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Report Date : |
24.07.2013 |
IDENTIFICATION DETAILS
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Name : |
NANCY DIAM |
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Registered Office : |
Room 908, 9/F., Block F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.09.2003 |
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Com. Reg. No.: |
33914379-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of Loose polished diamonds, diamond jewellery, luxury watches. |
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No. of Employees : |
2. (Including associate) |
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 : |
Moderate |
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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 |
|
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 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
NANCY DIAM
ADDRESS: Room 908, 9/F., Block F., Hart Avenue Plaza,
5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not Available
Manager: Mr. Asheinkumar
Dhirubhai Sutariya
Establishment: 18th
September, 2003.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond and Jewellery Trader.
Employees:
2. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 908, Block F, 9/F., Hart Avenue Plaza, 5-9 Hart Avenue,
Tsimshatsui, Kowloon, Hong Kong.
Affiliated Companies:-
Manee Diam Co. Ltd.
322/54 Surawongwattanakarn, 22nd Floor, Suite-B, Surawongse Road,
Sipraya, Bangrak, Bangkok 10500, Thailand.
[Tel: 66-2-2631 8990 (4 lines)
Fax: 66-2-2631 8996
E-mail: maneediam@yahoo.com]
Walasons Ltd.
Room 806, 8/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
[Tel: 852-2311 5052 Fax:
852-2311 5053
E-mail: info@walasons.com]
Zaver Diam Co. Ltd., Thailand.
33914379-000-09
Manager: Mr. Asheinkumar
Dhirubhai Sutariya
Name: Mr. Asheinkumar Dhirubhai
SUTARIYA
Residential Address: Flat H, 3/F.,
Block 16, Cherry Mansion, 9 Shung King Street, Hunghom, Kowloon, Hong Kong.
The subject was established on 18th September, 2003 as a sole
proprietorship concern owned by Mr. Nilesh Sambhubhai Italiya under the Hong
Kong Business Registration Regulations.
The subject became a partnership as Mr. Asheinkumar Dhirubhai Sutariya
joined in as a partner on 1st April, 2012.
It became a sole proprietorship again as Nilesh Sambhubhai Italiya
retired on 31st July, 2012.
At the very beginning, the subject was located at Flat E, 2/F.,
Universal Mansion, Phase 1, 52 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong,
moved to Flat A, 6/F., Tung Wui Building, 46-48 Kimberley Road, Tsimshatsui,
Kowloon, Hong Kong in January 2007, to Flat L1, 12/F., Summit Building, 30 Man
Yue Street, Hunghom, Kowloon, Hong Kong in July 2008, to Flat D1, 6/F. of the
same building in December of the same year.
In September 2012, the subject moved to the present address.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Loose
polished diamonds, diamond jewellery, luxury watches, etc.
Employees: 2. (Including associate)
Commodities Imported: India, Europe, US, etc.
Markets: Thailand,
Hong Kong, China, Vietnam, the Philippines, Malaysia, Singapore, India, US,
Russia, Turkey, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: As
per contracted.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active condition.
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.
Bangkok Bank Public Co. Ltd., Hong Kong
Branch.
Standing:
Normal.
Nancy Diam was a sole proprietorship set up and owned by Mr. Nilesh
Sambhubhai Italiya who is an Indian. Now,
the subject is solely owned by Mr. Asheinkumar Dhirubhai Sutariya who is an
Indian. He is a Hong Kong ID Card holder
and has got the right to reside in Hong Kong permanently. He is also the manager of the subject.
The subject moved to the present address in September 2012. It is a diamond trader.
The subject is an affiliate of Manee Diam Co. Ltd. [Manee Diam] which
was established in Bangkok, Thailand.
Incorporated in March 2003 and under the leadership of Mr. Nilesh S.
Italiya and Mr. Prakash S. Italiya.
Manee Diam has been a diamond manufacturing, exporting and importing
company since 1972. This firm started
its operations in the diamond manufacturing cities Surat and Mumbai of India.
According to the subject, it is still a business partner of the Group.
Now, Manee Diam is Thailand’s leading provider of white colour natural
polished diamond. Being a major diamond
trader, Manee Diam has had manufacturing plants in Surat, India. It is providing customers with quality
diamonds which are manufactured by using state of the art equipment.
Manee Diam serves the customers in most of the Asian countries
(including Thailand, Hong Kong, China and Vietnam), the Middle East, Europe,
the United States, etc.
The subject is engaged in the same lines of business as Manee Diam, more
or less. Manee Diam is also trading in
luxury watches. So does the subject.
Manee Diam has had a unit known as Zaver Diam Co. Ltd. [Zaver] which is
also in Thailand. Zaver is a diamond
jewellery manufacturer and trader. It
also has become a business partner of the subject.
The subject is trading in the following products which are supplied by
Manee Diam Group:-
Round, Oval, Heart, Pear, Prince, Marquise, Emerald, Bugget, Tapper,
etc.
In Hong Kong, the old sole proprietor Nilesh Sambhubhai Italiya is
operating another firm known as Walasons Ltd. [Walasons] which is located at
the old operating office of the subject.
Having issued 300 ordinary shares of HK$1.00 each, Walasons is equally
owned by the members of the Italia or Italiya family, namely, Mr. Prakash
Shambhubhai Italia, Mr. Nilesh Sambhubhai Italiya and Sharda Nilesh
Italiya. Walasons is also a diamond
trader. The subject is also a business
partner of Walasons.
The history of the subject in Hong Kong is over nine years.
On the whole, since the subject has been changed hands in April 2012,
consider it good for normal business engagements in small credit amounts.
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.59.68 |
|
|
1 |
Rs.91.66 |
|
Euro |
1 |
Rs.78.68 |
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 |
|
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.