|
Report No. : |
314522 |
|
Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNI DIAM |
|
|
|
|
Registered Office : |
Room 708, 7/F., |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
28.02.2003 |
|
|
|
|
Com. Reg. No.: |
33385023-000-02 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Importer and Exporter of all kinds of Diamonds and Jewellery Products,
Emerald, Precious Stones. |
|
|
|
|
No. of Employees : |
4 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
UNI DIAM
ADDRESS: Room 708, 7/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2723
2244
FAX: 852-2723
2254
E-MAIL: unidiam@rediffmail.com
Manager: Mr. Ritesh Raichand Hirawat
Establishment: 28th
February, 2003.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Annual Turnover: HK$55~65 million.
Employees: 4.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 708, 7/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong Kong.
Associated Company:-
Dharamchand Paraschand Exports, India.
33385023-000-02
Manager: Mr. Ritesh Raichand Hirawat
Name: Mr. Ritesh Raichand HIRAWAT
Residential Address: Flat C,
8/F., Winston Mansion, 121-123 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 28th
February, 2003 as a sole proprietorship concern owned by Mr. Ritesh Raichand
Hirawat under the Hong Kong Business Registration Regulations.
Initially the subject was located at
Flat C, 8/F., Winston Mansion, 121‑123 Chatham Road, Tsimshatsui,
Kowloon, Hong Kong, moved to Room 1207, 12/F., Hart Avenue Plaza, 5-9 Hart
Avenue, Tsimshatsui, Kowloon, Hong Kong in June 2003, and further to Room 708
of the same building in September 2012.
Apart from these, neither material
change nor amendment has been ever traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones
Employees: 4.
Commodities Imported: India,
Belgium, other European countries, US, etc.
Markets: Hong
Kong, China, India, other Asian countries, Europe, US, etc.
Annual Turnover: HK$55~65 million.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, Advanced T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making
small profits in the past years.
Condition: Business is steady.
Facilities: Making rather 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: Normal.
Uni Diam is a sole proprietorship
set up and owned by Mr. Ritesh Raichand Hirawat under the Hong Kong Business
Registration Regulations.
Being an Indian and Manager of the
subject, Hirawat is a Hong Kong ID holder and has got the right to reside in
Hong Kong permanently. He has been in
Hong Kong for a very long time as he has got his Hong Kong ID before setting up
the subject.
He can be reached at his Hong Kong
mobile phone number 852-9049 0962. He is
also contact person of the subject.
The subject is trading in gems,
jewellery, loose diamonds, carat size diamonds, emerald, precious stones,
diamond necklace, etc. Rough and
polished diamonds are imported from India, Belgium and the United States. Its main diamond jewellery is diamond
necklaces. The subject is significant
for its loose diamonds bearing different specifications.
Polished diamonds are exported to
China, Japan, South Korea, other Asian countries, Europe and the United
States. The subject is also a commission
agent. Business has been normal and
steady.
The subject’s other main products
are asscher cut, baguette, emerald cut, heart shape, marquise, oblong, oval
shape, pear shape, princess cut, round brilliant, taper, tapered baguette,
trilliant, etc. It is also specialized
in round brilliant and princess-cut diamonds.
Sizes of diamond range from 0.005 to 1 carat (can be certified or non-certified). Some are round brilliants and 10 points up in
princess cuts. The subject also sells
polished white diamonds and polished colour diamonds.
The subject shares the same office
with another company D.P. Jewels (HK).
D.P. Jewels (HK) is also a diamond and fine jewellery trader. It is owned and operated by Mr. Abhilasha
Hirawat.
The subject has got an associated
company in India known as Dharamchand Paraschand Exports [Dharamchand]. This firm is also a diamond trader. Dharamchand seems to be the subject’s main
supplier in India. Promoted by Mr.
Paraschand Hirawat and Mr. Raichand Hirawat and closely held by the promoters’
family, Dharamchand commenced business as a partnership firm in 1974 engaged in
cut and polished diamonds business. This
firm has a processing unit in Surat and a sales office in Mumbai.
The business of the subject is
chiefly handled by Ritesh Raichand Hirawat himself.
The annual sales turnover of the
subject ranges from HK$55 to 65 million.
Making a small profit every year.
Regular suppliers and customers have been maintained.
As the history of the subject in
Hong Kong is over twelve years and a month, on the whole, consider it good for
normal business engagements.
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.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.