MIRA
INFORM REPORT
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Report Date : |
04.01.2012 |
IDENTIFICATION DETAILS
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Name : |
SHAMYA EXIM LTD. |
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Registered Office : |
Room 1810, 18/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.12.2007 |
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Com. Reg. No.: |
38742513 |
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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 gemstones. |
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No. of Employees : |
3 |
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 : |
Moderate |
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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
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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
SHAMYA EXIM LTD.
Company ADDRESS
Room 1810, 18/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon, Hong Kong.
PHONE: 3521 1444, 3640 3902
FAX: 3747 4694, 3581
2521
MANAGEMENT
Managing Director: Mr.
Pankajkumar Arvindbhai Dankhara
SUMMARY
Incorporated on: 13th
December, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Diamond Dealer.
Employees:
3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
company ADDRESS
Registered Head
Office:-
Room 1810, 18/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Shine Stone (HK) Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
38742513
COMPANY FILE NUMBER
1194884
MANAGEMENT
Managing Director: Mr.
Pankajkumar Arvindbhai Dankhara
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDER
(As per registry dated 13-12-2010)
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Name |
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No. of shares |
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Pankajkumar Arvindbhai DANKHARA |
|
1,000,000 ======= |
DIRECTORS
(As per registry dated 13-12-2010)
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Name (Nationality) |
Address |
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Pankajkumar Arvindbhai DANKHARA |
Flat 1, 5/F., Kui Fung Mansion, 18 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
|
Nimisha Pankajbhai DANKHARA |
Flat 1, 5/F., Kui Fung Mansion, 18 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 13-12-2010)
|
Name |
Address |
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Bayani Divino Bautista PONCE |
13/F., 5 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
HISTORY
The subject was incorporated on 13th December, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 707, 7/F., Heng Ngai Jewellery
Centre, 4 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong, moved to the
present address in December 2008.
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 gemstones.
Employees: 3.
Commodities Imported: Sourced from India, Europe, other Asian countries, etc.
Markets: Hong Kong, China and other Asian
countries.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P,
etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date of Assignment of Receivables – General with
Notice of Assignment: 10-06-2010
Amount: To secure all monies in respect of
banking facilities
Property: In consideration of the Banking
Facilities, the Customer, as beneficial owner and by way of security for the
payment of the Secured Monies, hereby assigns, and agrees to assign, to the
Bank the Receivables until all the Secured Monies have been paid or discharged
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Profit & Loss: Making a small
profit in 2009 and 2010.
Condition: Business is improving.
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.
GENERAL
Shamya Exim Ltd. was incorporated on 13th December, 2007 as a private
limited liability company.
With a nominal and issued share capital of HK$1 million, the subject is
solely owned by an Indian merchant Mr. Pankajkumar Arvindbhai Dankhara. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
He is also a diamond business executive in India.
Formerly the subject’s registered office was located at the same office
of Shine Stone (HK) Ltd. [Shine Stone].
Shine Stone was set up in Hong Kong on 19th May, 2006. With a registered capital of HK$1.5 million,
Shine Stone is jointly owned by an Indian company Jay Manav Impex, holding 55%
interests, and an Indian merchant Mr. Hitesh Parshotambhai Mangukia,
holding 45%. Shine Stone is engaged in
importing and marketing various kinds of diamonds. The subject is carrying the following main
products:
·
Yellow Diamonds
·
Pink Diamonds
·
Loose Diamonds
·
Natural Fancy Colour Diamonds
Imported from India, Shine Stone’s rough diamonds are sold to the
jewellery manufacturers in Hong Kong and China and exported to the other Asian
countries.
The subject moved to the present address in December 2008. Business is chiefly handled by Dankhara
himself.
The subject is engaged in the same lines of business as Shine Stone
which is one of its business partners.
Chiefly handled by Dankhara, the subject’s business has been improving
further. Its cut and polished diamonds are
marketed in Hong Kong and exported to the other Asian countries. It is carrying white and natural fancy colour
loose diamonds.
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 is going to
take part in “HKTDC Hong Kong International Jewellery Show 2012” which will be
held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 16th to 20th February, 2012.
The history of the subject in Hong Kong is over fours years.
On the whole, consider it good for normal business engagements.
REMARKS
Property information of associate:-
Property Location: Flat B
on 16/F. of Tower 9, Villa Verde (Phase IIA), Laguna Verde, 8 Laguna Verde
Avenue, Kowloon, Hong Kong.
Owner: Shine Stone (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date
of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
22-10-2008 |
- |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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 |
|
US Dollar |
1 |
Rs.53.23 |
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|
1 |
Rs.82.87 |
|
Euro |
1 |
Rs.69.13 |
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.