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Report Date : |
15.11.2014 |
IDENTIFICATION DETAILS
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Name : |
RAMP
INTERNATIONAL DMCC |
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Registered Office : |
Unit – F1, 13/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
22.12.2009 |
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Com. Reg. No.: |
51583710-000-12 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer and Exporter of all kinds of Diamonds. |
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No. of Employees : |
2 |
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 : |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hongkong |
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 |
HONGKONG - 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 |
RAMP INTERNATIONAL DMCC
ADDRESS: Unit
– F1, 13/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: Not
available
Manager: Mr. Nilesh Bhandhri
Establishment: 22nd December, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Unit – F1, 13/F., Kaiser Estate, Phase 1, 41 Man
Yue Street, Hunghom, Kowloon, Hong Kong.
Associated Company:-
Ramp International DMCC
24G, Almas Tower, Jumeirah Lake Tower, Sheikh Zayad
Road, Dubai, United Arab Emirates.
[Tel: 971-4-225 2991]
51583710-000-12
Manager: Mr. Nilesh Bhandhri
Name: Mr. Nilesh BHANDHRI
Residential Address: 30
Mahaveer Colony Pushkar Road, Ajmer, India.
The subject was
established on 22nd December, 2009 as a sole proprietorship concern owned by
Mr. Nilesh Bhandhri under the Hong Kong Business Registration Regulations.
At the very
beginning, the subject was located at 9B, Block 22, Laguna City, Lam Tin, Kowloon,
Hong Kong, moved to Room D, 4/F., Shun Fai Building, 64-66A Kimberly Road,
Tsimshatsui, Kowloon, Hong Kong in July 2010 and further to the present address
in June 2012.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of diamonds
Employees: 2.
Commodities Imported: India, other Asian countries, Belgium, Russia, Africa, etc.
Markets: Hong Kong, other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Making a small profit in 2012 & 2013.
Condition: Business is improving.
Facilities: Making rather 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.
Ramp International DMCC is a sole proprietorship set up and owned by Mr. Nilesh Bhandhri who is an India merchant. He is an India passport holder and does not have the right to reside in Hong Kong permanently. He is also manager of the subject.
The subject is the Hong Kong office of Ramp International DMCC [Ramp] which is a UAE-based company. Ramp is in Dubai, the United Arab Emirates.
The subject is trading in the following commodities:-
· Rough Diamonds;
· Polished Diamonds; &
· Jewellery.
The subject and Ramp are engaged in the same lines of business. The subject and the UAE company are trading in rough and polished diamonds. Ramp claims having affiliated diamond factories in India and Europe.
Ramp has been certified for ‘Kimberly Process’ (Conflict Free Diamonds) by the UAE Federal Government.
The subject’s commodities are sourced from India, Asian countries, Antwerp, Africa and Russia, etc. Markets are Hong Kong, China, other Asian countries, Europe, etc. Business is improving.
The subject’s business is chiefly handled by Mr. Nilesh Bhandhri himself. History in Hong Kong is just about five years.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.65 |
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|
1 |
Rs.96.54 |
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Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.