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Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUNDIAM (HK) LTD. |
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Registered Office : |
Room 608, 6/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.12.2005 |
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Com. Reg. No.: |
36268767 |
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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 jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
3 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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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) |
|
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 |
SUNDIAM (HK)
LTD.
Room 608, 6/F., Hart
Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2367 3858
FAX: 2369 3556, 2375 7406
Managing
Director: Mr. Parinkumar Dipak Shah
Incorporated on: 6th December, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: 3. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SUNDIAM
(HK) LTD.
Registered
Head Office:-
Room 608, 6/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Affiliated/Associated
Companies:-
GTI Jewellery Pvt.
Ltd., India.
Kirtilal M Shah,
India.
Star Light, Hong
Kong. (Same address)
Sundiam DMCC, UAE.
Sundiam Inc., USA.
Sundiam, Hong
Kong. (Same address)
Sunraj Gems
b.v.b.a., Belgium.
36268767
1012052
Managing Director: Mr. Parinkumar Dipak Shah
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As per registry dated 06-12-2012)
|
Name |
|
No. of shares |
|
Parinkumar
Dipak SHAH |
|
9,500 |
|
Keyurkumar Dhirajlal PATVA |
|
500 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated 06-12-2012)
|
Name (Nationality) |
Address |
|
Keyurkumar
Dhirajlal PATVA |
103, Akashganga Apartment, Bhatar Road,
Near L.B. Cinema, Surat (Gujarat), India. |
|
Parinkumar Dipak
SHAH |
402, A1 Bushra Building, Opp. Silver Sands
3, Near Ramada Hotel, Bur Dubai, UAE. |
(As per registry dated 06-12-2012)
|
Name |
Address |
Co.
No. |
|
Vigor
Corporate Services Ltd. |
Room 508, 5/F., Cheung Fung Commercial Building, 21‑25 Cheung
Sha Wan Road, Prince Edward, Kowloon, Hong Kong. |
1413726 |
The
subject was incorporated on 6th December, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Initially
the subject was located at Flat F, 4/F., South Sea Apartments, 81 Chatham
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 701, 7/F., Hart Avenue
Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in January 2009
and further to Room 608, 6/F. of the same building with effect from 15th
February, 2013.
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 products, emerald, precious stones, etc.
Employees: 3. (Including associates)
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Asian countries, Europe, Middle East, 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$10,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having
issued 10,000 ordinary shares of HK$1.00 each, Sundiam (HK) Ltd. was jointly owned
by three Indian, namely, Mr. Jayantilal Manilal Shah, holding 63% interests;
Mr. Parinkumar Dipak Shah, holding 32%; and Mr. Keyurkumar Dhirajlal
Patva, 5%. On 30th January, 2009,
Jayantilal Manilal Shah transferred all his shares to Parinkumar Dipak Shah,
since then, Parinkumar Dipak Shah has been holding 95% of the subject’s
interests while Keyurkumar Dhirajlal Patva, still holding 5%.
The
subject shares the office with its business partner Star Light, a
Hong Kong-registered firm. It moved
to the present address with effect from 15th February, 2013.
The
subject is a diamond importer, exporter and wholesaler.
The
subject has had affiliated companies in India, the United Arab Emirates,
Belgium, the United States, etc.
Collectively, these firms and the subject are known as the Sundiam
Group.
Parinkumar
Dipak Shah is administering the Group’s affiliated company in Dubai, the United
Arab Emirates.
Besides,
the subject has got an affiliated company located at the same operating address
known as Sundiam, also a Hong Kong-registered firm.
Sundiam
Group belongs to the KM Group which is also a diamond trader.
The
KM Group has set up offices in most of the major trading and consumer markets
such as New York, Antwerp, Chicago, Mumbai and diamond manufacturing centres at
Surat and Navsari of India.
The
KM Group is trading in rough diamonds, loose diamonds, cut and polish diamonds.
It
seems that the KM Group is operated and chiefly owned by the Shah family of
India.
Besides,
the subject has had another associated company in India. Kirtilal M Shah is a comprehensive
diamond-dealing firm from Mumbai, India serving a diverse customer profile
globally. It offers a spectrum of
assorted diamond sparklers featured as uncut, loose or well-cut stones. Its procurement of bona fide rough diamonds
is dedicated specially to Rounds of 0.30 carats to 3.00 carats, D-K colour,
with IF-l1 clarity. Its manufacturing
operations are conducted in Surat and Navsari in Gujarat, India.
Star
Light is a sole proprietorship set up and owned by Mr. Priyank Bhadpik Gala who
is an Indian. He is an India passport
holder and does not have the right to reside in Hong Kong permanently.
Mr.
Priyank Bhadpik Gala is also the representative of the subject in
Hong Kong.
The
subject is fully supported by the KM Group which is supplying the subject and
Star Light with 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.
The
history of the subject in Hong Kong is over seven years and three months.
On
the whole, consider it good for normal business engagements.
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 : |
PDT |
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.