|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
OCEAN BLUE
DIAM LTD. |
|
|
|
|
Registered Office : |
c/o PAN Pacific Consultants
Ltd.,Room 1207, 12/F., Wing Tuck Commercial Centre, 177-183 Wing Lok Street,
Sheung Wan |
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|
|
|
Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
08.08.2012 |
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|
|
|
Com. Reg. No.: |
60198770 |
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|
|
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds |
|
|
|
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No. of Employees : |
1. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Status : |
New Business |
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Payment Behaviour : |
Unknown |
|
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 |
OCEAN BLUE
DIAM LTD.
ADDRESS: Unit 22, Room C, 7/F., Grand Building, 22
Granville Circuit, Tsimshatusi, Kowloon, Hong Kong.
PHONE: 852-3624 5183
Managing
Director: Mr. Chirag Prakash Chandra
Shah
Incorporated
on: 8th
August, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employee: 1.
Main Dealing
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered
Office:-
c/o PAN Pacific
Consultants Ltd.
Room 1207, 12/F.,
Wing Tuck Commercial Centre, 177-183 Wing Lok Street, Sheung Wan, Hong Kong.
Operating
Office:-
Unit 22, Room C,
7/F., Grand Building, 22 Granville Circuit, Tsimshatusi, Kowloon, Hong Kong.
Dia Jewel Co. Ltd.
160-490 ITF Silom
Palace, 22/F., Silom Road, Suriyawong Bang Rak, Bangkok 10500, Thailand.
[Tel: 66-2-634
0449 Fax: 66-2-634 0591]
60198770
1784152
Managing
Director: Mr. Chirag Prakash Chandra
Shah
Nominal Share
Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As
per registry dated 08-08-2012)
|
Name |
|
No.
of shares |
|
Chirag Prakash Chandra SHAH |
|
10,000 ===== |
(As
per registry dated 08-08-2012)
|
Name (Nationality) |
Address |
|
Jaynam Alkesh
SANGHAVI |
157/15, Jawahar Nagar, Goregaon (W),
Mumbai 400 062, M.S., India. |
|
Chirag
Prakash Chandra SHAH |
160-490 ITF Silom Palace, 22/F., Silom
Road, Suriyawong Bang Rak, Bangkok 10500, Thailand. |
(As
per registry dated 08-08-2012)
|
Name |
Address |
Co.
No. |
|
PAN
Pacific Consultants Ltd. |
Room 1207, 12/F., Wing Tuck Commercial Centre, 177-183 Wing Lok
Street, Sheung Wan, Hong Kong. |
1254491 |
The
subject was incorporated on 8th August, 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: All kinds of diamonds
Employee: 1.
Commodities
Imported: India, other
Asian countries, etc.
Markets: Hong Kong, Southeast Asia,
other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share
Capital: HK$2,000,000.00
(Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
Mortgage
or Charge:-
Date of Security
Over Deposits with the Bank (Fixed Deposits) Limited Company - Under Seal: 28-01-2013
Amount: All monies in any currency owing by the
Depositor to the chargee at any time
Property: HK$10,000 deposit A/C 640-165270-838 (0001)
Mortgagee: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Profit or Loss:
Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking
facilities.
Payment: Slow but correct.
Commercial
Morality: Satisfactory
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having
issued 10,000 ordinary shares of HK$1.00 each, Ocean Blue Diam Ltd. is wholly
owned by Chirag Prakash Chandra Shah who is an Indian. The directors of the subject are Chirag
Prakash Chandra Shah and Jaynam Alkesh Sanghavi. Currently the former is residing in Bangkok,
Thailand.
The
subject commenced business in August 2012.
Its operating address is in a private building located at Unit 22, Room
C, 7/F., Grand Building, 22 Granville Circuit, Tsimshatusi, Kowloon, Hong Kong.
This is also the residence of the subject’s representative in Hong
Kong. The subject can be reached at your
given phone number 852-3624 5183.
The
subject’s registered address is in the office of a consultant firm known as PAN
Pacific Consultants Ltd. located at Room 1207, 12/F., Wing Tuck Commercial
Centre, 177-183 Wing Lok Street, Sheung Wan, Hong Kong. This firm is also the corporate secretary of
the subject.
The
subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, Thailand and the other Asian countries. Business is still under development.
To
our knowledge, the subject has got an associated company known as Dia Jewel Co.
Ltd. in Bangkok, Thailand. This company
is also a diamond trader and operated by Chirag Prakash Chandra Shah.
The
subject has had a representative or employee in Hong Kong who is also an
Indian. History in Hong Kong is just
over a year.
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
-
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.
-
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.
-
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.64.68 |
|
UK Pound |
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.