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Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
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Name : |
EVEREST DIAM |
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Registered Office : |
Flat 1315, 13/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.12.2009 |
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Com. Reg. No.: |
51506722-000-12 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer and Exporter of All kinds of diamonds, etc. |
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No. of Employees : |
2 |
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 : |
Regular |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
|
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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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 |
EVEREST DIAM
Flat 1315, 13/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2367 4598
FAX: 2367 6655
E-MAIL: everestdiam@gmail.com
Manager: Mr. Sachin Kumar
Jitendra Kumar Zaveri
Establishment: 7th December,2009.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
EVEREST DIAM
Head Office:-
Flat 1315, 13/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Everest (Thailand) Co. Ltd., Thailand.
Everest Enterprise, India.
51506722-000-12
Manager: Mr. Sachin Kumar
Jitendra Kumar Zaveri
Contact Person: Mr. Krushant
Prakashbhai Shah
Name: Mr. Sachin Kumar Jitendra
Kumar ZAVERI
Residential Address: 238/44
The Executive Regent Building, Room 1604, Nanglinchee Chong Nonsee, Yanawa,
Bangkok 10120, Thailand.
Name: Mr. Krushant Prakashbhai
SHAH
Residential Address: A/9
Nandkumar Building, Nandapatkar Road, Vile Parle East, Mumbai 400057, M.S.,
India,
The subject was established on 7th December,2009 as a sole
proprietorship concern owned by Mr. Sachin Kumar Jitendra Kumar Zaveri under
the Hong Kong Business Registration Regulations.
It became a partnership as a new partner Mr. Krushant Prakashbhai Shah
joined in on 6th December, 2010.
At the very beginning, the subject was located at 4/F., Block 37, Ocean
View Court, 35-37 Mody Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 3,
Rear Block 39, 4/F., Ocean View Court, 35-37 Mody Road, Tsimshatsui, Kowloon,
Hong Kong in May, 2011 and further to the present address in November 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of diamonds, etc.
Employees: 2.
Commodities Imported: India,
Thailand, etc.
Markets: Thailand, other Asian countries,
Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Made a very small profit in 2012.
Condition: Keeping in a satisfactory
manner.
Facilities: Is
making 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.
Everest Diam is a partnership jointly owned by Mr. Sachin Kumar Jitendra
Kumar Zaveri and Mr. Krushant Prakashbhai Shah, both of whom are Indian.
The subject is a diamond trader.
It is specialized in cushion intense green diamond, heart brilliant
diamond and emerald-cut diamond, pear diamond, natural fancy coloured diamond,
etc.
It also trades in fancy shape diamonds having GIA certificate.
The subject has had an associated company Everest Enterprise, an
India-based firm. Besides the India
firm, the subject also has had an associated company in Thailand.
Everest Enterprise was set up in 1981 by the late Mr. Navin Bhai
Shah. It is a member of The Gem and
Jewelery Export Promotion Council (GPEPC), India.
Everest Enterprise is specialised in all types of fancy shaped
diamonds. Its products are mostly GIA
certified with an excellent shape appeal, ideal ratio & depth, +VG / +VG
Polish / Symmetry and majority of its products without black inclusions and a
wide variety of matching pairs.
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 2013” which will be
held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 5th to 9th March, 2013.
Its Booth No. is CR-A33.
The subject’s business is chiefly handled by Zaveri.
The contact person of the subject Krushant Prakashbhai Shah can be
reached at his Hong Kong mobile phone number 852-6181 5512.
As the history of the subject is over three years and two months in Hong
Kong, on the whole, consider it good for normal credit requirements 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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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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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 –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many diamantaires
borrowed money during the economic downturn two years ago and diverted funds to
businesses like real estate and capital markets. Many of themselves made money
from these businesses but their diamond companies have gone sick and declared
insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.70 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
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 |
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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 |
|
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 |
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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.