|
Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
BLUE DIAM COMPANY |
|
|
|
|
Registered Office : |
Flat E2, 6/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom,
Kowloon, |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
16.08.1994 |
|
|
|
|
Com. Reg. No.: |
16085448-001-07 |
|
|
|
|
Legal Form : |
Sole Ownership |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMOND AND JEWELLERY PRODUCTS. |
|
|
|
|
No. of Employees : |
6 |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
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
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 |
BLUE DIAM COMPANY
(Operated by BLUE DIAM CO. LTD.)
Flat E2, 6/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom,
Kowloon, Hong Kong.
PHONE: 852-2369 3197,
2366 0727
FAX: 852-2369 3221
E-MAIL: bluediam@netvigator.com
bluediam.hk@gmail.com
Manager: Mr. Nareshkumar Maneklal Shah
Establishment: 16th August, 1994.
Organization: Sole Ownership.
Capital: Provided by Sole Owner.
Business Category: Diamond
Trader.
Annual Sales Turnover: US$10-15
million.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
BLUE DIAM COMPANY
Head Office:-
Flat E2, 6/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom,
Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 96526, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Operated by:-
Blue Diam Co. Ltd., Hong Kong.
(See attachment)
Associated
Company:-
Dani’s Diam, Hong Kong.
16085448-001-07
Manager: Mr. Nareshkumar Maneklal Shah
Contact Person: Ms. Woo
Blue Diam Co. Ltd., Hong Kong.
The subject was established on 16th August, 1994 as a sole ownership
firm with Blue Diam Co. Ltd., as the proprietor under the Hong Kong Business
Registration Regulations.
At the very beginning, the subject was located at Flat 2, 13/F., Star
Mansion, 3 Minden Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat G, 3/F.,
Windsor Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong in August
1995; to Room 701, 7/F., New Landwide Commercial Building, 73 Kimberley
Road, Tsimshatsui, Kowloon, Hong Kong in August 1996; to Flat E, 6/F., Cameron
Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong in July 1999; and
moved further to the present address in July 2007.
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: 6.
Commodities Imported: India,
other Asian countries, Belgium, other European countries, etc.
Markets: Japan, other Asian countries, the
Middle East, Central and South America, etc.
Annual Sales Turnover: US$10-15
million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Provided by Sole Owner.
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.
Antwerpse Diamantbank NV, Belgium.
Standing: Good.
Blue Diam Company is wholly-owned and operated by Blue Diam Co. Ltd.
Ltd. [BDCL] which is a Hong Kong-registered firm located at the operating
address of the subject.
Originally BDCL was registered under the name of Worldata Investment
Ltd., name changed to the present style on 17th January, 2013.
The subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose
diamonds, loose diamond collection, and round diamonds like marquise, pears,
tappers, buggets and rose cut diamonds.
Other products include diamond gold jewellery and diamond platinum jewellery.
The subject’s diamonds carried bear the following specifications:-
Clarity — VVS2, VS1, SI1;
Colour — F, G, H; &
Size — 1 ct.~0.5 ct, 0.5 ct~0.2 ct.
Rough, cut or polished diamonds are imported from India, other Asian
countries, Belgium or other European countries.
Products are exported to Japan, other Asian countries, the Middle East,
Central and South America, etc. Overall
business is satisfactory. Regular
suppliers and customers have been maintained.
BDCL was incorporated on 2nd July, 1991 and jointly owned by
Mr. Nareshkumar Maneklal Shah, holding 59.9% interests, and Mr. Naitik
Mukesh Shah, holding 40.1%. Directors
are Naitik Mukesh Shah and Rashi Naitik Shah.
Both are Hong Kong ID Card holders and have got the right to reside in
Hong Kong permanently.
BDCL is owned by the Shah family and has had close business ties with
those jewellery trades in UAE.
The contact person of the subject Ms. Woo is a Hongkongnese.
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. For instance, it took part in
“HKTDC Hong Kong International Jewellery Show 2013” 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-C25.
The annual sales turnover of the subject ranges from US$10 to 15
million. Making a small profit every
year.
The subject is fully supported by BDCL.
The contact person is Ms. Woo who is a Hongkongnese.
As the history of BDCL in Hong Kong is over twenty-one years and eleven
months, on the whole, consider it good for normal business engagements.
BLUE DIAM CO. LTD.
(Trading as BLUE DIAM COMPANY)
Flat E2, 6/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom,
Kowloon, Hong Kong.
16085448-000-07
0316294
2nd July, 1991.
Nominal Share Capital: HK$32,550,000.00
(Divided into 32,550,000 shares of HK$1.00 each)
Issued Share Capital: HK$32,535,136.00
(As per registry dated 02-07-2012)
|
Name |
|
No. of shares |
|
Nareshkumar Maneklal SHAH |
|
19,500,009 |
|
Naitik Mukesh SHAH |
|
13,035,127 |
|
|
|
––––––––– |
|
|
Total: |
32,535,136 ======== |
(As per registry dated 15-01-2013)
|
Name (Nationality) |
Address |
|
Naitik Mukesh SHAH |
Flat C, 1/F., Block 5, Royal Peninsula, 8 Hung Lao Road, Hunghom,
Kowloon, Hong Kong. |
|
Rashi Naitik SHAH |
Flat C, 1/F., Block 5, Royal Peninsula, 8 Hung Lao Road, Hunghom,
Kowloon, Hong Kong. |
(As per registry dated 02-07-2012)
|
Name |
Address |
Co. No. |
|
Kingspeed Consultants Ltd. |
Unit A, 10/F., TAL Building, 49 Austin Road, Jordan, Kowloon, Hong
Kong. |
0229410 |
It was originally registered under the name of Worldata Investment Ltd.,
name changed to Blue Diam Co. Ltd. on 17th January, 2013
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.
-
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 –
-
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.
-
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.56.57 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.73.64 |
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 |
|
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.