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Report Date : |
24.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
DIASQUA INTERNATIONAL LTD. |
|
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Registered Office : |
Room 401-402, 4/F., Guardforce Centre, |
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Country : |
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Date of Incorporation : |
20.03.2000 |
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Com. Reg. No.: |
30791742 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of diamonds and jewellery products, gold and silver products, precious stones, etc. |
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No. of Employees : |
16. (Including subsidiaries and associates) |
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 |
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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 |
DIASQUA INTERNATIONAL
LTD.
[Business names: DIASQUA (HK), DIAGLOBE (HK) and DIAJEWEL (HK)]
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.com
ashit@diasqua.net
Managing Director: Mr. Nimesh
Piyush Mehta
Incorporated on: 20th
March, 2000.
Organization: Private
Limited Company.
Capital: Nominal: HK$90,000,000.00
Issued: HK$90,000,000.00
Business Category: Diamond Trader.
Employees:
16. (Including subsidiaries and associates)
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong.
Business Names:- (Same address)
Diasqua (HK), Hong Kong.
[Established on 20-03-2000 bearing BR No. 30791742-001-03]
Diaglobe (HK), Hong Kong.
[Established on 20-03-2000 bearing BR No. 30791742-002-03]
Diajewel (HK), Hong Kong.
[Established on 17-05-2000 bearing BR No. 30791742-003-03]
Associated Companies:-
Diasqua Group of Companies
Billion City (H.K.) Ltd., Hong Kong.
[Trading as “Diafuego”]
Diafuego, Belgium.
Diaglobe BVBA, Belgium.
Diaglobe Inc., USA.
Diamond Dealers HK Ltd., Hong Kong.
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.
30791742
0709126
Managing Director: Mr. Nimesh
Piyush Mehta
Contact Person: Mr. Lensy Leung
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
(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 ======== |
(As per registry dated 02-12-2011)
|
Name (Nationality) |
Address |
|
Nimesh Piyush MEHTA |
Flat B & C, 16/F., Block 3, Parc Palais, 18 Wylie Road, Homantin,
Kowloon, Hong Kong. |
|
Romy Piyush MEHTA |
Flat B & C, 16/F., Block 3, Parc Palais, 18 Wylie Road, Homantin,
Kowloon, Hong Kong. |
(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 |
The subject was incorporated on 20th March, 2000 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 Exporter.
Lines: All
kinds of diamonds and jewellery products, gold and silver products, precious
stones, etc.
Employees: 16. (Including subsidiaries and associates)
Materials/Commodities: Imported from India, Belgium, Israel, other
European countries, etc.
Markets: Japan,
India, other Asian countries, Middle East, etc.
Terms/Sales:
L/C, T/T, D/P, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$90,000,000.00
(Divided into 90,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$90,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 55,000,000.00 |
|
15-04-2010 |
paid up |
HK$ 10,000,000.00 |
|
20-01-2011 |
paid up |
HK$ 25,000,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$ 90,000,000.00 ============== |
Indebtedness: HK$304,889,205.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 20-03-2011)
Mortgage or Charge (since October
2011): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active state.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Normal.
Having issued 90 million ordinary shares of HK$1.00 each, Diasqua
International Ltd. is jointly owned by Mr. Nimesh Piyush Mehta, holding 77.8%
interests; and Mr. Romy Piyush Mehta, holding 22.2%. Both are also directors of the subject. The subject is wholly-owned by the Mehta
family.
The subject is a member of the Diasqua Group. Its business names Diasqua (HK) is also
located at the same operating address.
Established in March 2000, the subject is trading in loose diamonds,
carat‑size diamonds, fancy diamonds, certificated diamonds, diamond
studded gold jewellery, etc. It is a
wholesaler of diamonds ranging from 0.30 to 10 carats certified by GIA and HRD,
collection of perfectly matched pair. It
also sells polished diamonds of all sizes, shapes, colours and clarities.
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. Over the past years, the subject
has taken part in the following Shows and Fairs:-
USA
·
JCK Las Vegas Show
Europe
·
Basel, Switzerland
Hong Kong
·
HK Int’l Jewellery Show
·
Hong Kong Jewellery & Watch Fair
·
Hong Kong Jewellery & Watch Fair
Macau
·
January Macau Jewellery & Watch Fair
·
Macau Jewellery & Watch Fair
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. 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.
Currently, the subject has a wide network of international offices
situated in India, Singapore, Thailand, Taiwan, Japan, Australia, Belgium, the
United States, Israel, the United Arab Emirates and China. Besides Diasqua (HK), the subject has had the
following two more trade names:-
·
Diaglobe (HK)
·
Diajewel (HK)
The associated companies of the subject are Pretty Jewellery Int’l Ltd.
and Diafuego. The former is engaged in
manufacturing diamond studded gold jewellery while the latter, operated by
Billion City (H.K.) Ltd., is engaged in manufacturing diamond studded gold
figurines, diamond watches and diamond accessories. Both firms are also located at the operating
address of the subject.
The Diasqua Group is a dedicated member of the diamond, gems and jewellery
industry with strong roots dating back to three generations. 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 years, the
Group has developed a strong liaison 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.
In 1996 and 1999 respectively, the Group set up a branch company in New
York and Los Angeles, the United States.
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 LLC located at
Dubai was incorporated, operations started in August of the same year. In 2006, Diasqua India Pvt. Ltd. was established
in India.
Now, 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 business of the Group
keeps on improving as it has had numerous customers coming from more than fifty
countries of the world.
The contact person of the subject is Mr. Lensy Leung who is a
Hongkongnese. She is en employee of the
subject.
The subject is fully supported by the Diasqua Group which has a very
significant annual sales turnover.
The associated company of the subject Prismdia Ltd., a Hong
Kong-registered firm, is located at a different address. It is a joint venture between the Mehta
family and Mr. Sureshkumar Ravjibhai Ghevriya who is also an Indian.
The history of the subject in Hong Kong is over twelve years.
On the whole, consider it good for normal business engagements.
(Since October 2011)
|
Date |
Particulars |
Amount |
|
28-11-2011 |
Instrument: Charge and Hypothecation of Book Debts Property: Hypothecate and charge to the Bank by way of charge on all the book
debts outstandings, moneys receivable, claims and bills Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
|
28-11-2011 |
Instrument: Hypothecation of Tangible Moveable
Property Property: All tangible moveable assets of borrower including in particular
stocks of all goods of diamonds, gem, precious stones, jewellery, gold,
furniture and fixtures and plant and machinery, etc. Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
|
28-11-2011 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and/or invoices, or any other documents
representing or relating to goods Mortgagee: Bank of India, Hong Kong Branch. |
All the money now granted by the Bank and the Company now owing to the
Bank, and inclusive of the monies |
|
01-12-2011 |
Instrument: Letter of Lien Property: Nature of Deposit: TDR TDR TDR Date of Deposit: 21-01-2011 01-04-2011 01-12-2011 Amount: US$883,641.90 US$649,451.23 US$600,000.00 Due Date: 30-01-2012 02-04-2012 03-12-2012 Rate of Interest: 1.53% 1.55% 1.55% Mode of Payment Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
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.
-
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.50.90 |
|
|
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.