MIRA INFORM REPORT
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Report No. : |
322080 |
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Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
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Name : |
EVEREST DIAM |
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Registered Office : |
Flat 1315, 13/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.12.2009 |
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Com. Reg. No.: |
51506722-000-12 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer and Exporter of All kinds of diamonds. |
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No. of Employee : |
2 |
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 : |
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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
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 |
HONG KONG ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on
internationalTRADE
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.
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Source
: CIA |
note
(Formerly located at:-
4/F., Block 37, Ocean View Court,
35-37 Mody Road, Tsimshatsui,
Kowloon, Hong Kong.)
Company
name and address
EVEREST DIAM
ADDRESS: Flat 1315, 13/F., Rise Commercial
Building, 5-11 Granville Circuit, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2367 4598,
3579 4598
FAX: 852-2367 6655
E-MAIL: everestdiam@gmail.com
MANAGEMENT:
Manager: Mr. Sachin Kumar Jitendra
Kumar Zaveri
SUMMARY
Establishment: 7th December,2009.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 2.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Flat 1315, 13/F., Rise Commercial Building, 5-11 Granville Circuit,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Everest (Thailand) Co. Ltd., Thailand.
Everest Enterprise, India.
BUSINESS
REGISTRATION NUMBER
51506722-000-12
MANAGEMENT
Manager: Mr. Sachin Kumar
Jitendra Kumar Zaveri
Contact Person: Mr. Krushant
Prakashbhai Shah
PARTNERS
Name: Mr. Sachin Kumar Jitendra
Kumar ZAVERI
Residential Address: 238/44 The
Executive Regent Building, Room 1604, Nanglinchee Chong Nonsee, Yanawa, Bangkok
10120, Thailand.
Name: Mr. Krushant Prakashbhai
SHAH
Residential Address: Room 3,
4/F., Rear Block 39, Ocean View Court, 39‑41 Mody Road, Tsimshatsui,
Kowloon, Hong Kong.
HISTORY
The subject was established on 7th December,2009 as a sole
proprietorship concern owned by Mr. Sachin Kumar Jitendra Kumar Zaveri under
the Hong Kong Business Registration Regulations.
It became a partnership as a new partner Mr. Krushant Prakashbhai Shah
joined in on 6th December, 2010.
At the very beginning, the subject was located at 4/F., Block 37, Ocean
View Court, 35-37 Mody Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 3,
Rear Block 39, 4/F., Ocean View Court, 35-37 Mody Road, Tsimshatsui, Kowloon,
Hong Kong in May, 2011 and further moved to the present address in November
2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer and
Exporter.
Lines: All
kinds of diamonds
Brand Name: Everest Diam.
Employees: 2.
Commodities Imported: India,
Thailand, other Asian countries
Markets: Hong Kong, India,
Thailand, other Asian
countries, Europe
Terms/Sales: COD, L/C, T/T
Terms/Buying: L/C, T/T, D/P
FINANCIAL
INFORMATION
Capital: Not disclosed.
Profit or Loss: Made small profits
in past three years.
Condition: Keeping in a
satisfactory manner.
Facilities: Making rather
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.
GENERAL
Everest Diam is a partnership jointly owned by Mr. Sachin Kumar Jitendra
Kumar Zaveri and Mr. Krushant Prakashbhai Shah, both of whom are India
merchants.
The subject is a diamond trader.
It is specialized in the following products:
Cushion intense green diamond, heart brilliant diamond and emerald-cut
diamond, pear diamond, natural fancy coloured diamond, heart-shaped diamond,
etc.
It also trades in fancy shape diamonds having GIA certificate. Most of the products bear the brand name Everest Diam.
The subject has had an associated company Everest Enterprise, an
India-based firm. Besides the India
firm, the subject also has had an associated company in Thailand.
Everest Enterprise was set up in 1981 by the late Mr. Navin Bhai
Shah. It is a member of The Gem and
Jewelery Export Promotion Council (GPEPC), India.
Everest Enterprise is specialised in all types of fancy shaped
diamonds. Its products are mostly GIA
certified with a shape appeal, ideal ratio & depth, +VG / +VG Polish /
Symmetry and majority of its products without black inclusions and a wide
variety of matching pairs. It is one of
the highest rating received company on Rapnet with more than “100 Rapnet
Ratings”.
The head office of Everest Enterprise is in Mumbai, India. It also has set up an office in Bangkok,
Thailand. The Thailand company is known
as Everest (Thailand) Co. Ltd. and also administered by Sachin Kumar Jitendra
Kumar Zaveri.
Everest Enterprise is chiefly owned by the Shah family.
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 2016”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 1st to 5th March, 2016. Its
booth No. is AWE 5-C14.
It also has taken part in those shows held in Bangkok, Thailand.
The contact person of the subject Krushant Prakashbhai Shah can be
reached at his Hong Kong mobile phone number 852-6181 5512.
As the history of the subject is over five years and five months in
Hong Kong, on the whole, consider it good for normal business engagements
in moderate credit amounts.
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.63.58 |
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1 |
Rs.100.30 |
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Euro |
1 |
Rs.72.38 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ANK |
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.