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Report Date : |
07.08.2012 |
IDENTIFICATION DETAILS
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Name : |
GREAT
DIAM (HK) LTD. |
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Registered Office : |
Room 1306, 13/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.06.2006 |
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Com. Reg. No.: |
36840731 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Supplier, Importer and Exporter of Diamond, jewellery, etc. |
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No. of Employees : |
05 |
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 |
GREAT DIAM
(HK) LTD.
Room 1306, 13/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2724 0870
FAX: 2724 0871
E-MAIL: greatdiamhk@hotmail.com
Managing Director: Mr. Bhavesh Parshottambhai Moradiya
Incorporated on: 7th June, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$2,350,000.00
Issued: HK$2,350,000.00
Business Category: Diamond Trader.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1306, 13/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Companies:-
· Great Diam Co. Ltd., Thailand.
Kuyumcu
Ticaret Ve Sanayi A.S., Turkey.
Param
Exports, India.
36840731
1050350
Managing Director: Mr. Bhavesh Parshottambhai Moradiya
Nominal Share Capital: HK$2,350,000.00 (Divided into 2,350,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,350,000.00
(As per registry
dated 07-06-2012)
|
Name |
|
No. of shares |
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Bhavesh Parshottambhai MORADIYA |
|
2,350,000 ======= |
(As per registry
dated 07-06-2012)
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Name (Nationality) |
Address |
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Bhavesh Parshottambhai MORADIYA |
Flat F, 11/F., Block B, 96 Granville Road, Hilton Towers, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated
07-06-2012)
|
Name |
Address |
Co.
No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong Kong. |
0113023 |
The subject was incorporated on 7th June, 2006 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: Supplier, Importer and Exporter.
Lines: Diamond, jewellery, etc.
Employees: 5.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: China, Hong Kong, Japan, Southeast Asia, Taiwan, North America and other Asian
Countries.
Terms/Sales L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$2,350,000.00 (Divided into 2,350,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,350,000.00
Alternation of
Capital:-
|
07-06-2006 |
paid up |
HK$ 1.00 |
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11-09-2008 |
paid up |
HK$ 2,349,999.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 2,350,000.00 ============== |
Increase of
Nominal Capital:-
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From |
HK$10,000.00 |
to |
HK$2,350,000.00 |
on |
11-09-2008 |
Indebtedness: HK$4,749,563,00 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 07-06-2012)
Mortgage or Charge: (See attachment)
Profit or Loss: Profitable operation is recorded.
Condition: Business remain normal.
Facilities: Making active use of general banking facilities.
Payment: Satisfactorily concluded.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Great Diam (HK) Ltd. [GDHK] was incorporated in Hong Kong on 7th June, 2006 as a private limited liability company. With a nominal and issued capital of HK$2,350,000.00, the subject was solely owned by Mr. Bhavesh Parshottambhai Moradiya.
On 15th July, 2011, Mr. Moradiya once sold 70% of his interests on GDHK to Mr. Ashish Damjibhai Donda. However, the 70% stake had transferred back to Mr. Moradiya on 12th August, 2011.
Mr. Moradiya is an Indian merchant formerly resided in Gujarat, India. He has obtained a Hong Kong Identity Card and has become a legal Hong Kong citizen.
GDHK is a Hong Kong-based company originally established in 1995. It is a family-run business that is known for over a decade in the international diamond and jewelry industry for its passion and excellence. Its diamonds have an unmatched tradition of quality and beauty and are hand selected to assure their extraordinary features.
GDHK is a supplier, importer and exporter of a versatile range of diamonds in a wide variety like rose cut diamonds, round cut heart, rose cut round, rose cut pears, rose cut oval, rose cut marquise, fancy cut and fancy colour diamonds, pear cut, oval cut, heart cut, radiant shape, cushion shape, marquise cut, old mine cut, brilliant cut, etc. GDHK has a wide variety of diamonds certified by genuine institutes like GIA and IGI.
GDHK imports the diamonds from its main supply units at India and exports the same in various world markets including Hong Kong, China, Japan, Southeast Asia, Taiwan, North America, and other Asian countries.
In addition, GDHK also maintains affiliated companies in Bangkok, Antwerp, India and Istanbul (Turkey).
Business is kept in a normal manner. We have found no derogatory information about the subject in our database.
The Managing Director, Mr. Moradiya has good experience in this line of business for many years. He undertakes the daily management of the company.
We consider the company good for its normal business engagements.
REMARKS:
Court Cases: None per our.
Property information of the company:-
Property Location: Flat F, 11/F., 96 Granville Road, Kowloon, Hong Kong.
Owner: Great Diam (HK) 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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30-09-2011 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
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Date |
Particulars |
Amount |
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21-09-2011 |
Instrument: Assignment of Life Insurance Property: All the Assignor’s claims and benefit the Insurance. Insurance Policy Number: 28004351-50 Name of Insurance Company: HSBC Life (International) Ltd. Name of the Insured: Bhavesh Parshottambhai MORADIYA Details of Assignor/Policy Owner:- Name: Great Diam (HK) Ltd. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All monies and liabilities owing by the Assignor to the Bank (ii) Interest on such monies (iii) All monies paid by the Bank in respect of the Policy (iv) All expenses of the Bank |
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23-09-2011 |
Instrument: Security over Deposits with the Bank Property: HK$500,000 standing to the credit of the Company’s deposit with the Bank under deposit number 817-032048 Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure “all monies” |
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23-09-2011 |
Instrument: Debenture Property: (a) By way of first fixed charge (b) By way of floating charge all the undertaking of the Company and all its property Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All monies and liabilities incurred by the Company to the Bank |
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30-09-2011 |
Instrument: Mortgage Property: 15/4,960th parts or shares of and in K.I.L. No. 10602 (Flat F, 11/F., 96 Granville Road, Kowloon, Hong Kong) Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure “all monies” in respect of general banking facilities |
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 |
|
US Dollar |
1 |
Rs.55.47 |
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UK Pound |
1 |
Rs.86.60 |
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Euro |
1 |
Rs.68.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.