|
Report Date : |
08.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
NANCY DIAM |
|
|
|
|
|
|
Registered Office : |
Room 908, Block F, 9/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, 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 : |
2. (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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Source
: CIA
NANCY DIAM
Address: Room 908, Block
F, 9/F.,
Note: The subject is not located at your
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.
PHONE: Not Available
Manager: Mr. Asheinkumar
Dhirubhai Sutariya
Establishment: 18th
September, 2003.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond and Jewellery Trader.
Employees:
2. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
Head Office:-
Room 908, Block F, 9/F.,
Affiliated
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.
33914379-000-09
Manager: Mr. Asheinkumar
Dhirubhai Sutariya
Name: Mr. Asheinkumar Dhirubhai
SUTARIYA
Residential Address: Flat H, 3/F.,
Block 16, Cherry Mansion, 9 Shung King Street, Hunghom, Kowloon, Hong Kong.
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.
The subject became a partnership as Mr. Asheinkumar Dhirubhai Sutariya
joined in as a partner on 1st April, 2012.
It became a sole proprietorship again as Nilesh Sambhubhai Italiya
retired on 31st July, 2012
.
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, to Flat D1, 6/F. of the
same building in December of the same year.
In September 2012, the subject moved to the present address.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Loose
polished diamonds, diamond jewellery, luxury watches, etc.
Employees: 2. (Including associate)
Commodities Imported: Europe, US, etc.
Markets: Thailand,
Hong Kong, China, Vietnam, the Philippines, Malaysia, Singapore, India, US,
Russia, Turkey, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: As
per contracted.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active condition.
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.
Nancy Diam was a sole proprietorship set up and owned by Mr. Nilesh Sambhubhai Italiya who is an Indian. Now, the subject is solely owned by Mr. Asheinkumar Dhirubhai Sutariya who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also the manager of the subject.
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.
It moved to the present address in September 2012.
The subject is an affiliate 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, the old sole proprietor Nilesh Sambhubhai Italiya is
operating another firm known as Walasons Ltd. [Walasons] which is located at
the old 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 subject is a business
partner of Walasons. History in Hong
Kong is over nine years and a month.
On the whole, since the subject has been changed hands in April 2012,
consider the subject good for normal business engagements in small credit
amounts.
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.54.25 |
|
UK Pound |
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.83 |
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.