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Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
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Name : |
HONG KONG
DIAMOND LTD. |
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Registered Office : |
Room 3, Flat F2,
9/F., Phase 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom,
Kowloon |
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Country : |
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Date of Incorporation : |
02.07.2009 |
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Com. Reg. No.: |
50850970 |
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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, etc. |
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No. of Employees : |
2 |
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 : |
Small company |
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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 |
HONG KONG
DIAMOND LTD.
Room 3, Flat F2,
9/F., Phase 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.
PHONE: 2362 4222
FAX: 2362 4777
Managing
Director: Mr. Kuntal Deepak Shah
Incorporated on: 2nd July, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HONG KONG
DIAMOND LTD.
Registered Head
Office:-
Room 3, Flat F2,
9/F., Phase 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.
Associated
Company:-
Hongkong Diamond
Trading Co. Ltd., Hong Kong.
50850970
1349898
Managing
Director: Mr. Kuntal Deepak Shah
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
(As per registry dated 02-07-2011)
|
Name |
|
No.
of share |
|
Kuntal Deepak SHAH |
|
1 = |
(As per registry dated 02-07-2011)
|
Name (Nationality) |
Address |
|
Kuntal Deepak
SHAH |
Room 1102, 11/F., Oriental Centre, 67-71
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 02-07-2011)
|
Name |
Address |
Co.
No. |
|
Exchequer
Ltd. |
Room 1102, 11/F., Oriental Centre, 67-71 Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong. |
0803651 |
The
subject was incorporated on 2nd July, 2009 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at Room 1102, 11/F., Oriental Centre, 67‑71 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong where is the operating address of
Longmart Consultants Ltd., moved to the present address in August 2011.
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 gemstones, etc.
Employees: 2.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, Japan, other Asian countries,
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Keeping in balance account in 2011.
Condition: Business is improving.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Hong
Kong Diamond Ltd. was incorporated on 2nd July, 2009 as a diamond trading
company.
The
subject has just issued 1 ordinary share of HK$1.00 which is owned by Mr.
Kuntal Deepak Shah who is an Indian.
Shah 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.
Formerly
the subject’s registered office was in a consultant firm located at Room 1102,
11/F., Oriental Centre, 67-71 Chatham Road South, Tsimshatsui, Kowloon, Hong
Kong known as Longmart Consultants Ltd. [Longmart] which handles its
correspondences and documents. An
affiliate of Longmart known as Exchequer Ltd. is the corporate secretary of the
subject. Exchequer Ltd. is also located
at the above-mentioned address.
Now
the subject’s registered and operating office is located at Room 3, Flat F2,
9/F., Phase 2, Hang Fung Industrial Building, 2G Hok Yuen Street, Hunghom,
Kowloon, Hong Kong. This room belongs to
a business centre which has divided “Flat F2” into eight rooms, from 1 to 8, while
the subject occupies Room 3.
Formerly
Longmart was the only shareholder and director of the subject. In March 2010, Longmart transferred its share
to Shah, and since then, Shah has become the director of the subject.
The
subject is a diamond trader. It is a
diamond importer, exporter and wholesaler.
It is engaged in manufacturing loose diamonds like white goods, round,
marquise, pears, tappers, buggets, black diamonds, and rose cut diamonds. Most of the commodities, chiefly loose
diamonds, are imported from India and European countries. Prime markets are Hong Kong, Japan, other
Asian countries. Business is improving.
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 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
subject’s business is chiefly operated solely by Shah himself. History in Hong Kong is just over two years
and nine months.
On
the whole, since the history of the subject is short in Hong Kong, consider it
good for normal business engagements on secured 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.
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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.
-
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.
-
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.55.93 |
|
UK Pound |
1 |
Rs.88.14 |
|
Euro |
1 |
Rs.70.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.