|
Report Date : |
27.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUNNY DIAM (HK) LTD. |
|
|
|
|
Registered Office : |
Room 601, 6/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
27.07.2011 |
|
|
|
|
Com. Reg. No.: |
58795075 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Trader of Diamonds and all kinds of Precious Stones |
|
|
|
|
No. of Employees : |
1. (Including associate) |
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 |
|
Payment Behaviour : |
No Complaints |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SUNNY DIAM
(HK) LTD.
ADDRESS: Room 601, 6/F., Working Port Commercial
Building, 3 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 3481 3548; 9812 9977
FAX: 3480 3548
Managing Director: Mr. Samish
Pravin Shah
Incorporated on: 27th
July, 2011.
Organization: Private
Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees:
1. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 601, 6/F., Working Port Commercial Building, 3 Hau Fook Street,
Tsimshatsui, Kowloon, Hong Kong.
Associated Company:-
Sunny Diam (H.K.), Hong Kong.
(Same address)
58795075
1644489
Managing Director: Mr. Samish
Pravin Shah
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 27-07-2011)
|
Name |
|
No. of shares |
|
Samish Pravin SHAH |
|
10,000 ===== |
(As per registry dated 27-07-2011)
|
Name (Nationality) |
Address |
|
Samish Pravin SHAH |
Flat B, 13/F., Tower 6, Harbour Place, 8 Oi King Street, Hunghom,
Kowloon, Hong Kong. |
(As per registry dated 27-07-2011)
|
Name |
Address |
Co. No. |
|
Pan Pacific Consultants Ltd. |
Room 1207, 12/F., Wing Tuck Commercial Centre, 177-183 Wing Lok
Street, Sheung Wan, Hong Kong. |
1254491 |
The subject was incorporated on 27th July, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Diamond
Trader.
Lines: All
kinds of precious stones.
Employees: 1. (Including associate)
Commodities Imported: India, Thailand, Europe, etc.
Markets: Japan,
other Asian countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$100,000.00 (Divided into
100,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business
is under development.
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, Sunny Diam (HK) Ltd.
is wholly owned by Mr. Samish Pravin Shah who is an Indian. He has become a Hong Kong ID Card holder
since March 2010 and has got the right to reside in Hong Kong permanently. He can be reached at his mobile phone number
9812 9977 in Hong Kong.
Incorporated in July 2011, the subject has had an associated company
Sunny Diam (H.K.) [SDHK] which is a Hong Kong-registered firm located at
the same operating address. SDHK was
established on 3rd May, 2005.
The subject and SDHK are engaged in the same lines of business.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose polished white or
coloured diamonds, etc. It supplies
customers with loose diamonds with different carats and cuts. According to the subject, it is able to provide
‘consistent supply of diamonds with timely delivery’. Commodities are imported from India, Belgium
and other European countries, etc.
Finished products and polished diamonds are marketed in Hong Kong,
exported or re-exported to Japan, the other Asian countries, Europe, etc. Business is still under development.
In order to penetrate the international market further, SDHK has taken
part in fairs and exhibitions held in Hong Kong and other foreign large
cities. It took part in “2008 Shenzhen
International Jewellery Fair” which was held in September 2008. It also has taken part in the fairs and
exhibitions held in Hong Kong. For
instance, it took part in “HKTDC Hong Kong International Jewellery Show 2012”
which had been held in Hong Kong Convention and Exhibition Centre, Wanchai,
Hong Kong during the period of 16th to 20th February, 2012. Besides, SDHK is going to take part in “HKTDC
Hong Kong International Jewellery Show 2013” which will be held in
Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 5th to 9th March, 2013.
The history of the subject in Hong Kong is just about a year.
On the whole, 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.55.95 |
|
|
1 |
Rs.86.56 |
|
Euro |
1 |
Rs.67.95 |
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 |
|
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.