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Report Date : |
07.02.2013 |
IDENTIFICATION DETAILS
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Name : |
PRINCESS DIAM
(HK) LTD. |
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Registered Office : |
Flat 406, 4/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.07.2012 |
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Com. Reg. No.: |
60078934 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importer,
Exporter and Wholesaler of All kinds of diamonds, etc |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRAs 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 June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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'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.
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Source : CIA |
PRINCESS DIAM (HK) LTD.
Flat 406, 4/F., Hart
Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not
available
Managing
Director: Mr. Hareshkumar Dhirubhai
Dholiya
Incorporated
on: 12th
July, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$1,404,000.00
Business Category: Diamond Trader.
Employees: Nil.
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
PRINCESS DIAM (HK) LTD.
Registered Head Office:-
Flat 406, 4/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
60078934
1772235
Managing
Director: Mr. Hareshkumar Dhirubhai
Dholiya
Nominal Share
Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,404,000.00
(As per registry
dated 10-09-2012)
|
Name |
|
No. of shares |
|
Milan Mukeshbhai
KHUNT |
|
702,000 |
|
Hareshkumar
Dhirubhai DHOLIYA |
|
702,000 |
|
|
|
|
|
|
Total: |
1,404,000 ======= |
(As per registry
dated 12-07-2012)
|
Name (Nationality) |
Address |
|
Hareshkumar Dhirubhai
DHOLIYA |
39 Mangaldip
Society, Kapodra Varachha Road, Surat 385006, Gujarat, India. |
(As per registry
dated 12-07-2012)
|
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 12th July, 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, etc.
Employees: Nil.
Commodities
Imported: India, etc.
Markets: Hong Kong, other Asian
countries, etc.
Terms/Sales: COD,
L/C, T/T, etc.
Terms/Buying: Prepayment,
L/C, etc.
Nominal Share
Capital: HK$2,000,000.00 (Divided into
2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,404,000.00
Increase of Nominal
Capital:-
|
From |
HK$780,000.00 |
to |
HK$2,000,000.00 |
on |
10-09-2012 |
Alternation of
Issued Capital:-
|
Initially |
paid up |
HK$ 780,000.00 |
|
10-09-2012 |
paid up |
HK$ 624,000.00 |
|
|
|
|
|
Total: |
paid up |
HK$1,404,000.00 ============= |
Profit or Loss: Too early to offer an opinion.
Condition: Business is under
development.
Facilities: Is making 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
1,404,000 ordinary shares of HK$1.00 each, Princess Diam (HK) Ltd. is equally
owned by Mr. Milan Mukeshbhai Khunt and Mr. Hareshkumar Dhirubhai
Dholiya. Both are Indian. The latter is also the only director of the
subject. He is an India passport holder
and does not have the right to reside in Hong Kong permanently.
The subjects
telephone number and fax number have not registered with local telephone
company nor listed on telephone directories.
The subjects
registered address is in a private building located at Flat 406, 4/F., Hart
Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong. This maybe the residence of Dholiya when he
is in Hong Kong.
The residential
building is not trespassed by outsiders.
The subject has no employees in Hong Kong.
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 and
the other Asian countries. Business is
still under development. History in Hong
Kong is just over six months.
Since the
registered office of the subject is in a residential building, on the whole,
consider it good for normal business engagements on L/C basis for the time
being.
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.
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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.53.08 |
|
|
1 |
Rs.83.11 |
|
Euro |
1 |
Rs.72.01 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<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.