MIRA
INFORM REPORT
|
Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PRIME JEWELS |
|
|
|
|
Registered Office : |
c/o Vinford Ltd. Room 1707, 17/F., Wellborne Commercial Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
21.08.2006 |
|
|
|
|
Com. Reg. No.: |
37070345-000-08 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Subject is a diamond and gemstone importer, exporter and
wholesaler |
|
|
|
|
No. of Employees |
No employee in Hong Kong 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. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No operating office in Hong Kong |
|
Payment Behaviour : |
Unknown |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
Company name
PRIME JEWELS
ADDRESS
Registered Office:-
c/o Vinford Ltd.
Room 1707, 17/F., Wellborne Commercial Centre, 8 Java Road, North Point, Hong Kong.
Associated Company:-
Prime Diam (HK) Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
37070345-000-08
DATE OF ESTABLISHMENT
21st August, 2006.
SOLE PROPRIETOR
Name: Mr. Rameshbhai Zaverbhai ITALIYA
Residential Address: 427/148, Diamond Tower, Silom Soi-7, Bangrak, Bangkok 10500, Thailand.
HISTORY
The subject was established on 21st August, 2006 as a sole proprietorship owned by Mr. Rameshbhai Zaverbhai Italiya under the Hong Kong Business Registration Regulations.
Initially the registered address of the subject was located at Room 1813, 18/F., Wellborne Commercial Centre, 8 Java Road, North Point, Hong Kong where is the operating address of Vinford Ltd. [Vinford]. Vinford is an accountant firm. The accountant firm moved to Room 1707, 17/F. of the same building in February 2010, so did the subject.
Apart from these, neither material change nor amendment has been ever traced and noted.
GENERAL
Prime Jewels is a sole proprietorship set up and owned by Mr. Rameshbhai Zaverbhai Italiya who is an Indian. He is an India passport holder and does not have the right to reside in Hong Kong permanently. His registered address is in Bangkok, Thailand.
The subject does not have its own operating office. Its registered office is in an accountant firm located at Room 1707, 17/F., Wellborne Commercial Centre, 8 Java Road, North Point, Hong Kong known as Vinford Ltd. which is handling its correspondences and documents. Vinford Ltd. is offering clients with accounting, auditing and tax services. The owner of this firm Mr. Tang Wing Kwong is a certified public accountant [CPA].
The subject has no employee in Hong Kong.
Your given fax number does not belong to the subject. It belongs to the following company:
Company Name: Dharam Creations (HK) Ltd. [Dharam Creations]
Address: Unit 3, 3/F., Harbour Centre Tower 2, 8 Hok Cheung Street, Hung Hom, Kowloon, Hong Kong
Telephone: 852 2723 1466
Fax: 852 2722 6214
Dharam Creations is a diamond trader, so does the subject. The subject is using the phone and fax number of Dharam Creations as its contact points.
The subject is a diamond and gemstone importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds range from 0.05 cts to 0.60 cts. Other products are white brilliant cut diamonds, white diamonds, single cut diamonds, etc.
Most of the commodities are imported from India, Thailand, etc. Commodities are re-exported to India, Thailand, other Asian countries, Europe.
It is likely that the subject has got an affiliated company in Bangkok, Thailand which is also operated by Italiya. The Thailand firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.
The subject has got regular suppliers in India. It also has got suppliers in Sri Lanka and some of the other countries in Africa.
Besides operating the subject, Italiya is also the managing director of Prime Diam (HK) Ltd. [PDHK] which is located at a different address. The registered address of PDHK is using the office of the other company.
Having issued 4.06 million ordinary shares of HK$1.00 each, PDHK is wholly-owned by Italiya.
Incorporated on 11th June, 2010, PDHK is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds range from 0.05 cts to 0.60 cts. Most of the commodities are imported from India, Thailand, other Asian countries, etc.
R. Z. Italiya also has had a registered address in Gujarat, India.
The history of the subject in Hong Kong is over eight years. Its business in Hong Kong is not active.
Since the subject does not have its own operating office and
has no employee in
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
-
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.60.19 |
|
|
1 |
Rs.98.65 |
|
Euro |
1 |
Rs.78.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
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.