7603 (Flat B on 12/F. of Granville House,
41C & 41D Granville Road, Kowloon, Hong Kong.)
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Net Profit of 2011: HK$518,185.59
Profit or Loss: Making a small profit in past two years.
Condition: Business is improving.
Facilities: Adequate for current running.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 100,000 ordinary shares of HK$1.00 each, Vriti Diam (HK) Ltd. is wholly-owned by Mr. Bhavesh Narasi Patel [B. N. Patel] who is an Indian. B. N. Patel resided in Mumbai, India and now he has moved to Hong Kong. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. B. N. Patel can be reached at his mobile phone number 852-6629 4412.
The subject moved back to the former address in late 2011. It has had an associated company Vriti Diam, a Hong Kong-registered firm, located at its operating address.
Besides, the subject has got the following affiliated firms:-
Raha Impex H.K., Hong Kong
Rio Star, Hong Kong
Zenia, Hong Kong
All these firms are controlled by the Patel family. Zenia was established in Hong Kong on 24th September, 2004.
The subject’s director B. N. Patel is the sole proprietor of Vriti Diam. The subject and Vriti Diam are engaged in the same lines of business.
The subject is a diamond trader. It is trading in white, LC and all size of diamonds form 0.01 cts to 1.00 cts. Raw materials, polished and cut diamonds are imported from India, Belgium and other European countries, etc. Some of the raw diamonds are polished or processed in Hong Kong. Finished products and polished diamonds are exported to India, other Asian countries, etc. The subject’s business is improving.
B. N. Patel is also a diamond businessman. In India, he has got business ties with a number of diamond manufacturers and traders.
The history of the subject is about four years in Hong Kong.
Supported by the Patel family, on the whole, consider it good for normal business engagements.
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.53.34 |
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UK Pound |
1 |
Rs.86.11 |
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Euro |
1 |
Rs.69.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.