MIRA
INFORM REPORT
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Report No. : |
306727 |
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Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
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Name : |
MEENA DIAM (HK) LIMITED |
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Registered Office : |
Room 401, 4th Floor, |
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Country : |
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Date of Incorporation : |
30.11.2011 |
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Com. Reg. No.: |
1685689 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
· Engaged in manufacturing wide range of Full Cut Diamond and Single Cut Diamond in all sizes and all colors (WHITE, TTLB, TTLC) Subject
product ranges includes Carat Size Diamonds, Fancy Diamonds and Loose
Diamonds. |
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No of Employees : |
About 3 Employees |
RATING & COMMENTS
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MIRA’s 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 : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 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.
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Source : CIA |
Contact Points
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Company Name: |
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Supplied Name: |
MEENA DIAM (HK)
LTD |
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Trading Address: |
Room 401, 4th Floor, Hart Avenue Plaza, 5-9 Hart Avenue,
Tsim Sha Tsui, Kowloon, Hong Kong |
|
Supplied
Address: |
Room 401, 4th
Floor, Hart Avenue Plaza, 5-9 Hart Avenue, Tsim sha tsui, Kowloon |
Notes: The exact name and
address are as above.
Credit Summary
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Credit Opinion: |
Company Identification
Details
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Registered Name: |
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Registered Address: |
Room 401, 4th Floor, Hart Avenue
Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong |
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+852-3489-3080 |
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Fax Number: |
+852-3489-3081 |
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Email: |
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Website: |
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Date of Registration: |
2011-11-30 |
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Registered Number: |
1685689 |
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Business Registration No.: |
59209764 |
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Registered Capital: |
HKD 10,000 (USD
1,290) (As of 2014.12, 1 HKD = 0.129 USD) |
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Paid-up Capital: |
HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD 1 |
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Legal Form: |
Private Limited Liability Company |
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SITC Code: |
66729--Diamonds, non-industrial, otherwise worked,
but not mounted or set (cm) |
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Principal Activities: |
Engaged
in manufacturing wide range of Full
Cut Diamond and Single Cut Diamond in all sizes and all colors (WHITE, TTLB,
TTLC) |
|
Staff: |
About 3 Employees |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2013-11-30 |
History
Subject was incorporated on 2011-11-30 with the registered number 1685689 as Private Limited Liability Company in Hong Kong.
Change of Registered Address
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Current Address: |
Room 401, 4th Floor, Hart Avenue Plaza, 5-9 Hart Avenue, Tsim
Sha Tsui, Kowloon, Hong Kong |
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Former Address: |
Flat D, 7/F, Union Mansion, 33-34, Chatham Road South Tsim Sha Tsui,
Kowloon, Hong Kong |
Shareholder
|
Subscription
Shares |
Proportion of
Investment (%) |
|
|
Godhani Nikul Premjibhai |
10,000 |
100% |
|
Total |
10,000 |
100% |
Major Shareholder Information:
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Name: |
Godhani Nikul Premjibhai |
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Address: |
604/A Sushil Building Shital Nagar Ashok Charavati Cross Road,
Kandivali East Mumbai-400101. (MS) India |
Corporate Structure
Subject did not introduce
whether it has any subsidiaries or branches, from other source we can not
obtain the relevant information, either.
Management
Information
Core Management
Detailed Information of Directors:
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1 |
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Name: |
Godhani Nikul Premjibhai |
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Address: |
604/A Sushil Building Shital Nagar Ashok Charavati Cross Road,
Kandivali East Mumbai-400101. (MS) India |
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Position: |
Director |
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Passport Number: |
Z2321393 |
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Issuing Country: |
India |
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2 |
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Name: |
Buttar Secretarial Limited |
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Address: |
Unit 13, 16/F., Asia Trade Centre, No.79 Lei Muk Road, Kwai Chung,
N.T., Hong Kong |
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Position: |
Corporate Secretary |
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Registered Number: |
2086550 |
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Date of Appointment: |
2014-11-26 |
Former Corporate Secretary
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Name: |
Buttar. HK. Limited |
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Address: |
1st Floor Mau Lam Comm. Bldg 16-18 Mau Lam St Jordan Kln
Hong Kong |
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Registered Number: |
975326 |
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Date of Cessation: |
2014-11-26 |
Operation
Information
Offices &
Factories
|
|
Office |
|
Address: |
Room 401, 4th
Floor, Hart Avenue Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong |
Premises
Information
Office address:
|
Address: |
Office No.1 on 4th Floor, Hart
Avenue Plaza, Nos.5, 5A, 7, 7A, 9 & 9A Hart, Avenue Kowloon |
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Owners: |
Broadrate Company Limited |
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Memorial Number: |
UB4912226 Remarks: Deed of partition and grant with
plans |
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Date of Instrument: |
1991-6-15 |
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Date of Registration: |
1991-7-26 |
History of
Premises Owners’
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1 |
|
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Memorial No.: |
UB5544624 |
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Date of Instrument: |
1993-1-5 |
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Date of Registration: |
1993-1-27 |
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Nature: |
Declaration of john ho as to
loss of title deeds |
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Consideration: |
(PT.) |
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2 |
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Memorial No.: |
UB5331445 |
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Date of Instrument: |
1992-6-8 |
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Date of Registration: |
1992-7-3 |
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Nature: |
No-objection letter re KIL 10579
RP |
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3 |
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Memorial No.: |
UB5331444 |
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Date of Instrument: |
1992-6-8 |
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Date of Registration: |
1992-7-3 |
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Nature: |
No-objection letter re KIL 10524
RP |
Note: (PT.)
means part of.
Production
Information
l
The subject
is a trader of diamonds without any production activities.
Purchase
Information
l
It is
introduced that subject mainly purchases products from India.
Sales Information
l
The subject
is mainly engaged in sales of diamonds
l
Subject’s
major products include carat size diamonds, fancy diamonds and loose diamonds.
l
Subject’s
sales region focuses on Asia market.
l
Subject’s
major customers are manufacturers, designers and retailers of jewellery.
Settlements
Purchase
1.
Domestic Purchase
Subject has little
domestic purchases.
2.
Import
|
Products |
Diamonds, etc |
|
Terms |
T/T, etc |
Sales
1.
Domestic Markets
|
Products |
Diamonds, etc |
|
Terms |
Cash, T/T, etc |
2.
Export
|
Products |
Diamonds, etc |
|
Terms |
T/T, etc |
Financial
Information
The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.
Subject’s relevant staff rejected to disclose the financial information, from other resources we cannot find it, either.
Bankers
Subject declined to disclose its bank details; from other source we cannot obtain the relevant information, either.
Public
Mortgage Record
No mortgage record
of subject was found.
Lawsuits
Up to now,
no present or latent litigation of the subject has been found.
|
High Court Action: |
Clear |
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High Court Baukufty Bankruptcy Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
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High Court Construction & Arbitration Proceedings: |
Clear |
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High Court Companies Winding-Up: |
Clear |
Interview
Details
|
Department |
Sales Department |
Industry
Information
66729--Diamonds,
non-industrial, otherwise worked, but not mounted or set (cm)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
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Quantity |
Value |
Quantity |
Value |
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Imports |
||||
|
United Arab Emirates |
96,110 |
728,817 |
662,210 |
4,475,744 |
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Armenia |
-- |
-- |
461 |
1,049 |
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Australia |
1,756 |
23,658 |
3,733 |
54,816 |
|
Belgium |
84,515 |
1,239,263 |
423,171 |
6,622,381 |
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Canada |
476 |
2,771 |
2,771 |
48,195 |
|
Switzerland |
8,077 |
206,582 |
32,377 |
858,188 |
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Germany |
709 |
2,321 |
12,087 |
20,158 |
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Britain |
1,277 |
88,340 |
9,442 |
386,120 |
|
Israel |
65,772 |
1,433,655 |
360,130 |
8,238,886 |
|
India |
981,536 |
4,727,211 |
5,338,417 |
26,201,042 |
|
Malaysia |
3,860 |
18,103 |
19,791 |
137,275 |
|
USA |
129,016 |
1,115,405 |
703,068 |
6,169,441 |
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The Mainland of China |
114,204 |
798,063 |
516,495 |
3,689,202 |
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Exports |
||||
|
United Arab Emirates |
-- |
-- |
53 |
749 |
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Israel |
-- |
-- |
50 |
24,803 |
|
-- |
-- |
3 |
116 |
|
|
Singapore |
-- |
-- |
17 |
208 |
|
Belgium |
13 |
4,441 |
249 |
67,929 |
|
Thailand |
-- |
-- |
251 |
732 |
|
USA |
33 |
924 |
465 |
35,419 |
|
The Mainland of China |
157 |
184 |
2,711 |
8,359 |
Hong Kong External
Trade Information:
Hong Kong External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change
of Total exports |
Merchandise trade
balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports
figures have been rounded to the nearest final digit after summing up the
constituent trade figures.
Attachment
Hart Avenue Plaza,
5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong
%20LIMITED%20-%20306727%2004-Feb-2015_files/image002.jpg)
Hart Avenue Plaza, 5-9 Hart Avenue, Tsim Sha
Tsui, Kowloon, Hong Kong
%20LIMITED%20-%20306727%2004-Feb-2015_files/image004.jpg)
4th
Floor, Hart Avenue Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong
%20LIMITED%20-%20306727%2004-Feb-2015_files/image006.jpg)
Room 401, 4th Floor, Hart Avenue
Plaza, 5-9 Hart Avenue, Tsim Sha Tsui, Kowloon, Hong Kong
%20LIMITED%20-%20306727%2004-Feb-2015_files/image008.jpg)
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.
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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.
-
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.61.74 |
|
UK Pound |
1 |
Rs.92.71 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.