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Report No. : |
344269 |
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Report Date : |
09.10.2015 |
IDENTIFICATION DETAILS
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Name : |
TIA DIAM |
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Registered Office : |
Flat B, 4/F., Pacific Building, 65-67 Kimberley Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
11.10.2010 |
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Com. Reg. No.: |
53081566-000-10 |
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Legal Form : |
Partnership |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Precious Stones, Diamonds. |
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No. of Employees : |
01 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
TIA DIAM
ADDRESS: Flat B, 4/F., Pacific Building, 65-67 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2739 2528, 2739 2538
FAX: 852-3481
9765
E-MAIL: tiadiamhk@gmail.com
MANAGEMENT:
Manager: Mr. Ankur Ramesh Shah
Establishment: 11th October, 2010.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Diamond Trader
Employee: 1.
Main Dealing Banker: The Hong Kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking Relation: Satisfactory.
TIA DIAM
Head Office:-
Flat B, 4/F., Pacific Building, 65-67 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Shreya Jewel,
Hong Kong.
Shreya Jewel
(Shanghai) Ltd., China.
53081566-000-10
Manager: Mr. Ankur Ramesh Shah
(Mobile: 852-9606 6935)
Name: Ms. Khyatj Ankur SHAH
Residential Address: Flat A,
8/F., Kimbry Court, 58-60 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
Name: Mr. Ankur Ramesh SHAH
Residential Address: Flat A,
8/F., Kimbry Court, 58-60 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 11th October, 2010 as a partnership
concern owned by Ms. Khyatj Ankur Shah
and Mr. Ankur Ramesh Shah under the Hong Kong Business Registration
Regulations.
Initially the
subject’s office was located at Flat A, 8/F., Kimbry Court, 58‑60 Kimberley
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the Room 1105, 11/F., Workingport Commercial Building, 3 Hau Fook Street,
Tsimshatsui, Kowloon, Hong Kong in December 2011; to Flat A, 8/F., Kimbry Court, 58‑60 Kimberley
Road, Tsimshatsui, Kowloon, Hong Kong again in December 2013 and further to the present address in February
2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of precious stones, diamonds.
Employee: 1.
Commodities Imported: India, other Asian countries.
Markets: Hong
Kong, other Asian countries, Middle East.
Terms/Sales: L/C, T/T.
Terms/Buying: L/C, T/T, D/P.
Capital: Not
disclosed.
Profit or Loss: Made very small profits in 2013 & 2014.
Condition: Business keeps on improving.
Facilities: Adequate
for current running.
Payment: Met trade commitments as
contracted.
Commercial Morality: Satisfactory.
Banker: The Hong Kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Tia Diam is a partnership jointly owned by Ms. Khyatj Ankur Shah and
Mr. Ankur Ramesh Shah [A R Shah], both of whom are Indian. Belonging to the same family, the Shahs are
Hong Kong ID Card holders and have got the right to reside in Hong Kong
permanently. They have been in Hong Kong
for a very long time as they have got their IDs before setting up the subject.
Formerly the subject’s registered address was in a private building located
at Flat A, 8/F., Kimbry Court, 58‑60 Kimberley Road, Tsimshatsui,
Kowloon, Hong Kong. This address was the
residence of the partners.
The subject moved to the present address in February 2014. The latest address is also in a residential
building located at Flat B, 4/F., Pacific Building, 65-67 Kimberley Road,
Tsimshatsui, Kowloon, Hong Kong.
This address is the latest residential address of the two partners.
The subject has one employee in Hong Kong.
A R Shah can be reached at his Hong Kong mobile phone number 852-9606
6935.
The subject is a loose diamond (ranges from 0.001 to 1.00 ct)
trader. Commodities are chiefly imported
from India and European countries.
Products are marketed in Hong Kong and China, export to the other Asian
countries, the Middle East, etc.
Business keeps on improving.
The subject has had an associated company Shreya Jewel, located at a
different address. Shreya Jewel is a
partnership jointly owned by Mr. Sanket Prakash Shah and A R Shah. Established on 1st April, 2006, Shreya Jewel
is also a diamond trader.
Shreya Jewel has set up an associated company in China known as Shreya
Jewel (Shanghai) Ltd. This company is
responsible for marketing the diamond and jewellery products in China.
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
took part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2015”
which had been held in Hong Kong AsiaWorld‑Expo, Lantau, Hong Kong during
the period of 2nd to 6th March, 2015.
Its booth No. was AWE 5-E36.
It is going to take part in the same show in 2016 which will be held in
the same Centre during the period of 1st to 5th March, 2016. Its booth No. is also AWE 5-E36.
The subject’s history in Hong Kong is over four years and nine months.
On the whole, consider it good for normal business engagements in small
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.65.16 |
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|
1 |
Rs.99.78 |
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Euro |
1 |
Rs.73.33 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.