MIRA INFORM REPORT

 

 

Report Date :           

03.01.2012

 

IDENTIFICATION DETAILS

 

Name :

DIAGLOBE  (HK)

 

 

Registered Office :

Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

20.03.2000

 

 

Com. Reg. No.:

30791742-002-03

 

 

Legal Form :

Sole Ownership

 

 

Line of Business :

Importer and Exporter of all kinds of diamonds and jewellery products, gold and silver products, precious stones, etc.

 

 

No. of Employees :

16.  (Including Sole Owner and sister companies)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

DIAGLOBE  (HK)

 

 

Company ADDRESS

 

Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

PHONE:            2209 6600,  2723 0237

FAX:                 2209 6620,  2739 3132

E-MAIL:                        facets@diasqua.net

 

 

MANAGEMENT

 

Manager:  Mr. Nimesh Piyush Mehta

 

 

SUMMARY

 

Establishment:                          20th March, 2000.

 

Organization:                 Sole Ownership.

 

Capital:                         Provided by Sole Owner.

 

Business Category:        Diamond Trader.

 

Employees:                   16.  (Including Sole Owner and sister companies)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Head Office:-

Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

 

Operated by:-

Diasqua International Ltd., Hong Kong.  (See attachment)

 

Sister Companies:-

Diajewel (HK), Hong Kong.

[Established on 17-05-2000 bearing BR No. 30791742-003-03]

Diasqua (HK), Hong Kong.

[Established on 20-03-2000 bearing BR No. 30791742-001-03]

 

Associated Companies:-

Diasqua Group of Companies

·         Billion City (H.K.) Ltd., Hong Kong.  [Trading as Diafuego]

·         Diaglobe BVBA, Belgium.

·         Diaglobe Inc., USA.

·         Diasqua (Pacific) Pty. Ltd., Australia.

·         Diasqua (Thailand) Co. Ltd., Thailand.

·         Diasqua Impex Pte. Ltd., Singapore.

·         Diasqua Inc., USA.

·         Diasqua India Pvt. Ltd., India.

·         Diasqua International Ltd., Taiwan Branch.

·         Diasqua Middle East LLC, UAE.

·         Diasqua Nippon Co. Ltd., Japan.

·         Diasqua Singapore Pte. Ltd., Singapore.

·         Pretty Jewellery International Ltd., Hong Kong.

etc.

 

Affiliated Companies:-

Prism Group of Companies

·         Anand Enternational, India.

·         Colo Jewellery Company, Hong Kong.

·         Prism (USA) Inc, USA.

·         Prism Diamond Co. Ltd., Thailand.

·         Prism International, India.

·         Prism Jewellery Company, Hong Kong.

·         Prismdia Ltd., Hong Kong.

etc.

 

 

BUSINESS REGISTRATION NUMBER

 

30791742-002-03

 

MANAGEMENT

 

·         Manager:  Mr. Nimesh Piyush Mehta

·         Contact Person:  Mr. Lensy Leung

 

 

SOLE OWNER

 

Diasqua International Ltd., Hong Kong.

 

 

HISTORY

 

The subject was established on 20th March, 2000 as a sole ownership firm with Diasqua International Ltd. as the proprietor under the Hong Kong Business Registration Regulations.

Originally the subject was registered under the name of Diaglobe, name changed to the present style on 7th April, 2000.

Initially the subject was located at Room 706, 7/F., Carnarvon Plaza, 20 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in September 2004.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer and Exporter.

 

Lines:                           All kinds of diamonds and jewellery products, gold and silver products, precious stones,

etc.

 

Employees:                   16.  (Including Sole Owner and sister companies)

 

Materials/Commodities:  Imported from India, Belgium, Israel, other European countries, etc.

 

Markets:                       Japan, India, other Asian countries, the Middle East, etc.

 

Terms/Sales:                 L/C, T/T, D/P, etc.

 

Terms/Buying:               /C, T/T, D/P, etc.

 

MEMBERSHIP

 

·         Hong Kong Garment Manufacturers Association Ltd., Hong Kong.
[Under the name of Diasqua International Ltd.]

·         Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
[Under the name of Diasqua (HK)]

 

 

FINANCIAL INFORMATION

 

Capital:                         Provided by Sole Owner.

 

Profit or Loss:                Sole Owner makes a small profit every year.

 

Condition:                      Keeping in an active state.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments on time.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Diaglobe (HK) is operated by Diasqua International Ltd. [Diasqua Intl] which is a Hong Kong-registered firm located at the same operating address as the subject.

The subject is a member of the Diasqua Group.  It is trading in fancy diamonds, certificated diamonds, etc.  The manager of the subject is Mr. Nimesh Piyush Mehta.

Incorporated on 20th March, 2000, Diasqua Intl is wholly-owned by the Mehta family.  Having issued 55 million ordinary shares of HK$1.00 each, Diasqua Intl is jointly owned by Mr. Nimesh Piyush Mehta, holding 35 million shares which account for 63.6%; and Mr. Romy Piyush Mehta, holding 20 million shares, account for 36.4%.

The Diasqua Group is trading in diamonds, gems and jewellery.  It is operated by three generations of the Mehta family.  Today its core business involves in sourcing, distributing and marketing of an extensive range of polished diamonds.

For more than seventy years, the Group’s skills and reputation have passed from generation to generation each driven by a passion for diamonds and zeal for enterprise.  Over the past years, the Group has developed strong business ties with its customers, suppliers and business associates.

With humble beginnings in Madras (now known as “Chennai”) dating back to 1933, the Group’s global marketing network has extended to twelve offices in ten countries.  It is engaged in diamond studded jewellery trading in 1998.

In 2000, the Group set up its first venture in the Southern Hemisphere-Diasqua Pacific Pty. Ltd. in Sydney, Australia.  In 2003, Diasqua Middle East at Dubai incorporated, operations started in August, the same year.  In 2006, Diasqua India Pvt. Ltd. was established in India.

The subject is fully supported by the Group.  The turnover of the Group is very significant.

The trade names of Diasqua Intl are:-

Diaglobe (HK) – the subject

Diajewel (HK)

Diasqua (HK)

Located at the same address, the subject has had sister companies Diasqua (HK) and Diajewel (HK) operated by the same family.

The global networks of the Diasqua Group are set up in New York, London, Antwerp, Dubai, Mumbai, Hong Kong, Bangkok, Taipei, Tokyo, Singapore, Sydney, etc.

The Group’s India firm Diasqua India Pvt. Ltd. was established in 2006.

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 contact person of the subject Mr. Lensy Leung is a Hongkongnese.

The history of the subject in Hong Kong is over eleven years and nine months.

On the whole, consider the subject good for normal business engagements.

 

Company name

 

DIASQUA  INTERNATIONAL  LTD.

[Trading as: DIASQUA (HK), DIAGLOBE (HK) and DIAJEWEL (HK)]

 

 

Company ADDRESS

 

Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

30791742

 

 

COMPANY FILE NUMBER

 

0709126

 

 

DATE OF INCORPORATION

 

20th March, 2000.

 

 

CAPITAL

 

Nominal Share Capital:               HK$90,000,000.00 (Divided into 90,000,000 shares of HK$1.00 each)

 

Issued Share Capital:                 HK$90,000,000.00

 

 

SHAREHOLDERS

(As per registry dated 20-03-2011)

 

Name

 

No. of shares

Nimesh Piyush MEHTA

 

70,000,000

Romy Piyush MEHTA

 

20,000,000

 

 

–––––––––

 

Total:

90,000,000

========

DIRECTORS

(As per registry dated 02-12-2011)

 

Name

(Nationality)

 

Address

Nimesh Piyush MEHTA

Flat B2, 20/F., Greenfield Terrace, 26 Ho Man Tin Hill Road, Kowloon, Hong Kong.

 

Romy Piyush MEHTA

Flat 16B & C, 16/F., Block 3, Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong Kong.

 

 

SECRETARY 

(As per registry dated 20-03-2011)

 

Name

Address

Co. No.

First Island Secretaries Ltd.

Room 905, 9/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

0049295

 

 

INDEBTEDNESS

 

HK$304,889,205.00

(Total amount outstanding on all mortgages and charges as per last Annual Return dated 20-03-2011)

 

DIAMOND INDUSTRY – INDIA

 

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.

-          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.53.30

UK Pound

1

Rs.82.66

Euro

1

Rs.68.91

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.