MIRA INFORM REPORT

 

 

Report No. :

508971

Report Date :

17.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

GREAT DIAM (HK) LIMITED

 

 

Registered Office :

Room 405, 4/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon

 

 

Country :

Hongkong

 

 

Date of Incorporation :

07.06.2006

 

 

Com. Reg. No.:

36840731

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Subject is a supplier, importer and exporter of a versatile range of diamonds in a wide variety like the following: Rose cut diamonds, round cut heart, rose cut round, rose cut pears, rose cut oval, rose cut marquise, fancy cut and fancy colour diamonds, pear cut, oval cut, heart cut, radiant shape, cushion shape, marquise cut, old mine cut, brilliant cut, F I B Diamond.

 

 

No. of Employees :

5

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Hongkong

A1

A1

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

 

HONGKONG - 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.

Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.

Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.

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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.

The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.

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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.

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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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.

 

Source : CIA

 

 

Company name and address

 

GREAT DIAM (HK) LIMITED

 

ADDRESS:                   Room 405, 4/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui,

                                    Kowloon, Hong Kong.

 

PHONE:                        852-2724 0870

 

FAX:                             852-2724 0871

 

E-MAIL:                        greatdiamhk@hotmail.com

                                    hk@greatdiam.com

 

 

MANAGEMENT

 

Managing Director:        Mr. Bhavesh Parshottambhai Moradiya

 

 

SUMMARY

 

Incorporated on:            7th June, 2006.

 

Organization:                 Private Limited Company.

 

Issued Share Capital:     HK$3,500,000.00

 

Business Category:       Diamond Trader.

 

Employees:                  5.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Registered Head Office:-

Room 405, 4/F., Chevalier House, 45-51 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.

 

Affiliated Company:-

Great Diam Co. Ltd., Thailand.

 

 

BUSINESS REGISTRATION NUMBER

 

36840731

 

 

COMPANY FILE NUMBER

 

1050350

 

 

MANAGEMENT

 

Managing Director:  Mr. Bhavesh Parshottambhai Moradiya

 

 

ISSUED SHARE CAPITAL

 

HK$3,500,000.00

 

 

SHAREHOLDER

(As per registry dated 07-06-2017)

 

Name

 

No. of shares

Bhavesh Parshottambhai MORADIYA

 

3,500,000

=======

 

 

DIRECTOR

(As per registry dated 07-06-2017)

 

Name

(Nationality)

 

Address

Bhavesh Parshottambhai MORADIYA

Flat F, 11/F., Block B, Hilton Towers, 96 Granville Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

SECRETARY

(As per registry dated 07-06-2017)

 

Name

Address

Co. No.

Lodestar Secretaries Ltd.

13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong Kong.

0113023

 

 

HISTORY

 

The subject was incorporated on 7th June, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Formerly the subject was located at Room 1306, 13/F., Hart Avenue Plaza, 5‑9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2014.

 

The subject increased its issued share capital to HK$3.5 million on 4th June, 2014.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Supplier, Importer and Exporter.

 

Lines:                           Diamond, Jewellery.

 

Employees:                  5.

 

Commodities Imported: India, Belgium, other European countries, etc.

 

Markets:                       China, Hong Kong, Japan, Southeast Asia, Taiwan, North America and other Asian Countries.

 

Terms/Sales:                 CAD, L/C, T/T, etc.

 

Terms/Buying:               L/C, T/T, D/P, O/A, etc.

 

 

FINANCIAL INFORMATION

 

Issued Share Capital:     HK$3,500,000.00

 

Mortgage or Charge:     (See attachment)

 

Profit or Loss:               Business is profitable.

 

Condition:                     Keeping in a normal manner.

 

Facilities:                      Adequate for current running.

 

Payment:                      Met as required.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

DBS Bank (Hong Kong) Ltd., Hong Kong.

 

Standing:                      Satisfactory.

 

 

GENERAL

 

Great Diam (HK) Limited [GDHK] was incorporated in Hong Kong on 7th June, 2006.  With a nominal and issued share capital of HK$3.5 million, the subject is solely owned by Mr. Bhavesh Parshottambhai Moradiya [B P Moradiya] who is an India merchant.

 

B P Moradiya formerly resided in Gujarat, India.  He has obtained a Hong Kong Identity Card and now has been residing in Hong Kong.

 

GDHK is a Hong Kong-based company originally established in 1995.  It is a family-run business that is known for over a decade in the international diamond and jewellery industry.

 

GDHK is a supplier, importer and exporter of a versatile range of diamonds in a wide variety like the following:

Rose cut diamonds, round cut heart, rose cut round, rose cut pears, rose cut oval, rose cut marquise, fancy cut and fancy colour diamonds, pear cut, oval cut, heart cut, radiant shape, cushion shape, marquise cut, old mine cut, brilliant cut, F I B Diamond.

 

It has a wide variety of diamonds certified by genuine institutes like GIA and IGI.  It is also significant for its diamond earrings, rings, pendants, or other jewellery products in customized designs.  Most of its products bear the brand name of Great Diam.

 

GDHK imports the diamonds from its main supply units at India and exports the same in various world markets including Hong Kong, China, Japan, Southeast Asia, Taiwan, North America, Europe, and other Asian countries.

In addition, GDHK also has an associated company in Bangkok, Thailand.

 

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 2018” which had been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th February to 3rd March, 2018.  Its booth No. was AWE 2-SO5.

 

The Managing Director, B P Moradiya has had good experience in this line of business for many years. The history of GDHK is over eleven years and eleven months.

 

GDHK owns certain premises in Hong Kong.

 

On the whole, consider it good for normal business engagements.

 

 

REMARKS

 

Property information of the company:-

 

Property Location:         Flat F, 11/F., 96 Granville Road, Kowloon, Hong Kong.

Owner:                          Great Diam (HK) Ltd.

Date of Purchase:         N.A.

Purchased Price:           N.A.

 

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

30-09-2011

-

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

 

MORTGAGE OR CHARGE

 

Date

Description of Instrument

 

Mortgagee

11-10-2013

Mortgage

DBS Bank (Hong Kong) Ltd., Hong Kong.

09-06-2014

Mortgage

DBS Bank (Hong Kong) Ltd., Hong Kong.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.83

UK Pound

1

INR 91.68

Euro

1

INR 80.29

HKD

1

INR 8.62

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.