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Report Date : |
11.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
PERRY GEMS ( |
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Registered Office : |
Room 404A, 4/F., Fu |
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Country : |
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Date of Incorporation : |
17.06.2005 |
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Com. Reg. No.: |
35752741 |
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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 jewellery products, etc |
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No. of Employees : |
4. (Including associates) |
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 |
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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 – 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 |
PERRY GEMS (HONG KONG) LTD.
Room 404A, 4/F.,
Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong
Kong.
PHONE: 2739 5657, 3160 4237,
3160 4238
FAX: 2739 5658
E-MAIL: perryhk@perrygems.com
Managing Director: Mr. Dhaval
Kumar Vinod Chandra Patel
Incorporated on: 17th
June, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$4,000,000.00
Issued: HK$4,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
4. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 404A, 4/F., Fu Hang Industrial Building, 1 Hok Yuen Street East,
Hunghom, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Perry Impex, India.
PM Jewels Ltd., Hong Kong. (Same
address)
R.D. Gem Ltd., Hong Kong. (Same
address)
35752741
0977829
Managing Director: Mr. Dhaval
Kumar Vinod Chandra Patel
Contact Person: Ms. Siu Lok Kwan
Nominal Share Capital: HK$4,000,000.00 (Divided into 4,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
(As per registry dated 17-06-2011)
|
Name |
|
No. of shares |
|
Dhaval Kumar Vinod Chandra PATEL |
|
4,000,000 ======= |
(As per registry dated 17-06-2011)
|
Name (Nationality) |
Address |
|
Dhaval Kumar Vinod Chandra PATEL |
Flat G, 6/F., Block 1, Willow Mansions, 120 Baker Street, Site 3,
Whampoa Garden, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 17-06-2011)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
The subject was
incorporated on 17th June, 2005 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly the subject was
located at Room 404A, 4/F., Fu Hang Industrial Building, 1 Hok Yuen Street
East, Hunghom, Kowloon, Hong Kong, moved to Office A, 4/F., Cheerful Commercial
Building, 116-118 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong in October 2008;
and further moved back to Room 404A, 4/F., Fu Hang Industrial Building in May
2009.
Apart from these, neither
material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds
and jewellery products, etc.
Employees: 4.
(Including associates)
Commodities Imported: India, Belgium, US, etc.
Markets: Hong Kong, China, other Asian
countries, Europe, US, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
· Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
· The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$4,000,000.00
(Divided into 4,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 2,500,000.00 |
|
21-08-2009 |
paid up |
HK$ 1,500,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$ 4,000,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$2,500,000.00 |
to |
HK$4,000,000.00 |
on |
21-08-2009 |
Indebtedness: HK$3,198,088.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 17-06-2011)
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small
profit every year.
Condition: Business is satisfactory.
Facilities: Making rather active use of general
banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing:
Normal.
Having issued 2.5 million ordinary shares of HK$1.00 each, Perry Gems
(Hong Kong) Ltd. was wholly owned by Mr. Dhaval Kumar Vinod Chandra Patel who
is an Indian. In August 2009, the
subject increased its ordinary shares to 4 million. The newly issued 1.5 million ordinary shares
were all allotted to Patel. Mr. Patel is
a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
The subject is a diamond importer, exporter and wholesaler. Rough diamonds are imported India, Belgium,
the United States, etc. Currently, the
subject is manufacturing the following commodities and offering clients with
the following services:-
|
Product/Service |
Product/Service Remarks |
|
Fine Jewellery |
|
|
Diamond |
Include from India, Belgium and USA (Importer) Include from India, Belgium and USA (Exporter) Include from India, Belgium and USA (Wholesaler) |
|
Precious and Semi-Precious Jewellery |
|
|
Jewellery – Gemset |
|
|
Jewellery – Diamond |
Include from India, Belgium and USA (Importer) Include from India, Belgium and USA (Exporter) Include from India, Belgium and USA (Wholesaler) |
Main diamond jewellery includes bracelets, brooches, earrings,
necklaces, rings, pendants, etc. Its
polished diamonds include princess cut, round brilliant, tapered, etc. It is specialized in those diamonds in -2,
Star, Melee, +11 up to 0.50 pts. Colours
are white, next to white, off white, TTLB, dark brown [DB], and black. Most of the diamonds are brilliant cut. Finished products are marketed in Hong Kong,
exported to China, Taiwan, other Asian countries, Southeast Asia, Western
Europe and the United State, etc. Business
normal.
The subject has got an affiliated company Perry Impex in Mumbai,
India. Perry Impex is also a diamond
product manufacturer, exported and wholesaler.
The manufacturing unit of Perry Impex is in Surat, Gujarat, India. The factory has been equipped with the
state-of-the-art technology and the latest equipment.
The subject’s business is chiefly handled by Mr. Patel himself. The contact person Ms. Siu Lok Kwan is a
Hongkongnese.
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 Wanchai, Hong Kong during the period of 16th to 20th February, 2012.
Besides operating the subject, Mr. Patel is also a shareholder and
director of another diamond and jewellery firm PM Jewels Ltd., also a Hong
Kong-based and registered firm located at the subject’s operating
address.. PM Jewels Ltd. was also
incorporated on 17th June, 2005.
Another firm R.D. Gem Ltd. shares the same operating address with the
subject. Incorporated on 21st November,
2007 and wholly-owned by Mr. Bharat Babubhai Mangukiya, R.D. Gem Ltd. is
also a diamond and gem trader.
The history of the subject in Hong Kong is about six years and six
months.
On the whole, consider it good for normal business engagements.
Property information of the company:-
Property Location: Office A on 4/F., Cheerful Commercial Building,
116-118 Ma Tau Wai Road, Kowloon, Hong Kong.
Owner: Perry Gems (Hong Kong) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
25-03-2011 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
14-03-2006 |
Instrument: Charge Over Accounts (Limited Company
– Under Seal) Property: In consideration of the Bank agreeing to grant or continuing to grant
the Banking Facilities, the Chargor, as beneficial owner and by way of fixed
charge, assigns, charges and pledges the “Charged Property” to Bank as a
continuing security for the due payment and satisfaction of the Secured
Moneys by the Chargor to the Bank on demand Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
|
21-06-2010 |
Instrument: Floating Charge Property: By way of floating charge the undertaking of the Company and all its
property Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All monies and liabilities |
|
23-06-2010 |
Instrument: Assignment of Life Insurance Property: (i) all the Assignor’s claims, options, privileges, right, title,
interest and benefit in and under the Insurance; and (ii) all the Assignor’s
claims and rights basis against the issuer of the Policy in respect of the
Policy Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Secured Indebtedness |
|
30-11-2010 |
Instrument: Mortgage Property: 16/18,850th parts or shares of and in Section C of Kowloon Inland Lot
No. 10750 (Flat G on 6/F. of Block 1 of Willow Mansions, 120 Baker Street,
Whampoa Garden, Site 3, Kowloon, Hong Kong. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
25-03-2011 |
Instrument: Mortgage Property: 1/54th part or share of and in Kowloon Inland Lot No. 8485 & 8465
(Office A on 4/F. of Cheerful Commercial Building, 116‑118 Ma Tau Wai
Road, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all sums |
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.
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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.
-
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.53.34 |
|
UK Pound |
1 |
Rs.86.11 |
|
Euro |
1 |
Rs.69.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.