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Report Date : |
08.10.2012 |
IDENTIFICATION DETAILS
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Name : |
PHOENIX
IMPEX |
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Formerly Known As : |
Phoenix Gems |
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Registered Office : |
Block B, 9/F., Golden Glory Mansion, 16 Carnavon Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.07.2007 |
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Com. Reg. No.: |
38171239-000-07 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
PHOENIX IMPEX
Block B, 9/F., Golden Glory Mansion, 16 Carnavon Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2312 2146
FAX: Not available
Manager: Mr. Nishank Harshaobhai Dagli
Establishment: 17th July, 2007.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
Block B, 9/F., Golden Glory Mansion, 16 Carnavon Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Technic Trade, Hong Kong. (Same owner) [Business ceased]
38171239-000-07
Manager: Mr. Nishank Harshaobhai Dagli
Name: Mr. Nishank Harshaobhai DAGLI
Residential Address: Room 1701, 17/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
and
C-19 Alok Apartment, P.T College Road, Near Sabar Flats, Paldi, Ahemdabad-380007, India.
The subject was established on 17th July, 2007 as a sole proprietorship concern owned by Mr. Nishank Harshaobhai Dagli under the Hong Kong Business Registration Regulations.
Originally the subject was registered under the name of Phoenix Gems, name changed to the present style on 25th July, 2007.
At the very beginning, the subject was located at Flat 7, 9/F., Star Mansion, 3‑5 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 1, 11/F. of the same building in January 2009; to Flat C, 6/F., Wah Fai Mansion, 38‑40 Granville Road, Tsimshatsui, Kowloon, Hong Kong in December 2010, and further to the present address in December 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, etc.
Employees: Nil.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, Southeast Asia, Europe, Middle East, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit.
Condition: Business is normal.
Facilities: Adequate for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Phoenix Impex is a sole proprietorship set up and owned by Mr. Nishank Harshaobhai Dagli who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered address was located at Flat C, 6/F., Wah Fai Mansion, 38-40 Granville Road, Tsimshatsui, Kowloon, Hong Kong which was in a residential building. The subject moved to this new address located at Block B, 9/F., Golden Glory Mansion, 16 Carnavon Road, 16 Carnavon Road, Hong Kong in December 2011 which is also a residence. It is likely that this is the latest residence of Dagli when he is in Hong Kong.
The subject is a diamond importer, exporter and wholesaler.
Business commenced in July 2007, the subject is trading in loose diamonds, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, etc. Most of its commodities are imported from India, Belgium and the other European countries, etc. Business is normal.
The subject is just a one-man-company. It made a small profit in the past three years.
Besides the subject, Dagli had set up another firm known as Technic Trade located at a different address. Established on 10th February, 2009, Technic Trade was located at Room 728, 7/F., Beverly Commercial Centre, 87 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. Technic Trader was also a diamond trader. However, this firm has ceased business since 6th December, 2010.
The history of the subject is over five years in Hong Kong.
On the whole, since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.