MIRA INFORM REPORT
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Report Date : |
03.01.2012 |
IDENTIFICATION DETAILS
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Name : |
NANCY
DIAM |
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Registered Office : |
Flat D1, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.09.2003 |
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Com. Reg. No.: |
33914379-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of Loose polished diamonds, diamond jewellery, luxury watches, etc. |
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No. of Employees
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4. (Including associate) |
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
NANCY DIAM
Company ADDRESS
Flat D1, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2311 5052
FAX: 2311 5053
MANAGEMENT
Manager: Mr. Nilesh Sambhubhai Italiya
SUMMARY
Establishment: 18th September, 2003.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond and Jewellery Trader.
Group Annual Turnover: HK$190~200 million.
Employees: 4. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company aDDRESS
Head Office:-
Flat D1, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong.
Associated
Companies:-
Manee Diam Co. Ltd.
322/54 Surawongwattanakarn, 22nd Floor, Suite-B, Surawongse Road, Sipraya, Bangrak, Bangkok 10500, Thailand.
[Tel 66 2631 8990 (4 lines)
Fax: 66 2631 8996
E-mail: maneediam@yahoo.com ]
Walasons Ltd., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
33914379-000-09
MANAGEMENT
Manager: Mr. Nilesh Sambhubhai Italiya
SOLE PROPRIETOR
Name: Mr. Nilesh Sambhubhai ITALIYA
Residential Address: Flat E, 2/F., Universal Mansion, Phase 1, 52 Hillwood Road, Tsimshatsui, Kowloon, Hong
Kong.
HISTORY
The subject was established on 18th September, 2003 as a sole proprietorship concern owned by Mr. Nilesh Sambhubhai Italiya under the Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Flat E, 2/F., Universal Mansion, Phase 1, 52 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat A, 6/F., Tung Wui Building, 46-48 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong in January 2007, to Flat L1, 12/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon, Hong Kong in July 2008, and further to Flat D1, 6/F. of the same building in December of the same year.
Apart from these, neither material
change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: Loose polished diamonds, diamond jewellery, luxury watches, etc.
Employees: 4. (Including associate)
Commodities Imported: Europe, US, etc.
Markets: Thailand, Hong Kong, China, Vietnam, the Philippines, Malaysia, Singapore, India, US,
Russia, Turkey, etc.
Group Annual Turnover: HK$190~200 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As per contracted.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Bangkok Bank Public Co. Ltd., Hong Kong Branch.
Standing: Normal.
GENERAL
Nancy Diam is a sole proprietorship set up and owned by Mr. Nilesh Sambhubhai Italiya who is an Indian. Most of the time, he is residing in Bangkok, Thailand.
The subject is not located at your given address Room 303A, 3/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong where is occupied by a firm known as Aqua Diamonds Ltd.
The subject is an associate of Manee Diam Co. Ltd. [Manee Diam] which was established in Bangkok, Thailand. Incorporated in March 2003 and under the leadership of Mr. Nilesh S. Italiya and Mr. Prakash S. Italiya. Manee Diam has been a diamond manufacturing, exporting and importing company since 1972. This firm started its operations in the diamond manufacturing cities Surat and Mumbai of India.
Now, Manee Diam is Thailand’s leading provider of white colour natural polished diamond. Being a major diamond trader, Manee Diam has had manufacturing plants in Surat, India. It is providing customers with quality diamonds which are manufactured by using state of the art equipment.
Manee Diam serves the customers in most of the Asian countries (including Thailand, Hong Kong, China and Vietnam), the Middle East, Europe, the United States, etc.
The subject is engaged in the same lines of business as Manee Diam. It is the business hub of Asia of the Group and is trying to expand the Group’s business. Manee Diam is also trading in luxury watches.
In Hong Kong, Nilesh Sambhubhai Italiya is operating another firm known as Walasons Ltd. [Walasons] which is located at the same operating office of the subject. Having issued 300 ordinary shares of HK$1.00 each, Walasons is equally owned by the members of the Italia or Italiya family, namely, Mr. Prakash Shambhubhai Italia, Mr. Nilesh Sambhubhai Italiya and Sharda Nilesh Italiya. Walasons is also a diamond trader.
The annual sales turnover of the Group ranges from HK$190 to 200 million. Overall business is good and active.
The subject is fully supported by the Italiya family. History in Hong Kong is over eight years and three months.
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.30 |
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UK Pound |
1 |
Rs.82.66 |
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Euro |
1 |
Rs.68.91 |
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.