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Report Date : |
12.05.2012 |
s
IDENTIFICATION DETAILS
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Name : |
R.J. EXPORTS |
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Registered Office : |
Room 803, 8/F., Tower 2, Harbour Centre, |
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Country : |
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Date of Incorporation : |
9th June, 1999 |
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Com. Reg. No.: |
30146729-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds of diamonds and colour gemstones, etc. |
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No. of Employees : |
3. (Including affiliate) |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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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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 |
R.J. EXPORTS
Address:
Room 803, 8/F., Tower 2, Harbour Centre,
(Formerly located at:
Flat B, 8/F., Bo
PHONE: 2376 3477, 2333 0710
FAX: 2376 3693
E-MAIL: zaveri@netvigator.com
Manager: Mr. Rakesh Zaveri
Establishment: 9th
June, 1999.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Annual Turnover: HK$50~55
million.
Employees:
3. (Including affiliate)
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Head Office:-
Room 803, 8/F., Tower 2, Harbour Centre, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
Affiliated Company:-
J. K. Gems,
30146729-000-06
Manager: Mr. Rakesh Zaveri
Name: Mr. Rakesh ZAVERI
Residential Address: Flat A,
8/F., Bo
The subject was established on 9th June, 1999 as a sole proprietorship
concern owned by Mr. Rakesh Zaveri under the Hong Kong Business Registration
Regulations.
At the very beginning, the subject was located at Flat B, 8/F., Bo Yip
Building, 6 Ashley Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present
address in April 2007.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds and colour gemstones, etc.
Employees: 3. (Including affiliate)
Commodities Imported:
Markets: Asian
countries,
Annual Turnover: HK$50~55 million.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Business is
normal.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met obligations
as contracted.
Commercial Morality: Satisfactory.
Banker: Indian
Overseas Bank, Hong Kong Branch.
Standing:
Small.
R. J. Exports is a sole proprietorship set up and owned by Mr. Rakesh
Zaveri who is an Indian and has been in
Business commenced in June 1999, the subject is trading in loose
diamonds, emerald, precious stones, ruby jade, gem stones, semi-precious
stones, blue or coloured sapphire, etc.
It imports diamond from the United Sates,
The subjects business is chiefly handled by Zaveri himself who is the
sole proprietor.
The subject is preparing to take part in exhibitions and fairs which are
held in
The subject has got an affiliated company J. K. Gems located at its
operating address. J. K. Gems is also a
diamond and gem stone trader. Business
is handled by Mr. Jayant Kumar Kantilal Jhaveri who is also an Indian. J. K. Gems is a member of The Indian Chamber
of Commerce Hong Kong,
The annual sales turnover of the subject ranges from HK$50 to 55
million. Making a small profit every
year.
Since the history of the subject is over twelve years and eleven months
in
DIAMOND INDUSTRY
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From time immemorial,
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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
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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
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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.53.64 |
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|
1 |
Rs.86.42 |
|
Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
|
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 |
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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 |
|
<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 SCs 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.