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Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
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Name : |
MEENA DIAM (HK) LTD. |
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Registered Office : |
Flat D, 7/F., |
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Country : |
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Date of Incorporation : |
30.11.2011 |
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Com. Reg. No.: |
59209764 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
MEENA DIAM
(HK) LTD.
ADDRESS:
Registered Office:-
Flat D, 7/F., Union Mansion, 33-34 Chatham Road South, Tsimshatsui, Kowloon,
Hong Kong.
59209764
1685689
30th November, 2011.
Limited Liability Company
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 30-11-2011)
|
Name |
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No. of shares |
|
Nikul Premjibhai GODHANI |
|
10,000 ===== |
(As per registry dated 23-05-2012)
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Name (Nationality) |
Address |
|
Jaydeep Rameshkumar SAVANI |
Flat 405, Monica Sadan, Kedarmal Road, Pethe Nagar, Malad East,
Mumbai-400097, India. |
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Nikul Premjibhai GODHANI |
604/A Sushil Building, Shital Nagar, Ashok Chakravati Cross Road,
Kandivali East, Mumbai‑400101.(MS) I, India. |
(As per registry dated 30-11-2011)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong. |
0975326 |
Having issued 10,000 ordinary shares of HK$1.00 each, Meena Diam (HK)
Ltd. is wholly owned by Mr. Nikul Premjibhai Godhani who is an Indian. He and Mr. Jaydeep Rameshkumar Savani are
directors of the subject.
The two are India passport holders and do not have the right to reside
in Hong Kong permanently. Currently
they are residing in Mumbai, India.
The subject does not have its own operating office. Its registered address is in a private
building located at “Flat D, 7/F., Union Mansion, 33-34 Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong.” This
is supposed to be the residence of the shareholders when they are 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.
The subject has got an associated company in India known as “Amrut Gems”
[Amrut] which is also operated by the directors of the subject. The India firm is also a diamond and gemstone
trader.
Founded in 1999, Amrut is specialized in tapers, baguettes, fency cut
diamonds, round cut, princess cut or all cut diamonds. Its products are exported to Australia, New
Zealand, Indian Subcontinent, Caribbean, the Middle East, East and Middle of
Africa, North Africa, South and West Africa, East Europe, East Asia, Central
America, North Europe, South America, South/West Europe, South Eastasia and
North America.
It is also likely that Amrut deals with foreign parties under the name
of the subject and let foreign firms correspond with the subject’s registered
address in Hong Kong. The India firm
also exports commodities to foreign markets under the name of the subject and
its registered address in Hong Kong.
The history of the subject is just over seven months.
Since the registered office of the subject is in a residential building,
consider it good for normal business engagements on L/C 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
|
<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.