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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
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Name : |
MEET
DIAM (HK) LTD. |
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Registered Office : |
Unit 510, 5/F., Winfield Commercial Building, 6-8 Prat Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.05.2012 |
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Com. Reg. No.: |
59747900 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
·
Subject is a Gia Diamond Importer, Exporter
and Wholesaler. ·
Trader of Loose, Polished and Cut Diamonds. |
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No. of Employees : |
02 |
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 : |
Moderate |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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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 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 |
MEET DIAM (HK) LTD.
Unit 510, 5/F., Winfield Commercial Building, 6-8 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-6801 4918
FAX: 852-2724 4918
Managing Director: Mr. Amit Ketan Doshi
Incorporated on: 3rd May, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 510, 5/F., Winfield Commercial Building, 6-8 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Meet Diamonds Pvt. Ltd., India.
59747900
1739254
Managing Director: Mr. Amit Ketan Doshi
Contact Person: Mr. Jay Mehta
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 03-05-2012)
|
Name |
|
No.
of shares |
|
Amit Ketan
DOSHI |
|
500,000 |
|
Vishal Fatechand PUNAMIYA |
|
500,000 |
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|
–––––––– |
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Total: |
1,000,000 ======= |
(As per registry
dated 03-05-2012)
|
Name (Nationality) |
Address |
|
Vishal Fatechand PUNAMIYA |
H-105M Hari Parva Hsg. Soc.,
Opp. Girme Baugh Pune Solapur Road, Bhairobanale Pune MS 411013, India. |
|
Amit Ketan DOSHI |
Tara Bhavan 5/F., F No. 501,
Khetwadi 3rd Lane, Nanubhai Desai Road, Mumbai-4, India. |
(As per registry
dated 03-05-2012)
|
Name |
Address |
Co.
No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road
Central, Hong Kong. |
0113023 |
The subject was incorporated on 3rd May, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat A, 18/F., Wah Fai Mansion, 38‑40 Granville Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in September 2013.
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: Nil.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong Kong, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Made a small loss in 2012.
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 1 million ordinary shares of HK$1.00 each, Meet Diam (HK) Ltd. is equally owned by two Indian, namely, Vishal Fatechand Punamiya and Amit Ketan Doshi. They are India passport holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject’s old registered address was in a private building located at Flat A, 18/F., Wah Fai Mansion, 38-40 Granville Road, Tsimshatsui, Kowloon, Hong Kong, move to the present address which is in a commercial building in September 2013.
The subject is a GIA 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, Japan and the other Asian countries. Business is still under development.
The contact person of the subject Mr. Jay Mehta is also an Indian. He can be reached at his Hong Kong mobile phone number 852-6801 4918.
The subject has had an associated company in India known as Meet Diamonds Pvt. Ltd. [MDPL] which was incorporated on 30th November, 2012. It was registered at Registrar of Companies of Mumbai, India. Its authorized paid up capital is Rs. 500,000. MDPL is owned by the Doshi family. Amit Ketan Doshi is one of the directors of MDPL. The subject and MDPL are engaged in the same lines of business.
The subject is fully supported by MDPL.
The history of the subject in Hong Kong is just over a year and six months.
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
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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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.05 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
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 |
|
-- |
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.