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Report No. : |
306302 |
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Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
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Name : |
HARSHDIAM |
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Registered Office : |
Flat B-2, 15/F., Hankow Centre, 4-4B Ashley Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
29.09.1993 |
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Com. Reg. No.: |
17395066-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter, Distributor and Wholesaler of All Kinds of Diamonds,
Precious Stones. |
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No. of Employees : |
2 |
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 : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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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) |
|
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 |
HARSHDIAM
ADDRESS: Flat B-2, 15/F.,
Hankow Centre, 4-4B Ashley Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2877 3191
FAX: 852-2801 4910
E-MAIL: jayesh@netvigator.com
Manager: Mr. Jayeshkumar
Indravadan Shah
Establishment: 29th September,
1993.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Distributor and Trader.
Employees: 2.
Main Dealing Banker: The Hong
kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HARSHDIAM
Head Office:-
Flat B-2, 15/F., Hankow Centre, 4-4B Ashley Road, Tsimshatsui, Kowloon,
Hong Kong.
Affiliated/Associated
Companies:-
4C’s Diamonds Distributors, Hong Kong.
(Same address)
Hassan Jewellery
PO Box 28948, United Arab Emirates.
[Tel: 971-4-2256 399]
Hassan Gems L.L.C.
PO Box 21892, Dubai, United Arab Emirates.
[Tel: 971-4-2268 645
Fax: 971-4-2262 346]
17395066-000-09
Manager: Mr. Jayeshkumar
Indravadan Shah
Name: Mr. Jayeshkumar Indravadan
SHAH
Residential Address: Flat A-3, 9/F.,
Hankow Centre, 41-51 Peking Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 29th September, 1993 as a sole
proprietorship concern owned by Mr. Jayeshkumar Indravadan Shah under the Hong Kong
Business Registration Regulations.
Originally the subject was registered under the name of Harsh Diam, name
changed to the present style on 2nd November, 1993.
At the very beginning, the subject was located at Flat A-3, 9/F., Hankow
Centre, 41-51 Peking Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat C-3,
10/F. of the same building in April 1995, and further to Flat B-2, 15/F. of the
same building in April 2008.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter, Distributor and Wholesaler.
Lines: All kinds of diamonds,
precious stones.
Employees: 2.
Commodities Imported: India,
Belgium, Thailand, other Asian countries.
Markets: Hong Kong, other
Asian countries, Middle East, Europe, US.
Terms/Sales: L/C, T/T.
Terms/Buying: L/C, T/T, D/P.
MEMBERSHIP: The Indian Chamber of
Commerce Hong Kong, Hong Kong.
Capital: Not disclosed.
Profit or Loss: Making a small
profit every year.
Condition: Business is rather
active.
Facilities: Making active
use of general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Bankers:-
The Royal Bank of Scotland N.V., Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Harshdiam is a sole proprietorship set up and owned by Mr. Jayeshkumar
Indravadan Shah who is an Indian. Shah is
a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
The subject commenced business in September 1993. Before setting up the subject, Shah and Mr.
Chetan Chinubhai Choksi who is also an Indian set up a partnership concern
known as 4C’s Diamonds Distributors [4CDD] on 11th March, 1988 under the
Hong Kong Business Registration Regulations.
However, Shah retired from the firm on 1st April, 2000.
At the very beginning, 4CDD was located at Flat A-3, 9/F., Hankow
Centre, 4‑4B Ashley Road, Tsimshatsui, Kowloon, Hong Kong where was the
residential address of Shah. Now, 4CDD
and the subject are located at the same address.
The contact person of 4CDD is also Jayeshkumar Indravadan Shah. The management of this company are Mr. Nilesh
Ratilal Sedani and Mr. Patwa Amit Kumar.
Located in a private building, the subject’s registered address is also
the new residential address of J I Shah.
The subject is a diamond, gemstone and jewellery product trader. It is a diamond importer, exporter and
wholesaler. It is trading in the
following commodities: single-cut diamond, fullcut loose diamond, carat size
diamonds, blue sapphire.
Polished diamonds, loose and cut diamonds are imported from India,
Belgium and the other European countries. Its loose diamonds like Marquise, Pears,
Tappers, Baguettes and Rose Cut Diamonds usually range from 0.05 cts to 0.60
cts.
Gemstones and diamonds are marketed in Hong Kong and China, exported to
India, Japan, the other Asian countries, the Middle East, Europe, etc. Business is rather steady. The Middle East is its prime market.
The subject has
had the following two associates or affiliates in the United Arab Emirates:-
·
Hassan Gems L.L.C.;
·
Hassan Jewellery.
Hassan Jewellery is a jewellery store engaged in jewellery
retailing. Hassan Gems L.L.C. is a
diamond and jewellery trader, retailer, wholesaler, and distributor. Both firms are in Dubai, the United Arab
Emirates.
The subject has got regular suppliers in India as J I Shah has developed
business ties with a number of diamond factories in Mumbai, India. Besides, regular customers also have been
maintained, especially in the United Arab Emirates. The subject’s business is chiefly handled by
J I Shah himself. Business is profitable
and steady.
As the history of the subject in Hong Kong is over twenty-one years and
four months, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.15 |
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|
1 |
Rs.94.72 |
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Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.