|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
WORLD DIAMOND LTD. |
|
|
|
|
Registered Office : |
Flat D, 14/F., Winston Mansion, 121-123 Chatham Road South, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
07.12.2009 |
|
|
|
|
Com. Reg. No.: |
51553800 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and
jewellery products |
|
|
|
|
No. of Employees : |
2. (Including associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small company |
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on
only four commodities, whether imported or produced locally: 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, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
WORLD DIAMOND LTD.
ADDRESS: Room 1210, 12/F., Rise Commercial
Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-5188 1512
FAX: Not available
Managing Director: Mr. Sandeep
Kumar Toderwal Toderwal
Incorporated on: 7th December, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Diamond
Trader.
Employees: 2. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WORLD DIAMOND
LTD.
Registered Head Office:-
Flat D, 14/F., Winston Mansion, 121-123 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Associated/Affiliated
Companies:- (Same address)
Fortune Jewellery, Hong Kong.
Mantra Jewels, Hong Kong.
Rose Diam, Hong Kong.
Wickrich Ltd., Hong Kong.
51553800
1398924
Managing Director: Mr. Sandeep Kumar Toderwal Toderwal
Contact Person: Mr. Rajkumar Sancheti
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 07-12-2013)
|
Name |
|
No. of share |
|
Sandeep Kumar Toderwal TODERWAL |
|
1 = |
(As per registry dated 07-12-2013)
|
Name (Nationality) |
Address |
|
Sandeep Kumar Toderwal TODERWAL |
#182, Oswal Mohalla Post-Sataw, Ariya Via Masuda, Distt-Ajmer, Raj.
305623, India. |
(As per registry dated 07-12-2013)
|
Name |
Address |
Co. No. |
|
C K Registrations Ltd. |
Room 902, 9/F., Bank Centre, 636 Nathan Road, Kowloon, Hong Kong. |
0803965 |
The subject was incorporated on 7th December, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Last time, the subject was located at Unit H, 9/F., Windsor Mansion, 29‑31 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong, moved to Flat D, 14/F., Winston
Mansion, 121-123 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong with
effect from 15th December, 2010. It
moved to the present address in December 2013.
The subject changed its shareholder and director in November 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 and jewellery products
Employees: 2. (Including associates)
Commodities Imported: India,
Belgium, other European countries
Markets: Hong
Kong, Japan, other Asian countries
Terms/Sales: L/C, T/T
Terms/Buying: L/C, pre-payment
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Made
a small profit in 2012 & 2013.
Condition: Business
is improving.
Facilities: Adequate
for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Formerly World Diamond Ltd. was wholly-owned by Mr. Shelendra Bunt. The subject has just issued only one share of
HK$1.00. In November 2011, Shelendra
Bunt transferred his single share to Sandeep Kumar Toderwal Toderwal who is
also an Indian. He is an India passport
holder and does not have the right to reside in Hong Kong permanently. However, the subject’s business is still
operated by Rajkumar Sancheti who is also an India merchant. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
The subject’s registered address was located at Flat D, 14/F., Winston
Mansion, 121-123 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. This office was not in a commercial building
but a residential building. It moved to
the present address where is a commercial building in December 2013.
The phone number of the subject is still 852-5188 1512. Rajkumar Sancheti is the representative and
contact person of the subject.
The subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds
like marquise, pears, tappers, buggets and rose cut diamonds. Most of the commodities are imported firm
India. It has got affiliated suppliers
in Mumbai, India. Finished products are
marketed in Hong Kong, exported to India, Japan, Taiwan and the other Asian
countries.
The subject’s business is chiefly handled by Mr. Rajkumar Sancheti
himself. He is also the sole proprietor
of Fortune Jewellery which is also located at the same address. Fortune Jewellery is also a diamond and
jewellery trader.
Besides the subject and Fortune Jewellery, there are three more firms
which are also diamond traders located at the same address.
Since the history of the subject is over four years in Hong Kong,
on the whole, consider it good for normal business engagements in small credit
amounts.
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.60.26 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NNA |
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.