|
Report Date : |
07.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
PERRY GEMS ( |
|
|
|
|
Registered Office : |
Room 404A, 4/F., Fu Hang Industrial Building, 1 Hok Yuen Street East,
Hunghom, Kowloon |
|
|
|
|
Country : |
|
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|
|
|
Date of Incorporation : |
17.06.2005 |
|
|
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Com. Reg. No.: |
35752741 |
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|
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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. |
|
|
|
|
No. of Employees : |
8.
(Including associates) |
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 |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – 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 |
|
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 |
PERRY GEMS (HONG
KONG) LTD.
Room 404A, 4/F., Fu Hang Industrial Building, 1 Hok Yuen Street East,
Hunghom, Kowloon, Hong Kong.
PHONE: 852-2739 5657, 3160 4237,
3160 4238
FAX: 852-2739 5658
E-MAIL: perryhk@perrygems.com
perrygems2000@hotmail.com
Managing Director: Mr. Dhaval Kumar Vinod Chandra Patel
Incorporated on: 17th
June, 2005.
Organization: Private
Limited Company.
Capital: Nominal: HK$4,000,000.00
Issued: HK$4,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
8. (Including associates)
Annual Turnover: US$25-30
million.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
PERRY GEMS (HONG
KONG) LTD.
Registered Head
Office:-
Room 404A, 4/F., Fu Hang Industrial Building, 1 Hok Yuen Street East,
Hunghom, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Perry Impex Pvt Ltd., India.
PM Jewels Ltd., Hong Kong.
35752741
0977829
Managing Director: Mr. Dhaval
Kumar Vinod Chandra Patel
Contact Person: Ms. Siu Lok Kwan,
Christine
Nominal Share Capital: HK$4,000,000.00
(Divided into 4,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
(As per registry dated 17-06-2013)
|
Name |
|
No. of shares |
|
Dhaval Kumar Vinod Chandra PATEL |
|
4,000,000 ======= |
(As per registry dated 17-06-2013)
|
Name (Nationality) |
Address |
|
Dhaval Kumar Vinod Chandra PATEL |
Flat A, 3/F., Tower 8, 8 Laguna Verde Avenue, Laguna Verde, Costa Del Sol,
Hunghom, Kowloon, Hong Kong. |
(As per registry dated 17-06-2013)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong
Kong. |
0113023 |
The subject was incorporated on 17th June, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 404A, 4/F., Fu Hang Industrial
Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong, moved to Office
A, 4/F., Cheerful Commercial Building, 116-118 Ma Tau Wai Road, Hunghom,
Kowloon, Hong Kong in October 2008; and further moved back to Room 404A, 4/F.,
Fu Hang Industrial Building in May 2009.
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.
Employees: 8. (Including associates)
Commodities Imported: India, Belgium, US, etc.
Markets: Hong
Kong, China, other Asian countries, Europe, US, etc.
Annual Turnover: US$25-30
million.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$4,000,000.00 (Divided into 4,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
Increase of Nominal Capital:-
|
From |
HK$2,500,000.00 |
to |
HK$4,000,000.00 |
on |
21-08-2009 |
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$2,500,000.00 |
|
21-08-2009 |
paid up |
HK$1,500,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$4,000,000.00 ============== |
Indebtedness: HK$2,839,935.41 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 17-06-2013)
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Business
is satisfactory.
Facilities: Making
rather active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing:
Normal.
Having issued 2.5 million ordinary shares of HK$1.00 each, Perry Gems
(Hong Kong) Ltd. was wholly owned by Mr. Dhaval Kumar Vinod Chandra Patel who
is an Indian. In August 2009, the
subject increased its ordinary shares to 4 million. The newly issued 1.5 million ordinary shares
were all allotted to Patel. Mr. Patel is
a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
The subject is a diamond importer, exporter and wholesaler. Diamonds are imported India, Belgium, the
United States, etc. Currently, the
subject is manufacturing the following commodities and offering clients with
the following services:-
|
Product/Service |
Product/Service
Remarks |
|
Fine Jewellery |
|
|
Diamond |
Include from India, Belgium and USA (Importer) Include from India, Belgium and USA (Exporter) Include from India, Belgium and USA (Wholesaler) |
|
Precious and Semi-Precious Jewellery |
|
|
Jewellery – Gemset |
|
|
Jewellery – Diamond |
Include from India, Belgium and USA (Importer) Include from India, Belgium and USA (Exporter) Include from India, Belgium and USA (Wholesaler) |
Main diamond jewellery includes bracelets, brooches, earrings,
necklaces, rings, pendants, etc. Its
polished diamonds include princess cut, round brilliant, tapered, etc.
It is specialized in those diamonds in -2, Star, Melee, +11 up to 0.50
pts. Colours are white, next to white,
off white, TTLB, dark brown [DB], and black.
Most of the diamonds are brilliant cut.
Finished products are marketed in Hong Kong, exported to China, Taiwan,
Thailand, the Philippines, Malaysia, Singapore, India, Japan, Western Europe
and the United State, etc. Business is
active.
The subject has got an affiliated company Perry Impex Pvt Ltd. [Perry
Impex] in Mumbai, India. Perry Impex is
also a diamond product manufacturer, exported and wholesaler. The manufacturing unit of Perry Impex is in
Surat, Gujarat, India. The factory has
been equipped with the state-of-the-art technology and the latest equipment.
The subject’s business is chiefly handled by Mr. Patel himself. The contact person Ms. Christine Siu Lok Kwan
is a Hongkongnese. She is the Sales
Executive of the subject.
Besides operating the subject, Mr. Patel is also a shareholder and
director of another diamond and jewellery firm PM Jewels Ltd. [PM Jewels], also
a Hong Kong-based and registered firm located at the subject’s operating
address.. PM Jewels Ltd. was also
incorporated on 17th June, 2005. It is
trading in rings, earrings, pendants, bracelets, necklaces, etc.
PM Jewels’ products are exported to Japan, Europe, Thailand, the United
Arab Emirates, the United States, etc.
It has set up an office in Dubai, the United Arab Emirates.
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 subject has had its own premises in Hong Kong. The premises have been mortgaged to The
Hongkong & Shanghai Banking Corp. Ltd. for securing general banking
facilities.
The annual sales turnover of the subject ranges from US$25 to 30
million. Making a small profit every
year.
The history of the subject in Hong Kong is over eight years.
On the whole, consider it good for normal business engagements.
Property information of the company:-
Property Location: Office A
on 4/F., Cheerful Commercial Building,
116-118 Ma Tau Wai Road, Kowloon, Hong Kong.
Owner: Perry Gems (Hong Kong) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
25-03-2011 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
Property Location: Office
A on 4/F., Cheerful Commercial Building,
116-118 Ma Tau Wai Road, Kowloon, Hong Kong.
Owner: Perry Gems (Hong Kong) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
14-14-2012 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
Property Location: Flat G,
16/F., Block 1, Site 3, Willow Mansion, Whampoa Graden, 120 Baker Street,
Hunghom, Kowloon, Hong Kong.
Owner: Perry Gems (Hong Kong) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
03-09-2013 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
25-03-2011 |
Instrument: Mortgage Property: 1/54th part or share of and in Kowloon Inland Lot No. 8485 & 8465
(Office A on 4/F. of Cheerful Commercial Building, 116‑118 Ma Tau Wai
Road, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all sums |
|
14-11-2012 |
Instrument: Mortgage Property: All that one equal undivided 54 part or share of and in All Those
pieces or parcels of ground registered in the Land Registry as Kowloon Inland
Lot No. 8485 and Kowloon Inland Lot No. 8465 and of and in the messuage
erections and buildings thereon now knows as “CHEERFUL COMMERCIAL BUILDING”
together with the sole and exclusive right and privilege to hold use occupy
and enjoy All that office A on the Fourth Floor of the Building Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
To secure all existing and future general banking facilities to the
extent of unlimited amount and interest thereon |
|
03-09-2013 |
Instrument: Mortgage Property: All that estate right title benefit and interest of and in all those
16/18,850 parts of share of and in all that piece or parcel of ground
registered in the Land Registered as Section C of Kowloon Inland Lot No. 10750
and of and in the messuages erections and buildings thereon now known as
Whampoa Garden, Site 3, together with the sole and exclusive right and
privilege to hold use occupy and enjoy all that Flat G, 16/F. of Block 1 of
the Building Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
To secure all principal, interest and other amounts from time to time
owing by the Mortgage to the bank on any current and other account and all
other liabilities |
|
04-09-2013 |
Instrument: Security Over Deposit in respect of
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account
No. 701600023252 and all deposits from time to time therein which
expression includes all and every deposit and any currency into which such
sums may from time to time be converted Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All monies and liabilities |
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.
-
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 –
-
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.6192 |
|
|
1 |
Rs.99.60 |
|
Euro |
1 |
Rs.83.74 |
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 |
|
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.