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Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
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Name : |
BLUE DIAM COMPANY |
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Registered Office : |
Flat E2, 6/F., Kaiser Estate, Phase 1, |
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Country : |
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Date of Incorporation : |
16.08.1994 |
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Com. Reg. No.: |
16085448-001-07 |
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Legal Form : |
Sole Ownership. |
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Line of Business : |
Importer, Exporter and Wholesaler of all Kinds of Diamond and Jewellery Products. |
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No. of Employees : |
6. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BLUE
DIAM COMPANY
Flat
E2, 6/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom, Kowloon, Hong
Kong.
PHONE: 2369 3197, 2366 0727
FAX: 2369 3221
E-MAIL: bluediam@netvigator.com
Manager: Mr. Nareshkumar Maneklal Shah
Establishment: 16th August, 1994.
Organization: Sole Ownership.
Capital: Provided by Sole Owner.
Business Category: Diamond Trader.
Annual Sales Turnover: US$7-10 million.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
BLUE
DIAM COMPANY
Head Office:-
Flat
E2, 6/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom, Kowloon, Hong
Kong.
P.O.
Box 96526, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Operated by:-
Worldata
Investment Ltd., Hong Kong. (See
attachment)
16085448-001-07
Manager: Mr. Nareshkumar
Maneklal Shah
Contact
Person: Ms. Woo
Worldata
Investment Ltd., Hong Kong.
The subject was established on 16th August, 1994 as a sole ownership
firm with Worldata Investment Ltd. as the proprietor under the Hong Kong
Business Registration Regulations.
At the very beginning, the subject was located at Flat 2, 13/F.,
Star Mansion, 3 Minden Road, Tsimshatsui, Kowloon, Hong Kong, moved to Flat G,
3/F., Windsor Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong in
August 1995; to Room 701, 7/F., New Landwide Commercial Building,
73 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong in August 1996; to Flat
E, 6/F., Cameron Plaza, 23-25 Cameron Road, Tsimshatsui, Kowloon, Hong Kong in
July 1999; and moved further to the present address in July 2007.
Apart from these, neither material change nor amendment has been
ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamond and jewellery products.
Employees: 6.
Commodities Imported: India, other Asian countries, Belgium, other European countries, etc.
Markets: Japan, other Asian countries, the Middle East, Central and South America, etc.
Annual Sales Turnover: US$7-10 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Provided by Sole Owner.
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Antwerpse Diamantbank NV, Belgium.
Standing: Normal.
Blue Diam Company is wholly-owned and operated by Worldata
Investment Ltd. [Worldata] which is a Hong Kong-registered firm located at the operating
address of the subject.
The subject is a diamond importer, exporter and wholesaler. It is engaged in manufacturing loose diamonds
and round diamonds like marquise, pears, tappers, buggets and rose cut
diamonds. Other products include diamond
gold jewellery and diamond platinum jewellery.
The subject’s diamonds carried bear the following specifications:-
·
Clarity — VVS2, VS1,
SI1
·
Colour — F, G, H
·
Size — 1 ct.~0.5 ct,
0.5 ct~0.2 ct
Rough, cut or polished diamonds are imported from India, other
Asian countries, Belgium or other European countries. After processing in Hong Kong or China,
commodities are exported to Japan, other Asian countries, the Middle East,
Central and South America, etc. Overall
business is satisfactory. Regular
suppliers and customers have been maintained.
Worldata was incorporated on 2nd July, 1991 and jointly owned by
Mr. Nareshkumar Maneklal Shah, holding 59.9% interests, and Mr. Naitik
Mukesh Shah, holding 40.1%. Both of them
are India passport holders and currently residing in Hong Kong. Worldata is owned by the Shah family and has
had close business ties with those jewellery trades in UAE.
The contact person of the subject Ms. Woo is a Hongkongnese.
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 annual sales turnover of the subject ranges from US$7 to 10
million. Making a small profit every
year.
The subject is fully supported by Worldata.
As the history of Worldata in Hong Kong is over twenty years and
eight months, on the whole, consider it good for normal business engagements.
WORLDATA INVESTMENT LTD.
(Trading
as BLUE DIAM COMPANY)
Flat E2,
6/F., Kaiser Estate, Phase 1, 41 Man Yue Street, Hunghom, Kowloon, Hong Kong.
16085448-000-07
0316294
2nd
July, 1991.
Nominal
Share Capital: HK$32,550,000.00 (Divided into 32,550,000 shares of HK$1.00
each)
Issued
Share Capital: HK$32,535,136.00
(As per registry dated 02-07-2011)
|
Name |
|
No. of shares |
|
Nareshkumar Maneklal SHAH |
|
19,500,009 |
|
Naitik Mukesh SHAH |
|
13,035,127 |
|
|
|
––––––––– |
|
|
Total: |
32,535,136 ======== |
(As per registry dated 02-07-2011)
|
Name (Nationality) |
Address |
|
Naitik
Mukesh SHAH |
Flat C, 5/F., Winston Mansion,
121-123 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
|
Nareshkumar
Maneklal SHAH |
Flat C, 5/F., Winston Mansion,
121-123 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 02-07-2011)
|
Name |
Address |
Co. No. |
|
Kingspeed Consultants Ltd. |
Unit A, 10/F., TAL Building, 49 Austin Road, Jordan,
Kowloon, Hong Kong. |
0229410 |
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.
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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.
-
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.50.90 |
|
|
1 |
Rs.80.77 |
|
Euro |
1 |
Rs.67.40 |
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.