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Report Date : |
24.02.2012 |
IDENTIFICATION DETAILS
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Name : |
NIKITA GEMS |
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Registered Office : |
Unit 9, 9/F., Block A, Hunghom Commercial Centre, 39 Ma Tau Wai Road,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.05.2003 |
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Com. Reg. No.: |
33622918-000-05 |
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Legal Form : |
Partnership |
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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 : |
3 |
RATING & COMMENTS
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MIRAs 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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
NIKITA GEMS
Unit 9, 9/F., Block A, Hunghom Commercial Centre, 39 Ma Tau Wai Road,
Hunghom, Kowloon, Hong Kong.
PHONE: 2369 5442, 3579 2444
FAX: 2724 5442
E-MAIL: gemsnikita@yahoo.com
Manager: Mr. Virendra Banthia
Establishment: 20th
May, 2003.
Organization: Partnership.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Annual Turnover: HK$45~48
million.
Employees:
3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Unit 9, 9/F., Block A, Hunghom Commercial Centre, 39 Ma Tau Wai Road,
Hunghom, Kowloon, Hong Kong.
33622918-000-05
Manager: Mr. Virendra Banthia
Contact Person: Mr. Ravi Chopra
Name: Mr. Virendra BANTHIA
Residential Address: Flat 3A, 3/F.,
Houng Sun Building, 45-47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Ashok Kumar DAGA
Residential Address: Flat 2,
25/F., Tower 2, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong.
The subject was established on 20th May, 2003 as a sole proprietorship
concern owned by Mr. Virendra Banthia under the Hong Kong Business Registration
Regulations. It has become a partnership
since 15th June, 2010 as Mr. Ashok Kumar Daga joined in as a partner on that
date.
Initially the subject was located at Flat 3A, 3/F., Houng Sun Building,
45‑47 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat
B, 12/F., Alpha House, 27-33 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in
December 2003; to Room 1104, 11/F., Tung Shun Hing Commercial Centre, 20-22
Granville Road, Tsimshatsui, Kowloon, Hong Kong in July 2004; to Flat B, 7/F.,
Kim Hing Mansion, 49-51 Kimberly Road, Tsimshatsui, Kowloon, Hong Kong in April
2005; to Flat B, 8/F., Valiant Commercial Building, 22-24 Prat Avenue,
Tsimshatsui, Kowloon, Hong Kong.in June 2006, and further moved to the present
address in April 2011.
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, emerald, precious stones, etc.
Employees: 3.
Commodities Imported: India, other Asian countries, Belgium, other European countries,
etc.
Markets: Hong
Kong, Japan, Southeast Asia, Europe, etc.
Annual Turnover: HK$45~48 million.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKN0288]
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
normal condition.
Facilities:
Making 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.
Nikita Gems was a sole proprietorship set up
and owned by Mr. Virendra Banthia who is an Indian. It has become a partnership since 15th June,
2010 as Mr. Ashok Kumar Daga joined in as a partner on that date.
Being the manager of the subject, Banthia is
a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
The subject moved to the present address in
April 2011.
The subject is a diamond importer, exporter and wholesaler. It is carrying loose diamonds, round cut
diamonds and fancy cut diamonds in different shapes, grades and colours. The followings are its main products:-
·
Round Diamonds
·
Princess-Cut Diamonds
·
Loose Diamonds
Finished products and polished diamonds are exported or re-exported to
Japan, other Asian countries, Europe, North America, etc. Business is rather active.
Commenced in May 2003, the business of the subject is chiefly handled by
Banthia himself.
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. For instance, it participates
the Hong Kong International Jewellery Show every year. The latest one participated was Hong Kong
International Jewellery Show 2010 which had been held between 5th to 9th March,
2010. 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 of 16th to 20th February, 2012.
The annual sales turnover of the subject ranges from HK$45 to 48
million. Making a small profit every
year.
The contact person of the subject Mr. Ravi Chopra is also an Indian.
The history of the subject is over eight years and six months in Hong
Kong.
On the whole, consider it good for normal business engagements.
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.
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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.
-
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.49.25 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.29 |
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 SCs 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.