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Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
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Name : |
RUSHIDIAM
(HK) LTD. |
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Registered Office : |
Unit 801, 8/F., |
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Country : |
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Date of Incorporation : |
18.04.2012 |
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Com. Reg. No.: |
59673678 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Importer, Exporter and wholesaler of Carat Diamond. Engaged in trading
Loose, Polished and Cut Diamonds. |
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No. of Employees |
03 |
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 : |
Slow but Correct |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 has no tariffs on imported goods, and it
levies excise duties on only four commodities, whether imported or produced
locally: 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, its continued
reliance on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by more
than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies
|
Source
: CIA |
RUSHIDIAM (HK)
LTD.
Unit 801, 8/F., Hang Seng Tsimshatsui Building, 18 Carnarvor Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2368 8841
FAX: 852-2368 8741
E-MAIL: rushidiamhk@gmail.com
Managing Director: Mr. Sambhav Bankim Shah
Incorporated on: 18th April, 2012.
Organization: Private Limited Company.
Issued Capital: HK$10,000.00
Business Category: Diamond Trader.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 801, 8/F., Hang Seng Tsimshatsui Building, 18 Carnarvor Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Rushidiam BVBA, Belgium.
Twinkle Diam, Thailand.
Twinkle Diamonds, India.
Twinkle Jewellery Inc., US.
59673678
1731851
Managing Director: Mr. Sambhav Bankim Shah
HK$10,000.00
(As per registry
dated 18-04-2014)
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Name |
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No.
of shares |
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Sambhav Bankim SHAH Flat C, 6/F., Block 1, Royal Peninsula, 8 Hung Lai Road,
Hunghom, Kowloon, Hong Kong. |
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10,000 ===== |
(As per registry
dated 18-04-2014)
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Name (Nationality) |
Address |
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Sambhav Bankim
SHAH |
Flat C, 6/F., Block 1, Royal Peninsula,
8 Hung Lai Road, Hunghom, Kowloon, Hong Kong. |
(As per registry
dated 18-04-2014)
|
Name |
Address |
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Bayani Divino Bautista PONCE |
Flat A, 8/F., Tower 5, Caribbean Coast, 2 Kin Tung Road,
Tung Chung, Lantau Island, Hong Kong. |
The subject was incorporated on 18th April, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 324, 3/F., Hankow Centre, 5‑15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address with effect from 15th May, 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds
Employees: 3.
Commodities Imported: India, Thailand, etc.
Markets: Hong Kong, China, India, other Asian countries, Belgium, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Capital: HK$10,000.00
Profit or Loss: Kept a balance account in 2013.
Condition: Business is improving.
Facilities: Making fairly 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.
Having issued 10,000 ordinary shares, Rushidiam (HK) Ltd. is wholly owned by Mr. Sambhav Bankim Shah who is an India merchant. He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject. Currently he is residing in Hong Kong.
Incorporated in April 2012, the subject is a diamond trader. It is a carat diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds. Most of the commodities are imported from India and Belgium. Prime markets are Hong Kong, Japan, India, Belgium and the other Asian countries. Business is still under development.
The subject has had an associated company Rushidiam BVBA which is a Belgium-based firm. The business of Rushidiam BVBA is chiefly administered by Sambhav Bankim Shah.
Rushidiam BVBA is the Antwerp branch of Twinkle Diamonds, a 35 year old corporation head quartered in Mumbai with interests in diamond manufacturing, diamond exports, jewellery manufacturing, as well as paper and textiles. While diamond manufacturing and trading is the firm’s mainstay business, Twinkle Diamonds Group has also diversified into fine diamond jewellery manufacturing by establishing an exclusive jewellery manufacturing centre in SEEPZ, Mumbai, India.
Twinkle Diamonds operates a brand new manufacturing facility in Navsari (Gejerat), employing more than 1,000 workers.
The subject operates from a rented office. History in Hong Kong is just over two years.
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 for the time being.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.60.14 |
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UK Pound |
1 |
Rs.103.00 |
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Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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.