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Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
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Name : |
DIANCO (HK) LTD. |
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Registered Office : |
Unit 2, J2, 11/F, Kaiser Estate, Phase 2, 51 Man Yue Street, Hunghom, Kowloon |
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Country : |
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Date of Incorporation : |
13.07.2010 |
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Com. Reg. No.: |
52599095 |
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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, ETC. |
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No. of Employees : |
2 |
RATING & COMMENTS
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MIRAs 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 30, 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 |
DIANCO (HK)
LTD.
ADDRESS: Unit 2, J2, 11/F, Kaiser Estate,
Phase 2, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong.
PHONE: 3904 2595
FAX: 3904 2594
E-MAIL: sales@dianco.com.hk
Managing Director: Mr. Jigarkumar
Sureshchandra Shah
Incorporated on: 13th
July, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$12,480,000.00
Issued: HK$12,480,000.00
Business Category: Jewellery Trader.
Employees:
2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 2, J2, 11/F, Kaiser Estate, Phase 2, 51 Man Yue Street, Hunghom,
Kowloon, Hong Kong.
Holding Company:-
Dianco Singapore Pte. Ltd., Singapore.
Associated Companies:-
D. Navinchandra Exports Pvt. Ltd., India.
Dianco B.V.B.A., Belgium.
Dianco DMCC, UAE.
Dianco LLC, UAE.
52599095
1479718
Managing Director: Mr. Jigarkumar
Sureshchandra Shah
Nominal Share Capital: HK$12,480,000.00 (Divided into 12,480,000 shares
of HK$1.00 each)
Issued Share Capital: HK$12,480,000.00
(As per registry dated 14-11-2011)
|
Name |
|
No. of shares |
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Dianco Singapore Pte. Ltd. 300, Beach Road, # 33-04/06 The Concourse, Singapore 199555. |
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12,480,000 ======== |
(As per registry dated 13-07-2011)
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Name (Nationality) |
Address |
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Jigarkumar Sureshchandra SHAH |
Flat C, 22/F., Tower 5, The Greenwood (Phase 1), Laguna Verde, 8 Laguna
Verde Avenue, Kowloon, Hong Kong. |
(As per registry dated 13-07-2011)
|
Name |
Address |
Co. No. |
|
Top Establishment Ltd. |
Room 2207-2209, 22/F., Tower 2, Lippo Centre, 89 Queensway, Admiralty,
Hong Kong. |
0409655 |
The subject was incorporated on 13th July, 2010 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 diamonds and jewellery products, etc.
Employees: 2.
Commodities Imported: India, other Asian countries, etc.
Markets: Hong
Kong, Singapore, Southeast Asia, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
etc.
Nominal Share Capital: HK$12,480,000.00 (Divided into 12,480,000
shares of HK$1.00 each)
Issued Share Capital: HK$12,480,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 10,000.00 |
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31-03-2011 |
paid up |
HK$ 770,000.00 |
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14-03-2011 |
paid up |
HK$ 11,700,000.00 |
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Total: |
paid up |
HK$ 12,480,000.00 ============== |
Increase of Nominal Capital:-
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From |
HK$780,000.00 |
to |
HK$12,480,000.00 |
on |
14-03-2011 |
Profit or Loss: Too early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Too
early to comment.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 12,480,000 ordinary shares of HK$1.00 each, Dianco (HK)
Ltd. is wholly owned by Dianco Singapore Pte. Ltd. [Dianco] which is a
Singapore-based firm.
The managing director of the subject Mr. Jigarkumar Sureshchandra Shah
is a Hong Kong ID holder.
The subject is a polished diamond trader. Its range of polished diamonds encompasses a
variety of colours, clarities and carats.
It offers round brilliants from stars to pointers, in whites, spotted
whites. It also offers various types of
assortments with excellent grading and adequate volumes, along with GIA, IGI,
and HRD certified goods up to 3 carats in D to I colours with clarity ranging
from VVS to I3. Its products are
marketed in Hong Kong, and exported to Southeast Asia, the Middle East,
etc. Business is still under development.
Dianco is a marketing affiliate of D. Navinchandra Exports which was
established in 1970. Dianco has a direct
supply of rough diamonds from Rio Tinto, BHP and Alrosa. Along with the groups state of the art
manufacturing facilities in Surat makes Dianco the preferred supplier of
quality polished diamonds to reputed jewellery manufacturers the world
over. Diancos range of polished
diamonds encompasses a variety of colours and clarities. It offers round brilliants from half points
to pointers, in whites, spotted whites and top light browns. Like the subject, it also offers precise
assortments and adequate volumes, along with GIA, IGI, and HRD certified goods
up to 3 carats in D to I colours with clarity ranging from VVS to I3.
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 Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 16th to 20th February, 2012.
The history of the subject in Hong Kong is just over a year and six
months.
On the whole, consider it good for normal business engagements on L/C
basis.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.52.79 |
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1 |
Rs.85.17 |
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Euro |
1 |
Rs.69.53 |
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 SCs 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.