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Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
AMY DIAM
LTD. |
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Registered Office : |
Flat A3, 5/F., Burlington House, 90-94C Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.09.2005 |
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Com. Reg. No.: |
36152790 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler All kinds of diamonds and
jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
4 |
RATING & COMMENTS
|
MIRAs 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
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.
Source : CIA
AMY DIAM
LTD.
Flat
A3, 5/F., Burlington House, 90-94C Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 2367 7700
FAX: 2367 7779
E-MAIL: info@amydiam.com
Managing
Director: Mr. Girishkumar
Girdharlal Shah
Incorporated on: 29th September, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$6,000,000.00
Issued: HK$6,000,000.00
Business Category: Diamond Trader.
Employees: 4.
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
AMY DIAM
LTD.
Registered Head Office:-
Flat
A3, 5/F., Burlington House, 90-94C Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
Affiliated/Associated Companies:-
Amy Diam Creations Pvt. Ltd., India.
Amy Diam Vega Jewellery Pvt. Ltd.,
India.
Amy Diam, Hong Kong.
(Same address)
Shanghai
Amy Diam Co. Ltd., China.
Shenzhen
Prestige Jewelry Co. Ltd., China.
Virajdiam, Hong Kong.
Waily International Ltd., Taiwan.
36152790
0998317
Managing
Director: Mr. Girishkumar
Girdharlal Shah
Nominal
Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of HK$1.00 each)
Issued
Share Capital: HK$6,000,000.00
(As per registry dated 29-09-2011)
|
Name |
|
No. of shares |
|
Girishkumar Girdharlal SHAH |
|
3,600,000 |
|
Heena Girish SHAH |
|
2,400,000 |
|
|
|
|
|
|
Total: |
6,000,000 ======= |
(As per registry dated 29-09-2011)
|
Name (Nationality) |
Address |
|
Girishkumar Girdharlal
SHAH |
Flat J, 12/F., Windsor Mansions,
17 Austin Avenue, Tsimshatsui, Kowloon,
Hong Kong. |
|
Heena Girish
SHAH |
Flat J, 12/F., Windsor
Mansions, 17 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 29-09-2011)
|
Name |
Address |
|
WONG Hiu Wan |
Flat D, 20/F., Block 3, Seaview
Crescent, 8 Tung Chung Waterfront Road, Tung Chung, Lantau Island, Hong
Kong. |
The subject was incorporated on 29th September, 2005 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.
Employees: 4.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, Japan, Southeast Asia, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal
Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of HK$1.00 each)
Issued
Share Capital: HK$6,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 1,000,000.00 |
|
11-03-2009 |
paid up |
HK$ 5,000,000.00 |
|
|
|
|
|
Total: |
paid up |
HK$ 6,000,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$6,000,000.00 |
on |
11-03-2009 |
Mortgage or Charge:-
Date of Debenture:
02-06-2006
Amount: All money and the discharge of
all obligations and liabilities
Property:
1) All stocks shares bonds and securities of any kind whether marketable or otherwise and all other interests including loan capital of the Company
2) All book and other debts revenues and claims both present and future due or owing or which amy become due or owing to or purchased or otherwise acquired by the Company
3) The uncalled capital goodwill and all patents patent applications trade marks trade names registered designs and copyrights and all licences and ancillary and connected rights relating to the intangible property both present and future of the Company
4) The undertaking and all other assets of the Company both present and future including the stock in trade of the Company and the heritable property
Mortgagee: Antwerpse
DiamantBank NV (also known as Antwerp Diamond Bank
NV), Hong Kong Branch.
Profit
or Loss: Making a small profit in
the past years.
Condition: Business
is normal.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Standing: Normal.
Having issued 6 million ordinary shares of HK$1.00 each, Amy Diam Ltd. is jointly owned by Girishkumar
Girdharlal Shah, holding 60% interests; and Mr. Heena Girish Shah, holding
40%. The subject is a member of the Amy Diam Group.
The subject has got an associated company Amy Diam
located at the same operating address.
Established on 21st February 1990, Amy Diam is
engaged in the same lines of business as the subject. This firm is also managed and owned by the
Shahs.
Amy Diam has been manufacturing and
designing quality diamond jewellery for clients all
over the world. It offers clients with
high-end products from Hong Kong and China.
However, it is chiefly a loose diamond trader.
Its diamonds range in sizes from 0.01 cts.
to 2.99 cts. in a variety of cuts ranging from round
to princess and in grades of WS to SI.
Amy Diam has had a close relationship with a
leading sightholder of DTC Ltd. in India where it
purchases its diamonds. It is
specialized in round and Princess Cut diamonds made from sawn rough which when
polished have maximum luster and brilliance.
Amy Diam produces different cuts of diamond on
behalf of its clients and constantly offer innovative solutions to challenges
found in modern jewellery styles. It also supplies a variety of pears,
baguettes and marquises in all sizes and colours.
Amy Diam has factories in China that
manufacture its jewellery collections and OEM
products on behalf of its clients. Amy Diams product range includes rings, earrings and pendants
in range of settings in 18K gold and platinum and silver, and special expertise
in invisible set jewellery finely crafted from
princess cut diamonds.
Amy Diam has had a main factory in
Shenzhen Special Economic Zone, Zhina which is
engaged in manufacturing its branded products.
Shenzhen Prestige Jewelry is its own retail brand which
has been recently setup in China. For
the Shenzhen Prestige Jewelry Co. Ltd., Amy Diam has
specially designed classic styles from rings to pendants to bracelets and
earrings. Shenzhen Prestige is
a China focused brand that aims to bring a larger variety of luxury diamond
products to the mainland market.
Currently, the market share of Shenzhen Prestige in China has
been increasing.
Besides the China market, Amy Diam
exports its products to Japan, Southeast Asia, etc. Business is rather active. The history of Amy Diam
in Hong Kong is over twenty-two years and six months. Regular suppliers and customers in India have
been maintained.
The Amy Diam Group is a Hong Kong based
diamond house which has been engaged in this trade of polished diamond trading
for 41 years. It has its presence in the
Asia Pacific region markets such as Hong Kong, Shanghai and Shenzhen SEZ.
Taiwan is also its prime market since last 18 years.
Recently global economy is facing impacts of e-commerce, Amy Diam Group is also launching a e-business brand of 8 Hearts
approach emerging markets in China by the concept of providing affordable and
elegant diamond jewellery that are made in
house-design and exquisite craftwork via Internet.
Today the Group has entered into a new era of business by
integrating into the diamond jewellery manufacturing
since last 12 years under the name of Amy Diam Vega Jewellery Pvt. Ltd.
This firm is the second generation of the family entrepreneurship
entering the business in order to lead the Group moving forward in the years
ahead..
The subject and Amy Diam are controlled
by the Shah family.
On the whole, consider the subject good for normal business
engagements.
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.
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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.
-
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.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
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 SCs 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.