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Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Block B, 9/F., |
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Country : |
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Date of Incorporation : |
17.07.2007. |
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Com. Reg. No.: |
38171239-000-07 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds |
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No. of Employees : |
No Employee in (It is to be
noted that the company does not have its own operating office in |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in |
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Payment Behaviour : |
Unknown |
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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
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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 |
Source
: CIA
ADDRESS: Block B, 9/F.,
PHONE: 852-2312 2146
FAX: 852-3904 6489
Manager: Mr. Nishank Harshaobhai
Dagli
Establishment: 17th
July, 2007.
Organization: Sole
Proprietorship.
Capital:
Not disclosed.
Business Category: Diamond Trader.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
Registered Office:-
Block B, 9/F.,
Associated Companies:- (Same owner)
Stallion Ltd.,
Technic Trade,
38171239-000-07
Manager: Mr. Nishank Harshaobhai
Dagli
Name: Mr. Nishank Harshaobhai
DAGLI
Residential Address: Room 1701,
17/F., Star Mansion, 3-5 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
and
C-19 Alok Apartment, P.T College Road, Near Sabar Flats, Paldi,
Ahemdabad-380007, India.
The subject was established on 17th July, 2007 as a sole proprietorship
concern owned by Mr. Nishank Harshaobhai Dagli under the Hong Kong Business
Registration Regulations.
Originally the subject was registered under the name of Phoenix Gems,
name changed to the present style on 25th July, 2007.
At the very beginning, the subject was located at Flat 7, 9/F., Star
Mansion, 3‑5 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Flat
1, 11/F. of the same building in January 2009; to Flat C, 6/F., Wah Fai Mansion,
38‑40 Granville Road, Tsimshatsui, Kowloon, Hong Kong in December 2010,
and further moved to the present address in December 2011.
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, Belgium, other European countries, etc.
Markets: Japan,
Southeast Asia, Europe, Middle East, 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 very small profit in past three years.
Condition:
Business is
normal.
Facilities: Adequate
for current running.
Payment:
Unknown .
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Phoenix Impex is a sole proprietorship set up and owned by Mr. Nishank
Harshaobhai Dagli who is an Indian. He
is an India passport holder and does not have the right to reside in Hong Kong
permanently.
The subject does not have its own operating office. Its registered address was located at Flat C,
6/F., Wah Fai Mansion, 38-40 Granville Road, Tsimshatsui, Kowloon, Hong Kong
which was in a residential building. The
subject moved to this new address located at Block B, 9/F., Golden Glory
Mansion, 16 Carnavon Road, Tsimshatsui, Kowloon, Hong Kong in December 2011
which is also a residence. It is likely
that this is the latest residence of Dagli when he is in Hong Kong.
The subject is a diamond importer, exporter and wholesaler.
Business commenced in July 2007, the subject is trading in loose,
polished and cut diamonds, precious stones, ruby jade, gem sets, semi-precious
stones, blue or coloured sapphire, etc.
The subject is also a diamond wholesaler.
Most of its commodities are imported from India, Belgium and the other
European countries, etc. Business is
normal.
The subject is just a one-man company.
It made small profits in the past three years.
Besides the subject, Dagli had set up another firm known as Technic
Trade located at a different address.
Established on 10th February, 2009, Technic Trade was located at Room
728, 7/F., Beverly Commercial Centre, 87 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. Technic Trader was
also a diamond trader. However, this
firm has ceased business since 6th December, 2010.
Besides, Dagli has set up another diamond trading firm known as Stallion
Ltd. [Stallion]. The registered address
of Stallion is located at the operating office of a consultant firm known as
KNG Consultants. Set up on
28th December, 2009, Stallion is also owned and operated by Dagli.
The history of the subject is over six years in Hong Kong.
On the whole, since the subject does not have its own operating office
and has no employees in Hong Kong, consider it good for business engagements on
L/C basis or in very small credit amounts.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
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|
1 |
Rs.99.75 |
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Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
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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 |
|
<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.