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Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
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Name : |
DIYA GEMS |
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Registered Office : |
c/o HK Secretarial Co. Room 705, 7/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.04.2006 |
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Com. Reg. No.: |
36635124-000-04 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of Diamond & Gemstone Trader |
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No. of Employees : |
02 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
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 |
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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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
|
Source
: CIA |
DIYA GEMS
ADDRESS: c/o Kiran Jewels HK Ltd.
Room 607-608, 6/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong. Kowloon, Hong Kong.
PHONE: 852-2366 2488
FAX: 852-2739 8288
Manager: Mr. Manishkumar Jashvantbhai Prajapati
Establishment: 11th April, 2006
Organization: Sole Proprietorship.
Capital: Not Disclosed.
Business Category: Diamond & Gem Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o HK Secretarial Co.
Room 705, 7/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
Operating Address:-
c/o Kiran Jewels HK Ltd.
Room 607-608, 6/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong.
Affiliated
Companies:-(Same address)
Kiran Exports HK Ltd., Hong Kong.
Kiran Jewels HK Ltd., Hong Kong.
36635124-000-04
Manager: Mr. Manishkumar Jashvantbhai Prajapati
Contact Person: Mr. Gutambhai Upani (Mobile: 852-6704 7770)
Name: Mr. Manishkumar Jashvantbhai PRAJAPATI
Residential Address: 301, Shampoom Garden, Soi-14 Sathon, Bangkok, Thailand.
The subject was established on 11th April, 2006 as a sole proprietorship concern owned by Mr. Manishkumar Jashvantbhai Prajapati under the Hong Kong Business Registration Regulations.
Originally the subject was registered under the name of X Company, name changed to the present style on 12th April, 2006.
Initially the subject’s registered address was located at Room 1108, 11/F., Hunghom Commercial Centre, Tower A, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong, moved to Room 2803, 28/F., China Resources Building, 26 Harbour Road, Wanchai, Hong Kong in June 2007, moved to Room 2002, 20/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong in September 2011 and further to the present address in February 2013.
However, its operating office has moved to Room 607-608, 6/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong where is the registered and operating address of Kiran Jewels HK Ltd.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Diamond & Gemstone Trader.
Employees: 2.
Commodities Imported: India, Israel, Thailand, other European countries, etc.
Markets: Hong Kong, China, Europe, Middle East, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Diya Gems is a sole proprietorship set up and owned by Mr. Manishkumar Jashvantbhai Prajapati who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently.
The subject commenced business in April 2006. Prajapati is the manager. His registered address is in Bangkok, Thailand.
The subject’s registered address moved to the present address in February 2013.
Formerly the subject’s registered address was in an accountant firm located at Room 2002, 20/F., Emperor Group Centre, 288 Hennessy Road, Wanchai, Hong Kong known as Jupiter Lee & Co. CPA (Practising). Now, its registered address is located at Room 705, 7/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong where is the office of another secretarial firm.
The subject’s operating address is located at Room 607-608, 6/F., Hilder Centre, 2 Sung Ping Street, Hunghom, Kowloon, Hong Kong where is the operating address of a Hong Kong-registered firm Kiran Jewels HK Ltd. [Kiran Jewels]. The subject shares the operating office with Kiran Jewels.
We can reach the subject’s contact person Mr. Gutambhai Upani at his Hong Kong mobile phone number 852-6704 7770.
According to Gutambhai Upani, the subject has 2 employees in Hong Kong who are stationing at the same office of Kiran Jewels.
The subject is trading in diamonds. Most of the products are loose, polished and cut diamonds. Products are imported from India, Israel, Thailand, the other European countries, etc. Prime markets are Hong Kong, China, Thailand, Europe, the Middle East, North America, etc.
Besides, it also trades in small quantities semi-precious stones such as the followings: aquamarine, pink amethyst, rubylite, green amethyst, blue topaz, lemon topaz, citrine, smokey topaz, kunzite, peridot, morganite, pink tourmalines, amethyst, pink topaz, garnet, rose quartz, etc.
The subject’s business is chiefly handled by Mr. Gutambhai Upani who is currently in Hong Kong.
Prajapati is operating another firm in Thailand which is also a diamond trader.
The history of the subject in Hong Kong is over seven years. No derogatory data have been heard.
On the whole, consider it good for normal business engagements in moderate 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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.103.67 |
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Euro |
1 |
Rs.85.18 |
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 |
|
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 |
|
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.