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Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
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Name : |
DIAGEMS TRADING
LTD. |
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Registered Office : |
Room 706, 7/F., Hart Avenue Plaza, 5-9A Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.02.2012 |
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Com. Reg. No.: |
59441047 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Diamond and Gem. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
DIAGEMS
TRADING LTD.
Room 706, 7/F.,
Hart Avenue Plaza, 5-9A Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2376 2781, 2376 0427
FAX: 852-2376 2357
E-MAIL: dgtc@biznetvigator.com
diagems@netvigator.com
Managing
Director: Mr. Amishkumar Ramniklal Sheth
Incorporated on: 22nd February, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Diamond and Gem Trader.
Annual Turnover: HK$55-65 million. (Including associate)
Employees: 3. (Including associate)
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
DIAGEMS
TRADING LTD.
Registered Head Office:-
Room 706, 7/F., Hart Avenue Plaza, 5-9A Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 95305, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Diagems Trading Co., Hong Kong. (Same address)
Samkit Diamonds Exporters, India.
59441047
1708695
Managing
Director: Mr. Amishkumar Ramniklal Sheth
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$100.00
(As
per registry dated 22-02-2014)
|
Name |
|
No.
of shares |
|
Amishkumar
Ramniklal SHETH |
|
76 |
|
Rakeshkumar Arvindlal PATEL |
|
24 |
|
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|
––– |
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Total: |
100 === |
(As
per registry dated 22-02-2014)
|
Name (Nationality) |
Address |
|
Amishkumar
Ramniklal SHETH |
Unit A, 8/F., Hang Wan Building, 42-44
Granville Road, Tsimshatsui, Kowloon, Hong Kong. |
|
Rakeshkumar
Arvindlal PATEL |
Flat F, 12/F., Block B, Hilton Tower, 96
Granville Road, Tsimshatsui, Kowloon, Hong Kong. |
(As
per registry dated 22-02-2014)
|
Name |
Address |
Co.
No. |
|
Banco
Pacific C&S Ltd. |
Room 1607, 16/F., Dominion Centre, 43 Queen’s Road East, Wanchai,
Hong Kong. |
0683285 |
The
subject was incorporated on 22nd February, 2012 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Diamond and Gem Trader.
Lines: All kinds of diamonds.
Employees: 3. (Including associate)
Commodities Imported: India, Thailand, other Asian countries, Europe, etc.
Markets: US, the Philippines, Taiwan, Singapore, Indonesia, Switzerland, Central & South America, etc.
Annual Turnover: HK$55-65 million. (Including associate)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Profit or Loss: Made a very small profit in 2013.
Condition: Business is improving.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Small.
Having
issued 100 ordinary shares of HK$1.00 each, Diagems Trading Ltd. is jointly
owned by Mr. Amishkumar Ramniklal Sheth, holding 76% interests, and Mr.
Rakeshkumar Arvindlal Patel, holding 24%.
They are also directors of the subject.
They are Hong Kong ID Card holders and have got the right to reside in
Hong Kong permanently.
The
subject has had an associated company Diagems Trading Company [DTC] located at
the same address. Founded on 1st April,
1981 DTC and the subject are engaged in the same lines of business.
DTC
is a sole proprietorship owned by Amishkumar Ramniklal Sheth who is a
shareholder of the subject. Sheth joined
in DTC in March 1999.
Business
commenced in April 1981, DTC is one of the oldest diamond trading companies in
Hong Kong. It is a loose diamond,
gemstone and jade importer, exporter and wholesaler. Most of its products carried are pear,
tapered, marquise and baguette princess cut diamonds, marquise cut semi‑precious
stones, etc.
Currently,
the subject is manufacturing the following commodities and offering customers
with the following services:-
|
Product/Service |
Product/Service
Remarks |
|
Fine Jewellery |
|
|
Diamond |
Cut
and polished diamonds, from 0.005cts to 0.50 cts, size shapes: brilliant,
tapper, bugget, princess, marquise, pears (Importer) Cut
and polished diamonds, from 0.005 cts to 0.50 cts, size shapes: brilliant,
tapper, bugget, princess, marquise, pears (Exporter) Cut and polished
diamonds, from 0.005 cts to 0.50 cts, size shapes: brilliant, tapper, bugget,
princess, marquise, pears (Wholesaler) |
|
Gemstones and
Jade |
Fine
jewellery: white 6 yellow gold with diamonds (Importer) Fine
jewellery: white 6 yellow gold with diamonds (Exporter) Fine
jewellery: white 6 yellow gold with diamonds (Wholesaler) |
The
subject’s cut and polished diamonds bear the brand name of “DTC”. Prime markets are the United States, the
Philippines, Taiwan, Singapore, Indonesia, Switzerland, Central & South
America, etc.
In
order to penetrate the international market further, DTC has taken part in
fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in “HKTDC
Hong Kong International Diamond, Gem & Pearl Show 2015” which will be held
in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 2nd to 6th
March, 2015.
Besides,
it is also going to take part in “HKTDC Hong Kong International Jewellery Show
2015” which will be held in Hong Kong Convention and Exhibition Centre,
Wanchai, Hong Kong during the period of 4th to 8th March, 2015.
The
annual sales turnover of the subject and DTC ranges from HK$55 to 65
million. Making a small profit every
year. Business is rather active. Regular suppliers and a number of foreign
customers have been maintained.
The
subject’s business is chiefly handled by the two shareholders of the subject.
Since
the history of the subject in Hong Kong is just over two years and seven
months, on the whole, consider it good for normal business engagements on L/C
basis or in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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 |
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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.