MIRA INFORM REPORT
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Report Date : |
15.09.2012 |
IDENTIFICATION DETAILS
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Name : |
UNI
DIAM |
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Registered Office : |
Room
1207, 12/F., |
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Country : |
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Date of Incorporation : |
28.02.2003 |
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Com. Reg. No.: |
33385023-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds of diamonds and jewellery roducts, emerald, precious stones, etc. |
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, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Bottom of Form
UNI DIAM
Room 1207, 12/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2723 2244
FAX: 2723 2254
E-MAIL: unidiam@rediffmail.com
Manager: Mr. Ritesh Raichand Hirawat
Establishment: 28th February, 2003.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Annual Turnover: HK$40~45 million.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 1207, 12/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Company:-
Dharamchand Paraschand Exports, India.
33385023-000-02
Manager: Mr. Ritesh Raichand Hirawat
Name: Mr. Ritesh Raichand HIRAWAT
Residential Address: Flat C, 8/F., Winston Mansion, 121-123 Chatham Road, Tsimshatsui, Kowloon, Hong
Kong.
The subject was established on 28th February, 2003 as a sole proprietorship concern owned by Mr. Ritesh Raichand Hirawat under the Hong Kong Business Registration Regulations.
Initially the subject was located at Flat C, 8/F., Winston Mansion, 121‑123 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2003.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Exporter.
Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: 5.
Commodities Imported: India, Belgium, other European countries, USA, etc.
Markets: Japan, India, other Asian countries, Europe, etc.
Annual Turnover: HK$40~45 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 in the past years.
Condition: Business is rather steady.
Facilities: Making rather active use of general banking facilities.
Payment: Met obligations as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Uni Diam is a sole proprietorship set up and owned by Mr. Ritesh Raichand Hirawat under the Hong Kong Business Registration Regulations.
As an Indian, Hirawat is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He can be reached at his mobile phone number 9049 0962.
The subject is trading in gems, jewellery, loose diamonds, carat size diamonds, emerald, precious stones, etc. Rough and polished diamonds are imported from India, Belgium and the United States. Rough diamonds are polished or processed either in Hong Kong or China. Finished products and polished diamonds are exported to China, Japan, South Korea, other Asian countries, Europe and the United States. The subject is also a commission agent. Business has been normal and steady.
The subject’s main products are asscher cut, baguette, emerald cut, heart shape, marquise, oblong, oval shape, pear shape, princess cut, round brilliant, taper, tapered baguette, trilliant, etc. It is specialized in round brilliant and princess-cut diamonds. Sizes of diamond range from 0.005 to 1 carat (can be certified or non-certified). Some are round brilliants and 10 points up in princess cuts. The subject also sells polished white diamonds and polished colour diamonds.
The subject has got an affiliated company in India known as Dharamchand Paraschand Exports. This firm is also a diamond trader. Dharamchand Paraschand Exports seems to be the subject’s main supplier in India.
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. The significant one is “Hong Kong International Jewellery Show” which is held in Hong Kong annually.
In March, 2011, the subject took part in “HKTDC Hong Kong International Jewellery Show 2011”. According to the schedule of the subject, it is going to take part in “HKTDC Hong Kong International Jewellery Show 2012” which will be held in Wanchai, Hong Kong during the period 16th to 20th February, 2012.
The annual sales turnover of the subject ranges from HK$40 to 45 million. Making a small profit every year.
As the history of the subject in Hong Kong is over eight years and four months, on the whole, consider it good for normal business engagements.
COURT CASES: None per our.
DIAMOND INDUSTRY –
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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.54.73 |
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UK Pound |
1 |
Rs.88.61 |
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Euro |
1 |
Rs.71.34 |
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.