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Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
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Name : |
SUNDIAM (HK) LTD. |
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Registered Office : |
Room 608, 6/F., |
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Country : |
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Date of Incorporation : |
06.12.2005 |
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Com. Reg. No.: |
36268767 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds and jewellery products, emerald, precious stones |
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No of Employees : |
3. (Including associates) |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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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 |
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Source
: CIA |
SUNDIAM
(HK) LTD.
ADDRESS: Room 608, 6/F., Hart Avenue Plaza,
5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2367 3858, 2369 3266
FAX: 852-2369 3556, 2375 7406
Managing
Director: Mr. Parinkumar Dipak Shah
Incorporated
on: 6th
December, 2005.
Organization: Private
Limited Company.
Capital: Nominal:
HK$10,000.00
Issued:
HK$10,000.00
Business
Category: Diamond
Trader.
Employees: 3. (Including associates)
Main Dealing
Banker: The Hongkong &
Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
SUNDIAM (HK)
LTD.
Registered Head Office:-
Room 608, 6/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Affiliated/Associated
Companies:-
GTI Jewellery Pvt. Ltd., India.
Kirtilal M Shah, India.
Star Light, Hong Kong. [Business
Ceased]
Sundiam DMCC, UAE.
Sundiam Inc., USA.
Sundiam, Hong Kong. (Same address)
Sunraj Gems b.v.b.a., Belgium.
36268767
1012052
Managing Director: Mr. Parinkumar
Dipak Shah
Contact Person: Mr. Keyurkumar
Dhirajlal Patva
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 06-12-2013)
|
Name |
|
No. of shares |
|
Parinkumar
Dipak SHAH |
|
9,500 |
|
Keyurkumar Dhirajlal PATVA |
|
500 |
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|
–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 06-12-2013)
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Name (Nationality) |
Address |
|
Parinkumar Dipak
SHAH |
402, A1 Bushra Building, Opp. Silver Sands
3, Near Ramada Hotel, Bur Dubai, UAE. |
(As per registry
dated 01-04-2014)
|
Name |
Address |
Co. No. |
|
Vigor
Corporate Services Ltd. |
Unit 1505, 15/F., 9 Wing Hong Street, Lai Chi Kok, Kowloon, Hong Kong. |
1413726 |
The subject was incorporated on 6th December, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Initially the subject was located at Flat F, 4/F., South Sea Apartments,
81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 701, 7/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in
January 2009 and further to Room 608, 6/F. of the same building with effect
from 15th February, 2013.
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, emerald, precious stones, etc.
Employees: 3. (Including associates)
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Asian
countries, Europe, Middle East, etc.
Terms/Sales: L/C,
T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Operation
is conducted on a profitable basis.
Condition: Business remains
active.
Facilities: Is making use of
general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Sundiam (HK) Ltd.
formerly was jointly owned by three Indian, namely, Mr. Jayantilal Manilal
Shah, holding 63% interests; Mr. Parinkumar Dipak Shah, holding 32%; and
Mr. Keyurkumar Dhirajlal Patva, 5%. On 30th January, 2009, Jayantilal
Manilal Shah transferred all his shares to Parinkumar Dipak Shah, since then,
Parinkumar Dipak Shah has been holding 95% of the subject’s interests while
Keyurkumar Dhirajlal Patva, still holding 5%.
P D Shah is a Hong Kong ID holder and has got the right to reside in
Hong Kong permanently. He is also
the only director of the subject.
The subject is a diamond importer, exporter and wholesaler. It is trading in the following products:
loose diamonds, carat-size diamonds, fancy diamonds, etc.
The subject has had associated companies in India, the United Arab
Emirates, Belgium, the United States, etc.
Collectively, these firms and the subject are known as the Sundiam
Group.
Parinkumar Dipak Shah is administering the Group’s associated company in
Dubai, the United Arab Emirates.
Besides, the subject has got an affiliated company located at the same
operating address known as Sundiam, also a Hong Kong-registered firm.
Sundiam Group belongs to the KM Shah Group which is also a diamond
trader. KM Shah Group was founded in
1960.
The KM Shah Group has set up offices in most of the major trading and
consumer markets such as New York, Antwerp, Chicago, Mumbai and diamond
manufacturing centres at Surat and Navsari of India. KM Shah Group set up its international
headquarters in Antwerp, Belgium in 1973.
The KM Shah Group is trading in rough diamonds, loose diamonds, cut and
polish diamonds.
The KM Shah Group is operated and chiefly owned by the Shah family of
India.
Besides, the subject has had another associated company in India. Kirtilal M Shah is a comprehensive
diamond-dealing firm from Mumbai, India serving a diverse customer profile
globally. It offers a spectrum of
assorted diamond sparklers featured as uncut, loose or well-cut stones. Its procurement of bona fide rough diamonds
is dedicated specially to Rounds of 0.30 carats to 3.00 carats, D-K colour,
with IF-l1 clarity. Its manufacturing
operations are conducted in Surat and Navsari in Gujarat, India. Kirtilal M Shah also belongs to KM Shah
Group.
The subject’s business is chiefly handled by Mr. P D Shah.
The subject is fully supported by the KM Group which is supplying the
subject and Star Light with loose diamonds.
The history of the subject in Hong Kong is about nine years. Business is normal.
On the whole, consider it good for normal business engagements.
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. 61.92 |
|
|
1 |
Rs. 96.37 |
|
Euro |
1 |
Rs. 76.10 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
-- |
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.