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Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SHAMYA EXIM LTD. |
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Registered Office : |
Room 1810, 18/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.12.2007 |
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Com. Reg. No.: |
38742513 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and gemstones. |
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No. of Employees : |
3. |
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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
SHAMYA EXIM
LTD.
ADDRESS: Room 1810, 18/F., Rise Commercial
Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3521 1444
FAX: 852-3747 4694
Managing Director: Mr.
Pankajkumar Arvindbhai Dankhara
Incorporated on: 13th
December, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Diamond Dealer.
Employees:
3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Room 1810, 18/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui,
Kowloon, Hong Kong.
Branch Address:-
Flat A, 10/F., Hang Lung Bank Building, 46-48 Granville Road,
Tsimshatsui, Kowloon, Hong Kong.
[Tel: 852-3604 3902 Fax:
852-3581 2521]
Associated Companies:-
Jewel Diam H.K., Hong Kong.
Shine Stone (HK) Ltd., Hong Kong.
38742513
1194884
Managing Director: Mr.
Pankajkumar Arvindbhai Dankhara
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 13-12-2012)
|
Name |
|
No. of shares |
|
Pankajkumar Arvindbhai DANKHARA |
|
1,000,000 ======= |
(As per registry dated 13-12-2012)
|
Name (Nationality) |
Address |
|
Pankajkumar Arvindbhai DANKHARA |
Flat 1, 5/F., Kui Fung Mansion, 18 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
|
Nimisha Pankajbhai DANKHARA |
Flat 1, 5/F., Kui Fung Mansion, 18 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
(As per registry dated 13-12-2012)
|
Name |
Address |
|
Bayani Divino Bautista PONCE |
Flat A, 8/F., Tower 5, Caribbean Coast, 2 Kin Tung Road, Tung Chung,
Lantau Island, Hong Kong. |
The subject was incorporated on 13th December, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 707, 7/F., Heng Ngai Jewellery
Centre, 4 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong, moved to the
present address in December 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and gemstones.
Employees: 3.
Commodities Imported: From India, Europe, other Asian countries, etc.
Markets: Hong
Kong, China, India, and other Asian countries, Europe, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge:-
Date of Assignment
of Receivables – General with
Notice of Assignment: 10-06-2010
Amount: To secure all monies in respect of
banking facilities
Property: In consideration of the Banking
Facilities, the Customer, as beneficial owner and by way of security for the
payment of the Secured Monies, hereby assigns, and agrees to assign, to the
Bank the Receivables until all the Secured Monies have been paid or discharged
Mortgagee: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Profit & Loss: Made a small profit in the past four years.
Condition: Business
is normal.
Facilities: Making
active use of general banking facilities.
Payment:
Met obligations
as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Shamya Exim Ltd. was incorporated in December, 2007 as a private limited
liability company.
The subject has had a branch office located at “Flat A, 10/F., Hang Lung
Bank Building, 46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong” where is
in a residential building.
The subject’s associated company Jewel Diam H.K. is also located at the
above-mentioned address.
With a nominal and issued share capital of HK$1 million, the subject is
solely owned by an Indian merchant Mr. Pankajkumar Arvindbhai Dankhara. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
He is also a diamond business executive in India.
Formerly the subject’s registered office was located at the same office
of Shine Stone (HK) Ltd. [Shine Stone].
Shine Stone was set up in Hong Kong on 19th May, 2006. With a registered capital of HK$1.5 million,
Shine Stone is jointly owned by an India company Jay Manav Impex, holding 55%
interests, and an Indian merchant Mr. Hitesh Parshotambhai Mangukia,
holding 45%. Shine Stone is engaged in
importing and marketing various kinds of diamonds. The subject is also a diamond trader.
The subject is carrying the following main products:-
Imported from India, Shine Stone’s rough diamonds are sold to the
jewellery manufacturers in Hong Kong and China and exported to the other Asian
countries, Europe, etc.
The subject moved to the present address in December 2008. Business is chiefly handled by Dankhara
himself.
The subject is engaged in the same lines of business as Shine Stone
which is one of its business partners.
Chiefly handled by Dankhara, the subject’s business has been improving
further. Its cut and polished diamonds
are marketed in Hong Kong and exported to the other Asian countries. It is carrying white and natural fancy colour
loose diamonds.
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 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 3E-C32.
The history of the subject in Hong Kong is over five years.
On the whole, consider it good for normal business engagements.
Property information of
associate:-
Property Location: Flat B on 16/F. of Tower 9, Villa Verde
(Phase IIA), Laguna Verde, 8 Laguna Verde Avenue, Kowloon, Hong Kong.
Owner: Shine Stone (HK) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
22-10-2008 |
- |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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.
-
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 –
-
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.56.57 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.73.64 |
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.