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Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
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Name : |
NAYOSHA GEMS |
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Registered Office : |
Room 1005 (or Flat 5), 10/F., Hai Phong Mansion, 101 Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.09.1988. |
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Com. Reg. No.: |
12153843-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of gemstones, diamonds. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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, 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 |
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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 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
NAYOSHA GEMS
Address: Room 1005 (or
Flat 5), 10/F., Hai Phong Mansion,
101 Nathan
Road, Tsimshatsui,
Kowloon,
Hong Kong.
[Your enquiry given as:
NAYOSHA GEMS (HK)
1005, 10th Floor, 53-57, Hai Hponk Mansion
Hai Phong Road, TST, Kowloon, Hongkong.]
PHONE: 852-2723 0806
FAX: 852-2721 4686
E-MAIL: bapshongkong@hgcbroadband.com
Manager: Mr. Bhavik Vasantkumar
Jethva
Establishment: 21st
September, 1988.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Gemstone Trader.
Employees:
3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 1005, 10/F., Hai Phong Mansion, 101 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
Mailing Address:
P.O. Box 92075, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
12153843-000-09
Manager: Mr. Bhavik Vasantkumar
Jethva
Name: Bhavik Vasantkumar JETHVA
Residential Address: Flat 5,
10/F., Hai Phong Mansion, 101 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Mobile Phone No.: 852-9773 0725
The subject was established on 21st September, 1988 as a partnership
concern jointly owned by Ramanlal Morarbhai Lad and Vasantkumar Chakubhai
Jethava under the Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Ramanlal Morarbhai LAD |
21-09-1988 |
01-04-1992 |
|
Vasantkumar Chakubhai JETHAVA |
21-09-1988 |
21-03-2005 |
|
Yogeshkumar Chakubhai JETHAVA |
01-04-1992 |
01-04-1996 |
|
Bhavik Vasantkumar JETHVA |
29-06-2004 |
19-08-2004 |
Initially the subject was located at Room 1704 (or Flat 4), 17/F., Star
Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1508,
15/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon,
Hong Kong in August 1994; to Flat J, 2/F., Star Mansion, 3-5 Minden Row,
Tsimshatsui, Kowloon, Hong Kong in July 1998; to Room 1005 (or Flat 5), 10/F.,
Hai Phong Mansion, 101 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in May
2003; to Flat F, 5/F., Hankow Apartments, 43-49 Hankow Road, Tsimshatsui,
Kowloon, Hong Kong in April 2007; to Room 1204, 12/F., Block 4, Hai Phong
Mansion, 101 Nathan Road, Tsimshatsui, Kowloon, Hong Kong in April 2008; and
further moved back to Room 1005, 10/F. of the same building in May 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of gemstones, diamonds.
Employees: 3.
Commodities Imported: India, Thailand, Sri Lanka, Europe, etc.
Markets: Hong
Kong, Japan, other Asian countries, Europe, Middle East, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Business is
normal.
Facilities: Making rather active use of general banking
facilities.
Payment:
Met as
contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Nayosha Gems is a sole proprietorship owned by Mr. Bhavik Vasantkumar
Jethva who is an Indian. He is a Hong
Kong ID Card holder and has got the right to reside in Hong Kong
permanently. Jethva joined in the
subject on 29th June, 2004. He retired
on 19th August, 2004 and joined in again on 25th January, 2005. He has been the sole proprietor of the
subject since then.
The registered address of the subject is located at Room 1005 (or Flat
5), 10/F., Hai Phong Mansion, 101 Nathan Road, Tsimshatsui, Kowloon,
Hong Kong where is also the residence of Jethva.
Jethva can be reached at his mobile phone number 852-9773 0725.
Business commenced on 21st September, 1988, the subject is a diamond and
gemstone trader. It is a rather
significant loose diamond importer, exporter and wholesaler. It is trading in single-cut diamond, fullcut
loose diamond, carat size diamonds, blue sapphire. It also carries semi-precious stones.
Commodities are chiefly imported from India, Israel, Belgium Thailand,
the United States, etc. Products are
marketed in Hong Kong and exported to China, Japan, the other Asian countries,
Europe, the Middle East, etc. The
subject’s business is normal. Regular suppliers
and foreign customers have been maintained.
The subject’s business is chiefly handled by Jethva himself. The old partners of the subject were the
members of the Jethva family.
As the history of the subject is over twenty-four years in
Hong Kong, on the whole, consider it good for normal business engagements.
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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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 –
-
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.61.53 |
|
|
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.58 |
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 |
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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 |
|
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 |
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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 |
|
<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.