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Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
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Name : |
VENUE
JEWELS (HK) LTD. |
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Formerly Known As : |
Prestige Diamonds
Ltd. |
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Registered Office : |
Room 1101-1102, 11/F., Cammer Commercial Building, 30-32 Cameron Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.01.2011 |
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Com. Reg. No.: |
53684095 |
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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, etc. |
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No. of Employees : |
04 (Including
associates in Hong Kong) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 |
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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 |
VENUS JEWELS (HK) LTD.
Room 1101-1102, 11/F., Cammer Commercial Building, 30-32 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2721 4200
FAX: 2316 7695
E-MAIL: venusjewels@hotmail.com
Managing Director: Mr. Hamesh Bhagchand Seth
Incorporated on: 25th January, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Jewellery Trader.
Employees: 4. (Including associates in Hong Kong)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1101-1102, 11/F., Cammer Commercial Building, 30-32 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
China Factory:-
6/F., 46 Yin Jian Road, Daluo Tang Shiqiao 511400, Panyu, Guangzhou, Guangdong Province, China.
[Tel: 86-20-3480 6750; Fax: 86-20-3480 6760]
Holding Company:-
Excellent Diamonds Ltd., Hong Kong.
[Formerly known as Venus Jewels (HK) Ltd.]
Affiliated/Associated
Companies:- (Same address)
Golden Dragon Jewellery Co., Hong Kong.
Mercury Impex, Hong Kong.
Princess Jewellery Co., Hong Kong.
53684095
1555504
Managing Director: Mr. Hamesh Bhagchand Seth
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 25-01-2012)
|
Name |
|
No. of shares |
|
Excellent Diamonds Ltd., Hong Kong [Formerly known as Venus Jewels (HK) Ltd.] |
|
10,000 ===== |
(As per registry dated
25-01-2012)
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Name (Nationality) |
Address |
|
Hamesh Bhagchand SETH |
Flat A1-A5, 16/F., Portion No. 83, Main Roof, Hankow Centre, Tsimshatsui, Kowloon, Hong Kong. |
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Gorabh Vinodkumar JAIN |
203 Jogani Apartments, Doongershi Road, Malabar Hill, Mumbai-6, M.S., India. |
|
Seema SETH |
Flat A1-A5, 16/F., Portion No. 83, Main Roof, Hankow Centre, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 25-01-2012)
|
Name |
Address |
Co.
No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial
Centre, |
0113023 |
The subject was incorporated on 25th January, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Excellent Diamonds Ltd., name changed to Prestige Diamonds Ltd. on 17th March, 2011, and further to the present style on 6th April, 2011.
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, etc.
Employees: 4. (Including associates in Hong Kong)
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, Japan, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Making a small profit in 2011.
Condition: Business is improving.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Venus Jewels (HK) Ltd. has issued 10,000 ordinary shares of HK$1.00 each. It is a wholly-owned subsidiary of Excellent Diamonds Ltd. [Excellent Diamonds], a Hong Kong-registered firm located at the same operating address. The directors of the subject are Mr. Hamesh Bhagchand Seth, Mr. Gorahb Vinodkumar Jain and Mr. Seema Seth. All the directors are Indian while the first and third are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.
Having issued 1,702,000 ordinary shares of HK$10.00 each and incorporated on 6th August, 2003, Excellent Diamonds is equally owned by Mr. Saurabh Parekh and Mr. Hamesh Bhagchand Seth. Excellent Diamonds formerly was also known as Venus Jewels (HK) Ltd., name changed to the present style on 28th March, 2011. The subject and Excellent Diamonds are engaged in the same lines of business.
The subject is a diamond importer, exporter and wholesaler. Products include single cuts, full cuts and fancy shapes — such as princess, baguettes, marquise, pearl, oval, emerald and heart. It also trades in all kinds of loose diamonds, carat-size diamonds, etc. Products are imported from India, Belgium and other European countries. Finished products are marketed in Hong Kong, exported to Asian countries and Europe, etc.
The subject has got an affiliated factory in Panyu, Guangzhou, Guangdong Province, China. This factory supplies the subject and Excellent Diamonds with all kinds of jewellery products.
In order to penetrate the international market further, Excellent Diamonds has taken part in fairs and exhibitions held in Hong Kong and other foreign countries such as Vietnam. For instance, it took part in “HKTDC Hong Kong International Jewellery Show 2012” which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 16th to 20th February, 2012.
It is going to take part in “HKTDC Hong Kong International Jewellery Show 2013” which will be held in the same venue during the period of 5th to 9th March, 2013.
The history of the subject in Hong Kong is over a year and seven months, on the whole, consider it good for normal business engagements in small credit amounts.
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.55.19 |
|
UK Pound |
1 |
Rs.87.65 |
|
Euro |
1 |
Rs.69.16 |
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 |
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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 |
|
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 |
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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 |
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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.