MIRA INFORM REPORT

 

 

Report Date :           

26.06.2012

 

IDENTIFICATION DETAILS

 

Name :

NANCY  DIAM

 

 

Registered Office :

Flat D1, 6/F., Summit Building, 30 Man Yue Street, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

18.09.2003

 

 

Com. Reg. No.:

33914379-000-09

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Importer and Exporter of Loose polished diamonds, diamond jewellery, luxury watches, etc.

 

 

No. of Employees :

4.  (Including associate)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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 – September 30th, 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

 

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

 

-          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.56.53

UK Pound

1

Rs.88.09

Euro

1

Rs.70.83

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.