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Report Date : |
27.06.2012 |
IDENTIFICATION DETAILS
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Name : |
DIAMOND MINE CORPORATION LTD. |
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Registered Office : |
Flat D, 13/F., Block 13, Site 11, Bauhinia Mansions, 6 Tak Hong Street, Whampoa Garden, Hunghom, Kowloon |
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Country : |
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Date of Incorporation : |
02.10. 2003 |
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Com. Reg. No.: |
34086862 |
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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, precious stones, etc. |
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No. of Employees : |
1. (Including associate) |
RATING & COMMENTS
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MIRAs 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 : |
Small Company |
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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 |
DIAMOND MINE
CORPORATION LTD.
Address: Flat D, 13/F.,
Block 13, Site 11, Bauhinia Mansions,
6 Tak Hong
Street, Whampoa Garden, Hunghom,
Kowloon,
Hong Kong.
(Formerly located at:
Room 1316, 13/F., Peninsula Square,
18 Sung On Street, Hunghom,
Kowloon, Hong Kong. )
PHONE: 2739 1460
FAX: 2739 9200
E-MAIL: hongkong@sheetalgroup.com
Managing Director: Mr. Girish Vasharambhai
Bagadia
Incorporated on: 2nd
October, 2003.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 1. (Including associate)
Main Dealing Banker: Wing Lung Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Flat D, 13/F., Block 13, Site 11, Bauhinia Mansions, 6 Tak Hong Street,
Whampoa Garden, Hunghom, Kowloon, Hong Kong.
Associated Company:-
Belmark Diam Co., Hong Kong.
(Same address)
Affiliated Companies:-
Sheetal (Far East) Ltd., Hong Kong.
Sheetal Europe B.V.B.A., Belgium.
Sheetal Manufacturing Co. Pvt. Ltd., India.
34086862
0864105
Managing Director: Mr. Girish
Vasharambhai Bagadia
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 02-10-2011)
|
Name |
|
No. of shares |
|
Shital Girish BAGADIA |
|
10,000 ===== |
(As per registry dated 02-10-2011)
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Name (Nationality) |
Address |
|
Girish Vasharambhai BAGADIA |
Flat C, 22/F., Tower 5, The Greenwood (Phase 1), Laguna Verde, 8
Laguna Verde Avenue, Hunghom, Kowloon, Hong Kong. |
|
Shital Girish BAGADIA |
Flat C, 22/F., Tower 5, The Greenwood (Phase 1), Laguna Verde, 8 Laguna
Verde Avenue, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 02-10-2011)
|
Name |
Address |
Co. No. |
|
Vinford Ltd. |
Room 1707, 17/F., Wellborne Commercial Centre, |
0346328 |
The subject was incorporated on 2nd October, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room B-1, 9/F., Kimberley Mansion,
15 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to
Room 1316, 13/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon,
Hong Kong in August 2006 and further to the present address with effect
from 27th February, 2012.
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, precious stones, etc.
Employees: 1. (Including associate)
Commodities Imported: India, Canada, Russia, Australia, Belgium, other European
countries, etc.
Markets: Japan,
other Asian countries, Europe, Middle East, US, 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$10,000.00
Alternation of Capital:-
|
02-10-2003 |
paid up |
HK$ 2.00 |
|
17-06-2011 |
paid up |
HK$ 9,998.00 |
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Total: |
paid up |
HK$ 10,000.00 ============ |
Indebtedness: HK$2,720,054.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 02-10-2011)
Mortgage or Charge:-
Date of Mortgage:
12-07-2006
Amount: To secure general banking facilities
Property: 2,290/588,444th parts or shares of
and in Kowloon Inland Lot No. 10985 (Unit 16 on 13/F. of West Wing of Peninsula
Square, 18 Sung On Street, Kowloon, Hong Kong.)
Mortgagee: Wing Lung Bank Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition: Business
is rather active.
Facilities: Making
rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Wing
Lung Bank Ltd., Hong Kong.
Standing:
Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Diamond Mine
Corporation Ltd. is wholly-owned by Mr. Shital Girish Bagadia who is an
Indian. The directors of the subject are
Shital Girish Bagadia and Girish Vasharambhai Bagadia. Both are Hong Kong ID Card holders and have
got the right to reside in Hong Kong permanently.
The subject is a diamond importer, exporter and wholesaler. The subject has got an associated company Belmark
Diam Co. [Belmark] located at its operating address. Belmark, established on 18th March, 2004, is
owned and operated by Girish Vasharambhai Bagadia.
Indirectly, the subject also has had business ties with major diamond
mining companies and is able to provide clients with rough diamonds, and loose
diamonds with competitive prices.
The subject is trading in the following commodities: 3.12-carat diamond,
10.06-carat fancy diamond, diamond ring, etc.
Bearing the brand name of DIAMOND MINE, products are marketed
in Hong Kong, China and exported to foreign countries. The subject still has got business ties with
Sheetal Group which is in India. Annual
sales turnover is rather steady and significant.
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 2013 which will be
held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during
the period of 5th to 9th March, 2013.
The subject has had an affiliated company located at its old registered
address known as Sheetal (Far East) Ltd. [Sheetal] which is a Hong Kong-based
firm.
Also operated by the family of Bagadia, Sheetal is one of the leading
manufacturers of polished diamonds in the world. It procures diamonds from mining companies in
Canada, Russia, Africa and Australia.
Currently, the Sheetal Group employs over 5,000 workers.
The subject is wholly-owned by the Bagadia family. History in Hong Kong is over eight years.
On the whole, consider the subject good for normal business engagements.
Property information of
the company:-
Property
Location: Unit 16 on 13/F. of
West Wing, Peninsula Square,
18 Sung On Street, Kowloon, Hong Kong.
Owner: Diamond Mine Corporation
Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
12-07-2006 |
- |
Wing Lung Bank Ltd., Hong Kong. |
Mortgage to secure 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.07 |
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|
1 |
Rs.88.96 |
|
Euro |
1 |
Rs.71.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
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 SCs 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.