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Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
OCEAN BLUE
DIAM LTD. |
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|
|
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Registered Office : |
c/o PAN Pacific Consultants
Ltd.,Room 1207, 12/F., Wing Tuck Commercial Centre, 177-183 Wing Lok Street,
Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.08.2012 |
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Com. Reg. No.: |
60198770 |
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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 |
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No. of Employees : |
1. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
OCEAN BLUE
DIAM LTD.
ADDRESS: Unit 22, Room C, 7/F., Grand Building, 22
Granville Circuit, Tsimshatusi, Kowloon, Hong Kong.
PHONE: 852-3624 5183
Managing
Director: Mr. Chirag Prakash Chandra
Shah
Incorporated
on: 8th
August, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employee: 1.
Main Dealing
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered
Office:-
c/o PAN Pacific
Consultants Ltd.
Room 1207, 12/F.,
Wing Tuck Commercial Centre, 177-183 Wing Lok Street, Sheung Wan, Hong Kong.
Operating
Office:-
Unit 22, Room C, 7/F.,
Grand Building, 22 Granville Circuit, Tsimshatusi, Kowloon, Hong Kong.
Dia Jewel Co. Ltd.
160-490 ITF Silom
Palace, 22/F., Silom Road, Suriyawong Bang Rak, Bangkok 10500, Thailand.
[Tel: 66-2-634
0449 Fax: 66-2-634 0591]
60198770
1784152
Managing
Director: Mr. Chirag Prakash Chandra
Shah
Nominal Share
Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital:
HK$10,000.00
(As
per registry dated 08-08-2012)
|
Name |
|
No.
of shares |
|
Chirag Prakash Chandra SHAH |
|
10,000 ===== |
(As
per registry dated 08-08-2012)
|
Name (Nationality) |
Address |
|
Jaynam Alkesh SANGHAVI |
157/15, Jawahar Nagar, Goregaon (W),
Mumbai 400 062, M.S., India. |
|
Chirag
Prakash Chandra SHAH |
160-490 ITF Silom Palace, 22/F., Silom
Road, Suriyawong Bang Rak, Bangkok 10500, Thailand. |
(As
per registry dated 08-08-2012)
|
Name |
Address |
Co.
No. |
|
PAN
Pacific Consultants Ltd. |
Room 1207, 12/F., Wing Tuck Commercial Centre, 177-183 Wing Lok
Street, Sheung Wan, Hong Kong. |
1254491 |
The
subject was incorporated on 8th August, 2012 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of diamonds
Employee: 1.
Commodities
Imported: India, other
Asian countries, etc.
Markets: Hong Kong, Southeast Asia,
other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share
Capital: HK$2,000,000.00
(Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
Mortgage
or Charge:-
Date of Security
Over Deposits with the Bank (Fixed Deposits) Limited Company - Under Seal: 28-01-2013
Amount: All monies in any currency owing by the
Depositor to the chargee at any time
Property: HK$10,000 deposit A/C 640-165270-838 (0001)
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Profit or Loss:
Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking
facilities.
Payment: Slow but correct.
Commercial
Morality: Satisfactory
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having
issued 10,000 ordinary shares of HK$1.00 each, Ocean Blue Diam Ltd. is wholly owned
by Chirag Prakash Chandra Shah who is an Indian. The directors of the subject are Chirag
Prakash Chandra Shah and Jaynam Alkesh Sanghavi. Currently the former is residing in Bangkok,
Thailand.
The
subject commenced business in August 2012.
Its operating address is in a private building located at Unit 22, Room
C, 7/F., Grand Building, 22 Granville Circuit, Tsimshatusi, Kowloon, Hong Kong.
This is also the residence of the subject’s representative in Hong
Kong. The subject can be reached at your
given phone number 852-3624 5183.
The
subject’s registered address is in the office of a consultant firm known as PAN
Pacific Consultants Ltd. located at Room 1207, 12/F., Wing Tuck Commercial
Centre, 177-183 Wing Lok Street, Sheung Wan, Hong Kong. This firm is also the corporate secretary of
the subject.
The
subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, Thailand and the other Asian countries. Business is still under development.
To
our knowledge, the subject has got an associated company known as Dia Jewel Co.
Ltd. in Bangkok, Thailand. This company
is also a diamond trader and operated by Chirag Prakash Chandra Shah.
The
subject has had a representative or employee in Hong Kong who is also an
Indian. History in Hong Kong is just
over a year.
On
the whole, since the history of the subject is short in Hong Kong, consider it
good for normal business engagements on L/C basis.
DIAMOND INDUSTRY – INDIA
-
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.
-
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.
-
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.
-
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.62.98 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
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.