|
Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
LOTUS DIAM (HK) LTD. |
|
|
|
|
Registered Office : |
Room 1602, 16/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
09.10.2008 |
|
|
|
|
Com. Reg. No.: |
39882657 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery. |
|
|
|
|
No. of Employees : |
2 |
RATING & COMMENTS
|
MIRAs 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 : |
Regular |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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'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
LOTUS DIAM
(HK) LTD.
ADDRESS: Room 1602, 16/F., Hart
Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2368 0510, 2368 0511
FAX: 2368 0398
Managing Director: Mr. Ankurkumar
Anandlal Shah
Incorporated on: 9th
October, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Diamond Trader.
Employees:
2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1602, 16/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Main Affiliated Company:-
Suresh Brothers (HK) Ltd., Hong Kong.
[Dissolved]
39882657
1278371
Managing Director: Mr. Ankurkumar
Anandlal Shah
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 09-10-2012)
|
Name |
|
No. of shares |
|
Ankurkumar Anandlal SHAH |
|
1 |
|
Mital Ankur Kumar SHAH |
|
1 |
|
|
|
|
|
|
Total: |
2 = |
(As per registry dated 09-10-2012)
|
Name (Nationality) |
Address |
|
Ankurkumar Anandlal SHAH |
602 Chandanbala Apts., R/R Thaker Marg, Walkeshwar, Mumbai-400006,
India. |
|
Mital Ankur Kumar SHAH |
602 Chandanbala Apts., R/R Thaker Marg, Walkeshwar, Mumbai-400006,
India. |
(As per registry dated 09-10-2012)
|
Name |
Address |
Co. No. |
|
Billion Smooth Ltd. |
Unit 706, 7/F., Sunbeam Plaza, 1155 Canton Road, Mongkok, Kowloon,
Hong Kong. |
1446987 |
The subject was incorporated on 9th October, 2008 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 and jewellery.
Employees: 2.
Commodities Imported: India, Europe, etc.
Markets: Hong
Kong, Japan, other Asian countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P,
etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
Profit or Loss: Made very small profit in 2012.
Condition: Business
is improving.
Facilities: Is
making use of general banking facilities.
Payment:
Met trade
commitments on time.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 2 ordinary shares of HK$1.00 each, Lotus Diam (HK) Ltd.
was equally owned by Dipak Dinkarlal Shah and Dipti Deepak Shah. Both of them were India passport holders. Now, the shareholders have been changed to
Ankurkumar Anandlal Shah and Mital Ankur Kumar Shah. Each of them is holding a single share of the
subject. They are also India passport
holders and currently residing in Mumbai, India. They are also directors of the subject.
The old managing director of the subject Dipak Dinkarlal Shah has
retired.
The subject is a diamond trader.
It is a diamond importer, exporter and wholesaler. It is the supplier of a versatile range of
diamonds such as rose cut diamonds, rose cut heart, rose cut round, rose cut
pears, rose cut oval, rose cut marquise, etc.
Commodities such as cut and polished diamonds are chiefly imported from
India. Products are marketed in Hong
Kong, exported to Japan, the other Asian countries, the Middle East, etc. Business is improving.
The subject had a main affiliated company Suresh Brothers (HK) Ltd.
[Suresh Brothers] which was also a diamond trader. However, this firm has been dissolved by
deregistration since 19th October 2012.
To our knowledge, the head office of Suresh Brothers is still in Mumbai,
India. It is a Diamond Trading Company
Sightholder and one of the suppliers of the subject. Suresh Brothers had its origins in the
Saralal Laxmichand Group - a diamond manufacturing enterprise established in
1939.
On the whole, since the history of the subject is over four years and
five months in Hong Kong, consider it good for normal business engagements in
small credit amounts.
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.
-
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.
-
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
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.
-
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.54.37 |
|
|
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.03 |
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
SCs 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%)
|
Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
LOTUS DIAM (HK) LTD. |
|
|
|
|
Registered Office : |
Room 1602, 16/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
09.10.2008 |
|
|
|
|
Com. Reg. No.: |
39882657 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery. |
|
|
|
|
No. of Employees : |
2 |
RATING & COMMENTS
|
MIRAs 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 : |
Regular |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
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'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
LOTUS DIAM
(HK) LTD.
ADDRESS: Room 1602, 16/F., Hart
Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2368 0510, 2368 0511
FAX: 2368 0398
Managing Director: Mr. Ankurkumar
Anandlal Shah
Incorporated on: 9th
October, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Diamond Trader.
Employees:
2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1602, 16/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Main Affiliated Company:-
Suresh Brothers (HK) Ltd., Hong Kong.
[Dissolved]
39882657
1278371
Managing Director: Mr. Ankurkumar
Anandlal Shah
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00
each)
Issued Share Capital: HK$2.00
(As per registry dated 09-10-2012)
|
Name |
|
No. of shares |
|
Ankurkumar Anandlal SHAH |
|
1 |
|
Mital Ankur Kumar SHAH |
|
1 |
|
|
|
|
|
|
Total: |
2 = |
(As per registry dated 09-10-2012)
|
Name (Nationality) |
Address |
|
Ankurkumar Anandlal SHAH |
602 Chandanbala Apts., R/R Thaker Marg, Walkeshwar, Mumbai-400006,
India. |
|
Mital Ankur Kumar SHAH |
602 Chandanbala Apts., R/R Thaker Marg, Walkeshwar, Mumbai-400006,
India. |
(As per registry dated 09-10-2012)
|
Name |
Address |
Co. No. |
|
Billion Smooth Ltd. |
Unit 706, 7/F., Sunbeam Plaza, 1155 Canton Road, Mongkok, Kowloon,
Hong Kong. |
1446987 |
The subject was incorporated on 9th October, 2008 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 and jewellery.
Employees: 2.
Commodities Imported: India, Europe, etc.
Markets: Hong
Kong, Japan, other Asian countries, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P,
etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
Profit or Loss: Made very small profit in 2012.
Condition: Business
is improving.
Facilities: Is
making use of general banking facilities.
Payment:
Met trade
commitments on time.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 2 ordinary shares of HK$1.00 each, Lotus Diam (HK) Ltd.
was equally owned by Dipak Dinkarlal Shah and Dipti Deepak Shah. Both of them were India passport
holders. Now, the shareholders have been
changed to Ankurkumar Anandlal Shah and Mital Ankur Kumar Shah. Each of them is holding a single share of the
subject. They are also India passport
holders and currently residing in Mumbai, India. They are also directors of the subject.
The old managing director of the subject Dipak Dinkarlal Shah has
retired.
The subject is a diamond trader.
It is a diamond importer, exporter and wholesaler. It is the supplier of a versatile range of
diamonds such as rose cut diamonds, rose cut heart, rose cut round, rose cut
pears, rose cut oval, rose cut marquise, etc.
Commodities such as cut and polished diamonds are chiefly imported from
India. Products are marketed in Hong
Kong, exported to Japan, the other Asian countries, the Middle East, etc. Business is improving.
The subject had a main affiliated company Suresh Brothers (HK) Ltd.
[Suresh Brothers] which was also a diamond trader. However, this firm has been dissolved by
deregistration since 19th October 2012.
To our knowledge, the head office of Suresh Brothers is still in Mumbai,
India. It is a Diamond Trading Company
Sightholder and one of the suppliers of the subject. Suresh Brothers had its origins in the
Saralal Laxmichand Group - a diamond manufacturing enterprise established in
1939.
On the whole, since the history of the subject is over four years and
five months in Hong Kong, consider it good for normal business engagements in
small credit amounts.
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.
-
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.
-
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
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.
-
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.54.37 |
|
|
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.03 |
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
SCs 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%)