MIRA INFORM
REPORT
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Report Date : |
01.12.2011 |
IDENTIFICATION DETAILS
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Name : |
H. DIAM HK
LTD. |
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Registered Office : |
Room 1501, 15/F., Workingport Commercial Building, 3 Hau Fook Street, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.06.2010 |
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Com. Reg. No.: |
52416350 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Diamonds and jewellery. |
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No. of Employees : |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name and address
H. DIAM
HK LTD.
ADDRESS:
Room 1501, 15/F., Workingport Commercial Building, 3 Hau Fook Street,
Tsimshatsui, Kowloon, Hong Kong.
PHONE: 6127 6882
FAX: 2366 3806
MANAGEMENT
Managing Director: Mr. Pritesh
Nandkumar Mistry (Mobile 6127 6614)
SUMMARY
Incorporated on: 9th
June, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1501, 15/F., Workingport Commercial Building, 3 Hau Fook Street,
Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
52416350
COMPANY FILE NUMBER
1466698
MANAGEMENT
Managing Director: Mr. Pritesh
Nandkumar Mistry
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDER
(As per registry dated 09-06-2011)
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Name |
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No. of shares |
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Pritesh Nandkumar MISTRY |
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1,000,000 ======= |
DIRECTORS
(As per registry dated 09-06-2011)
|
Name (Nationality) |
Address |
|
Pritesh Nandkumar MISTRY |
Flat E, 10/F., South Sea Mansion, 81 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. |
|
Nishantkumar Shashikant KAPASI |
Vrij Nivas, New Plot, Nr. Juni Mill, Dhasa Junction, Bhavnagar,
Gujarat-364740, India. |
SECRETARY
(As per registry dated 09-06-2011)
|
Name |
Address |
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Bayani Divino Bautista PONCE |
Flat A, 8/F., Tower 5, Caribbean Coast, 2 Kin Tung Road, Tung Chung,
Lantau Island, Hong Kong. |
HISTORY
The subject was incorporated on 9th June, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Initially the subject was located at Unit B, 12/F., Granville House,
41C & D Granville Road, Tsimshatsui, Kowloon, Hong Kong, moved
to the present address with effect from 2nd September, 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Diamonds
and jewellery.
Employees: 2.
Commodities Imported: India, Belgium and other European countries.
Markets: Japan,
Southeast Asia, Europe, Middle East, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: Prepayment,
L/C, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Made a small loss in 2010.
Condition: Business
is under development.
Facilities: Making
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.
GENERAL
Having issued 1 million ordinary shares of HK$1.00 each, H. Diam HK Ltd.
is wholly owned by Mr. Pritesh Nandkumar Mistry who is an Indian. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
Mistry is also one of the directors of the subject. Mistry can be reached at his mobile phone
number 6127 6614.
Formerly the subject’s registered address was in the office of a
commercial service provider Ponce & Co. Ltd. which is a Hong
Kong-registered firm. It moved to the present
new address in September 2010.
Business commenced in June 2010, the subject is a diamond importer,
exporter and wholesaler. It is trading
in loose diamonds, emerald, precious stones, ruby jade, gem sets, semi-precious
stones, blue or coloured sapphire, Tanzanite, etc. Most of the raw materials and products are
imported from India. Some of the raw
diamonds are polished or processed in Hong Kong or China. Finished products and polished diamonds are
marketed in Hong Kong, exported or re-exported to Japan, India, other
Asian countries, the Middle East, the United States, etc.
The subject’s raw materials are chiefly imported from India. The other director of the subject
Nishantkumar Shashikant Kapasi is responsible for the supplying of commodities
to the subject. Currently, he is
residing in Gujarat, India. He is an
India passport holder. The subject’s
business is still under development.
In the years ahead, the subject will take part in Hong Kong
International Jewellery Show in order to penetrate the Hong Kong and
international market further.
The subject’s business is chiefly handled by Mistry himself in Hong
Kong.
On the whole, since the history of the subject is just over a year and
five months, consider it good for normal business engagements on L/C 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.52.16 |
|
|
1 |
Rs.81.29 |
|
Euro |
1 |
Rs.69.47 |
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 |
|
<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.