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MIRA
INFORM REPORT
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Report No. : |
488675 |
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Report Date : |
05.02.2018 |
IDENTIFICATION DETAILS
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Name : |
AMY DIAM LIMITED |
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Registered Office : |
Room 1004, 10/F., Fu Hang Industrial Building, 1 Hok Yuen Street,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.09.2005 |
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Com. Reg. No.: |
36152790 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds. |
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No. of Employees : |
6. (Including Associate) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
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 aided a more rapid initial recovery 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 9.4% of
total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to
Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an
overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also
established itself as the premier stock market for Chinese firms seeking to
list abroad. In 2015, mainland Chinese companies constituted about 51% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong
property prices to rise rapidly; consumer prices increased 2.6% in 2016, but
slowed to 2.0% in 2017. Lower- and middle-income segments of the population are
increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most
evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong
Shanghai Gold Connect are all important steps towards opening up the Mainland’s
capital markets and has reinforced Hong Kong’s leading role as China’s offshore
RMB market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
Company name & address
AMY DIAM LIMITED
ADDRESS: Room 1004, 10/F., Fu Hang Industrial
Building, 1 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2367 7700
FAX: 852-2367 7779
E-MAIL: info@amydiam.com
MANAGEMENT
Managing Director: Mr.
Girishkumar Girdharlal Shah
SUMMARY
Incorporated on: 29th September, 2005.
Organization: Private Limited Company.
Issued Share Capital: HK$6,000,000.00
Business Category: Diamond
Trader.
Employees: 6. (Including Associate)
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
AMY DIAM LIMITED
ADDRESS
Registered Head
Office:-
Room 1004, 10/F., Fu Hang Industrial Building, 1 Hok Yuen Street,
Hunghom, Kowloon, Hong Kong.
Associated
Companies:-
Amy Diam Creations Pvt. Ltd., India.
Amy Diam Vega Jewellery Pvt. Ltd., India.
Amy Diam, Hong Kong. (Same
address)
Shanghai Amy Diam Co. Ltd., China.
Shenzhen Prestige Jewelry Co. Ltd., China.
Vega Jeweldiam Pvt. Ltd., India.
Virajdiam, Hong Kong. (Same
address)
Waily International Ltd., Taiwan.
BUSINESS REGISTRATION NUMBER
36152790
COMPANY FILE NUMBER
0998317
MANAGEMENT
Managing Director: Mr.
Girishkumar Girdharlal Shah
ISSUED SHARE CAPITAL
HK$6,000,000.00
SHAREHOLDERS
(As per registry dated 29-09-2017)
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Name |
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No. of shares |
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Girishkumar Girdharlal SHAH |
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3,600,000 |
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Heena Girish SHAH |
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2,400,000 |
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–––––––– |
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Total: |
6,000,000 ======= |
DIRECTORS
(As per registry dated 14-11-2017)
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Name (Nationality) |
Address |
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Girishkumar Girdharlal SHAH |
Flat C, 9/F., Everwell Garden, 1 Sheung Hong Street, Homantin,
Kowloon, Hong Kong. |
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Heena Girish SHAH |
Flat C, 9/F., Everwell Garden, 1 Sheung Hong Street, Homantin,
Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 29-09-2017)
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Name |
Address |
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WONG Hiu Wan |
Room 1004, 10/F., Fu Hang Industrial Building, 1 Hok Yuen Street,
Hunghom, Kowloon, Hong Kong. |
HISTORY
The subject was incorporated on 29th September, 2005 as a private
limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat A3, 5/F., Burlington House, 90‑94C Nathan
Road, Tsimshatsui, Kowloon, Hong Kong, moved to ‘Room C3, 5/F., Phase 1,
Kaiser Estate, 37-42 Man Yue Street, Hunghom, Kowloon, Hong Kong’ in September
2013, and further moved to the present address in early 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All Kinds of Diamonds.
Employees: 6. (Including associate)
Commodities Imported: India,
Belgium, other European countries, etc.
Markets: Hong Kong, Japan, Southeast Asia,
Europe, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$6,000,000.00
Indebtedness: HK$2,527,989.98 (Total amount
outstanding on all mortgages and charges as per last
Annual Return
dated 29-09-2017)
Mortgage or Charge: (See attachment)
Profit or Loss: Business is profitable.
Condition: Business is satisfactory.
Facilities: Making active use of general
banking facilities.
Payment: Slow but correct.
Commercial Morality: Satisfactory.
Bankers:- Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Antwerpse
DiamantBank NV
(also known as Antwerp Diamond Bank NV), Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Good.
GENERAL
Having issued 6 million ordinary shares of HK$1.00 each, Amy Diam
Limited is jointly owned by Girishkumar Girdharlal Shah, holding 60% interests;
and Mr. Heena Girish Shah, holding 40%.
The two Shahs are also the directors of the subject. Both are Hong Kong ID card holders and have
got the right to reside in Hong Kong.
They are residing in the same flat in Hong Kong.
The subject is a member of the Amy Diam Group. It has got an associated company Amy Diam
located at the same operating address.
Established on 21st February 1990, Amy Diam is engaged in the same lines
of business as the subject. This firm is
also managed and owned by the Shahs.
Amy Diam has been manufacturing and designing quality diamond jewellery
for clients all over the world. It
offers clients with high-end products from Hong Kong and China. However, it is chiefly a loose diamond
trader. It is famous for its round,
princess cut diamonds and Hearts & Arrows Diamonds. Its diamonds range in sizes from 0.01 cts. to
1.00 cts. which are in a variety of cuts ranging from round to princess and in
grades from “WS” to “SI”.
Amy Diam has had a close relationship with a leading sightholder of DTC
Ltd. in India where it purchases its diamonds.
Amy Diam produces different cuts of diamond on behalf of its customers.
Amy Diam has associated factories in China that manufacture its
jewellery collections and OEM products on behalf of its clients. Amy Diam’s product range includes rings,
earrings and pendants in range of settings in 18K gold and platinum and silver,
and special expertise in “invisible set jewellery” finely crafted from princess
cut diamonds.
Amy Diam has had a main factory in Shenzhen Special Economic Zone, China
which is engaged in manufacturing its branded products.
“Shenzhen Prestige Jewelry” is its own retail brand
which has been recently setup in China.
For the Shenzhen Prestige Jewelry Co. Ltd., Amy Diam has specially
designed classic styles from rings to pendants to bracelets and earrings. “Shenzhen Prestige” is a China
focused brand that aims to bring a larger variety of luxury diamond products to
the mainland market. Currently, the
market share of “Shenzhen Prestige” in China has been increasing.
The subject’s associated company Shanghai Amy Diam Co. Ltd., a China‑based
company is responsible for penetrating the China market. Now, the Shanghai Company is a member of
Shanghai Diamond Exchange member.
Besides the China market, Amy Diam exports its products to Japan,
Taiwan, Southeast Asia, etc. Business is
rather active.
The Amy Diam Group is a Hong Kong based diamond house which has been
engaged in this trade of polished diamond trading for over 44 years. It has its presence in the Asia Pacific
region markets such as Hong Kong, Shanghai and Shenzhen SEZ. Taiwan has been also its prime market since
the last 20 years.
In recent years, Amy Diam Group has been launching a e-business brand of
8 Hearts approach emerging markets in China.
The e-commerce business keeps on improving.
Today the Group’s significant company in India is under the name of Vega
Jeweldiam Pvt. Ltd. [Vega Jeweldiam].
This firm is the third generation of the family entrepreneurship. Heena Girish SHAH is one of the directors of
Vega Jeweldiam. Vega Jeweldiam and the
subject bear similar logo.
The subject and Amy Diam are controlled by the Shah family.
In Hong Kong, the subject has had an associated company Virajdiam which
is also a diamond trading company.
Located at the same address, Virajdiam is also owned by the Shah
family. But it has different phone and
fax number.
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 2018”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 27th February to 3rd March, 2018.
Its booth No. is AWE 2-Q27.
As the history of the subject in Hong Kong is over twelve years and four
months, on the whole, consider it good for normal business engagements.
MORTGAGE OR CHARGE
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Date |
Description of
Instrument |
Mortgagee |
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15-01-2015 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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22-04-2016 |
Deed of Indemnity, Charge Over Deposit and
Set-Off |
Bank of China (Hong Kong) Ltd., Hong Kong. |
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11-07-2016 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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14-07-2016 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.07 |
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1 |
INR 91.34 |
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Euro |
1 |
INR 80.03 |
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HKD |
1 |
INR 8.19 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.