MIRA
INFORM REPORT
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Report Date : |
09.11.2011 |
IDENTIFICATION DETAILS
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Name : |
TWINKLEDIAM HONG KONG
LTD. |
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Registered Office : |
Unit A, 9/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.10.1996 |
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Com. Reg. No.: |
20353241 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of jewellery products. |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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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 |
company Name
TWINKLEDIAM HONG
KONG LTD.
company 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
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.
company 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 |
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No. of shares |
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Vijaykumar Chunilal ADANI |
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450,000 |
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Nilesh R. PETHANI |
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40,000 |
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Darsan Jitendra JHAVERI |
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10,000 |
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|
––––––– |
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Total: |
500,000 ====== |
DIRECTORS
(As per registry
dated 31-10-2010)
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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. |
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Nilesh R. PETHANI |
Quinten Matsuslei 17/18, 2018 Antwerpen, Belgium. |
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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
1.
Marquise
2.
Princess
3.
Oval
4.
Pear
5.
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.
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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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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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 –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.38 |
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|
1 |
Rs.79.20 |
|
Euro |
1 |
Rs.67.84 |
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.