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Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
HIRA EXPORTS
LTD. |
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|
|
Registered Office : |
Room 901, 9/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.05.2005 |
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Com. Reg. No.: |
35655250 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Supplier, Importer and Exporter all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
3 |
RATING & COMMENTS
|
MIRA’s 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 – 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 |
|
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'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 |
HIRA EXPORTS
LTD.
Room 901, 9/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
PHONE: 3163 2289
FAX: 2333 9518
E-MAIL: hiraexportsltd@yahoo.com
Managing Director: Pravinkumar
Thakarshi Dobariya
Incorporated on: 20th May, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$3,900,000.00
Issued: HK$3,900,000.00
Business Category: Fine Jewellery Trader.
Employees: 3. (Including associated company)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HIRA EXPORTS
LTD.
Registered
Head Office:-
Room 901, 9/F., Harbour Centre, Tower 2, 8 Hok
Cheung Street, Hunghom, Kowloon, Hong Kong.
Associated
Companies:-
Hira Export, India.
Zest Dimon, Hong Kong. (Same address)
35655250
0971338
Managing Director: Pravinkumar
Thakarshi Dobariya
Nominal Share Capital: HK$3,900,000.00 (Divided
into 3,900,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,900,000.00
(As per registry dated 20-05-2012)
|
Name |
|
No.
of shares |
|
Dahyabhai
Govindbhai SUTARIYA |
|
3,900,000 ======= |
(As per registry dated
20-05-2012)
|
Name (Nationality) |
Address |
|
Kavita Pravinkumar DOBARIYA |
Room 901, 9/F.,
Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong. |
|
Pravinkumar Thakarshi DOBARIYA |
Room 901, 9/F.,
Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong. |
|
Dahyabhai Govindbhai SUTARIYA |
Room 901, 9/F.,
Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 20-05-2012)
|
Name |
Address |
Co.
No. |
|
World Link Business Services Ltd. |
5/F., Far East Consortium Building, 121
Des Voeux Road Central, Hong Kong. |
0746596 |
The subject was incorporated on
20th May, 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: Supplier, Importer and Exporter.
Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: 3. (Including associated company)
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$3,900,000.00 (Divided into 3,900,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,900,000.00
Indebtedness: HK$5,808,000 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 20-05-2012)
Mortgage or Charge: (See attachment)
Profit or Loss: Operation is conducted on a profitable basis.
Condition: Keeping in a satisfactory manner.
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: Normal.
Having
issued 3.9 million ordinary shares of HK$1.00 each, Hira Export Ltd. is
wholly-owned by Mr. Dahyabhai Govindhbai Sutariya who is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently.
The
subject is the supplier, importer and exporter of versatile range of diamonds
in a wide variety like rose cut diamonds, rose cut heart, rose cut round, rose
cut pears, rose cut oval, rose cut marquise, fancy cut and fancy colour
diamonds. The subject is famous for its
loose diamonds.
It
has got an affiliated factory known as “Hira Export” in India. The subject’s commodities are chiefly
supplied by its factory. Commodities are
exported or re-exported to China, South Korea, Taiwan, the other Asian
countries, Eastern and Western Europe, North America, etc. Business is normal.
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. It has been taking part in Hong Kong
International Jewellery Show which is held in Hong Kong twice a year. For instance, it is going to take part in
“HKTDC Hong Kong International Jewellery Show 2013” which will be held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
5th to 9th March, 2013.
The
subject’s business is chiefly handled by Mr. Pravinkumar Thakarshi Dobariya who
is also an Indian.
The
subject has got an associated company Zest Dimon located at its operating
address.
Zest
Dimon, formerly known as Hira Exports (HK), is a sole proprietorship set up and
owned by Mr. Pravinkumar Thakarshi Dobariya who is a director of the
subject. Established in 19th April,
2005, Zest Dimon and the subject are engaged in the same lines of business.
The
businesses of the subject and Zest Dimon are handled by Pravinkumar Thakarshi
Dobariya.
As
the history of the subject in Hong Kong is over seven years and eight months,
on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
22-08-2011 |
Instrument: Assignment of Receivables - General with
Notice of Assignment Property: In consideration
of the Banking Facilities, the Customer, as beneficial owner and by way of
security for the payment of the Secured Monies, hereby assigns, and agrees to
assign, to the Bank the Receivables until all the Secured Monies have been
paid or discharged. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all monies |
|
22-08-2011 |
Instrument: Security Over Deposits with the Bank
Limited Company - Under Seal Property: Initially US$365,500
or equivalent and all monies whether now or hereafter standing to the credit
of the Company’s deposit with the Bank under deposit number 132-087354. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all monies |
|
24-08-2011 |
Instrument: Assignment of Life Insurance Property: (i) all the
Assignor’s claims, options, privileges, right, title, interest and benefit in
and under the Insurance; and (ii) all the Assignor’s claims and rights
against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) all and any monies and liabilities in
any currency whenever and however incurred, owing by the Assignor to the
Bank, including amounts payable by the Assignor under this Deed; (ii)
interest on such monies; (iii) all monies paid by the Bank in respect of the
Policy pursuant to the terms of this Deed; and (iv) all expenses of the Bank
in perfecting or enforcing this Deed |
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.
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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.
-
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.
-
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.54.05 |
|
|
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.72.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.