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Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
EXCELLENT DIAMONDS
LTD. |
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Registered Office : |
Room 1101-1102, 11/F., Cammer Commercial Building, 30-32
Cameron Road, Tsimshatsui, Kowloon |
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Country : |
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Date of Incorporation : |
06.08.2003 |
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Com. Reg. No.: |
34101399 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler all kinds of diamonds and jewellery products, emerald, precious stones, etc. |
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No. of Employees : |
5 |
RATING & COMMENTS
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MIRAs 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 (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
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 |
EXCELLENT DIAMONDS
LTD.
ADDRESS: Room 1101-1102, 11/F., Cammer
Commercial Building, 30-32 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2721 4200
FAX: 2316 7695
E-MAIL: venusjewels@hotmail.com
hameshseth@hotmail.com
Managing
Director: Mr. Hamesh Bhagchand Seth
Incorporated on: 6th August, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$17,020,000.00
Issued: HK$17,020,000.00
Business Category: Jewellery Trader.
Annual Turnover: HK$60~65 million.
Employees: 5. (Including associates in Hong Kong)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
EXCELLENT DIAMONDS
LTD.
ADDRESS:
Registered Head Office:-
Room
1101-1102, 11/F., Cammer Commercial Building, 30-32 Cameron Road, Tsimshatsui,
Kowloon, Hong Kong.
China Factory:-
6/F.,
46 Yin Jian Road, Daluo Tang Shiqiao 511400, Panyu, Guangzhou, Guangdong
Province, China.
[Tel:
(86-20) 3480 6750; Fax: (86-20) 3480
6760]
Wholly-owned Subsidiary:-
Venus
Jewels (HK) Ltd., Hong Kong. (Same
address)
Associated/Affiliated Companies:-
(Same address)
Mercury
Impex, Hong Kong.
Princess
Jewellery Co., Hong Kong.
34101399
0856107
Managing
Director: Mr. Hamesh Bhagchand Seth
Nominal
Share Capital: HK$17,020,000.00 (Divided into 1,702,000 shares of HK$10.00
each)
Issued
Share Capital: HK$17,020,000.00
(As per registry dated 06-08-2011)
|
Name |
|
No. of shares |
|
Gorabh Vinodkumar JAIN |
|
851,000 |
|
Hamesh Bhagchand SETH |
|
851,000 |
|
|
|
|
|
|
Total: |
1,702,000 ======= |
(As per registry dated 06-08-2011)
|
Name (Nationality) |
Address |
|
Hamesh
Bhagchand SETH |
Flat A1-A5, 16/F., Portion 83,
Main Roof, Hankow Centre, Tsimshatsui, Kowloon, Hong Kong. |
|
Seema
SETH |
Flat A1-A5, 16/F., Portion 83,
Main Roof, Hankow Centre, Tsimshatsui, Kowloon, Hong Kong. |
|
Gorabh
Vinodkumar JAIN |
203 Jogani Apartments,
Doongershi Road, Malabar Hill, Mumbai-6, M.S., India. |
(As per registry dated 06-08-2011)
|
Name |
Address |
Co. No. |
|
Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road
Central, Hong Kong. |
0113023 |
The subject was incorporated on 6th August, 2003 as a private
limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Venus
Jewels (HK) Ltd., name changed to the present style on 28th 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 and jewellery products, emerald, precious stones, etc.
Employees: 5. (Including associates in Hong Kong)
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Hong Kong, Japan, other Asian countries, etc.
Annual Turnover: HK$60~65 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
The
Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$17,020,000.00 (Divided into 1,702,000 shares of HK$10.00 each)
Issued Share Capital: HK$17,020,000.00
Indebtedness: HK$2,212,598.71 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 06-08-2011)
Mortgage or Charge (Since 2010): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a 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.
Canara Bank, Hong Kong Branch.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Normal.
Having issued 1,702,000 ordinary shares of HK$10.00 each,
Excellent Diamonds Ltd. is equally owned by Mr. Gorabh Vinodkumar Jain and
Mr. Hamesh Bhagchand Seth. The
directors of the subject are Mr. Hamesh Bhagchand Seth, Mr. Gorahb Vinodkumar
Jain and Mr. Seema Seth. All the
directors are Indian while the first and third are Hong Kong ID Card holders
and have got the right to reside in Hong Kong permanently.
The subject has had a wholly-owned subsidiary known as Venus
Jewels (HK) Ltd. [Venus] which is also located at the same address. The subject and Venus are engaged in the same
lines of business.
The subject is a diamond importer, exporter and wholesaler. Products include single cuts, full cuts and
fancy shapes such as princess, baguettes, marquise, pearl, oval, emerald and
heart. Raw materials are imported from
India, Belgium and other European countries.
Gemstones and diamonds are processed, polished and cut in China. Finished products are marketed in Hong Kong,
exported to the other Asian countries, Europe, etc.
The subject has got an affiliated factory in Panyu, Guangzhou,
Guangdong Province, China. This factory
supplies the subject and Venus with all kinds of jewellery products.
The subject has got an affiliated company Princess Jewellery Co.
[PJC] located at the same operating address.
PJC is a jewellery manufacturer which was originally founded in March
2002 by Mr. Vimay Shrimal, holder of India Passport No. Z1530767. Changed to a partnership business as Mr. H.S.
Jain joined in as a partner in August 2004.
Subsequently, Mr. Vimay Shrimal retired and Mr. Pankaj Jain joined in as
a partner on 1st August, 2005.
The annual sales turnover of the subject ranges from HK$60 to 65
million. Making a small profit every
year.
In order to penetrate the international market further, the
subject has taken part in fairs and exhibitions held in Hong Kong and other
foreign countries such as Vietnam.
Overall business is satisfactory.
As the history of the subject is over eight years and nine months
in Hong Kong, on the whole, consider it good for normal business
engagements.
(Since
2010)
|
Date |
Particulars |
Amount |
|
25-03-2010 |
Instrument: Letter of Lien Property: Nature of Deposit: TDR090911 Mortgagee: Bank of India, Hong Kong Branch. |
US$2,900,000.00 |
|
06-10-2010 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount
of US$1,300,000.00 or equivalent in other foreign currencies under Deposit A/C
No. 636-379679, whatever currency it may subsequently be denominated in, any
renewal of such deposit and the interest thereon together with any further
monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount secured (i) all monies in any currency owing by
the Company to the chargee at any time, actually or contingently, in any
capacity, alone or jointly with any other person; (ii) interest on such
monies, to the date on which the chargee receives payment, at the rates
payable by the Company or which would have been payable but for any
circumstance which restricts payment and (iii) all expenses of the chargee in
perfecting or enforcing the charge |
|
01-11-2010 |
Instrument: Mortgage Property: 1) 1/240th part or
share of and in Kowloon Inland Lot No. 8262, 8203, 9139, 9079, 8265 &
8073 (Flat B4 on 10/F. or Prat Mansions, 26-36 Prat Avenue, Kowloon, Hong
Kong.) 2) 1/301st part or share of and in The Remaining
Portion of Kowloon Inland Lot No. 8247 (Flat B on 3/F. of Windsor Mansion,
29-35 Chatham Road South, Kowloon, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
01-12-2011 |
Instrument: Security Over Deposits in respect of
Obligations of the Depositor Property: By way of first fixed charge
to the Chargee the account no.701600018364 and all deposits Mortgagee: Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong. |
All monies and liabilities, present or future, actual or
contingent |
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.
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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.53.46 |
|
|
1 |
Rs.86.27 |
|
Euro |
1 |
Rs.69.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.