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Report No. : |
316981 |
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Report Date : |
16.04.2015 |
IDENTIFICATION DETAILS
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Name : |
BRIDIAM |
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Registered Office : |
Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.02.2001 |
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Com. Reg. No.: |
31593513-000-02 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Diamond and Gem Trader. |
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No. of Employees : |
3 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hong Kong |
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 |
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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
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Source
: CIA |
BRIDIAM
Flat A4, 6/F., Hankow Centre,
47 Peking Road, Tsimshatsui,
Kowloon, Hong Kong.
ADDRESS: Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2366 3063
FAX: 852-2311 0919
Manager: Mr. Ahamed Kabir M. K. A. B. Syed
Establishment: 21st February, 2001.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond and Gem Trader.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
31593513-000-02
Manager: Mr. Ahamed Kabir M. K. A. B. Syed
Name: Mr. Ahamed Kabir M. K. A. B. SYED
Residential Address: Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 21st February, 2001 as a sole proprietorship concern owned by Mr. Ahamed Kabir M. K. A. B. Syed under the Hong Kong Business Registration Regulations.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products.
Employees: 2.
Commodities Imported: India, Belgium, other European and Asian countries
Markets: Hong Kong, Japan, Southeast Asia, Europe, Middle East
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
Capital: Not disclosed.
Profit or Loss: Making a very small profit every year.
Condition: Business is normal.
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: Small.
Bridiam is a sole proprietorship set up and owned by Mr. Ahamed Kabir M. K. A. B. Syed who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is the manager of the subject.
The subject’s operating address is in a private and commercial building known as Hankow Centre which is in Tsimshatsui, Kowloon, Hong Kong. The subject is in the private part of the building located at Flat A4, 6/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Kowloon, Hong Kong. This address is also the residence of the sole proprietor.
Business commenced in February 2001, the subject is a polished and cut diamond, gemstone importer, exporter and wholesaler. It is also a commission agent.
The subject trades in Alexandrite, emerald, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire, Tanzanite
Besides, it is trading in the following diamonds: Single-Cut Diamond, Fullcut Loose Diamond, Carat Size Diamonds
Commodities are chiefly imported from India, Sri Lanka, Thailand and Europe. Prime markets are Hong Kong, Japan, Southeast Asia, Europe, the Middle East Overall business is satisfactory. The subject’s business is chiefly handled by Ahamed Kabir M. K. A. B. Syed himself.
The subject shares the office with Reliance Trades which is a Hong Kong-registered company. It is also a diamond trader. Established in February 1981, Reliance Trades is a partnership jointly owned by Seyed Abdul Gani Seyed Abdul Kader, Asik Ali Mohamed Sadakthamby and Seyed Abdul Kader Mafaz Mohamed. All the partners are Indian who are Hong Kong ID holders and have got the right to reside in Hong Kong permanently. The second and third partners are also residing in the operating office of the subject and Reliance Trades.
The subject has developed business ties with a number of regular suppliers in India and foreign customers. Business is normal and profitable.
On the whole, since the history of the subject in Hong Kong is over fourteen years and a month, consider it good for normal business engagements in moderate credit amounts.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.40 |
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|
1 |
Rs.92.15 |
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Euro |
1 |
Rs.66.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
VNT |
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 |
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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.