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Report Date : |
21.08.2014 |
IDENTIFICATION DETAILS
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Name : |
DANI’S DIAM |
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Registered Office : |
Room 11, 13/F., |
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Country : |
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Date of Incorporation : |
03.06.2009 |
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Com. Reg. No.: |
50736902-000-06 |
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Legal Form : |
Sole Proprietorship Concern |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamond and jewellery products. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small company |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 |
DANI’S DIAM
ADDRESS:
Room 11, 13/F.,
Peninsula Square, West Wing, 18 Sung On Street, Hung Hom, Kowloon,
Hong Kong.
PHONE: 852-2366 3298, 852-2732 4338
FAX: 852-2366 3290
Manager: Mr. Ketan Vinodlal Dani
Establishment: 3rd June, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
DANI’S DIAM
ADDRESS:
Head Office:-
Room 11, 13/F., Peninsula Square, West Wing, 18 Sung On Street, Hung Hom, Kowloon, Hong Kong.
Associated Companies:-
Blue Diam Co., Hong Kong. [Operated by Blue Diam Co. Ltd.]
Blue Diam Co. Ltd., Hong
Kong. (Same address)
[Formerly known as Worldata Investment Ltd.]
50736902-000-06
Manager: Mr. Ketan Vinodlal Dani
(Mobile Phone No.: 852-9467 5473)
Name: Mr. Ketan Vinodlal DANI
Residential
Address:
Flat J, 33/F., Block
2, Royal Peninsula, Hunghom Bay, Kowloon, Hong Kong.
The
subject was established on 3rd June, 2009 as a sole proprietorship concern
owned by Mr. Ketan Vinodlal Dani under the Hong Kong Business Registration
Regulations.
At
the very beginning, the subject was located at Flat J, 33/F., Block 2, Royal
Peninsula, Hunghom Bay, Kowloon, Hong Kong, moved to 18/F., Cameron Plaza,
23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong in early 2010 and further
to Flat C, 11/F. of the same building in June of the same year. The subject moved to the present address in
April 2014.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamond and jewellery products.
Employees: 3
Commodities Imported: India, Belgium, other European and Asian countries.
Markets: Japan, China, other Asian countries, Middle East.
Terms/Sales: L/C or as per contracted.
Terms/Buying: T/T, L/C, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Made a small profit in 2012 & 2013.
Condition: Business is normal.
Facilities: Making 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: Small.
Dani’s Diam is a sole
proprietorship set up and owned by Mr. Ketan Vinodlal Dani who is an India merchant. He is a Hong Kong ID holder and has got the
right to reside in Hong Kong permanently.
Dani is the manager of the subject who can be reached at his Hong Kong
mobile phone number
852-9467 5473.
The
subject is a loose diamond importer, exporter and wholesaler. It is trading in the following commodities:
single-cut diamond, fullcut loose diamond, carat size diamonds, fancy diamonds,
etc.
The
subject is significant for its polished diamonds, white diamonds and
fancy-coloured diamonds.
Polished
diamonds are imported from India, Belgium or other European countries. Commodities are marketed in Hong Kong,
exported to Japan, China, other Asian countries, the Middle East, Central and
South America, etc. Business keeps on
improving.
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in Hong Kong.
For instance, it is going to take part in “HKTDC Hong Kong International
Diamond, Gem & Pearl Show 2015” which will be held in Hong Kong
AsiaWorld-Expo, Lantau, Hong Kong during the period of 2nd to 6th March,
2015. Its booth No. is AWE 2-S15.
The
subject has got an associated company Blue Diam Co. Ltd. [Blue Diam] (formerly
known as Worldata Investment Ltd.) which is located at the same address.
Blue
Diam was incorporated on 2nd July, 1991 and is jointly owned by
Mr. Nareshkumar Maneklal Shah, holding 59.9% interests, and Mr. Naitik
Mukesh Shah, holding 40.1%. Mr. Ketan
Vinodlal Dani is the third shareholder holding an insignificant stake of Blue
Diam. The first and second are India
passport holders. The first is residing
in Hong Kong while the second is residing in Dubai, the United Arab Emirates. Blue Diam is operating a firm known as Blue
Diam Co. which is also a diamond trader.
The
subject’s business is chiefly handled by Dani himself. History in Hong Kong is over five years
and two months.
On
the whole, consider the subject good for normal business engagements in small
credit amounts.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.66 |
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1 |
Rs.100.80 |
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Euro |
1 |
Rs.80.72 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.