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Report Date : |
16.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
INTER-GEMS (H.K.) LTD. |
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Registered Office : |
5/F., Kaiseng Commercial Centre, |
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Country : |
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Date of Incorporation : |
15.10.1997 |
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Com. Reg. No.: |
21311654 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of diamonds and
jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
50. (Including affiliates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INTER-GEMS (H.K.) LTD.
5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 2368 5589
FAX: 2368 9116
E-MAIL: dipan@inter-gemshk.com
Managing Director: Mr. Dipan
Jagdish Patel
Incorporated on: 15th
October, 1997.
Organization: Private
Limited Company.
Capital: Nominal: HK$501,000.00
Issued: HK$501,000.00
Business Category: Jewellery Trader.
Group Turnover: Rs 188,995.87 million (Year ended 31-03-2010)
Employees: 50.
(Including affiliates)
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui, Kowloon,
Hong Kong.
Holding Company:-
Shrenuj (Mauritius) Pvt. Ltd., Mauritius.
Ultimate Holding Company:-
Shrenuj & Co. Ltd., India.
Associated/Affiliated Companies:-
Shrenuj Group of Companies
Alija International Pty. Ltd., Australia.
Arisia Jewellery Pvt. Ltd., India.
Astral Holding Inc., USA.
Astral Jewels LLC, USA.
Astral USA Inc., USA.
Bernie’s International LLC, USA.
Copem & Shrenuj, Italy.
Daily Jewellery Ltd., Hong Kong.
[Trading as Joeliesse] (Same
address)
Ever Gold (HK) Ltd., Hong Kong.
(Same address)
Facet (Hong Kong) Ltd., Hong Kong.
(Same address)
Global Marine Diamond Corporation, USA.
Jomard SAS, France.
Kiara Jewellery (H.K.) Ltd., Hong Kong.
(Same address)
Kiara Jewellery Pvt. Ltd., India.
Lume Germany GmbH, Germany.
Lume Group AG, Switzerland.
Shrenuj (Shanghai) Diamonds Pvt. Ltd., China.
Shrenuj Australia Pty. Ltd., Australia.
Shrenuj Botswana Pty. Ltd., Botswana.
Shrenuj Diajewels Ltd., India.
Shrenuj DMCC, UAE.
Shrenuj Gems & Jewellery Ltd., India.
Shrenuj GmbH, Germany.
Shrenuj Japan Corporation, Japan.
Shrenuj Jewelry (Far East) Ltd., Hong Kong. (Same address)
Shrenuj Lifestyle Ltd., India.
Shrenuj N.V., Belgium.
Shrenuj Overseas Ltd., India.
Shrenuj South Africa Pty. Ltd., South Africa.
Shrenuj USA LLC, USA.
Simon Golub & Sons Inc., USA.
SWA Trading Ltd., Israel.
Trapz LLC, USA.
etc.
21311654
0626569
Managing Director: Mr. Dipan
Jagdish Patel
Nominal Share Capital: HK$501,000.00 (Divided into 501,000 shares of
HK$1.00 each)
Issued Share Capital: HK$501,000.00
(As per registry dated 15-10-2011)
|
Name |
|
No. of shares |
|
Dipan Jagdish PATEL |
|
5,010 |
|
Anita PATEL |
|
70,140 |
|
Shrenuj (Mauritius) Pvt. Ltd. St. James Court, Suite 308, St. Denis Street, Port Louis, Republic of
Mauritius. |
|
425,850 |
|
|
|
––––––– |
|
|
Total: |
501,000 ====== |
(As per registry dated 15-10-2011)
|
Name (Nationality) |
Address |
|
Dipan Jagdish PATEL |
5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui,
Kowloon, Hong Kong. |
|
Vishal Shreyas DOSHI |
162, Neelamber, 37, Gopalrao Deshmukh Marg, Mumbai 400026, M.S.,
India. |
|
Anita PATEL |
5/F., Kaiseng Commercial Centre, 4-6 Hankow Road, Tsimshatsui,
Kowloon, Hong Kong. |
Dipan Jagdish PATEL (As per
registry dated 15-10-2011)
The subject was incorporated on 15th October, 1997 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 707, 7/F., Kowloon Centre,
33 Ashley Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present
address in March 2004.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds and jewellery products, emerald, precious stones, etc.
Employees: 50. (Including affiliates)
Commodities Imported: India, Belgium, Israel, other European countries, etc.
Markets: Japan,
other Asian countries, etc.
Group Turnover: Rs 146,010.03 million (Year
ended 31-03-2009)
Rs 188,995.87 million (Year ended
31-03-2010)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKI0277]
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
Nominal Share Capital: HK$501,000.00 (Divided
into 501,000 shares of HK$1.00 each)
Issued Share Capital: HK$501,000.00
Mortgage or Charge (since 2008): (See attachment)
Group Profit After Taxation: Rs 2,369.38 million (Year ended 31-03-2009)
Rs 5,115.88 million (Year ended
31-03-2010)
Profit or Loss: Making a small profit every
year.
Condition:
Keeping
in an active condition.
Facilities:
Making
active use of general banking facilities.
Payment:
Met
trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank
Ltd., Hong Kong.
ICICI Bank Ltd.,
Hong Kong Branch.
Bank of India,
Hong Kong Branch.
Punjab National
Bank, Hong Kong Branch.
Standing:
Good.
Having issued 501,000 ordinary shares of HK$1.00 each, Inter-Gems (H.K.)
Ltd. is a subsidiary company of Shrenuj (Mauritius) Pvt. Ltd. which is a
Mauritius-registered firm. The ultimate
holding company of the subject Shrenuj & Co. Ltd. [Shrenuj] is an
India-based firm. The subject is chiefly
owned by the Patel family, all of whom are Indian.
Located at its operating address, the subject has had a number of
associated companies while the main one is Shrenuj Jewelry (Far East) Ltd.
The subject is a diamond importer, exporter and wholesaler. It is dealing in jewellery ranging from 2
points to 2 carats, and in all colours — from D to L colours and all shades of
brown. Products include single cuts,
full cuts and fancy shapes — such as princess, baguettes, marquise, pearl,
oval, emerald and heart. It is trading
in the following products:-
Finished Jewellery
·
Diamond Jewellery
1.
White Diamond Jewellery
·
Gem Set Jewellery
2.
Emerald Jewellery
3.
Ruby Jewellery
4.
Sapphire Jewellery
·
Gold Jewellery
1.
14K Gold Jewellery
2.
18K Gold Jewellery
3.
Fineness not Specified
Materials
·
Diamond
1.
Polished White Diamond
·
Precious gemstones
2.
Polished Ruby
3.
Polished Sapphire
·
Findings
1.
Chain
Rough diamonds are imported from India, Belgium, Israel and other
European countries, etc. Polished and
cut products are exported to Japan, Southeast Asia, the Middle East, etc. Business is rather active.
The subject also markets its product online. It sells its product via the website
“BusyTrade.com”. The subject is a DTC
Sight Holder.
Shrenuj is a listed firm with shares actively traded on Bombay Stock
Exchange [BSE] and National Stock Exchange [NSE]. Shrenuj is one of the largest diamond and
jewellery manufacturing companies in India having an international presence in
15 countries with a geographically diversified customer base, favourable
economies of scale, ability to source roughs from strategic partners, growing
retail presence and market linked production mix. Its activities are carried out in accordance
with good corporate practices.
Shrenuj’s policies and practices are not only consistent with the
statutory requirement but also underline its commitment to operate in the best
interest of the stakeholders. It will continue
to focus its resources, strengths and strategies to achieve its vision of
becoming a global company, while upholding the core values of transparency,
integrity, honesty and accountability.
For the year ended 31st March, 2010, the turnover of the Shrenuj Group
amounted to Rs 188,995.87 million (2009: Rs 146,010.03 million). Group profit after taxation for the year was
Rs 5,115.88 million (2009: Rs 2,369.38 million).
The subject is fully supported by the Shrenuj Group.
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. For instance, it is going to
take part in “HKTDC Hong Kong International Jewellery Show 2012” which will be
held in Wanchai, Hong Kong during the period of 16th to 20th February, 2012.
Since the history of the subject in Hong Kong is over fourteen years and
two months, on the whole, consider it good for normal business engagements.
Property information of
the company:-
1. Property Location: Carparking Space No. B84 at Basement 2
of Phase VI, Caribbean Coast, 1 Kin Tung Road, Tung Chung, Lantau Island,
Hong Kong.
Owner: Inter-Gems (H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-09-2008 |
- |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Carparking Space No. B85 at Basement 2
of Phase VI, Caribbean Coast, 1 Kin Tung Road, Tung Chung, Lantau Island,
Hong Kong.
Owner: Inter-Gems (H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-09-2008 |
- |
Hang Seng Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
(Since 2008)
|
Date |
Particulars |
Amount |
|
07-04-2008 |
Instrument: Debenture Property: 1) Assign to the Bank the
proceeds of each policy of insurance 2) Charge to the Bank by
way of a floating charge all shares, stock, bonds, debentures, certificates
of deposit, promissory notes, warrants, futures, options, funds, units, notes
and other securities 3) Charge to the Bank by
way of floating charge all book debts and other debts 4) Charge to the Bank by
way of floating charge all negotiable instruments 5) Charge to the Bank by
way of floating charge all funds 6) Charge to the Bank by
way of floating charge all choses in action and claims Mortgagee: ICICI Bank Ltd., Hong Kong
Branch. |
All monies |
|
30-09-2008 |
Instrument: Mortgage Property: 12/428,830th parts or shares of and in Tung Chung Town Lot No. 5 (Carparking
Space No. B84 at Basement 2 of Phase VI, Caribbean Coast, 1 Kin Tung Road,
Tung Chung, Lantau Island, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
30-09-2008 |
Instrument: Mortgage Property: 12/428,830th parts or shares of and in Tung Chung Town Lot No. 5
(Carparking Space No. B85 at Basement 2 of Phase VI, Caribbean Coast, 1 Kin
Tung Road, Tung Chung, Lantau Island, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
07-10-2010 |
Instrument: Charge on Deposit Property: Account No. Sum Deposit Dated 6841000054 US$204,000.00 14-03-2010 Mortgagee: Punjab National Bank, Hong Kong
Branch. |
To secure all monies in respect of banking facilities |
|
19-10-2011 |
Instrument: Supplemental Debenture Property: B way of a floating charge the whole of the Customer’s stocks of raw materials,
goods-in-process, inventory, semi-finished goods, consumable stores and
spares and other movables Mortgagee: ICICI Bank Ltd., Hong Kong
Branch. |
All monies |
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.
-
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.
-
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.
-
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.51.42 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.67.67 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.