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Report Date : |
20.11.2014 |
IDENTIFICATION DETAILS
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Name : |
DIA IMAGE EXPORT |
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Registered Office : |
c/o 20/F., Printing House, |
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Country : |
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Date of Incorporation : |
31.05.2011 |
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Com. Reg. No.: |
53999963-000-05 |
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Legal Form : |
Partnership |
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LINE OF BUSINESS : |
DIAMOND TRADER OF ALL KINDS OF DIAMONDS. |
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No. of Employees : |
No Employees in [It is to be noted that
the company does not have its own operating office in |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating office in |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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|
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 |
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Source
: CIA |
DIA IMAGE EXPORT
ADDRESS:
c/o
20/F., Printing House, 6 Duddell Street, Central, Hong Kong.
PHONE: 852-2847 2300
FAX: 852-2845 9168
Manager: Mr.
Vijaykumar Chandulal Sheth
Establishment: 31st
May, 2011.
Organization: Partnership.
Capital:
Not
disclosed.
Business Category: Diamond Trader.
Employee:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
DIA IMAGE EXPORT
ADDRESS:
Registered
Office:-
c/o Hampton, Winter & Glynn
20/F., Printing House, 6 Duddell Street, Central, Hong Kong.
Associated
Company:-
Carbon Craft
Room F, 6/F., Pacific Building, 65-67 Kimberly Ro ad, Tsimshatsui,
Kowloon, Hong Kong.
[Tel.: 852-2723 1243; Fax:
852-2722 6684]
53999963-000-05
Manager: Mr. Vijaykumar Chandulal Sheth
Name: Mr. Shailesh Vithalbhai GABANI
Residential
Address: 77 Narayan Muni Nagar Soc.,
Nr. Swaminarayan Gurokul Ved Road, Surat, Gujarat, India.
Name: Vijaykumar Chandulal SHETH
Residential Address: Room F,
6/F., Pacific Building, 65-67 Kimberly Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 31st May, 2011 as a Sole Proprietorship
concern owned by Mr. Shailesh Vithalbhai Gabani under the Hong Kong Business
Registration Regulations.
It became a partnership as Mr. Vijaykumar Chandulal Sheth joined in as a
partner on 1st July, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Diamond Trader.
Lines: All kinds of diamonds.
Employee: Nil.
Commodities Imported: India, etc.
Markets: Hong Kong, other Asian countries,
etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Keeping a
balance account in Hong Kong.
Condition: Business is not very active in Hong
Kong.
Facilities: Making fairly 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:
Small.
Dia Image Export is a partnership jointly owned by Mr. Shailesh
Vithalbhai Gabani and Vijaykumar Chandulal Sheth. Both are India merchants. The former is an India passport holder while
the latter is a Hong Kong ID holder who is also manager of the subject.
The subject does not have its own operating office. Its registered office is in a solicitor firm
located at 20/F., Printing House, 6 Duddell Street, Central, Hong Kong known as
Hampton, Winter & Glynn which is handling its correspondences and
documents.
The subject is a diamond trader.
It has no employee in Hong Kong.
It had used the operating address of Dharam Creations (HK) Ltd. which
was located at Unit 7, 1/F., Chevalier House, 45-51 Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong as its corresponding address.
Vijaykumar Chandulal Sheth is also the owner of Carbon Craft which is a
sole proprietorship set up on 27th February, 2004. Carbon Craft is also a diamond trader. The business of Carbon Craft is also handled
by Mr. Vijaykumar Chandulal Sheth.
However, the registered address of this company is in the residential
address of Vijaykumar Chandulal Sheth located at Room F, 6/F., Pacific Building,
65-67 Kimberly Ro ad, Tsimshatsui, Kowloon, Hong Kong. Actually the operating of the subject is also
located at this address.
The subject is dealing in the following diamonds: loose diamonds,
certified diamonds, pearls, loose diamond stones, loose round diamonds, loose
polish diamonds, loose cut diamonds, colour diamonds, clarity diamonds, carats
diamonds, loose princess diamond, loose emerald diamond, round diamond, GIA
certified diamonds. Commodities is chiefly
imported form India.
Its products are marketed in Hong Kong, exported to China, South Korea,
India, Southeast Asia, etc.
The subject’s business in Hong Kong is improving. History in Hong Kong is just over three years
and five months.
Since the subject does not have its own operating office and has no
employee in Hong Kong, consider it good for business engagements on L/C basis.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
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.61.83 |
|
|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.77.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
SDA |
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 |
|
|
<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.