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Report No. : |
324854 |
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Report Date : |
29.05.2015 |
IDENTIFICATION DETAILS
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Name : |
HIMA GEMS |
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Registered Office : |
Room 4, 6/F., Guardforce Centre, 3 Hok Yuen Street, East, Hung Hom, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
07.09.1987 |
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Com. Reg. No.: |
11279812-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler All Kinds of Diamonds, Gems,
Jewellery Products. |
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No. of Employees : |
8 |
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 – December 31, 2014
|
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
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 |
HIMA GEMS
ADDRESS: Room 4, 6/F.,
Guardforce Centre, 3 Hok Yuen Street, East, Hung Hom, Kowloon, Hong Kong.
PHONE: 852-2367
1457; 2739 7861
FAX: 852-2724 3524
E-MAIL: hima@netvigator.com
MANAGEMENT:
Manager: Mr. Himant Hem Kumar
Sacheti
Establishment: 7th September,
1987.
Organization: Sole
Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HIMA GEMS
Head Office:-
Room 4, 6/F., Guardforce Centre, 3 Hok Yuen Street, East, Hung Hom,
Kowloon, Hong Kong.
11279812-000-09
Manager: Mr Hem Kumar Himant
Sacheti
Contact Person: Mr. Kama Kama
Name: Mr. Hem Kumar Himant
SACHETI
Residential Address: Apartment
7, 7/F., Star Mansion, 3 Minden Row, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 7th September, 1987 as a sole
proprietorship concern owned by Mr. Hem Kumar Himant Sacheti under the Hong
Kong Business Registration Regulations.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Hem Kumar Himant SACHETI |
07-09-1987 |
--- |
|
Rakesh SHARMA |
01-04-1996 |
01-04-2000 |
|
Vikas BADER |
23-05-2000 |
15-11-2003 |
|
Vinit HIRAWAT |
01-12-2000 |
30-06-2002 |
At the very beginning, the subject was located at Apartment 7, 7/F.,
Star Mansion, 3 Minden Row, Tsimshatsui, Kowloon, Hong Kong, moved to Apartment
B, 14/F., Kok Pah Mansion, 58-60 Cameron Road, Tsimshatsui, Kowloon, Hong Kong
in October 1989; to Flat B, 7/F. of the same building in July 1993; to ‘16/F.,
Kolling Centre, 77-79 Granville Road, Tsimshatsui, Kowloon, Hong Kong’ in
August 2000 and further moved to the present address in September 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, gems, jewellery products.
Employees: 8.
Commodities Imported:India, Belgium, Israel, other Asian countries.
Markets: Southeast Asia, Europe, Middle East,
etc.
Terms/Sales: L/C,
T/T.
Terms/Buying: L/C, T/T, D/P.
MEMBERSHIP: The Indian Chamber of
Commerce Hong Kong, Hong Kong.
Capital: Not disclosed.
Profit or Loss: Making a small
profit every year.
Condition: Business is active and
steady.
Facilities: Making active use of
general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
Standing: Normal.
Hima Gems is a sole proprietorship set up and owned by Mr Hem Kumar
Himant Sacheti who is an Indian. He has
been in Hong Kong for a very long time and has got the right to reside in Hong
Kong permanently. He had several
partners previously but all of them have retired.
The subject moved to the present address in September 2013.
The subject is a diamond trader.
It set up a diamond processing factory in Hong Kong on
9th November, 2001, but this factory ceased business formally on 30th
June, 2002.
Currently, the subject is manufacturing the following commodities and
offering clients with the following services:-
|
Product/Service |
Product/Service Remarks |
|
Diamond |
Rose cut, Rare natural colour diamonds from India, Israel and Belgium
(Importer) Rose cut, Rare natural colour diamonds from India, Israel and Belgium
(Exporter) Rose cut, Rare natural colour diamonds from India, Israel and Belgium
(Wholesaler) |
Most of the commodities such as natural fancy diamonds, Marquise
diamonds, fancy diamonds, fancy diamonds set, polished white diamond, polished
colour diamond. are imported from India, Belgium, Israel, other Asian
countries, etc. Prime markets are Hong
Kong, India, Southeast Asia, the Middle East, Europe.
According to the subject, its significant products are polished white
diamonds and polished colour diamonds.
These products have accounted quite large amount of its annual turnover.
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 Jewellery Show 2016” which will be held
in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 5th to 9th March, 2016. Its
booth No. is CEC 3B20.
The business of the subject is active as regular suppliers and overseas
customers have been maintained.
The contact person of the subject Mr. Kama Kama is also an Indian.
The history of the subject is over twenty-seven years and seven
months. Annual sales turnover is quite
significant.
On the whole, consider the subject good for normal business engagements.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
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|
1 |
Rs.98.16 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.