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Report Date : |
29.05.2012 |
IDENTIFICATION DETAILS
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Name : |
S.S. DIAM (H.K.) LTD. |
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Registered Office : |
Room 1403, 14/F., |
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Country : |
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Date of Incorporation : |
14.11.2006 |
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Com. Reg. No.: |
37354894 |
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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, emerald, precious stones, etc. |
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No. of Employees : |
1 |
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) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
S.S. DIAM (H.K.) LTD.
Room 1403, 14/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 2368 3648
FAX: 2368 3649
E-MAIL: ssdiam99@rediffmail.com
Managing Director: Mr. Sapan
Kirit Mehta (Mobile: 6043 1315)
Incorporated on: 14th
November, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employee:
1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1403, 14/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
37354894
1087402
Managing Director: Mr. Sapan
Kirit Mehta
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 14-11-2011)
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Name |
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No. of shares |
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Sapan Kirit MEHTA |
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10,000 ===== |
(As per registry dated 14-11-2011)
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Name (Nationality) |
Address |
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Sapan Kirit MEHTA |
Flat A, 9/F., Windsor Mansion, 29-31 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. |
(As per registry dated 14-11-2011)
|
Name |
Address |
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Bayani Divino Bautista PONCE |
Flat A, 8/F., Tower 5, Caribbean Coast, 2 Kin Tung Road, Tung Chung,
Lantau Island, Hong Kong. |
The subject was incorporated on 14th November, 2006 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: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds
and jewellery products, emerald, precious stones, etc.
Employee: 1.
Commodities Imported: India, other Asian countries, Belgium, other European countries,
etc.
Markets: Japan, other Asian countries, North
America, etc.
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$10,000.00
Indebtedness: HK$1,208,427.30 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 14-11-2011)
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small
profit in 2009 & 2010.
Condition: Business is normal.
Facilities: Making rather 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.
Having issued 10,000 ordinary shares of HK$1.00 each, S.S. Diam (H.K.)
Ltd. is wholly-owned by Mr. Sapan Kirit Mehta who is an Indian. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
The subject is dealing in fine coloured diamonds and rare gem
stones. It supplies diamonds having
different carats and sizes. Products
carried include fancy coloured diamonds, unusual rose cut and briolette cut
diamonds. Rough diamonds are imported
from India, Belgium and other European countries or Asian countries. Some of the commodities are polished
diamonds. Finished products and polished
diamonds are marketed in Hong Kong, exported or re-exported to Japan,
other Asian countries, the Middle East, North America, etc. Business is normal.
The individual secretary of the subject Bayani Divino Bautista Ponce is
also the individual secretary of many Indian firms in Hong Kong.
The subject’s total amount outstanding registered with the Companies
Registry as at mid November 2011 amounted to approximately HK$1.2 million.
The subject’s business is chiefly handled by Mr. Sapan Kirit Mehta
himself. He can be reached at his mobile
phone number 6043 1315.
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 taking part
in “HKTDC Hong Kong International Jewellery Show 2012” which will be held in
Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 16th to 20th February, 2012.
The subject’s history in Hong Kong is over five years and three months.
On the whole, consider it good for normal business engagements in small
credit amounts.
Property information of the company:-
Property Location: Office Unit 09 on 16/F. (including Exclusive Lavatory),
Multifield Plaza, 3 Prat Avenue, Kowloon, Hong Kong.
Owner: S.S. Diam (H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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04-12-2008 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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Date |
Particulars |
Amount |
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04-12-2008 |
Instrument: Assignment of Receivables – General
With Notice of Assignment Property: In consideration of the Banking Facilities, the Customer, as
beneficial owner and by way of security for the payment of the Secured
Monies, hereby assigns, and agrees to assign, to the Bank the Receivables
until all the Secured Monies have been paid or discharged Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
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04-12-2008 |
Instrument: Mortgage Property: 25/10,608 parts or shares of and in Section A of Kowloon Inland Lot
No. 6455, The Remaining Portion of Kowloon Inland Lot No. 6455, Section A of
Kowloon Inland Lot No. 6458, The Remaining Portion of Kowloon Inland Lot No.
6458, Section A of Kowloon Inland Lot No. 6460 and The Remaining Portion of
Kowloon Inland Lot No. 6460 [Office Unit 09 on 16/F. (including Exclusive
Lavatory) of Multifield Plaza, 3 Prat Avenue, Kowloon, Hong Kong.] Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.26 |
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UK Pound |
1 |
Rs.86.80 |
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Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.