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Report Date : |
19.05.2012 |
IDENTIFICATION DETAILS
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Name : |
TRIPLE A INTERNATIONAL |
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Registered Office : |
Flat C3, 8/F., Block C, Hankow Centre, |
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Country : |
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Date of Incorporation : |
20.01.2004 |
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Com. Reg. No.: |
34252847-000-01 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds, precious stones, etc. |
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No. of Employees : |
2. |
RATING & COMMENTS
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MIRA’s 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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
TRIPLE A
INTERNATIONAL
ADDRESS: Flat C3, 8/F., Block C,
Hankow Centre, 1 Middle Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2721 9168
FAX: 2721 9169
Manager: Mr. Umesh Khandelwal (Mobile: 6426 8946)
Establishment: 20th
January, 2004.
Organization: Partnership.
Capital:
Not
disclosed.
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$12-15
million.
Employees:
2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat C3, 8/F., Block C, Hankow Centre, 1 Middle Road, Tsimshatsui,
Kowloon, Hong Kong.
34252847-000-01
Manager: Mr. Umesh Khandelwal
Name: Umesh KHANDELWAL
Residential Address: Flat B1,
6/F., Burlington House, 90-94 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Jugal Kishore MAHESHWARI
Residential Address: Flat D, 9/F., 69-71 Beauty Mansion, Tsimshatsui, Kowloon, Hong Kong.
Name: Vijay Kumar MAHESHWARI
Residential Address: Flat B1,
6/F., Burlington House, 90-94 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 20th January, 2004 as a sole
proprietorship concern owned by Mr. Umesh Khandelwal under the Hong Kong
Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Umesh KHANDELWAL |
20-01-2004 |
01-05-2010 |
|
Jugal Kishore MAHESHWARI |
04-10-2005 |
- |
|
Prateek MALPANI |
04-10-2005 |
31-08-2007 |
|
Surendra SABOO |
04-10-2005 |
25-03-2011 |
|
Vijay Kumar MAHESHWARI |
01-05-2010 |
- |
Initially the subject was located at Flat D, 9/F., 69-71 Beauty Mansion, Tsimshatsui, Kowloon, Hong Kong, moved
to the present address in March 2006.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of diamonds,
precious stones, etc.
Employees: 2.
Commodities Imported: India, Thailand, etc.
Markets: Africa,
Australasia, Hong Kong, Japan, North America, Taiwan, other Asian countries,
etc.
Annual Turnover: HK$12-15 million.
Terms/Sales:
COD or as per
contracted.
Terms/Buying: L/C,
T/T, etc.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active manner.
Facilities:
Making rather active
use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Triple A International was set up in January 2004 and founded by Umesh
Khandelwal who is an Indian. Now, the
subject is a partnership jointly owned by Umesh Khandelwal, Jugal Kishore
Maheshwari and Vijay Kumar Maheshwari.
The first and third are Hong Kong ID Card holders and have got the right
to reside in Hong Kong permanently.
The subject is trading in the following products: precious and semi-precious jewellery, gemstones and jade (tranzanites,
tranzanites), emerald, ruby, sapphire, fine jewellery findings and setting,
diamonds, etc. Most of the
commodities are imported from India, Thailand, etc. Prime markets are Africa, Australasia, Hong
Kong, Japan, North America, Taiwan, other Asian countries, etc. Business is rather active.
The subject has had an associated factory in Jaipur, India. The annual sales turnover of the subject
ranges from HK$12 to 15 million. Making
a small profit every year.
As the history of the subject is over eight years and three months in
Hong Kong, 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.87 |
|
|
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.69.49 |
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 |
|
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.