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Report Date : |
28.09.2012 |
IDENTIFICATION DETAILS
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Name : |
TWINKLEDIAM HONG KONG LTD. |
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Registered Office : |
Unit A, 9/F., |
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Country : |
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Date of Incorporation : |
31.10.1996 |
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Com. Reg. No.: |
20353241 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of jewellery products. |
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No. of Employees : |
4 |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
Source
: CIA
TWINKLEDIAM HONG
KONG LTD.
ADDRESS: Unit A, 9/F., Tung Fai
Building, 27A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2739 1001
FAX: 2739 1011
E-MAIL: twinklehongkong@msureshco.com
darsan@netvigator.com
Managing Director: Mr. Darsan
Jitendra Jhaveri
Incorporated on: 31st
October, 1996.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$500,000.00
Business Category: Diamond Trader.
Employees:
4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit A, 9/F., Tung Fai Building, 27A Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated Company:-
M. Suresh Co. Private Ltd., India.
20353241
0572594
Managing Director: Mr. Darsan
Jitendra Jhaveri
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 31-10-2011)
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Name |
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No. of shares |
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Vijaykumar Chunilal ADANI |
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450,000 |
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Nilesh R. PETHANI |
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40,000 |
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Darsan Jitendra JHAVERI |
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10,000 |
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––––––– |
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Total: |
500,000 ====== |
(As per registry dated 31-10-2011)
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Name (Nationality) |
Address |
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Darsan Jitendra JHAVERI |
Flat A, 17/F., Block 1, Carmen’s Garden, 9 Cox’s Road, Yau Ma Tei,
Kowloon, Hong Kong. |
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Nilesh R. PETHANI |
Quinten Matsuslei 17/18, 2018 Antwerpen, Belgium. |
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Vijaykumar Chunilal ADANI |
203, Dharam Palace, Mr. Umra Jakat, AT Mak Athwaline, Surat Gujarat,
India. |
(As per registry dated 31-10-2011)
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Name |
Address |
Co. No. |
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Pan Talent Ltd. |
Room 2105, 21/F., Office Tower, Langham Place, 8 Argyle Street,
Mongkok, Kowloon, Hong Kong. |
0603098 |
The subject was incorporated on 31st October, 1996 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,
Exporter and Wholesaler.
Lines: All
kinds of jewellery products.
Employees: 4.
Commodities Imported: India, Belgium, Israel, Thailand, etc.
Markets: Asian
countries, Middle East, Europe, North America, etc.
Terms/Sales:
L/C, T/T, D/P, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into
1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Profit or Loss: Making a small profit every year.
Condition:
Business
is normal.
Facilities:
Making
rather active use of general banking facilities.
Payment:
Met
trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
Standing:
Normal.
Having issued 500,000 ordinary shares of HK$1.00 each, Twinklediam
Hong Kong Ltd. is jointly owned by Mr. Darsan Jitendra Jhaveri, holding 2%
interests; Mr. Nilesh R. Pethani, holding 8%; and Mr. Vijaykumar Chunilal
Adani, 90%. Pethani and Adani are India
passport holders. Currently the former
is residing in Antwerpen, Belgium while the latter, residing in India.
The subject is a diamond importer, exporter and wholesaler. It is an associated company of M. Suresh Co.
Private Ltd. [Suresh] which is an India‑based firm. The subject is trading in Suresh’s
products.
The followings are its main commodities carried:-
White Brilliant
Diamonds in sizes ranging from 0.005 point to 2.00 carats:
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TTLB Diamonds
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TTLC Diamonds
Fancy Cut Diamonds
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Emerald
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Marquise
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Princess
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Oval
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Pear
·
Heart
The subject exports its commodities to the following countries and
regions:-
Africa, Australasia, Central & South
America, China, Eastern Europe, Japan, South Korea, the Middle East, North
America, Scandinavia, Southeast Asia, Taiwan, India, Other Asian Countries,
Western Europe, Russia, etc.
Suresh is the flagship firm of the M. Suresh Group — a leading business
group that has been building a strong global presence in the jewellery
business. Suresh has been a leading
diamond manufacturer, importer and exporter of cut and polished diamonds since
1968. Presently, it exports jewellery
products to the United States, Europe, Japan, Southeast Asia, Israel, the
United Arab Emirates and Canada.
Suresh has been an Indian Government recognized trading house and the
Diamond Trading Company [DTC] Sight holder since 1993. This company is known for its “flawless cut,
consistency in assortment and for its commitment to stringent product quality”.
Concentrating on the core strengths of rough diamond sales, diamond
cutting and polishing, polished diamond sales and diamond jewellery manufacture
and supply, Suresh has set up four divisions.
These divisions have developed closed business ties with a number of
customers in diamond community throughout the world.
Suresh has completed the integration of purchasing, manufacturing,
marketing and sales. Programs for
continued improvement in its manufacturing facilities – both in the use of
technology and the training of its workers – are playing important roles in the
firm.
Suresh has had diamond-processing units at Mumbai and Surat of India
which provide approximately 70% of requirements. It also has in place contractual arrangements
with about 50 contractors in Surat and Mumbai, most of work exclusively for the
firm. Suresh provides direct employment
to 2,000 employees.
Besides the subject, Suresh has set up associated companies in the
United States, Belgium and Israel.
Suresh may be one of the main suppliers in India of the subject.
The subject is also a DTC Sight holder of De Beers. Worldwide it is known as Twinklediam. In India, it is one of the largest DTC Sight
Holders. It is in the “PPP category” in
De Beers group.
The subject’s business is chiefly handled by Mr. Darsan Jitendra Jhaveri
who is a Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
The subject also has offices at Mumbai and Surat in India, Antwerp in
Belgium, Ramat-Gan in Israel, and New York in the United States.
Twinklediam has factories in various locations in India. Recently it has started a new factory where
its cuts diamonds in size 0.50 and above.
Twinklediam is one of the biggest manufacturers in India for +11 and
above size up to 2.00 carats. It is
specialized in rounds and marquise and it also manufactures various other fancy
cuts.
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 subject is fully supported by Suresh.
The history of the subject in Hong Kong is about sixteen years. Business is active. On the whole, consider it good for normal
business engagements.
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.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.25 |
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1 |
Rs.86.23 |
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Euro |
1 |
Rs.68.64 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.