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Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
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Name : |
PAN PACIFIC DIAMONDS CO. LTD. |
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Registered Office : |
Room A5, 8/F., |
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Country : |
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Date of Incorporation : |
20.03.2006 |
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Com. Reg. No.: |
36573211 |
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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 : |
6. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 |
PAN PACIFIC
DIAMONDS CO. LTD.
Address:
Room A5, 8/F., Hung Fuk Factory Building,
60 Hung To Road, Kwun Tong,
Kowloon, Hong Kong.
(Formerly located at:
Room 203, 2/F., Oriental Centre,
67-71 Chatham South, Tsimshatsui,
Kowloon, Hong Kong.)
PHONE: 2868 2110
FAX: 2868 2199
Managing Director: Mr. Ri (or
Lee) Kei Jin
Incorporated on: 20th
March, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$30,000.00
Issued: HK$30,000.00
Business Category: Diamond Trader.
Employees:
6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room A5, 8/F., Hung Fuk Factory Building, 60 Hung To Road,
Kwun Tong, Kowloon, Hong Kong.
Associated Companies:-
Pan Pacific Dia Co. Ltd., Hong Kong.
[Dissolved]
Pan Pacific Diamonds (Shanghai) Co. Ltd., China.
36573211
1032007
Managing Director: Mr. Ri Kei Jin
Nominal Share Capital: HK$30,000.00 (Divided into 30,000 shares of
HK$1.00 each)
Issued Share Capital: HK$30,000.00
(As per registry dated 20-03-2011)
|
Name |
|
No. of shares |
|
RI Kei Jin |
|
30,000 ===== |
(As per registry dated 11-04-2011)
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Name (Nationality) |
Address |
|
RI Kei Jin |
Flat F, 8/F., Block 9, Villa Esplanda, Tsing Yi, New Territories,
Hong Kong. |
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Mutsuko IKUTANI |
1422-4-411, Nissato-Cho, Soka-Shi, Saitama, Japan. |
(As per registry dated 20-03-2011)
|
Name |
Address |
Co. No. |
|
Forever Corporate Consulting Ltd. |
Room A5, 8/F., Hung Fuk Factory Building, 60 Hung To Road, Kwun Tong,
Kowloon, Hong Kong. |
1330685 |
The subject was incorporated on 20th March, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 5/F., Li Dong Building, 7-11 Li Yuen
Street East, Central, Hong Kong, moved to Room 203, 2/F., Oriental Centre,
67-71 Chatham South, Tsimshatsui, Kowloon, Hong Kong in October 2009, and
further to the present address in March 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.
Employees: 6.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong
Kong, Japan, other Asian countries, Europe, Middle East, North America, Europe,
Australia, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$30,000.00 (Divided into 30,000 shares of
HK$1.00 each)
Issued Share Capital: HK$30,000.00
Mortgage or Charge:-
Date of Security
Over Deposits With the Bank Limited Company ‑ Under Seal: 30-08-2011
Amount: To secure all monies in respect of
banking facilities
Property: Initially HK$100,000.00 or equivalent
and all monies whether now or hereafter standing to the credit of the Company’s
deposit with the Bank under deposit number 808-213565-838 (0001)
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit in the past three years.
Condition: Keeping in a satisfactory manner.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Formerly Pan Pacific Diamonds Co. Ltd. was wholly-owned by
Mr. Masayuki Miyanaga who is a Japanese.
On 18th June, 2008, Masayuki Miyanaga transferred all his shares to Mr.
Ri (or Lee) Kei Jin who is a Japan passport holder. Now, Ri is also a Hong Kong ID Card holder and
has got the right to reside in Hong Kong permanently. The directors of the subject are Mr. Ri Kei
Jin and Mr. Mutsuko Ikutani. The latter
is a Japanese who is residing in Japan.
The subject moved to the present new address in March 2011. It had got an affiliated company Pan Pacific
Dia Co. Ltd. [PPDCL] formerly located at its operating address. PPDCL was previously known as Yosi Ueda
Diamond H.K. Ltd. [Yosi Ueda] which was incorporated on 7th July, 2004, name
changed to PPDCL on 29th November, 2007.
PPDCL was also operated by Mr. Ri Kei Jin. However, PPDCL was formally dissolved on 12th
March, 2010.
Yosi Ueda is still in Japan which is also trading diamonds. This firm has had its head office in Tokyo,
Japan since 1982.
The subject is engaged in manufacturing diamonds and provides customers
with 0.20 ct to 10.00 ct or above diamonds.
It has got factories for diamonds cutting and polishing both in China
and Israel. The subject is a loose
diamond importer, exporter and wholesaler.
Commodities are imported from India and European countries. After processing, finished products are
exported to China, Japan, other Asian countries, Europe, the Middle East, North
America, Europe, Australia, etc. It
seems that Japan is the prime market while the other prime market is China.
The subject has had an associated company in Shanghai known as Pan
Pacific Diamonds (Shanghai) Co. Ltd.
This firm is a member of Shanghai Diamond Exchange, China.
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 took part in
“Shenzhen International Jewellery Fair” in 2006. It took part in “The International Diamond Convention
& Expo 2010” which had been held in Wanchai, Hong Kong during 5th to 8th
January, 2010. It also took part in
“HKTDC Hong Kong International Jewellery Show 2010” which had been held in
Wanchai, Hong Kong during 5th to 9th March, 2010.
The latest one it took part was “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.
The subject’s business is chiefly handled by Ri Kei Jin himself. History in Hong Kong is over five years and
eleven months.
On the whole, consider the subject 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.36 |
|
|
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.