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Report Date : |
13.11.2013 |
IDENTIFICATION DETAILS
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Name : |
ZEST DIMON |
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Registered Office : |
Room 901, 9/F., Harbour Centre, Tower 2, |
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Country : |
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Date of Incorporation : |
19.04.2005 |
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Com. Reg. No.: |
35536664-000-04 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Supplier, Importer and Exporter of All kinds of diamonds and jewellery
products, emerald, precious stones. |
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No. of Employees : |
3.
(Including associate) |
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 : |
No Complaints |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
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.
|
Source
: CIA |
ZEST DIMON
Room 901, 9/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
PHONE: 852-3163 2289
FAX: 852-2333 9518
E-MAIL: hiraexportsltd@yahoo.com
Manager: Mr. Pravinkumar Thakarshi Dobariya
Establishment: 19th
April, 2005.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Employees:
3. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ZEST DIMON
Head Office:-
Room 901, 9/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon,
Hong Kong.
Associated
Companies:-
Hira Export, India.
Hira Exports Ltd., Hong Kong.
(Same address)
35536664-000-04
Manager: Mr. Pravinkumar Thakarshi Dobariya
Name: Mr. Pravinkumar Thakarshi DOBARIYA
Residential Address: Flat F,
6/F., Tower 19, Laguna Verde Avenue, Hunghom, Kowloon, Hoong Kong.
The subject was established on 19th April, 2005 as a sole proprietorship
concern owned by Mr. Pravinkumar Thakarshi Dobariya under the Hong Kong
Business Registration Regulations.
Originally the subject was registered under the name of Hira Exports
(HK), name changed to the present style on 14th October, 2005.
Initially the subject was located at 11/F., Tung Wui Commercial
Building, 27 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the
present address in October 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Supplier,
Importer and Exporter.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones.
Employees: 3. (Including affiliate)
Commodities Imported: India, Belgium, other Asian and European countries, etc.
Markets: Japan,
other Asian countries, Europe, North America, etc.
Terms/Sales:
L/C, advanced T/T,
etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a satisfactory condition.
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.
Zest Dimon, formerly known as Hira Exports (HK), is a sole
proprietorship set up and owned by Mr. Pravinkumar Thakarshi Dobariya who is an
Indian. Now he is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently.
The subject has had an affiliated company Hira Exports Ltd. [Hira
Exports] located at its operating address.
Incorporated in 2005, Hira Exports is a diamond trader, so does the
subject.
Hira Exports is wholly-owned by Mr. Dahyabhai Govindhbai Sutariya who is
also an Indian. The directors of Hira
Exports are Dahyabhai Govindhbai Sutariya, Pravinkumar Thakarshi Dobariya and
Kavita Pravinkumar Dobariya. K. P. Dobariya
and P. T. Dobariya belong to the same family.
However, Hira Exports is also managed by P. T. Dobariya who is also the
manager of the subject.
The subject is the supplier, importer and exporter of versatile range of
diamonds in a wide variety like rose cut diamonds, rose cut heart, rose cut round,
rose cut pears, rose cut oval, rose cut marquise, fancy cut and fancy colour
diamonds. Significant products are 18K
white gold earrings, diamond bangles, 18K white gold bangles, etc.
The subject has got an associated factory known as Hira Export in
India. Its commodities are chiefly
supplied by its factory in India.
Commodities are marketed in Hong Kong, China, exported or re-exported to
the other Asian countries, Eastern and Western Europe, North America,
Scandinavia, etc. Business is normal.
The business of the subject and Hira Export is chiefly handled by P. T.
Dobariya.
In order to penetrate the international market further, Hira Exports has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, it took part in
“HKTDC Hong Kong International Jewellery Show 2013” which had been held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
5th to 9th March, 2013. Besides, Hira Exports
is going to take part in “HKTDC Hong Kong International Jewellery Show 2014”
which will be held in the same Exhibition Centre, Wanchai, Hong Kong during the
period of 5th to 9th March, 2014.
The subject is fully supported by Hira Exports and the Dobariya family.
As the history of the subject in Hong Kong is over eight years, on the
whole, consider it good for normal business engagements.
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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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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.59 |
|
|
1 |
Rs.101.56 |
|
Euro |
1 |
Rs.85.15 |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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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.