MIRA INFORM
REPORT
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Report Date : |
19.10.2011 |
IDENTIFICATION DETAILS
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Name : |
J.
R. DIAM LTD. |
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Registered Office : |
Unit B, 17/F., Chatham Square, 8 Hart Avenue, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.11.2007 |
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Com. Reg. No.: |
38601961 |
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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
products, emerald, precious stones, etc |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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---- |
NB |
New Business |
---- |
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Status : |
New Company |
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Payment
Behaviour : |
Unknown |
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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
J. R. DIAM
LTD.
Company ADDRESS
Unit B, 17/F., Chatham Square, 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2367 8211, 3109 0012
FAX: 3109 0014
E-MAIL: jrdiamltd@gmail.com
MANAGEMENT
Managing Director: Mr. Gautam Babubhai Bhayani
SUMMARY
Incorporated on: 8th November, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Diamond Trader.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Too early to comment.
Company ADDRESS
Head Office:-
Unit B, 17/F., Chatham Square, 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Business Name:-
J. R. Diam, Hong Kong. (Same address)
Associated Companies:-
J. R. Diam (Thai) Co. Ltd., Thailand.
J. R. Diam B.V.B.A., Belgium.
Sahil Star, India.
BUSINESS REGISTRATION NUMBER
38601961
COMPANY FILE NUMBER
1183192
MANAGEMENT
Managing Director: Mr. Gautam Babubhai Bhayani
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDER
(As per registry
dated 08-11-2010)
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Name |
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No. of shares |
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Gautam Babubhai BHAYANI |
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1,000,000 ======= |
DIRECTORS
(As per registry
dated 08-11-2010)
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Name (Nationality) |
Address |
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Gautam Babubhai BHAYANI |
Flat C, 5/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong. |
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Sangitaben Gautambhai BHAYANI |
Flat C, 5/F., South Sea Mansion, 81 Chatham Road, Tsimshatsui, Kowloon, Hong Kong. |
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Ashvinkumar Vitthalbhai MAVANI |
104, Shiv Shakti Society-1, Nr-Kargil Chowk, Punagam Road, Surat-394210, India. |
SECRETARY
(As per registry
dated 08-11-2010)
|
Name |
Address |
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Bayani Divino Bautista PONCE |
13/F., 5 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
HISTORY
The subject was incorporated on 8th November, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Mili Gems Ltd., name changed to the present style on 20th March, 2008.
Formerly the subject was located at Room 602, 6/F., Hart Avenue Plaza, 5‑9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in early 2008.
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 products, emerald, precious stones, etc.
Employees: 3.
Materials/Commodities: India, etc.
Markets: Hong Kong and some other Asian countries, etc.
Terms/Sales: L/C.
Terms/Buying: L/C.
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$1,000,000.00
Indebtedness: HK$2,338,722.60 (Total amount outstanding on all mortgages and charges as
per last Annual Return dated 08-11-2010)
Mortgage or Charge: (See attachment)
Profit or Loss: Too early to offer an opinion.
Condition: Business is still under development.
Facilities: Trying to make use of general banking facilities.
Payment: Maybe meet as required.
Commercial Morality: Too early to comment.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Hang Seng Bank Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 1 million ordinary shares of HK$1.00 each, J. R. Diam Ltd. is wholly owned by Mr. Gautam Babubhai Bhayani who is an Indian residing in Surat, Gujarat, India. The subject’s business is chiefly handled by Bhayani.
The subject’s business name is J. R. Diam which is also located at the same operating address. The subject and J. R. Diam are engaged in the same lines of business.
The subject is a diamond trader. It is an affiliated company of Sahil Star, a significant diamond manufacturer and trader in India.
Sahil Star has been a leading diamond manufacturer, importer and exporter of cut and polished diamonds since last two and a half decades. It has been conferred the title of “Government Recognized Export House” by Ministry of Commerce & Individual, Government of India. Sahil Star also has been the member of Export Promotion Council, Gem & Jewellery since 1999.
Sahil Star is one of the
largest manufacturer of diamond and biggest worldwide supplier of beads and
briolettes which is incorporated by Late Shri Jivanbhai Sanspara. Now it is managed by Mr. Manhar Sanspara, Mr.
Dinesh Sanspara, Mr. Jayanti Sanspara and Mr. Mahesh Mavani.
Sahil Star imports rough diamonds from Antwerp of Belgium and Israel. It is specialized in diamond briolettes, beads, rose cut, mutual cut (old cut), Taviz cut, SS cut, NSS cut and black diamonds. It also manufactures all shape and fancy cut diamonds jewellery. Its SS cut and NSS cut have captured a rather large share of the global market. Sahil Star is a principal supplier of the subject.
Since the history of the subject is just over three years and eight months, consider it good for normal business engagements in small credit amounts.
REMARKS:
Court Cases: None per our.
Property information of the company:-
1.Property Location: Office B on 17/F., 8 Hart Avenue, Kowloon, Hong Kong.
Owner: J. R. Diam Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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31-01-2008 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Flat A on 10/F., Golden Mansion, Kowloon, Hong Kong.
Owner: J. R. Diam Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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19-11-2010 |
- |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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15-01-2008 |
Instrument: Assignment of Receivables – General with Notice of Assignment Property: In consideration of the Banking Facilities, the Customer, as beneficial owner and by way of security for the payment of the Secured Monies, hereby assigns, and agrees to assign, to the bank the Receivables until all the Secured Monies have been paid or discharged Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
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31-01-2008 |
Instrument: Mortgage Property: 554/100,000th parts or shares of and in Kowloon Inland Lot No. 8544 (Office B on 17/F. of 8 Hart Avenue, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all sums in respect of general banking facilities |
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19-11-2010 |
Instrument: Mortgage Property: 1/57th part or share of and in Kowloon Inland Lot No. 10510 (Flat A on 10/F. of Golden Mansion, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all the general banking facilities |
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19-11-2010 |
Instrument: Rental Assignment Property: 1/57th part or share of and in Kowloon Inland Lot No. 10510 (Flat A on 10/F. of Golden Mansion, Kowloon, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
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Bottom of Form
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.49.14 |
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UK Pound |
1 |
Rs.77.58 |
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Euro |
1 |
Rs.67.58 |
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.