|
Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZEST DIMON |
|
|
|
|
Registered Office : |
Room 901, 9/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
19.04.2005 |
|
|
|
|
Com. Reg. No.: |
35536664-000-04 |
|
|
|
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Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Supplier, Importer and Exporter of All kinds of diamonds and jewellery
products, emerald, precious stones. |
|
|
|
|
No. of Employees : |
3.
(Including associate) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
ZEST DIMON
Room 901, 9/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
PHONE: 852-3163 2289
FAX: 852-2333 9518
E-MAIL: hiraexportsltd@yahoo.com
Manager: Mr. Pravinkumar Thakarshi Dobariya
Establishment: 19th
April, 2005.
Organization: Sole
Proprietorship.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Employees:
3. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ZEST DIMON
Head Office:-
Room 901, 9/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
Associated
Companies:-
Hira Export, India.
Hira Exports Ltd., Hong Kong. (Same
address)
35536664-000-04
Manager: Mr. Pravinkumar Thakarshi Dobariya
Name: Mr. Pravinkumar Thakarshi DOBARIYA
Residential Address: Flat F, 6/F.,
Tower 19, Laguna Verde Avenue, Hunghom, Kowloon, Hoong Kong.
The subject was established on 19th April, 2005 as a sole proprietorship
concern owned by Mr. Pravinkumar Thakarshi Dobariya under the Hong Kong
Business Registration Regulations.
Originally the subject was registered under the name of Hira Exports
(HK), name changed to the present style on 14th October, 2005.
Initially the subject was located at 11/F., Tung Wui Commercial
Building, 27 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the
present address in October 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Supplier,
Importer and Exporter.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones.
Employees: 3. (Including affiliate)
Commodities Imported: India, Belgium, other Asian and European countries, etc.
Markets: Japan,
other Asian countries, Europe, North America, etc.
Terms/Sales:
L/C, advanced T/T,
etc.
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 condition.
Facilities:
Making rather active use of general banking facilities.
Payment:
Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Zest Dimon, formerly known as Hira Exports (HK), is a sole
proprietorship set up and owned by Mr. Pravinkumar Thakarshi Dobariya who is an
Indian. Now he is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently.
The subject has had an affiliated company Hira Exports Ltd. [Hira
Exports] located at its operating address.
Incorporated in 2005, Hira Exports is a diamond trader, so does the
subject.
Hira Exports is wholly-owned by Mr. Dahyabhai Govindhbai Sutariya who is
also an Indian. The directors of Hira
Exports are Dahyabhai Govindhbai Sutariya, Pravinkumar Thakarshi Dobariya and
Kavita Pravinkumar Dobariya. K. P.
Dobariya and P. T. Dobariya belong to the same family. However, Hira Exports is also managed by P.
T. Dobariya who is also the manager of the subject.
The subject is the supplier, importer and exporter of versatile range of
diamonds in a wide variety like rose cut diamonds, rose cut heart, rose cut
round, rose cut pears, rose cut oval, rose cut marquise, fancy cut and fancy
colour diamonds. Significant products
are 18K white gold earrings, diamond bangles, 18K white gold bangles, etc.
The subject has got an associated factory known as Hira Export in
India. Its commodities are chiefly
supplied by its factory in India.
Commodities are marketed in Hong Kong, China, exported or re-exported to
the other Asian countries, Eastern and Western Europe, North America,
Scandinavia, etc. Business is normal.
The business of the subject and Hira Export is chiefly handled by P. T.
Dobariya.
In order to penetrate the international market further, Hira Exports has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, it took part in
“HKTDC Hong Kong International Jewellery Show 2013” which had been held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
5th to 9th March, 2013. Besides, Hira
Exports is going to take part in “HKTDC Hong Kong International Jewellery Show
2014” which will be held in the same Exhibition Centre, Wanchai, Hong Kong
during the period of 5th to 9th March, 2014.
The subject is fully supported by Hira Exports and the Dobariya family.
As the history of the subject in Hong Kong is over eight years, on the
whole, consider it good for normal business engagements.
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.
-
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.
-
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.
-
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.
-
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.60.03 |
|
|
1 |
Rs.101.96 |
|
Euro |
1 |
Rs.83.58 |
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.