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Report Date : |
13.09.2014 |
IDENTIFICATION DETAILS
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Name : |
FAMASIA
LTD. |
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Registered Office : |
Unit 902, 9/F., |
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Country : |
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Date of Incorporation : |
27.11.2007 |
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Com. Reg. No.: |
38676954 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds (including loose diamonds & fancy cut diamonds) Subject main products includes marquise, pears, tappers,
buggets and rose cut, round brilliant, single cut and fancy cut |
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No. of Employees |
02 (Including
Affiliate) |
RATING & COMMENTS
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MIRAs 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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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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 |
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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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
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Source : CIA |
FAMASIA LTD.
Unit 902, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2486 1000
FAX: 852-2486 1003
Managing Director: Mr. Paresh Jerambhai Bodra
Incorporated on: 27th November, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Diamond Trader.
Employees: 2. (Including affiliate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 902, 9/F., Multified Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Company:-
Priyal Diam, Hong Kong. (Same address)
38676954
1189202
Managing Director: Mr. Paresh Jerambhai Bodra
(Mobile Phone No.: 852-6500 0533)
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry
dated 27-11-2013)
|
Name |
|
No. of shares |
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Paresh Jerambhai BODRA |
|
5,000,000 |
|
Ravikumar Bhagvanbhai
BODARA |
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5,000,000 |
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Total: |
10,000,000 ======== |
(As per registry
dated 27-11-2013)
|
Name (Nationality) |
Address |
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Paresh
Jerambhai BODRA |
Flat D, 15/F., Tin Man Court, 2A
Kimberley Street, Tsimshatsui, Kowloon, Hong Kong. |
|
Ravikumar Bhagvanbhai BODARA |
Flat D, 15/F., Tin Man Court,
2A Kimberley Street, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 27-11-2013)
|
Name |
Address |
Co.
No. |
|
Champion Corporate Ltd. |
Room 907, 9/F., Silvercord Tower 2, 30 Canton Road,
Tsimshatsui, Kowloon, Hong Kong. |
0657221 |
The subject was incorporated on 27th November, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1513, 15/F., Rise Commercial Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in December 2011.
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: 2. (Including affiliate)
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Southeast Asia, Europe, Middle East, etc.
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Alternation of
Capital:-
|
Initially |
paid up |
HK$ 1,000,000.00 |
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30-01-2012 |
paid up |
HK$ 9,000,000.00 |
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Total: |
paid up |
HK$10,000,000.00 ============== |
Increase of
Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$10,000,000.00 |
on |
30-01-2012 |
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit in the past years.
Condition: Business is normally operated.
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.
Having issued 1 million ordinary shares of HK$1.00 each, Famasia Ltd. was wholly owned by Mr. Paresh Jerambhai Bodra who is an Indian. In January 2012, the subject increased its ordinary shares to 10 million of HK$1.00 each of which are equally owned by Paresh Jerambhai Bodra and Ravikumar Bhagvanbhai Bodara. They are also directors of the subject.
Bodra and Bodara are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
The subject moved to the present new address in December 2011.
The subject is trading in all kinds of loose diamonds & fancy cut diamonds. The followings are the main products carried: marquise, pears, tappers, buggets and rose cut, round brilliant, single cut and fancy cut. Most of the commodities are imported from India, other Asian countries, etc. All diamonds are marketed in Hong Kong, exported to China, Singapore, other Asian countries, Western Europe, etc. Business is rather active.
The subject has got an associated company engaged in diamond cutting and processing in Gujarat, India.
The subject has had an affiliated company Priyal Diam, a Hong Kong-registered company, located at the same address. Priyal Diam is also a diamond trader. The contact person of Priyal Diam is Mr. Patel who is also an India merchant.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it took part in HKTDC Hong Kong International Diamond, Gem & Pearl Show 2014 which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 3rd to 7th March, 2014. Its booth No. was AWE 1-C26.
P. J. Bodra can be reached at his Hong Kong mobile phone number 852-6500 0533.
The business of the subject still has had more room to expand. It operates from a self-owned office in Hong Kong.
The history of the subject in Hong Kong is over six years and three months.
On the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
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07-05-2010 |
Instrument: Assignment of Receivables General with Notice of Assignment Property: In consideration of the Banking Facilities, the Customer, as beneficial owner and by way of security for the payment of the Secured Monies, hereby assigns, and agrees to assign, to the Bank the Receivables until all the Secured Monies have been paid or discharged Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
To secure all monies in respect of banking facilities |
|
15-04-2011 |
Instrument: Mortgage Property: 43/10,608th parts or shares of and in Section A of Kowloon Inland Lot No. 6455, The Remaining Portion of Kowloon Inland Lot No. 6455, Section A of Kowloon Inland Lot No. 6458, The Remaining Portion of Kowloon Inland Lot No. 6458, Section A of Kowloon Inland Lot No. 6460 and The Remaining Portion of Kowloon Inland Lot No. 6460 (Unit 2 on 9/F. of Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
To secure all the general banking facilities to an
unlimited extent and interest thereon |
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. Indias 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.60.91 |
|
|
1 |
Rs.98.65 |
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Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
-- |
This score serves as a reference to assess
SCs 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.