|
Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
FINE DIAMOND (HK) LTD. |
|
|
|
|
Registered Office : |
Flat D, 12/F., Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
19.02.1991 |
|
|
|
|
Com. Reg. No.: |
14285783 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Re-exporter of all kinds of diamonds, jewellery and precious stones. |
|
|
|
|
No. of Employees : |
4 |
RATING & COMMENTS
|
MIRAs 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 30, 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 |
FINE DIAMOND
(HK) LTD.
ADDRESS: Flat D, 12/F., Cameron
Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2739 1022, 2739 1077
FAX: 2311 3810
E-MAIL: fineaj@netvigator.com
Managing Director: Mr. Alpesh
Shantichand Jhaveri
Incorporated on: 19th
February, 1991.
Organization: Private
Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Diamond Trader.
Employees:
4.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Flat D, 12/F., Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
14285783
0299955
Managing Director: Mr. Alpesh
Shantichand Jhaveri
Contact Person: Mr. Mohamed Noohu
Nominal Share Capital: HK$3,000,000.00 (Divided into 300,000 shares of
HK$10.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry dated 19-02-2011)
|
Name |
|
No. of shares |
|
Alpesh Shantichand JHAVERI |
|
180,000 |
|
Poorvi Alpesh JHAVERI |
|
120,000 |
|
|
|
|
|
|
Total: |
300,000 ====== |
(As per registry dated 19-02-2011)
|
Name (Nationality) |
Address |
|
Alpesh Shantichand JHAVERI |
Flat 1203, 12/F., Kiu Fung Mansion, 18 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
|
Poorvi Alpesh JHAVERI |
Flat 1203, 12/F., Kiu Fung Mansion, 18 Austin Avenue, Tsimshatsui,
Kowloon, Hong Kong. |
(As per registry dated 19-02-2011)
|
Name |
Address |
Co. No. |
|
Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan,
Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 19th February, 1991 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
and Re-exporter.
Lines: All
kinds of diamonds, jewellery and precious stones.
Employees: 4.
Commodities Imported: Imported from Belgium, India, etc.
Markets: Southeast
Asia, Europe, USA, Middle East, etc.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
Nominal Share Capital: HK$3,000,000.00
(Divided into 300,000 shares of HK$10.00 each)
Issued Share Capital: HK$3,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 100,000.00 |
|
26-10-2007 |
paid up |
HK$ 2,900,000.00 |
|
|
|
|
|
Total: |
paid up |
HK$ 3,000,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$100,000.00 |
to |
HK$3,000,000.00 |
on |
26-10-2007 |
Mortgage or Charge:-
Date of Charge Over Deposits CD 1
(09a): 07-01-2010
Amount: To
secure the payment or discharge of all moneys, obligations and liabilities,
whether actual or contingent at the date of the Charge or at any time after the
date thereof, due, owing or incurred by the Company to Standard Chartered Bank
(Hong Kong) Ltd.
Property: 1) By fixed Charge: all the Companys rights in respect of (i)
the sum deposited by the Company; and (ii) all other sums in any currency from
time to time standing to the credit of the Company or the credit of any other
person for the Companys benefit whether alone or jointly with others, on any
deposit account with the Bank or any other SCB Group Company including
additions to or renewals or replacements of such sum; and all interest from
time to time accruing or payable on the sums specified in (i) and (ii) above;
2) By
assignment: all Deposits held with any
SCB Group Company
Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Profit or Loss: Business is profitable.
Condition: Keeping
in an active and satisfactory condition.
Facilities: Making
active use of general banking facilities.
Payment:
Met trade commitments as
contracted.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
The Royal Bank of Scotland N.V.,
Hong Kong Branch.
Standing:
Good.
Having issued 300,000 ordinary shares of HK$10.00 each, Fine Diamond
(HK) Ltd. is jointly owned by two Indian, Mr. Alpesh Shantichand Jhaveri,
holding 60% interests; and Mr. Poorvi Alpesh Jhaveri, holding 40%. Believed to be the members of the same
family, the two Mr. Jhaveris have been in Hong Kong for a very long time
and each of them has got a Hong Kong ID Card and has got the right to
reside in Hong Kong permanently.
The subject is trading in loose, polished and cut diamonds, gemstones,
etc. These include carat size diamonds,
fancy diamonds, etc. Commodities, mostly
fancy cut diamonds, are mainly imported from Belgium, Israel and India. However, India is the principal supplying
country. The subject has had a number of
suppliers in India.
The subject also trades in the following pearls: Akoya Pearl, South Sea
Pearl, Tahitian Pearl, Black Pearl, etc.
It is specialized in round, princess, tapper, marques, emerald, pear,
heart and single cut diamonds. Imported
products are re-exported to worldwide countries while the prime markets are the
United States, Japan, Southeast Asia, other Asian countries, the Middle East,
Europe, etc. Main customers are diamond
brokers, diamond wholesalers and jewellery manufacturers. Size of diamonds supplied range from 0.005
carat to 5.000 carats. It focuses on I
to L, M, N colours including brown as well as treated colour diamonds. Business has been active and steady.
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
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. Besides, 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 annual sales turnover of the subject is very significant. Business is profitable. Regular customers and suppliers have been
maintained.
The contact person of the subject Mr. Mohamed Noohu is also an Indian.
On the whole, having a history of over twenty-one years and a month, the
subject is considered good for normal business engagements.
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.50.12 |
|
|
1 |
Rs.79.37 |
|
Euro |
1 |
Rs.66.00 |
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 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.