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Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
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Name : |
DANI’S DIAM |
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Registered Office : |
Flat C, 11/F., Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.06.2009 |
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Com. Reg. No.: |
50736902-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamond and jewellery
products |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 |
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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 |
DANI’S DIAM
Flat C, 11/F., Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 2366 3298, 2732 4338
FAX: 2366 3290
Manager: Mr. Ketan Vinodlal Dani (Mobile: 9467 5473)
Establishment: 3rd June, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
DANI’S DIAM
Head Office:-
Flat C, 11/F., Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated
Companies:-
Blue Diam Co., Hong Kong.
[Operated by Worldata Investment Ltd.]
Worldata Investment Ltd.
Flat E2, 6/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom,
Kowloon, Hong Kong.
50736902-000-06
Manager: Mr. Ketan Vinodlal Dani
Name: Mr. Ketan Vinodlal DANI
Residential Address: Flat J, 33/F.,
Block 2, Royal Peninsula, Hunghom Bay, Kowloon, Hong Kong.
The subject was established on 3rd June, 2009 as a sole proprietorship
concern owned by Mr. Ketan Vinodlal Dani under the Hong Kong Business
Registration Regulations.
At the very beginning, the subject was located at Flat J, 33/F., Block
2, Royal Peninsula, Hunghom Bay, Kowloon, Hong Kong, moved to 18/F., Cameron
Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong in early 2010 and
further to 11/F. of the same building in June of the same year.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamond and jewellery products.
Employees: 3.
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Japan,
other Asian countries, Middle East, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Made
a small profit in 2012.
Condition: Business
is improving.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Dani’s Diam is a sole proprietorship set up and owned by Mr. Ketan
Vinodlal Dani who is an Indian. He is a
Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Dani is the manager of the subject who can be
reached at his mobile phone number 9467 5473.
The subject is a loose diamond importer, exporter and wholesaler. It is trading in the following commodities:
single-cut diamond, fullcut loose diamond, carat size diamonds, blue sapphire,
fancy diamonds, etc. It is a polished
diamond, white diamond and fancy-coloured diamond trader.
Polished diamonds are imported from India, Belgium or other European
countries. Commodities are marketed in
Hong Kong, exported to Japan, other Asian countries, the Middle East, Central
and South America, etc. Business keeps
on improving.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong. 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 has got an associated company Blue Diam Co. Ltd. [Blue Diam]
(formerly known as Worldata Investment Ltd.) which is located at a different
address.
Worldata was incorporated on 2nd July, 1991 and is jointly owned by
Mr. Nareshkumar Maneklal Shah, holding 59.9% interests, and Mr. Naitik
Mukesh Shah, holding 40.1%. Mr. Ketan
Vinodlal Dani is the third shareholder holding an insignificant stake of
Worldata. The first and second are India
passport holders. The first is residing
in Hong Kong while the second is residing in Dubai, the United Arab
Emirates. Worldata is operating a firm
known as Blue Diam Co. which is also a diamond trader.
The subject’s business is chiefly handled by Dani himself. History in Hong Kong is over three
years.
On the whole, consider the subject good for normal business engagements
in small credit amounts or 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.
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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.
-
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.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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 |
|
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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.