|
Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAMMY
DIAM |
|
|
|
|
Registered Office : |
Room 1107, 11/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
08.07.2005 |
|
|
|
|
Com. Reg. No.: |
35804407-000-07 |
|
|
|
|
Legal Form : |
Partnership Concern |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds and Jewellery |
|
|
|
|
No. of Employees : |
04 employees |
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
SAMMY DIAM
Room 1107, 11/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2736 6858
FAX: 2736 6857
E-MAIL: semil@hotmail.com
Manager: Mr. Semil Hasmukh Desai
Establishment: 8th July, 2005.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Head Office:-
· Room 1107, 11/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
P.O.
Box 96202, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Associated
Company:-
Paniv Diam, Hong Kong. (Same address)
35804407-000-07
Manager: Mr. Semil Hasmukh Desai
Contact Person: Ms. Harsha Semil Desai
Name: Mr. Semil Hasmukh DESAI
Residential Address: Flat
F, 33/F., Tower 6, Sorrento, 1 Austin Road West, Tsimshatsui, Kowloon, Hong
Kong.
Name: Ms. Harsha Semil DESAI
Residential Address: Flat
F, 33/F., Tower 6, Sorrento, 1 Austin Road West, Tsimshatsui, Kowloon, Hong
Kong.
The subject was established on 8th July, 2005 as a partnership concern jointly owned by Mr. Semil Hasmukh Desai and Ms. Harsha Semil Desai under the Hong Kong Business Registration Regulations.
Initially the subject was located at Suite D, 7/F., Cameron Plaza, 23‑25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat D, 12/F., Hilton Tower, 96 Granville Road, Tsimshatsui, Kowloon, Hong Kong in December 2006, and further moved to the present address in January 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 jewellery.
Employees: 4.
Commodities Imported: India, Europe, US, etc.
Markets: Japan, India, Middle East, Europe, etc.
Terms/Sales: L/C, Advanced T/T, D/P, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Made small profits in the past year.
Condition: Business is improving.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Bank of India, Hong Kong Branch.
Standing: Small.
Sammy Diam is a partnership jointly owned by Mr. Semil Hasmukh Desai and Ms. Harsha Semil Desai, both of whom are Indian. Seemed to be an Indian couple, they are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
The subject commenced business in July 2005 and moved to the present address in January 2011.
The subject has got an associated company Paniv Diam located at its operating address. Engaged in the same lines of business as the subject, Paniv Diam is also owned by the Desais. Currently, Semil Hasmukh Desai is the contact person of Paniv Diam.
In recent year, the registered address of Paniv Diam has been in a residential building.
According to the subject, it is an international purchaser of jewellery products. It also imports rough diamonds from abroad and processes in Hong Kong. Finished products are exported to Japan, India, Taiwan, Southeast Asia, the Middle East, Europe, etc. Main products carried are loose diamonds, cut and polish diamonds, white diamond jewellery, colour diamond jewellery, pearl Simulant jewellery, polished and colour diamonds, etc.
India is the subject’s principal supplying country in Asia. After over seven years development, the subject’s business has become normal and steady.
The subject has had close business ties with some of the diamond manufacturers and suppliers in Mumbai, India. The subject’s business, which keeps on improving, is chiefly handled by the Desais.
In order to penetrate the international market further, the subject will take part in fairs and exhibitions held in Hong Kong and other foreign large cities.
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.
-
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.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
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.