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Report Date : |
20.06.2013 |
IDENTIFICATION DETAILS
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Name : |
ARIHANT DIAM (HK) LTD |
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Registered Office : |
Room 1504, 15/F.,
Kwong Fat Commercial Building, 582-588 Canton Road, Yau Ma Tei, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.05.2012 |
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Com. Reg. No.: |
59872341 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all Kinds of Diamonds |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
---- |
NB |
New
Business |
---- |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
--- |
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 |
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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 |
ARIHANT DIAM
(HK) LTD.
ADDRESS: Flat F, 8/F., Kimberley Mansion, 15
Austine Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-5988 7756, 6170 7387
E-MAIL: arihantdiamhk@yahoo.com
Managing
Director: Mr. Abhishek Pareshkumar
Zaveri
Incorporated
on: 28th May, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category:
Diamond trader.
Employees: Nil.
Main Dealing
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered
Office:-
Room 1504, 15/F.,
Kwong Fat Commercial Building, 582-588 Canton Road, Yau Ma Tei, Kowloon, Hong
Kong.
Operating
Address:-
Flat F, 8/F., Kimberley
Mansion, 15 Austine Avenue, Tsimshatsui, Kowloon, Hong Kong.
59872341
1751655
Managing
Director: Mr. Abhishek Pareshkumar
Zaveri
Nominal Share Capital:
HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2,000,000.00
(As
per registry dated 28-05-2013)
|
Name |
|
No.
of shares |
|
Jayeshkumar
Jayantilal MODI |
|
800,000 |
|
Abhishek Pareshkumar ZAVERI |
|
1,200,000 |
|
|
|
–––––––– |
|
|
Total: |
2,000,000 ======= |
(As
per registry dated 28-05-2013)
|
Name (Nationality) |
Address |
|
Jayeshkumar
Jayantilal MODI |
11/F., Luna Court, 55 Kimberley Road,
Tsimshatsui, Kowloon, Hong Kong. |
|
Abhishek
Pareshkumar ZAVERI |
11/F., Luna Court, 55 Kimberley Road,
Tsimshatsui, Kowloon, Hong Kong. |
(As
per registry dated 28-05-2013)
|
Name |
Address |
|
Monju
AHMED |
Flat B, 6/F., Mei Fa Building, 25-35, Shanghai Street, Jordan,
Kowloon, Hong Kong. |
The
subject was incorporated on 28th May, 2012 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds
Employees: Nil.
Commodities
Imported: India, Europe,
etc.
Markets: Hong Kong, the other Asian countries, etc.
Terms/Sales: CAD, L/C, T/T,
etc.
Terms/Buying: L/C, Advanced T/T,
etc.
Nominal Share
Capital: HK$2,000,000.00 (Divided into 2,000,000
shares of HK$1.00 each)
Issued Share
Capital: HK$2,000,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking
facilities.
Payment: Met trade
commitments as required.
Commercial
Morality: Satisfactory
Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having
issued two million ordinary shares of HK$1.00 each, Arihant Diam (HK) Ltd. is
jointly owned by Abhishek Pareshkumar Zaveri, holding 60% interests, and Mr.
Jayeshkumar Jayantilal Modi, holding 40%.
Both are Indian. They are India
passport holders and do not have the right to reside in Hong Kong
permanently. They are also directors of
the subject.
The
subject commenced business in May 2012.
The
subject’s registered address is located at Room 1504, 15/F., Kwong Fat
Commercial Building, 582-588 Canton Road, Yau Ma Tei, Kowloon,
Hong Kong. However, its operating
address is located at Flat F, 8/F., Kimberley Mansion, 15 Austine Avenue,
Tsimshatsui, Kowloon, Hong Kong where is a residential building. This is also the latest Hong Kong residential
address of the two shareholders.
The
residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.
We
can reach Abhishek Pareshkumar Zaveri at your given mobile phone number
852-6170 7387.
The
subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, India and the other Asian countries.
Business is still under development.
The
subject is just a two-man company.
Business is chiefly handled by Zaveri himself. History in Hong Kong is just over a year.
On
the whole, since the history of the subject is short, consider it good for
normal business engagements 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.
-
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.
-
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.58.74 |
|
UK Pound |
1 |
Rs.91.98 |
|
Euro |
1 |
Rs.78.69 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
|
-- |
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.