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Report No. : |
305702 |
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Report Date : |
05.02.2015 |
IDENTIFICATION DETAILS
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Name : |
PRIME DIAM
(HK) LTD. |
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Registered Office : |
Room 1309 (B), 13/F., Tower B, Hung Hom Commercial Centre, 37 Ma Tau Wai Road, Hung Hom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.06.2010 |
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Com. Reg. No.: |
52425763 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
engaged in manufacturing and marketing Loose Diamonds like Marquise, Pears, Tappers, Buggets and Rose Cut Diamonds range from 0.05 cts to 0.60 cts and its finished diamonds bearing sizes from 0.003 cts to 0.15 cts. |
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No of Employees : |
03 |
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 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 |
PRIME DIAM
(HK) LTD.
Room 1309 (B), 13/F., Tower B, Hung Hom Commercial Centre, 37 Ma Tau Wai Road, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-2721 1919, 2721 1809
FAX: 852-3914 8919
E-MAIL: primediamhk@yahoo.com
Managing Director: Mr. Rameshbhai Zaverbhai Italiya
Incorporated on: 11th June, 2010.
Organization: Private Limited Company.
Issued Share Capital: HK$4,060,000.00
Business Category: Jewellery and Diamond Trader.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1309 (B), 13/F., Tower B, Hung Hom Commercial Centre, 37 Ma Tau Wai Road, Hung Hom, Kowloon, Hong Kong.
Associated
Companies:-
Prime Jewels
c/o Vinford Ltd.
Room 1707, 17/F., Wellborne Commercial Centre, 8 Java Road, North Point, Hong Kong.
Prime Gems (Thai) Co. Ltd., Thailand.
52425763
1467997
Managing Director: Mr. Rameshbhai Zaverbhai Italiya
Contact Person: Mr. Dhaval Patel
HK$4,060,000.00
(As per registry
dated 11-06-2014)
|
Name |
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No.
of shares |
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Rameshbhai Zaverbhai
ITALIYA |
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4,060,000.00 ========== |
(As per registry
dated 29-09-2014)
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Name (Nationality) |
Address |
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Rameshbhai Zaverbhai ITALIYA |
Bhabhan Ka Botad, Dist
Bhavnagar, Gujarat 364710, India. |
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Prashantkumar Odhavjibhai ITALIYA |
To-Bhambhan, Ta-Botad
Dis-Bhavnagar, Bhambhan 364710, Jujarat, India. |
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Dhaval Kishorbhai PATEL |
R. No. 22 Manjibhai CHL,
Dhanji Wadi, Kuvari Road, Malad (E), Mumbai MS 400097, India. |
(As per registry
dated 11-06-2014)
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Name |
Address |
Co.
No. |
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Champion Corporate Ltd. |
Unit 907, 9/F., Silvercord Tower 2, 30 Canton Road,
Tsimshatsui, Kowloon, Hong Kong. |
0657221 |
The subject was incorporated on 11th June, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Initially the subject was located at Room 1701, 17/F., Lee Wai Commercial Building, 1-3 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to Room 603, 6/F., Enterprise Centre, 4 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in October 2010. “Enterprise Centre” changed name to “The Hart” with effect from 2nd March, 2011.
The subject 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: 3.
Commodities Imported: India, Thailand, other Asian countries, etc.
Markets: Hong Kong, India, Thailand, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, payment in advance, etc.
Issued Share Capital: HK$4,060,000.00
Profit or Loss: Made small profits in 2012 & 2013.
Condition: Business keeps on improving.
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.
Having issued 4,060,000 ordinary shares of HK$1.00 each, Prime Diam (HK) Ltd. is wholly-owned by Mr. Rameshbhai Zaverbhai Italiya who is an India merchant. He is an India passport holder and does not have the right to reside in Hong Kong permanently. Currently, he is residing in Gujarat, India. He is also the one of the directors of the subject.
The subject moved to the present address in December 2011. A new director Mr. Dhaval Kishorbhai Patel was appointed on 29th September, 2014.
Incorporated in June 2010, the subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing and marketing loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds range from 0.05 cts to 0.60 cts. Its finished diamonds bearing sizes from 0.003 cts to 0.15 cts.
Most of the commodities are imported from India, Thailand, other Asian countries, etc. Italiya has got a number of suppliers in India. The subject’s commodities are re-exported to India, Europe, and other Asian countries. The subject has got an associated company in Bangkok, Thailand known as Prime Gems (Thai) Co. Ltd. [PGTCL].
According to the subject, it is a subsidiary of PGTCL.
The subject has a diamond manufacturing unit in Surat and trading centres in Mumbai of India.
According to the subject, it also has had an associated office in Thailand. In future, offices will be set up in the United States, Belgium and Dubai of the United Arab Emirates.
Besides operating the subject, Italiya is also operating another firm in Hong Kong known as Prime Jewels. Prime Jewels is a sole proprietorship set up on 21st August, 2006 and owned by Italiya.
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 is going to take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2015” which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 2nd to 6th March, 2015. Its booth No. is AWE 5-D06.
The history of the subject in Hong Kong is over four years and seven months. The contact person Mr. Dhaval Patel is also an Indian.
On the whole, consider the subject good for normal business engagements
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. 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 |
|
US Dollar |
1 |
Rs.61.68 |
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UK Pound |
1 |
Rs.93.53 |
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Euro |
1 |
Rs.70.75 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
MNL |
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.