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MIRA
INFORM REPORT
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Report No. : |
499366 |
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Report Date : |
26.03.2018 |
IDENTIFICATION DETAILS
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Name : |
AJAY DIAM LIMITED |
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Registered Office : |
Room 1401-1402, 14/F., Chevalier House, 45-51 Chatham
Road South, Tsimshatsui, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
27.10.2004 |
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Com. Reg. No.: |
35031151 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of diamonds and jewellery |
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No. of Employees : |
18 |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Note
The Room Nos. of the subject are 1401 & 1402 only.
Company name and address
AJAY DIAM
LIMITED
ADDRESS: Room 1401-1402, 14/F., Chevalier House,
45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2316
7655, 2316 2255, 2316 7662
FAX: 852-2316 7611
E-MAIL: sales@ajaydiamltd.com
ajaydiamltd@ajaydiamltd.com
MANAGEMENT: Managing Director: Mr. Ajay Premchand Gandhi
SUMMARY
Incorporated on: 27th October, 2004.
Organization: Private Limited Company.
Issued Share Capital: HK$15,000,000.00
Business Category: Diamond
and Watch Trader.
Annual Turnover: HK$200~300 million.
Employees: 18.
Main Dealing Banker: UCO
Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1401-1402, 14/F., Chevalier House, 45-51 Chatham
Road South, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Ajay Diam SA, Switzerland.
Ajay Diam, Hong Kong.
BUSINESS REGISTRATION NUMBER
35031151
COMPANY FILE NUMBER
0930040
MANAGEMENT
Managing Director:
Mr. Ajay Premchand Gandhi
Contact Person:
Mr. Lau Kwok Wa
ISSUED SHARE CAPITAL
HK$15,000,000.00
SHAREHOLDER
(As per registry dated 27-10-2017)
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Name |
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No. of shares |
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Ajay Premchand
GANDHI |
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15,000,000 ======== |
DIRECTOR
(As per registry dated 27-10-2017)
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Name (Nationality) |
Address |
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Ajay Premchand
GANDHI |
Flat A, G/F.,
Kadoorie Hill Garden, 34B Braga Circuit, Ho Man Tin, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 27-10-2017)
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Name |
Address |
Co. No. |
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SME Corporate
Services Ltd. |
Room 305, 3/F.,
Carpo Commercial Building, 18-20 Lyndhurst Terrace, Central, Hong Kong. |
0952029 |
HISTORY
The subject was incorporated on 27th October, 2004 as a
private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat D & E, 8/F.,
Cameron Plaza, 23‑25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong,
moved to 11/F., Hang Shun Commercial Building, 12 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong in May 2006, moved to Room 1501-1502, 15/F., Chevalier
House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong with effect
from 1st August, 2011. The subject moved
to the present address in October 2014.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer
and Exporter.
Lines: All kinds of diamonds and jewellery.
Trade Mark: SMEA.
Employees: 10.
Commodities
Imported: India,
Thailand, Israel, Belgium, etc.
Markets: Hong
Kong, China, Europe, US, South Korea, Japan, etc.
Annual Turnover: HK$200~300
million.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP: Hong Kong Watch Manufacturers Association Ltd., Hong Kong.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
FINANCIAL INFORMATION
Issued Share Capital: HK$15,000,000.00
Mortgage or Charge:
(See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active state.
Facilities: Making active use of general
banking facilities.
Payment: Slow but Correct.
Commercial Morality:
Satisfactory.
Bankers:-
UCO Bank, Hong Kong Branch.
Indian Overseas Bank, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Standing: Very
Good.
GENERAL
Having issued 15 million ordinary shares of HK$1.00 each,
Ajay Diam Limited is wholly owned by Mr. Ajay Premchand Gandhi who is an
Indian. He is a Hong Kong ID Card holder
and has got the right to reside in Hong Kong permanently. He is also managing director of the subject.
Mr. Ajay Premchand Gandhi can be reached at his Hong Kong
mobile phone number 852-9077 3570.
According to the subject, its predecessor was set up in
1993. It is specialized in round
brilliant diamond from the smallest size to melee. It also supplies customers with single-cut
diamonds.
The subject is marketing the following commodities:-
Finished Jewellery
Diamond Jewellery -- White Diamond Jewellery
Gold Jewellery
Silver Jewellery -- Sterling 92.5%
Platinum Jewellery
Materials
Diamond -- Polished White Diamond
Polished Semi precious Gemstone
The subject is also specialized in diamonds and ladies’
jewellery watches, gold watches, round brilliant diamonds from the smallest
size to melee. According to the subject,
it is one of the important suppliers of the single cut diamonds in the world.
Diamonds are imported from India, Thailand, Israel,
Belgium, etc. Prime markets are Europe,
the United States, South Korea, Japan, etc.
The diamonds sold by the subject are single-cut/full-cut
diamonds, range from 0.5 mm to 2.5 mm, in white colour (D to I) and clarity
from Internally Flawless to Pique.
The subject’s other significant products are the
following items:-
Ladies’ 18K Gold Watch;
Ladies’ Diamond Watch;
Ladies’ Jewellery Watch (including digital, analogue
watch);
Men’s Diamond Automatic Watch;
Men’s Gold Watch;
Men’s Jewellery Watch;
Other Kinds of Diamond Automatic Watch; &
Unisex Jewellery Watch.
Most of its products bear the brand name “SMEA”
and have been claimed to be ‘elegant, luxury and sophisticated’.
According to the subject, the subject’s jewellery watch
features a Swiss mechanical movement for guaranteed precision. Besides, it has got a genuine leather strap
and the case is made of 18K gold.
The subject also receives OEM orders. According to the subject, it has a
respectable client-base of prestigious watch makers and jewelers and with its
recent certification with the Responsible Jewellery Council (RJC), it has
confidence of expanding it client-base and sales further in the immediate
future.
The subject has got an associated company Ajay Diam SA
which is in Switzerland. The CEO of this
company is Mr. Roy Kesel.
Now, the subject has offices in China (Shanghai and
Shenzhen Special Economic Zone), India (Mumbai), Belgium (Antwerp), Switzerland
(Biel/Bienne) and the United States (Los Angeles). Its two factories are in India and 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 “Hong Kong Watch & Clock Fair 2017” which had been held in
Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the
period of 5th to 9th September, 2017.
Its booth No. was 1C-C27.
The annual sales turnover of the subject ranges from
HK$200 to 300 million. Making a small
profit every year. Business is chiefly
handled by Mr. Lau Kwok Wa who is a Hong Kong employee of the subject.
The subject has had an associated company Ajay Diam
located at its operating address. The
subject and Ajay Diam are engaged in the same lines of business. Also operated by Mr. Ajay Premchand Gandhi, Ajay
Diam is a member of The Indian Chamber of Commerce Hong Kong,
Hong Kong. It is a sole
proprietorship.
Currently, the subject has 18 employees of whom include
sales & marketing, operations, finance and administration personnel.
As the history of the subject in Hong Kong is over
thirteen years and four months, on the whole, consider it good for normal
business engagements.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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15-12-2008 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date
of Amount Rate of Maturity
Date 2008 FD 262 2 24-11-2008 AU$ 558,102.78 3.875% 24-12-2008 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any
liabilities |
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21-06-2010 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date
of Amount Rate of Maturity
Date 2009 FD 244 2 10-03-2010 US$ 234,903.18 0.640% 10-09-2010 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any
liabilities |
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21-03-2011 |
Instrument: Security Over Deposits with the Bank
(Limited Company – Under Seal) Property: Initially HK$5,000,000.00 or equivalent and all monies
whether now or hereafter standing to the credit of the Company’s deposit with
the Bank under deposit No. 636-595324-838 and whatever currency it may
subsequently be denominated in, any renewal of such deposit and the interest
thereon together with any further moneys in any deposit account with the Bank
at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all
monies in respect of banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.23 |
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UK Pound |
1 |
INR 91.95 |
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Euro |
1 |
INR 80.34 |
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HKD |
1 |
INR 8.27 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
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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.