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Report Date : |
03.01.2013 |
IDENTIFICATION DETAILS
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Name : |
NAYOSHA GEMS |
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Registered Office : |
Room 1005, 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, etc. |
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No. of Employees : |
2 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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'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
NAYOSHA GEMS
ADDRESS: Room 1005, 10/F., Hai Phong
Mansion, 101 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2723 0806
FAX: 2721 4686
E-MAIL: bapshongkong@hgcbroadband.com
Manager: Mr. Bhavik Vasantkumar
Jethva (Mobile: 9773 0725)
Establishment: 21st September, 1988.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Gemstone Trader.
Employees:
2.
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.
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, etc.
Employees: 2.
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: Small profit is maintained.
Condition:
Business
remains normal.
Facilities:
Is making use
of general banking facilities.
Payment:
Met as agreed.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
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 9773 0725.
Business commenced on 21st September, 1988, the subject is a diamond and
gemstone trader. It is a loose diamond
importer, exporter and wholesaler. The
subject is trading in single-cut diamond, fullcut loose diamond, carat size
diamonds, blue sapphire, etc. It is also
carrying the following semi-precious stones: aquamarine, pink amethyst,
rubylite, green amethyst, blue topaz, lemon topaz, citrine, smokey topaz,
kunzite, peridot, morganite, pink tourmalines, amethyst, pink topaz, garnet,
rose quartz, etc.
Commodities are chiefly imported from India, Israel, Belgium Thailand,
the United States, etc. Products are
marketed in Hong Kong and exported to China, Japan, other Asian countries,
Europe, the Middle East, etc. Business
is normal. Regular suppliers and foreign
customers have been maintained. Business
is profitable.
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 and three months
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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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.54.39 |
|
|
1 |
Rs.88.76 |
|
Euro |
1 |
Rs.72.19 |
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 |
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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 |
|
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 |
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-- |
NB |
New Business |
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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.