MIRA INFORM
REPORT
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Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
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Name : |
DIA
GIOIELLI CO. |
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Registered Office : |
c/o Roger
Kam & Co., Room 301, 3/F., |
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Country : |
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Date of Incorporation : |
07.01.2008 |
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Com. Reg. No.: |
38812469-000-01 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, etc. |
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No. of Employees
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Not Available |
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 30th, 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 |
DIA GIOIELLI CO.
c/o Roger Kam & Co.
Room 301, 3/F., Golden Gate Commercial Building, 136-138 Austin Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2381 7447
FAX: 2381 3938
Manager: Mr. Jayeshkumar Gunvantrai Kevadiya
Establishment: 7th January, 2008.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
c/o Roger Kam & Co.
Room 301, 3/F., Golden Gate Commercial Building, 136-138 Austin Road, Tsimshatsui, Kowloon, Hong Kong.
38812469-000-01
Associated
Company:-
United Universal, Hong Kong. (Same owner)
38812469-000-01
Manager: Mr. Jayeshkumar Gunvantrai Kevadiya
Name: Mr. Jayeshkumar Gunvantrai KEVADIYA
Residential Address: 66,
Shreeji Nagar, 2, Dabhali Char Rasta, Wed Road, Surat, India.
The subject was established on 7th January, 2008 as a sole proprietorship concern owned by Mr. Jayeshkumar Gunvantrai Kevadiya under the Hong Kong Business Registration Regulations.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, etc.
Employees: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, Japan, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, 30 days credit, etc.
Capital: Not disclosed.
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
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.
Dia Gioielli Co. is a sole proprietorship set up and owned by Mr. Jayeshkumar Gunvantrai Kevadiya who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently.
The subject commenced business on 7th January, 2008. It does not have its own operating office. Its registered office is in an accountant firm located at Room 301, 3/F., Golden Gate Commercial Building, 136-138 Austin Road, Tsimshatsui, Kowloon, Hong Kong known as Roger Kam & Co. which is handling its correspondences and documents.
To our knowledge, Kevadiya is not in Hong Kong but in India most of the time. The subject is a diamond trader. It is supplying all kinds of cut, polished and loose diamonds. Prime markets are Hong Kong, Japan, and other Asian countries.
Besides the subject, Kevadiya has set up another firm in Hong Kong known as United Universal which commenced business on 7th January, 2008, the same date as the subject.
United Universal also does not have its own operating office. Its registered address is in a residential building located at Laguna Verde, 8 Tai Wan Road East, Hunghom, Kowloon, Hong Kong. This address seems to be the residence of Kevadiya when he is in Hong Kong.
The subject has no employees in Hong Kong. It is a diamond trader trading in loose diamonds, emerald, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, etc. Commodities are chiefly imported from India. Prime markets are Hong Kong, Japan and other Asian countries.
The businesses of the subject and United Universal are handled by Kevadiya himself. Both firms are one-man companies.
The subject’s business in Hong Kong is not very active although its history in Hong Kong is over four years and two months.
On the whole, since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.51.16 |
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UK Pound |
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.68.34 |
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.