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Report No. : |
303634 |
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Report Date : |
22.01.2015 |
IDENTIFICATION DETAILS
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Name : |
MILLENNIUM DIAMOND |
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Registered Office : |
Suite 678, 13/F., Bank of America Tower, 12 Harcourt Road, Central |
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Country : |
Hongkong |
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Date of Incorporation : |
18.09.2000 |
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Com. Reg. No.: |
31229156-000-09 |
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Legal Form : |
Partnership |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS AND JEWELLERY PRODUCTS, EMERALD, PRECIOUS STONES |
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No. of Employees : |
1 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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.
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Source
: CIA |
MILLENNIUM DIAMOND
ADDRESS: Suite
678, 13/F., Bank of America Tower, 12 Harcourt Road, Central, Hong Kong.
PHONE: Not
available
Manager: Ritesh Jitendra
Dave
Establishment: 18th September, 2000.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employee: 1.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Suite 678, 13/F., Bank of America Tower, 12 Harcourt Road, Central,
Hong Kong.
Affiliated
Company:-
Millennium Diamond Co. Ltd.
Suite 307, 3/F., KBS Building, Soi 3, Mahesak, Silom, Bangrak, Bangkok
10500, Thailand.
[Tel: 66-2-2383967~9
Fax: 66-2-2383966
E-mail: contact@millenniumdiamond.co.th]
31229156-000-09
Manager: Ritesh Jitendra Dave
Name: Ritesh Jitendra DAVE
Residential Address: 709
Tapovan B/Z Paynanwachi, Ramisati, Bombay, India.
Name: Ashish Jitendra DAVE
Residential Address: 1402
Satsang Tower Upper, Govind Nagar Malad (B), Mumbas 97, India.
The subject was established on 18th September, 2000 as a partnership
concern jointly owned by Hiteshkumar Popatlal Patel and Bimal Lalitkumar
Kalyani under the Hong Kong Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
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Hiteshkumar Popatlal PATEL |
18-09-2000 |
26-09-2001 |
|
Bimal Lalitkumar KALYANI |
18-09-2000 |
01-04-2005 |
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Ritesh Jitendra DAVE |
26-09-2001 |
--- |
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Deepak MADHRANI |
22-05-2002 |
15-12-2007 |
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Joge Cherian GEORGE |
11-06-2003 |
01-10-2010 |
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Nitin Manohar DHAVLE |
23-09-2003 |
01-02-2012 |
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Premal Chandrakant MAKWANA |
23-09-2003 |
01-12-2009 |
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Ashish Jitendra DAVE |
15-12-2007 |
--- |
Initially the subject was located at Room 1701, 17/F., Star Mansion,
3 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Room 506, 5/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in
September 2001; to Flat B, 8/F., Kam Ma Building, 16 Cameron Road,
Tsimshatsui, Kowloon, Hong Kong in January 2002; to Flat B, 18/F., Dorfu Court
Building, 5-6 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong in January 2003;
to Room 3705, 37/F., Suite 678, Bank of America Tower, 12 Harcourt Road, Central,
Hong Kong in September 2005; to Room 1301, 13/F., Suite 678 of the same
building in January 2009; and further moved to Flat E, 7/F., Tower 21, Laguna
Verde, 8 Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong in April 2009; to
Room E, 35/F., Sunrise Villa, 19-33 Chikiang Street, To Kwa Wan, Kowloon, Hong
Kong in July 2010; to Room 678, 13/F., 1301, Bank of America Tower,
12 Harcourt Road, Central, Hong Kong in March 2011 and further to the
present address in June 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 and jewellery products, emerald, precious stones
Employee: 1.
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Japan,
Southeast Asia, Europe, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making
a very small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making fairly active use of
general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Millennium Diamond is a partnership jointly owned by two Indian: Ritesh
Jitendra Dave and Ashish Jitendra Dave.
The latter is an India passport holder.
The subject had a number of partners while most of them had retired
during the years between 2001 and 2012.
The subject’s registered address is located at Suite 678, 13/F., Bank of
America Tower, 12 Harcourt Road, Central, Hong Kong. This is the office of a secretarial company
located at Room 1301, 13/F., Bank of America Tower, 12 Harcourt Road, Central,
Hong Kong. ‘Suite 678’ is the file
number of the subject.
The subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds
like marquise, pears, tappers, baguettes and rose cut diamonds range from 0.05
cts to 0.60 cts. It exports its products
to China, Thailand, the other Asian countries, Europe, etc.
The subject has got an affiliate Millennium Diamond Co. Ltd. [MDCL] in
Bangkok, Thailand. MDCL was founded in
March 1999 by Ritesh Jitendra Dave for trading in diamonds in Bangkok as well
as the international market.
MDCL regularly participates trade fairs held in Bangkok. It has had a large customer base and has set
up offices located in Bangkok, Hong Kong and India to provide its customers
with quality diamonds. The subject is
the Hong Kong office of MDCL.
MDCL is specialised in tapers, baguettes, princess cut and round
brilliant cut in all shapes, sizes and colours.
For wholesale orders, the subject needs its customer pay 40% in advance
as confirmation of the order. After the
goods are assorted and ready for shipment, the customer should clear the rest
60%.
The subject accepts payments by credit card, international bank drafts,
and T/T (wire transfer).
The history of the subject in Hong Kong is over fourteen years and four
months. Business is chiefly handled by
the two partners. Regular customers have
been maintained.
On the whole, consider the subject good for normal business engagement
in moderate credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.85 |
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|
1 |
Rs.93.27 |
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Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.