|
Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ZENIA |
|
|
|
|
Registered Office : |
Room 404, 4/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
24.09.2004 |
|
|
|
|
Com. Reg. No.: |
34938558-000-09 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Trader of loose
diamonds, fancy diamonds, and diamond for jewellery. |
|
|
|
|
No. of Employees : |
03 |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
ZENIA
Room 404, 4/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2730 5088
FAX: 852-2730 5084
E-MAIL: zeniahk@gmail.com
Manager: Mr. Praful Chandra Madhubhai Patel
Establishment: 24th September, 2004.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Annual Turnover: HK$70~80 million.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 404, 4/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Rio Star
Flat 29, 2/F., Block M, Kaiser Estate, Phase 3, 11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
[Solely owned by Mr. Lalit Jivraj Patel]
Vriti Diam (HK) Ltd.
Flat B, 12/F., Granville House, 41C & 41D Granville Circuit, Tsimshatsui, Kowloon, Hong Kong.
[Wholly owned by Mr. Bhavesh Narasi Patel. Directors are Mr. Bhavesh Narasi Patel and Mr. Maheshkumar Bhavanbhai Gajera]
Vriti Diam
Flat A, 6/F., Hang Lung Bank Building, 46-48 Granville Road, Tsimshatsui, Kowloon, Hong Kong.
[Solely owned by Mr. Bhavesh Narasi Patel]
R.D. Gem Ltd.
Room 404, 4/F., Block B, Fu Hang Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
D. N. Diamonds (HK) Ltd., Hong Kong.
Pansun Diamonds, Hong Kong.
Pansuriya Impex (HK) Ltd., Hong Kong.
Pansuriya Impex, India.
Triple X Diamonds, Hong Kong.
Zenias Ltd., Hong Kong.
etc.
34938558-000-09
Manager: Mr. Praful Chandra Madhubhai Patel
Name: Mr. Praful Chandra Madhubhai PATEL
Residential Address: Room 5, 10/F., Block A, Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong
Kong.
The subject was established on 24th September, 2004 as a sole proprietorship Hong Kong Business Registration concern owned by Mr. Praful Chandra Madhubhai Patel under the Regulations.
At the very beginning, the subject was located at Flat C, 10/F., Century House, 3-4 Hanoi Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat 29, 2/F., Block M, Kaiser Estate, Phase 3, 11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong in January 2006, and further to the present address in October 2008.
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: 3.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, India, other Asian countries, etc.
Annual Turnover: HK$70~80 million.
Terms/Sales: L/C and T/T.
Terms/Buying: L/C, advanced T/T, D/A, etc.
Capital: Not disclosed.
Annual Net Profit: HK$1.0-2.0 million
Profit or Loss: Making a profit every year.
Condition: Keeping in an active condition.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Zenia is a sole proprietorship
set up on 24th September, 2004 and owned by Mr. Praful Chandra Madhubhai Patel
[P C M Patel] who is an Indian. He is a
Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently. Mr. P C M Patel can be
reached at the subject’s phone number 852-2730 5088.
The subject is a diamond importer, exporter
and wholesaler. It has got affiliated
companies Vriti Diam (HK) Ltd. [Vriti] and Vriti Diam in Hong Kong but
located at a different address.
Having issued 100,000 ordinary shares of
HK$1.00 each, Vriti is wholly owned by Mr. Bhavesh Narasi Patel [B N Patel] who
is an India passport holder. Vriti Diam
is also owned by Mr. B N Patel.
The subject and Vriti are engaged in the
same lines of business. Both are trading
in loose diamonds, fancy diamonds, and diamond for jewellery. The subject is famous for its loose diamonds,
fancy diamonds and TTLC diamonds.
Products are marketed in Hong Kong, exported
to Japan, Taiwan, South Korea, China, other Asian countries, Europe, North
America, etc. Most of the polished and
cut diamonds are imported from Mumbai, India.
Another affiliated firm Rio Star is owned by
Mr. Lalit Jivraj Patel. Rio Star is also
located at a different address where was the old head office of the
subject. All the Patels belong to the
same family.
The subject’s business is chiefly handled by
P. C. M. Patel himself. The Patel family
has had close business ties with some of the diamond suppliers and
manufacturers in Mumbai, India.
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.
P C M Patel has had a number of Indian
friends in Hong Kong who are also trading in diamonds. Sometimes they rent an office together in
Hong Kong and share it as their operating offices.
According to the subject, its annual sales
turnover ranges from HK$70 to 80 million.
Its net profit ranges from HK$1.0 to 2.0 million. Overall business is satisfactory and active.
As the history of the subject in Hong Kong
is over nine years, on the whole, consider it good for normal business
engagements.
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.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.