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Report No. : |
306629 |
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Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
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Name : |
ZEST DIMON |
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Registered Office : |
Room 901, 9/F., Harbour Centre, Tower 2, |
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Country : |
Hongkong |
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Date of Incorporation : |
19.04.2005 |
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Com. Reg. No.: |
35536664-000-04 |
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Legal Form : |
Sole Proprietorship. |
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Line of Business : |
Supplier, Importer and Exporter of all kinds of Diamonds and Jewellery
Products, Emerald, Precious Stones. |
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No. of Employees : |
3. (Including Associate) |
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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Hongkong |
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 |
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 |
ZEST DIMON
ADDRESS: Room 901, 9/F., Harbour
Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-3163 2289
FAX: 852-2333 9518
E-MAIL: hiraexportsltd@yahoo.com
Manager:
Mr. Pravinkumar Thakarshi Dobariya
Establishment: 19th April, 2005.
Organization: Sole
Proprietorship.
Capital:
Not disclosed.
Business Category: Diamond Trader.
Employees:
3. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head
Office:-
Room 901, 9/F., Harbour Centre, Tower 2, 8
Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
35536664-000-04
Manager:
Mr.
Pravinkumar Thakarshi Dobariya
(Hong Kong Mobile Phone: 852-9048 3144)
Name:
Mr. Pravinkumar Thakarshi DOBARIYA
Residential Address: Flat F, 6/F., Tower 19, Laguna Verde Avenue, Hunghom, Kowloon,
Hong Kong.
The subject was established on 19th April, 2005 as a sole proprietorship
concern owned by Mr. Pravinkumar Thakarshi Dobariya under the Hong Kong
Business Registration Regulations.
Originally the subject was registered under the name of Hira Exports
(HK), name changed to the present style on 14th October, 2005.
Initially the subject was located at 11/F., Tung Wui Commercial
Building, 27 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the
present address in October 2005.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Supplier,
Importer and Exporter.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones
Employees: 3.
(Including affiliate)
Commodities Imported: India, Belgium, other Asian and European countries, etc.
Markets: Japan,
other Asian countries, Europe, North America, etc.
Terms/Sales:
L/C, advanced T/T,
etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory condition.
Facilities:
Making rather active
use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Zest Dimon, formerly known as Hira Exports (HK), is a sole
proprietorship set up and owned by Mr. Pravinkumar Thakarshi Dobariya who is an
Indian. Now he is a Hong Kong ID Card
holder and has got the right to reside in Hong Kong permanently.
We can reach P T Dobariya at your given Hong Kong mobile number 852‑9048
3144.
The subject is the supplier, importer and exporter of versatile range of
diamonds in a wide variety like rose cut diamonds, rose cut heart, rose cut
round, rose cut pears, rose cut oval, rose cut marquise, fancy cut and fancy
colour diamonds. Significant products
are 18K white gold earrings, diamond bangles, 18K white gold bangles, etc.
The subject has got an affiliated factory in India. Its commodities are chiefly supplied by this
factory in India. Commodities are
marketed in Hong Kong, China, exported or re-exported to the other Asian
countries, Eastern and Western Europe, North America, Scandinavia, etc. Business is normal.
The business of the subject is chiefly handled by P. T. Dobariya.
As the history of the subject in Hong Kong
is over nine years and nine months, on the whole, consider it 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 |
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US Dollar |
1 |
Rs.62.43 |
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|
1 |
Rs.95.02 |
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Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
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.