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Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
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Name : |
HIMA GEMS |
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Registered Office : |
16/F., Kolling Centre, 77-79 Granville Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.09.1987 |
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Com. Reg. No.: |
11279812-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds, gems,
jewellery products |
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No. of Employees : |
8 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
HIMA GEMS
16/F., Kolling Centre, 77-79 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2367 1457;
2739 7861
FAX: 852-2724 3524
E-MAIL: hima@netvigator.com
Manager: Mr. Himant Hem Kumar Sacheti
Establishment: 7th September, 1987.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HIMA GEMS
Head Office:-
16/F., Kolling Centre, 77-79 Granville Road, Tsimshatsui, Kowloon, Hong
Kong.
11279812-000-09
Manager: Mr Hem Kumar Himant Sacheti
Contact Person: Mr. Kama Kama
Name: Mr. Hem Kumar Himant SACHETI
Residential Address: Apartment
7, 7/F., Star Mansion, 3 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 7th September, 1987 as a sole
proprietorship concern owned by Mr. Hem Kumar Himant Sacheti under the Hong
Kong Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Hem Kumar Himant SACHETI |
07-09-1987 |
--- |
|
Rakesh SHARMA |
01-04-1996 |
01-04-2000 |
|
Vikas BADER |
23-05-2000 |
15-11-2003 |
|
Vinit HIRAWAT |
01-12-2000 |
30-06-2002 |
At the very beginning, the subject was located at Apartment 7, 7/F.,
Star Mansion, 3 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Apartment
B, 14/F., Kok Pah Mansion, 58-60 Cameron Road, Tsimshatsui, Kowloon, Hong Kong
in October 1989; to Flat B, 7/F. of the same building in July 1993; and further
moved to the present address in August 2000.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds, gems, jewellery
products.
Employees: 8.
Commodities Imported: India,
Belgium, Israel, other Asian countries, etc.
Markets: Southeast Asia, Europe, Middle East,
etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Business is active.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
Standing: Normal.
Hima Gems is a sole proprietorship set up and owned by Mr Hem Kumar
Himant Sacheti who is an Indian. He has
been in Hong Kong for a very long time and has got the right to reside in Hong
Kong permanently. He had several
partners but all of them have retired.
The subject is a diamond trader.
It set up a diamond processing factory in Hong Kong on
9th November, 2001, but this factory ceased business formally on 30th
June, 2002.
Currently, the subject is manufacturing the following commodities and
offering clients with the following services:-
|
Product/Service |
Product/Service Remarks |
|
Diamond |
Rose cut, Rare natural colour diamonds from India, Israel and Belgium
(Importer) Rose cut, Rare natural colour diamonds from India, Israel and Belgium
(Exporter) Rose cut, Rare natural colour diamonds from India, Israel and Belgium
(Wholesaler) |
Most of the commodities such as natural fancy diamonds, Marquise
diamonds, fancy diamonds, fancy diamonds set, polished white diamond, polished
colour diamond, etc. are imported from India, Belgium, Israel, other Asian
countries, etc. Prime markets are Hong
Kong, India, Southeast Asia, the Middle East, Europe, etc.
According to the subject its significant products are polished white
diamonds and polished colour diamonds.
These products have accounted quite large amount of its annual turnover.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong, Macau and other foreign
large cities. For instance, it took part
in “HKTDC Hong Kong International Jewellery Show 2012” which had been held in
Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 5th to 9th March, 2013.
Besides, it is going to take part in “HKTDC Hong Kong International
Jewellery Show 2014” which will be held in Hong Kong Convention and Exhibition
Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2014. Its booth No. is 3G-A42.
The business of the subject is active as regular suppliers and overseas
customers have been maintained.
The contact person of the subject Mr. Kama Kama is also an Indian.
The history of the subject is over twenty-five years. Annual sales turnover is quite significant.
On the whole, consider the subject 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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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.60.34 |
|
|
1 |
Rs.90.78 |
|
Euro |
1 |
Rs.77.81 |
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 |
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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 |
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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.