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Report Date : |
01.08.2013 |
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. |
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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 |
|
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.
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.
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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.61.11 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.