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Report Date : |
23.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
DIASQUA (HK) |
|
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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.: |
30791742-001-03 |
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Legal Form : |
Sole Ownership |
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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 associate) |
RATING & COMMENTS
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MIRA’s 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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source : CIA |
DIASQUA (HK)
(Operated by DIASQUA INTERNATIONAL LTD.)
Room 401-402, 4/F., Guardforce Centre,
3 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong.
(Your enquiry given as:
DIAQUA (HK) of the same address.)
PHONE: 2209 6600, 2723 0237
FAX: 2209 6620, 2739 3132
E-MAIL: facets@diasqua.com
Manager: Mr. Nimesh Piyush Mehta
Establishment: 20th
March, 2000.
Organization: Sole
Ownership.
Capital Provider: Provided
by Sole Owner.
Business Category: Diamond Trader.
Employees: 16.
(Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 401-402, 4/F., Guardforce Centre, 3 Hok Yuen Street East, Hunghom,
Kowloon, Hong Kong.
Operated by:-
Diasqua International Ltd., Hong Kong.
(See attachment)
Sister Companies:-
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]
Diasqua Solitaine, Hong Kong.
[Established on 20-04-2012 bearing BR No. 30791742-004-03]
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 (Shanghai) Ltd., China.
Diasqua (Thailand) Co. Ltd., Thailand.
Diasqua Europe BVBA, Belgium.
Diasqua Impex Pte. Ltd., Singapore.
Diasqua Inc., USA.
Diasqua India Pvt. Ltd., India.
Diasqua International DMCC, UAE.
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.
30791742-001-03
Manager: Mr. Nimesh Piyush Mehta
Contact Person: Mr. Lensy Leung
Diasqua International Ltd., Hong Kong.
The subject was established on 20th March, 2000 as a sole ownership firm
with Diasqua International Ltd. as the proprietor under the Hong Kong Business
Registration Regulations.
Originally the subject was registered under the name of Diasqua
(Hong Kong), name changed to the present style on 7th April, 2000.
Initially the subject was located at Room 705-707, 7/F., Carnarvon
Plaza, 20 Carnarvon Road, Tsimshatsui, Kowloon, Hong Kong, moved to the
present address in September 2004.
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 associate)
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.
Diamond Federation of Hong Kong, China Ltd.,
Hong Kong.
Hong Kong Jewelry Manufacturers’
Association, Hong Kong.
Capital Provider: Provided by Sole Owner.
Profit or Loss: Parent makes 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.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Good.
Diasqua (HK) is operated by Diasqua International Ltd. [Diasqua Intl]
which is a Hong Kong-registered firm located at the same operating address as
the subject.
Established in March 2000, the subject is a member of the Diasqua
Group. It is trading in loose diamonds,
carat-size diamonds, fancy diamonds, certificated diamonds, diamond studded
gold jewellery, etc. The subject 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 2006, the operations of Thailand and Taiwan merged with the business
of the subject and Diasqua Intl.
The manager of the subject is Mr. Nimesh Piyush Mehta who is an Indian.
In order to penetrate the international market further, Diasqua Intl 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.
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.
Incorporated on 20th March, 2000, Diasqua Intl is wholly-owned by the
Mehta family. Having issued 90 million ordinary
shares (increased from 55 million to 65 million on 15th April, 2010, and
further to 90 million on 20th January, 2011) of HK$1.00 each, Diasqua Intl
is jointly owned by Mr. Nimesh Piyush Mehta, holding 70 million shares
which account for 77.8%; and Mr. Romy Piyush Mehta, holding 20 million shares,
account for 22.2%.
Diasqua Intl 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. The trade names of Diasqua Intl are the
following four:-
Diaglobe (HK)
Diajewel (HK)
Diasqua Solitaire
Diasqua (HK) – the subject
The directors of Diasqua Intl are the members of the Mehta family who
have been in Hong Kong for a very long time.
The associated companies of Diasqua Intl 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.
In 2010, Diasqua International DMCC was form in Dubai, the United Arab
Emirates.
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.
The contact person of the subject is Mr. Lensy Leung who is a
Hongkongnese. The subject is fully
supported by the Diasqua Group which has a very significant annual sales
turnover. The Group has had numerous
customers coming from more than fifty countries of the world.
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. Business is active and steady.
On the whole, consider it good for normal business engagements.
DIASQUA INTERNATIONAL LTD.
[Trading as: DIASQUA (HK), DIAGLOBE (HK), DIAJEWEL (HK) and DIASQUA
SOLITAIRE]
ADDRESS: Room 401-402, 4/F.,
Guardforce Centre, 3 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
30791742
0709126
20th March, 2000.
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 20-03-2012)
|
Name |
|
No. of shares |
|
Nimesh Piyush MEHTA |
|
70,000,000 |
|
Romy Piyush MEHTA |
|
20,000,000 |
|
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|
––––––––– |
|
|
Total: |
90,000,000 ======== |
(As per registry dated 20-03-2012)
|
Name (Nationality) |
Address |
|
Nimesh Piyush MEHTA |
Flat 16B & C, 16/F., Block 3, Pare Palais, 18 Wylie Road,
Homantin, Kowloon, Hong Kong. |
|
Romy Piyush MEHTA |
Flat 16B & C, 16/F., Block 3, Parc Palais, 18 Wylie Road,
Homantin, Kowloon, Hong Kong. |
(As per registry dated 20-03-2012)
|
Name |
Address |
Co. No. |
|
First Island Secretaries Ltd. |
Room 905, 9/F., Silvercord, Tower 2, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong. |
0049295 |
HK$4,716,683.08 (Total amount outstanding
on all mortgages and charges as per last Annual Return dated 20-03-2012)
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.55.16 |
|
|
1 |
Rs.88.03 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.