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Report Date : |
06.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ARIHANT DIAM (HK) LTD |
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Registered Office : |
Room 1504, 15/F., |
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Country : |
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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 : |
Trader of Loose, Polished and Cut Diamonds |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
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) |
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A2 |
A2 |
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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 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.
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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 |
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|
|
–––––––– |
|
|
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.
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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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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 –
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.79 |
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UK Pound |
1 |
Rs.98.66 |
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Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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.