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Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
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Name : |
NOMADS DIAM LTD. |
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Registered Office : |
Room 901, 9/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
05.09.2012. |
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Com. Reg. No.: |
60317180 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Polished diamonds, etc. |
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No. of Employees : |
12. (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
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Status : |
New Company |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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
NOMADS DIAM
LTD.
ADDRESS: Room 901, 9/F., Chevalier House, 45-51
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 3170 5172
FAX: 3171 4224
Managing Director: Mr.
Shaileshkumar Manubhai Khunt
Incorporated on: 5th
September, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$100,000,000.00
Issued: HK$1.00
Business Category: Diamond Trader.
Employees:
12. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 901, 9/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Associated Companies:-
D. Goldi BVBA, Belgium.
Jewel Goldi (India), India.
M B Impex Ltd., Hong Kong.
M B Impex, Hong Kong.
R. Goldi (Shanghai) Diamond Co. Ltd.,
China.
R. Goldi Diamond (Shanghai) Co. Ltd., China.
S. Goldi (Asia) Ltd., Hong Kong.
(Same address)
S.Goldi, Hong Kong. (Same
address)
Shree Ramkrishna Export Pvt. Ltd., India.
The Jewelry Co., India.
TJC Jewelry Inc., US.
V. Goldi Ltd., Israel.
etc.
60317180
1795936
Managing Director: Mr.
Shaileshkumar Manubhai Khunt
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 05-09-2012)
|
Name |
|
No. of share |
|
Nileshkumar Popatbhai CHANCHAD |
|
1 = |
(As per registry dated 05-09-2012)
|
Name (Nationality) |
Address |
|
Shaileshkumar Manubhai KHUNT |
Flat D, 12/F., Winston Mansion, 121-123 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong. |
|
Nileshkumar Popatbhai CHANCHAD |
Flat G, 10/F., Kimberley Mansion, 15 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
(As per registry dated 05-09-2012)
|
Name |
Address |
|
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 5th September, 2012 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: Polished
diamonds, etc.
Employees: 12. (Including associates)
Commodities Imported: Belgium, India, Israel, etc.
Markets: China,
Belgium, US, other Asian countries, Australia, Middle East, etc.
Terms/Sales:
As per contracted.
Terms/Buying: L/C,
Advanced T/T, etc.
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Too early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued just one ordinary shares of HK$1.00 each, Nomads Diam Ltd.
is wholly owned by Mr. Nileshkumar Popatbhai Chanchad who is an Indian. The directors of the subject Shaileshkumar
Manubhai Khunt and Nileshkumar Popatbhai Chanchad are Hong Kong ID Card holders
and have got the right to reside in Hong Kong permanently.
The subject shares the same office with its associated company S. Goldi
(Asia) Ltd. [S. Goldi].
Having issued 5 million ordinary shares of HK$1.00 each and incorporated
on 30th April, 2007, S. Goldi is wholly owned by Mr. Mansukhbhai Bhikhabhai
Budheliya. Directors are Mansukhbhai
Bhikhabhai Budheliya and Nileshkumar Popatbhai Chanchad. Both are Indian and residing in
Hong Kong.
The subject and S. Goldi are engaged in the same lines of business.
The subject is a diamond trader.
It is an affiliated company of Shree Ramkrishna Exports Pvt. Ltd. [SRKE]
which was set up in 2004 in India. The
founder of SRKE Govind Dholakia is also the Chairman of the SRKE Group of
companies.
The subject is trading in the same products as SRKE. It is responsible for the markets of the Asia
Pacific region. Its core products are
loose diamonds, fancy diamonds, carat size diamonds, certified stones — GIA
Dossiers ad GIA up to 3 carats. Other
products include ladies’ ring, ladies’ bangle, feather shape jewellery,
etc. Products are exported to China,
Japan, South Korea, Taiwan and Southeast Asia, Europe, North America, etc.
SRKE is one of India’s leading diamond manufacturers. SRKE is trading in diamonds, ranging from
0.30 to 3.00 carats in weight and D to J colours. Founded in 1976 by Govind Dholakia, SRKE
today has a 5,000 strong workforce in India.
Its office and factory area is about 250,000 sq.ft.
In 2003, SRKE established its own jewellery outlet, Jewel Goldi, at
Seepz, Mumbai, to make diamond-studded jewellery for international
markets. In 2004, SRKE set up Jewel
Goldi (India), at MIDC, Mumbai, to serve the domestic market.
SRKE provides the subject will all kinds of diamonds and jewellery
products. According to SRKE, it has
invested in a state-of-the-art manufacturing facility at Surat with the
capacity to process more than 720 thousand carats of rough diamonds annually
(approx. 60,000 carats Rough Diamonds every Month).
SRKE is also operated by Mr. Mansukhbhai Bhikhabhai Budheliya. Besides Hong Kong, the Group now has
affiliated companies in Israel, the United States, India, Belgium, China, etc.
In 2012, SRKE was honoured with “Silver Certificate of Merit” by The
Jury and the Executive Committee of The Economic Times India Manufacturing
Excellence Awards 2012 for Manufacturing and Supply Chain Excellence.
In 2013, it got the membership of United States Green Building Council
(USGBC).
The subject has had an associated company R. Goldi (Shanghai) Diamond
Co. Ltd. in Shanghai, China. This firm
was set up in 2007 and now located at Room 421, 4/F., Jinmao Building, 88
Century Road, Pudong New Area, 200120 Shanghai, China.
The subject is fully supported by SRKE and its associated company S.
Goldi. History in Hong Kong is just over
seven months.
On the whole, since the history of the subject is short in Hong Kong, consider
it good for normal business engagements on L/C 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.
-
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.
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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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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 –
-
Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.