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Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
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Name : |
PRISM JEWELLERY LTD. |
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Registered Office : |
Room 1214, 12/F., Peninsular Square, 18 Sung On Street,
Hunghom, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.05.2012 |
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Com. Reg. No.: |
59817199 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of diamonds and jewellery
products, gold and silver products, precious stones |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 |
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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
PRISM JEWELLERY LTD.
ADDRESS: Room 1214, 12/F., Peninsular Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3523 0390, 3523 0391
FAX: 852-2314 8519
E-MAIL: hrd@prismgroup.in
Managing Director: Mr. Nimesh Piyush Mehta, Tony
Incorporated on: 17th May, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$20,000,000.00
Issued: HK$10,000.00
Business Category: Diamond & Jewellery Trader.
Employees: 10.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1214, 12/F., Peninsular Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Diasqua Group of
Companies
Billion City (H.K.) Ltd., Hong Kong. [Trading as Diafuego]
Diafuego, Belgium.
Diaglobe BVBA, Belgium.
Diaglobe Inc., USA.
Diamond Dealers HK Ltd., Hong Kong.
Diasqua (Pacific) Pty. Ltd., Australia.
Diasqua (Thailand) Co. Ltd., Thailand.
Diasqua Impex Pte. Ltd., Singapore.
Diasqua Inc., USA.
Diasqua India Pvt. Ltd., India.
Diasqua International Ltd., Hong Kong.
Diasqua International Ltd., Taiwan Branch.
Diasqua Middle East LLC, UAE.
Diasqua Nippon Co. Ltd., Japan.
Diasqua Singapore Pte. Ltd., Singapore.
Pretty Jewellery International Ltd., Hong Kong.
etc.
Prism Group of
Companies
Anand Enternational, India.
Colo Jewellery Company, Hong Kong.
Prism (USA) Inc, USA.
Prism Diamond Co. Ltd., Thailand.
Prism International, India.
Prism Jewellery Company, Hong Kong.
Prismdia Ltd., Hong Kong.
etc.
59817199
1746162
Managing Director: Mr. Nimesh Piyush Mehta, Tony
Contact Person: Mr. Sureshkumar Ravjibhai Ghevriya
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDERS: (As per registry dated 17-05-2013)
|
Name |
|
No. of shares |
|
Sureshkumar Ravjibhai GHEVRIYA |
|
2,500 |
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Hareshkumar Ravjibhai GHEVARIYA |
|
2,500 |
|
Nimesh Piyush MEHTA |
|
2,500 |
|
Rajul Nimesh MEHTA |
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2,500 |
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|
–––––– |
|
|
Total: |
10,000 ===== |
DIRECTORS: (As per registry dated 17-05-2013)
|
Name (Nationality) |
Address |
|
Nimesh Piyush MEHTA |
Flat B & C, 16/F., Block 3, Parc Palais, 28 Wylie Road, Ho Man Tin, Kowloon, Hong Kong. |
|
Hareshkumar Ravjibhai GHEVARIYA |
Room 1214, 12/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong. |
|
Rajul Nimesh MAHTA |
Flat B & C, 16/F., Block 3, Parc Palais, 28 Wylie Road, Ho Man Tin, Kowloon, Hong Kong. |
|
Sureshkumar Ravjibhai GHEVRIYA |
23/F., Tower 15A, Laguna Verde, 8 Laguna Avenue, Hunghom, Kowloon, Hong Kong. |
SECRETARY: (As per registry dated 17-05-2013)
|
Name |
Address |
Co. No. |
|
Elegant Secretaries Ltd. |
Room 804, 8/F., Lap Fai Building, 6‑8 Pottinger Street, Central, Hong Kong. |
0418716 |
The subject was incorporated on 17th May, 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 and Exporter.
Lines: All kinds of diamonds and jewellery products, gold and silver products, precious stones
Employees: 10.
Materials/Commodities: Imported from India, Belgium, Israel, other European countries, etc.
Markets: Japan, India, other Asian countries, Middle East, Europe, North America, etc.
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making rather 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: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Prism Jewellery Ltd. is equally owned by Mr. Sureshkumar Ravjibhai Ghevriya, Mr. Hareshkumar Ravjibhai Ghevariya, Mr. Nimesh Piyush Mehta and Mr. Rajul Nimesh Mehta.
They are closely related with the following companies:
Prismdia Ltd., Hong Kong
Prism International, India
Prism Diamond Co. Ltd., Thailand
Prism (USA), Inc., United States
The subject belongs to the Prism Group of companies.
The subject has had an associated company located at the same address known as Prismdia Ltd. [Prismdia]. The subject and Prismdia are engaged in the same lines of business.
Prism Group was formally established in 1997 as a manufacturer, exporter and wholesaler of treated fancy colour natural diamonds in a wide range of sizes, shapes, colours & clarity. Later diversified in diamond studded jewellery and wrist watch manufacturing for luxury market.
Most of Prism’s products are exported to the United States, while the remained products are distributed evenly to Europe, Asia Pacific and the Middle East.
The followings are the main products of the subject:
Rings, earrings, pendants, necklaces and bracelets, etc.
Products are made of yellow, pink & white gold, the bright colours of precious stones and the regal brilliance of diamonds.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities.
The Group usually takes part in the following exhibitions and shows:
USA
JCK Las Vegas Show (May)
Hong Kong
HK Int’l Jewellery Show (Mar)
HK Jewellery & Gem Fair (Jun)
HK Jewellery & Gem Fair (Sep)
HK Int’l Jewelry Manufacturers’ Show (Nov)
Thailand
Bangkok Gems & Jewelry Fair (Feb)
Bangkok Gems & Jewelry Fair (Sep)
Prismdia is a member of Hong Kong Jewelry Manufacturers Association, Hong Kong.
The subject is fully supported by the Prism Group. 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 or in small credit amounts.
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 –
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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.62.38 |
|
|
1 |
Rs.102.15 |
|
Euro |
1 |
Rs.85.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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.