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Report Date : |
12.12.2014 |
IDENTIFICATION DETAILS
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Name : |
FANCY DIAM LTD. |
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Registered Office : |
Room 1907, 19/F., |
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Country : |
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Date of Incorporation : |
13.06.2006 |
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Com. Reg. No.: |
36851756 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of fancy colour
diamonds |
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No. of Employees : |
04 |
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 |
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 |
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Source
: CIA |
FANCY DIAM
LTD.
ADDRESS: Room
1907, 19/F.,
PHONE: 852-2312 0194, 852-2312 0394
FAX: 852-2312 0294
E-MAIL: fancydiamltd@yahoo.com
Managing Director: Mr. Sureshkumar Babubhai Lunagariya
Incorporated on: 13th June, 2006.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: 4.
Main Dealing Banker: Hang Seng Bank Ltd.,
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1907, 19/F.,
Associated
Companies:-
Fancy Diam Inc., US.
Fancy Jewels B.V.B.A.,
Fancy Jewels HK, Hong Kong.
Pink Dim Ltd.,
36851756
1052049
Managing Director: Mr. Sureshkumar Babubhai Lunagariya
Contact Person: Mr. Rajeshkumar Mansukhbhai Zalavadiya
(
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER: (As per registry dated 13-06-2014)
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Name |
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No. of shares |
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Rajeshkumar Mansukhbhai ZALAVADIYA |
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10,000 ===== |
DIRECTOR: (As per registry dated 13-06-2014)
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Name (Nationality) |
Address |
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Sureshkumar Bahubhai LUNAGARIYA |
Flat C, 6/F., On Luen Building, 7-11 Kimberly Road, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY: (As per registry dated 13-06-2014)
|
Name |
Address |
|
Bayani Divino Bautista PONCE |
Unit 324, 3/F., Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong. |
The subject was incorporated on 13th June, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Last time, the subject was located at 4/F., Hai Xin Mansion, 17 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of fancy colour diamonds.
Employees: 4.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan, Southeast Asia, 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
Indebtedness: HK$5,448,261.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 13-06-2014)
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Fancy Diam Ltd. is wholly-owned by Mr. Rajeshkumar Mansukhbhai Zalavadiya who is an Indian. Zalavadiya is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently.
Formerly the director of the subject was also Mr. Rajeshkumar Mansukhbhai Zalavadiya but he has resigned. Now, he is General Manager of the subject. He can be reached at his Hong Kong mobile phone number 852-6306 0801.
A new director Sureshkumar Babubhai Lunagariya who is an Indian was appointed on 1st April, 2014. He can be reached at his Hong Kong mobile phone number 852-9804 7833. Mr. S. B. Lunagariya is also a Hong Kong ID holder and has got the right to reside in Hong Kong permanently.
The subject is a diamond importer, exporter and wholesaler. It is trading in all kinds of fancy diamonds and loose diamonds. Commodities are imported from India and Belgium.
The subject is a member of the Fancy Diamond Group which is an emerging international conglomerate of dedicated diamantine based in India, Belgium and Hong Kong.
The Group is specialized in diamond manufacturing with all natural fancy colour diamonds such as pink, yellow, canary, cap, golden, red, coffey, green, bunt, saffron, orange, gray, chocolate, steel gray, brown, green, L.C, parrot, mix fancy colours, mattel-black, etc. with VVS1 clarity to all commercial range.
The Group also trades in all cuts like round/brilliant, marquis cut, heart shape, princess cuts, rose cuts, pear shape, oval shape, emerald cuts, cushion cuts, brio late, brown and black beads, black-brown-white necklace, rough diamond beads, etc. Sizes range from 0.005 carat to 2 carat or all special sizes and also particular sizes with colours suitable for traders, retailers, jewellery and watches unites with local and international market.
The subject is famous for its fancy and loose diamonds.
The subject has got an associated company Fancy Jewels B.V.B.A. which is in Antwerp, Belgium. Another associated company is Pink Dim Ltd. which is in Ramat-Gan, Israel. In recent years, an associated company has been set up in the United States known as Fancy Diam Inc.
Major markets of the Group are the United States, Europe, Japan, Dubai, Israel, Thailand, Australia, Singapore, etc.
The Group has set up two divisions in order to deal with its worldwide customers.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it took part in “HKTDC Hong Kong International Jewellery Show 2014” which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2014. It is going to take part in the same exhibition in the same centre in 2015.
The Group is chiefly controlled by the Zalavadiya family.
The subject’s total amount outstanding registered with the Companies Registry as at mid-June 2014 amounted to HK$5.4 million (same period of 2013: HK$5.8 million).
The subject operates from a self-owed premises in Hong Kong. Besides, the subject also owns the other premises.
The history of the subject in Hong Kong is over eight years and five months.
On the whole, consider it good for normal business engagements.
Property information of the company:-
1. Property Location: Unit 07 on 19/F., Multifield Plaza, 3 Prat Avenue, Kowloon, Hong Kong.
Owner: Fancy Diam Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
03-07-2008 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: 4/F., Hai Xin Mansion, 17 Hart Avenue, Kowloon, Hong Kong.
Owner: Fancy Diam Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-04-2007 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
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03-07-2008 |
Instrument: Mortgage Property: 44/10,608th parts or shares of and in Section A of Kowloon Inland Lot No. 6455, The Remaining Portion of Kowloon Inland Lot No. 6455, Section A of Kowloon Inland Lot No 6458, The Remaining Portion of Kowloon Inland Lot No 6458, Section A of Kowloon Inland Lot No 6460 and The Remaining Portion of Kowloon Inland Lot No 6460 (Office Unit No. 07 on 19/F. of Multifield Plaza, 3 Prat Avenue, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
29-11-2010 |
Instrument: Mortgage Property: 1/76th parts or shares of and in Kowloon Inland Lots Nos. 6644, 8623 and 8647 (Office C on 6/F., On Luen Building, 7‑11 Kimberley Street, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
All moneys |
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 |
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US Dollar |
1 |
Rs.62.21 |
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|
1 |
Rs.97.80 |
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Euro |
1 |
Rs.77.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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.