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Report Date : |
03.08.2012 |
IDENTIFICATION DETAILS
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Name : |
BRILLIANT
DIAMONDS LTD. |
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Registered Office : |
Room 906-907, 9/F., Stag Building, 148-150 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.12.2002 |
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Com. Reg. No.: |
33232361 |
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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 |
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No. of Employees : |
03 |
RATING & COMMENTS
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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 |
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Off-credit |
D |
BRILLIANT DIAMONDS LTD.
Room 906-907, 9/F., Stag Building, 148-150 Queen’s Road Central, Hong Kong.
PHONE: 2545 5886
FAX: 2815 4568
Managing Director: Ms. Lau Tsui Yan
Incorporated on: 18th December, 2002.
Organization: Private Limited Company.
Capital: Nominal: US$3,000,000.00
Issued: US$3,000,000.00
Business Category: Diamond Trader.
Employees: 3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 906-907, 9/F., Stag Building, 148-150 Queen’s Road Central, Hong Kong.
Holding Company:-
Pacific Regent Trading Ltd., British Virgin Islands.
33232361
0826413
Chief Executive Officer: Mr. Ivan Wong
Managing Director: Ms. Lau Tsui Yan
Nominal Share Capital: US$3,000,000.00 (Divided into 3,000,000 shares of US$1.00 each)
Issued Share Capital: US$3,000,000.00
(As per registry dated
02-01-2012)
|
Name |
|
No. of shares |
|
Pacific Regent Trading Ltd. Akara Building, 24 De Castro Street, Wickhams Cay 1, Road Town, Tortola, British Virgin Islands. |
|
3,000,000 ======= |
(As per registry
dated 18-12-2011)
|
Name (Nationality) |
Address |
|
Bhavik Jayesh SHAH |
Room 906-907, 9/F., Stag Building, 148-150 Queen’s Road Central, Hong Kong. |
|
LAU Tsui Yan |
Room 906-907, 9/F., Stag Building, 148-150 Queen’s Road Central, Hong Kong. |
(As per registry dated
18-12-2011)
|
Name |
Address |
Co.
No. |
|
Louis Lai Co. Secretarial Services Ltd. |
9/F., Surson Commercial Building, 140-142 Austin Road, Tsimshatsui, Kowloon, Hong Kong. |
0686503 |
The subject was incorporated on 18th December, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the registered office of the subject is in a secretarial service firm located at 9/F., Surson Commercial Building, 140-142 Austin Road, Tsimshatsui, Kowloon, Hong Kong known as Louis Lai Company Secretarial Services Ltd. [Louis Lai] which is handling its correspondences and documents. Louis Lai is an affiliated company of Fung & Pang CPA Ltd. which is an accountant firm. Louis Lai is also the corporate secretary of the subject. With effect from 1st June, 2010, the subject moved to the present address.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds.
Employees: 3.
Commodities Imported: India, etc.
Markets: Hong Kong, India, Dubai, US, etc.
Terms/Sales: L/C, 60-120 days credit, etc.
Terms/Buying: L/C, 90 days credit, etc.
Nominal Share Capital: US$3,000,000.00 (Divided into 3,000,000 shares of US$1.00 each)
Issued Share Capital: US$3,000,000.00
Profit or Loss: Operation conducted on a profitable basis.
Condition: Maintained in a normal manner.
Facilities: Is making use of general banking facilities.
Payment: Satisfactorily concluded.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Industrial
& Commercial Bank of China Ltd., Hong Kong Branch.
Standing: Normal.
Brilliant Diamonds Ltd. [BDL] was incorporated in Hong Kong on 18th December, 2002 as a private limited liability company. Since 2nd January, 2012, its nominal capital has been increased from US$100,000.00 to US$3,000,000.00; and issued capital from US$10,000.00 to US$3,000,000.00.
Presently, Pacific Regent Trading Ltd., a BVI-registered company owns 100% interest of BDL. Directorate consists Ms. Lau Tsui Yan and Mr. Bhavik Jayesh Shah. Ms. Lau is a Hong Kong businesswoman while Mr. Shah is an Indian of Hong Kong subject.
Louis Lai Company Secretarial Services Ltd. is registered as the corporate secretary of BDL.
BDL is dealing as a diamond trader and commission agent. The principal activity is engaged in the import, export and sale of various kinds of polished diamonds. Its diamonds are mainly sourced from India and partly from local dealers. Prime markets cover Hong Kong, India, Dubai, the US, etc. To cope with its expanding business, the company has increase its capital with sufficient fund.
Business is maintained in a progressive manner. We have found no derogatory information about the subject in our database.
The CEO of BDL, Mr. Ivan Wong is now out of town for business trip.
May be considered good for its normal business engagements.
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.55.78 |
|
UK Pound |
1 |
Rs.86.75 |
|
Euro |
1 |
Rs.68.32 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.