MIRA INFORM REPORT
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Report Date : |
16.12.2011 |
IDENTIFICATION DETAILS
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Name : |
AMY
DIAM LTD. |
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Registered Office : |
Flat A3, 5/F., Burlington House, 90-94C Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.09.2005 |
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Com. Reg. No.: |
36152790 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
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No. of Employees
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4 Persons |
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 – September 30th, 2011
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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
AMY DIAM
LTD.
Company ADDRESS
Flat A3, 5/F., Burlington House, 90-94C Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2367 7700
FAX: 2367 7779
E-MAIL: info@amydiam.com
MANAGEMENT
Managing Director: Mr. Girishkumar Girdharlal Shah
SUMMARY
Incorporated on: 29th September, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$6,000,000.00
Issued: HK$6,000,000.00
Business Category: Diamond Trader.
Employees: 4.
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Flat A3, 5/F., Burlington House, 90-94C Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
· Amy Diam Creations Pvt. Ltd., India.
· Amy Diam Vega Jewellery Pvt. Ltd., India.
· Amy Diam, Hong Kong. (Same address)
· Shanghai Amy Diam Co. Ltd., China.
· Shenzhen Prestige Jewelry Co. Ltd., China.
· Waily International Ltd., Taiwan.
BUSINESS REGISTRATION NUMBER
36152790
COMPANY FILE NUMBER
0998317
MANAGEMENT
Managing Director: Mr. Girishkumar Girdharlal Shah
CAPITAL
Nominal Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
SHAREHOLDERS
(As per registry
dated 29-09-2011)
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Name |
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No.
of shares |
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Girishkumar
Girdharlal SHAH |
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3,600,000 |
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Heena Girish SHAH |
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2,400,000 |
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–––––––– |
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Total: |
6,000,000 ======= |
DIRECTORS
(As per registry dated 29-09-2011)
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Name (Nationality) |
Address |
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Girishkumar
Girdharlal SHAH |
Flat J, 12/F., Windsor Mansions, 17 Austin
Avenue, Tsimshatsui, Kowloon, Hong Kong. |
|
Heena Girish
SHAH |
Flat J, 12/F., Windsor Mansions, 17 Austin
Avenue, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 29-09-2011)
|
Name |
Address |
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WONG
Hiu Wan |
Flat D, 20/F., Block 3, Seaview Crescent, 8 Tung Chung Waterfront
Road, Tung Chung, Lantau Island, Hong Kong. |
HISTORY
The
subject was incorporated on 29th September, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: 4.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, Japan, Southeast Asia, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
Alternation of
Capital:-
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Initially |
paid up |
HK$ 1,000,000.00 |
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11-03-2009 |
paid up |
HK$ 5,000,000.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 6,000,000.00 ============== |
Increase of
Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$6,000,000.00 |
on |
11-03-2009 |
Mortgage or
Charge:-
Date of Debenture: 02-06-2006
Amount: All money and the discharge of all obligations and liabilities
Property: 1) All stocks shares bonds and securities of any kind whether marketable or otherwise and
all other interests including loan capital of the Company
2) All book and other debts revenues and claims both present and future due or owing or which amy become due or owing to or purchased or otherwise acquired by the Company
3) The uncalled capital goodwill and all patents patent applications trade marks trade names registered designs and copyrights and all licences and ancillary and connected rights relating to the intangible property both present and future of the Company
4) The undertaking and all other assets of the Company both present and future including the stock in trade of the Company and the heritable property
Mortgagee: Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong
Branch.
Profit or Loss: Making a small profit in the past years.
Condition: Keeping in a satisfactory condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
· Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Standing: Normal.
GENERAL
Having
issued 6 million ordinary shares of HK$1.00 each, Amy Diam Ltd. is jointly
owned by Girishkumar Girdharlal Shah, holding 60% interests; and Mr. Heena
Girish Shah, holding 40%. The subject is
a member of the Amy Diam Group.
The
subject has got an associated company Amy Diam located at the same operating
address. Established on 21st February
1990, Amy Diam is engaged in the same lines of business as the subject. This firm is also managed and owned by the
Shahs.
Amy
Diam has been manufacturing and designing quality diamond jewellery for clients
all over the world. It offers clients
with high-end products from Hong Kong and China. Its diamonds range in sizes from 0.01 cts. to
2.99 cts. in a variety of cuts ranging from round to princess and in grades of
“WS” to “SI”. Amy Diam has had a close
relationship with a leading sightholder of DTC Ltd. in India where it purchases
its diamonds. It is specialized in round
and Princess Cut diamonds made from sawn rough which when polished have maximum
luster and brilliance. Amy Diam produces
different cuts of diamond on behalf of its clients and constantly offer
innovative solutions to challenges found in modern jewellery styles.
Amy
Diam has factories in China that manufacture its jewellery collections and OEM
products on behalf of its clients. Amy
Diam’s product range includes rings, earrings and pendants in range of settings
in 18K gold and platinum and silver, and special expertise in “invisible set
jewellery” finely crafted from princess cut diamonds.
Amy
Diam has had a main factory in Shenzhen Special Economic Zone, Zhina which is
engaged in manufacturing its branded products.
“Shenzhen
Prestige Jewelry” is its own retail brand which has been recently setup in
China. For the Shenzhen Prestige Jewelry
Co. Ltd., Amy Diam has specially designed classic styles from rings to pendants
to bracelets and earrings. “Shenzhen
Prestige” is a China focused brand that aims to bring a larger variety of
luxury diamond products to the mainland market.
Currently, the market share of “Shenzhen Prestige” in China has
been increasing.
Besides
the China market, Amy Diam exports its products to Japan, Southeast Asia,
etc. Business is rather active. The history of Amy Diam in Hong Kong is over
twenty-one years. Regular suppliers in
India have been maintained.
The
Amy Diam Group is a Hong Kong based diamond house which has been engaged in
this trade of polished diamond trading for 40 years. It has its presence in the Asia Pacific
region markets such as Hong Kong, Shanghai and
Shenzhen SEZ. Taiwan is also its
prime market since last 18 years.
Recently
global economy is facing impacts of e-commerce, Amy Diam Group is also
launching a e-business brand of 8 Hearts approach emerging markets in China by
the concept of providing affordable and elegant diamond jewellery that are made
in house-design and exquisite craftwork via Internet.
Today
the Group has entered into a new era of business by forward integrating into
the diamond jewellery manufacturing since last 12 years under the name of Amy
Diam Vega Jewellery Pvt. Ltd. with a vision of looking forward to the future
with the second generation of the family entrepreneurship entering the business
to take the Group ahead.
The
subject and Amy Diam are controlled by the Shah family.
On the whole,
consider the subject 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.54.23 |
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UK Pound |
1 |
Rs.83.77 |
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Euro |
1 |
Rs.70.46 |
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.