|
Report Date : |
21.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
S. S.
DIAM CO. LTD. |
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|
|
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Registered Office : |
c/o Hashmi
Secretarial Services Ltd. Unit B, 3/F., Chun Wah Commercial Building, 30 Minden Avenue,
Tsimshatsui, Kowloon |
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|
|
|
Country : |
Hong Kong |
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Date of Incorporation : |
17.06.2010 |
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|
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Com. Reg. No.: |
52568171 |
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|
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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 precious stones, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
S. S.
DIAM CO. LTD.
c/o Hashmi
Secretarial Services Ltd.
Unit B, 3/F., Chun
Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2366 0401
FAX: 2367 7505
Managing
Director: Mr. Pritesh Pankajkumar Shah
Incorporated on : 7th July, 2010.
Organization : Private Limited Company.
Capital: Nominal : HK$10,000.00
Issued : HK$10,000.00
Business Category : Diamond Trader.
Employees : Nil.
Main Dealing Banker : The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation : Satisfactory.
S. S.
DIAM CO. LTD.
Registered
Head Office:-
c/o Hashmi
Secretarial Services Ltd.
Unit B, 3/F., Chun
Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
S. S. Diam Co.
Ltd., India.
S. S. Diam Co.
Ltd., Thailand.
52568171
1476908
Managing
Director: Mr. Pritesh Pankajkumar Shah
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As per registry dated 07-07-2011)
|
Name |
|
No.
of shares |
|
Pritesh Pankajkumar SHAH |
|
10,000 ===== |
(As per registry dated 07-07-2011)
|
Name (Nationality) |
Address |
|
Pritesh
Pankajkumar SHAH |
154 Vardhaman Nagar, Nr. Garden at Kalol N
G Dist., Gandhinagar 382721, Gujarat, India. |
(As per registry dated 07-07-2011)
|
Name |
Address |
Co.
No. |
|
Hashmi
Secretarial Services Ltd. |
Room 1811, 18/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon, Hong Kong. |
0770656 |
The
subject was incorporated on 7th July, 2010 as a private limited liability
company under the Hong Kong Companies Ordinance.
Initially
the subject was located at Room 1811, 18/F., Rise Commercial Building, 5-11
Granville Circuit, Tsimshatsui, Kowloon, Hong Kong where was the operating
office of Hashmi Secretarial Services Ltd.
This secretarial firm moved to the present address with effect from 3rd
January, 2012, so did the subject.
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 precious stones, etc.
Employees : Nil.
Commodities Imported : Thailand, India, other Asian countries, Europe, etc.
Markets : India, Thailand, other Asian countries, etc.
Terms/Sales : L/C or as per contracted.
Terms/Buying : As per contracted.
Nominal Share Capital : HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital : HK$10,000.00
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 required.
Commercial Morality : Satisfactory.
Banker : The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing : Small.
Having
issued 10,000 ordinary shares of HK$1.00 each, S. S. Diam Co. Ltd. is wholly owned
by Pritesh Pankajkumar Shah who is an Indian.
He is an India passport holder and does not have the right to reside in
Hong Kong permanently. Currently
residing in India, he is also the only director of the subject.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at Unit B,
3/F., Chun Wah Commercial Building, 30 Minden Avenue, Tsimshatsui, Kowloon,
Hong Kong known as Hashmi Secretarial Services Ltd. which is handling its
correspondences and documents. This firm
is also the corporate secretary of the subject.
The
subject has no employees in Hong Kong.
The
subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, Japan and the other Asian countries.
Business is still under development.
It
is likely that the subject has got associated companies in India and Thailand
which bear the same name [S. S. Diam] as the subject.
It
is also likely that S. S. Diam deals with foreign parties under the name of the
subject and let foreign firms correspond with the subject’s registered address
in Hong Kong. S. S. Diam also exports
commodities to foreign markets under the name of the subject and its registered
address in Hong Kong. India S. S.
Diam is operated by Pritesh Pankajkumar Shah.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over a year and seven months.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, consider it good for business engagements on L/C basis.
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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.