MIRA INFORM REPORT
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Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
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Name : |
GOLDIAM
HK LTD. |
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Registered Office : |
Room 06, Unit F1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.04.2005 |
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Com. Reg. No.: |
35535202 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Exporter and Wholesaler of all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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
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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
GOLDIAM HK
LTD.
Company ADDRESS
Room 06, Unit F1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2368 6228
FAX: 2368 6234
E-MAIL: sales@goldiamhk.com
MANAGEMENT
Managing Director: Mr. Nehal Milan Mehta
SUMMARY
Incorporated on: 14th April, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$15,800,000.00
Issued: HK$11,981,900.00
Business Category: Diamond Trader.
Employees: 3. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Room 06, Unit F1, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
China Factory:-
Panyu, Guangzhou, Guangdong Province, China.
Holding Company:-
Goldiam International Ltd., India.
Associated Companies:-
· Diagold Designs Pvt. Ltd., India.
· Goldiam Jewellery Pvt. Ltd., India.
· Goldiam Jewels Pvt. Ltd., India.
· Goldiam USA Inc., USA.
· Sunshine Corporation, India.
BUSINESS REGISTRATION NUMBER
35535202
COMPANY FILE NUMBER
0963206
MANAGEMENT
Managing Director: Mr. Nehal Milan Mehta
CAPITAL
Nominal Share Capital: HK$15,800,000.00 (Divided into 15,800,000 shares of HK$1.00 each)
Issued Share Capital: HK$11,981,900.00
SHAREHOLDERS
(As per registry
dated 14-04-2011)
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Name |
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No. of shares |
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Diagold Designs Pvt. Ltd. R-1, Cama Industrial Estate, Opp. Bajrang Nagar, Walbhat Road, Goregaon (East), Mumbai 400063, India. |
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3,900 |
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Goldiam International Ltd. Gems & Jewellery Complex, M.I.D.C., Seepz, Andheri (East), Bombay 400096, India. |
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5,982,725 |
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Harshad Vora KUNAL |
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368,901 |
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Nehal Milan MEHTA |
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3,364,374 |
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Sunshine Corporation 1106, Prasad Chambers, Opera House, Mumbai 400004, India. |
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2,262,000 |
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––––––––– |
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Total: |
11,981,900 ======== |
DIRECTOR
(As per registry
dated 14-04-2011)
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Name (Nationality) |
Address |
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Nehal Milan MEHTA |
1106, Prasad Chambers, Opera House, Mumbai 400004, India. |
SECRETARY
(As per registry
dated 14-04-2011)
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Name |
Address |
Co.
No. |
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Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong Kong. |
0113023 |
HISTORY
The subject was incorporated on 14th April, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 903, 9/F., Houston Centre, 63 Mody Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1015, 10/F, Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong in September 2008, and further to the present address in October 2010.
The subject changed its shareholders in 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: 3. (Hong Kong)
400. (China)
Commodities Imported: India, other Asian countries, etc.
Markets: Japan, other Asian countries, Middle East, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$15,800,000.00 (Divided into 15,800,000 shares of HK$1.00 each)
Issued Share Capital: HK$11,981,900.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing Normal.
GENERAL
Goldiam HK Ltd. is jointly owned by two Indian and three India-based firm. The main holding company is Goldiam International Ltd. [Goldiam] which is an India-based firm. Currently, Goldiam is holding 49.9% interests of the subject.
The subject is a diamond and jewellery trader. It is trading in the following products: bracelets, brooches, earrings, necklaces, diamond rings, pendants, bangles, etc. Most of the subject’s commodities including rough diamonds are provided by Goldiam.
Goldiam is engaged in manufacturing and exporting of studded gold jewellery. It has two segments: jewellery manufacturing and investment activity. Its subsidiaries include Diagold Designs Pvt. Ltd., Goldiam Jewels Pvt. Ltd., Goldiam Jewellery Pvt. Ltd. and Goldiam USA Inc. Goldiam USA Inc. is an importer and wholesaler of diamonds and jewellery whose customers are located primarily throughout the United States of America. In August 2009, Goldiam’s interests in the subject reduced below 50%.
Goldiam is located in Mumbai, in India’s premier jewellery manufacturing zone – SEEPZ where is specially created by the Government of India to encourage Indian industrialists to set up jewellery manufacturing facilities for 100% export.
Goldiam was set up by the entrepreneurial initiatives of its Managing Director, Mr. Rashesh Bhansali. Goldiam is one of the largest exporters of invisible set jewellery. Goldiam caters to the needs of all customers Globally. 70% of its annual production is exported to the American market. Main customers are Wal-Mart, J C Penny, Zales, Gordon’s, etc.
Goldiam’s product line consists of 7,000 designs in rings, ear rings, pendants, bracelets, bangles and necklaces. Goldiam manufactures the above in gold as well as in platinum. Goldiam has had 450 skilled workers in India. The annual turnover of Goldiam ranges from US$60 to 65 million.
Currently the subject has had a factory in Panyu, Guangzhou, Guangdong Province, China. Currently the China factory has about 400 employees. Its products, bear “OLA” brand, are exported to worldwide countries. The subject is responsible for the products shipping and receiving orders. The factory also manufactures products on OEM terms.
Now, the subject’s products are exported to India, Japan, the Middle East, North America, Africa, Europe, etc. Business is normal.
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. It usually takes part in Hong Kong International Jewellery Show annually.
The history of the subject in Hong Kong is over six years and seven months.
On the whole, consider it good for normal business engagements in moderate credit amounts.
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 |
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US Dollar |
1 |
Rs.50.90 |
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UK Pound |
1 |
Rs.80.30 |
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Euro |
1 |
Rs.68.48 |
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.