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Report Date : |
22.02.2014 |
IDENTIFICATION DETAILS
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Name : |
UNI DIAM |
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Registered Office : |
Room 708, 7/F., Hart Avenue Plaza, 5-9 Hart Avenue,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.02.2003 |
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Com. Reg. No.: |
33385023-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds of diamonds and
jewellery products, emerald, precious stones |
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No of Employees : |
4 |
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 – december 01, 2013
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Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 |
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 |
UNI DIAM
ADDRESS: Room 708, 7/F., Hart Avenue
Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2723 2244
FAX: 852-2723 2254
E-MAIL: unidiam@rediffmail.com
Manager: Mr. Ritesh Raichand
Hirawat
Establishment: 28th February, 2003.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Annual Turnover: HK$55~60 million.
Employees: 4.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
UNI DIAM
Head Office:-
Room 708, 7/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Dharamchand Paraschand Exports, India.
33385023-000-02
Manager: Mr. Ritesh Raichand
Hirawat
Name: Mr. Ritesh Raichand HIRAWAT
Residential Address: Flat C, 8/F., Winston Mansion, 121-123 Chatham Road,
Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 28th February, 2003 as a sole
proprietorship concern owned by Mr. Ritesh Raichand Hirawat under the Hong Kong
Business Registration Regulations.
Initially the subject was located at Flat C, 8/F., Winston Mansion, 121‑123 Chatham
Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1207, 12/F., Hart
Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in June 2003,
and further to Room 708 of the same building in September 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones.
Employees: 4.
Commodities Imported: India,
Belgium, other European countries, US, etc.
Markets: Japan,
India, other Asian countries, Europe, US, etc.
Annual Turnover: HK$55~60 million.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, Advanced T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit in the past years.
Condition: Business is normal.
Facilities: Making
rather active use of general banking facilities.
Payment: Met obligations as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
Uni Diam is a sole proprietorship set up and owned by Mr. Ritesh
Raichand Hirawat under the Hong Kong Business Registration Regulations.
Being an Indian and Manager of the subject, Hirawat is a Hong Kong ID
Card holder and has got the right to reside in Hong Kong permanently. He can be reached at his Hong Kong mobile phone
number 852-9049 0962.
The subject is trading in gems, jewellery, loose diamonds, carat size
diamonds, emerald, precious stones, diamond necklace, etc. Rough and polished diamonds are imported from
India, Belgium and the United States.
Its main diamond jewellery is diamond necklaces.
Polished diamonds are exported to China, Japan, South Korea, other Asian
countries, Europe and the United States.
The subject is also a commission agent.
Business has been normal and steady.
The subject’s other main products are asscher cut, baguette, emerald
cut, heart shape, marquise, oblong, oval shape, pear shape, princess cut, round
brilliant, taper, tapered baguette, trilliant, etc. It is specialized in round brilliant and
princess-cut diamonds. Sizes of diamond
range from 0.005 to 1 carat (can be certified or non-certified). Some are round brilliants and 10 points up in
princess cuts. The subject also sells
polished white diamonds and polished colour diamonds.
The subject has got an affiliated company in India known as Dharamchand
Paraschand Exports. This firm is also a
diamond trader. Dharamchand Paraschand
Exports seems to be the subject’s main supplier in India.
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 is going to
take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2014”
which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong
Kong during the period of 3rd to 7th March, 2014. Its booth No. is AWE 2-H30.
The annual sales turnover of the subject ranges from HK$55 to 60
million. Making a small profit every
year.
As the history of the subject in Hong Kong is about eleven years, 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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.16 |
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|
1 |
Rs. 103.44 |
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Euro |
1 |
Rs. 85.26 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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.