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Report No. : |
326682 |
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Report Date : |
17.06.2015 |
IDENTIFICATION DETAILS
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Name : |
TG DIAM (HK) LTD. |
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Registered Office : |
Room B, 7/F., Luxury Court, 9 Hau Fook Street, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
10.12.2012 |
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Com. Reg. No.: |
60728763 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, exporter and wholesaler of all kinds of Loose
Diamonds. |
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No. of Employees : |
No Employees in Hong Kong. NOTE : It is to
be noted that the company does not have its own operating office in Hong Kong.
The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there. |
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) |
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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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy
protests that began in late September probably will have some adverse effects
on economic growth, particularly retail sales.
|
Source
: CIA |
[Your enquiry give as: T G DIAM (HK) LIMITED
With former located at: Flat B1, 15/F., Prat Mansion, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.]
TG DIAM
(HK) LTD.
ADDRESS: Room
B, 7/F., Luxury Court, 9 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not
available
Managing Director:
Mr. Chandresh Batukbhai
Jivani
Incorporated on: 10th December, 2012.
Organization: Private Limited Company.
Capital: Nominal:
HK$2,000,000.00
Issued: HK$780,000.00
Business Category: Importer,
exporter and wholesaler.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room B, 7/F., Luxury Court, 9 Hau Fook Street,
Tsimshatsui, Kowloon, Hong Kong.
60728763
1836935
Managing Director:
Mr. Chandresh Batukbhai Jivani
Nominal Share Capital: HK$2,000,000.00 (Divided into
2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$780,000.00
(As per registry
dated 10-12-2013)
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Name |
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No. of shares |
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Hareshkumar Nathubhai JETANI |
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390,000 |
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Chandresh Batukbhai JIVANI |
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390,000 |
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––––––– |
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Total: |
780,000 ====== |
(As per registry
dated 28-05-2014)
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Name (Nationality) |
Address |
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Chandresh Batukbhai JIVANI |
Plot No-A/17, Rajdeep Nagar Society, Singapore Char
Rasta, Ved Road, Surat, Gujarat, India. |
(As per registry
dated 10-12-2013)
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Name |
Address |
Co. No. |
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Pan Pacific Consultants Ltd. [Resigned on 10-12-2014] |
Room 1207, Wing Tuck Commercial Centre, 177-183 Wing
Lok Street, Sheung Wan, Hong Kong. |
1254491 |
The subject was
incorporated on 10th December, 2012 as a private limited liability company
under the Hong Kong Companies Ordinance.
At the very beginning,
the subject’s registered address was located at ‘Room 1207, Wing Tuck
Commercial Centre, 177-183 Wing Lok Street, Sheung Wan Hong Kong’ where was the
operating office of a commercial service provider Pan Pacific Consultants Ltd. It moved to Flat B1, 15/F., Prat Mansion,
26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong in April 2013 and further to
the present address in March, 2014.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
exporter and wholesaler.
Lines: All
kinds of loose diamonds,
Employees: Nil.
Commodities Imported: Europe,
US, etc.
Markets: Hong Kong, India, other
Asian countries, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into
2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$780,000.00
Profit or Loss: Kept
a balance account in 2014.
Condition: Business
is improving.
Facilities: Adequate
for current running.
Payment: Met as required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 780,000
ordinary shares of HK$1.00 each, TG Diam (HK) Ltd. is equally owned by Mr.
Hareshkumar Nathubhai Jetani and Mr. Chandresh Batukbhai Jivani, both are India
merchants.
The latter is also
the only director of the subject. He is
an India passport holder and does not have the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
The subject’s
registered address is located at ‘Room B, 7/F., Luxury Court, 9 Hau Fook
Street, Tsimshatsui, Kowloon, Hong Kong’ where Luxury Court is a residential
building. This address seems to be the
residential address of the two shareholders when they are in Hong Kong.
The residential
building is not trespassed by outsiders.
The subject has no employees in Hong Kong.
The subject’s telephone
number and fax number have not registered with local telephone company nor
listed on telephone directories.
Your given Hong Kong
phone number 852-3624 1892 belongs to nobody as it is no longer in service.
The subject is a
loose diamond trader. It is trading in
GIA certificated diamonds.
The subject’s
business is chiefly handled by the two shareholders who are in Hong Kong
alternatively.
The history of the
subject in Hong Kong is just over two years and six months.
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.64.15 |
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1 |
Rs.100.04 |
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Euro |
1 |
Rs.72.27 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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.