MIRA INFORM REPORT

 

 

Report Date :

29.07.2011

 

IDENTIFICATION DETAILS

 

Name :

TWINKLEDIAM  HONG  KONG  LTD.

 

 

Registered Office :

Unit A, 9/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

31.10.1996

 

 

Com. Reg. No.:

20353241

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of jewellery products.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

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 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Name and address

           

TWINKLEDIAM  HONG  KONG  LTD.

 

 

ADDRESS:       Unit A, 9/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:            2739 1001

 

FAX:                 2739 1011

 

E-MAIL:            twinklehongkong@msureshco.com

darsan@netvigator.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Darsan Jitendra Jhaveri

 

 

SUMMARY

 

Incorporated on:             31st October, 1996.

 

Organization:                  Private Limited Company.

 

Capital:                         Nominal:           HK$1,000,000.00

Issued:              HK$500,000.00

 

Business Category:        Diamond Trader.

 

Employees:                   4.

 

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

 

Banking Relation:            Satisfactory.

ADDRESS

 

Registered Head Office:-

Unit A, 9/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.

 

Associated Company:-

M. Suresh Co. Private Ltd., India.

 

 

BUSINESS REGISTRATION NUMBER

 

20353241

 

 

COMPANY FILE NUMBER

 

0572594

 

 

MANAGEMENT

 

Managing Director:  Mr. Darsan Jitendra Jhaveri

 

 

CAPITAL

 

Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$500,000.00

 

 

SHAREHOLDERS

(As per registry dated 31-10-2010)

 

Name

 

No. of shares

Vijaykumar Chunilal ADANI

 

450,000

Nilesh R. PETHANI

 

40,000

Darsan Jitendra JHAVERI

 

10,000

 

 

–––––––

 

Total:

500,000

======

 

 

DIRECTORS  

(As per registry dated 31-10-2010)

 

Name

(Nationality)

 

Address

Darsan Jitendra JHAVERI

Flat A, 17/F., Block 1, Carmen’s Garden, 9 Cox’s Road, Yau Ma Tei, Kowloon, Hong Kong.

 

Nilesh R. PETHANI

Quinten Matsuslei 17/18, 2018 Antwerpen, Belgium.

 

Vijaykumar Chunilal ADANI

203, Dharam Palace, Mr. Umra Jakat, AT Mak Athwaline, Surat Gujarat, India.

 

SECRETARY

(As per registry dated 31-10-2010)

 

Name

Address

Co. No.

Pan Talent Ltd.

Room 2105, 21/F., Office Tower, Langham Place, 8 Argyle Street, Mongkok, Kowloon, Hong Kong.

0603098

 

 

HISTORY

 

The subject was incorporated on 31st October, 1996 as a private limited liability company under the Hong Kong Companies Ordinance.

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

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of jewellery products.

 

Employees:                   4.

 

Commodities Imported:   India, Belgium, Israel, Thailand, etc.

 

Markets:                       Asian countries, Europe, North America, etc.

 

Terms/Sales:                 L/C, T/T, D/P, etc.

 

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

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$500,000.00

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in an active manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as contracted.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

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

ABN AMRO Bank N.V., Hong Kong Branch.

 

Standing:                      Normal.

 

 

GENERAL

 

Having issued 500,000 ordinary shares of HK$1.00 each, Twinklediam Hong Kong Ltd. is jointly owned by Mr. Darsan Jitendra Jhaveri, holding 2% interests; Mr. Nilesh R. Pethani, holding 8%; and Mr. Vijaykumar Chunilal Adani, 90%.  Pethani and Adani are India passport holders.  Currently the former is residing in Antwerpen, Belgium while the latter, residing in India.

The subject is a diamond importer, exporter and wholesaler.  It is an associated company of M. Suresh Co. Private Ltd. [Suresh] which is an India‑based firm.  The subject is trading in Suresh’s products.  The followings are its main commodities:-

·         White Brilliant Diamonds in sizes ranging from 0.005 point to 2.00 carats:

1.       TTLB Diamonds

2.       TTLC Diamonds

·         Fancy Cut Diamonds

1.       Emerald

2.       Marquise

3.       Princess

4.       Oval

5.       Pear

6.       Heart

Suresh is the flagship firm of the M. Suresh Group — a leading business group that has been building a strong global presence in the jewellery business.  Suresh has been a leading diamond manufacturer, importer and exporter of cut and polished diamonds since 1968.  Presently, it exports jewellery products to the United States, Europe, Japan, Southeast Asia, Israel, the United Arab Emirates and Canada.

Suresh has been an Indian Government recognized trading house and the Diamond Trading Company [DTC] Sight holder since 1993.  This company is known for its “flawless cut, consistency in assortment and for its commitment to stringent product quality”.

Concentrating on the core strengths of rough diamond sales, diamond cutting and polishing, polished diamond sales and diamond jewellery manufacture and supply, Suresh has set up four divisions.  These divisions have developed closed business ties with a number of customers in diamond community throughout the world.

Besides the subject, Suresh has set up associated companies in the United States, Belgium and Israel.  Suresh may be one of the main suppliers in India of the subject.

Suresh has diamond-processing units at Mumbai and Surat, which provide approximately 70% of requirements.  Suresh also has in place contractual arrangements with about 50 contractors in Surat and Mumbai, most of work exclusively for the firm.  Suresh provides direct employment to 2,000 employees.

The subject is also a DTC Sight holder of De Beers.  Worldwide it is known as Twinklediam.  In India it is one of the largest DTC Sight holders.  It is in the “PPP category” in De Beers group.

The subject’s business is chiefly handled by Mr. Darsan Jitendra Jhaveri who is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

The subject also has offices at Mumbai and Surat in India, Antwerp in Belgium, Ramat-Gan in Israel, and New York in the United States.

Twinklediam has factories in various locations in India.  Recently it has started a new factory where its cuts diamonds in size 0.50 and above.  Twinklediam is one of the biggest manufacturers in India for +11 and above size up to 2.00 carats.  It is specialized in rounds and marquise and it also manufactures various other fancy cuts.

The history of the subject in Hong Kong is over fourteen years and eight months.  Business is active.  On the whole, consider it good for normal business engagements.

 

COURT CASES:            None per our.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.12

UK Pound

1

Rs.72.05

Euro

1

Rs.63.33

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

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.