MIRA INFORM REPORT
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Report Date : |
28.02.2012 |
IDENTIFICATION DETAILS
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Name : |
TWINKLEDIAM
HONG KONG LTD. |
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Registered Office : |
Unit A, 9/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.10.1996 |
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Com. Reg. No.: |
20353241 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of jewellery products |
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No. of Employees
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04 |
RATING & COMMENTS
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MIRA’s 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 : |
Moderate |
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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 30th, 2011
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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 |
TWINKLEDIAM HONG KONG
LTD.
Unit A, 9/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2739 1001
FAX: 2739 1011
E-MAIL: twinklehongkong@msureshco.com
Managing Director: Mr. Darsan Jitendra Jhaveri
Incorporated on: 31st October, 1996.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$500,000.00
Business Category: Diamond Trader.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit A, 9/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Company:-
M. Suresh Co. Private Ltd., India.
20353241
0572594
Managing Director: Mr. Darsan Jitendra Jhaveri
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry
dated 31-10-2011)
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Name |
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No. of shares |
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Vijaykumar Chunilal ADANI |
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450,000 |
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Nilesh R. PETHANI |
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40,000 |
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Darsan Jitendra JHAVERI |
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10,000 |
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––––––– |
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Total: |
500,000 ====== |
(As per registry
dated 31-10-2011)
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Name (Nationality) |
Address |
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Darsan Jitendra JHAVERI |
Flat A, 17/F., Block 1, Carmen’s Garden, 9 Cox’s Road, Yau Ma Tei, Kowloon, Hong Kong. |
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Nilesh R. PETHANI |
Quinten Matsuslei 17/18, 2018 Antwerpen, Belgium. |
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Vijaykumar Chunilal ADANI |
203, Dharam Palace, Mr. Umra Jakat, AT Mak Athwaline, Surat Gujarat, India. |
(As per registry
dated 31-10-2011)
|
Name |
Address |
Co.
No. |
|
Pan Talent Ltd. |
Room 2105, 21/F., Office Tower, Langham Place, 8 Argyle Street, Mongkok, Kowloon, Hong Kong. |
0603098 |
The subject was incorporated on 31st October, 1996 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 jewellery products.
Employees: 4.
Commodities Imported: India, Belgium, Israel, Thailand, etc.
Markets: Asian countries, Middle East, Europe, North America, etc.
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active condition.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· ABN AMRO Bank N.V., Hong Kong Branch.
Standing: Normal.
Having issued 500,000 ordinary shares of HK$1.00 each, Twinklediam Hong Kong Ltd. is jointly owned by Mr. Darsan Jitendra Jhaveri, holding 2% interests; Mr. Nilesh R. Pethani, holding 8%; and Mr. Vijaykumar Chunilal Adani, 90%. Pethani and Adani are India passport holders. Currently the former is residing in Antwerpen, Belgium while the latter, residing in India.
The subject is a diamond importer, exporter and wholesaler. It is an associated company of M. Suresh Co. Private Ltd. [Suresh] which is an India‑based firm. The subject is trading in Suresh’s products. The followings are its main commodities carried:-
· White Brilliant Diamonds in sizes ranging from 0.005 point to 2.00 carats:
o TTLB Diamonds
o TTLC Diamonds
· Fancy Cut Diamonds
o Emerald
o Marquise
o Princess
o Oval
o Pear
o Heart
Suresh is the flagship firm of the M. Suresh Group — a leading business group that has been building a strong global presence in the jewellery business. Suresh has been a leading diamond manufacturer, importer and exporter of cut and polished diamonds since 1968. Presently, it exports jewellery products to the United States, Europe, Japan, Southeast Asia, Israel, the United Arab Emirates and Canada.
Suresh has been an Indian Government recognized trading house and the Diamond Trading Company [DTC] Sight holder since 1993. This company is known for its “flawless cut, consistency in assortment and for its commitment to stringent product quality”.
Concentrating on the core strengths of rough diamond sales, diamond cutting and polishing, polished diamond sales and diamond jewellery manufacture and supply, Suresh has set up four divisions. These divisions have developed closed business ties with a number of customers in diamond community throughout the world.
Suresh has completed the integration of purchasing, manufacturing, marketing and sales. Programs for continued improvement in its manufacturing facilities – both in the use of technology and the training of its workers – are playing important roles in the firm.
Suresh has had diamond-processing units at Mumbai and Surat of India which provide approximately 70% of requirements. It also has in place contractual arrangements with about 50 contractors in Surat and Mumbai, most of work exclusively for the firm. Suresh provides direct employment to 2,000 employees.
Besides the subject, Suresh has set up associated companies in the United States, Belgium and Israel. Suresh may be one of the main suppliers in India of the subject.
The subject is also a DTC Sight holder of De Beers. Worldwide it is known as Twinklediam. In India, it is one of the largest DTC Sight Holders. It is in the “PPP category” in De Beers group.
The subject’s business is chiefly handled by Mr. Darsan Jitendra Jhaveri who is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject also has offices at Mumbai and Surat in India, Antwerp in Belgium, Ramat-Gan in Israel, and New York in the United States.
Twinklediam has factories in various locations in India. Recently it has started a new factory where its cuts diamonds in size 0.50 and above. Twinklediam is one of the biggest manufacturers in India for +11 and above size up to 2.00 carats. It is specialized in rounds and marquise and it also manufactures various other fancy cuts.
The subject is fully supported by Suresh.
The history of the subject in Hong Kong is over fifteen years and two months. Business is active. On the whole, consider it good for 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.05 |
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UK Pound |
1 |
Rs.77.78 |
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Euro |
1 |
Rs.65.89 |
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.