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Report Date : |
01.10.2013 |
IDENTIFICATION DETAILS
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Name : |
AMY DIAM LTD. |
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Registered Office : |
Flat A3, 5/F., Burlington House, 90-94C Nathan Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.09.2005 |
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Com. Reg. No.: |
36152790 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamond Jewellery
Including Rings, Earrings and Pendants in Range of Settings in 18k Gold and
Platinum and Silver, and Special Expertise in “Invisible Set Jewellery”
Finely Crafted from Princess Cut Diamonds. Subject Diamonds Range in Sizes From 0.01 Cts. To 1.00 Cts. in a
Variety of Cuts Ranging from Round to Princess and in Grades of “Ws” to
“Si”. |
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No. of Employees : |
03 |
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 - 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 |
AMY DIAM LTD.
Flat A3, 5/F., Burlington House, 90-94C Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 852-2367 7700
FAX: 852-2367 7779
E-MAIL: info@amydiam.com
Managing Director: Mr. Girishkumar
Girdharlal Shah
Incorporated on: 29th September, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$6,000,000.00
Issued: HK$6,000,000.00
Business Category: Diamond
Trader.
Employees: 3.
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat A3, 5/F., Burlington House, 90-94C Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
Affiliated/Associated Companies:-
Amy Diam Creations Pvt. Ltd., India.
Amy Diam Vega Jewellery Pvt. Ltd., India.
Amy Diam, Hong Kong. (Same
address)
Shanghai Amy Diam Co. Ltd., China.
Shenzhen Prestige Jewelry Co. Ltd., China.
Virajdiam, Hong Kong.
Waily International Ltd., Taiwan.
36152790
0998317
Managing Director: Mr.
Girishkumar Girdharlal Shah
Nominal Share Capital: HK$6,000,000.00
(Divided into 6,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
(As per registry dated 29-09-2012)
|
Name |
|
No. of shares |
|
Girishkumar Girdharlal SHAH |
|
3,600,000 |
|
Heena Girish SHAH |
|
2,400,000 |
|
|
|
–––––––– |
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Total: |
6,000,000 ======= |
(As per registry dated 29-09-2012)
|
Name (Nationality) |
Address |
|
Girishkumar Girdharlal SHAH |
Flat J, 12/F., Windsor Mansions, 17 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
|
Heena Girish SHAH |
Flat J, 12/F., Windsor Mansions, 17 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
(As per registry dated 29-09-2012)
|
Name |
Address |
|
WONG Hiu Wan |
Flat D, 20/F., Block 3, Seaview Crescent, 8 Tung Chung Waterfront
Road, Tung Chung, Lantau Island, Hong Kong. |
The subject was incorporated on 29th September, 2005 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: 3.
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Hong Kong, Japan, Southeast Asia,
etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$6,000,000.00
(Divided into 6,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
Increase of Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$6,000,000.00 |
on |
11-03-2009 |
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$1,000,000.00 |
|
11-03-2009 |
paid up |
HK$5,000,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$6,000,000.00 ============== |
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit in the past
years.
Condition: Business is satisfactory.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Antwerpse
DiamantBank NV
(also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Standing: Normal.
Having issued 6 million ordinary shares of HK$1.00 each, Amy Diam Ltd. is jointly owned by Girishkumar Girdharlal Shah, holding 60% interests; and Mr. Heena Girish Shah, holding 40%. The two Shahs are also the directors of the subject. Both are Hong Kong ID card holders.
The subject is a member of the Amy Diam
Group. It has got an associated company
Amy Diam located at the same operating address.
Established on 21st February 1990, Amy Diam is engaged in the same lines
of business as the subject. This firm is
also managed and owned by the Shahs.
Amy Diam has been manufacturing and
designing quality diamond jewellery for clients all over the world. It offers clients with high-end products from
Hong Kong and China. However, it is
chiefly a loose diamond trader.
Its diamonds range in sizes from 0.01 cts.
to 1.00 cts. in a variety of cuts ranging from round to princess and in grades
of “WS” to “SI”. Amy Diam has had a
close relationship with a leading sightholder of DTC Ltd. in India where it
purchases its diamonds. It is
specialized in round and Princess Cut diamonds made from sawn rough which when
polished have maximum luster and brilliance. Amy Diam produces different cuts of diamond on
behalf of its clients and constantly offer innovative solutions to challenges
found in modern jewellery styles. It
also supplies a variety of pears, baguettes and marquises in all sizes and
colours.
Amy Diam has factories in China that
manufacture its jewellery collections and OEM products on behalf of its
clients. Amy Diam’s product range
includes rings, earrings and pendants in range of settings in 18K gold and platinum
and silver, and special expertise in “invisible set jewellery” finely crafted
from princess cut diamonds.
Amy Diam has had a main factory in Shenzhen
Special Economic Zone, Zhina which is engaged in manufacturing its branded
products.
“Shenzhen Prestige Jewelry”
is its own retail brand which has been recently setup in China. For the Shenzhen Prestige Jewelry Co. Ltd.,
Amy Diam has specially designed classic styles from rings to pendants to
bracelets and earrings. “Shenzhen
Prestige” is a China focused brand that aims to bring a larger variety
of luxury diamond products to the mainland market. Currently, the market share of “Shenzhen
Prestige” in China has been increasing.
Besides the China market, Amy Diam exports
its products to Japan, Southeast Asia, etc.
Business is rather active. The
history of Amy Diam in Hong Kong is over twenty-two years and six months. Regular suppliers and customers in India have
been maintained.
The Amy Diam Group is a Hong Kong based
diamond house which has been engaged in this trade of polished diamond trading
for 42 years. It has its presence in the
Asia Pacific region markets such as Hong Kong, Shanghai and Shenzhen SEZ.
Taiwan is also its prime market since last 20 years.
Recently global economy is facing impacts of
e-commerce, Amy Diam Group is also launching a e-business brand of 8 Hearts
approach emerging markets in China by the concept of providing affordable and
elegant diamond jewellery that are made in house-design and exquisite craftwork
via Internet.
Today the Group has entered into a new era
of business by integrating into the diamond jewellery manufacturing since last
13 years under the name of Amy Diam Vega Jewellery Pvt. Ltd. This firm is the second generation of the
family entrepreneurship entering the business in order to lead the Group moving
forward in the years ahead..
The subject and Amy Diam are controlled by
the Shah family.
In Hong Kong, the subject has had an
associated company Virajdiam which is also a diamond trading company. Located at the next door of the subject,
Virajdiam is also owned by the Shah family.
As the history of the subject in Hong Kong
is over seven years, on the whole, consider it good for normal business
engagements.
|
Date |
Particulars |
Amount |
|
02-06-2006 |
Instrument: Debenture Property: 1) All stocks shares
bonds and securities of any kind whether marketable or otherwise and all
other interests including loan capital of the Company 2) All book and other
debts revenues and claims both present and future due or owing or which any
become due or owing to or purchased or otherwise acquired by the Company 3) The uncalled capital
goodwill and all patents patent applications trade marks trade names
registered designs and copyrights and all licences and ancillary and
connected rights relating to the intangible property both present and future
of the Company 4) The undertaking and
all other assets of the Company both present and future including the stock
in trade of the Company and the heritable property Mortgagee: Antwerpse DiamantBank NV |
All money and the discharge of all obligations and liabilities |
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.62.78 |
|
UK Pound |
1 |
Rs.101.42 |
|
Euro |
1 |
Rs.84.67 |
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.