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Report Date : |
23.01.2014 |
IDENTIFICATION DETAILS
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Name : |
IN COLLECTION |
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Registered Office : |
Room 901, 9/F., Harbour Centre, Tower 2, |
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Country : |
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Date of Incorporation : |
23.06.2001 |
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Com. Reg. No.: |
31944936-000-06 |
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Legal Form : |
Sole Proprietorship Concern |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and jewellery
products, emerald, precious stones |
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No of Employees : |
6 (Including
associate) |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A2 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
IN COLLECTION
ADDRESS: Room 901, 9/F., Harbour Centre, Tower
2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2311 3011, 3163 2289
FAX: 852-2311 1167, 2311 1272
E-MAIL: camy@incollectiondiamo.com
Manager: Mr. Kamlesh Jivanbhai Shah
Establishment: 23rd June, 2001.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category:
Diamond Trader.
Annual
Turnover: HK$55~60 million.
Employees: 6. (Including associate)
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
IN COLLECTION
ADDRESS:
Head Office:-
Room 901, 9/F., Harbour
Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
Associated China Factory:-
56 Feng Xiang
North Road, Ronggui, Shunde District, Foshan City, Guangdong Province, China.
[E-mail:
incollection009.cn@gmail.com]
Affiliated/Associated Companies:-
Dimano Stone LLC,
UAE.
Dimoni Ltd., Hong
Kong. [Dissolved]
In 9 Collection,
Singapore.
In Collection
Ltd., Hong Kong. (Same address)
Nine Diam, India.
31944936-000-06
Manager: Mr. Kamlesh Jivanbhai Shah
Name: Mr. Kamlesh Jivanbhai SHAH
Residential
Address: Flat A, 11/F., Tower 2, Harbourfront Landmark, 11 Wan Hoi Street,
Hunghom, Kowloon, Hong Kong.
The subject was
established on 23rd June, 2001 as a sole proprietorship concern owned by Mr.
Kamlesh Jivanbhai Shah under the Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at Room 105-108, 1/F.,
Wong On Plaza, 62 Mody Road, Tsimshatsui, Kowloon, Hong Kong, moved to
11/F., Tung Wui Commercial Building, 27 Prat Avenue, Tsimshatsui,
Kowloon, Hong Kong
in November 2001, and further moved to the present address in September 2005.
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
Employees:
6 (Including associate)
Commodities Imported:
India, Belgium, other European countries
Markets: Hong Kong, other Asian countries, North
America, Western Europe
Annual Turnover:
HK$55~60 million.
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
Hong Kong Jewelry
Manufacturers Association, Hong Kong.
The Indian Chamber
of Commerce Hong Kong, Hong Kong.
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active condition.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong Bank of India, Hong Kong
Branch.
Standing:
Good
In Collection is a
sole proprietorship set up and owned by Mr. Kamlesh Jivanbhai Shah who is an
Indian. He is a Hong Kong ID Card holder
and has got the right to reside in Hong Kong permanently. He can be reached at your give phone number
852-3163 2289.
Established in
June 2001, the subject is a jewellery and diamond trader. It is engaged in manufacturing, importing and
exporting all kinds of jewellery products.
It mainly produces 14K and 18K gold jewellery accented with gemstones,
diamonds, sapphires, emeralds, pearls and semi-precious stones. It is trading in diamond bracelets, fancy
colour diamond rings, diamond brooches, earrings, necklaces, diamond rings,
pendants, etc. Raw materials such as cut
and polished diamonds are imported from India, Belgium, and other European
countries. Finished products are
marketed in Hong Kong, China and exported to Japan, the United States,
Singapore, Malaysia, the Philippines, Indonesia, the United Arab Emirates,
etc. According to the subject, it is
able to provide customers with quality products at competitive price.
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 usually takes part in Hong
Kong International Jewellery Show [HKIJS] and Hong Kong Jewellery & Gem
Fair. The former is usually held in
March while the latter, in September.
HKIJS is organized
by Hong Kong Trade Development Council in Hong Kong every year.
For instance, it
is going to take part in “HKTDC Hong Kong International Jewellery Show 2014”
which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong
Kong during the period of 5th to 9th March, 2014.
The subject is a
member of The Indian Chamber of Commerce Hong Kong and Hong Kong Jewelry
Manufacturers Association [HKJMA], Hong Kong.
Besides, the subject
had got an affiliated factory in Foshan City, Guangdong Province, China known
employing about 250 persons. Business is
rather active.
The subject has
had an associated company In Collection Ltd. [ICL] which is also located at the
same operating address. Shah is also the
only director of the subject.
Apart from ICL,
other associated offices have been set up in Thailand, Malaysia and the United
States. Its main associated company in
Dubai, the United Arab Emirates is known as Dimano Stone LLC. The UAE has become a prime market of the
subject.
Its associate in
Singapore is known as “In 9 Collection”.
The annual sales
turnover of the subject and ICL ranges from HK$55 to 60 million. Making a small profit every year
The subject’s
business is chiefly handled by Shah.
As the history of
the subject in Hong Kong is over twelve 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 –
-
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. 101.98 |
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Euro |
1 |
Rs. 83.92 |
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.