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Report Date : |
10.04.2012 |
IDENTIFICATION DETAILS
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Name : |
DOSHI
IMPEX LTD. |
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Registered Office : |
Room 905, 9/F., |
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Country : |
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Date of Incorporation : |
11.08.2004 |
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Com. Reg. No.: |
34820597 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Polished
Diamonds |
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No. of Employees : |
4. (Including associates) |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
DOSHI IMPEX LTD.
Room 905, 9/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong
Kong.
PHONE: 2739 2188 (5 lines)
FAX: 2739 2345, 2333 2431
E-MAIL: info@doshidiam.com
Managing Director: Mr. Kiritkumar
Vinodrai Doshi
Incorporated on: 11th
August, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$6,000,000.00
Business Category: Diamond Trader.
Annual Turnover: HK$25~30
million (Including associates)
Employees:
4. (Including associates)
Main Dealing Banker: The Royal Bank of Scotland N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 905, 9/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon,
Hong Kong.
Associated Companies:-
Doshi Diam, Hong Kong. (Same
address)
Doshi Impex, Hong Kong. (Same
address)
Rusabh Diamonds, India.
Rusabh Gems, India.
34820597
0916441
Managing Director: Mr. Kiritkumar
Vinodrai Doshi
Contact Person: Mr. Kalpesh
Malkan
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
(As per registry dated 11-08-2011)
|
Name |
|
No. of shares |
|
Kiritkumar Vinodrai DOSHI |
|
3,000,000 |
|
Nayna Kirit DOSHI |
|
3,000,000 |
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|
–––––––– |
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Total: |
6,000,000 ======= |
(As per registry dated 11-08-2011)
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Name (Nationality) |
Address |
|
Kiritkumar Vinodrai DOSHI |
Flat A, 21/F., Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong
Kong. |
|
Nayna Kirit DOSHI |
Flat A, 21/F., Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong
Kong. |
(As per registry dated 11-08-2011)
|
Name |
Address |
Co. No. |
|
Harris Secretaries Ltd. |
8/F., Hong Kong Trade Centre, 161-167 Des Voeux Road Central, Hong
Kong. |
0031138 |
The subject was incorporated on 11th August, 2004 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.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of polished diamonds.
Employees: 4. (Including associates)
Commodities Imported: India, other Asian countries, etc.
Markets: Asian
countries, Middle East, Europe, US, etc.
Annual Turnover: HK$25~30
million (Including associates)
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
D/P, etc.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory condition.
Facilities:
Making rather
active use of general banking facilities.
Payment:
So far so good.
Commercial Morality: Satisfactory.
Banker:
The Royal
Bank of Scotland N.V., Hong Kong Branch.
Standing:
Normal.
Having issued 6 million
ordinary shares of HK$1.00 each, Doshi Impex Ltd. is equally owned by Kiritkumar
Vinodrai Doshi and Nayna Kirit Doshi, both of whom are Indian. They are also directors of the subject. Being Hong Kong ID Card holders, they
have got the right to reside in Hong Kong permanently. The subject’s style was named after the
Indian family.
The subject is a diamond
importer, exporter and wholesaler. It is
trading in loose diamonds, single cut diamonds, tapper cut diamonds, full cut
diamonds, etc. Most of its commodities
are imported from India. Prime markets
are Hong Kong, other Asian countries and the United States. Business is rather active.
According to the subject,
it has been ranked as one of the top ten diamond companies in India.
Currently, the subject owns
a number of premises in Hong Kong.
The subject has got two
associated companies located at its operating office, namely, Doshi Impex and
Doshi Diam. These two firms are also
diamond traders. Doshi Diam was
established on 30th January, 2001 as a partnership which is jointly owned by
jointly owned by Mr. Nayna Kirit Doshi, Mr. Kiritkumar Vinodrai Doshi and
Mr. Mahesh Kaushik Shah.
Doshi Diam has had an
associated company also known as Doshi Diam in India [India Doshi Diam]. India Doshi Diam was set up by two brothers,
Mr. Bipin Doshi and Mr. Kirit Doshi in 1985. Since then, the business of India Doshi Diam
has been growing.
India Doshi Diam has been
one of the leading diamond traders in the market from quite a long time
providing services to various event agencies, diamond jewellery manufacturers,
fashion designers, mobile phone designers, designer opticians, wristwatch
designers and so on. Its diamonds have
even honoured the famous FIFA World Cup trophies.
India Doshi Diam is one of
the leading diamond distributors all over the world, having major market
presence in Europe and China. It is also
one of the major suppliers of black diamonds in the world.
Besides India Doshi Diam,
the subject’s other associated companies in India are Rusabh Diamonds in Mumbai
and Rusabh Diamonds in Surat, India.
The annual sales turnover
of the subject and its associates ranges from HK$25 to 30 million. Making a small profit every year.
In order to penetrate the
international market further, the subject’s associate Doshi Diam has taken part
in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in
“HKTDC Hong Kong International Jewellery Show 2012” which will be held in Hong
Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of
16th to 20th February, 2012.
The contact person of the
subject Mr. Kalpesh Malkan is also an Indian.
The history of the subject
in Hong Kong is over seven years and four months.
On the whole, consider it
good for normal business engagements.
Property information of the company:-
Property Location: Flat A
on 2/F. of Block 5, Royal Peninsula, 8 Hung Lai Road, Kowloon, Hong Kong.
Owner: Doshi Impex Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
10-04-2008 |
- |
ABN AMRO Bank N.V., Hong Kong Branch. [Now known as The Royal Bank of Scotland
N.V.] |
Mortgage to secure general banking facilities granted to Doshi Impex
Ltd. |
|
10-04-2008 |
- |
- ditto - |
Mortgage to secure general banking facilities granted to Nayna Kirit
Doshi, Kiritkumar Vinodrai Doshi and Mahesh Kaushik Shah trading as Doshi
Diam |
|
Date |
Particulars |
Amount |
|
11-05-2005 |
Instrument: Debenture Property: All the Company’s undertaking and property and assets whatsoever and
wheresoever both present and future including all book and other debts
revenues and claims both present and future due or owing or which may become
due or owing to the Company, all its uncalled capital, goodwill and all
patents, patent applications, trade marks, trade names, registered designs
and copyrights and all licences and ancillary and connected rights relating
to the intangible property both present and future of the Company Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. [Now known as The Royal Bank
of Scotland N.V.] |
General banking facilities granted to Doshi Impex Ltd., Nayna Kirit
Doshi, Kiritkumar Vinodrai Doshi and Mahesh Kaushik Shah trading as Doshi
Diam |
|
10-04-2008 |
Instrument: Mortgage Property: 174/380,954th parts or shares of and in Kowloon Inland Lot No. 11084
(Flat A on 2/F. of Block 5 of Royal Peninsula, 8 Hung Lai Road, Kowloon, Hong
Kong.) Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. [Now known as The Royal Bank
of Scotland N.V.] |
General banking facilities granted to Doshi Impex Ltd. |
|
10-04-2008 |
Instrument: Mortgage Property: 174/380,954th parts or shares of and in Kowloon Inland Lot No. 11084
(Flat A on 2/F. of Block 5 of Royal Peninsula, 8 Hung Lai Road, Kowloon, Hong
Kong.) Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. [Now known as The Royal Bank
of Scotland N.V.] |
General banking facilities granted to Nayna Kirit Doshi, Kiritkumar
Vinodrai Doshi and Mahesh Kaushik Shah trading as Doshi Diam |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.28 |
|
|
1 |
Rs.81.38 |
|
Euro |
1 |
Rs.67.01 |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.