|
Report No. : |
307427 |
|
Report Date : |
23.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
RUSHIDIAM (HK) LTD. |
|
|
|
|
Registered Office : |
Unit 801, 8/F., Hang Seng Tsimshatsui Building, 18 Carnarvor Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
18.04.2012 |
|
|
|
|
Com. Reg. No.: |
59673678 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Diamonds. |
|
|
|
|
No. of Employees : |
3 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
RUSHIDIAM (HK) LTD.
ADDRESS: Unit 801, 8/F.,
Hang Seng Tsimshatsui Building, 18 Carnarvor Road, Tsimshatsui,
Kowloon, Hong
Kong.
PHONE: 852-2368
8841
FAX: 852-2368 8741
E-MAIL: rushidiamhk@gmail.com
Managing Director: Mr. Sambhav Bankim
Shah
Incorporated on: 18th April, 2012.
Organization: Private Limited Company.
Issued Capital: HK$10,000.00
Business Category: Diamond
Trader.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 801, 8/F., Hang Seng Tsimshatsui Building, 18 Carnarvor Road,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Rushidiam BVBA, Belgium.
Twinkle Diam, Thailand.
Twinkle Diamonds, India.
Twinkle Jewellery Inc., US.
59673678
1731851
Managing Director: Mr. Sambhav Bankim
Shah
HK$10,000.00
(As per registry
dated 18-04-2014)
|
Name |
|
No. of shares |
|
Sambhav Bankim SHAH Flat C, 6/F., Block 1, Royal Peninsula, 8 Hung Lai Road, Hunghom,
Kowloon, Hong Kong. |
|
10,000 ===== |
(As per registry
dated 18-04-2014)
|
Name (Nationality) |
Address |
|
Sambhav Bankim SHAH |
Flat C, 6/F., Block 1, Royal Peninsula, 8 Hung Lai Road, Hunghom,
Kowloon, Hong Kong. |
(As per registry
dated 18-04-2014)
|
Name |
Address |
|
Bayani Divino Bautista PONCE |
Flat A, 8/F., Tower 5, Caribbean Coast, 2 Kin Tung Road, Tung Chung, Lantau
Island, Hong Kong. |
The subject was incorporated on 18th April, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 324, 3/F., Hankow Centre, 5‑15 Hankow
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address with effect
from 15th May, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, etc.
Employees: 3.
Commodities Imported: India,
Thailand, etc.
Markets: Hong
Kong, China, India, other Asian countries, Belgium, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Capital: HK$10,000.00
Profit or Loss: Made
a small profit in 2014.
Condition: Business
keeps on improving.
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: Small.
Having issued 10,000 ordinary shares, Rushidiam (HK) Ltd. is wholly owned
by Mr. Sambhav Bankim Shah who is an India merchant. He is a Hong Kong ID holder and has got the
right to reside in Hong Kong permanently.
He is also the only director of the subject. Currently he is residing in Hong Kong.
Incorporated in April 2012, the subject is a diamond trader. It is a carat diamond importer, exporter and
wholesaler. It is trading in loose,
polished and cut diamonds. Most of the
commodities are imported from India and Belgium. Prime markets are Hong Kong, Japan, India, Belgium
and the other Asian countries. Business
keeps on improving.
The subject has had an associated company Rushidiam BVBA which is a
Belgium-based firm. The business of
Rushidiam BVBA is chiefly administered by Sambhav Bankim Shah.
Rushidiam BVBA is the Antwerp branch of Twinkle Diamonds, a 35 year old
corporation head quartered in Mumbai, India with interests in diamonds
manufacturing, exporting, jewellery manufacturing, as well as paper and
textiles trading. Its diamond
manufacturing and trading is its mainstay business.
Twinkle Diamonds Group has also diversified into fine diamond jewellery
manufacturing by establishing a jewellery manufacturing centre in SEEPZ,
Mumbai, India.
The subject’s history in Hong Kong is just over two years and nine months.
On the whole, since the history of the subject is short in Hong Kong,
consider it good for normal business engagements on L/C basis or in very small
credit amounts.
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.
-
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.
-
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.
-
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.62.26 |
|
|
1 |
Rs.96.01 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.