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Report No. : |
302459 |
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Report Date : |
13.01.2015 |
IDENTIFICATION DETAILS
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Name : |
PRIYAL DIAM |
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Registered Office : |
c/o Famasia Ltd. Room 902, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.03.2011 |
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Com. Reg. No.: |
53849924-000-03 |
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Legal Form : |
Partnership Concern |
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Line of Business : |
· Engaged in trading Loose, Polished, Fancy Shape and Cut Diamonds as well as Jewellery Products · subject is significant for its Tappers and Buggets Diamonds, Round Brilliant Cuts & Round Single Cut. |
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No of Employees : |
02 (Including
affiliate) |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
PRIYAL DIAM
c/o Famasia Ltd.
Room 902, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2486 1000, 6745 1000
FAX: 852-2486 1003
Manager: Ms. Parita Ravikumar Bodara
Establishment: 15th March, 2011.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond & Jewellery Trader.
Employees: 2 (Including affiliate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Famasia Ltd.
Room 902, 9/F., Multifield Plaza, 3-7A Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Concern:-
Famasia Ltd., Hong Kong. (Same address)
53849924-000-03
Manager: Ms. Parita Ravikumar Bodara (Mobile: 852-6745 1000)
Name: Ms. Parita Ravikumar BODARA
Residential Address: Flat
D, 15/F., Tin Man Court, 2A Kimberly Street, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr.Mitalben Paresh BODRA
Residential Address: Flat
D, 15/F., Tin Man Court, 2A Kimberly Street, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 15th March, 2011 as a sole proprietorship concern owned by Ms. Parita Ravikumar Bodara under the Hong Kong Business Registration Regulations.
It became a partnership as Mitalben Paresh Bodra joined in as partner on 1st January, 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 & jewellery.
Employees: 2 (Including affiliate)
Commodities Imported: India, etc.
Markets: Hong Kong, Southeast Asia, Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
Capital: Not disclosed.
Profit or Loss: Made small profit in 2013.
Condition: Business is improving.
Facilities: Making fairly 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.
Priyal Diam is a partnership jointly owned by Ms. Parita Ravikumar Bodara and Mr. Mitalben Paresh Bodra. Both of the partners are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently. The former is also the manager of the subject. Both belong to the same family.
The subject is using the operating office of Famasia Ltd. [Famasia], a Hong Kong-registered firm, as its corresponding address. Famasia is also a diamond and jewellery trader. It is equally owned by Mr. Paresh Jerambhai Bodra and Mr. Ravikumar Bhagvanbhai Bodara. They are also directors of Famasia.
Famasia has been taking part in “HKTDC Hong Kong International Jewellery Show” which is held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong annually.
Currently the two partner of the subject are residing in Hong Kong at Room Flat D, 15/F., Tin Man Court, 2A Kimberly Street, Tsimshatsui, Kowloon, Hong Kong.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished, fancy shape and cut diamonds. Most of the commodities are imported from India. Prime markets are Hong Kong and the other Asian countries. Business is improving.
The subject is significant for its tappers and buggets diamonds, round brilliant cuts, round single cut. Ms. Parita Ravikumar Bodara can be reached at her Hong Kong mobile phone number 852-6745 1000.
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 Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 2nd to 6th March, 2015. Its booth No. is AWE 1-E08.
The subject’s business is chiefly handled by the two Bodaras. History in Hong Kong is just over three years.
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.
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.62.16 |
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1 |
Rs.94.28 |
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Euro |
1 |
Rs.73.73 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
NIS |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.